Fundamental Equity Analysis - SPI Index - The Top 100 Companies of the Swiss Performance Index

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinIC8 8iTar - Mda Ipeoo CancjnhPiSa 8iTar Mjm -!! 7jhmPieaoApril 2013

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

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

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82

Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10

NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11

FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74

SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93

S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28

S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16

HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97

MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64

NESTLE SA-REG CHF 233891 2016 3189 30 0 2 10 255.08 98763 98763 104452 110711 18065 18065 - - 3.56 3.56 3.87 4.20 21.78 21.77 20.04 18.48 10.92 -2.98 10.41 -1.56 19.57 AA 16.08.2007 - -

NOVARTIS AG-REG CHF 195988 923 2421 21 0 0 9 223.70 60626 60626 61070 63542 17880 17613 - - 4.28 4.19 5.54 6.11 19.90 20.06 15.06 13.67 -3.46 9.42 -6.63 11.29 31.08 AA- 07.04.2008 Aa3 08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN CHF 207986 546 863 26 0 2 15 221.71 48672 48672 50986 52929 20753 20753 - - 14.75 12.03 15.90 17.07 21.41 17.48 16.22 15.11 7.47 0.11 9.00 2.86 45.61 AA 17.09.2012 - -

UBS AG-REG CHF 61479 3882 3747 286 0 5 71 281.17 40387 40392 28419 29606 16612 16613 - - 0.56 -0.72 0.93 1.27 - 31.37 18.44 13.51 -8.18 -10.78 -11.85 -33.52 44.00 A 29.11.2011 A2 21.06.2012

ABB LTD-REG CHF 52644 1747 2296 11 0 1 9 59.00 42080 42080 44482 46874 5663 5798 1494 1494 1.28 1.25 1.62 1.85 20.94 19.94 16.14 14.20 3.79 5.54 -7.41 2.66 14.74 A 08.06.2010 - -

CIE FINANCIERE RICHEMON-BR A CHF 45424 741 522 1 0 0 4 34.00 9485 10440 10886 11805 2518 2868 - - 2.95 3.75 3.60 4.18 18.53 18.85 19.31 16.61 30.66 17.60 43.91 18.30 29.39 - - - -

ZURICH INSURANCE GROUP AG CHF 39677 173 147 13 0 3 10 48.94 75359 75359 65695 67995 - - - - 28.33 28.31 30.71 32.39 10.89 10.90 10.04 9.52 35.27 12.64 - - - - - - -

SYNGENTA AG-REG CHF 38773 88 92 4 #VALUE! 0 2 43.66 15193 15193 16393 17363 3368 3368 1121 1121 24.35 21.85 26.63 29.22 21.96 19.71 18.02 16.42 7.53 11.85 9.59 10.96 23.71 A 15.06.2007 - -

CREDIT SUISSE GROUP AG-REG CHF 43151 1593 1294 354 0 7 68 #VALUE! 40985 40985 28408 29422 - - - - 2.42 0.90 2.83 3.30 33.37 11.79 10.60 9.10 -10.97 32.31 - - - A 19.12.2008 (P)A2 21.06.2012

SWISS RE AG CHF 31467 760 343 21 1 0 12 44.80 35426 35426 34618 37276 - - - - 11.83 12.94 8.71 9.08 7.56 8.09 11.23 10.77 20.47 0.91 - - - - - - -

TRANSOCEAN LTD CHF 18469 76 #VALUE! 13 0 0 5 27.72 9837 10347 10602 11641 2959 3001 940 940 - - 4.97 6.31 - - 11.90 9.38 15.58 6.03 88.33 -4.12 31.02 - - - -

SWATCH GROUP AG/THE-BR CHF 30229 52 54 0 0 0 2 28.29 8340 8340 9515 10477 2402 2402 - - 31.69 31.71 35.53 39.69 19.49 19.50 17.39 15.57 16.32 7.08 23.33 9.98 30.81 - - - -

HOLCIM LTD-REG CHF 25525 433 325 14 0 3 3 39.70 23 K 23 K 24 K 26 K 4262 4262 924 924 2.05 2.03 4.88 6.50 41.07 40.64 17.12 12.85 4.13 -4.69 0.70 -11.21 19.78 BBB 22.01.2009 Baa2 09.04.2009

SGS SA-REG CHF 19590 2 8 1 0 0 1 20.01 5967 5967 6627 7235 1202 1202 - - 77.57 78.06 101.42 117.66 34.32 34.54 26.42 22.77 17.42 5.82 11.49 4.71 21.56 - - - -

SWISSCOM AG-REG CHF 23446 43 52 9 0 0 1 32.25 12178 12178 12099 12122 4393 4393 - - 36.09 36.20 34.32 34.69 13.38 13.38 14.11 13.96 -0.77 -0.33 -4.80 -0.21 38.59 A 30.06.2009 A2 27.06.2007

WEATHERFORD INTL LTD CHF 9740 7 #VALUE! 9 0 0 0 19.44 16276 16285 17608 19177 2616 2762 736 736 - - 0.96 1.44 - - 15.29 10.20 18.34 14.76 0.09 1.98 18.14 - - - -

GEBERIT AG-REG CHF 9311 34 38 0 0 0 0 8.87 2053 2053 2436 2557 580 580 625 625 11.00 10.99 12.16 13.12 23.35 23.35 21.10 19.56 2.98 0.37 2.09 -3.22 30.23 A- 25.05.2010 - -

GIVAUDAN-REG CHF 11330 8 9 2 0 0 0 12.50 4554 4554 4764 4985 932 931 - - 47.98 48.30 62.05 68.09 27.18 27.36 21.15 19.28 9.34 0.28 16.44 -0.10 21.86 - - - -

JULIUS BAER GROUP LTD CHF 8739 126 214 9 0 0 17 #VALUE! 2170 2170 2286 2731 - - - - 2.28 1.59 2.24 2.93 26.22 27.13 18.64 14.23 -1.21 - - - - - - - -

ADECCO SA-REG CHF 10305 293 185 2 0 0 1 9.50 21968 21968 21736 23338 886 886 - - 2.14 2.13 3.16 3.85 22.45 22.45 15.10 12.42 -0.05 0.13 -12.65 -7.15 4.31 BBB 12.10.2011 Baa3 20.10.2009

SCHINDLER HOLDING-PART CERT CHF 17152 42 116 1 0 0 3 15.18 8834 8834 9383 9926 1181 1186 - - 6.45 6.48 7.07 7.69 24.13 24.25 22.14 20.36 5.50 3.75 19.61 3.08 14.37 - - - -

KUEHNE & NAGEL INTL AG-REG CHF 13671 94 120 0 0 0 1 12.62 18314 18314 19073 20246 947 947 243 243 4.56 4.34 5.60 6.31 28.06 28.06 21.77 19.32 5.95 -0.68 -11.73 -3.26 5.53 - - - -

ACTELION LTD-REG CHF 7133 268 113 0 0 0 1 6.18 1842 1842 1820 1883 538 538 116 116 2.75 2.79 3.51 3.99 21.56 20.13 17.16 15.08 0.57 3.46 16.63 4.63 31.27 - - - -

SONOVA HOLDING AG-REG CHF 8002 43 67 0 0 0 0 8.05 1733 1850 1957 2118 392 446 - - 3.97 4.71 5.31 6.04 27.23 27.29 24.12 21.21 0.21 9.02 -2.17 3.94 25.79 - - - -

ARYZTA AG CHF 5505 46 88 2 0 0 1 5.74 4501 4669 4784 5099 578 589 - - 1.60 1.55 3.91 4.36 33.90 33.95 13.45 12.06 9.13 - 12.12 23.18 13.50 - - - -

SWATCH GROUP AG/THE-REG CHF 30229 31 54 0 0 0 2 28.29 8340 8340 9553 10355 2402 2402 2733 2733 31.69 31.71 7.17 7.88 3.38 3.38 14.94 13.58 16.32 7.68 23.33 9.98 30.81 - - - -

SIKA AG-BR CHF 6056 2 3 1 0 0 1 6.18 5166 5166 5437 5836 609 609 - - 140.42 147.91 141.06 159.74 17.04 17.04 17.87 15.78 6.40 1.34 20.50 -2.42 12.60 A- 02.05.2000 - -

SWISS PRIME SITE-REG CHF 4953 45 60 4 0 0 0 9.15 617 617 550 563 363 363 - - 2.91 6.13 3.75 3.84 14.41 28.75 23.53 22.96 0.95 29.12 -4.69 18.97 62.99 - - - -

LINDT & SPRUENGLI AG-REG CHF 9755 0 0 0 0 0 1 9.17 2856 2856 3076 3294 489 501 547 547 1269.68 1266.12 1454.50 1608.72 38.63 38.53 33.63 30.41 7.78 -1.26 9.00 0.62 18.77 - - - -

BALOISE HOLDING AG - REG CHF 4881 129 47 2 0 0 3 3.96 9984 9984 8775 8926 - - - - 9.71 9.97 10.16 10.63 10.47 10.75 10.28 9.83 22.84 4.29 - - - - - - -

PARTNERS GROUP HOLDING AG CHF 6764 18 25 0 0 0 0 6.51 604 604 561 658 316 316 163 163 10.61 10.86 12.63 14.76 24.96 25.54 21.45 18.37 27.50 18.98 26.88 1.89 56.04 - - - -

CLARIANT AG-REG CHF 4296 1383 296 4 0 0 2 6.32 6459 7868 6663 6949 826 876 211 211 1.02 0.78 1.15 1.37 19.90 14.93 13.55 11.35 -19.33 -5.87 -12.48 -0.08 11.91 BBB- 14.03.2011 Ba1 03.03.2009

SWISS LIFE HOLDING AG-REG CHF 4873 70 32 3 0 0 7 0.94 20407 20407 19134 19547 - - - - 18.95 3.08 19.75 21.42 52.68 8.58 8.23 7.59 11.04 6.38 - - - BBB 03.05.2012 - -

SULZER AG-REG CHF 5927 40 34 1 0 0 1 6.04 4302 4302 4561 4847 591 591 645 645 9.61 9.66 10.79 12.46 19.16 19.26 17.15 14.85 13.27 2.98 15.59 2.71 14.68 - - - -

LINDT & SPRUENGLI AG-PC CHF 9755 1 0 0 0 0 1 9.17 2856 2856 3068 3289 489 501 144 144 1269.68 1266.12 140.25 154.50 3.31 3.30 29.88 27.12 7.78 -1.26 9.00 0.62 18.77 - - - -

PSP SWISS PROPERTY AG-REG CHF 4095 70 46 2 0 0 0 5.99 303 302 302 305 188 235 58 58 3.77 8.78 3.80 3.81 10.88 25.35 25.13 25.07 -0.34 - -25.86 6.15 83.30 - - - -

SCHINDLER HOLDING AG-REG CHF 17152 11 116 1 0 0 3 15.18 8834 8834 9383 9926 1181 1186 - - 6.45 6.48 7.07 7.69 23.78 23.90 21.82 20.06 5.50 3.75 19.61 3.08 14.37 - - - -

GAM HOLDING AG CHF 3276 168 165 0 0 0 1 #VALUE! 1069 1068 694 752 - - - - 0.55 0.55 1.26 1.45 35.03 35.03 15.20 13.15 24.62 - - - - - - - -

LONZA GROUP AG-REG CHF 3317 142 53 3 0 0 0 5.87 4199 4199 4235 4423 574 641 - - 3.74 3.77 4.98 5.90 17.81 17.91 13.47 11.37 49.00 6.78 - 0.61 18.50 - - - -

GALENICA AG-REG CHF 4169 24 6 1 0 0 0 4.93 3860 3860 3818 3961 461 461 - - 42.56 41.90 42.61 43.96 16.37 16.44 16.10 15.61 3.92 7.84 8.39 18.85 12.79 - - - -

DUFRY AG-REG CHF 3812 75 29 1 0 0 0 4.97 3374 3374 3940 4433 475 475 110 110 4.72 4.86 8.68 11.37 28.30 28.61 15.83 12.09 20.92 - 30.98 13.49 15.06 BB+ 15.10.2012 - -

HELVETIA HOLDING AG-REG CHF 3559 5 9 0 0 0 2 2.44 8523 8523 8210 8829 - - - - 40.78 40.77 43.09 44.89 10.79 10.79 10.21 9.80 6.72 5.58 - - - - - - -

EMS-CHEMIE HOLDING AG-REG CHF 6837 10 23 0 0 0 0 6.56 1877 1877 1985 2103 371 - 218 218 12.49 12.49 12.61 13.49 25.04 25.04 24.79 23.18 6.28 2.69 - 2.92 - - - - -

DKSH HOLDING LTD CHF 5866 25 63 0 0 0 0 5.84 9450 9450 10729 11830 343 343 188 188 3.04 3.40 3.57 4.04 29.05 32.54 27.69 24.46 21.78 - 18.10 - 3.88 - - - -

BARRY CALLEBAUT AG-REG CHF 4906 4 5 1 0 0 0 5.97 5166 5075 5313 6337 472 - - - 49.59 48.61 52.84 59.26 20.88 20.97 19.21 17.13 8.87 -1.53 -3.96 0.32 - BB+ 28.03.2013 - -

OC OERLIKON CORP AG-REG CHF 3801 871 325 0 0 0 1 3.47 3109 3109 3099 3210 612 612 - - 0.72 0.73 0.80 0.88 17.15 17.40 15.63 14.19 6.85 -12.21 17.14 -4.32 21.06 - - - -

PARGESA HOLDING SA-BR CHF 5860 18 85 5 0 10 2 17.27 5450 5231 5308 5508 979 1505 - - 5.28 1.84 5.09 6.05 40.12 40.35 14.50 12.20 8.27 -1.03 - -6.01 30.78 - - - -

FLUGHAFEN ZUERICH AG-REG CHF 2900 11 6 1 0 0 0 3.95 1015 1015 1034 1060 419 419 558 558 16.59 16.68 26.65 34.33 30.29 30.31 18.96 14.72 5.13 2.96 -20.59 -1.04 44.12 A 20.04.2012 - -

FISCHER (GEORG)-REG CHF 1721 7 4 1 0 0 0 2.09 3853 3853 3830 3963 384 384 387 387 39.80 31.77 39.79 43.63 14.13 11.43 11.28 10.29 2.77 -3.82 -4.02 -6.04 10.66 - - - -

BANQUE CANTONALE VAUDOIS-REG CHF 5119 9 9 9 0 0 7 #VALUE! 1413 1413 1098 1108 - - - - 37.95 38.66 38.17 38.81 16.46 16.77 16.67 16.40 -2.41 -4.79 - - - AA 05.12.2011 - -

Valuation Measures I/II

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

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

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82

Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10

NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11

FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74

SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93

S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28

S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16

HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97

MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64

BUCHER INDUSTRIES AG-REG CHF 2367 6 10 1 0 0 1 2.43 2791 2791 2870 2963 326 326 - - 16.39 16.41 17.35 18.83 15.06 15.07 14.24 13.12 12.50 1.39 18.47 1.49 12.51 - - - -

TEMENOS GROUP AG-REG CHF 1622 80 69 0 0 0 0 1.94 482 482 506 542 95 71 22 22 0.95 0.58 1.20 1.38 44.77 45.02 21.68 18.75 -5.26 2.42 - 16.58 15.95 - - - -

KABA HOLDING AG-REG B CHF 1523 3 4 0 0 0 0 1.51 1014 1015 1029 1055 164 161 84 84 23.70 23.86 24.77 26.34 17.91 17.91 17.24 16.22 0.26 -7.16 27.03 -3.57 16.94 - - - -

ALLREAL HOLDING AG-REG CHF 2266 8 16 2 0 0 0 3.91 929 929 300 316 184 184 212 212 6.96 6.90 7.63 8.52 22.04 21.86 19.93 17.84 4.73 83.00 -6.03 6.77 21.22 - - - -

VALIANT HOLDING AG-REG CHF 1441 8 16 7 0 0 2 #VALUE! 673 673 399 413 - - - - 6.29 8.59 6.30 7.09 11.36 15.51 15.49 13.76 -9.88 -2.08 - - - - - - -

MOBIMO HOLDING AG-REG CHF 1370 12 6 1 0 0 0 2.41 270 270 134 139 90 90 103 103 7.82 13.19 9.35 9.33 17.89 30.16 25.22 25.30 10.40 5.99 3.40 6.98 35.49 - - - -

AMS AG CHF 1632 44 14 0 0 0 0 1.33 415 415 477 532 126 126 30 30 6.48 6.81 8.00 9.29 14.51 15.22 12.35 10.64 43.43 14.21 73.47 20.28 32.53 - - - -

LUZERNER KANTONALBANK AG-REG CHF 3283 1 9 6 0 0 3 #VALUE! 733 733 457 467 - - - - 20.80 21.17 23.37 24.05 19.51 19.81 17.67 17.18 -5.05 -4.40 - - - AA+ 12.09.2008 - -

NOBEL BIOCARE HOLDING AG-REG CHF 1246 163 123 0 0 0 0 0.96 621 621 608 629 108 108 26 26 0.40 0.40 0.42 0.48 22.32 22.32 20.96 18.56 2.12 -3.44 -3.95 -17.27 18.56 - - - -

PANALPINA WELTTRANSPORT -REG CHF 2299 7 24 0 0 0 0 1.89 7078 7078 7720 8113 39 39 22 22 -2.55 -3.19 2.98 4.37 - - 34.79 23.72 1.93 -5.73 -88.53 -39.66 0.59 - - - -

BERNER KANTONALBANK AG-REG CHF 2562 1 9 2 0 0 3 #VALUE! 710 710 #VALUE! #VALUE! - - - - 17.75 14.70 #VALUE! #VALUE! 20.01 16.57 #VALUE! #VALUE! -4.10 -1.39 - - - - - - -

KUONI REISEN HLDG-REG(CAT B) CHF 1271 2 4 0 0 0 0 1.17 6253 6253 6171 6401 183 183 - - -4.14 -3.81 25.68 33.75 - - 13.25 10.08 15.37 5.50 2.69 -2.83 3.13 - - - -

BURCKHARDT COMPRESSION HOLDI CHF 1329 3 3 0 0 0 0 1.21 0 K 0 K 0 K 0 K 85 94 52 52 16.28 18.61 17.75 20.46 22.47 22.47 23.56 20.44 -8.04 -1.87 11.25 6.14 27.29 - - - -

ST GALLER KANTONALBANK A-REG CHF 2421 0 6 6 0 0 3 #VALUE! 761 761 536 546 - - - - 27.81 29.18 32.29 32.76 15.92 16.70 14.39 14.18 1.31 -4.58 - - - - - Aa1 02.12.2003

BELIMO HOLDING AG-REG CHF 1430 0 1 0 0 0 0 1.34 476 476 514 555 98 98 110 110 107.77 107.77 122.05 133.99 23.07 23.07 20.38 18.56 7.37 4.59 13.22 6.11 22.11 - - - -

TECAN GROUP AG-REG CHF 1058 6 11 0 0 0 0 0.91 418 418 442 485 67 67 75 75 4.11 4.17 4.78 5.66 23.70 24.07 20.69 17.48 4.01 -0.77 3.89 -2.81 17.11 - - - -

LOGITECH INTERNATIONAL-REG CHF 1202 332 164 0 0 0 1 0.95 2478 2314 2270 2174 155 125 23 23 0.44 -1.12 0.31 0.49 - - 25.62 16.22 -2.11 -3.08 -36.29 -12.64 5.77 - - - -

STRAUMANN HOLDING AG-REG CHF 1994 13 15 0 0 0 0 1.84 734 734 735 763 102 102 - - 2.52 2.52 7.12 8.34 53.90 53.94 19.12 16.31 -1.13 -2.28 -19.41 -18.20 14.90 - - - -

GRAUBUENDNER KANTONALBANK-PC CHF 3380 0 3 3 0 0 2 #VALUE! 419 419 414 427 - - - - 68.89 59.63 82.42 87.08 22.05 19.09 15.95 15.10 -24.74 -11.72 - - - AA+ 17.12.2010 - -

FORBO HOLDING AG-REG CHF 1475 2 2 0 0 0 0 1.20 1285 1285 1283 1305 220 - 174 174 95.25 58.78 48.90 54.73 11.93 11.94 14.35 12.82 -0.24 0.57 4.77 -2.96 - - - - -

ZUGER KANTONALBANK-BR CHF 1551 0 0 3 0 0 1 #VALUE! 349 349 #VALUE! #VALUE! - - - - 227.24 227.25 #VALUE! #VALUE! 25.33 25.33 #VALUE! #VALUE! -3.59 -3.45 - - - - - - -

VONTOBEL HOLDING AG-REG CHF 2176 5 63 10 0 0 5 7.19 968 968 888 963 238 238 - - 2.16 2.19 2.45 2.83 16.33 16.58 14.65 12.68 1.71 -1.65 4.20 -12.38 26.28 A 30.03.2009 - -

DAETWYLER HOLDING AG-BR CHF 1950 9 16 0 0 0 0 2.01 1513 1513 1506 1606 217 217 231 231 8.80 8.80 8.45 9.58 13.93 13.93 14.52 12.80 10.25 6.20 22.12 1.54 15.36 - - - -

VALORA HOLDING AG-REG CHF 717 7 3 1 0 0 0 1.11 3047 3047 3139 3180 130 130 153 153 16.69 16.69 18.20 20.53 13.37 13.37 12.26 10.87 1.14 0.27 2.31 3.93 4.55 - - - -

HUBER & SUHNER AG-REG CHF 1006 2 20 0 0 0 0 0.92 747 747 814 879 82 33 96 96 1.20 1.20 2.42 2.88 44.46 44.46 21.99 18.49 -8.52 1.94 - -6.67 5.01 - - - -

INFICON HOLDING AG-REG CHF 693 2 2 0 0 0 0 0.65 318 318 332 346 61 - - - 19.11 19.27 19.09 20.17 18.56 18.71 18.73 17.73 -5.10 3.48 -5.44 8.28 - - - - -

BASELLANDS KANTONALBANK-CERT CHF 2519 0 2 4 0 0 1 #VALUE! 607 607 #VALUE! #VALUE! - - - - 79.15 55.15 #VALUE! #VALUE! 22.52 15.69 #VALUE! #VALUE! -3.08 -4.51 - - - AAA 21.11.2001 - -

IMPLENIA AG-REG CHF 964 5 18 0 0 0 1 0.67 2884 2884 3020 3102 150 150 166 166 4.03 4.03 4.53 4.70 13.85 13.85 12.32 11.88 7.34 3.55 4.11 12.23 5.58 - - - -

EMMI AG-REG CHF 1632 2 5 1 0 0 0 2.27 3189 3189 3439 3508 267 268 289 289 21.22 21.25 20.65 22.06 15.36 15.38 15.80 14.80 10.22 5.30 12.09 12.08 8.97 - - - -

BASLER KANTONALBK - PC CHF 3098 6 30 9 0 0 6 #VALUE! 1029 1029 #VALUE! 714 - - - - 7.71 8.54 #VALUE! 8.74 12.40 13.72 #VALUE! 12.11 2.99 -3.62 - - - AA+ 18.10.2001 - -

EFG INTERNATIONAL AG CHF 1820 18 147 2 0 0 5 #VALUE! 1254 1254 863 946 - - - - 0.80 0.81 1.04 1.24 16.33 16.68 12.73 10.72 9.33 -12.65 - - - - - - -

BASILEA PHARMACEUTICA-REG CHF 573 20 10 0 0 0 0 0.21 62 62 46 67 -50 - -47 -47 -5.92 -5.92 -4.43 -3.18 - - #VALUE! #VALUE! -14.14 90.46 14.10 - - - - - -

RIETER HOLDING AG-REG CHF 767 8 5 0 0 0 0 0.67 950 950 990 1121 71 71 88 88 2.75 6.85 6.39 12.85 25.66 63.83 27.51 13.67 -11.99 -25.86 -58.20 -33.77 8.04 - - - -

BKW AG CHF 1765 6 47 1 0 0 1 2.34 3059 3059 2815 2918 152 198 493 493 4.44 2.74 3.68 4.09 13.07 8.06 9.72 8.74 15.26 3.04 - -26.88 7.83 - - - -

SCHWEIZERISCHE NATL-V AG-REG CHF 1052 3 22 0 0 0 1 0.38 1698 1698 1742 1807 - - - - 5.01 5.01 5.01 5.32 10.19 10.19 10.18 9.60 0.56 -3.56 - - - NR 23.05.2006 - -

GATEGROUP HOLDING AG CHF 529 30 26 0 0 0 0 0.81 3201 3201 3310 3423 70 70 - - -2.39 -2.41 1.88 2.50 - - 11.32 8.49 12.11 - -64.86 - 2.35 BB 28.02.2012 - -

SCHWEITER TECHNOLOGIES AG-BR CHF 887 0 1 0 0 0 0 0.48 720 720 750 789 86 86 85 85 29.06 30.42 30.59 38.72 21.61 22.61 21.49 16.98 -3.76 74.74 -4.40 33.03 12.77 - - - -

METALL ZUG AG-SHS B-REG CHF 1052 0 0 0 0 0 1 0.85 916 916 883 883 154 - 113 113 146.33 146.33 142.33 165.04 17.60 17.60 18.09 15.60 1.77 8.57 - 3.82 - - - - -

ZEHNDER GROUP AG-BR CHF 535 13 12 0 0 0 0 0.42 560 560 571 599 61 61 64 64 2.47 2.47 2.70 3.12 16.20 16.20 14.82 12.83 1.74 - -18.94 0.19 11.58 - - - -

LIECHTENSTEIN LANDESBANK-BR CHF 1264 15 28 2 0 0 8 #VALUE! 594 609 410 394 - - - - 3.55 3.55 3.33 3.68 12.37 12.37 13.19 11.93 - -8.10 - - - - - - -

AFG ARBONIA-FORSTER HOLD-REG CHF 533 15 18 0 0 0 0 0.67 1300 1300 1435 1476 117 117 128 128 -3.04 -3.04 2.15 2.80 - - 14.56 11.18 -4.19 -4.62 8.86 -6.94 9.65 - - - -

LEM HOLDING SA-REG CHF 734 0 1 0 0 0 0 0.73 253 251 268 266 45 - - - 26.86 32.01 34.90 33.09 21.52 21.52 19.74 20.82 -21.62 10.92 -34.08 7.96 - - - - -

VZ HOLDING AG CHF 1108 0 8 0 0 0 0 0.89 164 164 188 214 75 75 90 90 7.37 7.40 8.65 9.94 20.02 20.11 17.14 14.91 7.28 11.32 6.31 12.27 48.96 - - - -

KUDELSKI SA-BR CHF 668 15 54 0 0 0 0 0.85 903 903 937 964 106 106 - - 0.32 0.32 1.02 1.14 41.17 41.17 13.08 11.75 -3.65 -1.35 11.98 -7.51 12.61 - - - -

VETROPACK HOLDING AG-BR CHF 807 0 0 0 0 0 0 0.76 647 647 656 678 124 - 143 143 - - 157.80 171.16 - - 13.35 12.31 2.72 -0.95 -10.16 -10.01 - - - - -

BOSSARD HOLDING AG-BR CHF 623 2 3 0 0 0 0 0.84 504 504 619 652 62 62 81 81 14.17 14.17 15.40 15.52 11.76 11.76 10.82 10.74 3.14 -2.71 -3.59 -0.41 13.19 - - - -

ZUG ESTATES HOLDING AG-B SHR CHF 654 0 #VALUE! 0 0 0 0 0.82 48 48 80 96 24 24 - - - - 39.75 50.15 - - 35.61 28.23 - - - - 53.08 - - - -

INTERSHOP HOLDINGS-BR CHF 714 3 2 1 0 0 0 1.26 96 96 91 98 74 74 75 75 25.88 28.59 22.20 24.31 12.72 14.05 16.38 14.96 -0.40 5.10 4.68 3.12 83.27 - - - -

MEYER BURGER TECHNOLOGY AG CHF 395 200 48 0 0 0 0 0.41 690 690 592 748 -35 -35 - - -2.49 -2.49 -1.36 -0.48 - - #VALUE! #VALUE! -54.49 41.14 - - -5.43 - - - -

INTERNATIONAL MINERALS CORP CHF 394 2 #VALUE! 0 0 0 0 0.34 0 0 #VALUE! 0 -8 -10 - - - - 0.19 0.21 - - 20.61 18.50 - - -33.94 - - - - - -

Valuation Measures I/II

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


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%

Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%

NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%

FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%

SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%

S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%

S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%

HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%

MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%

NESTLE SA-REG 3.56 3.38 3.15 2.89 2.77 2.38 2.24 2.11 2.00 1.90 16.31 15.12 13.93 12.38 12.03 13.69 12.83 11.98 11.23 10.46 19.90 18.73 17.28 16.08 14.96 3.06 3.24 3.46 3.68 4.05 68.72 1.4%

NOVARTIS AG-REG 2.51 2.43 2.30 2.20 1.95 3.50 3.46 3.32 3.20 3.11 12.23 11.95 11.27 10.14 9.68 12.28 12.49 11.67 10.88 10.61 13.92 14.08 12.78 11.65 11.16 3.35 3.41 3.63 3.84 4.20 67.90 0.3%

ROCHE HOLDING AG-GENUSSCHEIN 11.86 9.23 7.24 5.92 4.63 4.29 4.08 3.93 3.80 3.70 14.49 12.89 12.01 11.20 10.71 11.57 10.44 9.92 9.54 9.28 16.48 15.15 14.12 13.21 12.66 3.25 3.53 3.83 4.12 4.45 228.30 1.4%

UBS AG-REG 1.18 1.17 1.11 1.06 1.21 2.29 2.16 2.08 1.96 2.00 96.65 12.37 9.92 7.54 14.73 17.23 12.63 9.28 7.78 0.87 1.68 3.86 7.86 9.07 17.14 14.4%

ABB LTD-REG 3.16 2.86 2.56 2.31 1.35 1.28 1.21 1.14 1.05 14.01 11.71 10.69 9.67 9.66 10.29 8.79 7.93 7.36 7.45 17.52 15.09 13.27 12.20 10.91 3.10 3.34 3.55 3.77 4.10 23.30 9.6%

CIE FINANCIERE RICHEMON-BR A 4.10 3.30 2.81 2.44 2.03 7.33 3.42 5.73 2.89 2.61 21.19 16.60 13.94 12.73 13.20 14.42 11.37 10.38 9.43 8.62 25.21 18.05 15.53 14.00 12.58 0.78 1.02 1.20 1.36 1.50 86.31 16.7%

ZURICH INSURANCE GROUP AG 1.18 1.13 1.07 1.00 0.94 0.65 0.65 0.63 0.63 0.58 12.09 9.39 8.90 8.50 7.94 6.87 6.81 6.95 7.11 7.42 268.38 7.3%

SYNGENTA AG-REG 4.62 3.94 3.52 2.85 2.74 2.55 2.41 2.29 2.22 15.80 14.20 13.02 12.46 12.79 11.68 10.76 10.11 9.78 18.95 16.84 15.35 14.37 14.77 2.23 2.62 2.90 3.05 3.41 415.17 6.7%

CREDIT SUISSE GROUP AG-REG 0.96 0.95 0.90 0.84 0.70 1.65 1.52 1.47 1.44 1.35 16.38 6.89 7.26 6.63 10.62 9.91 8.50 7.68 7.04 2.72 3.51 4.21 5.28 4.84 28.19 7.6%

SWISS RE AG 0.91 0.90 0.87 0.84 0.76 0.97 0.98 0.91 0.86 0.85 8.38 10.50 10.07 9.78 9.27 4.44 5.09 5.13 5.34 4.77 75.62 -4.7%

TRANSOCEAN LTD 1.20 1.12 1.04 0.97 1.92 1.88 1.71 1.65 1.64 7.27 6.49 5.64 4.99 5.67 7.61 6.77 5.81 5.55 6.08 14.79 11.13 8.77 8.30 9.06 0.96 3.26 3.82 4.72 57.65 20.1%

SWATCH GROUP AG/THE-BR 3.20 2.82 2.46 2.14 3.65 3.18 2.89 2.63 2.49 20.34 15.65 13.78 12.54 12.36 10.36 9.26 8.26 8.21 19.63 16.26 14.56 13.05 12.80 1.26 1.45 1.65 1.86 2.00 596.10 10.4%

HOLCIM LTD-REG 1.36 1.31 1.20 1.11 1.02 1.10 1.06 0.99 0.92 0.87 7.75 6.81 5.81 5.23 5.14 8.87 7.80 6.67 6.05 5.63 21.30 16.00 12.01 9.97 9.15 1.48 1.92 2.56 3.27 2.91 78.00 6.9%

SGS SA-REG 8.54 7.91 6.96 5.93 3.31 2.96 2.71 2.50 2.46 19.98 16.93 14.68 13.38 14.68 16.07 13.64 11.88 10.80 11.00 28.54 24.69 21.28 19.00 18.72 2.70 2.62 2.94 3.18 4.22 2310.79 -1.3%

SWISSCOM AG-REG 4.39 4.66 4.21 3.94 3.48 1.94 1.94 1.93 1.93 1.95 6.20 6.15 5.78 5.75 7.99 6.92 7.01 6.95 6.97 7.00 12.61 13.19 13.05 13.05 14.07 5.20 5.21 5.38 5.54 5.47 422.47 -0.1%

WEATHERFORD INTL LTD 1.05 1.02 0.92 0.81 0.65 0.60 0.55 0.50 0.45 6.28 4.73 3.99 3.73 6.62 5.93 5.06 4.39 3.77 20.13 14.29 9.54 6.95 5.64 0.00 0.00 0.65 2.34 13.43 12.8%

GEBERIT AG-REG 6.14 5.46 5.02 4.75 3.98 3.82 3.64 3.51 3.51 17.26 16.30 15.21 14.41 13.68 15.27 14.18 13.22 12.55 11.79 21.68 19.72 18.28 17.23 16.49 2.93 3.25 3.46 3.57 2.73 221.40 -1.2%

GIVAUDAN-REG 2.88 2.84 2.79 2.72 2.51 2.38 2.27 2.17 2.18 15.08 13.20 12.46 11.65 13.54 12.31 11.53 10.90 10.72 21.05 19.77 18.02 17.00 15.19 2.25 3.49 3.87 4.26 3.05 1108.00 -3.4%

JULIUS BAER GROUP LTD 1.55 1.57 1.50 1.44 1.60 4.68 3.82 3.20 2.90 2.85 18.16 16.53 11.99 10.25 17.85 17.42 13.31 11.02 15.02 1.68 1.84 2.17 2.52 2.47 39.44 8.1%

ADECCO SA-REG 2.04 2.01 1.84 1.68 1.51 0.38 0.39 0.36 0.34 0.31 12.35 11.99 10.68 9.22 8.19 9.94 9.18 7.75 6.83 5.81 14.98 14.12 11.61 10.02 8.19 3.29 3.61 4.14 4.62 4.50 58.05 14.1%

SCHINDLER HOLDING-PART CERT 5.12 4.82 4.17 3.62 1.92 1.83 1.73 1.62 1.58 19.68 17.49 15.03 13.73 12.52 11.72 10.83 10.14 9.84 23.21 20.70 19.03 17.71 16.04 1.63 1.77 1.93 2.13 1.98 147.04 7.6%

KUEHNE & NAGEL INTL AG-REG 5.28 4.94 4.55 4.15 3.40 0.75 0.72 0.68 0.62 0.66 17.94 15.58 14.27 12.83 13.90 13.20 11.85 10.74 9.88 9.15 22.53 20.35 18.06 16.40 15.07 3.44 3.63 3.98 4.49 5.04 113.47 6.5%

ACTELION LTD-REG 3.91 3.87 3.21 2.71 2.57 3.86 3.92 3.79 3.77 4.01 15.34 13.49 11.98 10.68 12.09 11.33 11.36 10.41 9.69 12.01 14.23 16.04 14.10 12.36 12.92 1.47 1.84 1.97 2.20 1.88 55.17 4.9%

SONOVA HOLDING AG-REG 4.90 4.34 3.75 3.32 3.14 4.62 4.09 3.78 3.52 3.30 22.25 19.35 16.71 14.80 14.95 20.11 16.44 14.59 13.25 11.66 28.21 22.55 19.83 17.81 15.66 1.13 1.26 1.47 1.65 1.95 110.54 -1.3%

ARYZTA AG 1.80 1.71 1.58 1.47 1.02 0.94 0.89 0.85 0.83 9.86 9.08 7.90 7.40 10.19 9.56 8.56 8.00 7.36 13.57 12.58 11.28 10.24 9.14 1.11 1.19 1.32 1.62 61.04 8.9%

SWATCH GROUP AG/THE-REG 2.73 2.34 2.04 3.65 3.16 2.92 12.56 10.35 9.50 17.10 13.96 12.69 1.39 1.60 1.92 120.00 28.3%

SIKA AG-BR 2.87 2.62 2.38 2.11 1.18 1.12 1.04 0.97 0.91 13.13 11.62 10.64 9.74 10.26 9.28 8.41 7.75 7.41 19.35 16.71 14.75 13.22 11.72 2.18 2.51 2.79 2.95 2425.00 10.1%

SWISS PRIME SITE-REG 1.18 1.18 1.17 1.16 10.96 9.01 8.80 8.57 9.10 22.27 21.20 20.14 18.96 19.10 22.56 23.56 23.01 22.07 21.02 21.31 21.99 21.47 20.92 19.10 4.67 4.62 4.60 4.53 4.67 73.00 -5.4%

LINDT & SPRUENGLI AG-REG 5.65 5.14 4.62 4.06 3.41 3.17 2.96 2.75 27.08 24.43 21.27 17.77 18.44 16.74 15.32 14.04 34.39 31.44 28.42 25.51 1.34 1.53 1.68 1.88 39442.86 -7.7%

BALOISE HOLDING AG - REG 0.99 0.90 0.85 0.81 0.73 0.50 0.56 0.55 0.55 0.58 10.12 9.61 9.19 8.70 8.46 5.16 5.07 5.16 5.49 5.48 96.25 5.5%

PARTNERS GROUP HOLDING AG 9.99 8.00 6.62 5.44 14.89 12.07 10.28 9.25 8.59 23.75 25.08 22.99 18.74 15.84 14.00 12.91 24.48 20.06 17.17 15.41 2.50 2.94 3.38 3.87 228.13 -3.7%

CLARIANT AG-REG 1.37 1.35 1.27 1.21 0.54 0.64 0.62 0.59 0.54 9.12 6.89 6.13 5.43 7.06 6.91 6.20 5.67 5.51 14.43 12.67 10.61 9.30 4.83 2.11 2.59 3.01 3.47 2.95 14.83 9.2%

SWISS LIFE HOLDING AG-REG 0.47 0.44 0.42 0.41 0.40 0.26 0.25 0.25 0.23 0.23 7.86 7.69 7.09 6.38 5.91 3.22 3.29 3.47 3.58 4.93 164.25 15.7%

SULZER AG-REG 2.41 2.20 2.00 1.80 1.40 1.30 1.22 1.15 1.08 12.14 10.83 9.90 9.06 10.30 9.33 8.33 7.61 7.01 17.57 16.03 13.88 12.41 11.67 1.91 2.15 2.42 2.67 171.13 5.8%

LINDT & SPRUENGLI AG-PC 5.10 4.11 3.81 3.45 3.40 3.41 3.17 2.96 2.75 2.58 23.91 22.23 18.52 14.10 16.51 18.61 16.92 15.48 14.14 12.95 30.50 27.93 25.36 22.92 19.72 1.53 1.76 1.95 2.15 2.38 3757.14 2.6%

PSP SWISS PROPERTY AG-REG 1.07 1.02 1.01 0.97 0.89 14.20 13.55 13.44 13.05 12.87 23.84 23.84 23.52 23.34 22.08 24.70 24.01 23.87 23.32 21.71 23.66 23.49 23.43 22.89 22.02 3.66 3.79 3.85 3.89 4.03 89.09 6.8%

SCHINDLER HOLDING AG-REG 5.05 4.75 4.11 3.57 1.92 1.83 1.73 1.62 1.58 19.39 17.24 14.81 13.53 12.52 11.72 10.83 10.14 9.84 22.87 20.39 18.75 17.45 15.81 1.74 1.83 2.01 2.10 155.00 15.1%

GAM HOLDING AG 1.38 1.29 1.17 1.07 5.42 4.72 4.36 4.06 4.11 18.76 14.21 12.19 10.74 19.28 14.21 12.29 10.58 2.99 3.41 3.88 4.31 17.76 6.4%

LONZA GROUP AG-REG 1.26 1.26 1.17 1.10 0.80 0.78 0.75 0.73 0.70 4.94 5.27 4.97 4.16 8.35 7.77 7.16 6.61 6.29 14.09 12.59 10.63 9.49 8.75 3.51 3.78 3.87 4.17 4.24 54.83 -6.4%

GALENICA AG-REG 2.90 2.56 2.27 1.98 1.81 1.09 1.09 1.05 1.00 0.94 13.18 11.86 11.42 10.44 8.81 11.03 10.84 10.27 9.31 7.16 16.10 15.05 14.59 12.59 9.89 1.58 1.89 2.01 2.31 2.96 557.30 -7.0%

