1. 20.02.2013 Company Analysis - OverviewTicker: K CN Kinross Gold Corp Benchmark: Kinross Gold Corporation is involved in the exploration, development, and productionCurrency: Toronto: K, Currency: CAD S&P/TSX COMPOSITE INDEX (SPTSX) of gold in countries located around the world. The Company currently has operations in the United States, Brazil, Chile, Ecuador and Russia.Sector: Materials Industry: Metals & Mining Year:Telephone 1-416-365-5123 Revenue (M) 4309 Business Segments in CAD Sales (M) Geographic Segments in CAD Sales (M)Website www.kinross.com No of Employees #N/A N/A Gold Equivalents 4309 Unallocated Sales 1Address 25 York Street 17th Floor Toronto, ON M5J 2V5 CanadaShare Price Performance in CADPrice 7.86 1M Return -16.8%52 Week High 11.47 6M Return -4.7%52 Week Low 7.09 52 Wk Return -26.6%52 Wk Beta 1.73 YTD Return -18.6%Credit RatingsBloomberg IG8S&P BBB- Date 15.08.2011 Outlook STABLEMoodys Baa3 Date 21.06.2002 Outlook STABLEFitch BBB- Date 15.08.2011 Outlook STABLEValuation Ratios 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EP/E 41.7x 146.3x 15.3x 12.6x 9.2x 8.2x 10.1xEV/EBIT 20.1x 32.1x 9.5x 9.2x - - -EV/EBITDA 11.9x 17.3x 6.7x 6.0x 4.3x 3.8x 4.4xP/S 5.3x 5.2x 3.4x 2.6x 1.9x 1.8x 2.0xP/B 2.3x 1.5x 1.1x 1.1x 0.7x 0.7x 0.7xDiv Yield 0.5% 0.5% 1.0% 1.6% 2.0% 2.0% 2.1% 100% 100%Profitability Ratios % 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EGross Margin 38.0 40.2 59.8 57.1 59.3 62.2 -EBITDA Margin 45.3 39.9 50.1 45.5 47.9 52.2 49.6Operating Margin 26.8 21.6 35.4 29.7 34.7 36.3 32.2 Gold EquivalentsProfit Margin 12.8 25.2 -54.0 -58.1 21.1 22.9 18.2 Unallocated SalesReturn on Assets 4.0 5.9 -12.1 -16.0 7.5 8.0 5.6Return on Equity 6.0 7.6 -15.4 -22.5 9.2 10.2 9.0Leverage and Coverage Ratios 12/09 12/10 12/11 12/12Current Ratio 2.2 2.7 3.9 2.8 Current Capitalization in CADQuick Ratio 1.2 1.8 2.6 1.7 Common Shares Outstanding (M) 1140.1EBIT/Interest 23.3 10.3 14.8 9.0 Market Capitalization (M) 8961.2Tot Debt/Capital 0.1 0.0 0.1 0.2 Cash and ST Investments (M) 1972.6Tot Debt/Equity 0.1 0.0 0.1 0.3 Total Debt (M) 2619.2Eff Tax Rate % 26.8 27.6 - - Preferred Equity (M) 0.0 LT Investments in Affiliate Companies (M) 0.0 Investments (M) 75.1 Enterprise Value (M) 9682.9 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts RatingsKinross Gold CorpTarget price in CADBroker Recommendation Buy and Sell Recommendations vs Price and Target Price Price Brokers Target Price 25 16 100% 5% 5% 4% 4% 4% 0% 0% 0% 5% 8% 8% 9% 14 12 80% 32% 20 10 43% 25% 26% 41% 41% 39% 39% 39% 52% 48% 33% 8 6 60% 15 4 2 10 0 40% Morgan Stanley BMO Capital Markets Canaccord Genuity Corp Barclays RBC Capital Markets Mackie Research Capital Corp. Cormark Securities Inc. GMP Veritas Investment Research Paradigm Capital Inc Salman Partners Macquarie