DUFRY AG-REG 2.76 2.64 2.25 1.89 1.70 1.12 0.97 0.86 0.79 0.74 9.92 9.26 7.70 7.08 6.42 9.67 8.22 6.95 6.35 5.89 13.96 14.80 11.30 9.83 9.17 0.00 0.00 0.16 0.87 139.30 16.0%

HELVETIA HOLDING AG-REG 0.92 0.87 0.83 0.78 0.72 0.45 0.43 0.40 0.37 0.40 9.98 9.54 9.16 8.60 8.24 4.42 4.53 4.70 4.96 4.94 416.50 8.3%

EMS-CHEMIE HOLDING AG-REG 5.64 4.79 4.36 4.55 3.64 3.44 3.25 3.13 2.83 23.66 18.95 16.99 18.93 16.75 15.49 14.52 13.89 11.95 24.91 23.17 21.67 20.78 17.23 2.76 3.34 3.49 3.64 232.00 -15.1%

DKSH HOLDING LTD 4.96 4.17 3.75 3.26 2.73 0.64 0.55 0.50 0.46 0.42 27.81 25.46 20.02 17.14 18.10 17.06 14.50 12.76 11.23 10.60 31.31 25.88 22.86 20.07 17.39 0.98 1.19 1.41 1.49 1.86 81.38 -5.8%

BARRY CALLEBAUT AG-REG 3.34 3.02 2.69 2.38 2.05 0.97 0.92 0.77 0.72 0.68 14.59 12.67 12.47 11.39 11.12 12.96 11.99 10.47 9.46 9.07 18.68 17.96 16.01 13.62 12.96 1.60 1.85 2.09 2.28 2.81 912.86 2.9%

OC OERLIKON CORP AG-REG 1.92 1.76 1.60 1.52 1.25 1.23 1.18 1.10 0.83 8.20 8.83 8.52 8.00 6.17 6.29 5.77 5.49 16.17 14.61 13.26 12.78 2.15 2.46 2.73 3.03 13.71 25.8%

PARGESA HOLDING SA-BR 0.70 0.66 0.62 0.65 0.94 1.10 1.06 1.86 16.00 13.81 12.50 41.73 38.05 33.03 30.82 41.61 13.55 11.40 9.43 3.53 4.24 4.48 4.66 74.27 15.1%

FLUGHAFEN ZUERICH AG-REG 1.47 1.35 1.26 1.14 2.87 2.81 2.74 2.65 2.60 8.71 7.01 7.07 7.94 7.29 7.09 6.89 6.63 6.23 15.26 17.72 13.76 13.19 2.00 2.31 2.60 2.83 451.36 2.2%

FISCHER (GEORG)-REG 1.28 1.24 1.14 1.07 0.44 0.45 0.43 0.42 0.40 5.14 4.60 4.93 4.75 5.45 5.40 5.08 4.81 4.34 10.82 10.55 9.62 8.56 7.50 3.04 3.55 3.74 4.24 4.59 442.50 12.8%

BANQUE CANTONALE VAUDOIS-REG 1.37 1.37 1.35 1.39 4.74 4.66 4.62 4.46 4.33 12.29 12.32 12.12 11.81 15.83 15.58 15.33 14.86 5.76 5.76 5.86 5.97 493.75 -11.2%

Price to Earnings Ratio

Valuation Measures II/II

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


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 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%

Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%

NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%

FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%

SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%

S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%

S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%

HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%

MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%

BUCHER INDUSTRIES AG-REG 2.35 2.11 1.87 1.69 0.85 0.82 0.80 0.76 0.80 9.44 8.30 7.68 7.03 8.28 7.58 7.06 6.73 6.29 6.59 14.14 13.29 12.26 11.61 11.60 2.15 2.44 2.65 2.95 3.27 231.17 7.1%

TEMENOS GROUP AG-REG 4.16 3.67 3.20 2.84 3.68 3.46 3.23 2.93 2.78 20.73 16.26 14.28 12.27 15.39 13.41 11.85 10.03 27.06 20.27 17.53 14.44 0.00 1.24 1.35 1.61 20.72 -1.6%

KABA HOLDING AG-REG B 2.82 2.36 2.15 1.96 1.49 1.48 1.44 1.39 1.35 12.02 11.74 11.22 10.90 9.03 9.11 8.49 8.02 7.21 16.87 16.12 15.16 14.04 12.22 2.07 2.30 2.46 2.57 2.49 391.00 4.8%

ALLREAL HOLDING AG-REG 1.11 1.08 1.05 1.04 8.65 7.55 7.17 6.89 18.89 18.36 17.17 18.36 21.95 18.46 17.00 16.69 18.81 18.63 16.68 15.78 4.11 4.11 4.49 4.51 150.00 12.9%

VALIANT HOLDING AG-REG 0.70 0.68 0.66 3.49 3.61 3.49 3.35 3.26 11.72 14.48 12.87 12.22 3.75 3.75 3.11 3.27 100.00 17.2%

MOBIMO HOLDING AG-REG 1.07 1.05 1.04 1.05 10.40 10.21 9.87 9.48 8.83 21.22 17.71 22.90 22.29 20.55 23.36 23.39 23.21 22.21 19.74 25.86 23.57 23.65 23.18 20.55 4.37 4.37 4.36 4.37 4.37 216.67 5.1%

AMS AG 2.74 2.29 1.94 1.66 3.21 2.81 2.52 2.33 1.99 10.53 9.28 7.85 7.20 10.06 8.94 7.77 7.19 6.39 13.52 11.55 9.95 8.87 1.34 2.08 2.45 2.86 136.55 29.7%

LUZERNER KANTONALBANK AG-REG 1.45 1.39 1.33 1.28 7.20 7.19 7.02 6.86 16.47 15.92 15.10 14.63 16.72 16.52 16.06 15.53 3.05 3.05 3.32 3.32

NOBEL BIOCARE HOLDING AG-REG 3.15 2.69 2.46 2.02 1.65 1.68 1.63 1.55 1.45 12.02 13.02 10.93 9.91 6.43 8.94 9.14 8.41 7.72 7.59 21.74 19.59 17.35 14.76 11.61 1.90 2.16 2.40 2.73 4.18 8.74 -7.1%

PANALPINA WELTTRANSPORT -REG 2.58 2.66 2.45 2.30 0.33 0.30 0.28 0.28 0.29 37.87 19.38 16.27 14.76 266.18 12.80 13.16 9.90 8.14 6.40 30.57 32.52 22.18 17.25 15.82 1.43 1.86 2.14 2.61 84.78 -6.3%

BERNER KANTONALBANK AG-REG

KUONI REISEN HLDG-REG(CAT B) 1.46 1.42 1.30 1.26 0.20 0.21 0.20 0.19 0.23 7.14 8.53 6.04 5.14 6.11 5.34 4.60 4.10 3.82 12.97 12.38 9.42 8.29 7.90 1.29 1.44 2.41 2.98 329.36 10.8%

BURCKHARDT COMPRESSION HOLDI 4.15 3.83 3.47 3.22 3.57 3.21 2.96 2.79 2.67 23.44 17.57 15.76 15.93 17.38 13.74 12.18 11.29 9.36 29.07 22.03 19.11 17.53 14.52 1.29 2.23 2.57 2.87 321.60 -12.0%

ST GALLER KANTONALBANK A-REG 1.17 1.12 1.08 1.06 4.71 4.52 4.44 4.57 13.44 12.30 12.10 12.84 14.54 13.45 13.26 14.54 3.69 3.94 4.11 4.19 395.00 -2.7%

BELIMO HOLDING AG-REG 5.17 4.56 4.10 3.70 3.00 2.78 2.58 2.38 2.21 17.39 14.94 13.84 12.96 13.73 12.20 11.18 10.26 9.34 21.78 19.05 17.35 15.78 2.59 3.03 3.29 3.57 3.45 2150.00 -1.1%

TECAN GROUP AG-REG 3.17 2.83 2.55 2.26 2.51 2.39 2.18 1.98 1.82 26.34 13.90 11.87 9.91 13.47 12.07 10.28 8.69 7.20 21.18 19.34 16.34 13.56 11.01 1.51 1.75 1.96 2.29 2.74 97.24 12.5%

LOGITECH INTERNATIONAL-REG 1.02 1.42 1.31 1.18 0.52 0.57 0.60 0.58 0.54 8.19 9.51 8.13 6.89 5.91 8.20 6.16 5.12 14.04 23.95 15.17 11.39 0.00 6.75 0.00 0.00 6.56 1.1%

STRAUMANN HOLDING AG-REG 2.81 2.60 2.40 2.26 2.68 2.71 2.61 2.22 1.96 17.84 13.74 12.36 10.58 8.48 13.20 11.36 10.19 7.90 6.18 22.54 17.87 15.24 12.33 10.42 2.46 2.99 3.14 3.74 3.82 131.02 10.2%

GRAUBUENDNER KANTONALBANK-PC 1.37 1.26 1.20 8.19 8.16 7.92 1.60 1.64 1.57 15.02 14.91 14.12 3.31 3.66 3.66

FORBO HOLDING AG-REG 1.58 1.46 1.36 1.24 1.16 1.15 1.13 1.11 1.12 9.02 8.21 7.53 7.06 6.66 6.84 6.50 6.22 5.70 14.87 13.41 11.98 10.85 9.83 1.98 2.11 2.27 2.40 2.61 724.00 18.1%

ZUGER KANTONALBANK-BR

VONTOBEL HOLDING AG-REG 1.27 1.26 1.17 1.16 2.63 2.45 2.26 2.16 2.04 11.90 11.06 9.95 8.99 15.44 13.69 11.85 11.26 3.73 4.29 4.67 4.91 30.67 -2.0%

DAETWYLER HOLDING AG-BR 2.47 2.62 2.28 2.00 1.32 1.29 1.21 1.14 12.06 7.33 7.82 7.22 9.62 8.68 7.90 7.34 15.52 13.57 11.96 11.03 2.17 2.52 2.79 3.01 125.00 16.6%

VALORA HOLDING AG-REG 1.19 1.11 1.06 1.03 0.23 0.23 0.23 0.22 0.22 6.52 5.56 5.16 4.84 5.47 9.19 7.27 6.94 6.58 6.67 11.86 11.46 10.16 9.11 8.90 5.25 6.38 6.74 7.75 6.03 180.67 -7.4%

HUBER & SUHNER AG-REG 1.56 1.49 1.42 1.34 1.35 1.24 1.14 1.09 18.81 13.02 11.18 10.39 12.84 9.48 8.48 7.94 39.28 20.55 17.29 15.87 1.18 1.93 2.24 2.38 45.00 -3.3%

INFICON HOLDING AG-REG 3.55 3.85 3.76 3.64 2.35 2.25 2.16 2.07 13.40 14.71 12.81 11.52 10.90 9.94 9.46 8.96 18.72 17.51 16.57 15.67 4.88 5.33 5.46 5.54 290.00 0.0%

BASELLANDS KANTONALBANK-CERT

IMPLENIA AG-REG 1.69 1.54 1.41 1.29 0.34 0.32 0.31 0.30 6.64 5.83 5.78 5.39 4.38 4.05 3.96 3.74 13.21 11.52 11.11 10.23 2.50 3.07 3.25 3.48 60.00 23.0%

EMMI AG-REG 1.57 1.37 1.27 1.24 0.51 0.47 0.47 0.46 6.58 6.60 6.41 6.20 8.40 7.86 7.67 7.47 15.89 14.77 13.83 13.04 1.26 1.33 1.42 1.43 277.50 -2.7%

BASLER KANTONALBK - PC 4.35 4.23 4.10 11.32

EFG INTERNATIONAL AG 1.45 1.24 1.13 1.06 1.05 2.14 2.11 1.92 1.77 1.86 8.59 7.34 6.20 14.25 11.90 10.02 8.70 8.59 0.99 1.79 2.62 4.36 5.86 13.63 17.5%

BASILEA PHARMACEUTICA-REG 1.25 7.11 12.15 5.27 9.39 12.33 8.58 5.15 2.07 2.98 4.11 127.92 3.54 0.00 0.00 0.00 88.33 58.0%

RIETER HOLDING AG-REG 1.91 1.82 1.62 1.70 0.82 0.78 0.68 0.60 11.39 7.41 6.95 6.98 9.62 7.70 4.55 4.01 41.60 25.71 12.77 21.53 1.51 1.45 2.74 3.43 182.60 19.0%

BKW AG 0.55 0.58 0.56 0.54 0.67 0.63 0.60 0.58 0.58 3.28 3.49 3.32 3.05 4.99 4.75 4.48 4.30 3.92 9.29 9.08 8.17 7.47 6.72 4.53 4.77 4.96 4.96 32.00 2.4%

SCHWEIZERISCHE NATL-V AG-REG 1.13 1.05 0.99 0.91 0.89 0.61 0.60 0.58 0.57 0.54 9.41 9.52 8.97 9.16 8.24 4.20 4.14 4.37 4.52 5.09 45.60 2.2%

GATEGROUP HOLDING AG 1.05 1.42 1.29 1.17 0.17 0.16 0.15 0.15 4.47 4.24 3.57 3.34 4.55 4.49 3.97 3.66 12.55 10.58 7.94 7.45 2.43 1.69 2.84 3.76 22.75 22.6%

SCHWEITER TECHNOLOGIES AG-BR 1.25 1.28 1.28 1.22 1.15 1.18 1.12 1.08 9.83 9.80 9.04 9.93 5.72 5.72 4.99 5.25 14.97 20.09 15.87 16.82 6.96 4.57 2.67 2.79 643.33 12.0%

METALL ZUG AG-SHS B-REG 1.33 1.32 1.25 1.18 1.19 1.19 7.65 7.50 6.98 20.77 16.91 14.58 2.44 2.44 2.44 2100.00 -6.7%

ZEHNDER GROUP AG-BR 1.65 1.59 1.46 1.34 1.31 0.77 1.22 1.16 0.67 6.75 7.26 6.59 5.90 6.42 6.55 5.83 5.06 4.42 12.78 13.86 11.99 9.68 7.88 2.59 2.40 2.74 3.23 3.74 45.00 5.5%

LIECHTENSTEIN LANDESBANK-BR 0.67 0.65 0.62 3.08 3.21 3.05 9.35 8.30 6.93 12.33 11.15 8.84 3.91 4.43 5.22

AFG ARBONIA-FORSTER HOLD-REG 1.18 1.16 1.07 0.99 0.39 0.37 0.36 0.35 0.35 5.22 4.95 4.33 4.08 5.98 5.25 4.69 4.29 4.15 29.96 13.61 10.45 8.53 7.70 0.00 1.20 2.51 3.31 3.91 30.75 12.4%

LEM HOLDING SA-REG 8.62 8.16 8.17 7.43 2.92 2.74 2.76 2.52 14.53 16.41 15.97 15.31 16.31 12.66 12.20 10.95 26.58 18.45 19.46 16.43 2.62 4.49 4.47 5.38 592.50 -1.6%

VZ HOLDING AG 4.47 3.82 3.17 2.88 7.00 5.91 5.18 4.55 18.96 14.29 12.64 11.16 12.75 9.88 8.45 7.24 20.20 16.02 13.94 12.08 1.96 2.32 2.66 3.05 133.00 2.7%

KUDELSKI SA-BR 1.45 1.32 1.20 1.10 1.28 0.71 1.23 0.67 6.08 6.10 5.66 5.22 8.47 6.41 6.06 5.79 15.39 12.22 10.98 9.91 0.95 1.46 1.69 2.34 11.87 1.9%

VETROPACK HOLDING AG-BR 1.19 1.12 1.04 0.97 1.25 1.23 3.23 1.14 6.43 5.85 5.39 4.92 6.03 5.34 5.05 4.78 14.59 12.48 11.51 11.15 2.50 1.97 2.12 2.26 1950.00 5.9%

BOSSARD HOLDING AG-BR 3.41 2.36 2.06 2.31 2.04 1.69 0.96 0.87 1.46 9.46 8.47 8.26 8.31 7.22 13.44 10.39 9.72 8.68 7.97 12.02 10.11 10.04 9.47 8.44 3.33 3.81 4.04 4.40 4.74 151.33 3.9%

ZUG ESTATES HOLDING AG-B SHR 1.14 1.08 1.01 0.95 6.76 8.21 6.83 6.97 32.53 33.29 26.39 23.30 0.97 1.21 1.37

INTERSHOP HOLDINGS-BR 1.23 1.21 1.20 1.17 7.57 7.83 7.30 7.21 14.27 15.28 13.96 14.24 16.33 16.98 15.58 16.47 15.12 15.31 13.98 14.24 6.14 6.14 6.29 6.29

MEYER BURGER TECHNOLOGY AG 0.57 0.64 0.68 0.72 0.60 0.67 0.53 0.49 9.23 4.71 3343.77 5.59 4.12 29.50 0.00 0.00 0.00 6.52 -15.0%

INTERNATIONAL MINERALS CORP 1.19 1.25 1.21 1.12 117.84 1132.90 10.07 21.48 8.16 7.84 6.10 39.93 5.58 2.47 8.71 19.27 17.29 7.44 8.22 3.85 3.86 3.86 4.72 50.8%

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


11.04.2013

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

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

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

pet foods.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (03.04.2013) 70.00

52-Week Low (05.06.2012) 53.80

Daily Volume

67.8

52-Week High % Change -3.14% Dividend Yield -

52-Week Low % Change 26.02% Beta 0.75

% 52 Week Price Range High/Low 85.80% Equity Float 3'218.97

Shares Out 31.12.2012 3'224.8 Short Int -

218'641.45 1 Yr Total Return 26.57%

Total Debt 27'577.00 YTD Return 13.76%

Preferred Stock 0.0 Adjusted BETA 0.750

Minority Interest 1'657.0 Analyst Recs 42

Cash and Equivalents 9'425.00 Consensus Rating 3.714

Enterprise Value 238'450.45

Average Volume 5 Day 6'159'088

NESN VX EQUITY YTD Change - Average Volume 30 Day 5'392'331

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'997'303

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

103'086.0 100'579.0 88'015.0 83'770.0 92'324.0 83'642 92'186 97'642 103'493 22'687 24'370

1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.42x 2.26x - -

15'533.0 16'048.0 15'611.0 15'390.0 16'887.0 0.0 0.0 18'582.2 19'901.3 - -

10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.83x 11.98x - -

18'039.0 10'428.0 34'233.0 9'487.0 10'611.0 0.0 0.0 11'427.4 12'370.0 - -

20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 18.73x 17.28x - -

EBITDA 16'887.00 Long-Term Rating Date 16.08.2007

EBIT 13'903.00 Long-Term Rating AA

Operating Margin 15.06% Long-Term Outlook STABLE

Pretax Margin 15.72% Short-Term Rating Date 23.11.1981

Return on Assets 8.83% Short-Term Rating A-1+

Return on Common Equity 18.02%

Return on Capital 13.46% EBITDA/Interest Exp. 29.73

Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 20.28

Net Debt/EBITDA 1.07

Gross Margin 47.6% Total Debt/EBITDA 1.63

EBITDA Margin 18.3%

EBIT Margin 15.1% Total Debt/Equity 45.2%

Net Income Margin 11.5% Total Debt/Capital 30.6%

Asset Turnover 0.77

Current Ratio 0.91 Net Fixed Asset Turnover 3.63

Quick Ratio 0.50 Accounts receivable turnover-days 38.56

Debt to Assets 21.85% Inventory Days 69.50

Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 106.31

Accounts Receivable Turnover 9.49 Cash Conversion Cycle 1.76

Inventory Turnover 5.27

Fiscal Year Ended

Nestle SAPrice/Volume

Valuation Analysis

2'016'424.00

Current Price (4/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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

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


11.04.2013

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

BLACKROCK n/a ULT-AGG 167'442'192 5.19 114'290 09.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 73'718'620 2.29 2'250'900 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 44'301'606 1.37 (935'043) 28.02.2013 Mutual Fund Manager

FMR LLC n/a ULT-AGG 37'448'212 1.16 3'333'269 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'232'885 1.09 (997'394) 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28'766'107 0.89 (91'437) 28.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 24'511'040 0.76 1'245'596 28.02.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'332'115 0.57 319'679 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Mutual Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'537'390 0.39 22'050 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'524'876 0.33 (39'533) 28.02.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'132'121 0.31 (6'640'456) 31.01.2013 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'789'155 0.3 3'003'499 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'804'392 0.27 (121'311) 28.02.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'902'742 0.25 11'764 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'524'912 0.17 121'371 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'320'763 0.16 (722'976) 31.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 5'162'265 0.16 (123'200) 28.03.2013 Unclassified

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'693'232 0.15 (71'536) 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Barclays LIAM ROWLEY overweight 5 M 77 Not Provided 11.04.2013

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 11.04.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 10.04.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 68 Not Provided 10.04.2013

Nomura DAVID HAYES reduce 2 M 66 12 month 10.04.2013

Helvea ANDREAS VON ARX neutral 3 M 72 12 month 10.04.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 D 69 12 month 09.04.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 66 12 month 08.04.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 04.04.2013

Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 02.04.2013

Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013

Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013

Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013

Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013

Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013

S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013

Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013

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

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012

HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012

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

DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012

Holdings By:

Nestle SA ee


11.04.2013

Novartis AG manufactures pharmaceutical and consumer healthcare products. The

Company produces pharmaceuticals for cardiovascular, respiratory and infectious

diseases, oncology, neuroscience, transplantation, dermatology,

gastrointestinal and urinary conditions, and arthritis, vaccines and

diagnostics, vision, and animal health products.


LTM as of: 12/yy

52-Week High (03.04.2013) 68.25

52-Week Low (18.05.2012) 48.29

Daily Volume

67.7





183'209.27 1 Yr Total Return 40.85%



Minority Interest 126.0 Analyst Recs 31




NOVN VX EQUITY YTD Change - Average Volume 30 Day 4'324'639

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'733'262


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

41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 58'566.0 56'673.0 57'088.1 59'398.8 13'847.3 14'095.7

2.76x 2.72x 3.08x 2.61x 2.89x 10.66x 11.16x 3.60x 3.36x - -

11'978.0 12'318.0 15'866.0 17'818.0 16'714.0 17'818.0 16'465.0 16'754.9 17'937.9 - -

9.55x 9.79x 9.81x 8.58x 9.82x 8.58x 9.96x 12.49x 11.67x - -

8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 9'113.0 9'505.0 12'436.1 13'629.5 3'028.0 3'123.0

13.89x 14.73x 13.70x 14.94x 16.01x 14.94x 16.05x 14.08x 12.78x 14.19x 14.08x


EBIT 11'794.00 Long-Term Rating AA-









EBITDA Margin 29.1%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

923'191.00


!

-!

.!

0!

1!

2!

3!

4!

5!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 120'887'981 4.47 (515'205) 31.12.2012 Investment Advisor

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

BLACKROCK n/a ULT-AGG 104'436'234 3.86 4'514'078 09.04.2013 Investment Advisor

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

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


VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'677'414 1.13 1'041'632 31.12.2012 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 1'410'638 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 458'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'014'479 0.41 558'538 10.04.2013 Investment Advisor


FMR LLC n/a ULT-AGG 8'745'923 0.32 (1'660'551) 28.02.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 8'280'608 0.31 8'280'608 31.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'544'235 0.28 1'064'324 28.02.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 6'827'292 0.25 693'638 10.04.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 5'456'801 0.2 (621'833) 31.12.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'416'994 0.2 (237'271) 30.11.2012 Investment Advisor


AlphaValue ARMELLE MOULIN add 4 M 75 6 month 11.04.2013

Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 10.04.2013

Jefferies JEFFREY HOLFORD buy 5 M 81 12 month 10.04.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 10.04.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 74 Not Provided 10.04.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 08.04.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 04.04.2013

Helvea ODILE RUNDQUIST buy 5 M 68 12 month 02.04.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 26.03.2013

Kepler Capital Markets FABIAN WENNER hold 3 M 59 Not Provided 18.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013

Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013


Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013

Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013

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

Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012

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

Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009

Holdings By:

Novartis AG ee


11.04.2013

Roche Holding AG develops and manufactures pharmaceutical and diagnostic

products. The Company produces prescription drugs in the areas of

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

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


LTM as of: 03/yy

52-Week High (11.04.2013) 226.70

52-Week Low (04.06.2012) 148.40

Daily Volume

225.2



% 52 Week Price Range High/Low 98.85% Equity Float 701.88

Shares Out 31.12.2012 702.6 Short Int -

194'425.11 1 Yr Total Return 50.96%







ROG VX EQUITY YTD Change - Average Volume 30 Day 1'440'583

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'423'665


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

45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 42'438.0 46'061.0 47'661.3 49'477.8 11'851.5 11'691.5

2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.26x 3.99x - -

16'541.0 17'705.0 18'358.0 17'894.0 19'400.0 0.0 0.0 19'861.3 20'887.5 - -

8.09x 10.03x 7.65x 8.68x 8.84x 0.00x 0.00x 10.44x 9.92x - -

8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'592.2 13'608.2 - -

15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 15.15x 14.12x - -


EBIT 16'979.00 Long-Term Rating AA









EBITDA Margin 42.6%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

546'362.00


!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 92 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'795'162 2.82 336'935 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'953'300 1.7 - 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'676'417 1.52 102'700 31.12.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 9'222'717 1.31 (1'803'785) 28.02.2013 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 7'596'200 1.08 - 29.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'167'917 1.02 (216'730) 28.02.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 336'221 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 4'309'085 0.61 106'912 28.02.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Mutual Fund Manager

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'615'072 0.51 2'411 10.04.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'802'895 0.4 50'800 28.02.2013 Investment Advisor



ALLIANZ ASSET MANAGE n/a ULT-AGG 2'156'161 0.31 202'439 31.03.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'090'211 0.3 4'665 28.02.2013 Investment Advisor


Societe Generale STEPHEN MCGARRY buy 5 M 246 12 month 11.04.2013

Deutsche Bank TIM RACE buy 5 M 240 12 month 11.04.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 11.04.2013

Jefferies JEFFREY HOLFORD buy 5 M 250 12 month 11.04.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 247 12 month 11.04.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 206 12 month 11.04.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 236 6 month 11.04.2013

Helvea ODILE RUNDQUIST accumulate 4 M 220 12 month 10.04.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 235 12 month 09.04.2013

Barclays MARK PURCELL overweight 5 M 230 Not Provided 09.04.2013

Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 05.04.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 250 Not Provided 04.04.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 225 Not Provided 04.04.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.04.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 225 Not Provided 18.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013

Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 210 Not Provided 01.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 215 12 month 30.01.2013

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013

CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 220 Not Provided 11.12.2012

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

Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012

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

Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012

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

Holdings By:

Roche Holding AG ee


11.04.2013

UBS AG is a wealth management, investment banking, and asset management firm.

The Company provides a variety of financial services to individuals,

institutions, corporations, governments, and financial intermediaries around the

world.


LTM as of: 12/yy

52-Week High (25.01.2013) 16.39

52-Week Low (24.07.2012) 9.69

Daily Volume

14.98





57'470.23 1 Yr Total Return 29.71%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 11'693'250

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 11'331'920


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

67'219.0 44'432.0 46'526.0 40'880.0 37'754.0 40'870.0 37'758.0 26'566.1 27'675.3 6'554.0 6'657.0

8.31x 9.56x 8.39x 9.20x 6.86x 36.80x 31.69x - - - -

37'052.0 19'648.0 20'964.0 17'464.0 15'529.0 17'455.0 15'530.0 - - - -

15.08x 21.61x 18.62x 21.53x 16.67x 21.54x 16.67x - - - -

(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 4'159.0 (2'510.0) 3'355.5 4'655.5 563.0 786.0

- - 7.71x 10.16x - 10.07x 0.00x 17.23x 12.63x 13.02x -


EBIT - Long-Term Rating A


Pretax Margin -4.70% Short-Term Rating Date 19.12.2008

Return on Assets -0.19% Short-Term Rating A-1

Return on Common Equity -5.05%

Return on Capital -0.60% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -


Gross Margin - Total Debt/EBITDA 17.22

EBITDA Margin 41.1%

EBIT Margin - Total Debt/Equity 582.6%

Net Income Margin -6.7% Total Debt/Capital 84.2%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 6.51

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 21.24% Inventory Days -

Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

UBS AGPrice/Volume

Valuation Analysis

3'881'785.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



11.04.2013


GOVT OF SINGAPORE IN n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government

UBS n/a ULT-AGG 197'615'442 5.15 (3'561'745) 15.03.2013 Unclassified


NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government

FRANKLIN RESOURCES n/a ULT-AGG 69'300'732 1.81 (4'992'827) 31.12.2012 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'980'253 1.07 1'928'515 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'619'235 0.9 217'405 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 31'564'456 0.82 269'733 28.12.2012 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 25'446'748 0.66 435'986 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'595'830 0.59 1'715'141 28.02.2013 Investment Advisor


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'622'115 0.43 1'350'143 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 16'537'648 0.43 4'242'564 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'956'720 0.39 1'002'642 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'066'648 0.37 (1'222'625) 31.12.2012 Hedge Fund Manager


ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 9'167'333 0.24 5'013'106 31.12.2012 Pension Fund (ERISA)


Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 18 12 month 11.04.2013

AlphaValue DIETER HEIN reduce 2 M 16 6 month 11.04.2013

Day by Day VALERIE GASTALDY buy 5 U 16 3 month 10.04.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 18 Not Provided 09.04.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 08.04.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 16 12 month 04.04.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 20 Not Provided 03.04.2013

Grupo Santander AURELIA FAURE underweight 1 M 9 Not Provided 02.04.2013

Barclays KIRI VIJAYARAJAH overweight 5 M 19 Not Provided 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 21.03.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 16 Not Provided 14.03.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 21 12 month 11.03.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 9 month 11.03.2013

CA Cheuvreux CHRISTIAN STARK outperform 5 M 16 Not Provided 08.03.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 08.03.2013

Macquarie PIERS BROWN outperform 5 M 19 12 month 05.03.2013

Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 27.02.2013

DZ Bank AG CHRISTOPH BAST sell 1 D 13 12 month 22.02.2013

Credit Suisse AMIT GOEL neutral 3 D 15 Not Provided 19.02.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 17 12 month 06.02.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 17 Not Provided 06.02.2013

Kepler Capital Markets DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013

Natixis ANTOINE BURGARD buy 5 M 18 Not Provided 06.02.2013

Nomura JON PEACE buy 5 M 18 Not Provided 06.02.2013

S&P Capital IQ FRANK BRADEN buy 5 M 18 12 month 06.02.2013

Helvea TIM DAWSON accumulate 4 M 18 12 month 06.02.2013

Main First Bank AG KILIAN MAIER outperform 5 M 18 12 month 05.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 04.02.2013

Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 17 12 month 18.01.2013

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

Deutsche Bank MATT SPICK hold 3 M 16 12 month 07.01.2013

HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 17 Not Provided 20.12.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.11.2012

Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012

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

Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012

Holdings By:

UBS AG ee


11.04.2013

ABB Limited provides power and automation technologies. The Company operates

under segments that include power products, power systems, automation products,

process automation and robotics.


LTM as of: 12/yy

52-Week High (15.03.2013) 21.90

52-Week Low (15.06.2012) 14.45

Daily Volume

21.26





49'211.44 1 Yr Total Return 23.23%







ABBN VX EQUITY YTD Change - Average Volume 30 Day 5'098'051

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'794'510


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

34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 37'990.0 39'336.0 41'581.8 43'818.0 9'552.9 10'309.3

0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.30x 1.19x 5.75x 5.44x

5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'688.0 5'420.0 6'281.3 6'961.6 1'396.6 1'574.9

5.48x 7.67x 9.49x 7.37x 9.31x 7.37x 9.09x 8.79x 7.93x 8.79x 8.63x

3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'168.0 2'704.0 3'456.4 3'928.1 734.1 854.6

10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 15.09x 13.27x 15.26x 15.21x


EBIT 4'112.00 Long-Term Rating A



Return on Assets 6.10% Short-Term Rating A-1






EBITDA Margin 13.8%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

1'747'267.00


!

2

-!

-2

.!

.2

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor




HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.12.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'899'512 1.08 1'143'030 28.02.2013 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 12'263'226 0.53 156'729 25.03.2013 Unclassified

SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 27.03.2013 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 8'510'615 0.37 (2'513'786) 10.04.2013 Investment Advisor


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'122'022 0.31 129'754 31.03.2013 Investment Advisor


CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'085'300 0.26 24'000 28.03.2013 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor


CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 4'098'114 0.18 505'000 28.02.2013 Investment Advisor


AlphaValue HEINZ STEFFEN reduce 2 M 21 6 month 11.04.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 10.04.2013

JPMorgan ANDREAS WILLI underweight 1 M 21 12 month 09.04.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 08.04.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 04.04.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 04.04.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 26 12 month 02.04.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 02.04.2013

Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 28.03.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 27.03.2013

Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 26.03.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 26.03.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 26.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 22.03.2013

Nomura DANIEL CUNLIFFE buy 5 U 27 Not Provided 13.03.2013

HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013

Kepler Capital Markets CHRISTOPH LADNER hold 3 M 20 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013

Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013

Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013

Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013

Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013


Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012

Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

Holdings By:

ABB Ltd ee


11.04.2013

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and

retails luxury goods. The Company produces jewelry, watches, leather goods,

writing instruments, and men's and women's wear.


LTM as of: 12/yy

52-Week High (18.01.2013) 81.45

52-Week Low (12.07.2012) 48.13

Daily Volume

73.95





42'462.09 1 Yr Total Return 32.83%

Total Debt 851.00 YTD Return 3.57%






CFR VX EQUITY YTD Change - Average Volume 30 Day 1'588'086

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'499'005


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'290.0 5'418.0 5'176.0 6'892.0 8'867.0 0.0 7'515.0 10'176.5 11'035.6 2'316.2 -

3.53x 1.05x 2.82x 2.72x 2.41x #DIV/0! 0.00x 3.05x 2.70x - -

1'428.0 1'345.0 1'259.0 1'669.0 2'354.0 0.0 0.0 2'791.6 3'057.5 - -

13.08x 4.23x 11.59x 11.22x 9.08x 0.00x 0.00x 11.37x 10.38x - -

1'565.0 1'075.0 599.0 1'090.0 1'544.0 0.0 0.0 1'937.5 2'176.2 - -

20.48x 8.94x 26.38x 20.65x 16.70x 0.00x 0.00x 18.05x 15.53x - -

EBITDA 2'354.00 Long-Term Rating Date -

EBIT 2'045.00 Long-Term Rating -

Operating Margin 23.06% Long-Term Outlook -

Pretax Margin 20.35% Short-Term Rating Date -

Return on Assets 16.06% Short-Term Rating -


Return on Capital - EBITDA/Interest Exp. 78.47


Net Debt/EBITDA -1.14


EBITDA Margin 27.5%



Asset Turnover 0.82


Quick Ratio 1.66 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 305.95


Fiscal Year Ended

Cie Financiere Richemont SAPrice/Volume

Valuation Analysis

741'173.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'427'709 2.38 - 31.12.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'764'653 1.49 (1'002'480) 31.12.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'162'235 1.37 (5'806'400) 31.12.2012 Investment Advisor

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'983'477 1.34 (43'763) 31.12.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 5'275'767 1.01 (49'746) 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 3'633'281 0.7 209'893 28.02.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'073'903 0.59 (123'534) 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'978'900 0.38 (809'000) 31.12.2012 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'502'298 0.29 (955'271) 31.01.2013 Mutual Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'110'872 0.21 113'009 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 1'072'724 0.21 (198'517) 28.02.2013 Investment Advisor


AlphaValue VIRGINIE BLIN reduce 2 M 76 6 month 11.04.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 09.04.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 74 Not Provided 08.04.2013

Renaissance Capital REY WIUM hold 3 U 77 Not Provided 08.04.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 82 6 month 08.04.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 105 Not Provided 03.04.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 85 Not Provided 27.03.2013

HSBC ERWAN RAMBOURG neutral 3 M 82 Not Provided 27.03.2013

Kepler Capital Markets JON COX buy 5 M 90 Not Provided 26.03.2013

Investec THANE DUFF hold 3 M 87 12 month 25.03.2013

ISI Group OMAR SAAD strong buy 5 M 80 12 month 24.03.2013

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

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013

Nomura CHRISTOPHER WALKER buy 5 M 83 12 month 20.03.2013

Aurel - BGC DAVID DA MAIA buy 5 M 86 Not Provided 19.03.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 93 Not Provided 19.03.2013

Societe Generale THIERRY COTA buy 5 M 95 12 month 18.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 100 12 month 15.03.2013

Independent Research GmbH LARS LUSEBRINK buy 5 N 90 12 month 21.02.2013

Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 84 Not Provided 10.02.2013

Barclays HELEN NORRIS overweight 5 M 86 Not Provided 28.01.2013

Macquarie WYNAND VAN ZYL outperform 5 U 90 12 month 22.01.2013

S&P Capital IQ JASON ASAEDA hold 3 M 80 12 month 22.01.2013

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 74 12 month 21.01.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 114 12 month 21.01.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 72 12 month 21.01.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 21.01.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 83 12 month 21.01.2013

Raymond James MARC WILLAUME strong buy 5 M 90 Not Provided 18.01.2013

CA Cheuvreux THOMAS MESMIN outperform 5 M 88 Not Provided 14.01.2013

Bank Vontobel AG RENE WEBER hold 3 M 80 Not Provided 09.01.2013

Redburn Partners ANNABEL GLEESON buy 5 N #N/A N/A Not Provided 07.01.2013

BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012

Natixis JOSEPHINE CHEVALLIER neutral 3 M 60 Not Provided 02.11.2012

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

Cie Financiere Richemont SA ee


11.04.2013

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 (03.04.2013) 253.21

52-Week Low (05.06.2012) 180.20

Daily Volume

250.1





37'089.86 1 Yr Total Return 22.79%






Average Volume 5 Day 623'857

ZURN VX EQUITY YTD Change - Average Volume 30 Day 499'465

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 472'248


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 61'412.1 63'561.9 - -

0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.89x - - -

- - - - - 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 4'350.4 4'584.8 1'175.0 945.0

9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.39x 8.90x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -





Return on Capital 9.17% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.18

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

173'270.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. 9

1 9

3 9

5 9

- ! 9

- . 9

- 1 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013






CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 1'903'054 1.28 10 31.12.2012 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 657'972 0.44 38'000 28.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 547'948 0.37 (33'596) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 488'821 0.33 (314'834) 31.01.2013 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 353'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 434'903 0.29 11'340 28.02.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 - 28.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 365'641 0.25 2'804 31.07.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 330'493 0.22 48'382 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 311'978 0.21 56'299 31.12.2012 Investment Advisor


AlphaValue DIETER HEIN buy 5 M 301 6 month 11.04.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 320 6 month 08.04.2013

Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 05.04.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 269 12 month 27.03.2013

Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013

Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 14.03.2013

Barclays ANDREW BROADFIELD underweight 1 D 247 Not Provided 13.03.2013

RBC Capital Markets GORDON AITKEN outperform 5 U 290 12 month 04.03.2013

Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 26.02.2013

Berenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.02.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013

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

Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 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

Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013

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

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

HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012

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

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 292 12 month 11.10.2012

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

DZ Bank AG WERNER EISENMANN buy 5 M 240 12 month 05.12.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011

Holdings By:

Zurich Insurance Group AG ee


11.04.2013

Syngenta AG produces crop protection products and seeds. The Company produces

herbicides, insecticides and fungicides, and seeds for field crops, vegetables,

and flowers.


LTM as of: 12/yy

52-Week High (15.03.2013) 416.00

52-Week Low (05.06.2012) 295.30

Daily Volume

389.2





36'244.70 1 Yr Total Return 28.49%


Preferred Stock - Adjusted BETA 0.915





SYNN VX EQUITY YTD Change - Average Volume 30 Day 203'444

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 204'331


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 0.0 14'202.0 15'324.6 16'230.8 3'295.9 4'574.8

1.68x 2.56x 2.45x 2.11x 2.72x #DIV/0! 0.00x 2.61x 2.42x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'494.4 3'791.0 1'048.0 -

7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 11.68x 10.76x - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'291.8 2'509.2 518.0 -

12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 16.84x 15.35x - -











EBITDA Margin 22.2%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

88'047.00


!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 - 9 . 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9- ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


BLACKROCK n/a ULT-AGG 5'198'082 5.58 - 09.04.2013 Investment Advisor


BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'382'197 2.56 129'843 28.02.2013 Investment Advisor




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.01.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 855'337 0.92 (3'002) 28.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 645'945 0.69 13'889 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 589'988 0.63 (707) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 388'585 0.42 75'179 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 376'119 0.4 6'630 10.04.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 351'053 0.38 13'067 28.02.2013 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 342'747 0.37 91'656 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 258'588 0.28 17'274 28.02.2013 Investment Advisor


FLEXSHARES TRUST Multiple Portfolios MF-AGG 207'704 0.22 46'216 28.03.2013 Investment Advisor


Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 11.04.2013

AlphaValue FABRICE FARIGOULE buy 5 M 480 6 month 11.04.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 09.04.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 U 515 Not Provided 08.04.2013


Liberum Capital Ltd SOPHIE JOURDIER hold 3 D 400 Not Provided 02.04.2013

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 307 12 month 27.03.2013

HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013

JPMorgan MARTIN EVANS neutral 3 M 375 12 month 20.03.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 476 12 month 27.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 13.02.2013

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 11.02.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 11.02.2013

Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013

Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 08.02.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 450 Not Provided 07.02.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 07.02.2013

CA Cheuvreux MARTIN ROEDIGER select list 5 M 426 Not Provided 07.02.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 440 12 month 07.02.2013

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 06.02.2013

Jefferies LAURENCE ALEXANDER hold 3 M 365 12 month 06.02.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 06.02.2013

Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 440 Not Provided 06.02.2013

DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 30.11.2012

Main First Bank AG RONALD KOEHLER outperform 5 M 415 Not Provided 20.11.2012

Societe Generale PETER CLARK buy 5 M 450 12 month 25.10.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012

Holdings By:

Syngenta AG ee


11.04.2013

Credit Suisse Group AG is an international financial services group. The Group

provides investment banking, private banking, and asset management services to

customers located around the world.