Scotia Capital Credit Suisse HSBC National Bank Financial Stifel Nicolaus TD Securities EVA Dimensions Deutsche Bank CIBC World Markets 67% 65% 64% 55% 55% 57% 57% 57% 57% 58% 48% 52% 20% 5 Co 0% 0 fvr.12 mars.12 avr.12 mai.12 juin.12 juil.12 aot.12 sept.12 oct.12 nov.12 dc.12 janv.13 Buy Hold Sell Price Target Price Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date 31-Jan-13 64% 32% 5% 20-Feb-13 7.87 11.82 Canaccord Genuity Corp STEVEN BUTLER buy 11.90 19-Feb-13 31-Dec-12 65% 26% 9% 19-Feb-13 8.04 11.82 RBC Capital Markets STEPHEN D WALKER outperform 11.13 18-Feb-13 30-Nov-12 67% 25% 8% 18-Feb-13 8.03 11.81 HSBC PATRICK CHIDLEY overweight 15.11 15-Feb-13 31-Oct-12 58% 33% 8% 15-Feb-13 8.03 11.96 CIBC World Markets ALEC KODATSKY sector perform 11.08 15-Feb-13 28-Sep-12 52% 48% 0% 14-Feb-13 8.34 12.09 Salman Partners DAVID WEST buy 11.85 15-Feb-13 31-Aug-12 48% 52% 0% 13-Feb-13 7.91 12.63 Mackie Research Capital Corp. BARRY D ALLAN buy 12.00 15-Feb-13 31-Jul-12 57% 43% 0% 12-Feb-13 8.00 12.77 National Bank Financial PAOLO LOSTRITTO outperform 12.50 15-Feb-13 29-Jun-12 57% 39% 4% 11-Feb-13 8.00 12.76 BMO Capital Markets DAVID HAUGHTON outperform 12.53 14-Feb-13 31-May-12 57% 39% 4% 8-Feb-13 8.18 12.74 Credit Suisse ANITA SONI outperform 11.52 14-Feb-13 30-Apr-12 57% 39% 4% 7-Feb-13 8.23 12.73 Macquarie TONY LESIAK outperform 11.50 14-Feb-13 30-Mar-12 55% 41% 5% 6-Feb-13 8.20 12.73 Scotia Capital TANYA M JAKUSCONEK sector perform 11.52 14-Feb-13 29-Feb-12 55% 41% 5% 5-Feb-13 8.17 12.73 Cormark Securities Inc. RICHARD GRAY buy 12.50 14-Feb-13 4-Feb-13 8.23 12.73 GMP GEORGE V ALBINO buy 12.00 14-Feb-13 1-Feb-13 8.30 12.84 TD Securities GREG BARNES buy 12.03 14-Feb-13 31-Jan-13 8.18 12.84 Veritas Investment Research Co PAWEL RAJSZEL buy 10.00 14-Feb-13 30-Jan-13 8.39 13.00 Barclays FAROOQ HAMED equalweight 11.02 14-Feb-13 29-Jan-13 8.47 13.00 Stifel Nicolaus GEORGE J TOPPING hold 8-Feb-13 28-Jan-13 8.36 13.00 EVA Dimensions CRAIG STERLING hold 28-Jan-13 25-Jan-13 8.58 13.00 Deutsche Bank JORGE M BERISTAIN buy 11.81 15-Jan-13 24-Jan-13 9.04 13.00 Morgan Stanley PARETOSH MISRA Underwt/In-Line 10-Oct-12 23-Jan-13 9.48 13.00 Paradigm Capital Inc DON MACLEAN buy 25-Jan-12 22-Jan-13 9.80 13.00 21-Jan-13 9.88 13.00 18-Jan-13 9.45 13.05 17-Jan-13 9.37 13.05 16-Jan-13 9.49 13.08 15-Jan-13 9.56 13.08 14-Jan-13 9.29 13.31 11-Jan-13 9.31 13.31 10-Jan-13 9.32 13.31 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 20.02.2013Kinross Gold Corp Company Analysis - Ownership Ownership TypeOwnership Statistics Geographic Ownership Distribution Geographic Ownership 0%Shares Outstanding (M) 1140.1 United States 65.31% 21% 1% 1% 4%Float 99.8% Canada 19.78% 2%Short Interest (M) 38.3 Britain 3.39% 3%Short Interest as % of Float 3.36% France 2.80% 3%Days to Cover Shorts 3.50 Germany 1.52%Institutional Ownership 78.88% Japan 1.45%Retail Ownership 20.94% Norway 1.27% 20%Insider Ownership 0.18% Others 4.48% 66% 79% Institutional Ownership Distribution Investment Advisor 83.01% Hedge Fund Manager 8.44% Mutual Fund Manager 2.70% Institutional Ownership Retail Ownership Insider Ownership Government 1.63% United States Canada Britain FrancePricing data is in CAD Others 4.22% Germany Japan Norway OthersTop 20 Owners: TOP 20 ALL Institutional OwnershipHolder Name Position Position Change Market Value % of Ownership Report Date Source CountryBLACKROCK 167473865 0 1316344579 14.69% 31.12.2012 ULT-AGG UNITED STATES 4% 2%VAN ECK ASSOCIATES C 59376977 2536128 466703039 5.21% 31.12.2012 13F UNITED STATES 3%VAN ECK ASSOCIATES C 49340342 0 387815088 4.33% 15.02.2013 MF-AGG UNITED STATESROYAL BANK OF CANADA 24321082 14542877 191163705 2.13% 31.01.2013 ULT-AGG CANADA 8%BMO FINANCIAL CORP 22053460 -1843737 173340196 1.93% 31.12.2012 13F UNITED STATESLAZARD ASSET MANAGEM 21571575 -1616513 169552580 1.89% 31.12.2012 ULT-AGGTRADEWINDS GLOBAL IN 20641596 -9067104 162242945 1.81% 31.12.2012 13F UNITED STATESCAISSE DE DEPOT ET P 18547731 -100100 145785166 1.63% 31.12.2012 13F CANADAJP MORGAN 17639227 -310195 138644324 1.55% 31.12.2012 ULT-AGGJENNISON ASSOCIATES 17311077 -452461 136065065 1.52% 31.12.2012 13F UNITED STATES 83%FMR LLC 17079796 -17854327 134247197 1.50% 31.12.2012 ULT-AGG UNITED STATESCIBC WORLD MARKETS I 16893867 68796 132785795 1.48% 31.12.2012 13F CANADAINVESCO LTD 16216880 1845992 127464677 1.42% 31.12.2012 13F UNITED STATESHEXAVEST INC 15130133 3109489 118922845 1.33% 31.12.2012 13F CANADA Investment Advisor Hedge Fund Manager Mutual Fund Manager Government OthersALTRINSIC GLOBAL ADV 14907433 -259550 117172423 1.31% 31.12.2012 13F UNITED STATESFRANKLIN RESOURCES 14669690 -147000 115303763 1.29% 31.12.2012 ULT-AGG UNITED STATESTORONTO DOMINION BAN 14146557 -132094 111191938 1.24% 31.12.2012 13F CANADAPASSPORT CAPITAL LLC 14121122 4740498 110992019 1.24% 31.12.2012 13F UNITED STATESFIRST EAGLE INVESTME 13801799 0 108482140 1.21% 31.12.2012 13F UNITED STATESOPPENHEIMERFUNDS INC 13517771 0 106249680 1.19% 30.12.2012 MF-AGG UNITED STATESTop 5 Insiders:Holder Name Position Position Change Market Value % of Ownership Report Date SourceBURT TYE WINSTON 622497 6106 4892826 0.06% 06.07.2012 SEDILUNDIN LUKAS HENRIK 409993 -18740 3222545 0.04% 09.11.2010 SEDIGOLD GEOFFREY PETER 123310 1953 969217 0.01% 09.01.2013 SEDIROLLINSON J PAUL 89043 2227 699878 0.01% 02.10.2012 SEDIBOEHLERT THOMAS M 80042 8982 629130 0.01% 01.03.2011 SEDI Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IVKinross Gold CorpFinancial information is in CAD (M) Equivalent EstimatesPeriodicity: Fiscal Year 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EIncome