LTM as of: 12/yy

52-Week High (07.02.2013) 27.85

52-Week Low (03.08.2012) 15.97

Daily Volume

26.2





40'337.96 1 Yr Total Return 13.83%





Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 6'100'085

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'004'671


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

48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 42'715.0 38'313.0 26'555.9 27'503.4 7'144.0 6'456.0

- - - - - 0.00x 0.00x 35.21x 33.99x - -

- - - - - 0.0 0.0 - - - -

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

(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 1'953.0 1'483.0 4'206.3 5'046.6 1'335.0 1'009.0

- 9.96x 9.59x 16.11x 27.15x 16.85x 26.50x 9.91x 8.50x 9.51x -

EBITDA - Long-Term Rating Date 19.12.2008


Operating Margin 6.73% Long-Term Outlook NEG


Return on Assets 0.15% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Credit Suisse Group AGPrice/Volume

Valuation Analysis

1'592'680.00


!

2

-!

-2

.!

.2

0!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



11.04.2013


FRANKLIN RESOURCES n/a ULT-AGG 88'790'736 5.77 134'170 31.12.2012 Investment Advisor

CRESCENT HOLDING GMB #N/A N/A EXCH 88'475'201 5.75 - 25.02.2013 Investment Advisor

QATAR INVESTMENT AUT n/a Co File 81'886'795 5.32 - 31.12.2012 Government

DODGE & COX n/a Co File 66'037'738 4.29 - 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP n/a Co File 39'622'643 2.57 - 31.12.2012 Investment Advisor


CREDIT SUISSE #N/A N/A EXCH 37'231'914 2.42 807'716 03.04.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 32'818'874 2.13 12'068'962 28.06.2010 Investment Advisor

AXA n/a ULT-AGG 32'002'938 2.08 (26'636'525) 25.08.2009 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'419'971 1.2 2'714'754 31.12.2012 Investment Advisor





ONTARIO TEACHERS PEN n/a Research 4'500'000 0.29 - 31.12.2011 Pension Fund (ERISA)


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'030'117 0.26 (17'300) 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 4'023'487 0.26 1'977'341 31.12.2012 Investment Advisor


Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 11.04.2013

AlphaValue DIETER HEIN reduce 2 D 25 6 month 11.04.2013


Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 08.04.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 22 12 month 05.04.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 30 12 month 04.04.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 33 12 month 03.04.2013

Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 02.04.2013

Helvea TIM DAWSON neutral 3 M 27 12 month 27.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 31 Not Provided 25.03.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 32 Not Provided 18.03.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 30 12 month 15.03.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 11.03.2013


CA Cheuvreux CHRISTIAN STARK select list 5 M 30 Not Provided 11.03.2013

Macquarie PIERS BROWN outperform 5 M 30 12 month 05.03.2013

Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 27.02.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 24 12 month 19.02.2013

Barclays JEREMY SIGEE equalweight 3 M 27 Not Provided 12.02.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013

Main First Bank AG KILIAN MAIER outperform 5 U 30 12 month 11.02.2013

Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 08.02.2013

Nomura JON PEACE buy 5 M 32 Not Provided 08.02.2013

S&P Capital IQ FRANK BRADEN hold 3 M 28 12 month 08.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 27 6 month 07.02.2013

Deutsche Bank MATT SPICK hold 3 D 29 12 month 07.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 32 12 month 07.02.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 07.02.2013

Kepler Capital Markets DIRK BECKER buy 5 U 30 Not Provided 07.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 Not Provided 07.02.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 N 29 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013

Liberum Capital Ltd CORMAC LEECH hold 3 M 25 Not Provided 23.01.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 27 Not Provided 22.01.2013

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

Bank Vontobel AG TERESA NIELSEN hold 3 M 23 Not Provided 20.11.2012

HSBC ROBERT MURPHY neutral 3 D 24 Not Provided 07.11.2012

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

Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012

Holdings By:

Credit Suisse Group AG ee


11.04.2013

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 (03.04.2013) 80.45

52-Week Low (05.06.2012) 52.00

Daily Volume

79.35





29'415.59 1 Yr Total Return 48.81%


Preferred Stock 1'102.0 Adjusted BETA 1.142





SREN VX EQUITY YTD Change - Average Volume 30 Day 1'234'422

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'233'207


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

24'011.7 30'624.0 28'484.0 27'797.0 33'116.0 27'797.0 33'116.0 32'360.9 34'845.4 8'531.0 -

1.03x 0.50x 1.13x 1.02x 1.06x 3.93x 3.91x 1.60x - - -

- - - - - 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 2'927.9 3'075.8 754.0 696.0

- 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 10.50x 10.07x 10.55x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15







Fiscal Year Ended

Swiss Re AGPrice/Volume

Valuation Analysis

760'280.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013


SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified




BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor






SARASIN n/a ULT-AGG 1'654'462 0.45 (340'418) 28.02.2013 Unclassified


JP MORGAN n/a ULT-AGG 1'368'475 0.37 41'556 28.02.2013 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'267'120 0.34 (41'419) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'151'295 0.31 3'138 31.07.2012 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 1'070'000 0.29 1'070'000 28.02.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 855'734 0.23 (169'771) 28.02.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 - 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 690'848 0.19 (66'202) 28.02.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 636'379 0.17 902 30.11.2012 Investment Advisor


AlphaValue DIETER HEIN sell 1 M 70 6 month 11.04.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 80 6 month 08.04.2013

Oddo & Cie NICOLAS JACOB buy 5 M 82 Not Provided 05.04.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 79 12 month 04.04.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 78 Not Provided 03.04.2013


Raymond James DANNY JACQUES underperform 1 M 63 12 month 28.03.2013

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 55 12 month 27.03.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 21.03.2013

Macquarie HADLEY COHEN neutral 3 M 67 12 month 18.03.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 15.03.2013

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 68 Not Provided 14.03.2013

Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 04.03.2013


Kepler Capital Markets FABRIZIO CROCE buy 5 M 83 Not Provided 01.03.2013

Barclays ANDREW BROADFIELD overweight 5 M 77 Not Provided 26.02.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 76 12 month 25.02.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 83 12 month 25.02.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 74 9 month 22.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 22.02.2013


Nomura MICHAEL KLIEN reduce 2 M 67 Not Provided 22.02.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013

Nord/LB JULIA SIEKMANN buy 5 M 84 Not Provided 21.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013

Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013


CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013


Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013


HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 70 Not Provided 09.01.2013

DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 12.01.2012

Holdings By:

Swiss Re AG ee


11.04.2013

Transocean Ltd. is an offshore drilling contractor. The Company owns or

operates mobile offshore drilling units, inland drilling barges, and other

assets utilized in the support of offshore drilling activities worldwide.

Transocean specializes in technically demanding segments of the offshore

drilling business, including deepwater and harsh environment drilling services.


LTM as of: 12/yy

52-Week High (28.01.2013) 54.70

52-Week Low (04.06.2012) 37.92

Daily Volume

48.02





17'265.24 1 Yr Total Return 5.01%



Minority Interest (15.0) Analyst Recs 45




RIGN VX EQUITY YTD Change - Average Volume 30 Day 559'035

RIGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 536'671


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

12'674.0 11'556.0 9'466.0 8'027.0 9'196.0 8'602.0 9'672.0 9'910.7 10'882.2 2'351.1 2'422.1

2.17x 3.22x 3.17x 2.87x 2.54x 12.44x 10.47x 2.72x 2.43x 10.96x 10.87x

6'430.0 5'926.0 4'048.0 1'515.0 2'766.0 1'683.0 2'805.0 3'833.1 4'460.1 879.0 921.4

4.27x 6.27x 7.42x 15.22x 8.45x 13.70x 8.33x 6.77x 5.81x 6.78x 6.56x

4'031.0 3'181.0 961.0 (5'754.0) (219.0) (5'763.0) (187.0) 1'691.2 2'119.1 359.2 388.2

- - - - - 0.00x 0.00x 11.13x 8.77x 11.18x 10.54x





Return on Assets -0.54% Short-Term Rating -






EBITDA Margin 29.0%



Asset Turnover 0.28







Fiscal Year Ended

Transocean LtdPrice/Volume

Valuation Analysis

75'645.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


ICAHN ASSOCIATES COR n/a 13D 20'154'035 5.61 14'315'649 29.01.2013 Hedge Fund Manager





UBS n/a ULT-AGG 7'833'107 2.18 5'829'006 28.02.2013 Unclassified

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 7'766'454 2.16 (213'361) 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 7'568'140 2.1 1'298'746 31.12.2012 Government

CREDIT SUISSE AG CREDIT SUISSE AG 13F 6'814'946 1.9 4'749'073 31.12.2012 Investment Advisor

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 6'052'901 1.68 774 31.12.2012 Pension Fund (ERISA)

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 5'329'402 1.48 (285'673) 31.12.2012 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'541'200 0.98 3'079'100 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'253'063 0.9 42'582 31.12.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 3'132'117 0.87 27'922 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'118'313 0.87 7'420 31.12.2012 Investment Advisor

OMEGA ADVISORS OMEGA ADVISORS INC 13F 3'115'545 0.87 72'400 31.12.2012 Hedge Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'025'881 0.84 297 28.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'971'472 0.83 (812'761) 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 2'898'845 0.81 (26'191) 31.12.2012 Investment Advisor


Clarkson Capital Markets LLC TODD P SCHOLL outperform 5 M 60 Not Provided 11.04.2013

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 54 12 month 10.04.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 54 12 month 10.04.2013

Swedbank First Securities BJORN THORESEN buy 5 M 61 Not Provided 10.04.2013

Cowen Securities LLC JAMES D CRANDELL buy 5 M 59 Not Provided 09.04.2013

BMO Capital Markets ALAN D LAWS outperform 5 M 61 Not Provided 08.04.2013

Fearnley Fonds TRULS OLSEN accumulate 4 M 56 Not Provided 08.04.2013

Stephens Inc JOHN KELLER equalweight 3 M 53 12 month 05.04.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 70 12 month 04.04.2013

Jefferies BRAD HANDLER hold 3 M 36 12 month 01.04.2013

Credit Suisse GREGORY LEWIS neutral 3 M 53 Not Provided 28.03.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 28.03.2013

Howard Weil Inc DAVID T WILSON sector perform 3 M 57 Not Provided 25.03.2013

Barclays JAMES C WEST overweight 5 M 67 Not Provided 25.03.2013

Guggenheim Securities LLC DARREN GACICIA buy 5 M 71 12 month 22.03.2013

ISI Group JUDSON E BAILEY buy 5 M 57 12 month 21.03.2013

Argus Research Corp PHILIP H WEISS buy 5 M 59 12 month 19.03.2013

JPMorgan J DAVID ANDERSON neutral 3 M 55 9 month 19.03.2013

Macquarie NIGEL BROWNE neutral 3 M 55 12 month 19.03.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 63 Not Provided 18.03.2013

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 57 12 month 18.03.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 56 12 month 15.03.2013

RBC Capital Markets #N/A N/A outperform 5 M 57 12 month 14.03.2013

Nordea Equity Research DAVID BHATTI buy 5 M 64 12 month 08.03.2013

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 07.03.2013

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 07.03.2013

HSBC DAVID PHILLIPS overweight 5 M 71 Not Provided 06.03.2013

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 06.03.2013

Deutsche Bank MICHAEL W URBAN sell 1 M 42 12 month 05.03.2013

Pareto Securities FRANK HARESTAD buy 5 M 69 6 month 05.03.2013

Bank Vontobel AG FABIAN HAECKI hold 3 M 52 Not Provided 05.03.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 05.03.2013

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 05.03.2013

DNB Markets MARTIN HUSEBY KARLSEN hold 3 M 56 Not Provided 04.03.2013

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 55 Not Provided 04.03.2013

Arctic Securities ASA KRISTOFFER RIIS IDEN buy 5 M 56 Not Provided 04.03.2013

Goldman Sachs WAQAR SYED neutral/attractive 3 M 57 12 month 14.02.2013

Tudor Pickering & Co BYRON POPE hold 3 M #N/A N/A Not Provided 04.02.2013

Morgan Stanley OLE SLORER restricted #N/A N/A M #N/A N/A Not Provided 29.01.2013

S&P Capital IQ STEWART GLICKMAN hold 3 M #N/A N/A Not Provided 03.01.2013

Main First Bank AG BERND POMREHN underperform 1 M 40 12 month 06.11.2012

RS Platou Markets ANDERS BERGLAND buy 5 M 62 6 month 16.04.2012

Holdings By:

Transocean Ltd ee


11.04.2013

Swatch Group AG manufactures watches, watch components, jewelry, miniature

batteries, LCD displays, and scoreboards. The Company produces watches under

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (03.04.2013) 564.50

52-Week Low (16.07.2012) 341.70

Daily Volume

540





28'258.01 1 Yr Total Return 32.31%







UHR VX EQUITY YTD Change - Average Volume 30 Day 142'061

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 163'947


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'894.6 9'794.3 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.00x 2.62x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'552.0 2'856.7 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 10.36x 9.26x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'798.7 2'002.2 - -

9.25x 18.10x 20.56x 14.96x 15.56x - - 16.26x 14.56x - -











EBITDA Margin 28.8%



Asset Turnover 0.74





Accounts Receivable Turnover 7.98 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

51'800.00


!

-!!

.!!

0!!

1!!

2!!

3!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9 2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



11.04.2013



SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'841 1.5 63'157 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 439'248 1.42 (9'625) 28.02.2013 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 363'130 1.18 13'203 09.04.2013 Investment Advisor


CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 268'255 0.87 (23'085) 28.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 (255'195) 31.01.2013 Investment Advisor


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 230'404 0.75 (459) 28.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 196'392 0.64 (169) 31.12.2012 Investment Advisor

WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.12.2012 Hedge Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 178'394 0.58 (621) 31.01.2013 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 154'414 0.5 (69'287) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 144'672 0.47 (88'242) 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 124'236 0.4 11'596 31.12.2012 Bank

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 108'442 0.35 (542) 28.02.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 85'850 0.28 85'850 31.03.2013 Investment Advisor


AlphaValue VERONIQUE CABIOC'H add 4 M 574 6 month 11.04.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 10.04.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 09.04.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 555 6 month 08.04.2013


Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 706 Not Provided 03.04.2013

Societe Generale THIERRY COTA buy 5 M 650 12 month 28.03.2013

Credit Suisse PATRICK JNGLIN outperform 5 M 600 Not Provided 27.03.2013

HSBC ANTOINE BELGE neutral 3 M 590 Not Provided 27.03.2013

ISI Group OMAR SAAD strong buy 5 M 650 12 month 24.03.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 21.03.2013

Nomura CHRISTOPHER WALKER buy 5 M 620 12 month 20.03.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 620 Not Provided 19.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 600 12 month 15.03.2013

Renaissance Capital REY WIUM hold 3 M 541 12 month 14.03.2013

Aurel - BGC DAVID DA MAIA hold 3 M 550 Not Provided 12.03.2013

Raymond James MARC WILLAUME outperform 5 M 600 12 month 07.03.2013

Bank Vontobel AG RENE WEBER buy 5 M 600 Not Provided 07.03.2013


Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 07.03.2013

Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 07.03.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 735 12 month 28.02.2013

Berenberg Bank JOHN GUY buy 5 M 625 Not Provided 15.02.2013

CA Cheuvreux THOMAS MESMIN select list 5 M 580 Not Provided 05.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 505 9 month 04.02.2013

S&P Capital IQ WILLIAM MACK sell 1 M 480 12 month 04.02.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 13.09.2012

Holdings By:

Swatch Group AG/The ee


11.04.2013

Holcim Ltd. produces building materials. The Company produces and markets

ready-mixed concrete, cement, clinker, and admixtures. The Company also

provides consulting and engineering services in all areas of the cement

manufacturing process. Holcim, through subsidiaries, operates cement

manufacturing facilities around the world.


LTM as of: 12/yy

52-Week High (15.03.2013) 78.25

52-Week Low (14.06.2012) 49.00

Daily Volume

72.95





23'860.95 1 Yr Total Return 32.65%







HOLN VX EQUITY YTD Change - Average Volume 30 Day 876'665

HOLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 887'067


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

25'157.0 21'132.0 21'653.0 20'744.0 21'544.0 20'744.0 21'544.0 22'528.3 24'106.0 5'083.0 5'993.0

1.32x 2.02x 1.71x 1.47x 1.63x 6.51x 6.27x 1.61x 1.45x 7.48x 6.40x

5'333.0 4'630.0 4'513.0 3'958.0 3'984.0 3'958.0 3'984.0 4'763.4 5'564.3 864.0 1'352.0

6.23x 9.20x 8.19x 7.69x 8.79x 7.69x 8.79x 7.80x 6.67x 7.64x -

1'782.0 1'471.0 1'182.0 275.0 622.0 275.0 622.0 1'494.0 1'985.0 74.0 515.0

8.84x 16.33x 19.15x 58.43x 34.84x 58.43x 35.21x 16.00x 12.01x 15.73x -


EBIT 1'816.00 Long-Term Rating BBB









EBITDA Margin 18.5%



Asset Turnover 0.51







Fiscal Year Ended

Holcim LtdPrice/Volume

Valuation Analysis

432'685.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



11.04.2013


SCHMIDHEINY THOMAS n/a Co File 65'774'099 20.11 - 31.12.2011 n/a

EUROCEMENT HOLDING A n/a EXCH 33'091'556 10.12 - 12.09.2011 Private Equity

CAPITAL GROUP COMPAN n/a ULT-AGG 9'685'325 2.96 (6'310'975) 31.12.2012 Investment Advisor




COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'681'685 0.82 51'437 30.11.2012 Bank



TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'761'296 0.54 (20'488) 31.01.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'735'900 0.53 221'420 31.12.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'123'850 0.34 (1'712) 31.07.2012 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 975'977 0.3 (1'622) 31.01.2013 Mutual Fund Manager

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 765'000 0.23 765'000 31.03.2013 Investment Advisor


SARASIN n/a ULT-AGG 414'829 0.13 (93'360) 31.12.2012 Unclassified

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 388'362 0.12 58'263 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 387'472 0.12 (116'698) 30.11.2012 Investment Advisor


AlphaValue GAETAN DUPONT reduce 2 M 74 6 month 11.04.2013


Deutsche Bank GLYNIS JOHNSON hold 3 M 69 12 month 08.04.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 83 6 month 05.04.2013

Jefferies MICHAEL F BETTS buy 5 M 83 12 month 04.04.2013

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 93 12 month 03.04.2013

Exane BNP Paribas PAUL ROGER outperform 5 M 97 Not Provided 28.03.2013

Kepler Capital Markets JOSEP PUJAL buy 5 M 78 Not Provided 27.03.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 91 Not Provided 21.03.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 77 12 month 15.03.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 80 Not Provided 14.03.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 73 Not Provided 14.03.2013

Berenberg Bank ROBERT MUIR buy 5 M 80 Not Provided 13.03.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 71 Not Provided 11.03.2013

Credit Suisse HARRY GOAD neutral 3 M 65 Not Provided 07.03.2013

HSBC JOHN FRASER-ANDREWS neutral 3 M 80 Not Provided 07.03.2013

Natixis RAFIC EL HADDAD neutral 3 M 72 Not Provided 01.03.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 74 12 month 28.02.2013

JPMorgan MICHAEL MORRIS overweight 5 M 78 9 month 28.02.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 63 12 month 28.02.2013

Helvea PATRICK APPENZELLER buy 5 M 80 12 month 28.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 75 12 month 27.02.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 85 12 month 25.02.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 U 85 12 month 12.02.2013

CA Cheuvreux NABIL AHMED underperform 1 M 70 Not Provided 25.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Societe Generale MURIEL FELLOUS hold 3 M 60 12 month 04.12.2012

Equita SIM SpA GIUSEPPE MAPELLI hold 3 M 65 12 month 09.11.2012

Aurel - BGC ERIC LEMARIE not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Redburn Partners JOHN MESSENGER neutral 3 M #N/A N/A Not Provided 07.11.2012

DZ Bank AG MARC NETTELBECK sell 1 M 55 12 month 16.10.2012

Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 08.10.2012

Zuercher Kantonalbank MARTIN HUESLER outperform 5 U #N/A N/A Not Provided 14.05.2012

Societe Generale MIKE BRIDGES hold 3 M 54 12 month 30.11.2011

Holdings By:

Holcim Ltd ee


11.04.2013

SGS SA provides industrial inspection, analysis, testing, and verification

services. The Company inspects, samples, analyzes, and monitors raw materials,

petroleum, food, crops, chemicals, consumer goods, and production machinery for

compliance with industrial standards and local regulatory requirements,

including tax and duty. SGS serves business worldwide.


LTM as of: 01/yy

52-Week High (19.03.2013) 2'421.16

52-Week Low (18.05.2012) 1'651.33

Daily Volume

2341





18'312.32 1 Yr Total Return 38.87%




Cash and Equivalents 989.00 Consensus Rating 3.500



SGSN VX EQUITY YTD Change - Average Volume 30 Day 12'480

SGSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 12'865


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'818.0 4'712.0 4'757.0 4'797.0 5'578.0 - - 6'195.2 6'763.7 - -

1.66x 2.06x 2.46x 2.48x 2.84x - - 3.02x 2.75x - -

1'024.0 1'223.0 1'286.0 1'015.0 1'124.0 - - 1'371.7 1'575.0 - -

7.82x 7.93x 9.09x 11.73x 14.11x - - 13.64x 11.88x - -

692.0 566.0 588.0 534.0 556.0 - - 725.9 855.7 - -

12.08x 17.90x 20.21x 22.05x 27.76x - - 24.69x 21.28x - -


EBIT 843.00 Long-Term Rating -









EBITDA Margin 20.2%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SGS SAPrice/Volume

Valuation Analysis

2'461.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


EXOR GROUP SA n/a Co File 1'173'360 15 - 31.12.2011 Holding Company

VON FINCK AUGUST n/a Co File 1'171'013 14.97 - 31.12.2011 n/a

VON FINCK AUGUST FRA n/a Co File 439'515 5.62 - 31.12.2011 n/a

SGS INVESTMENT LTD n/a EXCH 235'364 3.01 - 29.03.2011 Holding Company

CAPITAL GROUP INTERN n/a EXCH 234'342 3 (40'224) 29.06.2011 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 234'021 2.99 (1'646) 20.03.2013 Investment Advisor

SGS GROUP n/a EXCH 228'873 2.93 (30'048) 30.01.2012 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 200'461 2.56 (16'153) 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 73'004 0.93 5'759 28.02.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 48'082 0.61 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 44'603 0.57 (64) 09.04.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 43'264 0.55 289 31.01.2013 Mutual Fund Manager


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'848 0.45 33'733 31.12.2012 Investment Advisor





AlphaValue HEINZ STEFFEN sell 1 M 1'882 6 month 11.04.2013

HSBC RAJESH KUMAR neutral 3 M 2'400 Not Provided 09.04.2013

Helvea CHRISTIAN BURGER accumulate 4 M 2'450 12 month 08.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 02.04.2013

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'800 Not Provided 26.03.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 2'400 Not Provided 25.03.2013

Credit Suisse DAVID RIGBY neutral 3 M 2'250 Not Provided 15.03.2013

Barclays PAUL D A SULLIVAN equalweight 3 N 2'700 Not Provided 08.03.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 2'800 12 month 06.03.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 U 2'550 12 month 18.02.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 2'550 Not Provided 07.02.2013

CA Cheuvreux BEAT KEISER outperform 5 M 2'325 Not Provided 05.02.2013

Zuercher Kantonalbank DANIEL BUERKI outperform 5 M #N/A N/A Not Provided 30.01.2013

Societe Generale PATRICK JOUSSEAUME hold 3 M 2'240 12 month 22.01.2013

Jefferies WILLIAM KIRKNESS hold 3 M 2'000 12 month 18.01.2013

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 2'000 Not Provided 18.01.2013

Natixis OLIVIER LEBRUN neutral 3 M 2'200 Not Provided 18.01.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'500 12 month 17.01.2013

JPMorgan ROBERT PLANT neutral 3 M 1'860 9 month 17.01.2013

Berenberg Bank KONRAD ZOMER hold 3 M 1'740 Not Provided 14.01.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'040 12 month 21.11.2012

Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 15.05.2012

Deutsche Bank THOMAS SYKES hold 3 M 1'799 12 month 27.04.2012

Equita SIM SpA FABIO FAZZARI not rated #N/A N/A M 1'426 Not Provided 21.05.2009

Holdings By:

SGS SA ee


11.04.2013

Swisscom AG operates public telecommunications networks and offers network

application services. The Company provides local, long-distance, and mobile

telephone services, integrated voice and data digital services, network

solutions to national and international telecommunications operators, and

Internet access services, and owns and operates pay telephones.


LTM as of: 12/yy

52-Week High (03.04.2013) 446.30

52-Week Low (12.04.2012) 334.40

Daily Volume

423.1





21'917.40 1 Yr Total Return 32.11%







SCMN VX EQUITY YTD Change - Average Volume 30 Day 122'730

SCMN VX EQUITY YTD % CHANGE - Average Volume 3 Month 111'822


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

12'198.0 12'001.0 11'988.0 11'467.0 11'384.0 11'467.0 11'384.0 11'310.6 11'331.6 - -

2.35x 2.53x 2.54x 2.35x 2.51x 10.03x 9.90x 2.66x 2.63x - -

4'496.0 4'402.0 4'348.0 4'300.0 4'107.0 4'300.0 4'107.0 4'306.6 4'343.2 - -

6.37x 6.89x 7.01x 6.26x 6.97x 6.26x 6.97x 7.01x 6.95x - -

1'756.0 1'926.0 1'813.0 683.0 1'755.0 683.0 1'755.0 1'657.4 1'669.7 390.0 391.0

10.01x 10.64x 11.75x 26.98x 11.62x 27.00x 11.64x 13.19x 13.05x 13.99x -











EBITDA Margin 36.1%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swisscom AGPrice/Volume

Valuation Analysis

42'510.00


!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

1 9

1 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



11.04.2013


SWISS CONFEDERATION n/a Co File 29'475'281 56.9 - 31.12.2011 Government

BLACKROCK n/a ULT-AGG 386'958 0.75 (33'422) 09.04.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 334'000 0.64 57'600 31.01.2013 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 192'800 0.37 - 30.11.2012 Hedge Fund Manager

FMR LLC n/a ULT-AGG 187'180 0.36 429 28.02.2013 Investment Advisor





JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 79'409 0.15 - 31.01.2013 Mutual Fund Manager

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 71'755 0.14 (500) 31.01.2013 Hedge Fund Manager

ALLIANCE BERNSTEIN n/a ULT-AGG 66'382 0.13 65'770 28.02.2013 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 63'903 0.12 11'150 31.01.2013 Mutual Fund Manager




DANSKE INVEST A/S Multiple Portfolios MF-AGG 55'482 0.11 (1'692) 28.02.2013 Investment Advisor



AlphaValue HEINZ STEFFEN reduce 2 M 427 6 month 11.04.2013

Exane BNP Paribas MICHAEL ZORKO outperform 5 M 480 Not Provided 08.03.2013

Berenberg Bank USMAN GHAZI hold 3 M 385 Not Provided 06.03.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 430 Not Provided 27.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.02.2013

Macquarie ALEX GRANT outperform 5 U 450 12 month 19.02.2013

JPMorgan HANNES C WITTIG overweight 5 M 450 9 month 12.02.2013


Barclays MICHAEL BISHOP overweight 5 M 420 Not Provided 11.02.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 476 12 month 10.02.2013

Zuercher Kantonalbank MICHAEL INAUEN outperform 5 M #N/A N/A Not Provided 08.02.2013

Natixis JACQUES DE GRELING neutral 3 M 394 Not Provided 08.02.2013

Societe Generale STEPHANE SCHLATTER buy 5 M 440 12 month 07.02.2013

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 430 12 month 07.02.2013

Nomura VIKRAM KARNANY neutral 3 M 415 12 month 07.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 420 12 month 07.02.2013

New Street Research JAKUB DUBANIEWICZ neutral 3 M 374 Not Provided 07.02.2013

Credit Suisse JAKOB BLUESTONE underperform 1 M 355 Not Provided 24.01.2013

Deutsche Bank CAROLA BARDELLI hold 3 M 440 12 month 16.01.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 430 Not Provided 09.11.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 300 Not Provided 09.11.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 14.10.2011

Holdings By:

Swisscom AG ee


11.04.2013

Weatherford International Ltd. is a Swiss-based, multinational oilfield

service company. The Company provides mechanical solutions, technology and

services for the drilling and production sectors of the oil and gas industry.


LTM as of: 12/yy

52-Week High (27.04.2012) 13.70

52-Week Low (16.11.2012) 8.43

Daily Volume

11.9





9'104.83 1 Yr Total Return -7.03%







WFT SE EQUITY YTD Change - Average Volume 30 Day 132'439

WFT SE EQUITY YTD % CHANGE - Average Volume 3 Month 125'373


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

9'600.6 8'833.0 10'221.0 12'988.0 15'215.0 12'988.0 15'223.0 16'460.0 17'926.8 3'913.5 4'002.5

1.41x 2.22x 2.27x 1.40x 1.11x 6.19x 4.87x 1.09x 0.98x 4.68x 4.56x

2'710.4 1'596.8 1'829.0 2'443.0 2'445.0 2'489.0 2'582.0 3'064.7 3'593.5 688.4 720.5

5.00x 12.28x 12.67x 7.46x 6.90x 7.32x 6.54x 5.93x 5.06x 5.90x 5.62x

1'393.2 170.1 (152.0) 189.0 (778.0) 196.0 (778.0) 678.0 1'016.4 120.8 138.5

- - - - - 0.00x 0.00x 14.29x 9.54x 14.18x 12.45x




Pretax Margin -1.89% Short-Term Rating Date -







EBITDA Margin 17.0%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Weatherford International Ltd/SwitzerlandPrice/Volume

Valuation Analysis

7'020.00


!

.

1

3

5

-!

-.

-1

-3

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. 9

1 9

3 9

5 9

- ! 9

- . 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


WEATHERFORD INTL LTD n/a EXCH 73'798'060 9.65 - 23.03.2013 n/a

INVESCO LTD INVESCO LTD 13F 70'260'824 9.18 3'776'223 31.12.2012 Investment Advisor

ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 59'832'806 7.82 15'620'630 31.12.2012 Investment Advisor

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 43'812'158 5.73 (4'892) 31.12.2012 Investment Advisor

LEGG MASON INC n/a EXCH 41'878'236 5.47 - 12.07.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 29'637'156 3.87 (791'026) 31.12.2012 Investment Advisor


LEGG MASON INC Multiple Portfolios MF-AGG 20'857'160 2.73 (177'280) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 20'543'910 2.69 267'171 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'923'373 2.21 572'877 31.12.2012 Investment Advisor

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 12'752'738 1.67 232'600 31.12.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 11'350'283 1.48 1'527'444 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 11'304'015 1.48 1'817'833 31.12.2012 Unclassified

SAC CAPITAL ADVISORS n/a EXCH 9'932'643 1.3 - 14.11.2012 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 9'147'212 1.2 977'438 10.04.2013 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 7'792'969 1.02 4'958'363 31.12.2012 Investment Advisor

SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 7'703'688 1.01 (918'957) 31.12.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 7'598'130 0.99 - 27.03.2013 Mutual Fund Manager

MORGAN STANLEY n/a ULT-AGG 7'329'206 0.96 (821'294) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 7'300'358 0.95 489'723 10.04.2013 Investment Advisor


Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 14 12 month 10.04.2013

Macquarie NIGEL BROWNE outperform 5 M 16 12 month 09.04.2013

BMO Capital Markets ALAN D LAWS underperform 1 M 10 Not Provided 08.04.2013

Morgan Stanley OLE SLORER Overwt/Attractive 5 M 17 12 month 08.04.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 08.04.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 11 12 month 02.04.2013

Jefferies BRAD HANDLER hold 3 M 11 12 month 01.04.2013

Global Hunter Securities JEFFREY SPITTEL neutral 3 M 12 12 month 01.04.2013

Iberia Capital Partners LLC TREY STOLZ sector perform 3 M 10 12 month 01.04.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 13 Not Provided 25.03.2013

Raymond James J MARSHALL ADKINS outperform 5 M 13 12 month 25.03.2013

Cowen Securities LLC JAMES D CRANDELL buy 5 M 17 12 month 25.03.2013

Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 16 12 month 22.03.2013

ISI Group JUDSON E BAILEY strong buy 5 M 13 12 month 21.03.2013

JPMorgan J DAVID ANDERSON overweight 5 M 14 9 month 05.03.2013

Goldman Sachs WAQAR SYED neutral/attractive 3 M 14 12 month 01.03.2013

Societe Generale EDWARD C MUZTAFAGO hold 3 M 13 12 month 28.02.2013

Credit Suisse JAMES WICKLUND neutral 3 M 10 Not Provided 28.02.2013

Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 28.02.2013

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 13 12 month 28.02.2013

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 28.02.2013

Barclays JAMES C WEST overweight 5 M 17 Not Provided 28.02.2013

MLV & Co WILLIAM C CONROY hold 3 M 13 12 month 28.02.2013

RBC Capital Markets KURT HALLEAD sector perform 3 M 12 12 month 27.02.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 15 Not Provided 27.02.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 13 12 month 27.02.2013


Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 12 Not Provided 27.02.2013

Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 19 12 month 17.01.2013

S&P Capital IQ STEWART GLICKMAN buy 5 M 12 Not Provided 17.12.2012

Holdings By:

Weatherford International Ltd/Switzerland ee


11.04.2013

Geberit AG manufactures and supplies water supply pipes and

fittings, installation systems, drainage and flushing systems such as visible

cisterns, and other sanitary systems for the commercial and residential

construction markets. The Company sells its products in Germany, Italy,

Switzerland, Austria, the Netherlands, France, and Belgium.


LTM as of: 12/yy

52-Week High (03.04.2013) 234.04

52-Week Low (14.06.2012) 172.42

Daily Volume

224.2





8'703.67 1 Yr Total Return 27.86%







GEBN VX EQUITY YTD Change - Average Volume 30 Day 109'573

GEBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 103'524


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

2'179.0 1'931.0 1'900.0 1'867.6 1'919.6 1'867.6 1'919.6 2'277.6 2'390.5 - -

1.95x 3.57x 4.23x 3.49x 3.73x 14.85x 7.30x 3.61x 3.38x - -

649.1 611.0 573.7 532.0 542.4 536.3 542.4 584.6 627.0 - -

6.56x 11.27x 14.01x 12.24x 13.20x 12.14x 13.20x 14.18x 13.22x - -

466.3 397.5 406.8 384.0 392.3 384.0 392.3 426.0 456.8 - -

9.50x 18.03x 20.95x 18.43x 19.57x 18.49x 19.61x 19.72x 18.28x - -

EBITDA 542.40 Long-Term Rating Date 25.05.2010

EBIT 462.30 Long-Term Rating A-









EBITDA Margin 28.3%



Asset Turnover 0.93







Fiscal Year Ended

Geberit AGPrice/Volume

Valuation Analysis

33'968.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



11.04.2013



BARCLAYS PLC n/a ULT-AGG 2'095'110 5.4 - 14.03.2007 Investment Advisor


CAPITAL GROUP COS n/a EXCH 1'720'160 4.43 - 11.05.2006 Investment Advisor

GEBERIT AG n/a Co File 1'234'508 3.18 - 31.12.2012 Corporation

MARATHON ASSET MANAG n/a EXCH 1'189'345 3.06 (6'120) 29.01.2013 Investment Advisor

CREDIT SUISSE FUND A n/a Co File 1'164'630 3 - 31.12.2012 Investment Advisor








COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 265'665 0.68 (14'995) 31.01.2013 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 183'003 0.47 183'003 31.12.2012 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 109'671 0.28 175 10.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 105'775 0.27 8'282 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 100'400 0.26 11'700 28.09.2012 Investment Advisor



Berenberg Bank MICHAEL WATTS hold 3 M 210 Not Provided 14.03.2013

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 13.03.2013

Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 230 Not Provided 13.03.2013


Helvea PATRICK APPENZELLER neutral 3 M 230 12 month 13.03.2013

Main First Bank AG CHRISTIAN KORTH underperform 1 M 215 12 month 25.02.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 235 12 month 18.02.2013

HSBC TOBIAS LOSKAMP overweight 5 M 244 Not Provided 29.01.2013

Credit Suisse ANDRE KUKHNIN underperform 1 M 185 Not Provided 15.01.2013

Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 194 12 month 29.11.2012

Davy FLORENCE O'DONOGHUE underperform 1 D #N/A N/A Not Provided 09.11.2012

CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 220 Not Provided 13.03.2012

Holdings By:

Geberit AG ee


11.04.2013

Givaudan SA manufactures and markets fragrances and flavors from natural and

synthetic ingredients. The Company sells its products to manufacturers of

perfumes, beverages, prepared foods, and consumer goods. Givaudan operates

worldwide.


LTM as of: 12/yy

52-Week High (03.04.2013) 1'203.00

52-Week Low (18.05.2012) 823.11

Daily Volume

1147





10'590.92 1 Yr Total Return 32.20%







GIVN VX EQUITY YTD Change - Average Volume 30 Day 33'110

GIVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 30'156


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

4'087.0 3'959.0 4'239.0 3'915.0 4'257.0 3'915.0 4'257.0 4'453.7 4'660.4 1'117.3 1'127.5

2.20x 2.31x 2.47x 2.44x 2.32x 0.00x 0.00x 2.59x 2.43x - -

822.0 758.0 866.0 755.0 871.0 0.0 0.0 949.8 1'014.5 - -

10.95x 12.04x 12.10x 12.63x 11.33x 0.00x 0.00x 12.31x 11.53x - -

111.0 199.0 340.0 252.0 411.0 0.0 0.0 532.1 581.9 - -

53.20x 32.97x 26.64x 32.30x 21.33x 0.00x 0.00x 19.77x 18.02x - -

EBITDA 871.00 Long-Term Rating Date -










EBITDA Margin 20.4%



Asset Turnover 0.65







Fiscal Year Ended

Givaudan SAPrice/Volume

Valuation Analysis

7'740.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


GATES III WILLIAM HE n/a Co File 950'137 10.29 - 31.12.2011 n/a

NESTLE SA n/a Co File 926'130 10.03 - 31.12.2011 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 211'326 2.29 - 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 152'660 1.65 4'960 31.12.2012 Investment Advisor



HOFFMANN ANDRE SEREN n/a Co File 86'929 0.94 - 31.12.2011 n/a


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 80'000 0.87 (13'567) 30.06.2012 Pension Fund (ERISA)

UMB BANK N A Multiple Portfolios MF-AGG 72'247 0.78 - 28.02.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 72'140 0.78 55 28.12.2012 Investment Advisor



CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 36'210 0.39 3'845 31.12.2012 Investment Advisor



ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 27'339 0.3 (40'034) 31.12.2012 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 26'036 0.28 - 30.09.2011 Investment Advisor



AlphaValue MARTIN SCHNEE reduce 2 M 1'116 6 month 11.04.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 1'030 12 month 10.04.2013

Helvea ANDREAS VON ARX neutral 3 M 1'130 12 month 10.04.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 1'150 12 month 28.03.2013

HSBC SEBASTIAN SATZ underweight 1 M 940 Not Provided 27.03.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 1'160 Not Provided 26.03.2013

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 1'220 Not Provided 08.03.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 1'060 12 month 27.02.2013


Liberum Capital Ltd ADAM COLLINS buy 5 U 1'219 Not Provided 07.02.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 1'050 Not Provided 06.02.2013

JPMorgan CELINE PANNUTI overweight 5 M 1'120 9 month 06.02.2013

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 965 Not Provided 06.02.2013

Barclays GUNTHER ZECHMANN equalweight 3 M 1'170 Not Provided 06.02.2013

Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 05.02.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 1'030 Not Provided 05.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 1'130 12 month 05.02.2013

Main First Bank AG BERND POMREHN outperform 5 M 1'200 12 month 05.02.2013

Berenberg Bank JAIDEEP PANDYA sell 1 M 840 Not Provided 04.02.2013

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 21.06.2012

Holdings By:

Givaudan SA ee


11.04.2013

Julius Baer Group Ltd. offers private banking services. The bank advises on

wealth management, financial planning and investments, and offers mortgage and

other lending, foreign exchange, securities trading, custody and execution

services.