StatementRevenue 432 801 867 879 1027 1174 1726 2752 3100 3801 4309 4660 4899 4445 - Cost of Goods Sold 134 761 772 746 669 762 1113 1705 1855 1530 1850Gross Income 298 39 95 133 358 412 613 1047 1246 2272 2459 2765 3045 - Selling, General & Admin Expenses 310 92 107 172 171 168 205 310 578 924 1179 (Research & Dev Costs) 27Operating Income -12 -53 -13 -39 187 244 408 737 668 1347 1280 1616 1780 1433 - Interest Expense 8 1 1 8 9 1 1 22 64 65 42 - Foreign Exchange Losses (Gains) 7 27 17 0 11 39 -44 104 0 -11 53 - Net Non-Operating Losses (Gains) 11 526 66 230 -50 -231 1160 -31 -637 2813 3476Pretax Income -38 -607 -97 -277 217 435 -708 642 1241 -1520 -2291 1556 1840 1343 - Income Tax Expense 10 6 -15 -16 29 79 108 172 343 491 261Income Before XO Items -49 -613 -82 -262 188 355 -816 470 898 -2011 -2552 - Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 -20 -44 - Minority Interests 0 0 -0 -0 -0 -3 45 117 116 60 -5Diluted EPS Before XO Items (1.51) (1.95) (0.23) (0.76) 0.53 0.63 (1.37) 0.50 0.95 (1.82) (2.24)Net Income Adjusted* -81 563 -6 -10 161 205 266 247 493 862 879 984 1124 810EPS Adjusted (0.68) 0.01 (0.01) (0.02) 0.46 0.37 0.43 0.50 0.60 0.76 0.77 0.85 0.96 0.77Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.10 0.10 0.11 0.16 0.16 0.16 0.16 Payout Ratio % 0.0 0.0 20.1 9.3 0.18 0.16 0.21Total Shares Outstanding 136 346 345 345 363 612 659 696 1133 1138 1140Diluted Shares Outstanding 40 309 346 345 353 566 629 697 829 1136 1139EBITDA 122 189 209 164 310 383 700 1247 1236 1906 1961 2234 2555 2203*Net income excludes extraordinary gains and losses and one-time charges. Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Company Analysis - Financials II/IVPeriodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15EBalance SheetTotal Current Assets 609.875736 521.58195 244.666127 281.18456 341.4329 925.39007 1369.34077 1468.92949 2647.92033 3169.55548 3582.43592 + Cash & Near Cash Items 423 319 58 113 180 546 597 668 1458 1795 1625 + Short Term Investments 0 0 7 0 0 10 42 0 0 1 348 + Accounts & Notes Receivable 38 55 45 32 8 94 154 143 328 315 286 + Inventories 96 142 133 134 116 241 532 586 727 992 1251 + Other Current Assets 52 7 2 2 38 34 44 72 135 66 73Total Long-Term Assets 871 1805 1959 1693 2052 5744 7623 6994 15046 13613 11224 + Long Term Investments 29 3 31 25 30 127 226 309 203 81 49 Gross Fixed Assets 1969 2156 2404 2286 2714 4673 7283 6762 10132 11990 13673 Accumulated Depreciation 1151 846 909 1048 1163 1228 1503 1492 2293 2882 4740 + Net Fixed Assets 817 1310 1495 1238 1551 3445 5780 5270 7840 9108 8933 + Other Long Term Assets 25 492 434 430 470 2172 1617 1415 7004 4424 2242Total Current Liabilities 183 195 211 207 242 404 671 674 971 809 1300 + Accounts Payable 88 39 40 49 57 88 183 98 150 154 128 + Short