LTM as of: 01/yy

52-Week High (14.03.2013) 38.34

52-Week Low (06.06.2012) 29.34

Daily Volume

36.5





8'169.04 1 Yr Total Return 7.80%





Enterprise Value -


BAER VX EQUITY YTD Change - Average Volume 30 Day 663'222

BAER VX EQUITY YTD % CHANGE - Average Volume 3 Month 710'301


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'480.1 1'883.7 2'075.2 2'052.0 2'028.9 - - 2'136.7 2'552.6 - -

- - - - - - - -1.17x -1.99x - -

- - - - - - - - - - -

- - - - - - - - - - -

356.9 388.7 352.0 257.9 297.4 - - 449.9 592.1 - -

- 19.35x 25.61x 28.93x 21.99x - - 17.42x 13.31x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Julius Baer Group LtdPrice/Volume

Valuation Analysis

125'801.00


!2

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013



DAVIS SELECTED ADVIS n/a Co File 18'333'412 8.19 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 12'544'658 5.61 (291'680) 09.04.2013 Investment Advisor

THORNBURG INVESTMENT n/a Co File 11'095'398 4.96 - 31.12.2012 Investment Advisor


BANK OF AMERICA CORP n/a Co File 8'148'183 3.64 - 31.12.2012 Investment Advisor

BOFA MERRILL LYNCH n/a EXCH 7'375'149 3.3 - 10.08.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Co File 6'696'246 2.99 - 31.12.2012 Investment Advisor

AXA n/a ULT-AGG 6'132'638 2.74 (2'711'160) 31.12.2012 Investment Advisor



JULIUS BAER GROUP LT n/a Co File 2'599'046 1.16 - 31.12.2012 Bank


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'242'726 1 363'424 31.12.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'794'854 0.8 529'419 28.02.2013 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'240'011 0.55 140'522 30.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'000'300 0.45 316'002 31.12.2012 Investment Advisor

CLERICAL MEDICAL INV Multiple Portfolios MF-AGG 871'961 0.39 - 31.12.2012 Investment Advisor


AlphaValue DIETER HEIN add 4 M 43 6 month 11.04.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 40 Not Provided 25.03.2013

Natixis ANTOINE BURGARD buy 5 N 44 Not Provided 22.03.2013

Macquarie JIA WANG outperform 5 M 41 12 month 19.03.2013

Bank Vontobel AG TERESA NIELSEN reduce 2 M 26 Not Provided 13.03.2013

Berenberg Bank ELENI PAPOULA hold 3 M 39 Not Provided 07.03.2013


Oddo & Cie JEAN SASSUS buy 5 M 44 Not Provided 27.02.2013

CA Cheuvreux CHRISTIAN STARK select list 5 M 44 Not Provided 22.02.2013

Barclays JEREMY SIGEE equalweight 3 M 39 Not Provided 12.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013

Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 08.02.2013


Nomura JON PEACE buy 5 M 39 12 month 05.02.2013

Morgan Stanley HUBERT LAM Equalwt/In-Line 3 M 39 12 month 04.02.2013

Credit Suisse GURJIT KAMBO outperform 5 M 40 Not Provided 04.02.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 39 12 month 04.02.2013

Kepler Capital Markets DIRK BECKER reduce 2 D 29 Not Provided 04.02.2013

S&P Capital IQ FRANK BRADEN strong buy 5 M 43 12 month 04.02.2013

Deutsche Bank MATT SPICK buy 5 U 43 12 month 23.01.2013


HSBC ROBERT MURPHY neutral 3 M 35 Not Provided 04.12.2012

Equita SIM SpA MATTEO GHILOTTI reduce 2 N 31 12 month 03.10.2012

Goldman Sachs MARTIN LEITGEB not rated #N/A N/A M #N/A N/A Not Provided 23.08.2012

Holdings By:

Julius Baer Group Ltd ee


11.04.2013

Adecco SA is a personnel and temporary employment company. The Company supplies

personnel and temporary help, and offers permanent placement services for

professionals and specialists in a range of occupations. Adecco conducts its

placement services internationally.


LTM as of: 12/yy

52-Week High (08.03.2013) 56.55

52-Week Low (04.06.2012) 36.13

Daily Volume

50.9





9'633.51 1 Yr Total Return 19.72%







ADEN VX EQUITY YTD Change - Average Volume 30 Day 655'629

ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 593'651


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

19'965.0 14'797.0 18'656.0 20'545.0 20'536.0 20'545.0 20'536.0 20'318.4 21'816.5 4'839.0 5'067.0

0.24x 0.46x 0.50x 0.31x 0.41x 1.57x 1.59x 0.43x 0.39x - -

992.0 380.0 809.0 939.0 828.0 962.0 828.0 967.6 1'147.1 - -

4.84x 17.88x 11.58x 6.82x 10.05x 6.66x 10.05x 9.18x 7.75x - -

495.0 8.0 423.0 519.0 377.0 519.0 377.0 538.4 652.9 103.0 128.0

8.51x 959.73x 22.41x 11.89x 19.90x 11.89x 20.00x 14.12x 11.61x 14.40x -


EBIT 673.00 Long-Term Rating BBB









EBITDA Margin 4.0%



Asset Turnover 2.17







Fiscal Year Ended

Adecco SAPrice/Volume

Valuation Analysis

292'667.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


JACOBS HOLDING n/a Co File 34'824'485 18.4 - 31.12.2012 Private Equity

AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2012 Investment Advisor



ARTISAN PARTNERS HOL n/a EXCH 6'284'378 3.32 689'034 12.03.2013 Investment Advisor

ADECCO SA n/a RNS-MAJ 5'808'211 3.07 - 13.03.2013 Corporation


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'555'669 1.35 366'925 31.01.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor







MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 456'467 0.24 - 28.02.2013 Investment Advisor

SEB n/a ULT-AGG 445'090 0.24 75'100 28.02.2013 Unclassified

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 428'200 0.23 (37'800) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 420'541 0.22 150'065 31.12.2012 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 387'400 0.2 (11'150) 31.12.2012 Investment Advisor


Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD sell 1 D 52 6 month 11.04.2013

AlphaValue HEINZ STEFFEN add 4 M 56 6 month 11.04.2013

RBC Capital Markets ANDREW BROOKE top pick 5 M 65 12 month 09.04.2013

Credit Suisse ANDY GROBLER neutral 3 D 55 Not Provided 09.04.2013

Jefferies KEAN MARDEN hold 3 M 58 12 month 09.04.2013

Helvea CHRISTIAN BURGER neutral 3 M 57 12 month 08.04.2013


Rabobank International DAVID TAILLEUR hold 3 D 55 12 month 21.03.2013

S&P Capital IQ CLIVE ROBERTS sell 1 D 49 12 month 20.03.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 19.03.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 55 12 month 18.03.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 62 Not Provided 18.03.2013

Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 60 Not Provided 15.03.2013

Berenberg Bank KONRAD ZOMER buy 5 M 62 Not Provided 14.03.2013

Bank Vontobel AG MICHAEL FOETH buy 5 M 60 Not Provided 14.03.2013


Barclays PAUL D A SULLIVAN equalweight 3 M 59 Not Provided 14.03.2013

JPMorgan ROBERT PLANT neutral 3 M 51 9 month 13.03.2013

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 13.03.2013


Natixis OLIVIER LEBRUN buy 5 M 58 Not Provided 07.02.2013

Deutsche Bank THOMAS SYKES buy 5 M 59 12 month 01.02.2013

Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 N 39 Not Provided 18.10.2012

HSBC MATTHEW LLOYD overweight 5 M 60 Not Provided 11.09.2012

Holdings By:

Adecco SA ee


11.04.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 12/yy

52-Week High (08.03.2013) 146.90

52-Week Low (27.06.2012) 102.60

Daily Volume

136.7





16'033.49 1 Yr Total Return 28.93%







SCHP VX EQUITY YTD Change - Average Volume 30 Day 124'931

SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 102'307


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

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 5'699.0 8'258.0 8'770.8 9'278.8 2'012.5 -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.57x 1.44x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'211.4 1'310.2 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.72x 10.83x - -

615.0 625.0 677.0 576.0 702.0 679.0 730.0 771.1 841.7 167.5 -

9.34x 15.44x 20.11x 23.83x 21.78x 17.74x 22.26x 20.70x 19.03x - -











EBITDA Margin 13.4%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

42'328.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013




CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'285'046 2.74 7'956 28.02.2013 Mutual Fund Manager





ROYAL BANK OF CANADA n/a ULT-AGG 541'264 1.15 (3'200) 31.12.2012 Bank






GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 213'841 0.46 9'368 28.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 203'900 0.43 - 28.03.2013 Unclassified

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 168'524 0.36 (644) 31.12.2012 Investment Advisor

MIRABAUD & CIE Multiple Portfolios MF-AGG 164'000 0.35 43'000 31.12.2012 Mutual Fund Manager

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 152'994 0.33 (6'537) 28.02.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 123'135 0.26 (4'463) 28.02.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 119'716 0.26 - 28.02.2013 Mutual Fund Manager


Helvea VOLKAN GOCMEN buy 5 M 170 12 month 10.04.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 148 12 month 02.04.2013


Canaccord Genuity Corp JAMES STETTLER buy 5 M 160 12 month 28.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 115 Not Provided 08.03.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 25.02.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 155 Not Provided 20.02.2013



Exane BNP Paribas ALEXIS DENAUD outperform 5 M 124 Not Provided 05.04.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.03.2012

Holdings By:

Schindler Holding AG ee


11.04.2013

Kuehne + Nagel International AG transports freight worldwide. The Company

operates sea, land, and rail freight transportation businesses and warehousing

and distribution facilities. Kuehne + Nagel also provides related special

services.


LTM as of: 12/yy

52-Week High (12.04.2012) 122.20

52-Week Low (27.06.2012) 93.10

Daily Volume

106.5





12'780.00 1 Yr Total Return -6.95%

Total Debt 68.00 YTD Return -3.18%






KNIN VX EQUITY YTD Change - Average Volume 30 Day 196'357

KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 177'884


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

17'992.0 14'336.0 16'858.0 16'218.0 17'120.0 16'218.0 17'120.0 17'829.6 18'925.7 4'572.7 4'455.0

0.39x 0.77x 0.85x 0.73x 0.71x 3.23x 2.86x 0.66x 0.61x 2.53x 2.67x

1'038.0 905.0 1'038.0 994.0 885.0 978.0 885.0 999.7 1'102.3 227.3 242.5

6.80x 12.26x 13.75x 11.92x 13.77x 12.11x 13.77x 11.85x 10.74x 12.14x -

585.0 467.0 601.0 601.0 485.0 601.0 485.0 621.8 706.0 137.4 152.0

13.62x 25.44x 25.69x 20.93x 27.09x 20.85x 27.09x 20.35x 18.06x 20.54x -











EBITDA Margin 5.2%



Asset Turnover 2.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuehne + Nagel International AGPrice/Volume

Valuation Analysis

93'863.00


!

.!

1!

3!

5!

-!!

-.!

-1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a

HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor

DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'816'693 2.35 (120'080) 31.01.2013 Investment Advisor




KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 Corporation




FMR LLC n/a ULT-AGG 586'104 0.49 (1'134'878) 28.02.2013 Investment Advisor



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 30.09.2012 Hedge Fund Manager


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 352'378 0.29 (129'942) 30.11.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 351'717 0.29 71'060 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 250'960 0.21 - 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 220'209 0.18 (744) 28.02.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 200'000 0.17 75'344 30.06.2012 Pension Fund (ERISA)


Nomura MARK MCVICAR neutral 3 M 115 12 month 11.04.2013

Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 125 6 month 10.04.2013

CA Cheuvreux BEAT KEISER outperform 5 M 118 Not Provided 10.04.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 123 Not Provided 10.04.2013


Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 106 12 month 09.04.2013

Credit Suisse NEIL GLYNN underperform 1 M 102 Not Provided 09.04.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 110 12 month 08.04.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 178 12 month 08.04.2013

Cantor Fitzgerald ROBIN BYDE sell 1 M 95 Not Provided 03.04.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 134 12 month 03.04.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 115 12 month 19.03.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 119 12 month 15.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013

HSBC JULIA WINARSO underweight 1 M 87 Not Provided 11.03.2013

AlphaValue HEINZ STEFFEN buy 5 U 128 6 month 07.03.2013

Macquarie ROBERT JOYNSON outperform 5 M 120 12 month 05.03.2013

Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 05.03.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 05.03.2013

Bank Vontobel AG MICHAEL FOETH hold 3 M 110 Not Provided 05.03.2013

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 105 Not Provided 05.03.2013

Liberum Capital Ltd PETER HYDE hold 3 M #N/A N/A Not Provided 05.03.2013

JPMorgan CHRISTOPHER G COMBE neutral 3 M 119 9 month 01.03.2013

Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013

Equita SIM SpA GIANMARCO BONACINA reduce 2 D 103 12 month 22.01.2013

Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013

Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 D 100 12 month 03.12.2012

Holdings By:

Kuehne + Nagel International AG ee


11.04.2013

Actelion Ltd. is a pharmaceutical company that develops and markets synthetic

small-molecule drugs against diseases related to the endothelium. The Company's

drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary

conditions.


LTM as of: 12/yy

52-Week High (11.04.2013) 53.00

52-Week Low (23.04.2012) 31.24

Daily Volume

52.6





6'668.26 1 Yr Total Return 63.75%







ATLN VX EQUITY YTD Change - Average Volume 30 Day 386'012

ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 401'433


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

1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'713.0 1'722.1 1'701.7 1'760.0 402.6 429.7

4.58x 3.32x 2.80x 1.56x 2.34x 9.02x 9.55x 3.42x 3.14x 14.26x 13.14x

414.2 403.4 536.1 435.6 503.4 435.6 503.4 509.8 556.3 108.6 147.5

15.80x 13.98x 9.53x 6.14x 8.00x 6.14x 8.00x 11.36x 10.41x 11.84x -

306.1 311.3 390.6 (146.3) 303.2 (146.3) 303.2 353.3 397.1 80.4 110.5

22.93x 21.07x 15.61x - 16.68x 0.00x 16.68x 16.04x 14.10x 16.74x -











EBITDA Margin 29.2%



Asset Turnover 0.63







Fiscal Year Ended

Actelion LtdPrice/Volume

Valuation Analysis

268'493.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


ACTELION LTD #N/A N/A Co File 12'677'300 10 - 31.12.2012 Other

ORBIS INVESTMENT MAN #N/A N/A Co File 6'338'650 5 - 31.12.2012 Investment Advisor

CLOZEL JEAN-PAUL n/a Co File 5'262'883 4.15 - 31.12.2012 n/a

TRIDENT MERGER n/a EXCH 4'083'119 3.22 - 02.05.2012 Other


MAAG RUDOLF n/a Co File 3'803'190 3 - 31.12.2012 n/a

BB BIOTECH AG #N/A N/A Co File 3'803'190 3 - 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'803'190 3 - 31.12.2012 Unclassified







CAWTHORN ROBERT E n/a Co File 507'552 0.4 - 04.05.2012 n/a

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 497'770 0.39 181'433 30.11.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 448'169 0.35 (61'407) 31.03.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 419'119 0.33 (107'546) 28.02.2013 Investment Advisor


FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 347'200 0.27 - 30.11.2012 Unclassified


Deutsche Bank RICHARD J PARKES buy 5 M 60 12 month 10.04.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 69 Not Provided 10.04.2013

Helvea OLAV ZILIAN buy 5 M 72 12 month 10.04.2013

AlphaValue FABRICE FARIGOULE add 4 M 57 6 month 04.04.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 50 Not Provided 02.04.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 57 6 month 26.03.2013

JPMorgan JAMES D GORDON neutral 3 M 52 9 month 22.02.2013

Jefferies PETER WELFORD buy 5 M 56 12 month 18.02.2013


Barclays MICHAEL LEUCHTEN equalweight 3 M 47 Not Provided 18.02.2013

S&P Capital IQ JACOB THRANE buy 5 M 53 12 month 15.02.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 50 Not Provided 14.02.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 14.02.2013

Berenberg Bank ADRIAN HOWD buy 5 M 57 Not Provided 14.02.2013

Nomura Code Securities SAMIR DEVANI buy 5 M 55 6 month 14.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 44 12 month 28.01.2013


Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012

Matrix ANNIE J CHENG buy 5 M 54 12 month 30.08.2011

Holdings By:

Actelion Ltd ee


11.04.2013

Sonova Holding AG provides hearing healthcare solutions. The Company develops

and manufactures hearing systems, such as wireless communication systems for

audio applications and cochlear implant systems. Sonova also provides solutions

for hearing protection.


LTM as of: 01/yy

52-Week High (02.04.2013) 117.50

52-Week Low (22.05.2012) 82.23

Daily Volume

112





7'480.71 1 Yr Total Return 14.01%







SOON VX EQUITY YTD Change - Average Volume 30 Day 161'044

SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 137'775


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

1'204.8 1'249.2 1'500.3 1'616.7 1'619.8 - - 1'829.7 1'979.9 - -

4.75x 3.42x 5.84x 3.43x 4.16x - - 4.04x 3.64x - -

364.3 366.0 459.6 373.7 366.1 - - 458.2 516.6 - -

15.72x 11.68x 19.05x 14.82x 18.39x - - 16.44x 14.59x - -

274.5 284.8 217.2 231.0 246.8 - - 326.6 373.3 - -

22.29x 15.82x 39.46x 23.39x 27.04x - - 22.55x 19.83x - -











EBITDA Margin 24.1%



Asset Turnover 0.78







Fiscal Year Ended

Sonova Holding AGPrice/Volume

Valuation Analysis

43'442.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 - 9 . 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9- ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


SUN LIFE FINANCIAL I n/a ULT-AGG 6'660'408 9.97 (15'631) 28.02.2013 Investment Advisor

DIETHELM BEDA n/a Co File 6'638'137 9.94 - 31.03.2012 n/a

RIHS ANDREAS E n/a Co File 5'604'598 8.39 - 31.03.2012 n/a

RIHS HANS-UELI n/a Co File 4'217'013 6.31 - 31.03.2012 n/a



AKO CAPITAL LLP n/a EXCH 2'031'623 3.04 - 05.02.2013 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'010'767 3.01 - 01.06.2012 Investment Advisor

CREDIT SUISSE FUND A #N/A N/A EXCH 2'003'084 3 - 04.04.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'267'354 1.9 143'626 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'260'086 1.89 (20'200) 31.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 732'881 1.1 27'330 28.02.2013 Investment Advisor






UNITED SERVICES AUTO Multiple Portfolios MF-AGG 213'287 0.32 4'217 30.11.2012 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 208'318 0.31 - 28.02.2013 Investment Advisor


AlphaValue FABRICE FARIGOULE reduce 2 M 116 6 month 11.04.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 10.04.2013

Bank Vontobel AG CARLA BAENZIGER buy 5 M 130 Not Provided 10.04.2013

Kepler Capital Markets MAJA PATAKI hold 3 M 120 Not Provided 10.04.2013

Exane BNP Paribas ROMAIN ZANA underperform 1 M 88 Not Provided 10.04.2013

HSBC HENDRIK LOFRUTHE neutral 3 D 120 Not Provided 08.04.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 132 Not Provided 05.04.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 109 12 month 05.04.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE underperform 1 M 98 12 month 02.04.2013

Main First Bank AG STEPHAN VOLLERT underperform 1 M 108 12 month 02.04.2013

Helvea SIMON GOETSCHMANN neutral 3 M 90 12 month 18.03.2013

Barclays SALLY TAYLOR equalweight 3 M 109 Not Provided 05.03.2013

Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 140 6 month 04.03.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 111 12 month 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank YI-DAN WANG hold 3 M 92 12 month 08.01.2013


CA Cheuvreux DANIEL JELOVCAN select list 5 M 123 Not Provided 15.11.2012

Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012

SEB Enskilda NIELS GRANHOLM-LETH not rated #N/A N/A M #N/A N/A Not Provided 22.10.2010

Holdings By:

Sonova Holding AG ee


11.04.2013

Aryzta AG produces and retails specialty bakery products. The Company produces

French breads, pastries, continental breads, confections, artisan breads,

homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and

sweet baked goods. Aryzta operates in North America, South America, Europe,

South East Asia, Australia and New Zealand.


LTM as of: 01/yy

52-Week High (03.04.2013) 56.95

52-Week Low (11.04.2012) 41.21

Daily Volume

56.05





5'145.98 1 Yr Total Return 34.57%







ARYN SE EQUITY YTD Change - Average Volume 30 Day 225'741

ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 213'383


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4

2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 3'894.1 4'364.2 4'471.9 4'766.1 1'252.5 1'192.0

- 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.23x 1.10x - -

232.4 342.7 340.5 485.1 540.0 0.0 0.0 563.2 628.4 - -

- 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 9.56x 8.56x - -

129.8 54.0 151.7 212.7 146.3 0.0 0.0 314.3 330.1 - -

- 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 12.58x 11.28x - -







Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 12.6%



Asset Turnover 0.83





Accounts Receivable Turnover 11.15 Cash Conversion Cycle -30.71



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aryzta AGPrice/Volume

Valuation Analysis

46'035.00


!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013




ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation

ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other

INVESCO LTD n/a EXCH 2'733'026 2.98 (25'844) 20.11.2012 Investment Advisor

MASSACHUSETTS MUTUAL n/a EXCH 2'683'776 2.92 (126'845) 21.02.2013 Insurance Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'457'817 2.68 86'497 28.02.2013 Investment Advisor



ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'246'090 1.36 - 30.09.2012 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 1'150'144 1.25 (154'342) 31.01.2013 Bank



KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a

DWS INVESTMENT S A Multiple Portfolios MF-AGG 800'438 0.87 1'942 28.02.2013 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 720'759 0.79 23'126 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 544'462 0.59 (90'149) 31.03.2013 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 542'568 0.59 (1'635'845) 31.12.2012 Unclassified

CI INVESTMENTS INC Multiple Portfolios MF-AGG 520'000 0.57 (15'000) 31.12.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 05.04.2013

Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 61 12 month 04.04.2013

Helvea ANDREAS VON ARX accumulate 4 M 68 12 month 03.04.2013


Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 65 12 month 12.03.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 12.03.2013




Societe Generale ALEX SLOANE hold 3 M 57 12 month 08.03.2013

Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012


Holdings By:

Aryzta AG ee


11.04.2013

Swatch Group AG manufactures watches, watch components, jewelry, miniature

batteries, LCD displays, and scoreboards. The Company produces watches under

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (03.04.2013) 98.40

52-Week Low (04.06.2012) 59.90

Daily Volume

93.55

52-Week High % Change -4.78% Dividend Yield 7.22




28'258.01 1 Yr Total Return 31.80%







UHRN SE EQUITY YTD Change - Average Volume 30 Day 137'366

UHRN SE EQUITY YTD % CHANGE - Average Volume 3 Month 178'943


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'930.0 9'680.0 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 2.98x 2.65x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'555.0 2'785.0 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 10.35x 9.50x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'809.0 1'990.0 - -

9.25x 18.10x 20.56x 14.96x 15.56x - - 13.96x 12.69x - -











EBITDA Margin 28.8%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

31'061.00


!

.!

1!

3!

5!

-!!

-.!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



11.04.2013


HAYEK SR NICOLAS G n/a Co File 55'704'144 44.91 - 31.12.2011 n/a

GRETHER ESTHER n/a Co File 10'963'000 8.84 - 31.12.2011 n/a

SWATCH GROUP AG n/a Co File 5'487'745 4.42 - 31.12.2011 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 918'909 0.74 (478'484) 31.12.2012 Investment Advisor



UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 666'062 0.54 5'936 28.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 512'237 0.41 10'967 31.01.2013 Investment Advisor



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 324'133 0.26 1'445 28.02.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 299'366 0.24 (7'431) 31.01.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 256'001 0.21 (469) 31.01.2013 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 207'516 0.17 (935) 28.02.2013 Mutual Fund Manager



JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 178'939 0.14 (5'154) 28.12.2012 Mutual Fund Manager

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 137'557 0.11 (1'093) 31.01.2013 Mutual Fund Manager




Holdings By:

Swatch Group AG/The ee


11.04.2013

Sika AG manufactures construction materials and offers related services. The

Company produces concrete and mixtures, mortar, sealants and adhesives, tooling

resins, anti-static industrial flooring, acoustic materials for automobiles,

and waterproof membranes. Sika also offers specialized contracting services.


LTM as of: 09/yy

52-Week High (08.03.2013) 2'403.00

52-Week Low (05.06.2012) 1'704.00

Daily Volume

2203





5'660.97 1 Yr Total Return 19.01%







SIK VX EQUITY YTD Change - Average Volume 30 Day 4'991

SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'604


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

4'624.5 4'154.9 4'416.0 4'556.4 4'828.9 0.0 2'516.4 5'082.2 5'455.9 1'050.3 1'335.0

0.59x 1.89x 1.21x 1.05x 1.13x #DIV/0! 0.00x 1.12x 1.02x - -

556.1 560.0 576.7 477.4 568.9 0.0 0.0 623.9 688.4 - -

4.89x 14.00x 9.27x 9.99x 9.63x 0.00x 0.00x 9.28x 8.41x - -

266.7 225.9 310.5 213.3 279.5 0.0 153.4 330.1 374.3 - -

8.41x 17.74x 14.13x 17.84x 16.08x 0.00x 0.00x 16.71x 14.75x - -


EBIT 428.80 Long-Term Rating A-









EBITDA Margin 11.8%



Asset Turnover 1.19







Fiscal Year Ended

Sika AGPrice/Volume

Valuation Analysis

2'423.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013


SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor

THREADNEEDLE ASSET M n/a EXCH 129'571 6.02 - 03.11.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 54'813 2.55 282 28.02.2013 Mutual Fund Manager







ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 20'663 0.96 - 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'971 0.93 577 31.12.2012 Investment Advisor


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 17'507 0.81 100 28.02.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 15'305 0.71 (765) 30.11.2012 Investment Advisor

SARASIN n/a ULT-AGG 12'842 0.6 (2) 28.12.2012 Unclassified

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'579 0.54 (108) 28.02.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 11'364 0.53 41 28.02.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 10'583 0.49 (300) 28.02.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'350 0.48 (1'100) 31.12.2012 Investment Advisor


Helvea PATRICK APPENZELLER neutral 3 M 2'300 12 month 10.04.2013

Main First Bank AG BERND POMREHN outperform 5 M 2'600 12 month 09.04.2013

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 3'100 6 month 03.04.2013

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

Credit Suisse PATRICK LAAGER neutral 3 M 2'200 Not Provided 08.03.2013

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 2'650 Not Provided 04.03.2013


Bank Vontobel AG SERGE ROTZER hold 3 M 2'300 Not Provided 01.03.2013

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 1'720 Not Provided 17.09.2012

Holdings By:

Sika AG ee


11.04.2013

Swiss Prime Site AG is a real estate investment company. The Company owns

business and mixed-use business/residential buildings in commercial centers in

Switzerland.


LTM as of: 01/yy

52-Week High (06.08.2012) 82.23

52-Week Low (21.11.2012) 70.93

Daily Volume

77.15












SPSN VX EQUITY YTD Change - Average Volume 30 Day 120'171

SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 113'783


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/10 Q2 09/10 Q3

209.6 293.7 601.1 571.6 576.7 - - 514.0 526.0 - -

15.65x 25.04x 13.01x 13.78x 14.75x - - 15.78x 15.67x - -

158.8 171.5 357.9 355.2 339.6 - - 363.3 371.8 - -

20.65x 42.87x 21.86x 22.17x 25.05x - - 23.56x 23.01x - -

116.4 187.4 235.0 355.1 316.3 - - 219.5 223.3 - -

10.26x 9.52x 16.07x 10.80x 13.26x - - 21.99x 21.47x - -











EBITDA Margin 58.9%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Prime Site AGPrice/Volume

Valuation Analysis

45'300.00


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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

-5! !!

.!! !!

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



11.04.2013



CREDIT SUISSE FUND M n/a Co File 3'301'716 5.5 - 31.12.2012 Investment Advisor


WECKEN KLAUS RUDOLF n/a Co File 2'070'000 3.45 - 31.12.2012 n/a

FUST WALTER n/a EXCH 1'619'979 2.7 (717'875) 31.07.2012 n/a

FRANKLIN RESOURCES n/a ULT-AGG 1'596'908 2.66 - 04.01.2010 Investment Advisor

UBS FUND MANAGEMENT n/a EXCH 1'548'912 2.58 - 30.11.2012 Investment Advisor

SWISS FURNISHING INS n/a EXCH 861'000 1.43 - 29.09.2009 Insurance Company


SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 717'074 1.19 - 28.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 671'712 1.12 (215) 10.04.2013 Investment Advisor


JELMOLI HOLDING AG n/a EXCH 532'478 0.89 - 21.04.2010 n/a



SCOTTISH WIDOWS n/a ULT-AGG 212'696 0.35 - 31.12.2012 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 169'810 0.28 5'590 30.11.2012 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 152'500 0.25 (3'300) 31.12.2012 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 144'136 0.24 (6'171) 31.12.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 26.03.2013


ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 68 Not Provided 19.03.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 77 12 month 13.01.2013

Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 18.12.2012

Holdings By:

Swiss Prime Site AG ee


11.04.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (28.03.2013) 43'445.00

52-Week Low (11.04.2012) 32'061.77

Daily Volume

42745





9'118.86 1 Yr Total Return 30.95%






Average Volume 5 Day 157

LISN SE EQUITY YTD Change - Average Volume 30 Day 174

LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 148


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'875.2 3'079.5 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.99x 2.74x - -

466.1 382.5 423.3 421.9 457.4 - - 511.2 558.7 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.74x 15.32x - -

261.5 193.1 241.9 246.5 271.9 - - 306.7 338.4 - -

19.52x 29.86x 28.38x 28.95x 28.80x - - 31.44x 28.42x - -











EBITDA Margin 17.5%



Asset Turnover 1.04







Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

47.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a


AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'076 0.79 - 31.12.2012 Investment Advisor

SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a

BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 880 0.64 (563) 31.01.2013 Mutual Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 707 0.52 - 30.09.2012 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 701 0.51 (20) 09.04.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 622 0.46 9 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 600 0.44 (9) 28.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 521 0.38 5 31.01.2013 Mutual Fund Manager

FMR LLC n/a ULT-AGG 325 0.24 1 28.02.2013 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 255 0.19 - 30.11.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 242 0.18 3 30.11.2012 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 204 0.15 (11) 31.12.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 181 0.13 (8) 28.12.2012 Mutual Fund Manager

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 168 0.12 (6) 31.12.2012 Mutual Fund Manager

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 158 0.12 (14) 28.02.2013 Mutual Fund Manager

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 135 0.1 - 31.12.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 02.04.2013

Berenberg Bank JAMES TARGETT hold 3 M 41'000 Not Provided 21.03.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 39'600 12 month 19.03.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY not rated #N/A N/A M #N/A N/A Not Provided 18.03.2013

Natixis NICOLAS LANGLET neutral 3 M 39'000 Not Provided 18.03.2013

Kepler Capital Markets JON COX hold 3 M 38'000 Not Provided 17.03.2013

HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 16.01.2013


GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012

Holdings By:

Lindt & Spruengli AG ee


11.04.2013

Baloise Holding AG offers group and individual life, health, accident, liability

property, and transportation insurance to customers in Europe. The Company also

offers private banking and asset management services.


LTM as of: 12/yy

52-Week High (20.03.2013) 93.00

52-Week Low (05.06.2012) 58.30

Daily Volume

91.25





4'562.50 1 Yr Total Return 38.84%







BALN VX EQUITY YTD Change - Average Volume 30 Day 277'804

BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 236'927


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

7'807.9 9'464.6 9'420.2 7'691.1 9'333.4 0.0 0.0 8'203.0 8'344.0 - -

0.46x 0.34x 0.37x 0.31x 0.30x #DIV/0! #DIV/0! 0.21x 0.20x - -

- - - - - 0.0 0.0 - - - -

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

358.3 414.1 433.4 60.8 436.6 0.0 0.0 449.5 469.5 - -

10.70x 9.95x 9.95x 49.68x 8.42x 0.00x 0.00x 9.61x 9.19x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

Baloise Holding AGPrice/Volume

Valuation Analysis

128'656.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

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



11.04.2013



SIGNAL IDUNA GROUP n/a Co File 2'500'000 5 - 31.12.2012 n/a

BALOISE HOLDING AG n/a Co File 2'264'287 4.53 - 31.12.2012 Insurance Company

CREDIT SUISSE GROUP n/a Co File 1'500'000 3 - 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT n/a Co File 1'500'000 3 - 31.12.2012 Investment Advisor






KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 369'250 0.74 10'900 28.02.2013 Mutual Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 31.01.2013 Investment Advisor



SARASIN n/a ULT-AGG 249'345 0.5 1'130 31.12.2012 Unclassified

OEKOWORLD LUX SA Multiple Portfolios MF-AGG 167'900 0.34 82'000 30.11.2012 Mutual Fund Manager



PRUDENTIAL FINANCIAL n/a ULT-AGG 129'032 0.26 (4'500) 28.02.2013 Investment Advisor




Credit Suisse RICHARD BURDEN neutral 3 M 91 Not Provided 28.03.2013


HSBC DHRUV GAHLAUT neutral 3 M 98 Not Provided 27.03.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 100 12 month 21.03.2013



Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 D 95 12 month 20.03.2013

Berenberg Bank PETER ELIOT buy 5 M 107 Not Provided 20.03.2013



Helvea DANIEL BISCHOF accumulate 4 M 98 12 month 20.03.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 80 12 month 19.03.2013


JPMorgan MICHAEL HUTTNER neutral 3 M 93 9 month 11.03.2013


Holdings By:

Baloise Holding AG ee


11.04.2013

Partners Group Holding AG is a global private markets asset management firm

in private equity, private debt, private real estate and private

infrastructure. The firm manages a broad range of funds, structured products

and customized portfolios for an international clientele of institutional

investors, private banks and other financial institutions.


LTM as of: 01/yy

52-Week High (02.04.2013) 239.00

52-Week Low (04.06.2012) 157.20

Daily Volume

236.8





6'322.56 1 Yr Total Return 42.31%







PGHN SE EQUITY YTD Change - Average Volume 30 Day 53'417

PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 53'855


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

270.7 329.4 447.3 448.8 564.2 - - 524.0 615.2 - -

6.16x 9.30x 9.31x 9.06x 9.12x - - 11.61x 9.82x - -

182.5 231.9 320.8 236.2 295.5 - - 325.9 385.7 - -

9.14x 13.21x 12.98x 17.21x 17.42x - - 18.74x 15.84x - -

170.8 204.8 296.3 202.1 257.3 - - 307.9 359.0 - -

10.90x 15.75x 14.86x 20.51x 20.81x - - 20.06x 17.17x - -











EBITDA Margin 52.4%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Partners Group Holding AGPrice/Volume

Valuation Analysis

17'848.00


!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

1 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


GANTNER ALFRED n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

WIETLISBACH URS n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

ERNI MARCEL n/a Co File 2'673'659 10.01 - 31.12.2012 n/a


PARTNERS GROUP n/a Co File 1'218'791 4.56 - 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 711'040 2.66 (108'287) 31.12.2012 Investment Advisor

MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2012 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 496'626 1.86 1'995 28.02.2013 Mutual Fund Manager

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 470'853 1.76 (24'915) 31.12.2012 Investment Advisor

HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2012 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 316'523 1.19 (14'850) 31.01.2013 Investment Advisor






WENGER JUERG n/a Co File 140'333 0.53 - 31.12.2012 n/a

SCHAELI STEPHEN n/a Co File 129'200 0.48 - 31.12.2012 n/a


PRUDENTIAL FINANCIAL n/a ULT-AGG 95'721 0.36 4'201 28.02.2013 Investment Advisor





Main First Bank AG KILIAN MAIER underperform 1 M 210 12 month 20.03.2013



Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 238 12 month 05.02.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 210 12 month 24.01.2013


Holdings By:

Partners Group Holding AG ee


11.04.2013

Clariant, AG. develops, produces, markets and sales specialty chemical products.

The Company provides dyes and chemicals for the textile, leather and paper

industries, pigments for the use in paints, printing inks, decorative paints,

plastics, cosmetics, concentrated pigment and additive preparations for

engineering plastics, spin dyeing, and packaging.


LTM as of: 12/yy

52-Week High (07.03.2013) 14.44

52-Week Low (28.06.2012) 8.40

Daily Volume

13.58





4'016.32 1 Yr Total Return 22.17%







CLN VX EQUITY YTD Change - Average Volume 30 Day 2'285'816

CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 2'517'598


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

8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 7'370.0 7'355.0 6'228.2 6'496.1 1'499.7 1'554.5

0.36x 0.51x 0.71x 0.60x 0.92x 2.71x 2.89x 0.83x 0.77x - -

746.0 470.0 880.0 874.0 772.0 874.0 819.0 855.8 953.5 197.0 207.0

3.85x 7.14x 5.76x 5.10x 7.19x 5.10x 6.77x 6.91x 6.20x 7.24x -

(45.0) (206.0) 180.0 227.0 217.0 227.0 217.0 327.1 405.3 74.8 87.9

- - 23.38x 10.78x 17.64x 10.11x 16.92x 12.67x 10.61x 12.52x -


EBIT 456.00 Long-Term Rating BBB-









EBITDA Margin 11.1%



Asset Turnover 0.79







Fiscal Year Ended

Clariant AGPrice/Volume

Valuation Analysis

1'382'883.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

-3

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



11.04.2013


SHAREHOLDER GROUP n/a EXCH 44'738'756 15.13 1'598'001 31.12.2011 Other


AXA n/a ULT-AGG 15'053'731 5.09 - 31.12.2011 Investment Advisor

CLARIANT AG n/a EXCH 13'197'597 4.46 (2'155'824) 13.03.2013 Corporation

STOCKHAUSEN DOLF n/a Co File 11'461'304 3.88 - 31.12.2011 n/a

WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.73 - 14.01.2013 n/a

TIAA CREF INVESTMENT n/a Co File 9'168'284 3.1 - 31.12.2011 Investment Advisor

UBS FUND MANAGEMENT n/a EXCH 9'128'414 3.09 - 17.11.2012 Investment Advisor

AMUNDI n/a Co File 9'079'559 3.07 - 31.12.2011 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'157'588 2.42 1'604'975 31.12.2012 Investment Advisor


CREDIT SUISSE #N/A N/A EXCH 3'947'061 1.33 (1'390'804) 03.04.2013 Investment Advisor




VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'095'000 0.71 268'000 30.11.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 1'767'987 0.6 - 31.03.2013 Investment Advisor



Deutsche Bank TIMOTHY JONES hold 3 M 12 12 month 09.04.2013

AlphaValue MARTIN SCHNEE add 4 M 14 6 month 04.04.2013

HSBC JESKO MAYER-WEGELIN underweight 1 M 13 Not Provided 26.03.2013

Exane BNP Paribas JAMES KNIGHT underperform 1 M 13 Not Provided 26.03.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013

JPMorgan MARTIN EVANS neutral 3 M 12 12 month 20.03.2013

Societe Generale PETER CLARK sell 1 M 13 12 month 19.03.2013

Kepler Capital Markets MARKUS MAYER buy 5 M 19 Not Provided 13.03.2013

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 18 Not Provided 11.03.2013

Nomura JEAN DE WATTEVILLE reduce 2 D 15 Not Provided 08.03.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 16 Not Provided 05.03.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 14 12 month 27.02.2013

Macquarie CHRISTIAN FAITZ outperform 5 U 18 12 month 25.02.2013

Credit Suisse RHIAN O'CONNOR underperform 1 M 12 Not Provided 15.02.2013

Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 15.02.2013

Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 15 12 month 14.02.2013

Main First Bank AG BERND POMREHN outperform 5 M 14 12 month 07.02.2013

Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 07.11.2012

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 10 Not Provided 20.08.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 9 Not Provided 18.05.2012

Holdings By:

Clariant AG ee


11.04.2013

Swiss Life Holding is a financial services company. The Company provides life

and property insurance, institutional investment management, and private banking

services.


LTM as of: 09/yy

52-Week High (08.03.2013) 156.60

52-Week Low (01.06.2012) 74.35

Daily Volume

142





4'555.51 1 Yr Total Return 45.50%





Enterprise Value 876.51


SLHN VX EQUITY YTD Change - Average Volume 30 Day 188'637

SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 166'178


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 12/12 Q4 03/13 Q1

15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 17'886.6 18'272.3 - -

- - - 0.02x 0.01x #DIV/0! #DIV/0! -0.11x -0.10x - -

- - - - - 0.0 0.0 - - - -

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

350.0 278.0 557.0 605.0 92.0 0.0 0.0 590.0 632.0 - -

- 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 7.69x 7.09x - -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Life Holding AGPrice/Volume

Valuation Analysis

69'835.00


!.!1!3!5!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



11.04.2013


TALANX BETEILIGUNGS- n/a EXCH 2'974'688 9.27 - 22.10.2010 Insurance Company



LETKO BROSSEAU & ASS n/a EXCH 956'604 2.98 (10'500) 15.04.2011 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 396'300 1.24 374 31.07.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 210'987 0.66 (49) 31.12.2012 Investment Advisor








HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 99'300 0.31 99'300 31.12.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 98'003 0.31 1'263 28.02.2013 Mutual Fund Manager




AlphaValue DIETER HEIN buy 5 M 205 6 month 11.04.2013

Helvea DANIEL BISCHOF buy 5 M 165 12 month 04.04.2013


HSBC DHRUV GAHLAUT neutral 3 M 165 Not Provided 14.03.2013

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 06.03.2013

Berenberg Bank PETER ELIOT hold 3 M 190 Not Provided 05.03.2013

Mediobanca SpA MARC THIELE neutral 3 D 177 6 month 04.03.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 146 12 month 04.03.2013

Credit Suisse RICHARD BURDEN underperform 1 M 138 Not Provided 04.03.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 220 9 month 04.03.2013

Main First Bank AG RENE LOCHER outperform 5 M 175 12 month 03.03.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 182 12 month 01.03.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 180 Not Provided 28.02.2013


Kepler Capital Markets FABRIZIO CROCE hold 3 M 133 Not Provided 27.02.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 94 12 month 08.01.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 114 12 month 05.12.2012

CA Cheuvreux FRANK KOPFINGER suspended coverage #N/A N/A M #N/A N/A Not Provided 24.01.2012

Holdings By:

Swiss Life Holding AG ee


11.04.2013

Sulzer AG manufactures machinery and equipment, and operates in a surfacing

technology business. The Company provides pumping and surface technology

solution and services, services and repair of thermal turbo machinery, and

service for separation columns and static mixing.


LTM as of: 01/yy

52-Week High (12.03.2013) 169.20

52-Week Low (28.06.2012) 105.70

Daily Volume

161.7





5'540.23 1 Yr Total Return 37.68%







SUN VX EQUITY YTD Change - Average Volume 30 Day 85'968

SUN VX EQUITY YTD % CHANGE - Average Volume 3 Month 87'206


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 - - 4'263.8 4'531.0 - -

0.47x 0.62x 1.34x 1.04x 1.25x - - 1.27x 1.14x - -

575.3 471.2 508.0 481.8 552.0 - - 602.9 675.1 - -

3.06x 4.38x 8.38x 7.76x 9.07x - - 9.33x 8.33x - -

322.9 270.4 300.4 279.8 307.1 - - 334.8 387.1 - -

6.26x 10.06x 15.98x 12.17x 15.96x - - 16.03x 13.88x - -











EBITDA Margin 13.7%



Asset Turnover 0.88







Fiscal Year Ended

Sulzer AGPrice/Volume

Valuation Analysis

40'370.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


LIWET HOLDING AG n/a EXCH 10'699'797 31.23 - 02.08.2011 Other


THREADNEEDLE ASSET M n/a EXCH 1'000'794 2.92 (27'416) 02.02.2011 Investment Advisor



SULZER LTD n/a Co File 457'863 1.34 - 31.12.2011 Corporation



DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 327'551 0.96 49'422 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 323'304 0.94 (123) 28.02.2013 Investment Advisor







NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 163'275 0.48 34'611 31.01.2013 Investment Advisor

SARASIN n/a ULT-AGG 144'883 0.42 1'873 31.12.2012 Unclassified


RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 130'300 0.38 (2'130) 30.11.2012 Investment Advisor


Helvea VOLKAN GOCMEN accumulate 4 M 195 12 month 10.04.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 210 6 month 03.04.2013

HSBC JOERG-ANDRE FINKE neutral 3 M 175 Not Provided 08.03.2013


CA Cheuvreux OLIVER GIRAKHOU select list 5 U 190 Not Provided 20.02.2013

Credit Suisse PATRICK LAAGER neutral 3 M 160 Not Provided 19.02.2013

Bank Vontobel AG FABIAN HAECKI buy 5 M 180 Not Provided 19.02.2013

Berenberg Bank ALEXANDER VIRGO hold 3 M 152 Not Provided 18.02.2013

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 185 Not Provided 18.02.2013


Barclays RIZK MAIDI underweight 1 M 125 Not Provided 18.02.2013

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 D #N/A N/A Not Provided 23.07.2012

Holdings By:

Sulzer AG ee


11.04.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (03.04.2013) 3'792.00

52-Week Low (30.05.2012) 2'751.00

Daily Volume

3662





9'118.86 1 Yr Total Return 30.75%







LISP SE EQUITY YTD Change - Average Volume 30 Day 2'181

LISP SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'795


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'867.6 3'074.1 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.99x 2.74x - -

466.1 382.5 423.3 421.9 457.4 - - 505.9 552.9 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.92x 15.48x - -

261.5 193.1 241.9 246.5 271.9 - - 303.7 335.0 - -

19.52x 29.86x 28.38x 28.95x 28.80x - - 27.93x 25.36x - -











EBITDA Margin 17.5%



Asset Turnover 1.04







Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

647.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



11.04.2013




ALLIANZ ASSET MANAGE n/a ULT-AGG 17'510 1.96 868 28.02.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 13'198 1.48 403 09.04.2013 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10'421 1.16 20 31.01.2013 Investment Advisor



VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 5'941 0.66 507 31.12.2012 Insurance Company


IST FUND MANAGERS Multiple Portfolios MF-AGG 5'072 0.57 682 28.02.2013 Mutual Fund Manager

EVERETT HARRIS & COM EVERETT HARRIS & COM 13F 4'351 0.49 212 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME n/a EXCH 4'175 0.47 - 19.11.2009 Hedge Fund Manager


TANNER ERNST n/a Co File 3'580 0.4 - 31.12.2010 n/a

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'000 0.34 - 28.02.2013 Mutual Fund Manager

KLINGLER HANSJUERG n/a Co File 2'650 0.3 - 31.12.2010 n/a

SARASIN n/a ULT-AGG 2'571 0.29 30 31.12.2012 Unclassified

SOCIETE GENERALE Multiple Portfolios MF-AGG 2'520 0.28 328 30.11.2012 Bank


AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'812 6 month 11.04.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 3'300 Not Provided 04.04.2013


Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 3'850 Not Provided 28.03.2013

Berenberg Bank JAMES TARGETT buy 5 M 4'100 Not Provided 21.03.2013

Deutsche Bank CATHERINE FARRANT hold 3 M 3'500 12 month 19.03.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 U 4'200 12 month 18.03.2013

S&P Capital IQ CARL SHORT hold 3 M 3'630 12 month 15.03.2013


Jefferies DIRK VAN VLAANDEREN buy 5 M 3'470 Not Provided 31.10.2012

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 2'700 Not Provided 23.08.2012

Holdings By:

Lindt & Spruengli AG ee


11.04.2013

PSP Swiss Property AG owns and manages real estate. The Company owns a

portfolio of office and business premises at exclusive locations in

Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and

Lausanne.


LTM as of: 12/yy

52-Week High (20.08.2012) 89.95

52-Week Low (16.04.2012) 78.50

Daily Volume

83.45












PSPN SE EQUITY YTD Change - Average Volume 30 Day 93'749

PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 86'415


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

205.7 221.9 224.1 284.2 283.3 236.7 282.1 282.6 284.7 68.3 68.2

20.75x 20.97x 23.15x 18.75x 20.28x 90.82x 79.79x 20.23x 20.29x - -

147.4 164.8 169.5 231.3 175.4 231.3 219.7 233.3 234.7 54.2 53.7

28.96x 28.23x 30.61x 23.04x 32.75x 23.04x 26.15x 24.01x 23.87x 26.01x -

224.0 231.2 280.8 404.0 368.6 404.0 368.6 155.2 155.2 - -

9.96x 10.73x 11.52x 8.36x 10.54x 8.34x 10.55x 23.49x 23.43x 23.38x -











EBITDA Margin 77.9%



Asset Turnover 0.05







Fiscal Year Ended

PSP Swiss Property AGPrice/Volume

Valuation Analysis

69'779.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


HETZ NATHAN n/a Co File 7'000'000 15.26 - 31.12.2011 n/a

ALONY HETZ PROPERTIE n/a EXCH 6'685'000 14.57 (668'972) 31.08.2012 Other




STATE STREET n/a ULT-AGG 439'960 0.96 (152) 10.04.2013 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 365'597 0.8 18'300 31.12.2012 Investment Advisor



SCOTTISH WIDOWS n/a ULT-AGG 219'364 0.48 (21'433) 31.12.2012 Unclassified

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 213'111 0.46 - 30.11.2012 Investment Advisor


SNS INVESTMENT FUND Multiple Portfolios MF-AGG 168'533 0.37 4'108 31.12.2012 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 152'428 0.33 100 31.12.2012 Investment Advisor


GABRIEL LUCIANO n/a Co File 143'251 0.31 - 31.12.2011 n/a

AMUNDI Multiple Portfolios MF-AGG 131'000 0.29 (2'500) 30.11.2012 Mutual Fund Manager

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 124'428 0.27 38'047 10.04.2013 Investment Advisor


Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 81 12 month 21.03.2013


Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 89 12 month 06.03.2013

JPMorgan TIM LECKIE overweight 5 M 99 12 month 06.03.2013

Deutsche Bank MARKUS SCHEUFLER hold 3 M 93 12 month 05.03.2013

Zuercher Kantonalbank MARKUS WAEBER outperform 5 M #N/A N/A Not Provided 01.03.2013

Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 01.03.2013

Exane BNP Paribas VALERIE GUEZI neutral 3 M 85 Not Provided 01.03.2013

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 85 Not Provided 01.03.2013


Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 12 month 13.01.2013

Holdings By:

PSP Swiss Property AG ee


11.04.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 12/yy

52-Week High (08.03.2013) 142.00

52-Week Low (27.06.2012) 104.20

Daily Volume

134.7





16'033.49 1 Yr Total Return 29.51%







SCHN SE EQUITY YTD Change - Average Volume 30 Day 38'662

SCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 32'110


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

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 5'699.0 8'258.0 8'770.8 9'278.8 2'012.5 -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.57x 1.44x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'211.4 1'310.2 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.72x 10.83x - -

615.0 625.0 677.0 576.0 702.0 679.0 730.0 771.1 841.7 167.5 -

9.34x 15.44x 20.11x 23.83x 21.78x 17.74x 22.26x 20.39x 18.75x - -











EBITDA Margin 13.4%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

11'458.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


SCHINDLER FAMILY n/a Co File 51'033'236 71.44 - 31.12.2010 n/a


SCHINDLER HOLDING AG n/a Co File 1'327'102 1.86 - 31.12.2010 Corporation

FRANKLIN RESOURCES n/a ULT-AGG 651'022 0.91 (190'623) 31.12.2012 Investment Advisor





FIDELITY INVESTMENT Multiple Portfolios MF-AGG 194'593 0.27 - 31.12.2012 Investment Advisor



ABERDEEN n/a ULT-AGG 106'200 0.15 - 28.02.2013 Unclassified



FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 45'630 0.06 - 31.12.2010 Mutual Fund Manager


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 28'765 0.04 (155) 30.11.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 25'000 0.03 - 31.03.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 22'463 0.03 500 31.01.2013 Investment Advisor

TINGGREN JUERGEN n/a Co File 20'097 0.03 - 31.12.2010 n/a


AlphaValue EILEEN RYAN reduce 2 M 134 6 month 11.04.2013

Exane BNP Paribas ALEXIS DENAUD neutral 3 M 150 Not Provided 10.04.2013


HSBC MICHAEL HAGMANN overweight 5 N 175 Not Provided 27.02.2013



Helvea VOLKAN GOCMEN neutral 3 M 90 12 month 16.12.2011

CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 120 Not Provided 13.12.2011

Holdings By:

Schindler Holding AG ee


11.04.2013

GAM Holding AG is an independent, well-diversified asset management business,

with a focus on the manufacturing and distribution of investment products and

services.


LTM as of: 01/yy

52-Week High (07.03.2013) 17.75

52-Week Low (25.05.2012) 9.92

Daily Volume

16.7





3'062.03 1 Yr Total Return 36.41%





Enterprise Value -


GAM SE EQUITY YTD Change - Average Volume 30 Day 758'465

GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 716'866


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'144.8 1'020.2 964.9 812.2 999.1 - - 648.7 702.9 - -

- - - - - - - 3.99x 3.49x - -

- - - - - - - - - - -

- - - - - - - - - - -

661.2 3'636.9 10.2 (95.0) 86.7 - - 186.3 208.9 - -

12.53x 0.96x 309.00x - 24.22x - - 14.21x 12.29x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GAM Holding AGPrice/Volume

Valuation Analysis

168'252.00


!.135

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



11.04.2013


GAM HOLDING LTD n/a EXCH 19'878'827 10.84 - 08.03.2013 Investment Advisor

SILCHESTER INTL INVE n/a Co File 18'500'519 10.09 - 31.12.2012 Investment Advisor


UBS n/a ULT-AGG 13'106'731 7.15 (91'290) 31.12.2012 Unclassified

GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 6.64 (4'785'293) 27.06.2012 Investment Advisor


CREDIT SUISSE FUNDS n/a Co File 8'269'310 4.51 - 31.12.2012 n/a

DAVIS SELECTED ADVIS n/a EXCH 6'130'364 3.34 - 07.06.2011 Investment Advisor

T ROWE PRICE ASSOCIA n/a Co File 5'610'663 3.06 - 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 5'599'258 3.05 - 28.02.2013 Unclassified



FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.74 - 23.04.2012 Hedge Fund Manager





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'998'682 1.09 334'682 31.01.2013 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 1'605'355 0.88 - 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 1'245'000 0.68 (1'000) 31.12.2012 Unclassified


Helvea TIM DAWSON buy 5 M 21 12 month 10.04.2013


RBC Capital Markets PETER K LENARDOS outperform 5 M 19 12 month 15.03.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 12.03.2013

Main First Bank AG KILIAN MAIER underperform 1 D 17 12 month 07.03.2013



EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Holdings By:

GAM Holding AG ee


11.04.2013

Lonza Group AG produces organic fine chemicals, biocides, active ingredients,

and biotechnology products. The Company offers custom chemical manufacturing

and fermentation processing and manufactures its products for the life sciences,

pharmaceuticals, food processing, and agricultural products industries. Lonza

operates production sites in Europe, the United States, and China.


LTM as of: 01/yy

52-Week High (15.03.2013) 63.15

52-Week Low (04.06.2012) 32.81

Daily Volume

58.6





3'101.12 1 Yr Total Return 44.64%



Minority Interest (1.0) Analyst Recs 17




LONN VX EQUITY YTD Change - Average Volume 30 Day 251'867

LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 319'090


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

2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'958.4 4'134.9 - -

2.20x 1.91x 1.91x 2.10x 1.27x - - 1.36x 1.28x - -

691.0 517.0 647.0 537.0 - - - 705.7 765.4 - -

9.36x 9.91x 7.91x 10.50x - - - 7.77x 7.16x - -

420.0 162.0 291.0 154.0 182.0 - - 243.3 292.5 - -

11.07x 22.88x 13.50x 18.62x 14.02x - - 12.59x 10.63x - -











EBITDA Margin 17.3%



Asset Turnover 0.55







Fiscal Year Ended

Lonza Group AGPrice/Volume

Valuation Analysis

141'563.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. 9

1 9

3 9

5 9

- ! 9

- . 9

- 1 9

- 3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



11.04.2013



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'658'885 5.02 745'936 09.07.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 2'642'891 4.99 - 08.03.2013 Investment Advisor






TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 304'521 0.58 208'334 31.01.2013 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 276'233 0.52 1'980 31.12.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 172'103 0.33 1'555 31.01.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 172'000 0.33 147'000 31.12.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 144'892 0.27 - 28.02.2013 Investment Advisor





AlphaValue FABRICE FARIGOULE add 4 M 71 6 month 11.04.2013

Helvea OLAV ZILIAN accumulate 4 M 63 12 month 05.04.2013

Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 04.02.2013

Bank Vontobel AG CARLA BAENZIGER hold 3 M 52 Not Provided 31.01.2013

S&P Capital IQ JACOB THRANE sell 1 D 48 12 month 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 30.01.2013

Credit Suisse LUISA HECTOR neutral 3 M 55 Not Provided 25.01.2013



Jefferies PETER WELFORD hold 3 M 55 12 month 24.01.2013

Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013

CA Cheuvreux MARCEL BRAND outperform 5 M 60 Not Provided 18.01.2013

Kempen & Co SACHIN SONI hold 3 D 58 12 month 15.01.2013

JPMorgan RICHARD VOSSER neutral 3 M 40 3 month 10.08.2012

Holdings By:

Lonza Group AG ee


11.04.2013

Galenica AG manufactures and distributes pharmaceuticals and offers related

services. The Company produces prescription and over-the-counter drugs,

toiletries and hygiene products, and operates pharmacies.


LTM as of: 01/yy

52-Week High (11.07.2012) 626.00

52-Week Low (16.11.2012) 479.25

Daily Volume

599.5












GALN SE EQUITY YTD Change - Average Volume 30 Day 22'108

GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'673


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'128.1 3'279.1 3'446.6 3'480.6 3'608.0 - - 3'569.0 3'702.5 - -

0.94x 1.14x 1.37x 1.26x 1.15x - - 1.24x 1.14x - -

470.1 401.6 443.7 399.9 431.3 - - 425.5 448.7 - -

6.26x 9.28x 10.65x 10.99x 9.62x - - 10.84x 10.27x - -

188.2 210.2 230.4 223.1 253.5 - - 257.1 274.9 - -

11.80x 11.55x 15.91x 15.89x 13.55x - - 15.05x 14.59x - -











EBITDA Margin 12.0%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Galenica AGPrice/Volume

Valuation Analysis

24'206.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


ALLIANCE BOOTS LTD n/a Co File 1'656'172 25.48 - 31.12.2012 Corporation

CREDIT SUISSE AG n/a EXCH 379'607 5.84 116'645 12.03.2013 Investment Advisor

PATINEX AG n/a EXCH 232'220 3.57 - 12.03.2013 Private Equity

ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2012 Pension Fund (ERISA)



JORNOD ETIENNE n/a Co File 47'261 0.73 - 31.12.2012 n/a


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 37'258 0.57 4'162 31.12.2012 Mutual Fund Manager





ALLIANZ ASSET MANAGE n/a ULT-AGG 22'491 0.35 (470) 31.12.2012 Investment Advisor



DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 20'185 0.31 1'400 28.02.2013 Investment Advisor

GALENICA AG n/a Co File 20'075 0.31 - 31.12.2012 Corporation

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 14'574 0.22 (348) 28.12.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 14'562 0.22 - 09.04.2013 Investment Advisor


AlphaValue ARMELLE MOULIN reduce 2 M 521 6 month 11.04.2013


Bank Vontobel AG CARLA BAENZIGER reduce 2 M 527 Not Provided 28.03.2013

Main First Bank AG MARCUS WIEPRECHT underperform 1 M 500 12 month 20.03.2013


Credit Suisse CHRISTOPH GRETLER neutral 3 M 600 Not Provided 13.03.2013


Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013

Berenberg Bank ADRIAN HOWD sell 1 M 500 Not Provided 17.01.2013


Deutsche Bank HOLGER BLUM buy 5 M 660 12 month 12.01.2012

Holdings By:

Galenica AG ee


11.04.2013

Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,

France, Russia, the United Arab Emirates, Singapore, the Caribbean and the

United States.


LTM as of: 12/yy

52-Week High (13.02.2013) 133.20

52-Week Low (04.06.2012) 101.60

Daily Volume

120.1





3'563.83 1 Yr Total Return 10.69%







DUFN SE EQUITY YTD Change - Average Volume 30 Day 224'279

DUFN SE EQUITY YTD % CHANGE - Average Volume 3 Month 231'931


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

2'113.5 2'378.7 2'610.2 2'637.7 3'153.6 2'637.7 3'153.6 3'682.7 4'144.0 771.0 935.0

0.79x 0.95x 1.56x 1.43x 1.45x 5.48x 5.79x 1.35x 1.12x - -

277.3 288.1 328.0 344.3 444.0 344.0 444.0 564.6 668.2 103.0 142.0

6.02x 7.85x 12.43x 10.94x 10.33x 10.95x 10.33x 8.22x 6.95x 7.95x -

95.0 38.5 116.6 111.9 122.4 111.9 122.4 219.1 293.5 31.3 34.4

8.62x 34.88x 27.17x 20.78x 26.82x 20.78x 26.34x 14.80x 11.30x 21.64x -


EBIT 275.70 Long-Term Rating BB+









EBITDA Margin 14.1%



Asset Turnover 0.92







Fiscal Year Ended

Dufry AGPrice/Volume

Valuation Analysis

74'817.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. 9

1 9

3 9

5 9

- ! 9

- . 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



11.04.2013


TRAVEL RETAIL INVEST n/a EXCH 3'912'464 13.18 1'688'901 17.01.2013 Other

CREDIT SUISSE GROUP n/a EXCH 1'577'361 5.32 - 05.03.2013 Investment Advisor

HUDSON MEDIA INC n/a Co File 1'154'677 3.89 - 31.12.2011 Other

ARTIO GLOBAL MANAGEM n/a EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 499'384 1.68 48'998 31.01.2013 Investment Advisor



HARTFORD INVESTMENT Multiple Portfolios MF-AGG 377'378 1.27 51'551 28.02.2013 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 289'624 0.98 (12'037) 31.12.2012 Bank


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 270'127 0.91 2'623 31.01.2013 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 171'545 0.58 22'100 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 171'264 0.58 12'023 31.01.2013 Investment Advisor



Goldman Sachs MAYAN UTHAYAKUMAR Buy/Neutral 5 M 170 6 month 03.04.2013

Grupo Santander REBECCA MCCLELLAN buy 5 M 141 Not Provided 21.03.2013


Main First Bank AG GAEL COLCOMBET outperform 5 M 140 12 month 19.03.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 D 130 12 month 18.03.2013


Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 123 Not Provided 15.03.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux MARCO BACCAGLIO underperform 1 M 114 Not Provided 06.11.2012

Natixis MATTHIEU DETROYAT buy 5 M 140 Not Provided 31.07.2012

Holdings By:

Dufry AG ee


11.04.2013

Helvetia Holding AG provides a broad range of life, casualty, liability,

accident and transportation insurance. The Company insures individuals,

property such as vehicles and buildings, and consumer goods and personal

belongings during transportation. Helvetia and subsidiaries operate in

Switzerland, in other European countries, and North America.


LTM as of: 01/yy

52-Week High (11.03.2013) 402.75

52-Week Low (04.06.2012) 259.00

Daily Volume

384.5





3'327.03 1 Yr Total Return 24.46%







HELN SE EQUITY YTD Change - Average Volume 30 Day 16'557

HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'617


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'559.2 7'279.3 7'366.2 7'496.2 7'967.0 - - 7'675.0 8'253.7 - -

0.35x 0.36x 0.36x 0.24x 0.24x - - 0.31x 0.29x - -

- - - - - - - - - - -

- - - - - - - - - - -

230.6 323.4 339.0 288.2 339.6 - - 353.4 367.8 - -

8.52x 8.54x 9.14x 9.02x 9.09x - - 9.54x 9.16x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20







Fiscal Year Ended

Helvetia Holding AGPrice/Volume

Valuation Analysis

4'586.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


PATRIA GENOSSENSCHAF n/a Co File 2'603'658 30.09 - 31.12.2011 n/a

VONTOBEL BETEILIGUNG n/a Co File 346'116 4 - 31.12.2011 n/a

RAIFFEISEN SWITZERLA n/a Co File 346'116 4 - 31.12.2011 Unclassified







DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 28.12.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 49'523 0.57 - 30.11.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 48'713 0.56 (485) 31.01.2013 Investment Advisor



LB SWISS INVESTMENT Multiple Portfolios MF-AGG 31'587 0.37 - 31.12.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL n/a ULT-AGG 27'416 0.32 14'446 28.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'100 0.3 - 28.09.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 23'800 0.28 - 28.02.2013 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 21'700 0.25 - 31.12.2012 Investment Advisor



Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 400 12 month 12.03.2013

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 12.03.2013


Berenberg Bank PETER ELIOT buy 5 M 470 Not Provided 12.03.2013

Nomura MICHAEL KLIEN buy 5 M 430 12 month 12.03.2013



Credit Suisse RICHARD BURDEN underperform 1 M 371 Not Provided 11.03.2013



Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 07.10.2011

Holdings By:

Helvetia Holding AG ee


11.04.2013

Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade

chemical intermediates, fine chemicals, and protective bonding, coating and

sealing products. The Company supplies its products to the automotive,

transportation, and textile industries.


LTM as of: 03/yy

52-Week High (03.04.2013) 290.25

52-Week Low (24.05.2012) 161.00

Daily Volume

273.25





6'391.05 1 Yr Total Return 60.05%







EMSN SE EQUITY YTD Change - Average Volume 30 Day 30'909

EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 29'351


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

1'503.9 1'197.7 1'595.6 1'657.7 1'755.0 0.0 254.0 1'855.8 1'965.8 - 434.0

1.16x 2.02x 2.17x 2.09x - #DIV/0! 0.00x 3.24x 3.03x - -

283.2 272.2 351.4 347.3 - 0.0 0.0 395.8 422.2 - -

6.15x 8.91x 9.88x 9.98x - 0.00x 0.00x 15.49x 14.52x - -

211.8 216.1 225.9 237.1 273.0 0.0 0.0 275.2 294.8 - -

9.57x 12.82x 17.08x 15.69x 18.45x 0.00x 0.00x 23.17x 21.67x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EMS-Chemie Holding AGPrice/Volume

Valuation Analysis

10'231.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



11.04.2013


EMESTA HOLDING AG n/a Co File 14'225'190 60.82 - 31.12.2011 Corporation

BLOCHER MIRIAM n/a Co File 2'079'282 8.89 - 31.12.2011 n/a


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 81'323 0.35 - 28.02.2013 Investment Advisor








LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 27'000 0.12 2'550 31.01.2013 Mutual Fund Manager

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 18'070 0.08 9'083 28.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 16'708 0.07 16'708 31.01.2013 Investment Advisor

DIGITAL FUNDS Multiple Portfolios MF-AGG 15'413 0.07 - 28.12.2012 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'133 0.05 (60) 28.02.2013 Mutual Fund Manager

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 11'657 0.05 (334) 31.01.2013 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'298 0.04 - 31.07.2012 Investment Advisor

SEB n/a ULT-AGG 9'750 0.04 3'129 31.12.2012 Unclassified


Bank Vontobel AG PATRICK RAFAISZ reduce 2 M 200 Not Provided 10.04.2013

Main First Bank AG BERND POMREHN underperform 1 D 265 12 month 08.04.2013


Kepler Capital Markets BETTINA EDMONDSTON reduce 2 M 200 Not Provided 09.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

EMS-Chemie Holding AG ee


11.04.2013

DKSH Holding Limited is an international marketing and services group. The

Company offers a comprehensive package of services that includes organizing and

running the entire value chain for any product: from sourcing, research and

analysis, marketing, sales, distribution and logistics to after-sales services.


LTM as of: 01/yy

52-Week High (20.03.2013) 89.50

52-Week Low (11.04.2012) 46.75

Daily Volume

86.35


52-Week Low % Change 84.71% Beta -



5'483.22 1 Yr Total Return 81.79%


Preferred Stock 0.0 Adjusted BETA -





DKSH SE EQUITY YTD Change - Average Volume 30 Day 124'432

DKSH SE EQUITY YTD % CHANGE - Average Volume 3 Month 94'005


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- 6'356.4 7'295.4 7'340.0 8'834.1 - - 10'029.2 11'058.5 - -

- - - - 0.47x - - 0.54x 0.48x - -

- 168.3 241.6 274.3 320.7 - - 378.1 429.6 - -

- - - - 12.98x - - 14.50x 12.76x - -

- 72.7 128.4 147.1 201.2 - - 214.3 243.7 - -

- - - - 20.72x - - 25.88x 22.86x - -











EBITDA Margin 3.6%



Asset Turnover 2.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DKSH Holding AGPrice/Volume

Valuation Analysis

25'050.00


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

-!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


DIETHELM KELLER HOLD n/a Research 29'267'730 46.09 - 30.06.2012 Corporation

FFP INVEST SAS n/a Research 4'320'000 6.8 - 30.06.2012 Corporation

FREY RAINER-MARC n/a Research 4'009'666 6.31 - 30.06.2012 n/a




MATTHEWS INTERNATION Multiple Portfolios MF-AGG 386'901 0.61 386'901 31.12.2012 Investment Advisor





VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 154'930 0.24 6'280 31.12.2012 Insurance Company




FIDELITY INVESTMENT Multiple Portfolios MF-AGG 103'880 0.16 - 31.12.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 98'169 0.15 7'631 31.12.2012 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 93'500 0.15 25'000 28.12.2012 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 92'500 0.15 2'500 30.09.2012 Mutual Fund Manager


Deutsche Bank ANDY CHU hold 3 M 89 12 month 09.04.2013

Credit Suisse ANDY GROBLER neutral 3 M 83 Not Provided 14.03.2013

Kepler Capital Markets BETTINA EDMONDSTON hold 3 D 80 Not Provided 13.03.2013

Religare Capital Markets PETER WILLIAMSON buy 5 M 85 12 month 13.03.2013



Berenberg Bank KONRAD ZOMER sell 1 D 72 Not Provided 12.03.2013



Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 N #N/A N/A Not Provided 02.05.2012

Holdings By:

DKSH Holding AG ee


11.04.2013

Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.

The Company markets to industrial food manufacturers, chocolatiers, pastry

chefs, bakers, and retailers globally. Barry Callebaut also offers product

development, processing, training, and marketing services.


LTM as of: 02/yy

52-Week High (03.12.2012) 932.34

52-Week Low (06.06.2012) 806.52

Daily Volume

887












BARN SE EQUITY YTD Change - Average Volume 30 Day 6'521

BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'899


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 3'841.8 4'744.2 4'966.8 5'923.8 1'072.0 1'239.0

0.99x 0.80x 0.99x 1.06x 1.16x 1.89x 0.00x 1.09x 0.97x - -

422.6 448.1 443.2 458.3 441.3 176.8 0.0 465.6 533.3 - -

11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 11.99x 10.47x - -

204.6 226.9 251.2 177.6 142.1 70.1 0.0 251.3 292.7 - -

17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 17.96x 16.01x - -


EBIT 356.44 Long-Term Rating BB+







Net Debt/EBITDA -

Gross Margin 13.9% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.28







Fiscal Year Ended

Barry Callebaut AGPrice/Volume

Valuation Analysis

3'577.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



11.04.2013


JACOBS HOLDINGS AG n/a Co File 2'590'687 50.11 - 31.08.2012 Corporation

JACOBS RENATA n/a Co File 438'416 8.48 - 31.08.2012 n/a

JACOBS NATHALIE n/a Co File 159'236 3.08 - 31.08.2012 n/a

JACOBS NICOLAS n/a Co File 159'236 3.08 - 31.08.2012 n/a




VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'284 0.35 (338) 31.12.2012 Investment Advisor



PICTET & CIE Multiple Portfolios MF-AGG 14'432 0.28 (453) 31.01.2013 Mutual Fund Manager

IST FUND MANAGERS Multiple Portfolios MF-AGG 11'831 0.23 - 28.02.2013 Mutual Fund Manager

ABERDEEN n/a ULT-AGG 10'850 0.21 750 28.03.2013 Unclassified



SCHMID ANDREAS n/a Co File 8'790 0.17 - 31.08.2012 n/a


JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 5'969 0.12 (58) 31.01.2013 Mutual Fund Manager

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 5'263 0.1 - 28.02.2013 Mutual Fund Manager



Societe Generale ALEX SLOANE hold 3 M 900 12 month 09.04.2013


Kepler Capital Markets JON COX hold 3 M 900 Not Provided 09.04.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 09.04.2013

Deutsche Bank CATHERINE FARRANT hold 3 M 950 12 month 08.04.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 940 Not Provided 21.01.2013

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

Credit Suisse PATRICK JNGLIN restricted #N/A N/A M #N/A N/A Not Provided 13.12.2012


Equita SIM SpA FABIO FAZZARI buy 5 U 1'109 12 month 20.11.2012


GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011

Holdings By:

Barry Callebaut AG ee


11.04.2013

OC Oerlikon Corporation AG manufactures industrial equipment. The Company

produces vacuum pumps and solutions, equipment to supply PVD coatings for tools

and precision components, man-made textile machines and transmission driveline

equipment.


LTM as of: 09/yy

52-Week High (05.03.2013) 13.05

52-Week Low (28.06.2012) 7.38

Daily Volume

10.9





3'553.01 1 Yr Total Return 41.52%







OERL SE EQUITY YTD Change - Average Volume 30 Day 2'387'538

OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'697'814


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 06/12 Q2 09/12 Q3

4'632.0 2'877.0 3'601.0 2'731.0 2'906.0 0.0 957.0 2'896.5 3'001.0 968.3 936.8

0.55x 0.73x 0.53x 0.64x 1.05x #DIV/0! 0.00x 0.87x 0.76x - -

512.0 (71.0) 298.0 493.0 572.0 0.0 0.0 513.1 559.8 - -

4.97x - 6.36x 3.55x 5.34x 0.00x 0.00x 6.29x 5.77x - -

(425.0) (592.0) 3.0 220.0 382.0 0.0 0.0 242.9 258.0 62.0 -

- - 490.00x 10.48x 15.22x 0.00x 0.00x 14.61x 13.26x - -











EBITDA Margin 19.7%



Asset Turnover 0.67







Fiscal Year Ended

OC Oerlikon Corp AGPrice/Volume

Valuation Analysis

871'341.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



11.04.2013


VEKSELBERG VIKTOR F n/a Co File 156'210'954 47.92 - 31.12.2012 n/a






VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'262'000 0.39 (128'000) 30.11.2012 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 966'378 0.3 164'601 31.12.2012 Investment Advisor



CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 922'120 0.28 4'414 28.02.2013 Investment Advisor

OC OERLIKON CORP n/a Co File 902'248 0.28 - 31.12.2012 Corporation

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 872'000 0.27 872'000 31.12.2012 Investment Advisor

ACATIS Multiple Portfolios MF-AGG 845'506 0.26 - 28.09.2012 Investment Advisor




MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 598'187 0.18 128'577 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 589'700 0.18 (42'246) 28.02.2013 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 U 13 6 month 28.03.2013


Helvea RETO AMSTALDEN neutral 3 M 13 12 month 14.03.2013

Credit Suisse PATRICK LAAGER outperform 5 M 15 Not Provided 12.03.2013


Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 11 12 month 06.03.2013


Berenberg Bank BENJAMIN GLAESER buy 5 M 14 Not Provided 05.03.2013

Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 02.05.2012

Holdings By:

OC Oerlikon Corp AG ee


11.04.2013

Pargesa Holding SA acquires, sells, operates and manages investments in the

financial, commercial, and industrial sectors in Switzerland and other European

countries. The Company has a portfolio of a limited number of major long-term

holdings. Pargesa seeks to exercise control over or influence the activities of

its holdings as a strategic shareholder.


LTM as of: 09/yy

52-Week High (25.02.2013) 68.95

52-Week Low (04.06.2012) 51.05

Daily Volume

64.5





5'478.38 1 Yr Total Return 10.61%







PARG SE EQUITY YTD Change - Average Volume 30 Day 72'769

PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 62'703


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

5'475.2 4'189.5 4'625.4 4'729.1 5'094.8 3'148.0 7'356.8 4'962.0 5'149.0 - -

3.64x 5.31x 4.21x 3.66x - 6.23x 0.00x 3.35x 3.16x - -

799.9 1'077.2 888.7 915.2 - 0.0 0.0 424.5 489.0 - -

24.95x 20.64x 21.93x 18.92x - 0.00x 0.00x 38.05x 33.03x - -

(520.8) 791.7 465.9 (64.9) 417.9 821.3 344.4 403.7 479.3 - -

- 4.83x 14.44x - 12.69x 0.00x 0.00x 13.55x 11.40x - -


EBIT -193.40 Long-Term Rating -

Operating Margin -4.09% Long-Term Outlook -








EBITDA Margin 28.8%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pargesa Holding SAPrice/Volume

Valuation Analysis

18'360.00


!

-!

.!

0!

1!

2!

3!

4!

5!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

. 9

-1'000.0

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

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



11.04.2013


PARJOINTCO NV n/a Research 39'301'000 50.9 - 01.03.2013 Holding Company

BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 14.03.2013 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'109'439 7.91 - 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 (2'620) 31.12.2012 Investment Advisor


THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 469'645 0.61 - 31.01.2013 Hedge Fund Manager



PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'716 0.29 30'600 31.12.2012 Investment Advisor

FRERE GERALD n/a Co File 216'654 0.28 - 31.12.2012 n/a

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 30.11.2012 Investment Advisor



LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 116'444 0.15 (192'482) 31.12.2012 Investment Advisor


LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 89'000 0.12 (4'500) 31.01.2013 Mutual Fund Manager


GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 29'150 0.04 (275) 31.12.2012 Hedge Fund Manager


AlphaValue PIERRE-YVES GAUTHIER add 4 M 69 6 month 11.04.2013

KBC Securities JAN-WILLEM BILLIET hold 3 M 68 Not Provided 15.03.2013

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 85 12 month 11.03.2013



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

Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 18.12.2012

BMO Capital Markets JOHN REUCASSEL not rated #N/A N/A M #N/A N/A Not Provided 22.02.2011

Holdings By:

Pargesa Holding SA ee


11.04.2013

Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,

leases, and maintains airport structures and equipment.


LTM as of: 01/yy

52-Week High (27.03.2013) 444.75

52-Week Low (04.06.2012) 316.00

Daily Volume

441.5





2'710.98 1 Yr Total Return 33.50%







FHZN SE EQUITY YTD Change - Average Volume 30 Day 13'237

FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'332


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

855.1 820.2 863.0 905.4 948.8 - - 966.3 990.5 - -

3.14x 3.56x 3.83x 3.48x 3.77x - - 3.78x 3.63x - -

421.0 402.9 437.1 484.6 391.3 - - 521.5 536.5 - -

6.37x 7.24x 7.57x 6.50x 9.15x - - 7.09x 6.89x - -

121.3 190.6 138.5 169.8 94.7 - - 128.3 192.0 - -

12.61x 9.98x 16.93x 11.78x 27.24x - - 17.72x 13.76x - -


EBIT 171.94 Long-Term Rating A









EBITDA Margin 41.2%



Asset Turnover 0.24







Fiscal Year Ended

Flughafen Zuerich AGPrice/Volume

Valuation Analysis

10'774.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



11.04.2013


CANTON OF ZURICH n/a Co File 2'046'595 33.33 - 31.12.2012 Government

UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor

CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2012 Government

CREDIT SUISSE AG n/a EXCH 199'712 3.25 - 21.11.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 185'229 3.02 1'900 28.02.2013 Unclassified

ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor

TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 59'130 0.96 (1'568) 30.11.2012 Bank





ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 39'499 0.64 188 30.11.2012 Investment Advisor


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 35'400 0.58 35'400 31.12.2012 Investment Advisor




Nomura PETER LARKIN reduce 2 M 437 12 month 11.04.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 530 6 month 05.04.2013

Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 05.04.2013

HSBC JOSEPH P THOMAS overweight 5 M 490 Not Provided 03.04.2013


RBC Capital Markets ANDREW JONES sector perform 3 M 410 12 month 22.03.2013



Berenberg Bank WILLIAM FOGGON hold 3 M 458 Not Provided 20.03.2013

Kepler Capital Markets RUXANDRA HARADAU-DOESER reduce 2 M 374 Not Provided 20.03.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 466 12 month 21.02.2013

Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 440 12 month 05.02.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 520 12 month 04.02.2013

Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013

CA Cheuvreux CRAIG ABBOTT outperform 5 M 455 Not Provided 17.12.2012

JPMorgan ELODIE RALL overweight 5 M 470 9 month 27.11.2012

Silvia Quandt Research STEFAN KICK buy 5 M 410 12 month 21.08.2012

Holdings By:

Flughafen Zuerich AG ee


11.04.2013

Georg Fischer AG produces automobile parts, piping systems, plastics processing

equipment, and tool and mold making machinery. The Company manufactures cast

and machined components for road vehicles and machinery, plastic and metal

pipes and fittings, electric discharge machines, milling centers, automation

equipment, and plastics factories and compounding systems.