Term Borrowings 58 38 7 11 21 75 203 187 48 33 514 + Other Short Term Liabilities 37 118 165 147 164 240 285 389 773 622 658Total Long Term Liabilities 550 356 429 499 423 1447 2426 1777 2014 3296 3632 + Long Term Borrowings 413 5 140 174 84 484 954 544 424 1627 2106 + Other Long Term Borrowings 137 351 289 325 339 963 1472 1233 1591 1669 1526Total Liabilities 733 551 641 706 665 1851 3097 2451 2985 4105 4931 + Long Preferred Equity 38 16 16 16 17 10 12 0 0 0 0 + Minority Interest 0 1 0 0 0 14 69 140 261 82 75 + Share Capital & APIC 2654 2351 2193 2127 2396 5143 7354 6989 14678 14983 14707 + Retained Earnings & Other Equity -1944 -593 -647 -877 -686 -348 -1539 -1118 -229 -2387 -4907Total Shareholders Equity 748 1776 1563 1268 1728 4819 5896 6012 14709 12678 9875Total Liabilities & Equity 1481 2327 2204 1974 2393 6669 8993 8463 17694 16783 14806Book Value Per Share 5.21 5.09 4.48 3.62 4.72 7.84 8.82 8.44 12.75 11.07 8.60 10.59 11.57 11.37 Tangible Book Value Per Share 5.21 3.80 3.33 2.54 3.77 4.57 6.64 6.65 7.17 8.02 7.60 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. Company Analysis - Financials III/IVPeriodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ECash FlowsNet Income -49 -613 -82 -262 188 359 -861 354 783 -2051 -2504 1106 1299 913 + Depreciation & Amortization 134 242 221 203 123 139 292 510 568 558 681 + Other Non-Cash Adjustments -1 557 33 222 10 -161 1246 124 -504 2611 2979 + Changes in Non-Cash Capital 14 -60 37 -2 11 30 -204 -92 185 246 146Cash From Operating Activities 99 125 210 162 331 366 473 896 1032 1364 1302 + Disposal of Fixed Assets 2 8 2 13 12 250 0 1 3 2 3 + Capital Expenditures -35 -103 -220 -172 -230 -646 -763 -597 -647 -1665 -1926 -1676 -1362 -1302 + Increase in Investments 0 0 0 0 0 -31 -180 -203 -636 -211 -106 + Decrease in Investments 2 0 0 0 0 66 40 8 872 100 12 + Other Investing Activities -33 24 -357 13 22 -1 -11 -66 629 65 -348Cash From Investing Activities -65 -70 -575 -147 -196 -361 -914 -857 220 -1709 -2366 + Dividends Paid 0 0 0 0 0 -6 -55 -101 -73 -123 -182 + Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 + Increase in Long Term Borrowings 0 0 121 0 40 309 612 89 131 1591 1540 + Decrease in Long Term Borrowings -53 -223 0 -20 -119 -95 -132 -372 -345 -474 -577 + Increase in Capital Stocks 177 263 4 2 9 232 34 481 16 29 6 + Decrease in Capital Stocks -18 -0 -15 0 0 0 0 0 0 0 + Other Financing Activities 0 11 -1 62 -1 -19 -83 -14 -87 -389 -5Cash From Financing Activities 106 50 108 45 -71 421 376 83 -357 633 782Net Changes in Cash 141 105 -257 60 64 427 -65 122 895 288 -281Free Cash Flow (CFO-CAPEX) 63 23 -11 -11 101 -279 -289 300 385 -301 -623 30 598 395Free Cash Flow To Firm 109 -278 316 431Free Cash Flow To Equity -77 -209 113 -17 36 180 190 6 174 818 342Free Cash Flow per Share 