LTM as of: 01/yy

52-Week High (12.03.2013) 424.27

52-Week Low (15.06.2012) 291.28

Daily Volume

392.25












FI/N SE EQUITY YTD Change - Average Volume 30 Day 22'691

FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'744


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'465.0 2'906.0 3'447.0 3'511.0 3'602.0 - - 3'580.1 3'704.3 - -

0.34x 0.53x 0.72x 0.46x 0.52x - - 0.52x 0.48x - -

390.0 111.0 357.0 373.0 359.0 - - 361.9 385.0 - -

3.87x 13.90x 6.97x 4.34x 5.17x - - 5.40x 5.08x - -

56.0 (246.0) 99.0 160.0 121.0 - - 153.0 166.5 - -

17.14x - 21.98x 8.23x 9.95x - - 10.55x 9.62x - -











EBITDA Margin 10.0%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Georg Fischer AGPrice/Volume

Valuation Analysis

7'416.00


!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



11.04.2013



UBS FUND MANAGEMENT n/a EXCH 123'905 3.02 - 11.02.2012 Investment Advisor




RUFFER LLP Multiple Portfolios MF-AGG 34'158 0.83 34'158 30.11.2012 Hedge Fund Manager


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 33'997 0.83 - 31.01.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA)



PRUDENTIAL FINANCIAL n/a ULT-AGG 25'816 0.63 (500) 28.02.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 23'848 0.58 - 28.03.2013 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 23'205 0.57 (15) 28.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'378 0.52 799 31.12.2012 Investment Advisor



KBC GROUP NV Multiple Portfolios MF-AGG 14'525 0.35 50 28.02.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 12'121 0.3 1'232 31.12.2012 Investment Advisor

PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 12'088 0.29 89 31.01.2013 Mutual Fund Manager



Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 400 6 month 11.03.2013


Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 28.02.2013

Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 415 12 month 28.02.2013

Bank Vontobel AG FABIAN HAECKI hold 3 U 400 Not Provided 27.02.2013



CA Cheuvreux OLIVER GIRAKHOU underperform 1 D 320 Not Provided 16.11.2012

Holdings By:

Georg Fischer AG ee


11.04.2013

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,

and corporate banking services. The Bank offers consumer loans, treasury

management, pension funds, and investment management services, trades in

commodities, advises on mergers and acquisitions, and offers securities

brokerage services. BCV operates primarily in the Canton of Vaud.


LTM as of: 12/yy

52-Week High (11.04.2013) 556.00

52-Week Low (15.05.2012) 457.25

Daily Volume

556





4'785.04 1 Yr Total Return 25.11%





Enterprise Value -


BCVN SE EQUITY YTD Change - Average Volume 30 Day 9'013

BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'875


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

1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 1'026.0 1'035.7 252.0 254.0

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

356.3 300.6 313.2 302.1 311.0 0.0 311.0 307.3 312.5 - -

7.68x 11.77x 13.49x 13.00x 13.41x 0.00x 13.74x 15.58x 15.33x - -


EBIT - Long-Term Rating AA







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

Banque Cantonale VaudoisePrice/Volume

Valuation Analysis

8'530.00


!

-!!

.!!

0!!

1!!

2!!

3!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


CANTON OF VAUD n/a Co File 5'766'154 67 - 31.12.2012 Government



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 44'400 0.52 - 31.01.2013 Investment Advisor





NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA)




BNP PARIBAS INV PART n/a ULT-AGG 18'118 0.21 (343) 31.01.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 17'256 0.2 (8'913) 31.12.2012 Investment Advisor



BARING FUND MANAGERS Multiple Portfolios MF-AGG 12'574 0.15 - 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 9'201 0.11 - 28.12.2012 Unclassified

KIENER PASCAL n/a Co File 8'355 0.1 - 31.12.2012 n/a

STEIMER OLIVIER n/a Co File 8'074 0.09 - 31.12.2012 n/a





Main First Bank AG KILIAN MAIER underperform 1 M 490 12 month 14.02.2013


Holdings By:

Banque Cantonale Vaudoise ee


11.04.2013

Bucher Industries AG manufactures food processing machinery, vehicles, and

hydraulic components. The Company produces fruit and vegetable juice processing

machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers,

spreaders, tractors, street sweepers, and snow blowers. Bucher operates

worldwide.


LTM as of: 09/yy

52-Week High (18.03.2013) 229.50

52-Week Low (26.06.2012) 142.70

Daily Volume

215.9





2'212.97 1 Yr Total Return 18.54%







BUCN SE EQUITY YTD Change - Average Volume 30 Day 19'094

BUCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 16'732


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 12/12 Q4 03/13 Q1

2'788.9 2'142.1 2'033.7 2'336.0 2'609.0 0.0 550.5 2'682.8 2'769.9 575.0 -

0.42x 0.58x 0.86x 0.73x 0.70x #DIV/0! 0.00x 0.84x 0.79x - -

262.3 113.1 151.6 260.1 305.0 0.0 0.0 320.9 336.8 - -

4.45x 11.08x 11.50x 6.57x 5.95x 0.00x 0.00x 7.06x 6.73x - -

143.3 (26.0) 95.4 124.7 149.9 0.0 0.0 163.8 173.8 67.4 -

7.30x - 18.33x 13.12x 11.73x 0.00x 0.00x 13.29x 12.26x - -











EBITDA Margin 11.7%



Asset Turnover 1.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bucher Industries AGPrice/Volume

Valuation Analysis

5'529.00


!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


BUCHER INDUSTRIES AG n/a Co File 798'494 7.79 - 31.12.2011 Corporation

HAUSER MICHAEL n/a Co File 603'835 5.89 - 31.12.2011 n/a

BUCHER BETEILIGUNGS- n/a Co File 505'050 4.93 - 31.12.2011 Corporation

HAUSER ANITA n/a Co File 438'491 4.28 - 31.12.2011 n/a





HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 105'264 1.03 (7'656) 31.12.2012 Investment Advisor


IST FUND MANAGERS Multiple Portfolios MF-AGG 80'852 0.79 (2'023) 28.02.2013 Mutual Fund Manager


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 60'000 0.59 13'317 30.06.2012 Pension Fund (ERISA)


NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 56'062 0.55 14'344 31.01.2013 Investment Advisor


MOSIMANN PHILIP n/a Co File 48'806 0.48 - 31.12.2011 n/a

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 46'069 0.45 - 28.02.2013 Mutual Fund Manager




Helvea STEFAN GAECHTER accumulate 4 M 255 12 month 04.04.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 215 6 month 03.04.2013


Berenberg Bank FREDERIK BITTER hold 3 M 220 Not Provided 18.03.2013



Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 14.03.2013

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

Holdings By:

Bucher Industries AG ee


11.04.2013

Temenos Group AG provides integrated software for the banking sector. The

Company develops, distributes, implements, and supports its process-oriented,

real-time enterprise software designed for the management of administrative

tasks at banks and financial services companies. Temenos operates offices in

Europe, North America, Asia, and the Middle East.


LTM as of: 12/yy

52-Week High (02.04.2013) 22.70

52-Week Low (12.07.2012) 9.96

Daily Volume

21.05





1'516.09 1 Yr Total Return 34.50%







TEMN SE EQUITY YTD Change - Average Volume 30 Day 426'131

TEMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 365'523


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

406.9 370.3 448.0 473.5 450.2 473.5 450.2 472.6 506.5 101.7 112.5

2.23x 4.56x 6.65x 2.61x - 16.21x 9.05x 3.52x 3.15x 17.61x 15.99x

100.2 127.4 123.1 88.5 - 44.7 49.4 134.7 152.4 20.3 30.4

9.04x 13.25x 24.19x 13.95x - 27.62x 0.00x 13.41x 11.85x 12.28x 11.92x

64.7 68.6 61.6 (28.3) 24.2 (28.3) 24.1 70.5 85.5 7.5 16.1

11.83x 22.14x 42.37x - 19.71x 0.00x 32.34x 20.27x 17.53x 18.77x 18.51x







Return on Capital -4.30% EBITDA/Interest Exp. 12.82




EBITDA Margin 14.9%



Asset Turnover 0.50







Fiscal Year Ended

Temenos Group AGPrice/Volume

Valuation Analysis

79'510.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



11.04.2013


MASSACHUSETTS MUTUAL n/a EXCH 7'660'396 10.64 362'439 11.03.2013 Insurance Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'481'333 9 201'562 28.02.2013 Investment Advisor

PATINEX AG n/a EXCH 3'722'992 5.17 1'472'134 17.12.2012 Private Equity

ALKEN LUXEMBOURG SAR n/a RNS-RUL8 3'638'595 5.05 892'170 18.07.2012 Investment Advisor

ZADIG GESTION LUXEMB n/a EXCH 3'129'000 4.34 (546'000) 30.01.2013 Other

TEMENOS GROUP AG n/a EXCH 2'908'947 4.04 - 27.02.2013 Corporation

ODDO ASSET MANAGEMEN n/a RNS-RUL8 2'695'555 3.74 - 20.02.2012 Investment Advisor

UBS FUND MANAGEMENT n/a RNS-RUL8 2'176'515 3.02 90'255 15.11.2012 Investment Advisor

AVIVA PLC n/a RNS-RUL8 2'170'741 3.01 506'722 13.06.2012 Investment Advisor

CREDIT SUISSE ASSET n/a RNS-RUL8 2'108'854 2.93 20'000 09.03.2012 Mutual Fund Manager

STANDARD LIFE INVEST n/a RNS-RUL8 2'038'000 2.83 (94'634) 08.03.2012 Investment Advisor


NORGES BANK n/a RNS-RUL8 1'331'523 1.85 7'394 10.02.2012 Government

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'270'000 1.76 1'270'000 28.09.2012 Mutual Fund Manager

ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 1'105'981 1.54 23'577 30.11.2012 Investment Advisor

ZUERCHER KANTONALBAN n/a RNS-RUL8 1'083'505 1.5 (6'000) 28.02.2012 Mutual Fund Manager




YORK CAPITAL MANAGME n/a RNS-RUL8 975'000 1.35 105'000 09.02.2012 Hedge Fund Manager


Bankhaus Metzler ULRICH TRABERT sell 1 M 17 12 month 10.04.2013

Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 25 12 month 09.04.2013

Exane BNP Paribas JOSEP BORI outperform 5 M 22 Not Provided 09.04.2013

Berenberg Bank DAUD KHAN sell 1 M 12 Not Provided 27.03.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 26 6 month 27.03.2013

Helvea STEFAN GAECHTER neutral 3 M 22 12 month 27.03.2013

Kepler Capital Markets FELIX LEVIOUS buy 5 M 24 Not Provided 25.03.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 24 12 month 22.03.2013

Baader Bank KNUT WOLLER sell 1 M 16 12 month 22.03.2013

Barclays GERARDUS VOS overweight 5 M 22 Not Provided 27.02.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 23 Not Provided 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013


Zuercher Kantonalbank ANDREAS MUELLER outperform 5 U #N/A N/A Not Provided 24.04.2012

Holdings By:

Temenos Group AG ee


11.04.2013

Kaba Holding AG provides mechanical and electronic security systems. The

Company offers individually tailored "Total Access Control" including

high-security locking devices for heavy safes, modular access and time

management applications, as well as no-contact identification technology.


LTM as of: 01/yy

52-Week High (12.03.2013) 412.25

52-Week Low (04.06.2012) 312.04

Daily Volume

373.25





1'423.96 1 Yr Total Return 10.75%







KABN SE EQUITY YTD Change - Average Volume 30 Day 14'103

KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'059


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'303.7 1'166.1 952.1 945.2 947.5 - - 962.3 986.2 - -

1.22x 0.94x 1.40x 1.50x 1.43x - - 1.42x 1.32x - -

206.3 174.6 166.8 122.7 153.7 - - 155.0 166.4 - -

7.73x 6.25x 7.96x 11.59x 8.83x - - 9.11x 8.49x - -

97.1 70.7 86.9 221.6 88.2 - - 88.5 94.7 - -

12.15x 10.86x 13.94x 25.54x 16.00x - - 16.12x 15.16x - -











EBITDA Margin 15.8%



Asset Turnover 1.02







Fiscal Year Ended

Kaba Holding AGPrice/Volume

Valuation Analysis

2'537.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013



FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a

GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation

BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a

KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a

HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor

NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a

COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other





DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a













Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 13.03.2013

Helvea PATRICK APPENZELLER neutral 3 D 420 12 month 13.03.2013


Holdings By:

Kaba Holding AG ee


11.04.2013

Allreal Holding AG develops and manages real estate. The Company operates as a

general contractor offering planning, architect, and construction management

services. Allreal also provides renovation services and manages a portfolio of

apartment, office, and commercial buildings.


LTM as of: 01/yy

52-Week High (20.07.2012) 137.43

52-Week Low (11.02.2013) 126.57

Daily Volume

132.9





2'118.64 1 Yr Total Return -2.85%

Total Debt 1'563.60 YTD Return -1.95%






ALLN SE EQUITY YTD Change - Average Volume 30 Day 20'463

ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 19'740


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

207.9 215.8 656.0 831.8 868.6 - - 280.7 295.7 - -

12.02x 13.28x 4.84x 4.16x 4.36x - - 13.64x 13.04x - -

136.9 137.9 170.3 182.6 172.3 - - 198.0 215.0 - -

18.25x 20.78x 18.66x 18.93x 21.97x - - 18.46x 17.00x - -

90.7 88.6 116.4 146.8 98.0 - - 121.7 135.0 - -

13.39x 15.75x 15.48x 12.93x 22.29x - - 18.63x 16.68x - -








Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -0.79



EBITDA Margin 19.8%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allreal Holding AGPrice/Volume

Valuation Analysis

8'455.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

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



11.04.2013


HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other

BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor

SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company










RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 46'690 0.29 - 30.11.2012 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 30'766 0.19 17 31.01.2013 Mutual Fund Manager

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 25'943 0.16 3'000 31.03.2013 Investment Advisor


ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company

KBC GROUP NV Multiple Portfolios MF-AGG 14'538 0.09 3 28.02.2013 Investment Advisor

BETTONI BRUNO n/a Co File 11'280 0.07 - 31.12.2009 n/a

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 11'200 0.07 - 31.12.2012 Investment Advisor




Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013

Holdings By:

Allreal Holding AG ee


11.04.2013

Valiant Holding AG, through its subsidiaries, provides financial services in

Switzerland. The company offers a range of products and services in the areas

of retail banking, business banking, private banking, and asset management.


LTM as of: 01/yy

52-Week High (08.05.2012) 110.67

52-Week Low (31.08.2012) 74.35

Daily Volume

85.3





1'347.10 1 Yr Total Return -19.75%





Enterprise Value -


VATN SE EQUITY YTD Change - Average Volume 30 Day 26'616

VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 24'732


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

731.7 731.2 707.1 693.4 629.3 - - 373.0 386.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

148.6 148.5 122.5 127.6 127.0 - - 92.0 104.0 - -

21.96x 22.77x 16.88x 14.72x 10.82x - - 14.48x 12.87x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Valiant HoldingPrice/Volume

Valuation Analysis

7'945.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


HIGHCLERE INTL INVES n/a EXCH 482'652 3.06 - 27.03.2013 Investment Advisor


VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 132'608 0.84 - 28.02.2013 Mutual Fund Manager






HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a

STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a

BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a

HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 21'030 0.13 - 28.12.2012 Investment Advisor

NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a


ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a

GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a

GERIFONDS SA Multiple Portfolios MF-AGG 14'086 0.09 4'406 31.12.2012 Mutual Fund Manager




Holdings By:

Valiant Holding ee


11.04.2013

Mobimo Holding AG builds and renovates residential real estate and invests in

commercial real estate.


LTM as of: 01/yy

52-Week High (06.08.2012) 228.00

52-Week Low (11.04.2013) 206.10

Daily Volume

206.2












MOBN SE EQUITY YTD Change - Average Volume 30 Day 13'677

MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 12'731


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

197.2 258.7 177.3 230.0 252.4 - - 125.3 129.7 - -

6.14x 6.61x 10.81x 9.10x 9.22x - - 18.78x 19.25x - -

69.3 74.4 69.6 81.1 83.7 - - 96.2 97.0 - -

17.48x 22.97x 27.52x 25.80x 27.78x - - 23.39x 23.21x - -

45.0 62.5 66.0 80.5 76.3 - - 59.1 58.0 - -

13.65x 12.50x 15.35x 13.45x 17.75x - - 23.57x 23.65x - -











EBITDA Margin 33.2%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mobimo Holding AGPrice/Volume

Valuation Analysis

11'663.00


!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



11.04.2013


PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other

MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other



MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a



REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor


LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a






MIRABAUD & CIE Multiple Portfolios MF-AGG 12'777 0.21 (12'845) 31.12.2012 Mutual Fund Manager

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 12'433 0.2 286 31.01.2013 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 11'096 0.18 (11) 28.02.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 10'700 0.17 - 31.12.2012 Investment Advisor





Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013

Kempen & Co ROBERT WOERDEMAN underweight 1 M 210 12 month 13.01.2013

Holdings By:

Mobimo Holding AG ee


11.04.2013

AMS AG develops and manufactures high-performance analog semiconductors. ams'

product range includes sensor, sensor interfaces, power management ICs and

wireless ICs for customers in the consumer, industrial, medical, mobile

communications and automotive markets. The Company is based in Austria.


LTM as of: 12/yy

52-Week High (14.02.2013) 122.00

52-Week Low (28.06.2012) 60.60

Daily Volume

105.3





1'525.67 1 Yr Total Return 68.90%







AMS SE EQUITY YTD Change - Average Volume 30 Day 109'118

AMS SE EQUITY YTD % CHANGE - Average Volume 3 Month 101'040


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

184.7 137.2 209.4 275.7 387.6 275.7 387.6 445.8 497.5 88.4 101.3

0.66x 1.36x 1.77x 1.65x 2.96x 6.50x 9.75x 2.68x 2.20x 14.13x 12.44x

48.2 4.0 49.7 69.9 117.9 69.9 117.9 139.3 160.2 28.2 34.1

2.52x 47.09x 7.45x 6.53x 9.73x 6.53x 9.73x 8.94x 7.77x 8.78x 8.33x

12.3 (16.7) 23.1 35.3 81.9 35.3 81.9 98.4 113.6 21.0 25.3

7.48x - 16.01x 10.38x 12.74x 9.96x 12.74x 11.55x 9.95x 11.53x 10.63x











EBITDA Margin 30.4%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ams AGPrice/Volume

Valuation Analysis

44'366.00


!

.!

1!

3!

5!

-!!

-.!

-1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

1 9

1 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


TWILIGHT S LLC n/a Co File 2'715'684 18.74 - 31.12.2011 Other




OEKOWORLD LUX SA Multiple Portfolios MF-AGG 173'048 1.19 84'319 30.11.2012 Mutual Fund Manager


PIONEER INVESTMENTS Multiple Portfolios MF-AGG 150'000 1.04 - 31.05.2011 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 148'890 1.03 359 28.02.2013 Mutual Fund Manager




CI INVESTMENTS INC Multiple Portfolios MF-AGG 102'500 0.71 95'000 31.12.2012 Investment Advisor




LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 82'372 0.57 - 28.03.2013 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 75'260 0.52 - 28.02.2013 Mutual Fund Manager

ACTIVEST MUNICH Multiple Portfolios MF-AGG 74'930 0.52 6'254 31.01.2013 Investment Advisor

ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 70'000 0.48 - 28.02.2013 Investment Advisor




Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 08.03.2013

Raiffeisenbank AG DANIEL DAMASKA buy 5 M 142 12 month 15.02.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 139 Not Provided 13.02.2013

Berenberg Bank ALI FARID KHWAJA buy 5 M 130 Not Provided 13.02.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 165 12 month 05.02.2013

Erste Group DANIEL LION accumulate 4 M 127 12 month 01.02.2013


Natixis MAXIME MALLET buy 5 M 163 Not Provided 30.01.2013


Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 126 12 month 29.01.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 148 12 month 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

Holdings By:

ams AG ee


11.04.2013

Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans

including mortgage loans, investment counseling and asset management. Luzerner

Kantonalbank serves the Canton of Lucerne through numerous full and secondary

branches.


LTM as of: 12/yy

52-Week High (10.04.2013) 363.00

52-Week Low (11.04.2012) 317.50

Daily Volume

361





3'068.50 1 Yr Total Return 16.44%





Enterprise Value -


LUKN SE EQUITY YTD Change - Average Volume 30 Day 1'620

LUKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'605


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

871.3 754.2 730.0 719.4 685.4 719.4 685.4 427.0 437.0 - -

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

- - - - - 0.0 0.0 - - - -

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

143.3 140.7 149.4 158.6 168.3 158.6 168.3 184.0 189.0 - -

14.72x 16.61x 17.69x 16.73x 16.92x 16.73x 16.93x 16.52x 16.06x - -


EBIT - Long-Term Rating AA+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Luzerner Kantonalbank AGPrice/Volume

Valuation Analysis

606.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


CANTON OF LUCERNE #N/A N/A Co File 5'225'800 61.48 - 31.12.2012 Government






KOBLER BERNARD n/a Co File 5'740 0.07 - 31.12.2012 n/a


FELDER JOSEF ANTON n/a Co File 4'155 0.05 - 31.12.2012 n/a


HURSCHLER MARCEL n/a Co File 2'688 0.03 - 31.12.2012 n/a


BACHMANN MARK n/a Co File 2'167 0.03 - 31.12.2012 n/a

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 2'147 0.03 (106) 31.01.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'030 0.02 284 31.01.2013 Mutual Fund Manager

SALZMANN DANIEL n/a Co File 2'014 0.02 - 31.12.2012 n/a

HODEL BEAT n/a Co File 1'723 0.02 - 31.12.2012 n/a

GRUETER LEO n/a Co File 1'629 0.02 - 31.12.2012 n/a






Holdings By:

Luzerner Kantonalbank AG ee


11.04.2013

Nobel Biocare Holding AG develops and produces dental implants and dental

prosthetics. The Company manufactures permanent replacements for tooth roots,

and dental crowns and bridges. Nobel Biocare sells under the brand names

Branemark System, Steri-Oss/Replace, and Procera on the global market.


LTM as of: 12/yy

52-Week High (27.04.2012) 11.44

52-Week Low (21.11.2012) 6.94

Daily Volume

9.41





1'164.81 1 Yr Total Return -10.02%







NOBN SE EQUITY YTD Change - Average Volume 30 Day 603'935

NOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 690'281


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

619.2 581.4 576.6 569.2 580.5 569.2 580.5 568.2 587.6 141.0 143.6

2.93x 4.95x 3.02x 1.97x 1.26x 10.03x 6.64x 1.57x 1.45x 6.43x 6.33x

161.1 169.4 114.5 104.6 100.7 104.6 100.7 98.6 107.1 24.3 26.8

11.26x 16.98x 15.22x 10.71x 7.29x 10.71x 7.29x 9.14x 8.41x 9.35x 9.15x

109.7 105.8 45.7 39.8 45.8 39.8 45.8 48.3 54.6 12.3 13.8

15.96x 27.21x 38.35x 28.05x 17.37x 28.05x 17.37x 19.59x 17.35x 19.49x 19.11x











EBITDA Margin 17.4%



Asset Turnover 0.97







Fiscal Year Ended

Nobel Biocare Holding AGPrice/Volume

Valuation Analysis

163'015.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


FRANKLIN RESOURCES n/a ULT-AGG 14'021'473 11.33 6'448'422 21.02.2013 Investment Advisor

SILCHESTER INTL INVE n/a Co File 12'626'019 10.2 - 31.12.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 6'808'148 5.5 - 31.12.2012 Government

INVESCO LTD n/a Co File 6'189'225 5 - 31.12.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 5'366'762 4.34 336'218 31.12.2012 Unclassified

GOVERNANCE FOR OWNER n/a Co File 3'961'104 3.2 - 31.12.2012 Other



NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'183'120 1.76 - 30.06.2012 Pension Fund (ERISA)

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'000'000 1.62 (232'723) 28.09.2012 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'323'847 1.07 - 28.09.2012 Investment Advisor


NOBEL BIOCARE HOLDIN n/a Co File 981'139 0.79 - 31.12.2012 Unclassified




VALIC CO I Multiple Portfolios MF-AGG 400'272 0.32 152'799 31.01.2013 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 342'345 0.28 (12'566) 30.11.2012 Bank


Deutsche Bank YI-DAN WANG sell 1 M 6 12 month 10.04.2013

HSBC HENDRIK LOFRUTHE underweight 1 D 9 Not Provided 08.04.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 9 12 month 27.03.2013


Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 7 12 month 26.03.2013

Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 9 6 month 21.03.2013

Northcoast Research EDWIN SNYDER sell 1 M 7 12 month 19.03.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 M #N/A N/A Not Provided 18.03.2013



Barclays ALEXANDER KLEBAN underweight 1 M 7 Not Provided 05.03.2013


Credit Suisse CHRISTOPH GRETLER neutral 3 M 11 Not Provided 20.02.2013

Berenberg Bank TOM JONES buy 5 M 12 Not Provided 20.02.2013


S&P Capital IQ JACOB THRANE sell 1 D 9 12 month 20.02.2013


Exane BNP Paribas JULIEN DORMOIS underperform 1 M 9 Not Provided 20.02.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 7 9 month 19.02.2013

Bryan Garnier & Cie MATHIEU CHABERT sell 1 M 9 6 month 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 23.01.2013

CA Cheuvreux DANIEL JELOVCAN underperform 1 U 7 Not Provided 08.11.2012

Equita SIM SpA FABIO FAZZARI not rated #N/A N/A M 26 Not Provided 21.05.2009

Holdings By:

Nobel Biocare Holding AG ee


11.04.2013

Panalpina Welttransport Holding AG offers freight shipping and supply chain

management services. The Company transports freight by air and ship, and

offers warehousing and distribution services. Panalpina operates worldwide.


LTM as of: 12/yy

52-Week High (19.02.2013) 106.30

52-Week Low (13.07.2012) 75.74

Daily Volume

90.5












PWTN SE EQUITY YTD Change - Average Volume 30 Day 44'081

PWTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 34'365


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

8'877.6 5'957.9 7'164.2 6'499.6 6'616.6 6'499.6 6'616.6 7'216.5 7'583.6 950.5 1'706.0

0.12x 0.17x 0.33x 0.26x 0.27x 1.13x 1.00x 0.24x 0.23x 1.83x 0.98x

239.9 79.2 62.1 212.2 36.6 212.2 36.6 134.0 178.2 20.4 33.2

4.42x 13.06x 37.55x 7.99x 49.57x 7.99x 49.57x 13.16x 9.90x 13.79x -

112.7 8.5 (27.4) 126.3 (70.5) 126.3 (70.5) 62.6 92.6 4.8 15.8

12.55x 182.78x - 18.02x - 24.92x 0.00x 32.52x 22.18x 37.55x -











EBITDA Margin 0.6%

EBIT Margin -0.3% Total Debt/Equity 0.3%


Asset Turnover 3.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Panalpina Welttransport Holding AGPrice/Volume

Valuation Analysis

7'471.00


!

.!

1!

3!

5!

-!!

-.!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

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



11.04.2013


ERNST GOEHNER FOUNDA n/a Co File 10'910'750 45.94 - 31.12.2012 Other

CEVIAN CAPITAL AB n/a Co File 2'842'875 11.97 - 31.12.2012 Venture Capital

ARTISAN PARTNERS HOL n/a EXCH 2'387'268 10.05 12'720 12.03.2013 Investment Advisor

BESTINVER GESTION SG n/a Co File 1'263'500 5.32 - 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 312'700 1.32 136'700 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 236'400 1 (29'130) 31.12.2012 Investment Advisor





PANALPINA WELTTRANSP n/a Co File 99'750 0.42 - 31.12.2012 Corporation



ERIE INSURANCE GROUP n/a ULT-AGG 65'857 0.28 - 31.12.2012 Insurance Company

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 37'256 0.16 (180) 31.01.2013 Investment Advisor

RIBAR MONIKA n/a Co File 35'596 0.15 - 31.12.2012 n/a


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 33'325 0.14 (108) 28.12.2012 Mutual Fund Manager

SENTINEL ASSET MANAG Multiple Portfolios MF-AGG 30'000 0.13 30'000 30.11.2012 Insurance Company



RBC Capital Markets DAMIAN BREWER sector perform 3 M 95 12 month 10.04.2013

CA Cheuvreux BEAT KEISER underperform 1 M 72 Not Provided 10.04.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA sell 1 M 73 12 month 09.04.2013

Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 143 12 month 08.04.2013


Cantor Fitzgerald ROBIN BYDE sell 1 M 80 Not Provided 03.04.2013


Macquarie ROBERT JOYNSON underperform 1 M 58 12 month 26.03.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 91 12 month 20.03.2013

Main First Bank AG TOBIAS SITTIG underperform 1 M 80 12 month 19.03.2013


HSBC JULIA WINARSO underweight 1 M 70 Not Provided 11.03.2013

Nomura MARK MCVICAR reduce 2 M 65 Not Provided 11.03.2013

Credit Suisse NEIL GLYNN underperform 1 M 64 Not Provided 07.03.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 07.03.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 107 Not Provided 07.03.2013

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 77 Not Provided 07.03.2013

Liberum Capital Ltd PETER HYDE hold 3 M 94 Not Provided 07.03.2013

Davy JOSHUA GOLDMAN underperform 1 N #N/A N/A Not Provided 25.01.2013

Barclays DAVID E FINTZEN equalweight 3 M 95 Not Provided 09.01.2013

Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 U 90 12 month 03.12.2012

Zuercher Kantonalbank MARCO STRITTMATTER underperform 1 D #N/A N/A Not Provided 02.11.2012

Holdings By:

Panalpina Welttransport Holding AG ee


11.04.2013

Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional

banking services such as mortgage loans and various types of deposits. Berner

Kantonalbank operates through a network of branches.


LTM as of: 01/yy

52-Week High (27.11.2012) 258.75

52-Week Low (25.07.2012) 247.00

Daily Volume

257










Enterprise Value -


BEKN SE EQUITY YTD Change - Average Volume 30 Day 3'135

BEKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'443


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

829.2 947.6 869.1 689.7 663.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

112.7 119.0 125.0 130.1 128.1 - - - - - -

18.51x 17.99x 18.05x 17.92x 18.49x - - - - - -









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

Berner Kantonalbank AGPrice/Volume

Valuation Analysis

941.00


!

2!

-!!

-2!

.!!

.2!

0!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


KANTON BERN #N/A N/A Co File 4'799'800 51.5 - 31.12.2012 Government

BERNER KANTONALBANK #N/A N/A Co File 160'349 1.72 - 31.12.2012 Bank





NOBILI JEAN-CLAUDE n/a Co File 7'283 0.08 - 31.12.2012 n/a

STARCAP AG Multiple Portfolios MF-AGG 7'155 0.08 - 30.12.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'265 0.07 (1'385) 31.07.2012 Investment Advisor





RIEBEN JUERG n/a Co File 2'876 0.03 - 31.12.2012 n/a

RUFER THOMAS n/a Co File 2'781 0.03 - 31.12.2012 n/a

RUEFENACHT HANSPETER n/a Co File 2'700 0.03 - 31.12.2012 n/a

WEHRLI RUDOLF n/a Co File 2'352 0.03 - 31.12.2012 n/a

ANDEREGG-DIETRICH KA n/a Co File 2'301 0.02 - 31.12.2012 n/a

GERBER STEFAN n/a Co File 2'250 0.02 - 31.12.2012 n/a

HOPF JOHANNES n/a Co File 2'220 0.02 - 31.12.2012 n/a



Holdings By:

Berner Kantonalbank AG ee


11.04.2013

Kuoni Reisen Holding AG operates travel agencies and provides travel planning

services. The Company provides leisure travel services as well as offers tours

and support services for overseas travelers in Europe. Kuoni Reisen operates

subsidiaries and affiliates around the world.


LTM as of: 12/yy

52-Week High (03.05.2012) 341.00

52-Week Low (24.08.2012) 230.40

Daily Volume

297.25





1'188.52 1 Yr Total Return -4.76%







KUNN SE EQUITY YTD Change - Average Volume 30 Day 10'944

KUNN SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'052


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

4'855.0 3'893.6 3'983.6 5'111.3 5'845.5 5'298.2 5'338.4 5'769.1 5'983.6 - -

0.14x 0.17x 0.24x 0.16x 0.17x 0.13x 0.12x 0.22x 0.19x - -

199.6 67.5 113.2 167.0 171.2 270.7 89.7 205.2 238.4 - -

3.39x 9.80x 8.54x 5.01x 5.82x 0.00x 0.00x 5.34x 4.60x - -

150.7 0.2 21.3 31.8 (14.8) 254.7 87.4 72.5 110.9 - -

7.26x 4362.50x 61.14x 24.40x - 0.00x 0.00x 12.38x 9.42x - -











EBITDA Margin 2.9%



Asset Turnover 2.38







Fiscal Year Ended

Kuoni Reisen Holding AGPrice/Volume

Valuation Analysis

1'868.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



11.04.2013


SILCHESTER INTL INVE n/a Co File 755'062 20.14 - 31.12.2011 Investment Advisor

MIGROS GENOSSEN n/a Co File 474'014 12.65 - 31.12.2011 Other



KUONI REISEN HOLDING n/a Co File 136'791 3.65 - 31.12.2011 Other




SPARINVEST n/a ULT-AGG 65'188 1.74 (926) 31.03.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 61'663 1.65 (2'500) 31.01.2013 Investment Advisor












AlphaValue BERENICE LACROIX add 4 M 323 6 month 11.04.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 345 6 month 10.04.2013

Helvea CHRISTIAN BURGER accumulate 4 M 330 12 month 05.04.2013

Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 280 6 month 28.03.2013

Deutsche Bank GEOF COLLYER buy 5 U 358 12 month 27.03.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 300 Not Provided 25.03.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 22.03.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 350 Not Provided 22.03.2013


Natixis GEOFFREY D'HALLUIN neutral 3 M 300 Not Provided 22.03.2013


Exane BNP Paribas MATTHIAS DESMARAIS neutral 3 U 300 Not Provided 22.03.2013

JPMorgan JAAFAR MESTARI overweight 5 M 300 Not Provided 14.03.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013


Holdings By:

Kuoni Reisen Holding AG ee


11.04.2013

Burckhardt Compression Holding AG manufactures reciprocating compressors. The

Company produces compressors for oil refining, the chemical and petrochemical

industries, industrial gases, and gas transport and storage.


LTM as of: 01/yy

52-Week High (11.04.2013) 368.00

52-Week Low (04.06.2012) 206.60

Daily Volume

365.5





1'242.70 1 Yr Total Return 55.03%







BCHN SE EQUITY YTD Change - Average Volume 30 Day 4'039

BCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'407


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

368.0 424.5 343.2 355.6 328.9 - - 387.6 420.5 - -

2.70x 0.55x 1.83x 2.43x 2.09x - - 2.83x 2.53x - -

95.5 102.1 83.7 71.7 79.3 - - 83.1 93.7 - -

10.41x 2.29x 7.50x 12.06x 8.67x - - 13.74x 12.18x - -

68.0 72.8 56.0 45.1 50.5 - - 54.8 63.0 - -

15.85x 4.94x 12.47x 21.33x 16.26x - - 22.03x 19.11x - -











EBITDA Margin 25.5%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Burckhardt Compression Holding AGPrice/Volume

Valuation Analysis

2'662.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



11.04.2013


ING GROEP NV n/a Co File 241'400 7.1 - 31.03.2012 Investment Advisor


VOGT VALENTIN n/a Co File 202'633 5.96 - 31.03.2012 n/a

COLLEGE RETIREMENT E n/a #N/A N/A 176'332 5.19 - 30.04.2012 Other

TIAA CREF INVESTMENT n/a Co File 166'600 4.9 - 31.03.2012 Investment Advisor


DEUTSCHE BANK AG n/a Co File 112'200 3.3 - 31.03.2012 Investment Advisor


AMERIPRISE FINANCIAL n/a Co File 108'800 3.2 - 31.03.2012 Investment Advisor


UBS FUND MANAGEMENT n/a Co File 102'000 3 - 31.03.2012 Investment Advisor

HARRIS ASSOCIATES LP n/a EXCH 99'988 2.94 (5'475) 30.04.2012 Investment Advisor

ROYCE & ASSOCIATES n/a EXCH 99'450 2.92 (3'468) 06.12.2011 Unclassified


BURCKHARDT COMPRESSI n/a Co File 76'255 2.24 - 31.03.2012 Corporation

KELLER LEONHARD n/a Co File 71'563 2.1 - 31.03.2012 n/a


HELLER MARTIN n/a Co File 57'500 1.69 - 31.03.2012 n/a

PAWLICEK MARCEL n/a Co File 52'045 1.53 - 31.03.2012 n/a

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 50'073 1.47 (1'270) 30.06.2012 Investment Advisor







Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 450 6 month 08.11.2012


Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 06.11.2012

Holdings By:

Burckhardt Compression Holding AG ee


11.04.2013

St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and

commercial banking as well as private and institutional banking. SGKB also

provides asset management and financial planning services. The Bank offers its

services in the Canton of St. Gall through a network of branches.


LTM as of: 01/yy

52-Week High (15.03.2013) 414.00

52-Week Low (21.05.2012) 320.75

Daily Volume

406





2'262.81 1 Yr Total Return 15.11%





Enterprise Value -


SGKN SE EQUITY YTD Change - Average Volume 30 Day 1'942

SGKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'007


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

928.6 795.9 731.9 702.9 711.5 - - 501.0 510.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

171.1 168.1 146.3 135.7 151.4 - - 168.0 170.0 - -

12.44x 15.24x 17.82x 14.45x 13.78x - - 13.45x 13.26x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

St Galler Kantonalbank AGPrice/Volume

Valuation Analysis

394.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


KANTON ST GALLEN n/a Co File 3'054'223 54.8 - 31.12.2010 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 78'741 1.41 - 31.01.2013 Investment Advisor


ST GALLER KANTONALBA n/a Co File 27'867 0.5 - 31.12.2010 Bank










LEDERGERBER ROLAND n/a Co File 4'757 0.09 - 31.12.2010 n/a


OESCH FRANZ PETER n/a Co File 2'465 0.04 - 31.12.2010 n/a

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 2'400 0.04 - 31.12.2012 Mutual Fund Manager

BUSCHOR FELIX n/a Co File 2'084 0.04 - 31.12.2010 n/a


KOLLER ALBERT n/a Co File 1'721 0.03 - 31.12.2010 n/a


EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013


Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 15.02.2013

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 19.04.2012

Holdings By:

St Galler Kantonalbank AG ee


11.04.2013

Belimo Holding AG manufactures heating, ventilation and air conditioning

equipment (HVAC). The Company develops and manufactures damper actuators for

general purposes, special motorized fire and smoke dampers and air-volume

controls for HVAC systems. Belimo offers sales and consulting services

worldwide.


LTM as of: 01/yy

52-Week High (18.03.2013) 2'280.00

52-Week Low (29.10.2012) 1'559.00

Daily Volume

2173





1'336.40 1 Yr Total Return 30.58%







BEAN SE EQUITY YTD Change - Average Volume 30 Day 352

BEAN SE EQUITY YTD % CHANGE - Average Volume 3 Month 303


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

403.8 385.9 426.4 416.0 444.6 - - 480.8 518.6 - -

1.15x 1.76x 2.29x 2.35x 2.23x - - 2.60x 2.40x - -

78.6 74.9 96.6 81.8 91.9 - - 102.6 112.0 - -

5.91x 9.08x 10.11x 11.96x 10.79x - - 12.20x 11.18x - -

46.1 49.3 61.3 51.6 61.4 - - 69.3 76.1 - -

9.88x 14.14x 16.72x 20.03x 17.50x - - 19.05x 17.35x - -











EBITDA Margin 20.7%



Asset Turnover 1.37







Fiscal Year Ended

Belimo Holding AGPrice/Volume

Valuation Analysis

43.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


GROUPE LINSI n/a EXCH 118'412 19.25 - 22.04.2012 Other


RONER WERNER n/a Co File 35'000 5.69 - 31.12.2011 n/a

LOMBARD ODIER DARIER n/a Co File 25'179 4.09 - 31.12.2011 Investment Advisor


AMERIPRISE FINANCIAL n/a Co File 21'949 3.57 - 31.12.2011 Investment Advisor

MONTANARO ASSET MGMT n/a EXCH 19'822 3.22 - 07.01.2013 Investment Advisor



LINSI WALTER n/a Co File 10'187 1.66 - 31.12.2011 n/a



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 8'318 1.35 (68) 28.02.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 8'155 1.33 (56) 31.12.2012 Mutual Fund Manager


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'933 0.8 (126) 28.02.2013 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4'829 0.79 214 31.01.2013 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'072 0.5 450 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'300 0.37 - 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 2'068 0.34 - 10.04.2013 Investment Advisor



Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 12.03.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 2'100 Not Provided 12.03.2013

Helvea PATRICK APPENZELLER accumulate 4 M 2'350 12 month 12.03.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 N 2'150 12 month 25.02.2013

Holdings By:

Belimo Holding AG ee


11.04.2013

Tecan AG develops, manufactures and distributes laboratory automation

components and systems. The Company produces robotic sample processors,

stand-alone separation and detection devices, laser scanners, integrated

systems, and pumps and valves for high precision liquid handling. The products

are mainly used by research and diagnostic laboratories.


LTM as of: 12/yy

52-Week High (08.03.2013) 90.70

52-Week Low (06.06.2012) 59.05

Daily Volume

86.4





988.81 1 Yr Total Return 34.75%







TECN SE EQUITY YTD Change - Average Volume 30 Day 35'239

TECN SE EQUITY YTD % CHANGE - Average Volume 3 Month 35'008


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

396.0 356.2 370.5 377.0 391.1 307.7 405.9 413.6 453.5 - -

0.93x 2.14x 2.11x 1.50x 1.77x 0.00x 2.10x 1.98x 1.67x - -

56.7 68.7 64.7 60.4 62.6 0.0 0.0 70.3 82.6 - -

6.53x 11.08x 12.07x 9.38x 11.09x 0.00x 0.00x 12.07x 10.28x - -

25.6 49.3 16.2 47.6 42.2 8.4 40.6 49.0 58.4 - -

16.60x 17.03x 17.33x 15.19x 19.62x 0.00x 21.60x 19.34x 16.34x - -











EBITDA Margin 16.0%



Asset Turnover 0.96







Fiscal Year Ended

Tecan Group AGPrice/Volume

Valuation Analysis

6'127.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

1!! !!

12! !!

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



11.04.2013


ING GROEP NV n/a Co File 1'051'540 9.19 - 31.12.2011 Investment Advisor

UBS FUND MANAGEMENT n/a Co File 584'374 5.11 - 31.12.2011 Investment Advisor

TECAN GROUP AG n/a Research 572'134 5 (119'188) 11.12.2012 Unclassified

PICTET ASSET MANAGEM n/a EXCH 566'302 4.95 - 23.01.2013 Investment Advisor



CREDIT SUISSE ASSET n/a EXCH 368'034 3.22 26'922 13.03.2012 Investment Advisor

NORGES BANK n/a Co File 350'520 3.06 - 31.12.2011 Government


TIAA CREF INVESTMENT n/a EXCH 327'937 2.87 (237'047) 27.08.2012 Investment Advisor






NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 113'911 1 60'505 28.02.2013 Investment Advisor






HSBC JAN KEPPELER neutral 3 N 98 Not Provided 08.04.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 02.04.2013

Helvea SIMON GOETSCHMANN buy 5 M 95 12 month 18.03.2013



Berenberg Bank SCOTT BARDO buy 5 M 105 Not Provided 08.03.2013


Main First Bank AG STEPHAN VOLLERT outperform 5 M 96 12 month 01.02.2013

Holdings By:

Tecan Group AG ee


11.04.2013

Logitech International S.A. manufactures personal computer input devices. The

Company produces computer mice which help the user move the cursor around the

computer screen quickly, trackballs, game controllers, keyboards, PC video

cameras, and multimedia speakers. The Company sells its products worldwide.


LTM as of: 12/yy

52-Week High (22.05.2012) 9.91

52-Week Low (01.02.2013) 6.03

Daily Volume

6.49





1'123.46 1 Yr Total Return -0.88%







LOGN SE EQUITY YTD Change - Average Volume 30 Day 652'680

LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'047'193


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

2'370.5 2'208.8 1'966.7 2'362.9 2'316.2 2'331.9 2'162.8 2'121.8 2'032.6 475.7 442.5

2.14x 0.61x 1.31x 1.17x 0.35x 2.80x 2.32x 0.42x 0.41x 1.88x 2.12x

335.9 182.4 151.0 218.6 144.5 119.5 116.7 108.8 144.9 21.9 (4.3)

15.09x 7.44x 17.02x 12.61x 5.56x 8.15x 8.50x 8.20x 6.16x 11.18x 10.38x

231.0 107.0 65.0 128.5 71.5 45.9 (163.9) 58.6 80.6 8.0 (11.0)

19.95x 17.19x 44.61x 24.74x 19.02x 28.94x 0.00x 23.95x 15.17x - -











EBITDA Margin 5.4%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Logitech International SAPrice/Volume

Valuation Analysis

332'468.00


!

.

1

3

5

-!

-.

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



11.04.2013


LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified

MORGAN STANLEY n/a ULT-AGG 12'731'467 7.35 (175'315) 31.12.2012 Investment Advisor

BOREL DANIEL n/a Form 4 10'894'944 6.29 (300'000) 03.04.2013 n/a




MARATHON ASSET MANAG #N/A N/A EXCH 5'358'296 3.1 - 05.04.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'346'212 2.51 38'831 28.02.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'231'897 2.44 676'059 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'500'000 2.02 - 28.02.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'164'411 1.83 (101'412) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'541'464 1.47 1'162'647 31.12.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA)

THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 1'761'859 1.02 (928'547) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'637'468 0.95 (230'617) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'348'600 0.78 (59'800) 31.12.2012 Investment Advisor


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'294'100 0.75 7'000 31.12.2012 Investment Advisor


JPMorgan PAUL T COSTER underweight 1 M 7 12 month 11.04.2013

AlphaValue HEINZ STEFFEN add 4 M 7 6 month 11.04.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 26.03.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 7 12 month 14.03.2013

Credit Suisse FELIX REMMERS underperform 1 M 5 Not Provided 04.03.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 9 Not Provided 28.02.2013

Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 7 12 month 30.01.2013



Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 25.01.2013

Avondale Partners LLC JOHN F BRIGHT market perform 3 D 6 Not Provided 25.01.2013



Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 25.01.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.01.2013

Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 24.01.2013

Holdings By:

Logitech International SA ee


11.04.2013

Straumann Holding AG develops, produces and sells dental implants. The Company

manufactures metal devices implantable in the jaw, in place of missing teeth,

to which prosthetic teeth are attached. Straumann has subsidiaries throughout

Europe and North America. The Company sells its products worldwide.


LTM as of: 12/yy

52-Week High (29.05.2012) 160.70

52-Week Low (16.11.2012) 97.90

Daily Volume

118.9





1'863.94 1 Yr Total Return -17.39%







STMN SE EQUITY YTD Change - Average Volume 30 Day 45'654

STMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 67'711


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

778.7 736.4 737.6 693.6 686.3 196.4 686.3 687.4 713.3 173.5 176.5

3.59x 5.86x 4.07x 3.07x 2.31x 0.00x 0.00x 2.44x 2.26x - -

101.0 217.9 211.3 116.7 95.6 0.0 0.0 151.3 168.7 - -

27.70x 19.81x 14.20x 18.26x 16.56x 0.00x 0.00x 11.36x 10.19x - -

8.1 146.4 131.1 71.0 36.4 0.0 0.0 103.1 117.7 - -

356.73x 31.18x 25.57x 35.70x 47.46x 0.00x 0.00x 17.87x 15.24x - -











EBITDA Margin 13.9%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Straumann Holding AGPrice/Volume

Valuation Analysis

12'758.00


!.!1!3!5!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


STRAUMANN THOMAS n/a Research 2'712'936 17.31 (1'566'749) 27.11.2012 n/a

GOVT OF SINGAPORE IN n/a ULT-AGG 2'162'323 13.79 2'115'096 27.11.2012 Government

MAAG RUDOLF n/a Co File 1'912'533 12.2 - 31.12.2011 n/a

DE MOURA CUNHA SIMON n/a Co File 924'914 5.9 - 31.12.2011 n/a

STRAUMANN GABRIELLA n/a Co File 533'001 3.4 - 31.12.2011 n/a

SPRUCEGROVE INVESTME n/a EXCH 474'035 3.02 - 23.08.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 465'447 2.97 (4'939) 22.06.2012 Investment Advisor

BAILLIE GIFFORD AND n/a EXCH 461'120 2.94 - 18.01.2013 Investment Advisor

PARVUS ASSET MANAGEM n/a EXCH 414'471 2.64 (390'276) 28.03.2013 Investment Advisor



HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 97'779 0.62 36'778 31.12.2012 Investment Advisor






VANGUARD GROUP INC Multiple Portfolios MF-AGG 46'955 0.3 (31'931) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 38'300 0.24 (210'450) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 33'300 0.21 (25'600) 30.11.2012 Investment Advisor


HSBC HENDRIK LOFRUTHE overweight 5 M 150 Not Provided 08.04.2013

Northcoast Research EDWIN SNYDER neutral 3 M #N/A N/A Not Provided 03.04.2013

Exane BNP Paribas JULIEN DORMOIS underperform 1 M 125 Not Provided 02.04.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 120 12 month 27.03.2013

Commerzbank Corporates & Markets OLIVER METZGER reduce 2 M 109 6 month 21.03.2013





Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 93 12 month 05.03.2013

Barclays ALEXANDER KLEBAN underweight 1 M 127 Not Provided 05.03.2013

Berenberg Bank TOM JONES buy 5 M 154 Not Provided 26.02.2013

Deutsche Bank YI-DAN WANG buy 5 M 146 12 month 22.02.2013




EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux DANIEL JELOVCAN underperform 1 M 95 Not Provided 22.08.2012

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 D #N/A N/A Not Provided 21.08.2012

Holdings By:

Straumann Holding AG ee


11.04.2013

Graubuendner Kantonalbank is a Swiss bank which provides standard banking

services such as deposits and real estate mortgage loans, along with other

financial services. The Bank serves the Canton of Graubuenden through numerous

branches.


LTM as of: 01/yy

52-Week High (12.10.2012) 1'203.00

52-Week Low (15.03.2013) 1'127.00

Daily Volume

1149










Enterprise Value -


GRKP SE EQUITY YTD Change - Average Volume 30 Day 372

GRKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 331


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

618.9 548.9 509.9 509.8 391.9 - - 387.0 399.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

121.5 141.6 149.5 149.6 153.3 - - 191.0 202.0 - -

19.22x 20.45x 20.36x 19.59x 20.69x - - 14.91x 14.12x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Graubuendner KantonalbankPrice/Volume

Valuation Analysis

8.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013





IST FUND MANAGERS Multiple Portfolios MF-AGG 607 0.08 - 28.02.2013 Mutual Fund Manager

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 495 0.07 (19) 31.01.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 448 0.06 74 31.01.2013 Mutual Fund Manager

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 319 0.04 - 31.01.2013 Mutual Fund Manager

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 105 0.01 - 28.12.2012 Mutual Fund Manager

UBS ETF Multiple Portfolios MF-AGG 99 0.01 1 28.12.2012 Investment Advisor

ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 31 0 (2) 30.06.2011 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 18 0 (16) 31.01.2013 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 7 0 - 28.02.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG - 0 (1'835) 31.12.2012 Mutual Fund Manager



Zuercher Kantonalbank ANDREAS BRUN market perform 3 U #N/A N/A Not Provided 05.09.2012

Holdings By:

Graubuendner Kantonalbank ee


11.04.2013

Forbo Holding AG produces floor coverings, adhesives, and belts for conveying

and power transmission. Forbo operates worldwide.


LTM as of: 01/yy

52-Week High (02.05.2012) 658.50

52-Week Low (24.08.2012) 522.50

Daily Volume

613












FORN SE EQUITY YTD Change - Average Volume 30 Day 5'242

FORN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'789


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'918.7 1'782.4 1'291.2 1'203.8 1'201.1 - - 1'199.3 1'219.7 - -

0.44x 0.58x 1.10x 0.94x 0.78x - - 0.88x 0.84x - -

198.7 188.2 227.7 197.2 206.0 - - 162.5 170.8 - -

4.22x 5.45x 6.25x 5.74x 4.58x - - 6.84x 6.50x - -

16.0 76.1 163.3 146.5 197.2 - - 94.8 103.0 - -

28.43x 10.10x 9.01x 8.37x 6.57x - - 13.41x 11.98x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Forbo Holding AGPrice/Volume

Valuation Analysis

1'728.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013


PIEPER MICHAEL W n/a Co File 681'500 30.29 - 31.12.2011 n/a

FORBO HOLDING AG n/a EXCH 196'117 8.72 (179'360) 22.01.2013 Corporation

SCHNEIDER THIS E n/a Co File 114'000 5.07 - 31.12.2011 n/a










PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'703 0.3 - 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'421 0.29 1'421 31.12.2012 Investment Advisor


GNAEGI ALBERT n/a Co File 4'660 0.21 - 31.12.2011 n/a

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'522 0.2 1'219 31.12.2012 Investment Advisor

UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 4'511 0.2 468 31.12.2012 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 4'064 0.18 1'264 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'828 0.17 - 31.12.2012 Investment Advisor



EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 26.03.2013

Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 20.03.2013

Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 740 Not Provided 20.03.2013



Holdings By:

Forbo Holding AG ee


11.04.2013

Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking

and other financial services. Zuger Kantonalbank emphasizes mortgage lending

and corporate finance. The Bank operates through a number of branches in the

Canton Zug.


LTM as of: 01/yy

52-Week High (17.04.2012) 5'225.00

52-Week Low (31.08.2012) 4'650.00

Daily Volume

5030










Enterprise Value -


ZG SE EQUITY YTD Change - Average Volume 30 Day 48

ZG SE EQUITY YTD % CHANGE - Average Volume 3 Month 58


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

376.5 336.9 334.9 338.0 326.6 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

61.3 61.4 61.1 61.0 61.2 - - - - - -

17.40x 19.96x 23.56x 23.81x 22.62x - - - - - -









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

Zuger Kantonalbank AGPrice/Volume

Valuation Analysis

36.00


!

-!!!

.!!!

0!!!

1!!!

2!!!

3!!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


KANTON ZUG n/a Co File 144'438 50.1 - 31.12.2011 Government


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 756 0.26 (10) 28.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 601 0.21 - 31.01.2013 Mutual Fund Manager


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 149 0.05 - 31.07.2012 Investment Advisor




JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 42 0.01 - 28.12.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL n/a ULT-AGG 31 0.01 31 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 31 0.01 - 31.01.2013 Investment Advisor


UBS ETF Multiple Portfolios MF-AGG 18 0.01 - 28.12.2012 Investment Advisor

ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 8 0 - 30.06.2011 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 4 0 3 28.03.2013 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3 0 - 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG - 0 (130) 30.06.2012 Investment Advisor



Holdings By:

Zuger Kantonalbank AG ee


11.04.2013

Vontobel Holding AG offers wealth management services for private and

institutional clients, and investment banking services. The bank offers

portfolio management services, derivative and structured products, securities

brokerage, capital market transactions, custodian services, institutional asset

management and investment funds.


LTM as of: 01/yy

52-Week High (25.02.2013) 33.40

52-Week Low (28.06.2012) 17.80

Daily Volume

31.3





2'034.50 1 Yr Total Return 49.34%







VONN SE EQUITY YTD Change - Average Volume 30 Day 43'854

VONN SE EQUITY YTD % CHANGE - Average Volume 3 Month 45'335


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

931.8 903.3 951.8 890.7 904.9 - - 830.4 900.3 - -

8.69x 11.08x 10.99x 6.50x 7.15x - - - - - -

256.0 232.9 242.8 213.9 222.3 - - - - - -

31.63x 42.96x 43.08x 27.06x 29.11x - - - - - -

112.8 138.9 147.8 113.7 130.6 - - 148.3 173.8 - -

12.36x 13.62x 15.41x 11.80x 13.76x - - 13.69x 11.85x - -











EBITDA Margin 24.6%



Asset Turnover 0.05







Fiscal Year Ended

Vontobel Holding AGPrice/Volume

Valuation Analysis

4'874.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



11.04.2013


VONTOBEL HANS n/a Co File 11'765'000 18.1 - 31.12.2012 n/a

RAIFFEISEN SCHWEIZ n/a Co File 8'125'000 12.5 - 31.12.2012 Investment Advisor

VONTRUST AG n/a Co File 8'125'000 12.5 - 31.12.2012 Other

VONTOBEL FOUNDATION n/a Co File 7'085'000 10.9 - 31.12.2012 Other

DE LA COUR-VONTOBEL n/a Co File 3'575'000 5.5 - 31.12.2012 n/a

PELLEGRINUS HOLDING n/a Co File 2'730'000 4.2 - 31.12.2012 Other

VONTOBEL HOLDING AG n/a Co File 1'625'000 2.5 - 31.12.2012 Bank

FRANKLIN RESOURCES n/a ULT-AGG 844'812 1.3 (81'010) 31.12.2012 Investment Advisor

SCHEIDT HERBERT JULI n/a Co File 618'025 0.95 - 31.12.2012 n/a

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 587'406 0.9 - 28.09.2012 Mutual Fund Manager




STAUB ZENO n/a Co File 167'453 0.26 - 31.12.2012 n/a



STUDER ROGER n/a Co File 138'583 0.21 - 31.12.2012 n/a





CA Cheuvreux CHRISTIAN STARK underperform 1 M 28 Not Provided 09.04.2013

Berenberg Bank ELENI PAPOULA hold 3 U 25 Not Provided 07.03.2013


EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 13.02.2013


Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 30 12 month 07.02.2013


Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 38 12 month 28.01.2013

Nomura JON PEACE reduce 2 N 33 Not Provided 16.12.2010

Holdings By:

Vontobel Holding AG ee


11.04.2013

Daetwyler Holding AG manufactures rubber components and sealing solutions

for the automotive, pharmaceutical and civil engineering industries. The

company also distributes electronic, automation, engineering and IT components

and accessories.


LTM as of: 01/yy

52-Week High (03.01.2013) 109.55

52-Week Low (03.07.2012) 63.00

Daily Volume

107.2





1'822.40 1 Yr Total Return 42.38%







DAE SE EQUITY YTD Change - Average Volume 30 Day 15'140

DAE SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'051


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'294.9 1'122.2 1'319.5 1'290.5 1'414.2 - - 1'407.7 1'501.0 - -

0.53x 0.76x 0.88x 0.60x 0.99x - - 1.28x 1.14x - -

197.3 134.0 176.6 168.3 203.1 - - 215.7 237.0 - -

3.50x 6.35x 6.57x 4.57x 6.90x - - 8.68x 7.90x - -

109.6 63.7 98.2 96.2 127.5 - - 122.0 138.3 - -

6.03x 14.04x 12.19x 8.96x 10.49x - - 13.57x 11.96x - -











EBITDA Margin 14.4%



Asset Turnover 1.44







Fiscal Year Ended

Daetwyler Holding AGPrice/Volume

Valuation Analysis

8'932.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 - 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


PEMA HOLDINGS AG n/a Co File 4'550'000 36.11 - 31.12.2011 Holding Company

DAETWYLER HOLDING AG n/a Co File 1'534'600 12.18 - 31.12.2011 Corporation


TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 343'783 2.73 - 31.03.2012 Investment Advisor





LB SWISS INVESTMENT Multiple Portfolios MF-AGG 93'184 0.74 (23'700) 31.12.2012 Mutual Fund Manager



LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 66'000 0.52 (6'000) 31.01.2013 Mutual Fund Manager







HAELG PAUL J n/a Co File 21'200 0.17 - 31.12.2011 n/a



Bank Vontobel AG SERGE ROTZER buy 5 M 125 Not Provided 18.03.2013

Helvea STEFAN GAECHTER buy 5 M 125 12 month 18.03.2013


Zuercher Kantonalbank RICHARD FREI outperform 5 U #N/A N/A Not Provided 30.10.2012

Holdings By:

Daetwyler Holding AG ee


11.04.2013

Valora Holding AG is a holding company. The company owns and operates kiosks,

self-service stores, food, coffee and snack shops and restaurants, and

wholesale outlets. Valora also owns and manages commercial real estate in

Switzerland.


LTM as of: 01/yy

52-Week High (13.04.2012) 210.60

52-Week Low (03.09.2012) 145.00

Daily Volume

195












VALN SE EQUITY YTD Change - Average Volume 30 Day 8'250

VALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'994


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'931.1 2'897.0 2'877.7 2'817.9 2'847.9 - - 2'933.9 2'972.3 - -

0.15x 0.24x 0.32x 0.21x 0.35x - - 0.34x 0.33x - -

100.4 101.7 122.8 118.7 121.2 - - 143.1 150.0 - -

4.38x 6.87x 7.51x 4.95x 8.22x - - 7.27x 6.94x - -

38.6 54.0 63.4 56.3 45.4 - - 58.0 65.3 - -

19.90x 13.46x 14.60x 9.71x 11.87x - - 11.46x 10.16x - -











EBITDA Margin 4.3%



Asset Turnover 2.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Valora Holding AGPrice/Volume

Valuation Analysis

6'592.00


!

2!

-!!

-2!

.!!

.2!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

2'400.0

2'500.0

2'600.0

2'700.0

2'800.0

2'900.0

3'000.0

3'100.0

3'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



11.04.2013


DITSCH ERNST PETER n/a EXCH 635'599 18.5 - 09.11.2012 n/a


CREDIT SUISSE AG n/a EXCH 143'763 4.18 3'494 09.11.2012 Investment Advisor

SILVER GRANT GROUP L n/a EXCH 137'757 4.01 (1'272) 08.08.2012 Corporation

NORGES BANK n/a EXCH 120'741 3.51 - 27.03.2013 Government



LOMBARD ODIER DARIER n/a EXCH 85'250 2.48 2'954 02.04.2010 Investment Advisor


PICTET & CIE n/a EXCH 82'205 2.39 (53'334) 22.08.2012 Mutual Fund Manager


VALORA HOLDING AG n/a EXCH 53'130 1.55 (85'899) 24.09.2012 Unclassified




WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 27'500 0.8 - 31.01.2013 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 26'400 0.77 8'400 31.12.2012 Investment Advisor

BENEDICK ROLANDO n/a Co File 22'709 0.66 - 31.12.2011 n/a

VOLLMOELLER THOMAS n/a Co File 22'269 0.65 - 31.12.2011 n/a




Berenberg Bank ALEXANDRA SCHLEGEL hold 3 M 179 Not Provided 27.03.2013


Kepler Capital Markets CHRISTOPH LADNER reduce 2 M 180 Not Provided 27.03.2013



Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 D #N/A N/A Not Provided 26.03.2013

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 U 148 Not Provided 04.10.2012

GSC Research MATTHIAS WAHLER buy 5 N #N/A N/A Not Provided 18.03.2009

Holdings By:

Valora Holding AG ee


11.04.2013

Huber & Suhner AG manufactures telecommunications products and polymer systems.

The Company produces antenna systems, lightning protection, fiber optic cables

and connectors, and hybrid cables.


LTM as of: 01/yy

52-Week High (28.01.2013) 50.00

52-Week Low (21.05.2012) 35.50

Daily Volume

46.55












HUBN SE EQUITY YTD Change - Average Volume 30 Day 10'651

HUBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'592


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

760.2 631.1 799.5 758.5 698.1 - - 761.3 821.3 - -

0.76x 0.93x 1.32x 0.78x 1.14x - - 1.04x 0.96x - -

114.3 80.8 142.3 76.4 - - - 89.4 100.0 - -

5.06x 7.26x 7.40x 7.73x - - - 9.48x 8.48x - -

60.2 48.4 79.0 49.8 21.8 - - 43.4 52.4 - -

11.97x 15.94x 15.80x 15.43x 38.84x - - 20.55x 17.29x - -











EBITDA Margin 4.7%



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Huber & Suhner AGPrice/Volume

Valuation Analysis

1'613.00


!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



11.04.2013


BODMER HENRY CARL MA n/a Co File 2'399'760 11.88 - 31.12.2011 n/a

METROHM AG n/a Co File 2'145'240 10.62 - 31.12.2011 Corporation

HOFFMAN-SUHNER SYLVI n/a Co File 1'268'560 6.28 - 31.12.2011 n/a

LODH SWISS CAP n/a Co File 959'500 4.75 - 31.12.2011 Other

HUBER & SUHNER AG n/a Co File 746'663 3.7 - 31.12.2011 Corporation

HUWA FINANZ UND BETE n/a Co File 640'340 3.17 - 31.12.2011 Investment Advisor

EGS BETEILIGUNGEN AG n/a EXCH 607'195 3.01 - 04.06.2012 Investment Advisor







MAINFIRST SICAV Multiple Portfolios MF-AGG 111'198 0.55 - 31.12.2012 Investment Advisor





ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 47'000 0.23 (3'000) 31.12.2012 Mutual Fund Manager

KAUFMANN URS n/a Co File 45'800 0.23 - 31.12.2011 n/a



Helvea RETO AMSTALDEN accumulate 4 M 50 12 month 12.03.2013


Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

Huber & Suhner AG ee


11.04.2013

Inficon Holding AG develops, manufactures and markets vacuum instruments used to

monitor and control production processes. The Company's products help

semiconductor manufacturers to monitor and control their manufacturing processes

and prepare computer chips for packaging. Inficon also manufactures

refrigerant and helium leak detectors, and vacuum control products.


LTM as of: 12/yy

52-Week High (03.04.2013) 290.00

52-Week Low (16.05.2012) 178.20

Daily Volume

290

52-Week High % Change 0.00% Dividend Yield -











IFCN SE EQUITY YTD Change - Average Volume 30 Day 4'921

IFCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'276


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

256.5 181.7 265.4 312.1 297.2 312.1 297.2 310.3 323.5 73.6 -

0.53x 1.18x 1.32x 0.92x 1.51x 0.00x 0.00x 1.94x 1.85x - -

42.0 12.9 48.4 59.9 56.9 0.0 0.0 61.1 64.2 - -

3.27x 16.60x 7.21x 4.78x 7.88x 0.00x 0.00x 9.94x 9.46x - -

24.3 2.3 27.1 40.3 39.9 43.7 39.9 40.4 42.6 8.8 8.2

7.33x 106.96x 15.25x 8.90x 13.32x 8.20x 13.32x 17.51x 16.57x 18.49x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.03







Fiscal Year Ended

Inficon Holding AGPrice/Volume

Valuation Analysis

1'760.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


KWE BETEILIGUNGEN AG n/a Co File 436'482 19.55 - 31.12.2011 Other

7 INDUSTRIES HOLDING n/a EXCH 226'752 10.16 71'254 20.09.2012 Holding Company

WETHMEIMER RUTH n/a EXCH 111'458 4.99 - 09.03.2011 n/a



CREDIT SUISSE AG n/a EXCH 67'713 3.03 - 04.10.2012 Investment Advisor


POLAR CAPITAL LLP n/a EXCH 59'066 2.65 - 14.08.2012 Investment Advisor






WIRZ GUSTAV A n/a Co File 24'988 1.12 - 31.12.2011 n/a



FISCHER RICHARD n/a Co File 21'000 0.94 - 31.12.2011 n/a



SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 12'900 0.58 (2'500) 31.01.2013 Investment Advisor



EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 03.04.2013


Zuercher Kantonalbank MICHAEL INAUEN market perform 3 N #N/A N/A Not Provided 05.07.2012

Holdings By:

Inficon Holding AG ee


11.04.2013

Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts

deposits and offers universal banking services. The Bank offers mortgage

loans, consumer loans, and loans to small and medium-sized companies,

investment advice, asset management, securities brokerage, and financial

planning services.


LTM as of: 01/yy

52-Week High (23.04.2012) 1'330.00

52-Week Low (14.12.2012) 1'021.00

Daily Volume

1085





2'354.45 1 Yr Total Return -15.12%





Enterprise Value -


BLKB SE EQUITY YTD Change - Average Volume 30 Day 326

BLKB SE EQUITY YTD % CHANGE - Average Volume 3 Month 275


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

688.4 621.0 595.2 584.1 567.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

96.1 106.3 108.9 109.0 111.9 - - - - - -

22.03x 21.15x 25.51x 25.88x 21.53x - - - - - -


EBIT - Long-Term Rating AAA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Basellandschaftliche KantonalbankPrice/Volume

Valuation Analysis

129.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013






BAUMANN URS DANIEL n/a Co File 410 0.07 - 31.12.2011 n/a


SCHENK DANIEL L n/a Co File 380 0.07 - 31.12.2011 n/a



SCHUDEL HANS ULRICH n/a Co File 290 0.05 - 31.12.2011 n/a

GREINER DORIS n/a Co File 260 0.05 - 31.12.2011 n/a

SCHIRMER-MOSSET ELIS n/a Co File 240 0.04 - 31.12.2011 n/a

BALLMER ADRIAN n/a Co File 227 0.04 - 31.12.2011 n/a

JANIAK CLAUDE n/a Co File 160 0.03 - 31.12.2011 n/a

HANSEN WILHELM n/a Co File 140 0.02 - 31.12.2011 n/a

VOELLMIN DIETER n/a Co File 130 0.02 - 31.12.2011 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 100 0.02 - 28.03.2013 Investment Advisor


ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 35 0.01 (2) 30.06.2011 Investment Advisor

STATE STREET n/a ULT-AGG 15 0 - 10.04.2013 Investment Advisor



Holdings By:

Basellandschaftliche Kantonalbank ee


11.04.2013

Implenia AG provides construction, civil and underground engineering services.

The Company's projects include residential and industrial buildings, tunnels,

bridges and roads. Implenia also provides real estate and facilities management

and marketing services.


LTM as of: 01/yy

52-Week High (04.03.2013) 54.03

52-Week Low (15.05.2012) 27.55

Daily Volume

48.8












IMPN SE EQUITY YTD Change - Average Volume 30 Day 33'590

IMPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 28'972


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'326.4 2'279.8 2'388.4 2'522.6 2'695.8 - - 2'823.0 2'899.7 - -

0.22x 0.18x 0.19x 0.10x 0.17x - - 0.21x 0.19x - -

85.2 100.4 105.4 135.4 140.6 - - 155.0 158.7 - -

5.88x 4.11x 4.21x 1.92x 3.25x - - 4.05x 3.96x - -

41.0 45.9 51.5 60.3 69.1 - - 77.8 80.7 - -

12.95x 11.33x 11.09x 7.15x 10.58x - - 11.52x 11.11x - -











EBITDA Margin 5.2%



Asset Turnover 1.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Implenia AGPrice/Volume

Valuation Analysis

4'855.00


!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



11.04.2013


PARMINO HOLDING AG n/a Co File 2'952'200 15.98 - 31.12.2010 Holding Company

MAAG RUDOLF n/a Co File 2'000'000 10.83 - 31.12.2010 n/a

AMMANN GROUP HOLDING n/a EXCH 1'556'438 8.43 - 18.12.2011 Holding Company

RUSSIAN LAND LTD n/a EXCH 970'882 5.26 - 11.02.2008 Corporation

CAZENOVE CAPITAL MAN n/a EXCH 891'209 4.82 (58'791) 05.04.2011 Investment Advisor

CHIGRINSKIY SHALVA n/a EXCH 594'730 3.22 - 19.01.2009 n/a



CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 392'839 2.13 479 28.02.2013 Investment Advisor



IMPLENIA AG n/a Co File 211'017 1.14 - 31.12.2010 Corporation

AFFENTRANGER ANTON n/a Co File 209'179 1.13 - 31.12.2010 n/a







JP MORGAN n/a ULT-AGG 95'210 0.52 10'731 31.12.2012 Investment Advisor


EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.03.2013

Bank Vontobel AG SERGE ROTZER buy 5 M 60 Not Provided 27.02.2013


Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 26.02.2013

Holdings By:

Implenia AG ee


11.04.2013

Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk,

cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also

produces a variety of fruit juices and iced tea.


LTM as of: 01/yy

52-Week High (03.04.2013) 292.75

52-Week Low (24.05.2012) 176.60

Daily Volume

285.25





1'526.03 1 Yr Total Return 47.73%







EMMN SE EQUITY YTD Change - Average Volume 30 Day 4'891

EMMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'876


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'670.8 2'619.3 2'683.7 2'721.3 2'981.2 - - 3'214.8 3'279.6 - -

0.34x 0.38x 0.54x 0.55x 0.61x - - 0.64x 0.60x - -

188.7 211.8 231.9 224.1 249.4 - - 269.8 276.4 - -

4.85x 4.67x 6.25x 6.73x 7.31x - - 7.86x 7.67x - -

58.7 75.3 86.1 83.0 106.2 - - 97.3 101.6 - -

9.02x 9.13x 13.04x 12.57x 11.58x - - 14.77x 13.83x - -











EBITDA Margin 8.4%



Asset Turnover 1.40







Fiscal Year Ended

Emmi AGPrice/Volume

Valuation Analysis

2'211.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



11.04.2013


ZMP n/a Co File 2'899'592 54.2 - 31.12.2011 Unclassified

LOMBARD ODIER DARIER n/a Co File 267'490 5 - 31.12.2011 Investment Advisor

ZENTRALSCHWEIZER MIL n/a Co File 251'441 4.7 - 31.12.2011 n/a

LOMBARD ODIER ASSET n/a EXCH 244'646 4.57 - 01.10.2012 Investment Advisor

MIBA MILCHVERBAND NO n/a Co File 192'593 3.6 - 31.12.2011 Corporation



IST FUND MANAGERS Multiple Portfolios MF-AGG 107'923 2.02 (12'030) 28.02.2013 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 57'596 1.08 (37'465) 28.02.2013 Mutual Fund Manager


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 42'250 0.79 (576) 31.07.2012 Investment Advisor




EMMI WOHLFAHRTSFONDS n/a Co File 32'099 0.6 - 31.12.2011 Corporation

BAER STEPHAN n/a Co File 30'000 0.56 - 31.12.2011 n/a


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 15'984 0.3 - 28.02.2013 Investment Advisor




Helvea ANDREAS VON ARX accumulate 4 M 315 12 month 09.04.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN underperform 1 D #N/A N/A Not Provided 28.03.2013


Kepler Capital Markets JON COX hold 3 D 275 Not Provided 27.03.2013


Holdings By:

Emmi AG ee


11.04.2013

Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and

offers mortgage and other loans, portfolio management, foreign currency trading,

precious metals trading and other banking services. Basler Kantonalbank

operates through a network of branches in the Canton of Basel.


LTM as of: 01/yy

52-Week High (27.04.2012) 113.60

52-Week Low (11.04.2013) 92.30

Daily Volume

92.5





2'896.34 1 Yr Total Return -15.70%





Enterprise Value -


BSKP SE EQUITY YTD Change - Average Volume 30 Day 5'291

BSKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'332


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'154.9 1'076.0 1'001.4 935.8 961.9 - - - 667.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

145.6 222.7 194.9 182.1 238.7 - - - 208.0 - -

23.63x 16.05x 21.86x 21.74x 12.44x - - - 11.32x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Basler KantonalbankPrice/Volume

Valuation Analysis

5'690.00


!

.!

1!

3!

5!

-!!

-.!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 - 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


BASLER KANTONALBANK n/a Co File 330'400 5.6 - 31.12.2010 Bank



SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 25'947 0.44 - 31.01.2013 Mutual Fund Manager







SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216 0.04 - 31.03.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1'330 0.02 - 28.12.2012 Mutual Fund Manager


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 980 0.02 (210) 10.04.2013 Investment Advisor

BAYERNINVEST KAPITAL Multiple Portfolios MF-AGG 930 0.02 - 28.01.2013 Mutual Fund Manager

ALLSTATE CORP n/a ULT-AGG 837 0.01 - 31.12.2012 Insurance Company


ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 317 0.01 (18) 30.06.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 183 0 - 31.12.2012 Investment Advisor




Main First Bank AG KILIAN MAIER suspended coverage #N/A N/A M #N/A N/A Not Provided 30.08.2012

Holdings By:

Basler Kantonalbank ee


11.04.2013

EFG International AG is a bank holding company. The Bank offers private

banking and asset management services.


LTM as of: 01/yy

52-Week High (12.03.2013) 13.25

52-Week Low (24.07.2012) 4.77

Daily Volume

11.6





1'701.37 1 Yr Total Return 39.69%





Enterprise Value -


EFGN SE EQUITY YTD Change - Average Volume 30 Day 88'304

EFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 74'157


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'621.3 1'106.6 596.9 1'078.2 1'172.2 - - 806.6 883.9 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

221.9 101.1 (721.8) (294.1) 111.0 - - 141.4 174.8 - -

14.06x 25.09x - - 11.71x - - 11.90x 10.02x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EFG International AGPrice/Volume

Valuation Analysis

17'762.00


!

.

1

3

5

-!

-.

-1

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


EFG BANK EUROPEAN FI n/a Co File 82'545'117 56.28 - 31.12.2012 Bank

HOWELL LAWRENCE D n/a Co File 8'052'705 5.49 - 31.12.2012 n/a

CUONI JEAN-PIERRE n/a Co File 6'909'500 4.71 - 31.12.2012 n/a

NORGES BANK n/a EXCH 4'379'472 2.99 (1'147'415) 02.02.2012 Government

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 2'894'667 1.97 - 28.09.2012 Mutual Fund Manager






THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 434'497 0.3 134'316 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 430'178 0.29 142'687 31.12.2012 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 410'000 0.28 (20'000) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 389'161 0.27 - 28.02.2013 Investment Advisor



NOMURA n/a ULT-AGG 254'072 0.17 - 15.05.2012 Unclassified


MILLENNIUM BCP GFI S Multiple Portfolios MF-AGG 219'882 0.15 (20'277) 31.12.2012 Mutual Fund Manager




Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 25.03.2013

Nomura JON PEACE reduce 2 M 11 12 month 15.03.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 15 Not Provided 13.03.2013

Berenberg Bank ELENI PAPOULA buy 5 M 14 Not Provided 12.03.2013




Deutsche Bank MATT SPICK hold 3 M 12 12 month 28.02.2013

Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 12 12 month 28.01.2013


Holdings By:

EFG International AG ee


11.04.2013

Basilea Pharmaceutica AG is a biotechnology company conducting research into the

development of drugs for the treatment of infectious diseases and dermatological

problems. The Company develops anti-bacterial and anti-fungal compounds which

destroy infectious organisms.


LTM as of: 01/yy

52-Week High (21.03.2013) 61.75

52-Week Low (05.06.2012) 38.55

Daily Volume

55.9












BSLN SE EQUITY YTD Change - Average Volume 30 Day 32'791

BSLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 34'081


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

12.0 26.8 116.2 66.7 57.9 - - 43.5 62.5 - -

94.50x - 2.93x 2.18x 1.45x - - 5.37x 3.84x - -

(148.4) (116.2) 111.7 (54.4) (47.2) - - (44.2) (30.7) - -

- - 3.04x - - - - - - - -

(143.5) (120.7) 107.6 (57.6) (53.0) - - (48.0) (34.4) - -

- - 5.79x - - - - - - - -

EBITDA -47.21 Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19





Accounts Receivable Turnover 6.43 Cash Conversion Cycle -1229.73


Fiscal Year Ended

Basilea PharmaceuticaPrice/Volume

Valuation Analysis

20'256.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

1 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



11.04.2013


HBM HEALTHCARE INVES n/a Co File 1'524'428 15.9 - 31.12.2012 Venture Capital

ROCHE HOLDING AG n/a Co File 479'380 5 - 31.12.2012 Corporation

MASSACHUSETTS MUTUAL n/a EXCH 293'056 3.06 - 06.06.2011 Insurance Company

NEW JERSEY DIVISION n/a EXCH 285'254 2.98 - 01.11.2010 Pension Fund (ERISA)

PICTET FUNDS EUROPE n/a EXCH 284'005 2.96 - 29.08.2011 n/a

FRANKLIN RESOURCES n/a ULT-AGG 256'220 2.67 20 31.12.2012 Investment Advisor



IA CLARINGTON INVEST Multiple Portfolios MF-AGG 115'000 1.2 - 31.12.2012 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 101'450 1.06 - 28.12.2012 Mutual Fund Manager


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 94'882 0.99 - 31.12.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 87'430 0.91 - 31.12.2012 Investment Advisor

DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 71'106 0.74 13'252 28.02.2013 Investment Advisor


OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 54'201 0.57 (4'100) 28.12.2012 Mutual Fund Manager





Bank Vontobel AG ANDREW C WEISS hold 3 M 50 Not Provided 10.04.2013


EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 20.02.2013


Holdings By:

Basilea Pharmaceutica ee


11.04.2013

Rieter Holding AG manufactures spinning systems and chemical fiber systems.

The Company's spinning and chemical fiber systems are used to process cotton

and man-made fibers. Rieter produces its products throughout Europe and sells

internationally.


LTM as of: 01/yy

52-Week High (15.03.2013) 191.80

52-Week Low (26.06.2012) 121.20

Daily Volume

153.5












RIEN SE EQUITY YTD Change - Average Volume 30 Day 16'240

RIEN SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'187


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'011.9 1'882.7 812.1 1'000.7 888.5 - - 925.0 1'048.3 - -

0.26x 0.58x 2.02x 0.50x 0.73x - - 0.65x 0.53x - -

281.9 (45.7) 115.6 146.5 66.8 - - 81.8 138.3 - -

2.79x - 14.19x 3.43x 9.67x - - 7.70x 4.55x - -

(405.9) (223.9) 26.5 267.2 29.5 - - 24.0 62.2 - -

- - 19.03x 5.46x 24.91x - - 25.71x 12.77x - -











EBITDA Margin 7.5%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rieter Holding AGPrice/Volume

Valuation Analysis

8'203.00


!.!1!3!5!

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 - 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

-!! !!

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



11.04.2013


SPUHLER PETER n/a Co File 895'965 19.18 - 31.12.2011 n/a

PIEPER MICHAEL W n/a Co File 538'187 11.52 - 31.12.2011 n/a

SPARINVEST n/a ULT-AGG 270'036 5.78 - 31.03.2013 Investment Advisor

CAZENOVE CAPITAL MAN n/a EXCH 235'908 5.05 - 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME n/a Co File 183'274 3.92 - 31.12.2011 Hedge Fund Manager

NORGES BANK n/a EXCH 140'652 3.01 - 27.03.2013 Government

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 121'120 2.59 30'104 28.02.2013 Investment Advisor


NIHON TOKUSHU TORYO n/a Co File 53'495 1.14 - 31.03.2012 Corporation










CAZENOVE FUND MANAGE Multiple Portfolios MF-AGG 22'280 0.48 4'869 28.02.2013 Investment Advisor

DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 21'274 0.46 (881) 28.02.2013 Investment Advisor




Helvea VOLKAN GOCMEN buy 5 M 245 12 month 22.03.2013



Zuercher Kantonalbank ARMIN RECHBERGER underperform 1 D #N/A N/A Not Provided 25.07.2012

Holdings By:

Rieter Holding AG ee


11.04.2013

BKW AG is a Swiss producer of energy power from sources that

include photovoltaics, wind energy, small-scale hydropower and biomass.