1.59 0.07 -0.03 -0.03 0.29 -0.50 -0.46 0.43 0.47 -0.27 -0.55 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. Company Analysis - Financials IV/IVPeriodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15ERatio AnalysisValuation Ratios Price Earnings 29.6x 65.9x 46.2x 41.7x 146.3x 15.3x 12.6x 9.2x 8.1x 10.1x EV to EBIT 25.8x 49.9x 33.2x 20.1x 32.1x 9.5x 9.2x EV to EBITDA 13.7x 18.9x 15.6x 24.2x 15.6x 31.8x 19.3x 11.9x 17.3x 6.7x 6.0x 4.3x 3.8x 4.4x Price to Sales 1.1x 4.3x 3.6x 4.4x 4.6x 9.4x 7.2x 5.3x 5.2x 3.4x 2.6x 1.9x 1.8x 2.0x Price to Book 2.2x 2.0x 1.9x 3.0x 2.9x 2.3x 2.6x 2.3x 1.5x 1.1x 1.1x 0.7x 0.7x 0.7x Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.5% 0.5% 1.0% 1.6% 2.0% 2.0% 2.1%Profitability Ratios Gross Margin 69.0% 4.9% 10.9% 15.1% 34.8% 35.1% 35.5% 38.0% 40.2% 59.8% 57.1% 59.3% 62.2% EBITDA Margin 28.2% 23.6% 24.1% 18.6% 30.1% 32.6% 40.6% 45.3% 39.9% 50.1% 45.5% 47.9% 52.2% 49.6% Operating Margin -2.8% -6.6% -1.5% -4.5% 18.2% 20.8% 23.7% 26.8% 21.6% 35.4% 29.7% 34.7% 36.3% 32.2% Profit Margin -11.2% -76.5% -9.5% -29.8% 18.3% 30.6% -49.9% 12.8% 25.2% -54.0% -58.1% 21.1% 22.9% 18.2% Return on Assets -3.3% -32.0% -3.5% -12.2% 8.8% 7.6% -11.4% 4.0% 5.9% -12.1% -16.0% 7.5% 8.0% 5.6% Return on Equity -9.9% -47.3% -4.8% -18.3% 13.0% 10.6% -16.8% 6.0% 7.6% -15.4% -22.5% 9.2% 10.2% 9.0%Leverage & Coverage Ratios Current Ratio 3.34 2.67 1.16 1.36 1.41 2.29 2.04 2.18 2.73 3.92 2.76 Quick Ratio 2.52 1.91 0.52 0.70 0.77 1.61 1.18 1.20 1.84 2.61 1.74 Interest Coverage Ratio (EBIT/I) -1.56 -47.00 -12.13 -4.78 21.38 283.63 478.13 23.32 10.25 14.81 9.03 Tot Debt/Capital 0.39 0.02 0.09 0.13 0.06 0.10 0.16 0.11 0.03 0.12 0.21 Tot Debt/Equity 0.63 0.02 0.09 0.15 0.06 0.12 0.20 0.12 0.03 0.13 0.27Others Asset Turnover 0.30 0.42 0.37 0.41 0.48 0.25 0.23 0.31 0.23 0.22 0.27 Accounts Receivable Turnover 11.88 17.18 16.71 22.19 52.65 21.47 14.59 18.41 12.95 12.03 14.45 Accounts Payable Turnover 1.50 13.83 18.94 16.56 12.64 12.33 10.34 13.29 16.27 11.87 15.23 Inventory Turnover 1.33 6.38 5.39 5.44 5.50 4.15 3.07 3.01 2.80 1.81 1.66 Effective Tax Rate 13.5% 18.2% 26.8% 27.6% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision BARRICK GOLD NEWMONT AGNICO-EAGLE YAMANA GOLD TECK RESOURCES- FREEPORT- ANGLOGOLD COEUR DALENE NEWCREST CENTERRA GOLD KINROSS GOLD GOLDCORP INC IAMGOLD CORP ELDORADO GOLD SILVER WHEATON CRP MINING MIN INC B MCMORAN ASHANT MN MINING INLatest Fiscal Year: 12/2012 12/2012 12/2012 12/2011 12/2012 12/2011 12/2012 12/2012 12/2012 12/2011 06/2012 12/2011 12/2011 12/2011 12/201152-Week High 11.65 49.93 50.17 64.43 57.00 20.61 41.12 44.74 33439.00 31.97 36.10 17.71 15.78 41.18 22.3552-Week High Date 23.02.2012 23.02.2012 29.02.2012 23.02.2012 31.10.2012 09.11.2012 29.02.2012 24.02.2012 23.02.2012 01.11.2012 23.02.2012 