LTM as of: 01/yy

52-Week High (22.10.2012) 36.35

52-Week Low (18.07.2012) 27.05

Daily Volume

31.25





1'650.00 1 Yr Total Return -0.51%







BKW SE EQUITY YTD Change - Average Volume 30 Day 22'065

BKW SE EQUITY YTD % CHANGE - Average Volume 3 Month 16'032


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

3'391.5 3'131.1 2'677.5 2'503.0 2'860.0 - - 2'631.5 2'728.0 - -

- - - 0.92x - - - 0.90x 0.85x - -

471.3 504.0 502.0 142.1 - - - 461.0 488.5 - -

- - - 16.20x - - - 4.75x 4.48x - -

137.8 298.4 226.8 (68.2) 135.0 - - 163.5 182.0 - -

- - - - 12.28x - - 9.08x 8.17x - -











EBITDA Margin 7.3%



Asset Turnover 0.36







Fiscal Year Ended

BKW AGPrice/Volume

Valuation Analysis

6'232.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



11.04.2013


KANTON BERN n/a Co File 27'743'252 52.54 - 31.12.2011 Government

GROUPE E SA n/a Co File 5'610'524 10.63 - 31.12.2011 Corporation

BKW AG n/a Co File 5'154'341 9.76 - 31.12.2011 Holding Company

EON ENERGIE AG n/a Co File 3'707'140 7.02 - 31.12.2011 Corporation






UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 85'903 0.16 38'337 28.09.2012 Mutual Fund Manager


ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 61'000 0.12 3'000 31.12.2012 Mutual Fund Manager




FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 31'775 0.06 - 31.01.2013 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 13'400 0.03 - 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 12'387 0.02 1'584 31.12.2012 Investment Advisor

BOLUX CONSEIL SA Multiple Portfolios MF-AGG 11'546 0.02 3'271 22.02.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.03.2013

Main First Bank AG ANDREAS THIELEN buy 5 M 45 12 month 17.09.2012

Zuercher Kantonalbank SVEN BUCHER outperform 5 M #N/A N/A Not Provided 14.09.2012

Holdings By:

BKW AG ee


11.04.2013

Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products

in Europe. The Company's products include reinsurance, health, transport,

legal, technical, life, accident, travel, automobile, fire and theft insurance.

Schweizerische National has a network of offices in Switzerland and

subsidiaries located throughout Europe.


LTM as of: 01/yy

52-Week High (15.03.2013) 47.70

52-Week Low (05.06.2012) 31.20

Daily Volume

44.6












NATN SE EQUITY YTD Change - Average Volume 30 Day 14'362

NATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'082


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'853.9 1'585.5 1'653.6 1'579.2 1'587.5 - - 1'628.3 1'689.5 - -

0.06x - 0.18x 0.07x - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

64.5 76.2 91.6 167.3 103.0 - - 103.4 109.7 - -

9.31x 10.13x 8.81x 4.39x 8.65x - - 9.52x 8.97x - -


EBIT - Long-Term Rating NR







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

Schweizerische National-Versicherungs-Gesellschaft AGPrice/Volume

Valuation Analysis

3'354.00


!2

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


HELVETIA HOLDING AG n/a EXCH 2'657'780 12.05 - 29.08.2012 Insurance Company

SUED-KAPITAL-BETEILI n/a Co File 2'503'137 11.35 - 31.12.2011 Venture Capital

SCHWEIZERISCHE MOBIL n/a EXCH 2'503'137 11.35 - 29.08.2012 Holding Company

BASLER LEBENSVERSICH n/a Co File 2'197'650 9.97 - 31.12.2011 Other

VHV ALLGEMEINE VERSI n/a Co File 2'055'323 9.32 - 31.12.2011 Insurance Company

NUERNBERGER BETEILIG n/a Co File 1'435'833 6.51 - 31.12.2011 n/a

GEBAUDEVERSICHERUNG n/a Co File 1'239'000 5.62 - 31.12.2011 Insurance Company

PATRIA n/a EXCH 961'800 4.36 - 07.12.2007 Other


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 307'851 1.4 66'001 28.02.2013 Mutual Fund Manager


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 141'000 0.64 39'500 31.12.2012 Mutual Fund Manager


AMUNDI Multiple Portfolios MF-AGG 104'723 0.47 - 30.11.2012 Mutual Fund Manager




MULTIFINANCE SA Multiple Portfolios MF-AGG 78'675 0.36 - 31.10.2011 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 54'469 0.25 - 31.12.2012 Investment Advisor


Nomura MICHAEL KLIEN reduce 2 M 42 Not Provided 28.03.2013







Holdings By:

Schweizerische National-Versicherungs-Gesellschaft AG ee


11.04.2013

Gategroup Holding AG, through its subsidiaries, provides a wide range of

services for airlines. The Company specializes in catering and hospitality,

provisioning and logistics, and onboard solutions to companies that serve

people on the move. Gategroups customers include airlines, railroads and

hotels around the world.


LTM as of: 12/yy

52-Week High (13.04.2012) 31.67

52-Week Low (03.04.2013) 16.80

Daily Volume

18.55





494.69 1 Yr Total Return -37.21%







GATE SE EQUITY YTD Change - Average Volume 30 Day 91'872

GATE SE EQUITY YTD % CHANGE - Average Volume 3 Month 92'912


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

- 2'712.3 2'700.0 2'688.1 2'992.5 2'007.8 2'992.5 3'093.9 3'200.0 726.0 809.0

- 0.42x 0.56x 0.28x 0.30x 1.59x 0.94x 0.22x 0.20x - -

- 158.5 188.1 166.9 65.7 83.4 73.3 169.4 191.6 - -

- 7.15x 8.05x 4.48x 13.58x 0.00x 0.00x 4.49x 3.97x - -

- 35.5 49.5 49.6 (58.8) 25.0 (58.8) 30.8 47.0 - -

- 18.52x 21.05x 12.04x - 0.00x 0.00x 10.58x 7.94x - -


EBIT 15.70 Long-Term Rating BB









EBITDA Margin 2.2%



Asset Turnover 1.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gategroup Holding AGPrice/Volume

Valuation Analysis

29'927.00


!

2

-!

-2

.!

.2

0!

02

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



11.04.2013


RAINER-MARC FREY n/a Co File 1'429'415 5.36 - 31.12.2012 n/a


H21 GLOBAL OPPORTUNI n/a EXCH 1'337'000 5.01 - 26.03.2013 n/a

KEMPEN CAPITAL MANAG n/a EXCH 1'292'382 4.85 306'482 31.08.2012 Mutual Fund Manager


CREDIT SUISSE FUND M n/a EXCH 818'806 3.07 20'000 23.08.2012 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 796'280 2.99 (7'424) 04.01.2013 Investment Advisor


GATEGROUP HOLDING AG n/a Co File 719'537 2.7 - 31.12.2012 Holding Company

JANUS CAPITAL MANAGE n/a ULT-AGG 705'009 2.64 (434'373) 22.05.2012 Investment Advisor

SILVER POINT CAPITAL n/a EXCH 631'153 2.37 - 04.01.2013 Hedge Fund Manager





SCHMID ANDREAS n/a Co File 247'067 0.93 - 31.12.2012 n/a


WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 180'000 0.67 - 31.01.2013 Mutual Fund Manager




Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 19 6 month 03.04.2013

Kepler Capital Markets JON COX Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013



Helvea ANDREAS VON ARX neutral 3 M 22 12 month 15.03.2013



Holdings By:

Gategroup Holding AG ee


11.04.2013

Schweiter Technologies AG, through its wholly owned subsidiaries, is

a core material, composite construction company. The Company also manufactures

textile machinery used primarily in the production and treatment of yarn,

thread, and textile samples. Schweiter also produces machines for the

assembly and packaging of semiconductor devices.


LTM as of: 01/yy

52-Week High (28.03.2013) 587.00

52-Week Low (07.09.2012) 440.50

Daily Volume

574.5












SWTQ SE EQUITY YTD Change - Average Volume 30 Day 1'171

SWTQ SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'434


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

147.8 129.9 932.1 698.0 673.5 - - 701.0 737.5 - -

- 3.53x 0.81x 0.57x 0.56x - - 0.69x 0.67x - -

16.9 (16.2) 100.3 83.8 80.4 - - 79.2 90.9 - -

- - 7.55x 4.75x 4.70x - - 5.72x 4.99x - -

450.7 (20.4) 49.6 47.5 60.8 - - 41.5 52.7 - -

- - 20.67x 16.51x 18.46x - - 20.09x 15.87x - -











EBITDA Margin 11.9%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schweiter Technologies AGPrice/Volume

Valuation Analysis

239.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

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



11.04.2013


KWE BETEILIGUNGEN AG n/a EXCH 364'973 25.28 (20'276) 27.07.2012 Other

WIDMER HANS n/a EXCH 192'143 13.31 - 08.05.2012 n/a

CORISOL HOLDING AG n/a EXCH 168'347 11.66 9'372 14.05.2009 Venture Capital

SCHWEITER TECHNOLOGI n/a Co File 86'861 6.02 - 31.12.2011 Corporation

SIEGRIST BEAT n/a Co File 83'917 5.81 - 31.12.2011 n/a

GCIC LTD/CANADA n/a Co File 80'427 5.57 - 31.12.2011 Investment Advisor


CREDIT SUISSE FUNDS n/a EXCH 48'184 3.34 - 13.03.2012 n/a






SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'923 1.45 (535) 31.12.2012 Investment Advisor




SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 5'611 0.39 - 31.01.2013 Investment Advisor






Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 11.03.2013

Helvea VOLKAN GOCMEN buy 5 U 780 12 month 04.03.2013

Main First Bank AG BERND POMREHN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.10.2012

Holdings By:

Schweiter Technologies AG ee


11.04.2013

Metall Zug AG operates as a holding company. The Company, through its

subsidiaries, manufactures appliances, sterilization equipment, wires and

cables, and operates resorts. Metall Zug provides its products in Switzerland.


LTM as of: 01/yy

52-Week High (20.04.2012) 2'540.27

52-Week Low (12.11.2012) 1'868.00

Daily Volume

2250












METN SE EQUITY YTD Change - Average Volume 30 Day 257

METN SE EQUITY YTD % CHANGE - Average Volume 3 Month 234


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

787.8 770.1 832.1 842.5 856.4 - - 825.0 825.0 - -

0.86x 1.15x 1.62x 1.72x - - - 0.65x 0.61x - -

127.0 104.7 153.0 143.7 - - - 106.0 114.0 - -

5.31x 8.48x 8.80x 10.06x - - - 7.50x 6.98x - -

31.8 71.7 92.3 63.4 61.5 - - 58.8 68.2 - -

28.34x 15.23x 16.94x 25.78x 14.19x - - 16.91x 14.58x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.73

Current Ratio 3.95 Net Fixed Asset Turnover -






Fiscal Year Ended

Metall Zug AGPrice/Volume

Valuation Analysis

44.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


WEBER WERNER O n/a Co File 41'600 16.31 - 31.12.2011 n/a

STOECKLI URSULA n/a Co File 17'006 6.67 - 31.12.2011 n/a


METALL ZUG AG n/a Co File 5'950 2.33 - 31.12.2011 Corporation




DORMANN JUERGEN n/a Co File 1'364 0.53 - 31.12.2011 n/a


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 614 0.24 (386) 31.12.2012 Investment Advisor

BUHOFER HEINZ M n/a EXCH 301 0.12 - 03.05.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.12 30 31.12.2012 Mutual Fund Manager

WIPFLI MARTIN n/a Co File 266 0.1 - 31.12.2011 n/a


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 176 0.07 (325) 28.12.2012 Mutual Fund Manager


SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 135 0.05 - 31.01.2013 Investment Advisor

NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 131 0.05 10 31.12.2012 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 85 0.03 85 31.12.2012 Investment Advisor



Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 2'100 Not Provided 04.04.2013


Holdings By:

Metall Zug AG ee


11.04.2013

Zehnder Group AG, through its subsidiaries, manufactures a variety of

radiators. The Company produces bathroom radiators, electric and aluminum

radiators, as well as steel radiators. Zehnder sells its products to the

construction industry.


LTM as of: 01/yy

52-Week High (04.05.2012) 65.45

52-Week Low (15.11.2012) 39.80

Daily Volume

42.65












ZEH SE EQUITY YTD Change - Average Volume 30 Day 20'168

ZEH SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'003


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

454.1 436.5 475.9 515.4 523.8 - - 534.0 559.8 - -

0.40x 0.60x 1.06x 0.92x 0.78x - - 0.74x 0.70x - -

34.3 62.0 68.0 68.9 56.7 - - 60.0 67.3 - -

5.32x 4.23x 7.41x 6.87x 7.19x - - 6.55x 5.83x - -

2.5 32.8 37.4 40.0 27.1 - - 29.7 34.2 - -

64.00x 8.35x 14.27x 12.38x 15.78x - - 13.86x 11.99x - -











EBITDA Margin 10.8%



Asset Turnover 1.29







Fiscal Year Ended

Zehnder Group AGPrice/Volume

Valuation Analysis

12'689.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



11.04.2013


ALECTA PENSIONSFORSA n/a Co File 849'224 8.7 - 31.12.2011 Pension Fund (ERISA)

BESTINVER GESTION SG n/a EXCH 584'320 5.99 - 16.02.2011 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 417'840 4.28 (643) 31.01.2013 Investment Advisor







LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 131'000 1.34 30'000 31.01.2013 Mutual Fund Manager



ZEHNDER HANS-PETER n/a Co File 102'776 1.05 - 31.12.2011 n/a

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 60'735 0.62 - 31.01.2013 Investment Advisor



PICTET & CIE Multiple Portfolios MF-AGG 42'984 0.44 - 31.01.2013 Mutual Fund Manager


WIESENDANGER PETER n/a Co File 36'880 0.38 - 31.12.2011 n/a



Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 45 Not Provided 02.04.2013



Zuercher Kantonalbank MARTIN HUESLER market perform 3 D #N/A N/A Not Provided 12.11.2012

Holdings By:

Zehnder Group AG ee


11.04.2013

Liechtensteinische Landesbank AG attracts deposits and offers corporate and

private banking services. The Bank offers business start-up loans, corporate

financing, home mortgages, asset management services, and investment funds.

Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.


LTM as of: 01/yy

52-Week High (15.05.2012) 40.40

52-Week Low (16.11.2012) 25.50

Daily Volume

38.35










Enterprise Value -


LLB SE EQUITY YTD Change - Average Volume 30 Day 17'433

LLB SE EQUITY YTD % CHANGE - Average Volume 3 Month 12'926


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

980.8 720.4 605.5 555.0 - - - 383.0 368.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

144.7 174.2 102.8 11.0 94.2 - - 88.5 97.8 - -

9.94x 11.27x 20.22x 109.21x 8.75x - - 12.33x 11.15x - -









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

Liechtensteinische Landesbank AGPrice/Volume

Valuation Analysis

14'556.00


!2

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

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



11.04.2013


PRINCIPALITY OF LIEC n/a Co File 17'771'600 57.7 - 31.12.2011 Government

THORNBURG INVESTMENT n/a Co File 1'377'064 4.47 - 31.12.2011 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 205'296 0.67 18'500 31.12.2012 Investment Advisor







IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 25'300 0.08 600 28.02.2013 Investment Advisor


JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 11'974 0.04 - 31.01.2013 Mutual Fund Manager

FEHR JOSEF n/a Co File 8'844 0.03 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'448 0.02 (53'108) 31.12.2012 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 7'442 0.02 - 31.01.2013 Investment Advisor

MATT ROLAND n/a Co File 5'768 0.02 - 31.12.2011 n/a

MUELLER URS n/a Co File 4'860 0.02 - 31.12.2011 n/a

MAEDER KURT n/a Co File 4'275 0.01 - 31.12.2011 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 4'150 0.01 - 28.03.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'500 0.01 - 28.12.2012 Mutual Fund Manager


Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 26.03.2013


Main First Bank AG KILIAN MAIER suspended coverage #N/A N/A M #N/A N/A Not Provided 30.03.2012

Holdings By:

Liechtensteinische Landesbank AG ee


11.04.2013

AFG Arbonia-Forster Holding AG has positions as an integrated construction

industry supplier, and in selected areas of technology. The Company is

comprised of five divisions: Heating Technology and Sanitary Equipment,

Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface

Technology. AFG has a presence in countries worldwide.


LTM as of: 01/yy

52-Week High (11.04.2013) 27.35

52-Week Low (23.07.2012) 15.30

Daily Volume

27.35












AFGN SE EQUITY YTD Change - Average Volume 30 Day 39'272

AFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 42'735


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'570.6 1'384.2 1'413.5 1'265.0 1'215.5 - - 1'341.8 1'380.2 - -

0.44x 0.49x 0.49x 0.38x 0.45x - - 0.51x 0.47x - -

153.2 106.0 121.1 101.2 109.6 - - 120.0 134.4 - -

4.55x 6.38x 5.77x 4.73x 4.94x - - 5.25x 4.69x - -

48.0 (22.5) 14.1 (70.2) (74.5) - - 35.4 46.0 - -

5.31x - 36.25x - - - - 13.61x 10.45x - -











EBITDA Margin 9.0%



Asset Turnover 1.01







Fiscal Year Ended

AFG Arbonia-Forster Holding AGPrice/Volume

Valuation Analysis

15'470.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



11.04.2013


OEHLER EDGAR n/a EXCH 3'862'352 21.19 - 22.03.2013 n/a

LOMBARD ODIER DARIER n/a Co File 716'266 3.93 - 31.12.2011 Investment Advisor

AFG ARBONIA FORSTER n/a Co File 570'461 3.13 - 31.12.2011 Holding Company







PETERCAM SA Multiple Portfolios MF-AGG 133'500 0.73 - 31.12.2012 Mutual Fund Manager



IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 85'350 0.47 58'350 28.02.2013 Investment Advisor


ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 78'000 0.43 15'750 31.12.2012 Mutual Fund Manager


SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 55'000 0.3 - 30.04.2012 Mutual Fund Manager



OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 25'000 0.14 - 28.12.2012 Mutual Fund Manager


Bank Vontobel AG CHRISTIAN ARNOLD buy 5 U 31 Not Provided 02.04.2013




Zuercher Kantonalbank MARTIN HUESLER outperform 5 U #N/A N/A Not Provided 22.05.2012

Holdings By:

AFG Arbonia-Forster Holding AG ee


11.04.2013

Lem Holding SA manufactures electrical components. The Company produces

transducers and sensors which measure high voltage currents, variable speed

drives, uninterrupted power supplies, and testers for semiconductors. Lem's

components are used in locomotives, trams, trolleys, and the French TGV

high-speed trains. The Company sells its products internationally.


LTM as of: 12/yy

52-Week High (20.02.2013) 604.00

52-Week Low (03.09.2012) 451.00

Daily Volume

602












LEHN SE EQUITY YTD Change - Average Volume 30 Day 608

LEHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 584


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 03/11 Q4 06/11 Q1

203.0 196.8 185.5 296.2 236.3 228.8 235.0 250.3 248.3 - 68.5

1.41x 0.74x 1.94x 2.09x 2.30x 0.00x 0.00x 2.68x 2.68x - -

35.1 38.8 24.1 62.4 42.5 0.0 0.0 53.6 55.6 - -

8.19x 3.73x 14.95x 9.91x 12.78x 0.00x 0.00x 12.66x 12.20x - -

21.8 23.8 10.5 39.6 28.5 24.6 36.5 37.2 40.0 - -

14.52x 7.17x 36.96x 16.43x 19.69x 0.00x 15.61x 18.45x 19.46x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LEM Holding SAPrice/Volume

Valuation Analysis

1.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



11.04.2013


WEBER WERNER O n/a Co File 382'500 33.55 - 31.03.2012 n/a

7 INDUSTRIES HOLDING n/a Co File 144'581 12.68 - 31.03.2012 Holding Company


STUDER ERWIN n/a Co File 89'500 7.85 - 31.03.2012 n/a

MONTANARO GROUP n/a EXCH 58'289 5.11 3'038 15.10.2012 Investment Advisor

THREADNEEDLE ASSET M n/a Co File 56'777 4.98 - 31.03.2012 Investment Advisor


IMPAX ASSET MANAGEME n/a EXCH 34'112 2.99 - 14.08.2012 Investment Advisor


KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 7'891 0.69 98 28.02.2013 Mutual Fund Manager


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 5'200 0.46 - 28.02.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 4'772 0.42 (757) 31.10.2012 Investment Advisor




RUTISHAUSER PETER n/a Co File 2'606 0.23 - 31.03.2012 n/a


COLOMBEL LUC n/a Co File 2'100 0.18 - 31.03.2012 n/a

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 2'000 0.18 - 27.03.2013 Investment Advisor



Kepler Capital Markets CHRISTOPH LADNER hold 3 D 600 Not Provided 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

LEM Holding SA ee


11.04.2013

VZ Holding AG provides independent financial advice to private individuals and

companies. The Company consults on investment, tax and inheritance planning and

provides advice regarding insurance products and coverage.


LTM as of: 01/yy

52-Week High (11.03.2013) 133.00

52-Week Low (26.07.2012) 85.00

Daily Volume

129.5





1'036.00 1 Yr Total Return 28.70%







VZN SE EQUITY YTD Change - Average Volume 30 Day 3'034

VZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'780


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

104.7 110.3 133.1 143.8 153.6 - - 175.3 200.0 - -

0.50x 2.37x 5.15x 2.76x 4.55x - - - - - -

45.2 49.0 63.9 66.4 70.3 - - 84.3 98.5 - -

1.17x 5.35x 10.71x 5.99x 9.95x - - 9.88x 8.45x - -

34.3 37.6 49.3 51.0 54.3 - - 63.6 73.1 - -

9.29x 16.50x 19.14x 14.89x 16.62x - - 16.02x 13.94x - -











EBITDA Margin 45.8%



Asset Turnover 0.15







Fiscal Year Ended

VZ Holding AGPrice/Volume

Valuation Analysis

413.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

-5! !!

.!! !!

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



11.04.2013


REINHART MATTHIAS n/a Co File 4'860'415 60.76 - 31.12.2012 n/a

MIGROS GENOSSENSCHAF n/a Co File 337'600 4.22 - 31.12.2012 Unclassified

FMR LLC n/a ULT-AGG 291'930 3.65 - 31.01.2013 Investment Advisor


DEUTSCHE BANK AG n/a EXCH 245'000 3.06 - 12.11.2010 Investment Advisor

DWS INVESTMENT GMBH n/a Co File 244'800 3.06 - 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 240'000 3 - 31.12.2012 Investment Advisor

VZ HOLDING AG n/a EXCH 147'490 1.84 - 25.03.2013 n/a


KINDLE FRED n/a Co File 90'960 1.14 - 31.12.2012 n/a


STOCKER PETER n/a Co File 80'943 1.01 - 31.12.2012 n/a




FRIESS TOM n/a Co File 50'825 0.64 - 31.12.2012 n/a

HEIM LORENZ n/a Co File 50'373 0.63 - 31.12.2012 n/a

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 43'210 0.54 - 28.02.2013 Investment Advisor


THURNHERR STEFAN n/a Co File 31'639 0.4 - 31.12.2012 n/a




Zuercher Kantonalbank ANDREAS BRUN outperform 5 U #N/A N/A Not Provided 05.03.2013


Holdings By:

VZ Holding AG ee


11.04.2013

Kudelski SA designs and manufactures digital security products. The Company

produces digital security systems for digital television operators and content

providers, smart cards for e-commerce, electronic voting and health cards,

software for pay-per-view and video-on-demand television, encryption technology

for digital television, digital recorders, and ticketing and access systems.


LTM as of: 01/yy

52-Week High (15.03.2013) 13.05

52-Week Low (24.04.2012) 6.08

Daily Volume

11.65












KUD SE EQUITY YTD Change - Average Volume 30 Day 141'626

KUD SE EQUITY YTD % CHANGE - Average Volume 3 Month 129'744


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'027.5 1'052.3 1'035.2 873.9 844.1 - - 875.7 901.1 - -

0.85x 1.46x 1.25x 0.79x 0.80x - - 0.85x 0.78x - -

100.6 139.6 177.2 89.5 99.5 - - 123.7 130.9 - -

8.72x 11.02x 7.32x 7.76x 6.83x - - 6.41x 6.06x - -

(14.6) 49.0 65.7 (18.1) 16.3 - - 51.8 57.7 - -

- 25.33x 16.24x - 31.48x - - 12.22x 10.98x - -











EBITDA Margin 11.8%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kudelski SAPrice/Volume

Valuation Analysis

14'584.00


!

.

1

3

5

-!

-.

-1

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



11.04.2013


KUDELSKI ANDRE n/a EXCH 14'234'423 29.05 - 16.03.2013 n/a






UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 178'112 0.36 - 28.12.2012 Investment Advisor

SALADINI MAURO n/a Co File 159'783 0.33 - 31.12.2012 n/a



DIGITAL FUNDS Multiple Portfolios MF-AGG 130'579 0.27 - 28.12.2012 Investment Advisor

FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 121'427 0.25 (8'315) 31.01.2013 Investment Advisor

WEGELIN FONDSLEITUNG Multiple Portfolios MF-AGG 84'750 0.17 - 31.01.2013 Investment Advisor



STATE STREET n/a ULT-AGG 65'201 0.13 - 10.04.2013 Investment Advisor

ROY PIERRE n/a Co File 52'880 0.11 - 31.12.2012 n/a



CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 34'833 0.07 - 31.12.2012 Investment Advisor


Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 12 12 month 19.03.2013

Credit Suisse FELIX REMMERS neutral 3 M 11 Not Provided 11.03.2013


Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 12 Not Provided 04.03.2013

Helvea RETO AMSTALDEN buy 5 U 14 12 month 04.03.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 01.03.2013


Holdings By:

Kudelski SA ee


11.04.2013

Vetropack Holding AG designs and manufactures glass bottles and containers.

The Company produces beverage bottles, jars, and other glass containers for the

food, chemical, and pharmaceutical industries. Vetropack also offers

production plant engineering, glass packaging design, and recycling services.


LTM as of: 01/yy

52-Week High (25.02.2013) 1'950.00

52-Week Low (22.10.2012) 1'581.00

Daily Volume

1841












VET SE EQUITY YTD Change - Average Volume 30 Day 211

VET SE EQUITY YTD % CHANGE - Average Volume 3 Month 259


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

697.8 671.5 642.6 589.4 604.4 - - 613.3 634.0 - -

0.86x 1.10x 1.11x 1.09x 1.08x - - 1.14x 1.08x - -

198.3 158.1 139.2 128.5 116.3 - - 134.0 141.7 - -

3.01x 4.68x 5.13x 4.99x 5.60x - - 5.34x 5.05x - -

78.5 78.4 38.7 59.0 83.6 - - 61.2 65.2 - -

6.85x 9.36x 19.45x 11.39x - - - 12.48x 11.51x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.79







Fiscal Year Ended

Vetropack Holding AGPrice/Volume

Valuation Analysis

76.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013


CORNAZ LTD HOLDING O n/a Co File 19'853 8.49 - 31.12.2011 Other


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 10'465 4.48 85 31.12.2012 Mutual Fund Manager


ALLIANZ ASSET MANAGE n/a ULT-AGG 5'320 2.28 507 31.12.2012 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 3'400 1.45 (340) 31.01.2013 Mutual Fund Manager




PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'469 0.63 - 31.05.2011 Investment Advisor







JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 952 0.41 (9) 31.01.2013 Mutual Fund Manager

WEGELIN FONDSLEITUNG Multiple Portfolios MF-AGG 950 0.41 (65) 28.02.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 886 0.38 - 30.09.2012 Investment Advisor

PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 878 0.38 - 31.01.2013 Mutual Fund Manager


Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 1'800 Not Provided 08.04.2013

Helvea RETO AMSTALDEN buy 5 M 2'100 12 month 28.03.2013


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

Holdings By:

Vetropack Holding AG ee


11.04.2013

Bossard Holding AG supplies fastening devices, industrial adhesives, and tools.

The Company offers its customers engineering assistance in solving fastening

problems. Bossard markets its products in Europe, the United States, and Asia.


LTM as of: 01/yy

52-Week High (12.03.2013) 155.68

52-Week Low (25.07.2012) 99.58

Daily Volume

145.6












BOS SE EQUITY YTD Change - Average Volume 30 Day 10'469

BOS SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'684


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

542.8 379.9 458.7 457.7 471.2 - - 578.5 609.8 - -

0.44x 0.57x 0.78x 0.74x 1.29x - - 1.21x 1.13x - -

57.0 30.5 57.8 60.1 58.1 - - 75.9 81.1 - -

4.19x 7.15x 6.22x 5.67x 10.50x - - 10.39x 9.72x - -

32.1 15.1 44.3 44.3 42.9 - - 48.5 51.6 - -

4.27x 11.77x 7.39x 6.85x 9.32x - - 10.11x 10.04x - -











EBITDA Margin 12.3%



Asset Turnover 1.33







Fiscal Year Ended

Bossard Holding AGPrice/Volume

Valuation Analysis

2'039.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



11.04.2013


BOSSARD FAMILIES n/a Co File 1'502'900 45.2 - 31.12.2012 n/a

KOLIN HOLDING AG n/a EXCH 407'455 12.25 - 22.03.2013 n/a


BOSSARD HOLDING AG n/a Co File 185'000 5.56 - 31.12.2012 Corporation



MIRABAUD & CIE Multiple Portfolios MF-AGG 23'500 0.71 (500) 31.12.2012 Mutual Fund Manager





WETTER-BOSSARD HELEN n/a Co File 10'555 0.32 - 31.12.2012 n/a

GROB BEATRICE n/a Co File 10'038 0.3 - 31.12.2012 n/a


DEAN DAVID n/a Co File 8'600 0.26 - 31.12.2012 n/a


SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 8'000 0.24 (1'000) 30.04.2012 Mutual Fund Manager


ZEHNDER STEPHAN n/a Co File 5'148 0.15 - 31.12.2012 n/a

SCHMUCKLI THOMAS n/a Co File 4'800 0.14 - 31.12.2012 n/a





Berenberg Bank FREDERIK BITTER buy 5 M 161 Not Provided 12.03.2013

Zuercher Kantonalbank ARMIN RECHBERGER restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013

Holdings By:

Bossard Holding AG ee


11.04.2013

Zug Estates Holding AG is a holding company. The Company, through it

subsidiaries, plan, develop, market and manage real estate properties. Zug

Estates operates its own hotels, services apartments and associated restaurants.


LTM as of: 01/yy

52-Week High (05.07.2012) 1'335.00

52-Week Low (17.12.2012) 1'135.00

Daily Volume

1237





610.94 1 Yr Total Return -







ZUGN SE EQUITY YTD Change - Average Volume 30 Day 117

ZUGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 144


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 - -

- - - - 44.5 - - 74.4 89.5 - -

- - - - - - - 10.81x 9.33x - -

- - - - 22.1 - - - - - -

- - - - - - - - - - -

- - - - 50.1 - - 36.2 46.8 - -

- - - - - - - 33.29x 26.39x - -





Return on Assets - Short-Term Rating -

Return on Common Equity -


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



EBITDA Margin 49.6%



Asset Turnover -







Fiscal Year Ended

Zug Estates Holding AGPrice/Volume

Valuation Analysis

27.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013









LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.1 20 31.12.2012 Mutual Fund Manager

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 250 0.08 - 28.12.2012 Mutual Fund Manager

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 244 0.08 244 28.12.2012 Mutual Fund Manager

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 214 0.07 - 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 188 0.06 36 31.07.2012 Investment Advisor

GERIFONDS SA Multiple Portfolios MF-AGG 170 0.05 - 31.12.2012 Mutual Fund Manager



SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 93 0.03 - 31.01.2013 Mutual Fund Manager

UBS ETF Multiple Portfolios MF-AGG 61 0.02 - 28.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 52 0.02 - 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 52 0.02 - 09.04.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 45 0.01 - 31.01.2013 Investment Advisor


Bank Vontobel AG STEFAN SCHUERMANN hold 3 N 1'380 Not Provided 27.11.2012

Holdings By:

Zug Estates Holding AG ee


11.04.2013

Intershop Holding AG invests in Swiss property, primarily commercial real

estate. The Company's portfolio includes properties in Zurich, Berne and

Geneva and other business centers. Intershop also develops and buys and sells

real estate.


LTM as of: 01/yy

52-Week High (02.04.2013) 339.00

52-Week Low (20.11.2012) 310.00

Daily Volume

317.75












IS SE EQUITY YTD Change - Average Volume 30 Day 3'533

IS SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'439


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

115.9 89.4 143.4 89.6 89.3 - - 85.2 91.4 - -

9.77x 12.81x 7.97x 12.99x 13.40x - - 14.18x 13.00x - -

65.9 65.6 85.3 66.6 69.5 - - 69.7 75.9 - -

17.18x 17.47x 13.39x 17.48x 17.22x - - 16.98x 15.58x - -

58.9 50.6 57.6 55.0 56.1 - - 43.6 47.7 - -

10.16x 12.38x 11.06x 12.22x 12.15x - - 15.31x 13.98x - -











EBITDA Margin 77.8%



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intershop HoldingsPrice/Volume

Valuation Analysis

2'830.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



11.04.2013


PATINEX AG n/a Co File 840'000 40 - 31.12.2011 Private Equity

CPV/CAP PENSIONSKASS n/a Co File 210'000 10 - 31.12.2011 Pension Fund (ERISA)

RELAG HOLDING AG n/a Co File 92'400 4.4 - 31.12.2011 Holding Company

GENERAL ORIENTAL INV n/a Co File 71'400 3.4 - 31.12.2011 Unclassified

GRAPAL HOLDING AG n/a Co File 65'100 3.1 - 31.12.2011 Unclassified







SCHNEUWLY CYRILL M n/a Co File 4'831 0.23 - 31.12.2011 n/a

MARMET DIETER n/a Co File 3'000 0.14 - 31.12.2011 n/a


WIRZ ANDREAS n/a Co File 1'918 0.09 - 31.12.2011 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'700 0.08 - 22.02.2013 Investment Advisor



OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 1'284 0.06 - 30.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'045 0.05 506 30.06.2012 Investment Advisor


Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 05.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.02.2013

Holdings By:

Intershop Holdings ee


11.04.2013

Meyer Burger Technology AG supplies systems and production equipment to the

photovoltaic, semiconductor and optoelectronic industries. The company produces

equipment for solar production from wafers to building integrated solar

systems.


LTM as of: 01/yy

52-Week High (15.05.2012) 16.15

52-Week Low (29.11.2012) 5.60

Daily Volume

7.67












MBTN SE EQUITY YTD Change - Average Volume 30 Day 302'859

MBTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 336'767


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

448.4 420.9 826.0 1'315.0 645.2 - - 553.4 699.4 - -

0.80x 1.98x 1.13x 0.36x 0.52x - - 0.62x 0.46x - -

82.7 63.7 191.7 280.4 (32.7) - - (19.4) 68.2 - -

4.35x 13.08x 4.88x 1.70x - - - - 5.59x - -

35.0 29.2 97.9 40.8 (111.1) - - (65.7) (23.8) - -

10.36x 27.79x 13.13x 16.90x - - - - - - -







Return on Capital - EBITDA/Interest Exp. -5.89


Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -4.09

EBITDA Margin -5.1%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Meyer Burger Technology AGPrice/Volume

Valuation Analysis

200'364.00


!.135

-!-.-1-3-5

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9. ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



11.04.2013


PLATINUM INVESTMENT n/a EXCH 2'547'892 5.29 1'106'815 09.01.2013 Hedge Fund Manager

GENERATION INVESTMEN n/a EXCH 2'451'332 5.09 848'955 04.05.2012 Investment Advisor

WILLIAM BLAIR & COMP n/a EXCH 1'339'622 2.78 (129'899) 19.04.2012 Investment Advisor

PAULI PETER n/a Co File 1'220'000 2.53 - 31.12.2011 n/a





ROTH DIETMAR n/a Co File 490'468 1.02 - 31.12.2011 n/a


CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 384'184 0.8 - 10.04.2013 Investment Advisor

UBS n/a ULT-AGG 282'069 0.59 (9'351) 28.12.2012 Unclassified




HOFER-NOSER PATRICK n/a Co File 217'714 0.45 - 31.12.2011 n/a


IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 146'000 0.3 (45'000) 28.02.2013 Investment Advisor

HIRSCHI MICHEL n/a Co File 140'000 0.29 - 31.12.2011 n/a

INVESCO LTD Multiple Portfolios MF-AGG 100'972 0.21 - 10.04.2013 Investment Advisor


HSBC CHRISTIAN DOMINIK RATH underweight 1 M 7 Not Provided 05.04.2013

Helvea STEFAN GAECHTER reduce 2 M 5 12 month 03.04.2013

Axiom Capital GORDON L JOHNSON sell 1 M 4 12 month 02.04.2013




Kepler Capital Markets CHRISTOPH LADNER Under Review #N/A N/A M 7 Not Provided 26.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 6 Not Provided 25.03.2013

Credit Suisse FELIX REMMERS neutral 3 M 7 Not Provided 08.03.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 D 7 12 month 15.11.2012

Nomura Code Securities JOHN-MARC BUNCE neutral 3 M 15 6 month 01.06.2012

Natureo Finance INGO QUEISER hold 3 M 17 12 month 17.04.2012


Performaxx AG HOLGER STEFFEN overweight 5 M 28 12 month 16.09.2010

Holdings By:

Meyer Burger Technology AG ee


11.04.2013

International Minerals Corporation explores and develops gold & silver

properties in the Americas (Peru, Ecuador, and the USA). The Company also owns

a 40% interest in the Pallancata silver mine in Peru.


LTM as of: 12/yy

52-Week High (12.10.2012) 5.70

52-Week Low (04.04.2013) 3.01

Daily Volume

3.13












IMZ SE EQUITY YTD Change - Average Volume 30 Day 90'363

IMZ SE EQUITY YTD % CHANGE - Average Volume 3 Month 107'539


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

0.0 0.0 0.9 0.0 0.0 0.0 0.0 - 0.4 - -

- - 551.09x - - #DIV/0! #DIV/0! - 1043.19x - -

(4.5) (4.9) (3.8) (5.6) (7.4) 17.6 (9.2) 8.0 (0.4) - -

- - - - - 33.70x 0.00x 39.93x - - -

(0.2) 8.7 8.9 60.3 4.8 61.5 (22.1) 14.2 30.6 - -

- - - - - 0.00x 0.00x 19.27x 17.29x 12.97x -



Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -



Return on Capital -6.16% EBITDA/Interest Exp. -3.04


Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover 0.00







Fiscal Year Ended

International Minerals CorpPrice/Volume

Valuation Analysis

2'457.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

P--. h--. f--. f--. P--. o--. j--. i--. T--. f--0 c--0 h--0 P--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



11.04.2013




KAY STEPHEN J n/a SEDI 1'332'516 1.13 17'500 27.01.2012 n/a

FRANKLIN RESOURCES n/a ULT-AGG 740'700 0.63 - 31.01.2013 Investment Advisor




BIANCHI GABRIEL n/a PROXY 295'350 0.25 - 27.09.2012 n/a



GAMCO n/a ULT-AGG 200'000 0.17 - 31.12.2012 Unclassified

CRYSTAL FUND MGMT Multiple Portfolios MF-AGG 95'000 0.08 95'000 31.07.2012 Investment Advisor

BANK LEU AG Multiple Portfolios MF-AGG 94'050 0.08 - 01.11.2012 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 77'563 0.07 (3'770) 31.01.2013 Investment Advisor

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 63'000 0.05 - 31.01.2013 Mutual Fund Manager

MCKEEN RODERICK CHAR n/a SEDI 61'500 0.05 12'500 26.01.2012 n/a



DURINI JORGE PAZ n/a SEDI 52'000 0.04 1'000 27.01.2012 n/a

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 40'000 0.03 - 30.12.2011 Investment Advisor


National Bank Financial STEPHEN PARSONS sector perform 3 M 4 12 month 09.04.2013

Cowen Securities LLC ADAM P GRAF buy 5 M 6 Not Provided 09.04.2013

TD Securities STEVEN J GREEN hold 3 M 5 12 month 04.04.2013


Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 N #N/A N/A Not Provided 15.01.2013

Canaccord Genuity Corp ANDREI KROUPNIK buy 5 M 7 Not Provided 17.05.2012

Holdings By:

International Minerals Corp ee


Fundamental Equity Analysis - SPI Index - The Top 100 Companies of the Swiss Performance Index

Economy & Finance

Transcript of Fundamental Equity Analysis - SPI Index - The Top 100 Companies of the Swiss Performance Index