23.02.2012 19.09.2012 01.11.2012 24.02.201252-Week Low 7.14 31.17 32.32 41.70 31.91 12.76 26.02 30.54 22867.00 15.15 20.89 7.86 9.86 23.11 6.2052-Week Low Date 09.05.2012 26.07.2012 12.07.2012 20.02.2013 23.04.2012 16.05.2012 05.09.2012 06.12.2012 20.02.2013 12.07.2012 23.07.2012 20.02.2013 19.02.2013 16.05.2012 23.07.2012Daily Volume 1091445 631285 495510 2056845 292662 950663 352533 4270298 1927809 968099 6234703 381830 490819 908926 34519 Current Price (2/dd/yy) 7.87 31.65 33.77 41.70 40.38 14.74 32.35 33.42 23220.00 18.70 22.16 7.88 9.92 34.09 7.60 52-Week High % Change -32.4% -36.6% -32.7% -35.3% -29.2% -28.5% -21.3% -25.3% -30.6% -41.5% -38.6% -55.5% -37.1% -17.2% -66.0% 52-Week Low % Change 10.2% 1.5% 4.5% 0.0% 26.5% 15.5% 24.3% 9.4% 1.5% 23.4% 6.1% 0.3% 0.6% 47.5% 22.6%Total Common Shares (M) 1140.1 1000.7 811.5 494.7 172.3 745.8 582.3 949.3 384.9 89.7 764.6 375.9 551.7 353.5 236.3 Market Capitalization 8972.6 31685.1 27400.9 20772.3 6952.9 11087.8 18852.2 31726.2 89388.1 1673.2 16972.5 2967.1 7086.3 12078.9 1796.5Total Debt 2632.6 13943.0 783.0 4313.0 843.0 431.8 7195.0 3527.0 30376.0 148.5 2408.0 6.6 81.0 78.6 -Preferred Stock - - - - - - - - - - - - - - -Minority Interest 75.5 2663.0 213.0 2875.0 - 46.8 176.0 3768.0 186.5 - 119.0 54.4 56.5 - -Cash and Equivalents 1982.7 2093.0 918.0 1854.0 332.0 550.4 3267.0 3705.0 7562.2 215.1 242.0 1051.6 396.4 840.2 568.2 Enterprise Value 9550.7 45677.6 27028.8 28419.3 7349.6 11317.7 22956.2 35316.2 112388.4 1559.8 20224.5 2729.4 7109.6 11382.6 1582.5 ValuationTotal Revenue LFY 4311.4 14547.0 5435.0 10358.0 1917.7 2173.3 10343.0 18010.0 52160.3 1021.2 4416.0 1673.2 1098.9 730.0 1020.3 LTM 4311.4 14547.0 5435.0 10157.0 1917.7 2276.0 10343.0 18010.0 52152.1 936.5 3879.0 1683.2 1100.9 754.2 540.2 CY+1 4626.1 15845.9 6042.0 10031.9 1974.4 2374.6 10214.2 22676.3 70420.3 903.4 4090.7 1641.6 1155.5 821.0 667.9 CY+2 4863.8 16833.5 7556.1 10758.2 2234.9 3005.2 10956.4 23753.0 76968.4 1069.8 5358.7 1873.9 1433.1 1108.4 1168.6EV/Total Revenue LFY 2.7x 3.4x 5.5x 3.4x 5.0x 6.8x 2.4x 2.0x 2.4x 2.4x 4.6x 3.5x 10.0x 18.6x 2.7x LTM 2.7x 3.4x 5.5x 3.5x 5.0x 6.5x 2.4x 2.0x 2.3x 2.6x 5.2x 3.4x 10.0x 18.0x 5.1x CY+1 2.0x 2.8x 4.6x 2.8x 3.7x 4.7x 2.3x 1.9x 1.5x 1.7x 4.9x 1.7x 5.7x 13.7x 2.2x CY+2 1.9x 2.6x 3.5x 2.6x 3.2x 3.6x 2.1x 1.8x 1.2x 1.2x 3.7x 1.7x 4.9x 10.8x 1.0xEBITDA LFY 1962.2 7358.0 2798.0 5162.0 791.4 1262.7 3736.0 6934.0 32020.3 531.3 2150.0 785.0 639.1 618.8 480.3 LTM 1962.2 7358.0 2798.0 4470.0 791.4 1199.3 3656.0 6934.0 19105.5 412.0 1715.0 743.3 554.4 627.8 63.4 CY+1 2218.1 8701.4 3308.3 4316.7 893.2 1313.1 3510.5 10395.4 30989.1 371.5 1989.6 737.1 606.7 686.7 170.1 CY+2 2536.7 9493.7 4526.8 4917.2 1079.9 1797.8 4123.4 10992.4 35744.2 539.5 2935.0 798.7 797.4 939.5 701.7EV/EBITDA LFY 6.0x 6.7x 10.7x 6.8x 12.1x 11.7x 6.7x 5.2x 3.9x 4.6x 9.4x 7.4x 17.2x 21.9x 5.8x LTM 6.0x 6.7x 10.7x 7.9x 12.1x 12.3x 6.9x 5.2x 6.3x 6.0x 11.8x 7.8x 19.9x 21.6x 43.7x CY+1 4.3x 5.2x 8.3x 6.6x 8.2x 8.5x 6.6x 4.1x 3.4x 4.2x 10.1x 3.8x 10.9x 16.4x 8.6x CY+2 3.6x 4.6x 5.8x 5.8x 6.7x 5.9x 5.6x 3.8x 2.7x 2.4x 6.8x 3.9x 8.8x 12.7x 1.7xEPS LFY 0.77 3.82 1.99 4.31 1.89 0.96 2.59 3.10 21.85 1.08 1.44 0.97 0.58 1.55 1.57 LTM 0.77 3.69 1.89 3.66 2.08 0.60 2.71 3.18 24.22 0.30 1.02 1.03 0.44 1.56 -0.15 CY+1 0.84 4.46 2.12 3.56 2.20 0.91 2.34 4.44 37.19 0.57 1.16 0.86 0.46 1.66 0.04 CY+2 0.95 4.76 2.92 4.47 2.61 1.19 2.99 4.54 42.59 2.02 1.84 0.94 0.60 2.10 1.89P/E LFY 10.1x 8.4x 17.5x 11.4x 19.1x 24.2x 11.9x 10.5x 9.6x 62.3x 21.8x 7.5x 22.2x 21.5x - LTM 10.1x 8.4x 17.5x 11.4x 19.1x 24.2x 11.9x 10.5x 9.3x 62.3x - 7.5x 22.2x 21.5x - CY+1 9.2x 7.0x 15.7x 11.7x 18.1x 15.9x 13.8x 7.5x 6.2x 32.6x 19.2x 9.0x 21.3x 20.2x 213.6x CY+2 8.2x 6.5x 11.4x 9.3x 15.2x 12.2x 10.8x 7.4x 5.5x 9.2x 12.1x 8.2x 16.4x 16.0x 3.9xRevenue Growth 1 Year 12.2% 1.6% 1.4% 8.6% 5.3% 28.8% (10.2%) (13.7%) (4.1%) 98.1% 7.7% 52.5% 38.9% 72.4% 20.1% 5 Year 34.9% 17.9% 19.3% 11.4% 54.5% 26.0% 13.2% 15.3% 24.6% 60.9% 13.7% 22.1% 57.4% 39.3% 17.7%EBITDA Growth 1 Year 1.9% (11.6%) (7.7%) 0.9% 5.1% 42.8% (30.4%) (31.8%) 37.7% 142.9% 3.9% 66.9% 51.0% 95.7% 29.8% 5 Year 40.7% 24.5% 21.0% 22.3% 31.8% 232.3% 5.7% (2.4%) 107.3% 41.0% 16.4% 46.4% - 44.0% 44.5%EBITDA Margin LTM 45.5% 50.6% 51.5% 44.0% 41.3% 52.7% 35.3% 38.5% 36.6% 44.0% 44.2% 44.2% 50.4% 83.2% 11.7% CY+1 47.9% 54.9% 54.8% 43.0% 45.2% 55.3% 34.4% 45.8% 44.0% 41.1% 48.6% 44.9% 52.5% 83.6% 25.5% CY+2 52.2% 56.4% 59.9% 45.7% 48.3% 59.8% 37.6% 46.3% 46.4% 50.4% 54.8% 42.6% 55.6% 84.8% 60.0% Leverage/Coverage RatiosTotal Debt / Equity % 26.7% 63.8% 3.4% 33.4% 24.7% 5.8% 40.4% 20.1% 65.8% 6.9% 16.1% 0.2% 2.5% 3.0%Total Debt / Capital % 21.0% 36.3% 3.3% 21.5% 19.8% 5.4% 28.6% 14.2% 39.6% 6.5% 13.8% 0.2% 2.4% 2.9%Total Debt / EBITDA 1.342x 1.895x 0.280x 1.370x 1.065x 0.638x 1.968x 0.509x 1.540x 0.149x 1.868x 0.862x 0.172x 0.091xNet Debt / EBITDA 0.331x 1.610x -0.048x 1.004x 0.646x 0.305x 1.074x -0.026x 1.156x -0.275x 1.811x -0.344x -0.323x -0.793xEBITDA / Int. Expense 13.838x 41.571x 93.267x 17.439x 13.672x 26.129x 6.026x 37.280x 16.883x 14.379x 37.069x 110.077x 119.880x - Credit RatingsS&P LT Credit Rating BBB- BBB+ BBB+ BBB+ NR - BBB BBB BBB- B+ BBB+ BB- BB -S&P LT Credit Rating Date 15.08.2011 30.07.2012 01.06.2009 11.08.2008 12.03.2003 - 16.04.2010 29.07.2011 10.12.2012 25.06.2012 19.10.2011 10.09.2012 13.11.2012 -Moodys LT Credit Rating Baa3 Baa1 - Baa1 WR - Baa2 Baa3 - B3 - - Ba3 -Moodys LT Credit Rating Date 15.08.2011 17.05.2011 - 26.07.2010 05.03.2002 - 17.11.2010 13.10.2010 - 24.01.2013 - - 12.11.2012 - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |