Fundamental Analysis - SX5E Index (Eurostoxx50)

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September 2012

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

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Index Analysis - Financial Statements

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 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05

Euro Stoxx 50 Pr EUR 2450446 10657.55 4587 4587 751 775 775 156.10 302.30 302.30 27.20 14.54 14.05 14.05 20.73

NIKKEI 225 JPY 2206653 179.5987 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14

FTSE 100 INDEX GBP 2624070 13741.02 9488 9488 1553 1647 1647 719.78 827.32 827.32 21.21 20.04 18.45 18.45 26.02

SWISS MARKET INDEX CHF 888093 10957.14 3947 3947 804 787 787 384.76 515.53 515.53 19.45 19.16 14.52 14.52 22.21

S&P/TSX COMPOSITE INDEX CAD 1687438 19167.86 7808 7808 1962 1968 1968 829.66 848.64 848.64 15.50 15.50 15.15 15.15 25.44

S&P/ASX 200 INDEX AUD 1228533 8059.649 2896 2896 636 713 713 273.62 349.86 349.86 17.31 14.70 13.54 13.54 23.52

HANG SENG INDEX HKD 1550090 2367.591 1452 1452 341 357 357 255.24 244.73 244.73 1.35 1.46 1.41 1.41 3.09

MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90

AIR LIQUIDE SA EUR 39763 218 311 9 0 0 2 47.85 18652 19190 19815 21318 4598 4702 - - 6.05 6.54 6.77 7.49 25.14 26.39 24.30 21.95 9.27 8.05 7.24 8.74 31.80 A 02.07.2007 - -

ALLIANZ SE-REG EUR 55187 631 452 37 0 3 14 80.99 112739 116829 124207 127817 - - - - 7.20 9.59 14.32 15.45 16.31 16.57 10.92 10.12 -3.39 - - - - AA 27.01.2012 Aa3 03.05.2004

ANHEUSER-BUSCH INBEV NV EUR 139244 446 1598 52 0 5 7 231.31 50375 50694 51569 58800 19736 19719 5060 5060 4.83 5.73 5.94 6.51 25.18 25.19 24.29 22.15 9.77 19.09 14.33 31.29 50.54 A 01.05.2012 A3 27.03.2012

ARCELORMITTAL EUR 24186 4584 1549 33 0 5 5 64.51 121240 118493 114292 119104 12770 11515 2148 2148 1.62 0.53 1.27 2.28 48.74 57.34 20.31 11.30 26.37 6.72 30.33 0.11 13.59 BB+ 02.08.2012 Baa3 20.05.2009

ASML HOLDING NV EUR 26209 889 414 1 0 0 4 23.68 7291 6643 6275 7267 2331 1987 478 478 4.41 3.78 3.47 4.26 18.06 18.17 19.67 16.00 32.72 60.06 37.20 17.46 41.24 - - Baa2 11.11.2010

ASSICURAZIONI GENERALI EUR 23440 2815 1541 28 0 3 33 29.35 94803 96239 97522 100474 - - - - 1.51 0.73 1.47 1.78 26.56 - 13.26 10.92 -20.14 -7.16 - - - A *- 07.06.2012 Baa2 17.07.2012

AXA SA EUR 37393 1851 2374 22 8 3 40 30.74 126866 130915 124007 125655 - - - - 1.46 0.98 2.38 2.55 20.79 27.56 8.60 8.01 -20.97 2.99 - - - A 27.01.2012 A2 19.03.2003

BANCO BILBAO VIZCAYA ARGENTA EUR 44655 17172 4948 283 #VALUE! 2 74 #VALUE! 46567 26864 28724 29866 - - - - 1.16 0.56 0.50 0.99 19.22 12.94 21.22 10.78 14.35 8.43 - - - BBB+ 30.04.2012 Baa3 *- 25.06.2012

BANCO SANTANDER SA EUR 78541 17351 9570 547 0 8 191 #VALUE! 100644 57448 58078 60517 - - - - 1.03 0.48 0.62 0.92 21.37 11.40 16.64 11.10 16.92 13.45 - - - A- 30.04.2012 (P)Baa2 *- 25.06.2012

BASF SE EUR 79714 1072 918 17 0 2 3 96.19 94823 97724 98985 101682 15295 16319 3567 3567 8.28 7.42 7.03 7.79 15.09 15.14 15.91 14.37 19.44 9.55 -0.52 3.97 20.81 A+ 10.05.2011 A1 17.11.2010

BAYER AG-REG EUR 72389 1160 827 15 0 0 6 82.68 47127 49147 50203 52519 11564 12231 2307 2307 6.91 4.04 6.90 7.56 27.97 15.45 16.36 14.95 5.29 5.96 0.91 15.89 31.66 A- 30.04.2008 A3 17.07.2006

BAYERISCHE MOTOREN WERKE AG EUR 48814 740 656 88 0 0 15 122.36 88790 93396 95071 98519 15043 - 2584 2584 9.59 8.84 9.76 9.96 11.11 11.11 10.06 9.86 17.80 7.86 36.53 1.35 21.86 A 16.04.2012 A2 22.07.2011

BNP PARIBAS EUR 63107 1790 1198 1452 9 13 139 #VALUE! 92 K 91 K 50 K 52 K - - - - 9.03 6.22 7.07 7.12 10.44 8.46 9.19 9.12 -3.26 -2.94 - - - AA- 23.01.2012 A2 21.06.2012

CARREFOUR SA EUR 15163 696 674 21 0 1 6 29.67 103800 103367 103873 106141 5024 3363 - - -0.97 -2.03 1.67 1.84 - - 17.24 15.61 1.16 0.13 -14.32 1.48 6.24 BBB 15.03.2012 (P)Baa2 15.03.2012

COMPAGNIE DE SAINT-GOBAIN EUR 20161 1147 526 14 0 1 4 33.36 54336 55259 55918 57501 6482 6341 - - 3.39 2.50 3.32 3.91 19.57 18.07 14.75 12.52 6.42 0.22 6.44 0.53 15.39 BBB 24.07.2009 Baa2 31.07.2009

CRH PLC EUR 14303 442 728 6 0 0 2 19.64 23327 23872 24458 25391 2136 2129 1442 1442 0.98 1.11 1.03 1.21 22.93 34.36 24.75 21.04 6.82 -2.80 3.36 -10.24 11.82 BBB+ 17.12.2007 - -

DAIMLER AG-REGISTERED SHARES EUR 54572 2200 1066 93 0 2 14 145.51 137453 143682 143097 149597 15761 15986 - - 6.81 6.98 6.58 7.39 9.45 9.45 10.03 8.92 11.59 6.79 21.24 -8.91 14.79 A- 23.02.2012 A3 01.10.2007

DANONE EUR 41157 382 606 12 0 0 3 50.17 24923 25887 26922 29022 4497 4548 - - 3.62 3.63 3.97 4.35 22.73 22.81 20.80 18.98 17.51 13.20 11.79 13.93 23.28 A- 25.07.2007 A3 06.11.2007

DEUTSCHE BANK AG-REGISTERED EUR 39010 2669 905 367 0 2 230 #VALUE! 67940 63587 41477 43061 - - - - 7.07 4.05 4.79 5.94 13.37 9.40 11.31 9.11 18.20 -12.86 - - - A+ 25.01.2012 A2 21.06.2012

DEUTSCHE TELEKOM AG-REG EUR 55462 4670 4321 62 0 6 8 116.37 75672 75335 74967 73890 26064 24890 5962 5962 0.64 0.18 0.80 0.83 91.67 86.12 20.64 19.90 -7.79 -1.90 18.02 5.54 44.44 BBB+ 19.05.2008 Baa1 22.12.2011

E.ON AG EUR 48947 2632 1905 39 0 5 9 87.87 145728 161667 143846 144172 14424 5847 2859 2859 1.76 -0.01 2.80 2.33 - 20.10 11.29 13.56 27.91 17.13 -18.11 7.54 12.77 A- 27.07.2012 A3 05.10.2011

ENEL SPA EUR 36323 19696 9403 84 0 20 9 135.80 100081 103668 97681 98944 22188 21311 - - 0.57 0.47 0.47 0.47 10.70 - 10.56 10.64 10.10 22.97 3.31 21.68 28.60 BBB+ 08.03.2012 Baa1 *- 15.06.2012

ENI SPA EUR 84537 8036 3623 38 0 6 2 125.95 141387 154067 154589 158032 33198 33747 7962 7962 2.44 2.36 2.70 2.84 12.72 - 11.13 10.56 14.49 15.17 3.82 0.25 30.29 A 17.01.2012 A3 16.07.2012

ESSILOR INTERNATIONAL EUR 20136 229 209 1 0 0 1 21.24 5405 6012 6373 6917 1186 1321 - - 3.22 3.41 3.63 4.03 35.80 35.62 33.61 30.22 9.88 14.95 2.74 11.70 28.31 - - - -

FRANCE TELECOM SA EUR 33385 3134 2633 51 0 3 12 76.48 58414 57478 55976 54710 19377 18364 4633 4633 2.15 1.81 1.66 1.59 9.00 7.20 9.81 10.21 -0.64 -4.07 -2.29 -4.94 42.80 A- 10.02.2005 A3 23.06.2005

GDF SUEZ EUR 57995 1762 2214 74 0 22 19 134.47 116982 123249 121440 124536 20734 21445 - - 2.64 2.08 2.06 2.15 15.49 14.62 15.63 15.00 9.46 44.01 1.24 33.68 22.87 A 11.02.2011 A1 03.07.2012

IBERDROLA SA EUR 29669 8376 5845 43 0 0 8 65.87 40831 43337 41671 42923 9032 8904 2191 2191 0.61 0.66 0.58 0.55 9.41 9.54 10.70 11.34 5.16 21.31 2.68 18.26 28.54 BBB+ 03.05.2012 (P)Baa1 *- 15.06.2012

INDITEX EUR 77701 520 623 0 0 0 5 73.25 17795 19124 20400 22711 4147 4613 1462 1462 4.00 4.47 4.89 5.53 35.97 - 32.93 29.10 13.04 16.69 10.81 16.03 30.07 - - - -

ING GROEP NV-CVA EUR 32379 7004 3782 310 0 1 40 329.37 68103 62406 47608 54924 - - - - 1.20 1.02 1.35 1.51 10.67 10.02 8.11 7.23 3.45 -6.37 - - - A 03.09.2009 A3 15.06.2012

INTESA SANPAOLO EUR 25936 59242 16434 343 0 1 52 #VALUE! 32597 33607 22141 21958 - - - - 0.18 -0.73 0.16 0.19 - 10.89 12.84 10.90 2.23 24.69 - - - BBB+ 10.02.2012 Baa2 16.07.2012

KONINKLIJKE PHILIPS ELECTRON EUR 22999 963 926 5 0 0 4 25.32 29130 30459 31559 32840 1531 1845 972 972 -0.91 0.95 1.66 2.09 32.72 30.26 18.71 14.85 1.69 0.94 -84.45 -12.91 6.78 A- 11.05.2005 A3 20.04.2006

L'OREAL EUR 75786 300 594 1 0 0 2 75.49 26246 27618 28892 30540 5103 5395 - - 5.43 5.69 6.16 6.66 28.33 28.15 26.17 24.21 5.61 7.40 6.78 6.09 25.08 - - - -

LVMH MOET HENNESSY LOUIS VUI EUR 79750 382 498 9 0 1 3 88.65 30524 33974 36232 39424 7934 8496 - - 8.21 8.89 9.44 10.50 22.79 21.87 21.47 19.30 21.20 15.73 26.38 13.71 33.54 A 20.05.2011 - -

MUENCHENER RUECKVER AG-REG EUR 28726 227 178 7 0 0 3 32.85 78581 82585 69306 71372 - - - - 5.08 18.16 19.51 19.79 11.38 11.39 10.59 10.44 3.92 8.03 - - - AA- 22.12.2006 - -

NOKIA OYJ EUR 10011 8747 3710 7 0 3 14 6.93 49876 43712 38937 38183 2037 -783 -199 -199 - -1.21 -0.41 -0.04 - - #VALUE! #VALUE! -11.51 -11.66 -75.98 -30.61 5.27 BB- 15.08.2012 Ba3 23.07.2012

REPSOL SA EUR 26133 1325 1221 26 0 5 4 49.14 77567 78009 71583 74884 10978 9974 2152 2152 2.44 2.07 2.02 2.20 12.98 - 13.31 12.18 15.53 3.50 -36.91 -1.45 18.26 BBB- 19.04.2012 - -

RWE AG EUR 27540 1023 587 28 0 2 9 50.32 63415 63033 65949 67327 10690 9630 - - 4.32 3.81 5.23 5.24 15.25 15.25 11.10 11.07 -3.99 8.10 -13.20 3.35 21.75 BBB+ 27.07.2012 A3 19.07.2011

SANOFI EUR 116986 826 1324 20 0 0 5 132.49 43077 44694 45474 46812 16247 17008 4122 4122 6.45 6.28 7.82 8.09 18.10 16.20 14.54 14.06 4.07 5.67 -5.52 4.45 48.66 AA- 18.02.2011 A2 18.02.2011

SAP AG EUR 88635 862 1190 5 0 0 7 89.23 18363 19555 20749 23003 6332 6293 1897 1897 3.72 3.83 3.95 4.53 24.30 24.27 23.55 20.55 18.31 13.56 24.49 15.40 44.49 - - - -

SCHNEIDER ELECTRIC SA EUR 34549 567 540 10 0 0 4 42.74 28883 30266 31113 32315 4860 5024 - - 4.55 4.57 5.09 5.52 17.64 16.55 15.83 14.59 18.50 9.43 6.93 11.91 21.71 A- 26.11.2008 A3 12.01.2009

SIEMENS AG-REG EUR 89487 1218 874 23 0 1 17 104.40 94846 99461 100364 102994 13401 12952 3292 3292 9.88 6.95 7.73 8.39 18.84 19.61 16.97 15.62 8.49 3.11 11.40 14.84 18.23 A+ 05.06.2009 - -

SOCIETE GENERALE EUR 23566 2327 747 903 7 5 168 #VALUE! 62636 62722 31089 31772 - - - - 5.11 3.25 4.05 4.93 11.99 9.04 9.63 7.91 9.23 -6.50 - - - A 23.01.2012 A2 21.06.2012

TELEFONICA SA EUR 65585 10218 4480 86 0 7 9 152.52 81070 81192 80907 81061 25019 23811 6993 6993 1.71 1.23 1.60 1.69 15.07 - 11.58 10.98 4.46 2.54 -31.96 0.36 39.82 BBB 24.05.2012 Baa2 *- 20.06.2012

TOTAL SA EUR 123551 4004 2254 42 0 2 19 149.56 214875 226853 248658 245937 42471 41168 10790 10790 7.02 6.19 6.85 7.03 10.88 10.88 9.83 9.59 23.95 12.61 22.42 2.93 25.50 AA- 12.04.2011 Aa1 30.08.2005

UNIBAIL-RODAMCO SE EUR 19120 76 92 14 0 2 0 36.15 2503 2124 1918 2041 1528 1355 - - 18.09 16.94 12.15 13.06 15.83 16.42 22.07 20.55 16.80 59.58 -7.26 20.00 78.76 A 27.06.2007 WR 16.07.2010

UNICREDIT SPA EUR 25474 30197 2930 432 0 4 73 #VALUE! 54146 33290 33100 32913 - - - - -0.04 -7.72 0.34 0.48 - - 16.85 11.85 2.33 -20.93 - - - BBB+ 10.02.2012 Baa2 16.07.2012

UNILEVER NV-CVA EUR 108076 1308 2820 18 0 1 6 120.80 59950 63317 66138 70114 9627 9821 - - 2.04 1.92 2.05 2.24 24.19 23.11 22.69 20.72 6.43 6.39 -2.68 4.06 20.72 A+ 05.10.2000 A1 11.07.2000

VINCI SA EUR 25701 1128 540 27 0 1 10 46.30 48569 49369 48939 49317 7026 6480 - - 4.46 4.53 4.41 4.51 12.73 13.05 13.07 12.78 13.82 7.75 7.00 9.27 18.66 BBB+ 29.03.2007 Baa1 23.07.2002

VIVENDI EUR 25835 884 1287 20 0 3 5 47.16 37173 36955 36508 37086 11414 12115 2398 2398 3.11 1.25 2.55 2.60 20.48 14.46 10.05 9.87 -0.29 7.99 13.30 11.75 39.61 BBB *- 04.07.2012 Baa2 13.09.2005

VOLKSWAGEN AG-PREF EUR 86080 428 465 121 0 8 32 193.27 205570 228291 240966 258634 27564 29716 4354 4354 42.60 49.65 37.33 32.60 5.17 5.18 6.88 7.88 33.01 15.34 36.45 16.15 17.30 A- 31.08.2009 A3 17.08.2009

Valuation Measures I/II

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


2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.28 5.28 4.99 4.61 5.28 13.75 13.75 13.08 12.43 13.75 10.89 10.89 9.84 8.95 10.89 4.19 4.19 4.67 5.04 4.19 2685.8 5.3%

NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.88 5.62 6.44 7.22 7.22 6.60 6.25 7.22 14.40 14.40 12.75 10.68 14.40 2.29 2.29 2.33 2.68 2.29 9998.9 10.3%

FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.99 0.99 0.96 0.95 0.99 7.31 7.31 6.70 6.21 7.31 8.34 8.34 7.69 7.28 8.34 11.39 11.39 10.29 9.48 11.39 4.03 4.03 4.31 4.62 4.03 6346.0 9.0%

SWISS MARKET INDEX 2.12 2.12 1.97 1.82 2.12 1.78 1.78 1.67 1.58 1.78 11.65 11.65 10.09 9.08 11.65 13.92 13.92 12.78 11.90 13.92 13.62 13.62 12.15 11.06 13.62 3.55 3.55 3.91 4.27 3.55 7003.9 6.3%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%

S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.48 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.30 11.30 10.04 9.33 11.30 13.03 13.03 11.70 10.85 13.03 4.93 4.93 5.29 5.66 4.93 4663.8 6.3%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.61 6.61 6.14 5.84 6.61 6.64 6.64 6.04 5.57 6.64 10.91 10.91 10.09 9.14 10.91 3.55 3.55 3.80 4.16 3.55 22528.5 8.9%

MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%

AIR LIQUIDE SA 3.14 2.83 2.57 2.41 2.27 2.13 2.01 1.87 1.74 1.67 11.56 10.64 9.79 9.00 8.58 10.29 9.74 8.89 8.19 7.77 20.07 18.83 17.02 15.45 14.47 2.34 2.57 2.75 3.04 3.10 98.28 -0.5%

ALLIANZ SE-REG 0.96 0.88 0.83 0.78 0.70 0.43 0.44 0.43 0.43 0.39 14.36 8.46 7.84 7.47 7.30 4.65 4.88 5.22 5.48 5.53 99.94 6.4%

ANHEUSER-BUSCH INBEV NV 3.50 3.22 2.92 2.65 2.61 3.57 3.48 3.05 2.88 2.87 13.82 12.51 11.36 10.41 9.91 11.75 11.42 10.00 9.27 8.95 22.55 18.83 17.17 15.50 14.49 1.57 2.20 2.65 3.04 3.29 69.66 3.7%

ARCELORMITTAL 0.38 0.42 0.41 0.39 0.26 0.27 0.26 0.26 0.26 5.52 4.20 3.74 3.26 4.94 6.27 5.25 4.62 3.99 7.19 15.74 8.76 6.56 4.93 4.85 4.87 4.87 4.91 4.03 14.57 21.3%

ASML HOLDING NV 5.02 4.23 3.51 2.77 1.95 3.64 4.18 3.61 3.24 2.88 10.34 13.64 11.65 9.06 7.49 10.35 12.51 10.79 9.28 8.01 12.52 15.24 12.40 10.32 8.19 1.11 1.11 1.26 1.40 1.37 46.52 13.4%

ASSICURAZIONI GENERALI 1.14 1.00 0.92 0.84 0.74 0.25 0.24 0.23 0.22 0.21 15.91 10.28 8.47 8.16 7.61 2.56 2.80 3.36 3.81 2.51 11.36 -2.6%

AXA SA 0.62 0.62 0.59 0.55 0.50 0.33 0.30 0.30 0.30 0.30 7.30 6.66 6.21 5.82 5.64 5.70 5.89 6.34 6.75 7.29 14.77 20.1%

BANCO BILBAO VIZCAYA ARGENTA 0.85 0.86 0.82 0.78 0.80 1.71 1.55 1.50 1.42 1.35 2.97 2.97 2.95 2.79 7.70 16.45 8.35 7.14 6.89 6.20 6.19 6.39 6.69 6.48 6.49 0.9%

BANCO SANTANDER SA 0.78 0.77 0.76 0.75 0.81 1.37 1.35 1.30 1.24 1.18 2.26 2.26 2.22 2.11 7.68 12.90 8.60 7.76 7.69 9.09 8.40 8.76 8.88 7.43 5.76 -6.4%

BASF SE 2.60 2.36 2.15 1.97 1.67 0.85 0.81 0.78 0.75 0.72 7.07 7.76 7.07 6.76 6.06 6.46 6.15 5.84 5.58 5.59 10.81 12.34 11.14 10.25 9.94 3.53 3.82 3.99 4.28 4.57 67.27 0.0%

BAYER AG-REG 2.81 2.74 2.48 2.26 2.01 1.54 1.44 1.38 1.31 1.25 10.96 9.63 8.48 7.98 7.30 8.37 8.09 7.37 6.90 6.51 14.04 12.68 11.58 10.54 9.70 2.44 2.66 2.96 3.25 3.55 67.55 -0.4%

BAYERISCHE MOTOREN WERKE AG 1.39 1.24 1.12 1.02 1.01 0.55 0.51 0.50 0.48 0.50 4.19 4.58 4.36 4.21 3.20 7.00 7.40 7.21 7.24 7.38 7.68 7.80 7.64 7.42 8.43 4.03 4.44 4.77 5.09 4.07 72.27 22.5%

BNP PARIBAS 0.68 0.64 0.61 0.58 0.56 1.17 1.25 1.21 1.17 1.20 2.92 4.38 4.10 3.90 7.65 7.12 7.07 6.48 7.08 3.36 3.85 4.23 4.70 3.54 42.03 7.7%

CARREFOUR SA 1.31 1.61 1.53 1.39 1.30 0.14 0.15 0.14 0.14 0.14 4.48 4.85 4.22 3.92 3.62 5.93 6.09 5.84 5.52 5.40 12.30 13.36 12.10 10.57 9.55 4.64 3.16 3.47 3.93 4.79 17.70 2.3%

COMPAGNIE DE SAINT-GOBAIN 0.84 0.85 0.82 0.79 0.74 0.37 0.36 0.35 0.33 0.32 5.02 5.20 4.95 4.62 4.23 5.23 5.69 5.34 4.86 4.54 8.90 11.43 9.71 8.33 7.43 4.28 4.01 4.38 4.86 5.15 33.16 12.7%

CRH PLC 1.05 1.03 1.01 0.97 0.94 0.62 0.58 0.56 0.53 0.48 8.18 8.67 7.79 6.62 5.67 9.29 9.06 8.39 7.29 6.38 20.09 19.18 16.31 12.70 10.06 4.10 4.12 4.18 4.32 4.48 14.47 -5.7%

DAIMLER AG-REGISTERED SHARES 1.05 0.98 0.90 0.83 0.77 0.40 0.38 0.36 0.35 0.36 5.23 4.76 4.24 3.87 2.80 8.98 8.60 7.75 7.17 6.17 7.81 7.77 6.92 6.14 5.92 4.99 5.52 5.96 6.56 6.56 47.64 20.2%

DANONE 2.39 2.33 2.15 1.98 1.71 1.66 1.53 1.42 1.34 1.26 11.64 10.99 10.06 9.30 8.32 11.23 10.67 9.92 9.26 8.47 17.03 16.12 14.71 13.37 11.91 2.78 2.95 3.22 3.49 3.93 52.43 5.7%

DEUTSCHE BANK AG-REGISTERED 0.58 0.54 0.51 0.47 0.90 0.94 0.91 0.87 0.88 4.44 6.45 5.17 4.19 6.78 8.77 7.06 5.93 5.75 2.28 2.19 2.39 2.79 3.15 33.88 4.1%

DEUTSCHE TELEKOM AG-REG 1.14 1.23 1.21 1.21 1.29 0.73 0.74 0.75 0.76 0.77 2.91 3.07 3.08 3.10 4.91 4.84 5.01 5.08 5.11 5.22 14.70 15.99 15.42 14.57 13.67 7.04 7.04 6.87 6.91 6.97 9.69 -2.5%

E.ON AG 0.92 0.95 0.91 0.88 0.86 0.39 0.34 0.34 0.33 0.32 5.93 4.54 4.80 4.37 4.43 7.44 6.37 6.08 5.84 5.67 15.33 8.75 10.51 9.80 9.37 5.27 5.80 5.86 5.99 6.23 19.49 2.8%

ENEL SPA 0.72 0.69 0.66 0.63 0.66 0.38 0.37 0.37 0.36 0.33 2.60 3.07 2.94 2.70 2.56 5.99 6.43 6.37 6.20 5.97 6.90 8.19 8.25 7.62 8.56 8.71 4.87 4.91 5.34 6.34 3.07 2.6%

ENI SPA 1.21 1.08 1.00 0.93 0.83 0.59 0.55 0.54 0.53 0.51 4.05 3.50 3.23 3.15 2.84 3.54 3.22 3.21 3.11 2.82 9.20 8.63 8.19 7.81 6.94 5.75 5.97 6.11 6.24 6.37 19.83 10.0%

ESSILOR INTERNATIONAL 4.98 4.15 3.72 3.33 2.87 3.72 3.16 2.91 2.66 2.41 21.42 19.61 18.02 15.65 16.13 18.23 15.60 14.28 12.94 11.41 29.48 26.05 23.43 21.23 18.77 1.26 1.36 1.51 1.65 1.89 71.54 -2.3%

FRANCE TELECOM SA 0.90 0.96 0.95 0.94 0.96 0.57 0.60 0.61 0.62 0.62 2.13 2.43 2.52 2.64 2.72 3.97 4.31 4.46 4.56 4.62 6.05 7.60 7.92 8.02 7.93 14.33 11.96 11.03 10.49 11.06 12.13 24.1%

GDF SUEZ 0.68 0.69 0.69 0.70 0.66 0.49 0.48 0.47 0.45 0.44 3.81 3.68 3.62 3.55 2.83 6.37 6.09 5.93 5.57 5.29 12.91 12.12 11.63 10.43 9.35 7.86 7.77 7.77 7.97 8.21 20.92 8.1%

IBERDROLA SA 0.66 0.65 0.63 0.61 0.63 0.75 0.71 0.69 0.67 0.71 3.82 3.86 4.13 3.95 3.53 6.58 6.52 6.50 6.25 5.87 7.63 8.29 8.80 8.29 7.60 8.78 8.27 7.47 7.66 7.47 4.29 14.4%

INDITEX 8.43 7.02 6.10 5.37 4.77 4.37 3.81 3.42 3.09 2.82 22.75 18.93 16.94 15.19 13.27 17.63 14.46 12.86 11.54 10.58 31.37 25.53 22.57 20.21 18.35 1.87 2.26 2.61 2.94 3.20 98.48 1.9%

ING GROEP NV-CVA 0.56 0.51 0.48 0.45 0.38 0.48 0.68 0.59 0.75 0.55 3.85 4.98 6.28 5.60 5.06 4.95 0.00 0.50 3.08 5.56 6.15 7.54 15.2%

INTESA SANPAOLO 0.34 0.40 0.40 0.38 0.37 1.22 1.17 1.18 1.15 2.80 2.57 2.54 2.42 8.28 9.95 8.45 6.67 4.41 4.86 4.38 5.11 6.16 8.10 1.33 7.4%

KONINKLIJKE PHILIPS ELECTRON 1.35 1.40 1.35 1.28 1.18 0.79 0.73 0.70 0.67 0.63 12.09 8.49 7.29 6.69 5.35 7.79 6.79 5.84 5.36 4.81 19.61 14.51 11.51 10.27 8.90 4.01 4.04 4.19 4.45 4.63 19.29 3.6%

L'OREAL 3.55 3.11 2.88 2.66 2.46 2.90 2.62 2.48 2.35 2.22 17.82 15.96 14.70 13.74 12.81 14.66 13.24 12.30 11.48 10.81 22.80 20.29 18.76 17.38 15.84 2.02 2.28 2.52 2.72 3.17 100.32 3.6%

LVMH MOET HENNESSY LOUIS VUI 3.05 2.45 2.23 2.02 1.85 2.65 2.20 2.02 1.87 1.75 15.03 12.82 11.29 10.33 9.88 11.65 9.76 8.82 8.03 7.47 19.59 16.65 14.96 13.51 12.45 2.00 2.48 2.78 3.06 3.12 145.94 19.9%

MUENCHENER RUECKVER AG-REG 1.01 0.94 0.89 0.86 0.72 0.44 0.41 0.40 0.40 0.37 36.06 8.21 8.09 7.90 8.21 5.03 5.24 5.43 5.54 5.57 124.62 0.4%

NOKIA OYJ 0.60 0.92 1.04 1.08 1.22 0.20 0.26 0.26 0.26 0.25 4.77 15.70 6.73 2.14 2.14 5.39 2.87 1.93 8.32 18.84 15.35 8.83 2.80 3.81 2.94 7.24 2.07 0.1%

REPSOL SA 0.78 0.77 0.73 0.70 0.67 0.31 0.37 0.35 0.35 0.36 3.41 4.33 4.03 3.67 3.53 4.52 5.65 5.24 4.94 4.67 9.68 10.32 9.44 8.81 8.44 7.17 5.15 5.48 5.77 5.89 17.55 8.9%

RWE AG 1.17 1.29 1.21 1.14 1.01 0.40 0.42 0.41 0.40 0.38 3.52 3.57 3.60 3.49 3.64 4.72 4.54 4.41 4.24 4.21 8.16 8.60 8.58 8.01 7.94 5.88 5.93 6.00 6.35 6.30 34.95 0.2%

SANOFI 1.65 1.55 1.48 1.41 1.33 2.72 2.57 2.50 2.39 2.31 9.09 9.94 9.45 8.54 7.55 8.18 8.03 7.65 7.11 6.58 10.28 11.27 10.89 9.97 9.25 3.81 4.04 4.44 4.95 5.33 69.04 1.0%

SAP AG 5.36 4.63 3.90 3.29 2.70 4.85 4.27 3.85 3.49 3.26 17.12 16.94 14.92 12.75 11.03 13.29 12.44 10.92 9.67 8.51 20.21 18.25 15.93 14.12 13.04 1.28 1.54 1.73 1.89 2.06 55.67 -0.5%

SCHNEIDER ELECTRIC SA 1.69 1.55 1.45 1.35 1.26 1.22 1.11 1.07 1.02 0.97 11.53 9.77 9.05 8.11 7.79 9.19 8.50 7.99 7.39 6.94 13.19 12.27 11.31 10.24 9.60 3.48 3.74 4.05 4.43 4.90 51.50 6.4%

SIEMENS AG-REG 2.12 2.13 1.98 1.79 1.48 0.95 0.89 0.87 0.84 0.81 8.79 11.39 9.14 7.53 6.73 6.94 8.30 7.90 7.17 6.47 10.11 13.15 12.11 10.82 9.78 3.89 3.89 4.03 4.24 4.71 78.10 -0.8%

SOCIETE GENERALE 0.41 0.40 0.38 0.36 0.37 0.72 0.76 0.74 0.72 0.73 2.04 3.08 3.04 2.79 6.56 7.46 6.13 5.25 6.00 0.00 2.31 3.80 4.84 4.14 24.08 2.9%

TELEFONICA SA 2.31 2.28 2.09 1.93 1.66 0.81 0.81 0.81 0.80 0.79 3.36 3.43 3.39 3.14 3.06 5.61 5.53 5.53 5.47 5.46 7.22 8.98 8.51 8.25 8.19 13.78 0.00 6.71 8.21 8.44 11.75 5.2%

TOTAL SA 1.38 1.23 1.12 1.03 0.54 0.50 0.50 0.50 4.53 4.36 4.11 3.99 3.65 3.65 3.50 3.44 3.35 7.82 7.62 7.43 7.45 6.54 5.68 5.77 5.90 6.02 6.42 43.78 8.1%

UNIBAIL-RODAMCO SE 1.25 1.21 1.14 1.05 9.95 9.97 9.37 8.69 8.47 17.55 16.96 16.00 14.59 14.64 22.61 21.49 20.22 18.65 18.18 18.06 17.11 15.93 14.75 14.64 5.01 5.19 5.43 5.77 5.97 164.73 2.2%

UNICREDIT SPA 0.20 0.33 0.32 0.31 0.29 0.78 0.77 0.77 0.75 0.68 0.83 1.85 1.79 1.65 10.65 13.06 9.19 6.14 4.13 0.18 2.08 3.67 5.31 4.69 3.46 1.4%

UNILEVER NV-CVA 4.87 4.98 4.41 3.94 3.39 1.80 1.63 1.54 1.46 1.41 14.59 13.92 12.64 11.68 10.90 12.07 11.23 10.37 9.70 8.96 17.90 17.58 16.06 14.78 13.62 3.15 3.40 3.65 3.85 4.07 28.99 3.8%

VINCI SA 1.51 1.42 1.33 1.26 1.13 0.55 0.53 0.52 0.51 0.49 5.29 5.07 4.98 4.75 4.49 6.59 6.60 6.51 6.28 6.05 10.02 10.13 9.91 9.26 8.84 5.04 5.14 5.25 5.53 5.74 44.15 27.5%

VIVENDI 0.85 0.97 0.92 0.89 0.81 0.70 0.71 0.70 0.69 0.67 3.31 3.37 3.49 3.47 3.25 4.41 4.67 4.66 4.60 4.48 6.87 7.79 7.65 7.37 6.92 9.15 6.56 6.71 6.97 7.99 17.34 12.6%

VOLKSWAGEN AG-PREF 1.20 0.99 0.89 0.79 0.83 0.43 0.36 0.33 0.32 0.34 3.77 3.49 3.49 3.20 3.16 7.64 6.81 5.84 5.30 5.19 8.17 5.33 6.11 5.39 5.97 1.96 2.38 2.89 3.33 3.99 178.96 16.0%

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


24.09.2012

Air Liquide SA, through its subsidiaries, produces, markets, and sells

industrial and healthcare gases worldwide. These gases include liquid nitrogen,

argon, carbon dioxide, and oxygen. The Company also produces welding equipment,

diving equipment, and technical-medical equipment. Air Liquide sells its

products throughout Europe, the United States, Canada, Africa, and Asia.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (21.09.2012) 100.00

52-Week Low (26.09.2011) 74.96

Daily Volume

98.76

52-Week High % Change -1.26% Dividend Yield -

52-Week Low % Change 31.74% Beta 0.77

% 52 Week Price Range High/Low 97.96% Equity Float 310.52

Shares Out 12.09.2012 312.1 Short Int -

30'820.04 1 Yr Total Return 32.15%

Total Debt 7'036.00 YTD Return 16.64%

Preferred Stock 0.0 Adjusted BETA 0.772

Minority Interest 237.1 Analyst Recs 35

Cash and Equivalents 1'761.10 Consensus Rating 3.314

Enterprise Value 37'089.94

Average Volume 5 Day 976'594

AI FP EQUITY YTD Change - Average Volume 30 Day 733'800

AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 847'641

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

11'801.2 13'103.1 11'976.1 13'488.0 14'456.9 13'879.0 14'702.2 15'358.8 16'524.0 3'852.8 4'061.0

2.45x 1.73x 2.25x 2.38x 2.25x 0.00x 0.00x 2.39x 2.20x - 8.79x

2'730.0 2'941.8 2'969.0 3'374.3 3'563.6 0.0 0.0 3'810.2 4'173.9 - 1'938.0

10.57x 7.71x 9.08x 9.50x 9.13x 0.00x 0.00x 9.74x 8.89x - -

1'123.1 1'220.0 1'230.0 1'403.6 1'534.9 0.0 0.0 1'624.1 1'804.1 - 807.5

21.70x 13.93x 17.67x 18.97x 17.60x 0.00x 0.00x 18.83x 17.02x - -

EBITDA 3'563.60 Long-Term Rating Date 02.07.2007

EBIT 2'408.70 Long-Term Rating A

Operating Margin 16.66% Long-Term Outlook POS

Pretax Margin 15.02% Short-Term Rating Date 06.05.2004

Return on Assets 6.58% Short-Term Rating A-1

Return on Common Equity 16.45%

Return on Capital 10.88% EBITDA/Interest Exp. 14.00

Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11

Net Debt/EBITDA 1.48

Gross Margin - Total Debt/EBITDA 1.97

EBITDA Margin 24.6%

EBIT Margin 16.7% Total Debt/Equity 72.1%

Net Income Margin 10.6% Total Debt/Capital 41.3%

Asset Turnover 0.62

Current Ratio 1.16 Net Fixed Asset Turnover 1.25

Quick Ratio 0.90 Accounts receivable turnover-days 68.43

Debt to Assets 29.17% Inventory Days -

Tot Debt to Common Equity 72.10% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.33 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Air Liquide SAPrice/Volume

Valuation Analysis

217'685.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

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./-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./

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


24.09.2012

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

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'881'147 1.56 176'968 30.03.2012 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 30.06.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'516'031 1.13 424'253 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'650'107 0.53 1'385 20.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'477'098 0.47 74'778 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'412'488 0.45 62 31.08.2012 Investment Advisor

BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'126'682 0.36 7'662 20.09.2012 Investment Advisor

AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'055'066 0.34 (172'981) 30.06.2012 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 907'316 0.29 - 20.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 812'698 0.26 653'801 30.12.2011 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 800'775 0.26 139'128 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 713'037 0.23 (59'101) 20.09.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 670'065 0.21 (14'068) 31.07.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 631'581 0.2 1'189 31.07.2012 Mutual Fund Manager

HARDING LOEVNER LP Multiple Portfolios MF-AGG 509'650 0.16 144'631 30.06.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 470'821 0.15 - 30.03.2012 Investment Advisor

MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 464'229 0.15 8'124 31.07.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 460'862 0.15 67'552 31.05.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 431'324 0.14 - 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VERONIQUE COLAS reduce 2 M 98 6 month 20.09.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 19.09.2012

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 18.09.2012

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 98 Not Provided 11.09.2012

Jefferies LAURENCE ALEXANDER hold 3 N 97 12 month 10.09.2012

JPMorgan NEIL C TYLER neutral 3 M 100 3 month 06.09.2012

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 120 12 month 04.09.2012

Main First Bank AG THOMAS SWOBODA sell 1 D 86 12 month 28.08.2012

Deutsche Bank TIMOTHY JONES hold 3 M 94 12 month 23.08.2012

Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 21.08.2012

Barclays GUNTHER ZECHMANN underweight 1 M 92 Not Provided 16.08.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 08.08.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012

HSBC GEOFF HAIRE neutral 3 M 98 Not Provided 03.08.2012

Macquarie JUERGEN RECK outperform 5 M 100 12 month 03.08.2012

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 100 Not Provided 02.08.2012

Societe Generale PETER CLARK buy 5 M 102 12 month 31.07.2012

Credit Suisse CHRIS COUNIHAN outperform 5 U 105 Not Provided 31.07.2012

Nomura JEAN DE WATTEVILLE reduce 2 M 100 12 month 31.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 93 12 month 31.07.2012

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 97 12 month 30.07.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 97 12 month 30.07.2012

Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 100 Not Provided 30.07.2012

CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 91 12 month 30.07.2012

Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 94 6 month 26.07.2012

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 25.06.2012

CA Cheuvreux KLAUS RINGEL outperform 5 M 96 Not Provided 04.06.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012

Liberum Capital Ltd ADAM COLLINS buy 5 N 121 Not Provided 02.05.2012

BHF-Bank ANNETT WEBER market weight 3 M 92 12 month 25.04.2012

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 08.02.2012

ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012

DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011

Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 03.01.2011

Holdings By:

Air Liquide SA ee


24.09.2012

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

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

travel insurance, and fund management services.


LTM as of: 06/yy

52-Week High (14.09.2012) 97.33

52-Week Low (26.09.2011) 57.50

Daily Volume

93.95





42'775.43 1 Yr Total Return 68.14%



Minority Interest 2'338.0 Analyst Recs 44



Average Volume 5 Day 2'794'859

ALV GY EQUITY YTD Change - Average Volume 30 Day 2'231'256

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'372'830


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

94'767.0 76'195.0 82'711.0 89'740.0 87'384.0 89'734.0 90'554.0 96'273.2 99'071.1 21'847.0 21'847.0

2.57x 0.69x 0.75x 0.67x 0.61x 2.78x 2.48x 0.60x 0.52x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

7'966.0 (2'444.0) 4'297.0 5'053.0 2'545.0 4'256.0 3'293.0 5'003.8 5'367.1 1'227.0 1'227.0

8.22x 8.51x 8.37x 7.94x 13.13x 10.12x 10.65x 8.46x 7.84x 8.34x 8.16x

EBITDA - Long-Term Rating Date 27.01.2012

EBIT - Long-Term Rating AA

Operating Margin 7.01% Long-Term Outlook NEG


Return on Assets 0.40% Short-Term Rating A-1+


Return on Capital 4.92% EBITDA/Interest Exp. -

Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 63.3%


Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

630'681.00


-

/-

1-

3-

5-

.--

./-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G.-'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLACKROCK INC n/a 13G 30'030'982 6.6 - 30.12.2011 Investment Advisor

AXA n/a Research 13'449'857 2.95 - 30.07.2010 Investment Advisor

BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11'426'436 2.51 452 20.09.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'739'619 1.26 - 30.06.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'121'772 1.12 405'119 31.08.2012 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4'859'640 1.07 133'585 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'784'769 1.05 1'053'725 31.03.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'403'327 0.97 (285'610) 31.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'964'257 0.87 (3'000) 30.03.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'851'561 0.85 - 20.09.2012 Investment Advisor


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

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'532'456 0.78 (14'025) 31.07.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'374'508 0.52 88'551 30.04.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 2'332'786 0.51 - 30.04.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'139'539 0.47 3'247 29.02.2012 Mutual Fund Manager

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'936'650 0.43 - 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'476'149 0.32 (718) 31.07.2012 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'312'723 0.29 - 20.09.2012 Investment Advisor


AlphaValue DIETER HEIN add 4 M 104 6 month 20.09.2012

Mediobanca SpA MARC THIELE neutral 3 D 120 Not Provided 17.09.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 100 12 month 14.09.2012

Nomura NICK HOLMES neutral 3 M 100 12 month 14.09.2012

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 N 99 12 month 11.09.2012

Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 90 12 month 11.09.2012

S&P Capital IQ RODERICK WALLACE buy 5 U 109 12 month 07.09.2012

Day by Day VALERIE GASTALDY buy 5 U 98 3 month 06.09.2012

Oddo & Cie NICOLAS JACOB neutral 3 M 85 Not Provided 05.09.2012

Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 31.08.2012

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 29.08.2012

Barclays ANDREW BROADFIELD overweight 5 M 107 Not Provided 29.08.2012

JPMorgan MICHAEL HUTTNER overweight 5 M 113 15 month 28.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 13.08.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 10.08.2012

Nord/LB VOLKER SACK hold 3 M 86 12 month 08.08.2012

Credit Suisse RICHARD BURDEN outperform 5 M 105 Not Provided 07.08.2012

HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 07.08.2012

Macquarie HADLEY COHEN outperform 5 M 105 12 month 07.08.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 06.08.2012

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 112 12 month 06.08.2012

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 06.08.2012

Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 96 12 month 06.08.2012

DZ Bank AG THORSTEN WENZEL buy 5 M 100 12 month 06.08.2012

Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 06.08.2012

Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 03.08.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 97 12 month 03.08.2012

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

Independent Research GmbH STEFAN BONGARDT hold 3 M 86 12 month 03.08.2012

National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 03.08.2012

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 03.08.2012

Main First Bank AG MICHAEL HAID buy 5 M 95 12 month 31.07.2012

Banco Sabadell MARIO LODOS buy 5 M 101 Not Provided 30.07.2012

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 75 12 month 27.07.2012

Jefferies JAMES SHUCK hold 3 M 91 12 month 19.07.2012

ING Wholesale Banking MAARTEN ALTENA buy 5 M 107 12 month 16.07.2012

RBC Capital Markets GORDON AITKEN outperform 5 M 110 12 month 03.07.2012

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

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012

Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012

Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011

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

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

Holdings By:

Allianz SE ee


24.09.2012

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

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

nationally and internationally prominent. The Company has production plants in

Europe, the Americas, and Asia.


LTM as of: 06/yy

52-Week High (07.09.2012) 71.05

52-Week Low (26.09.2011) 37.24

Daily Volume

67.19



% 52 Week Price Range High/Low 88.46% Equity Float -

Shares Out 30.06.2012 1'606.3 Short Int -

107'928.27 1 Yr Total Return 81.07%







ABI BB EQUITY YTD Change - Average Volume 30 Day 1'679'055

ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 2'032'497


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

19'780.7 23'507.0 36'758.0 36'297.0 39'046.0 37'751.0 39'294.0 39'971.1 45'576.2 10'413.0 10'187.5

2.84x 4.07x 3.57x 3.70x 3.49x 0.00x 7.66x 4.33x 3.86x - -

6'828.0 7'734.0 12'925.0 13'768.0 15'297.0 0.0 4'239.0 15'700.8 17'930.7 3'922.0 4'511.0

8.23x 12.37x 10.15x 9.76x 8.91x 0.00x 0.00x 11.42x 10.00x - -

3'013.0 1'927.0 4'613.0 4'026.0 5'855.0 4'816.0 7'090.0 7'425.3 8'219.3 1'818.0 2'003.0

15.83x 11.99x 17.92x 22.61x 16.71x 18.16x 17.44x 18.83x 17.17x - -



Operating Margin 32.29% Long-Term Outlook STABLE







Gross Margin 57.4% Total Debt/EBITDA 2.63

EBITDA Margin 39.2%



Asset Turnover 0.34



Debt to Assets 35.73% Inventory Days 53.49

Tot Debt to Common Equity 107.13% Accounts Payable Turnover Day 277.81

Accounts Receivable Turnover 8.92 Cash Conversion Cycle -183.39

Inventory Turnover 6.82


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis

446'109.00


-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


STICHTING INBEV n/a 20F 663'074'830 41.28 - 21.12.2010 n/a

EPS n/a 20F 133'467'609 8.31 - 21.12.2010 n/a

BRC SARL n/a 20F 33'048'460 2.06 - 21.12.2010 Other

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'717'188 1.79 (1'086'000) 30.06.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'789'722 1.05 (1'574'251) 30.06.2012 Investment Advisor

ANHEUSER-BUSCH INBEV n/a 20F 12'006'309 0.75 - 21.12.2010 Corporation

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'882'616 0.68 (49'930) 30.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 10'611'548 0.66 71'000 30.06.2012 Investment Advisor

VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 21.12.2010 Other

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'793'840 0.42 (453'912) 31.07.2012 Investment Advisor

INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 21.12.2010 Other

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'002'588 0.31 (2'577) 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'598'549 0.29 (760'224) 20.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'073'744 0.25 457'122 29.02.2012 Investment Advisor


FIRST STATE INVESTME Multiple Portfolios MF-AGG 3'052'876 0.19 33'063 31.05.2012 Investment Advisor

BRITO CARLOS ALVES D n/a Co File 2'928'172 0.18 - 30.06.2009 n/a

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'747'770 0.17 - 31.07.2012 Investment Advisor



Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 59 Not Provided 21.09.2012

Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 20.09.2012

AlphaValue SOPHIE CABO-BROSETA sell 1 M 42 6 month 20.09.2012

Bank Degroof(ESN) MARC LEEMANS accumulate 4 M 75 12 month 19.09.2012

Grupo Santander ANTHONY J BUCALO buy 5 M 74 Not Provided 18.09.2012

Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 18.09.2012

Espirito Santo Investment Bank ResearchMARTIN DOLAN neutral 3 M 65 Not Provided 14.09.2012

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

Rabobank International KAREL ZOETE buy 5 M 76 12 month 10.09.2012

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 74 12 month 07.09.2012

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 04.09.2012

ING Wholesale Banking GERARD RIJK hold 3 M 58 12 month 03.09.2012

Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 67 12 month 29.08.2012

HSBC LAUREN E TORRES overweight 5 M 73 Not Provided 29.08.2012

Nomura IAN SHACKLETON neutral 3 M 60 12 month 21.08.2012

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 73 12 month 20.08.2012

KBC Securities WIM HOSTE hold 3 M 59 6 month 20.08.2012

Petercam KRIS KIPPERS hold 3 M 64 Not Provided 09.08.2012

Kempen & Co SANDER VAN OORT hold 3 D 71 12 month 08.08.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 08.08.2012

Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 07.08.2012


CA Cheuvreux XAVIER CROQUEZ outperform 5 M 70 Not Provided 06.08.2012

Bryan Garnier & Cie NIKOLAAS FAES buy 5 U 71 6 month 02.08.2012

Societe Generale ANDREW HOLLAND buy 5 M 71 12 month 01.08.2012

Independent Research GmbH LARS LUSEBRINK sell 1 D 62 6 month 01.08.2012

ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 60 Not Provided 01.08.2012

Morgan Stanley DAVID BELAUNDE restricted #N/A N/A M #N/A N/A Not Provided 31.07.2012

S&P Capital IQ CARL SHORT hold 3 M 66 12 month 31.07.2012

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 27.07.2012

Natixis OLIVIER DELAHOUSSE neutral 3 M 60 Not Provided 02.07.2012

Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012

JPMorgan MIKE J GIBBS restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012

Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 29.06.2012

Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012

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

Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011

Holdings By:

Anheuser-Busch InBev NV ee


24.09.2012

ArcelorMittal produces steel. The Company manufactures cold rolled,

electrogalvanized and coated steels, slabs, special quality bars, and wire

rods. Arcelor Mittal has steel making operations in Europe, the Americas,

Asia, and Africa.


LTM as of: 06/yy

52-Week High (09.02.2012) 17.96

52-Week Low (01.06.2012) 10.60

Daily Volume

12.01

52-Week High % Change -33.13% Dividend Yield 4.90




18'746.58 1 Yr Total Return 9.52%

Total Debt 25'789.00 YTD Return -12.07%






MT NA EQUITY YTD Change - Average Volume 30 Day 8'416'633

MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 8'551'057


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

105'216.0 124'936.0 61'021.0 78'025.0 93'973.0 83'737.0 91'844.0 88'587.7 92'317.2 20'221.3 20'700.0

1.31x 0.50x 1.52x 1.05x 0.58x 3.89x 2.34x 0.57x 0.53x 2.46x 2.39x

19'400.0 24'436.0 3'656.0 8'014.0 9'898.0 9'893.0 8'925.0 7'984.9 9'532.7 1'665.0 1'921.8

7.09x 2.57x 25.37x 10.25x 5.47x 8.41x 5.57x 6.27x 5.25x 6.22x 5.80x

10'368.0 9'399.0 157.0 2'916.0 2'263.0 3'137.0 629.0 1'490.4 2'489.8 431.6 454.8

10.43x 3.49x 308.59x 17.66x 15.75x 18.08x 37.37x 15.74x 8.76x 11.44x 9.60x


EBIT 4'898.00 Long-Term Rating BB+



Return on Assets 1.79% Short-Term Rating B






EBITDA Margin 10.5%



Asset Turnover 0.74





Accounts Receivable Turnover 15.43 Cash Conversion Cycle 57.38


Fiscal Year Ended

ArcelorMittalPrice/Volume

Valuation Analysis

4'583'620.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5/-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


HSBC TRUSTEE CI LTD n/a Research 637'338'263 40.83 - 31.07.2012 Unclassified

MORGAN STANLEY n/a 13G 80'449'457 5.15 - 17.02.2010 Investment Advisor

STATE OF LUXEMBOURG n/a Research 38'965'330 2.5 - 17.05.2012 Government

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 29'376'754 1.88 (495'000) 30.06.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'674'876 0.88 (120'362) 30.03.2012 Mutual Fund Manager


ARCELOR MITTAL n/a Research 11'807'964 0.76 - 17.05.2012 Corporation


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'247'141 0.46 (48'532) 31.07.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 5'519'718 0.35 (5'382) 31.08.2012 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 3'517'449 0.23 - 31.07.2012 Mutual Fund Manager

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'148'939 0.2 (36'678) 31.08.2012 Mutual Fund Manager


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'022'839 0.19 2'629'222 30.06.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'015'083 0.19 1'353 31.07.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'932'632 0.19 1'342'391 29.06.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'679'227 0.17 647'493 20.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'586'678 0.17 394'803 30.06.2012 Investment Advisor



HSBC THORSTEN ZIMMERMANN neutral 3 M 14 Not Provided 24.09.2012

AlphaValue VERONIQUE COLAS buy 5 M 19 6 month 20.09.2012

Nomura NEIL SAMPAT neutral 3 M 15 12 month 18.09.2012

Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 10 Not Provided 11.09.2012

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 19 12 month 10.09.2012

Exane BNP Paribas LUC PEZ neutral 3 M 12 Not Provided 10.09.2012

Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 14 12 month 09.09.2012

Jefferies SETH ROSENFELD buy 5 N 15 12 month 04.09.2012


ING Wholesale Banking TIJS HOLLESTELLE hold 3 D 13 12 month 03.09.2012

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 N 14 12 month 30.08.2012


Societe Generale ALAIN WILLIAM hold 3 M 13 12 month 03.08.2012

RBC Capital Markets TIMOTHY HUFF outperform 5 M 16 12 month 03.08.2012

Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 19 12 month 03.08.2012

JPMorgan ALESSANDRO ABATE overweight 5 M 15 3 month 02.08.2012

La Caixa ICIAR GOMEZ BOTAS buy 5 U 15 Not Provided 02.08.2012

Grupo Santander JUAN RAMON CORREAS hold 3 D 18 Not Provided 26.07.2012

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 12 6 month 26.07.2012

Macquarie JEFFREY LARGEY outperform 5 M 15 12 month 26.07.2012

Rabobank International FRANK CLAASSEN buy 5 M 15 12 month 26.07.2012

Main First Bank AG ALEXANDER HAUENSTEIN sell 1 M 10 12 month 26.07.2012

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 18 Not Provided 26.07.2012

BHF-Bank HERMANN REITH market weight 3 M 14 12 month 25.07.2012

Nord/LB HOLGER FECHNER sell 1 D 10 12 month 25.07.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 16 Not Provided 25.07.2012

Independent Research GmbH SVEN DIERMEIER buy 5 M 14 12 month 25.07.2012

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 25.07.2012

Petercam ALAN VANDENBERGHE hold 3 D 14 Not Provided 25.07.2012

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 15 Not Provided 25.07.2012

S&P Capital IQ JOHNSON IMODE sell 1 M 11 12 month 25.07.2012

Day by Day VALERIE GASTALDY sell 1 D 7 3 month 25.07.2012

Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012

Natixis RAOUDHA BOUZEKRI buy 5 M 13 Not Provided 29.06.2012

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 16 12 month 27.06.2012

Kempen & Co SANDER VAN OORT buy 5 M 19 12 month 10.06.2012

BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 21.05.2012

Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 15.05.2012

Barclays VINCENT LEPINE equalweight 3 M 19 Not Provided 14.05.2012

Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012

Davy TIM CAHILL underperform 1 N #N/A N/A Not Provided 10.11.2011

Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011

Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011

Holdings By:

ArcelorMittal ee


24.09.2012

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing

equipment. The Company's products allow semiconductor manufacturers to choose

the optimal numerical aperture and wavelength for their applications, assure

uniformity, and produce more using less floor space.


LTM as of: 06/yy

52-Week High (30.07.2012) 48.34

52-Week Low (03.10.2011) 24.45

Daily Volume

41.005





20'314.94 1 Yr Total Return 59.61%

Total Debt 736.37 YTD Return 27.79%






ASML NA EQUITY YTD Change - Average Volume 30 Day 1'957'526

ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'233'902


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

3'808.7 2'953.7 1'596.1 4'507.9 5'651.0 5'679.0 5'149.0 4'863.6 5'632.8 1'216.5 1'169.2

2.30x 1.71x 6.29x 2.52x 2.02x 7.11x 9.58x 3.72x 3.10x 15.20x 15.53x

951.7 406.2 (21.5) 1'402.1 1'806.4 1'928.2 1'540.5 1'470.1 1'705.0 370.3 341.3

9.21x 12.42x 0.00x 8.11x 6.33x 4.64x 9.65x 12.51x 10.79x 12.60x 12.01x

687.8 322.4 (150.9) 1'021.8 1'467.0 1'502.4 1'213.8 1'114.7 1'351.7 278.1 263.1

14.54x 17.00x 0.00x 12.30x 9.41x 7.14x 13.67x 15.24x 12.40x 14.36x 13.31x

EBITDA 1'806.40 Long-Term Rating Date -

EBIT 1'641.22 Long-Term Rating -

Operating Margin 29.04% Long-Term Outlook -

Pretax Margin 29.17% Short-Term Rating Date -

Return on Assets 21.83% Short-Term Rating -




Net Debt/EBITDA -1.10


EBITDA Margin 32.0%



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ASML Holding NVPrice/Volume

Valuation Analysis

888'599.00


-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

-'--

2-'--

.--'--

.2-'--

/--'--

/2-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


STICHTING ADM MAKTSJ n/a Research 62'977'877 12.71 - 12.09.2012 n/a

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'487'334 5.95 2'393'989 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT n/a 13G 18'100'162 3.65 (16'595'564) 31.05.2011 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 14'204'440 2.87 (330'640) 31.03.2012 Investment Advisor

ASML HOLDING NV n/a Co File 11'662'377 2.35 - 01.07.2012 n/a


FIDELITY INTERNATION n/a 13G 4'736'057 0.96 (3'331'764) 31.05.2011 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'784'161 0.56 (30'878) 30.06.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'924'110 0.39 (241'251) 30.06.2012 Investment Advisor



RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'403'112 0.28 71'142 31.07.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'366'887 0.28 1'261'131 30.06.2012 Investment Advisor



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'128'745 0.23 110'000 31.08.2012 Investment Advisor



Societe Generale PETER KNOX hold 3 M 47 12 month 21.09.2012

Natixis STEPHANE HOURI buy 5 M 52 Not Provided 21.09.2012

Exane BNP Paribas JEROME RAMEL neutral 3 M 48 Not Provided 21.09.2012

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 42 Not Provided 20.09.2012

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 58 12 month 20.09.2012

S&P Capital IQ JAMES CRAWSHAW buy 5 U 50 12 month 20.09.2012

AlphaValue LIONEL PELLICER add 4 U 46 6 month 20.09.2012

JPMorgan SANDEEP S DESHPANDE overweight 5 M 44 6 month 19.09.2012

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 14.09.2012

Rabobank International PHILIP SCHOLTE hold 3 M 45 Not Provided 13.09.2012

Pacific Crest Securities WESTON TWIGG outperform 5 M 47 12 month 10.09.2012

Kepler Capital Markets PETER OLOFSEN hold 3 M 47 Not Provided 07.09.2012

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 48 Not Provided 05.09.2012

Independent Research GmbH MARKUS FRIEBEL hold 3 M 47 6 month 04.09.2012

ING Wholesale Banking NIELS DE ZWART hold 3 M 45 12 month 03.09.2012

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 N 48 12 month 29.08.2012

Piper Jaffray JAGADISH IYER overweight 5 M 54 12 month 29.08.2012

Deutsche Bank KAI KORSCHELT sell 1 D 35 12 month 27.08.2012

Credit Suisse SATYA KUMAR outperform 5 M 55 Not Provided 27.08.2012

SNS Securities(ESN) VICTOR BARENO reduce 2 M 31 12 month 27.08.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.08.2012

Main First Bank AG JUERGEN WAGNER sell 1 M 35 12 month 16.08.2012

Nomura CARMEN BOYERO neutral 3 M 43 Not Provided 09.08.2012


Liberum Capital Ltd JANARDAN MENON sell 1 M 29 Not Provided 27.07.2012

Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 57 12 month 19.07.2012

Barclays ANDREW M GARDINER overweight 5 M 49 Not Provided 19.07.2012

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 28 6 month 18.07.2012

Kempen & Co FLORIS OLIEMANS hold 3 M 30 12 month 18.07.2012

Jefferies LEE SIMPSON hold 3 D 45 12 month 18.07.2012

Petercam MARCEL ACHTERBERG hold 3 D 48 Not Provided 18.07.2012

CA Cheuvreux BERND LAUX outperform 5 M 51 Not Provided 11.07.2012

Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012

Theodoor Gilissen Securities JOS VERSTEEG hold 3 D 40 Not Provided 24.04.2012

Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 35 12 month 07.07.2011

Holdings By:

ASML Holding NV ee


24.09.2012

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

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

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

reinsurance.


LTM as of: 06/yy

52-Week High (28.10.2011) 13.70

52-Week Low (31.05.2012) 8.16

Daily Volume

11.67



% 52 Week Price Range High/Low 66.46% Equity Float 1'261.96


18'168.71 1 Yr Total Return 10.07%







G IM EQUITY YTD Change - Average Volume 30 Day 6'647'992

G IM EQUITY YTD % CHANGE - Average Volume 3 Month 7'478'569


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

80'164.7 62'298.4 85'790.6 87'072.1 73'481.8 83'452.1 74'595.1 75'589.6 77'877.1 20'676.0 24'038.0

0.66x 0.61x 0.50x 0.40x 0.22x 0.81x 0.50x 0.23x 0.23x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

2'915.6 860.9 1'309.1 1'701.9 856.1 1'634.5 892.2 1'788.2 2'122.4 323.0 571.0

14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 18.80x 10.28x 8.47x 9.26x 8.65x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A *-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17







Fiscal Year Ended

Assicurazioni Generali SpAPrice/Volume

Valuation Analysis

2'814'865.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 29.08.2012 Bank

BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 29.08.2012 Government

DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 29.08.2012 Investment Advisor

EFFETI SPA n/a EXCH 34'360'194 2.21 - 29.08.2012 n/a

DELFIN SARL n/a EXCH 31'168'603 2 - 29.08.2012 Investment Advisor

BLACKROCK ADVISORS U n/a EXCH 18'775'892 1.21 - 29.08.2012 Investment Advisor

COMPASS SPA n/a EXCH 14'198'684 0.91 - 29.08.2012 Corporation


BLACKROCK INSTITUTIO n/a EXCH 13'575'935 0.87 - 29.08.2012 Investment Advisor

VM 2006 SRL n/a EXCH 6'196'356 0.4 - 29.08.2012 n/a

BLACKROCK FUND ADVIS n/a EXCH 5'495'763 0.35 - 29.08.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'348'542 0.34 - 31.08.2012 Investment Advisor



PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 29.08.2012 n/a

CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 29.08.2012 Corporation

BLACKROCK ASSET JAPA n/a EXCH 3'020'334 0.19 - 29.08.2012 n/a

GAMMA SRL n/a EXCH 2'958'059 0.19 - 29.08.2012 n/a




AlphaValue JEROME CASSAGNE sell 1 M 9 6 month 20.09.2012

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 17.09.2012

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 6 12 month 17.09.2012

Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 11 Not Provided 17.09.2012

Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.09.2012

Oddo & Cie NICOLAS JACOB buy 5 M 14 Not Provided 11.09.2012

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 12 12 month 10.09.2012


Independent Research GmbH STEFAN BONGARDT sell 1 M 10 6 month 07.09.2012

ICBPI. ENRICO ESPOSTI not rated #N/A N/A M #N/A N/A Not Provided 06.09.2012

S&P Capital IQ RODERICK WALLACE sell 1 D 11 12 month 06.09.2012



Barclays CLAUDIA GASPARI equalweight 3 M 11 Not Provided 10.08.2012

Societe Generale WILLIAM ELDERKIN buy 5 M 12 12 month 09.08.2012

Macquarie HADLEY COHEN neutral 3 M 13 12 month 07.08.2012

Keefe, Bruyette & Woods RALPH HEBGEN underperform 1 M 11 12 month 06.08.2012

HSBC KAILESH MISTRY neutral 3 M 10 Not Provided 06.08.2012

Equita SIM SpA MATTEO GHILOTTI buy 5 M 13 12 month 06.08.2012

Deutsche Bank ROBIN BUCKLEY hold 3 M 12 12 month 03.08.2012

Main First Bank AG FEDERICO SALERNO neutral 3 M 10 12 month 03.08.2012

Credit Suisse RICHARD BURDEN underperform 1 M 13 Not Provided 02.08.2012

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 8 Not Provided 02.08.2012

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 11 3 month 26.07.2012

Morgan Stanley FAROOQ HANIF Underwt/In-Line 1 M 11 12 month 24.07.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 12.07.2012

ING Wholesale Banking MAARTEN ALTENA sell 1 D 10 12 month 03.07.2012

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 12 12 month 25.06.2012

CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 22.06.2012

Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 14 Not Provided 14.05.2012

Natixis BENOIT VALLEAUX neutral 3 M 12 Not Provided 14.05.2012

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

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

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

Holdings By:

Assicurazioni Generali SpA ee


24.09.2012

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

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

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

international markets.


LTM as of: 03/yy

52-Week High (19.03.2012) 13.25

52-Week Low (26.09.2011) 8.00

Daily Volume

12.295





28'983.45 1 Yr Total Return 58.72%


Preferred Stock 6'059.0 Adjusted BETA 1.538





CS FP EQUITY YTD Change - Average Volume 30 Day 8'761'883

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 10'101'770


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

115'035.0 51'235.0 122'704.0 117'414.0 98'334.0 0.0 0.0 96'117.9 97'395.5 - -

0.57x 0.62x 0.36x 0.29x 0.18x #DIV/0! #DIV/0! 0.42x 0.42x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

5'666.0 923.0 3'606.0 2'749.0 4'324.0 0.0 0.0 4'355.6 4'613.0 2'213.0 -

11.80x 51.67x 10.60x 12.33x 7.63x 0.00x 0.00x 6.66x 6.21x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

1'850'509.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


MUTUELLES AXA n/a Co File 342'767'775 14.54 - 31.12.2011 Insurance Company

BNP PARIBAS ASSET MG n/a Research 131'539'770 5.58 - 11.09.2012 Investment Advisor

AMUNDI n/a Research 91'682'238 3.89 (20'493'797) 15.05.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 37'453'130 1.59 14'659 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 34'298'640 1.45 851'392 30.06.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 33'746'063 1.43 3'474'030 01.04.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'706'586 0.92 1'287'112 30.06.2012 Investment Advisor

LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.87 (7'936'172) 16.09.2011 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 16'895'575 0.72 5'686'416 30.06.2012 Investment Advisor





AVIVA PLC Multiple Portfolios MF-AGG 10'979'810 0.47 47'782 31.08.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 10'561'453 0.45 (3'613'338) 31.07.2012 Mutual Fund Manager



TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'827'761 0.25 (23'060) 31.03.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 5'730'473 0.24 660'660 30.06.2012 Investment Advisor


Deutsche Bank OLIVER STEEL buy 5 M 14 12 month 24.09.2012

Helvea DANIEL BISCHOF buy 5 M 15 12 month 21.09.2012

AlphaValue JEROME CASSAGNE buy 5 M 18 6 month 20.09.2012


National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 18.09.2012

Mediobanca SpA MARC THIELE outperform 5 N 19 Not Provided 17.09.2012

Macquarie NEIL WELCH outperform 5 M 14 12 month 13.09.2012



Oddo & Cie NICOLAS JACOB buy 5 M 13 Not Provided 05.09.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 21.08.2012




Barclays CLAUDIA GASPARI equalweight 3 M 14 Not Provided 10.08.2012

Morgan Stanley FAROOQ HANIF Overwt/In-Line 5 M 15 12 month 08.08.2012

Societe Generale WILLIAM ELDERKIN buy 5 M 18 12 month 06.08.2012

Jefferies JAMES SHUCK buy 5 M 13 12 month 06.08.2012

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 06.08.2012

HSBC KAILESH MISTRY overweight 5 M 19 Not Provided 06.08.2012

Natixis BENOIT VALLEAUX buy 5 M 16 Not Provided 06.08.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 06.08.2012

Main First Bank AG FEDERICO SALERNO buy 5 M 13 12 month 06.08.2012

Raymond James DANNY JACQUES strong buy 5 M 14 12 month 03.08.2012


CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 03.08.2012

Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 16 6 month 03.08.2012

Nomura NICK HOLMES buy 5 M 23 12 month 03.08.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 10 3 month 31.07.2012


Kepler Capital Markets FABRIZIO CROCE hold 3 N 10 Not Provided 09.07.2012


ING Wholesale Banking MAARTEN ALTENA hold 3 M 12 12 month 03.07.2012

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 15 12 month 25.06.2012

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 14 Not Provided 22.06.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 15.03.2012

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

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011

CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011

BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee


24.09.2012

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,

wholesale, and investment banking services. The Bank offers consumer and

mortgage loans, private banking, asset management, insurance, mutual funds, and

securities brokerage services. It operates in Europe, Latin America, United

States, China and Turkey.


LTM as of: 06/yy

52-Week High (09.02.2012) 7.20

52-Week Low (23.07.2012) 4.31

Daily Volume

6.431





34'612.34 1 Yr Total Return 19.90%


Preferred Stock - Adjusted BETA 1.254



Enterprise Value -

Average Volume 5 Day #########

BBVA SQ EQUITY YTD Change - Average Volume 30 Day 68'513'300

BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 86'387'260


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

35'719.0 41'508.0 34'467.0 32'482.0 36'094.0 23'277.0 20'822.0 22'264.0 23'148.8 5'512.0 5'764.0

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

6'126.0 5'020.0 4'210.0 4'606.0 3'004.0 4'417.0 2'175.0 2'190.4 4'400.5 1'026.0 1'082.0

9.86x 6.41x 11.37x 6.46x 10.44x 7.77x 13.04x 16.45x 8.35x 10.81x 9.90x


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 6.64







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Bilbao Vizcaya Argentaria SAPrice/Volume

Valuation Analysis

17'171'782.00


-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.--'- G

/--'- G

0--'- G

1--'- G

2--'- G

3--'- G

4--'- G

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

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


BNP PARIBAS SA n/a EXCH 161'614'301 3 5'428'836 05.01.2012 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.99 (86'470'698) 24.07.2012 Other

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 58'006'801 1.08 (2'785'201) 30.06.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'795'703 1 3'353'895 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'502'890 0.53 203'081 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 28'177'991 0.52 350 20.09.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17'768'556 0.33 101'341 31.07.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 17'556'967 0.33 (3'451'559) 29.02.2012 Investment Advisor




SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 10'404'958 0.19 2'747'836 30.06.2012 Mutual Fund Manager

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8'695'531 0.16 181'156 30.06.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 6'343'622 0.12 (2'275) 23.08.2012 Mutual Fund Manager


LBPAM Multiple Portfolios MF-AGG 5'976'014 0.11 (31'599) 31.07.2012 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'972'440 0.11 14'027 30.03.2012 Investment Advisor



Redburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012

Societe Generale CARLO TOMMASELLI sell 1 M 6 12 month 20.09.2012


Oddo & Cie JULIE LEGRAND neutral 3 M 9 Not Provided 19.09.2012

RBC Capital Markets PATRICK LEE sector perform 3 M 6 12 month 18.09.2012

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 7 12 month 17.09.2012

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 D 6 Not Provided 17.09.2012

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 14.09.2012

AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 13.09.2012

Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 D 7 12 month 12.09.2012

Grupo Santander ARTURO DE FRIAS buy 5 M 8 Not Provided 10.09.2012

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 5 Not Provided 05.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 04.09.2012

Nomura DARAGH QUINN buy 5 M 8 12 month 04.09.2012



CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 02.08.2012

Mediobanca SpA ANDREA FILTRI neutral 3 M 6 12 month 01.08.2012

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 01.08.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 6 Not Provided 01.08.2012

Berenberg Bank MARCO TROIANO sell 1 M 5 Not Provided 01.08.2012

Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 31.07.2012

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012

S&P Capital IQ JAWAHAR HINGORANI sell 1 M 5 12 month 31.07.2012

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 7 12 month 31.07.2012


BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012

Deutsche Bank CARLOS BERASTAIN GONZALEZ buy 5 M 7 12 month 20.07.2012

HSBC CARLO DIGRANDI neutral 3 D 6 Not Provided 06.07.2012

JPMorgan JAIME BECERRIL underweight 1 M 6 15 month 26.06.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012

ING Wholesale Banking ALEXANDER PELTESHKI hold 3 M 5 12 month 05.06.2012

Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 U 7 Not Provided 29.05.2012

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 8 12 month 22.05.2012

Natixis FREDERIC TESCHNER neutral 3 M 6 Not Provided 15.05.2012

La Caixa DAVID FERNANDEZ buy 5 U 8 Not Provided 16.03.2012

DZ Bank AG SABINE BOHN sell 1 M 5 12 month 06.02.2012

Holdings By:

Banco Bilbao Vizcaya Argentaria SA ee


24.09.2012

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

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

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

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

and advice on mergers and acquisitions.


LTM as of: 06/yy

52-Week High (12.09.2012) 6.33

52-Week Low (23.07.2012) 3.98

Daily Volume

6.15





60'877.38 1 Yr Total Return 15.38%





Enterprise Value -


SAN SQ EQUITY YTD Change - Average Volume 30 Day 62'979'760

SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

60'110.4 70'114.3 69'736.2 68'965.5 78'009.0 43'302.0 44'528.0 45'016.3 46'906.7 10'897.0 11'118.0

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

9'060.3 8'876.4 8'942.5 8'180.9 5'351.0 7'239.0 3'554.0 4'513.3 7'318.0 1'227.0 1'139.0

11.35x 5.74x 11.09x 8.39x 9.74x 9.60x 13.63x 12.90x 8.60x 11.12x 11.39x


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Santander SAPrice/Volume

Valuation Analysis

17'351'217.00


-

.

/

0

1

2

3

4

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.--'- G

/--'- G

0--'- G

1--'- G

2--'- G

3--'- G

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

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


BNP PARIBAS SA n/a EXCH 255'109'664 2.58 19'731'602 05.08.2011 Bank

CAPITAL RESEARCH AND n/a EXCH 243'314'406 2.46 (153'006'242) 08.05.2011 Investment Advisor

BARCLAYS PLC n/a EXCH 227'263'557 2.3 (56'807'364) 03.05.2011 Investment Advisor


HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 85'945'996 0.87 (1'992'003) 30.06.2012 Investment Advisor

DE LOS RIOS EMILIO B n/a EXCH 79'095'580 0.8 8'975 03.08.2012 n/a



ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.51 - 01.10.2011 Insurance Company

DODGE & COX Multiple Portfolios MF-AGG 49'090'437 0.5 1'963'618 30.06.2012 Investment Advisor


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 29'921'253 0.3 1'154'049 31.08.2012 Investment Advisor



CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 20'927'139 0.21 (8'893'158) 30.06.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 20'137'533 0.2 (2'588'035) 31.07.2012 Mutual Fund Manager

LATIMER INVERSIONES n/a EXCH 20'087'855 0.2 - 11.07.2011 n/a


BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'086'697 0.14 9'829'423 30.04.2012 Investment Advisor

PUENTEPUMAR SL n/a EXCH 13'757'649 0.14 - 11.07.2011 n/a



Societe Generale CARLO TOMMASELLI hold 3 M 6 12 month 20.09.2012


Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.09.2012

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 4 Not Provided 17.09.2012


Inverseguros Sociedad de Valores ALBERTO ROLDAN neutral 3 M 6 Not Provided 13.09.2012

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 7 12 month 12.09.2012

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 12.09.2012

Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 6 Not Provided 10.09.2012


Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 05.09.2012


Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 4 12 month 04.09.2012

Berenberg Bank MARCO TROIANO buy 5 M 5 Not Provided 04.09.2012


ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 5 12 month 31.08.2012

RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 28.08.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012


JPMorgan JAIME BECERRIL neutral 3 D 5 15 month 21.08.2012

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 5 Not Provided 02.08.2012

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 7 12 month 31.07.2012

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012


Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 7 12 month 29.07.2012

Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 27.07.2012

Natixis FREDERIC TESCHNER reduce 2 D 4 Not Provided 27.07.2012

Nomura DARAGH QUINN reduce 2 M 7 12 month 27.07.2012

BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012



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

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 5 12 month 26.07.2012

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 18.07.2012

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 7 12 month 17.07.2012

HSBC CARLO DIGRANDI neutral 3 M 5 Not Provided 06.07.2012

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

BBVA IGNACIO ULARGUI not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012

DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012

La Caixa DAVID FERNANDEZ buy 5 M 7 Not Provided 16.03.2012

Holdings By:

Banco Santander SA ee


24.09.2012

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

Plastics, Performance Products, Functional Solutions, Agricultural Solutions

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

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

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


LTM as of: 06/yy

52-Week High (20.03.2012) 68.63

52-Week Low (04.10.2011) 43.03

Daily Volume

67.27





61'786.06 1 Yr Total Return 58.06%







BAS GY EQUITY YTD Change - Average Volume 30 Day 2'984'423

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'325'162


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

57'951.3 62'304.0 50'693.0 63'873.0 73'497.0 70'027.0 75'746.0 76'723.4 78'814.0 18'252.3 18'558.7

1.01x 0.62x 1.07x 1.09x 0.84x 3.84x 3.31x 0.95x 0.90x 4.05x 3.91x

10'480.0 10'238.0 8'500.0 11'903.0 11'855.0 12'710.0 12'649.0 12'139.5 12'780.3 2'765.2 2'465.8

5.59x 3.74x 6.36x 5.85x 5.20x 5.93x 4.98x 6.15x 5.84x 6.42x 6.45x

4'065.5 2'912.0 1'410.0 4'557.0 6'188.0 6'210.0 5'276.0 5'059.6 5'558.8 1'138.8 781.5

12.15x 8.86x 28.22x 12.04x 8.00x 9.97x 9.52x 12.34x 11.14x 12.11x 11.87x


EBIT 8'436.00 Long-Term Rating A+









EBITDA Margin 16.1%



Asset Turnover 1.22







Fiscal Year Ended

BASF SEPrice/Volume

Valuation Analysis

1'072'082.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLACKROCK INC n/a Research 63'927'154 6.96 - 01.02.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'895'706 1.3 (468'312) 30.06.2012 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'813'456 0.85 - 30.03.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'708'426 0.84 (84'376) 31.08.2012 Investment Advisor


FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'686'250 0.73 358'038 31.07.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 4'816'961 0.52 (52'638) 30.04.2012 Investment Advisor



DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'863'614 0.42 (36'410) 29.02.2012 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'692'429 0.4 (50'000) 30.04.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'497'000 0.38 - 30.06.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'734'637 0.3 (104'150) 31.07.2012 Mutual Fund Manager


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'800'862 0.2 (15'043) 30.03.2012 Investment Advisor

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'783'841 0.19 36'546 31.08.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'637'011 0.18 (434'628) 31.12.2011 Mutual Fund Manager


Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 76 6 month 21.09.2012

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 61 12 month 21.09.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 80 6 month 21.09.2012

M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 21.09.2012

Jefferies LAURENCE ALEXANDER hold 3 M 67 12 month 20.09.2012

AlphaValue MARTIN SCHNEE reduce 2 M 66 6 month 20.09.2012

Bankhaus Metzler LARS HETTCHE buy 5 M 72 12 month 17.09.2012

Exane BNP Paribas JAMES KNIGHT outperform 5 M 68 Not Provided 11.09.2012

Nord/LB THORSTEN STRAUSS buy 5 M 67 12 month 06.09.2012

JPMorgan NEIL C TYLER neutral 3 M 59 15 month 06.09.2012


Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 06.09.2012

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 74 12 month 05.09.2012

Nomura JEAN DE WATTEVILLE buy 5 M 80 12 month 05.09.2012

Baader Bank NORBERT BARTH buy 5 N 73 12 month 04.09.2012

ING Wholesale Banking FILIP DE PAUW hold 3 M 57 12 month 03.09.2012


Deutsche Bank TIMOTHY JONES buy 5 M 74 12 month 23.08.2012

Kepler Capital Markets MARKUS MAYER buy 5 M 67 Not Provided 21.08.2012


Barclays ANDREAS HEINE equalweight 3 M 68 Not Provided 16.08.2012

Day by Day VALERIE GASTALDY buy 5 M 67 3 month 06.08.2012

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 51 Not Provided 30.07.2012

Societe Generale PETER CLARK hold 3 M 55 12 month 27.07.2012

Credit Suisse CHRIS COUNIHAN outperform 5 M 67 Not Provided 27.07.2012

HSBC GEOFF HAIRE overweight 5 M 68 Not Provided 27.07.2012

Macquarie CHRISTIAN FAITZ neutral 3 M 63 12 month 27.07.2012

CA Cheuvreux MARTIN ROEDIGER outperform 5 M 68 Not Provided 27.07.2012

Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 27.07.2012

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 80 12 month 27.07.2012

S&P Capital IQ JOHNSON IMODE buy 5 M 78 12 month 27.07.2012

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.07.2012

National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 26.07.2012

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 26.07.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 53 Not Provided 26.07.2012

Main First Bank AG RONALD KOEHLER neutral 3 M 65 12 month 24.07.2012

Gilford Securities PAUL C CHRISTOPHERSON buy 5 U 64 12 month 27.06.2012

Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 82 12 month 22.05.2012

BHF-Bank ANNETT WEBER overweight 5 M 78 12 month 27.04.2012

Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012

Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

BASF SE ee


24.09.2012

Bayer AG produces and markets healthcare and agricultural products, and

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

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

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

protection products, plastics, and polyurethanes.


LTM as of: 06/yy

52-Week High (24.09.2012) 68.47

52-Week Low (04.10.2011) 38.82

Daily Volume

67.85





56'108.41 1 Yr Total Return 77.46%







BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'591'817

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'706'851


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

32'385.0 32'918.0 31'168.0 35'088.0 36'528.0 36'260.0 38'094.0 38'912.5 40'707.4 9'315.0 9'539.6

1.83x 1.40x 1.80x 1.53x 1.32x 5.82x 5.11x 1.63x 1.52x 7.04x 6.69x

6'665.0 6'702.0 7'695.0 8'900.0 8'963.0 8'911.0 9'480.0 7'930.2 8'701.3 1'787.8 1'739.6

8.90x 6.86x 7.30x 6.04x 5.36x 5.93x 5.77x 8.09x 7.37x 7.63x 7.41x

4'711.0 1'719.0 1'359.0 1'301.0 2'470.0 1'519.0 2'583.0 4'407.1 4'846.2 950.0 921.2

21.43x 18.72x 32.92x 35.22x 16.52x 29.89x 18.06x 12.68x 11.58x 12.16x 11.90x


EBIT 6'194.00 Long-Term Rating A-









EBITDA Margin 24.5%



Asset Turnover 0.70







Fiscal Year Ended

Bayer AGPrice/Volume

Valuation Analysis

1'160'411.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL RESEARCH AND n/a EXCH 82'446'697 9.97 - 04.08.2011 Investment Advisor





DODGE & COX Multiple Portfolios MF-AGG 16'199'870 1.96 (270'000) 30.06.2012 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'182'023 0.99 (333'517) 20.09.2012 Investment Advisor



MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6'837'229 0.83 (36'255) 31.07.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'880'000 0.71 5'000'000 31.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'663'539 0.68 (300) 30.03.2012 Investment Advisor




WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'103'791 0.38 24'439 30.06.2012 Investment Advisor


Deutsche Bank TIM RACE buy 5 M 71 12 month 24.09.2012

Bryan Garnier & Cie SEBASTIEN MALAFOSSE buy 5 M 69 6 month 24.09.2012

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 24.09.2012

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 65 Not Provided 21.09.2012

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 62 12 month 20.09.2012

AlphaValue MARTIN SCHNEE reduce 2 M 61 6 month 20.09.2012

Helvea ODILE RUNDQUIST accumulate 4 M 69 12 month 10.09.2012

Nord/LB THORSTEN STRAUSS hold 3 M 58 12 month 06.09.2012

Baader Bank NORBERT BARTH hold 3 N 66 12 month 04.09.2012

Kepler Capital Markets FABIAN WENNER buy 5 M 72 Not Provided 03.09.2012


Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 72 6 month 28.08.2012

Nomura JEAN DE WATTEVILLE neutral 3 M 70 12 month 27.08.2012


Main First Bank AG RONALD KOEHLER buy 5 M 75 12 month 11.08.2012

Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 77 12 month 08.08.2012

CA Cheuvreux LAURENT FLAMME select list 5 M 68 Not Provided 07.08.2012

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 71 Not Provided 07.08.2012

Jefferies JEFFREY HOLFORD hold 3 M 65 12 month 06.08.2012


Credit Suisse JOHANNA WALTON outperform 5 M 66 Not Provided 02.08.2012

Societe Generale STEPHEN MCGARRY hold 3 M 62 12 month 01.08.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 01.08.2012

Natixis BEATRICE MUZARD buy 5 M 70 Not Provided 01.08.2012

Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 70 12 month 01.08.2012

Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 60 12 month 31.07.2012

Macquarie CHRISTIAN FAITZ outperform 5 M 71 12 month 31.07.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 72 12 month 31.07.2012


M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 65 12 month 31.07.2012

S&P Capital IQ SHO MATSUBARA hold 3 D 64 12 month 31.07.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 31.07.2012

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 69 12 month 24.07.2012

Barclays MARK PURCELL equalweight 3 M 57 Not Provided 19.07.2012


JPMorgan RICHARD VOSSER neutral 3 M 62 3 month 27.04.2012

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

Dolmen Stockbrokers IAN G HUNTER buy 5 M 64 Not Provided 27.10.2011

Liberum Capital Ltd NARESH CHOUHAN buy 5 N 57 Not Provided 15.09.2010

Holdings By:

Bayer AG ee


24.09.2012

Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and

motorcycles worldwide. The Company produces everything from convertible sports

cars to luxury sedans to touring motorcycles with large displacement engines.


LTM as of: 06/yy

52-Week High (16.03.2012) 73.95

52-Week Low (04.10.2011) 43.49

Daily Volume

58.99





37'835.65 1 Yr Total Return 17.20%







BMW GY EQUITY YTD Change - Average Volume 30 Day 2'494'908

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'576'127


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

56'018.0 53'197.0 50'681.0 60'477.0 68'821.0 66'611.0 72'391.0 73'689.4 76'362.2 17'891.8 18'871.3

1.18x 1.19x 1.40x 1.49x 1.31x 5.28x 5.07x 0.56x 0.52x 1.43x 1.31x

12'397.0 11'231.0 9'311.0 9'087.0 11'660.0 10'105.0 10'366.0 12'817.5 13'153.1 2'003.0 1'955.0

5.31x 5.64x 7.59x 9.93x 7.76x 0.00x 0.00x 7.40x 7.21x 11.68x 11.79x

3'126.0 324.0 204.0 3'227.0 4'881.0 4'977.0 4'489.0 4'932.9 5'089.9 1'205.7 1'224.7

8.94x 44.10x 102.58x 11.94x 6.95x 8.96x 8.30x 7.80x 7.64x 7.51x 7.53x











EBITDA Margin 16.9%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

740'092.00


-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

1-'--

12'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2011 n/a

QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2011 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2011 n/a

BLACKROCK FINANCIAL n/a Research 23'951'672 3.98 - 12.03.2012 Investment Advisor



WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'898'600 1.31 (132'600) 30.06.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 6'303'800 1.05 (1'270'000) 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'363'668 0.72 (542'160) 31.03.2012 Investment Advisor










ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'030'402 0.34 150'530 30.04.2012 Investment Advisor



Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 75 12 month 24.09.2012

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 21.09.2012

AlphaValue HANS-PETER WODNIOK add 4 D 72 6 month 20.09.2012

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 118 12 month 12.09.2012


Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 68 6 month 05.09.2012

Credit Suisse ARNDT ELLINGHORST outperform 5 M 80 Not Provided 05.09.2012

HSBC HORST SCHNEIDER neutral 3 D 60 Not Provided 05.09.2012

Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 62 12 month 04.09.2012

Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 03.09.2012

Nord/LB FRANK SCHWOPE hold 3 M 59 12 month 31.08.2012

DZ Bank AG MICHAEL PUNZET sell 1 M 58 12 month 22.08.2012

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 21.08.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012

Bankhaus Metzler JUERGEN PIEPER sell 1 M 50 12 month 08.08.2012

Societe Generale PHILIPPE BARRIER buy 5 M 70 12 month 02.08.2012

Baader Bank JOSE ASUMENDI buy 5 M 90 12 month 02.08.2012

Macquarie CHRISTIAN BREITSPRECHER neutral 3 D 60 12 month 02.08.2012

Oddo & Cie FRANCOIS MAURY reduce 2 M 55 Not Provided 02.08.2012

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 70 12 month 02.08.2012

Natixis GEORGES DIENG buy 5 M 72 Not Provided 02.08.2012

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 02.08.2012

Barclays KRISTINA CHURCH overweight 5 M 85 Not Provided 02.08.2012

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 62 Not Provided 01.08.2012

Independent Research GmbH ZAFER RUEZGAR buy 5 M 70 6 month 01.08.2012

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2012


S&P Capital IQ MARNIE COHEN strong buy 5 M 83 12 month 01.08.2012


Kepler Capital Markets MICHAEL RAAB buy 5 M 71 Not Provided 20.07.2012

JPMorgan BERNARD DONGES overweight 5 M 87 3 month 18.07.2012

CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 80 Not Provided 17.07.2012

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012

Main First Bank AG LOTHAR LUBINETZKI buy 5 M 87 12 month 18.03.2012

Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012

Cyrrus JAN ROH buy 5 M 68 12 month 11.10.2011

Holdings By:

Bayerische Motoren Werke AG ee


24.09.2012

BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,

private and corporate banking services. The Bank also provides asset management

and investment advisory services to institutions and individuals in Europe, the

United States, Asia and the Emerging Markets.


LTM as of: 06/yy

52-Week High (17.09.2012) 40.60

52-Week Low (26.09.2011) 24.00

Daily Volume

39.015





48'914.18 1 Yr Total Return 61.53%

Total Debt 1'125'331.00 YTD Return 34.73%




Enterprise Value -


BNP FP EQUITY YTD Change - Average Volume 30 Day 5'552'382

BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'492'596


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

85'022.0 78'052.0 70'526.0 72'848.0 71'009.0 45'449.0 0.0 39'133.5 40'427.6 9'934.9 9'384.5

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

7'822.0 3'021.0 5'832.0 7'843.0 6'050.0 8'199.0 6'021.0 6'839.9 6'949.3 1'585.4 1'350.0

8.74x 9.85x 10.75x 7.52x 6.30x 7.76x 6.02x 7.12x 7.07x 7.48x 7.46x


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

BNP Paribas SAPrice/Volume

Valuation Analysis

1'789'519.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G/-'- G

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

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BELGIAN STATE n/a Co File 127'750'000 10.19 - 31.12.2011 Government

AXA n/a Co File 65'670'000 5.24 - 31.12.2011 Investment Advisor



BNP PARIBAS ASSET MG n/a Co File 16'480'000 1.31 - 31.12.2011 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 15'884'611 1.27 4'962'220 30.06.2012 Investment Advisor

STATE OF LUXEMBOURG n/a Co File 12'870'000 1.03 - 31.12.2011 Government


FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11'541'390 0.92 1'050'096 31.07.2012 Investment Advisor






JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6'158'310 0.49 (18'408) 30.06.2012 Investment Advisor





BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3'657'130 0.29 1'175'634 30.06.2012 Investment Advisor


Macquarie PIERS BROWN underperform 1 D 35 12 month 24.09.2012

Nomura JON PEACE buy 5 M 43 12 month 24.09.2012

Redburn Partners GEORGE SOSEI KARAMANOS buy 5 M #N/A N/A Not Provided 24.09.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 40 Not Provided 21.09.2012

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 20.09.2012

AlphaValue CHRISTOPHE NIJDAM add 4 M 45 6 month 20.09.2012

Grupo Santander AURELIA FAURE buy 5 M 52 Not Provided 19.09.2012

Societe Generale SEBASTIEN LEMAIRE hold 3 M 42 12 month 19.09.2012

HSBC ROBIN DOWN overweight 5 M 45 Not Provided 19.09.2012


RBC Capital Markets ANKE REINGEN outperform 5 M 43 12 month 18.09.2012

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 45 Not Provided 16.09.2012

CA Cheuvreux PASCAL DECQUE select list 5 M 43 Not Provided 13.09.2012

ING Wholesale Banking TOM VAN KEMPEN buy 5 M 43 12 month 30.08.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 D #N/A N/A Not Provided 23.08.2012


Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 54 12 month 08.08.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.08.2012

Barclays JEREMY SIGEE overweight 5 M 36 Not Provided 07.08.2012

Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 35 Not Provided 03.08.2012

Deutsche Bank FLORA-A BENHAKOUN buy 5 M 42 12 month 03.08.2012

JPMorgan DELPHINE LEE neutral 3 M 43 3 month 03.08.2012

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT market perform 3 M 40 12 month 03.08.2012


Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 35 12 month 02.08.2012

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 45 Not Provided 02.08.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 48 12 month 02.08.2012

S&P Capital IQ JAWAHAR HINGORANI buy 5 M 40 12 month 02.08.2012


Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 28 Not Provided 16.07.2012


DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012

Natixis ALEX KOAGNE buy 5 M 40 Not Provided 07.05.2012

Holdings By:

BNP Paribas SA ee


24.09.2012

Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and

carry, and frozen food stores in Europe, the Americas, and Asia.


LTM as of: 06/yy

52-Week High (04.11.2011) 20.51

52-Week Low (11.07.2012) 12.87

Daily Volume

17.3





11'752.51 1 Yr Total Return 15.88%







CA FP EQUITY YTD Change - Average Volume 30 Day 2'968'368

CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'456'579


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

82'148.5 86'341.0 84'763.0 79'737.0 80'455.0 0.0 0.0 80'511.8 82'269.8 22'379.2 21'639.0

0.61x 0.36x 0.42x 0.44x 0.31x #DIV/0! #DIV/0! 0.24x 0.23x - -

3'742.1 4'044.0 4'599.0 4'380.0 3'894.0 0.0 0.0 3'778.6 3'937.9 - -

13.33x 7.62x 7.76x 7.95x 6.34x 0.00x 0.00x 6.09x 5.84x - -

2'299.4 1'269.0 276.0 433.0 371.0 0.0 0.0 882.9 1'008.2 - -

20.00x 14.82x 67.12x 61.70x 0.00x 0.00x 0.00x 13.36x 12.10x - -


EBIT 2'182.00 Long-Term Rating BBB


Pretax Margin -1.46% Short-Term Rating Date 16.04.2010



Return on Capital - EBITDA/Interest Exp. 6.25




EBITDA Margin 4.8%



Asset Turnover 1.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Carrefour SAPrice/Volume

Valuation Analysis

696'182.00


-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLUE CAPITAL SARL n/a Co File 64'047'813 9.43 - 31.12.2011 Other

SOCIETE GENERALE n/a Research 31'310'832 4.61 (14'638'655) 20.06.2012 Bank

BLUE PARTICIPATIONS n/a Co File 25'359'996 3.73 - 31.12.2011 n/a

AMUNDI SA n/a Research 23'161'032 3.41 - 11.07.2011 Other

COLONY BLUE INVESTOR n/a Co File 15'166'770 2.23 - 31.12.2011 n/a

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'378'215 1.38 98 30.03.2012 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'917'923 1.31 791'000 30.06.2012 Investment Advisor

SOCIETE GEN GESTION n/a Research 8'353'963 1.23 - 11.07.2011 n/a

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.2 98'150 31.07.2012 Investment Advisor


AKO CAPITAL LLP n/a Short (6'202'338) -0.91 (543'469) 09.07.2012 Investment Advisor

CARREFOUR SA n/a Co File 5'598'650 0.82 - 31.12.2011 Corporation

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'480'075 0.81 - 31.03.2012 Hedge Fund Manager

GROUPE ARNAULT SAS n/a Co File 5'156'752 0.76 - 31.12.2011 Holding Company

ONTARIO TEACHERS PEN n/a Research 3'200'000 0.47 - 31.12.2010 Pension Fund (ERISA)



SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 2'859'000 0.42 (1'254'000) 31.03.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 2'553'188 0.38 25'590 31.03.2012 Investment Advisor

ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 2'251'678 0.33 (53'643) 30.06.2012 Investment Advisor


Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 24.09.2012

CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 22 12 month 20.09.2012

AlphaValue VIRGINIE BLIN buy 5 M 21 6 month 20.09.2012

Aurel - BGC JEAN-MARIE L'HOME buy 5 M 20 Not Provided 19.09.2012

Jefferies JAMES GRZINIC hold 3 M 17 12 month 17.09.2012


Exane BNP Paribas JOHN KERSHAW neutral 3 M 18 Not Provided 14.09.2012

HSBC JEROME SAMUEL neutral 3 M 18 Not Provided 12.09.2012

Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 18 12 month 10.09.2012

Raymond James CEDRIC LECASBLE underperform 1 M 17 12 month 10.09.2012

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 06.09.2012

Main First Bank AG RICKIN THAKRAR buy 5 M 24 12 month 05.09.2012

Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012

Grupo Santander JAIME VAZQUEZ buy 5 M 20 Not Provided 31.08.2012

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 22 Not Provided 31.08.2012

Credit Suisse XAVIER LE MENE outperform 5 M 20 Not Provided 31.08.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 19 Not Provided 31.08.2012

Oddo & Cie LAURENCE HOFMANN reduce 2 M 15 Not Provided 31.08.2012

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER buy 5 M 20 Not Provided 31.08.2012

Natixis PIERRE-EDOUARD BOUDOT neutral 3 M 17 Not Provided 31.08.2012

Nomura NICK COULTER neutral 3 M 15 Not Provided 31.08.2012

Barclays NICOLAS CHAMP equalweight 3 U 16 Not Provided 31.08.2012

Commerzbank Corporates & Markets JUERGEN ELFERS reduce 2 M 14 6 month 30.08.2012

Independent Research GmbH ZAFER RUEZGAR hold 3 M 17 12 month 30.08.2012

Kepler Capital Markets FABIENNE CARON buy 5 M 18 Not Provided 30.08.2012

S&P Capital IQ WILLIAM MACK sell 1 M 16 12 month 30.08.2012

Hammer Partners SA STEPHAN SEIP sell 1 M 14 Not Provided 30.08.2012

JPMorgan MATTHEW TRUMAN neutral 3 M 17 3 month 28.08.2012


Banco Sabadell MARTA DIAZ sell 1 M 19 Not Provided 30.07.2012

Macquarie SREEDHAR MAHAMKALI outperform 5 U 18 12 month 20.07.2012

Baader Bank VOLKER BOSSE sell 1 M 15 12 month 19.07.2012

Deutsche Bank JAMES G COLLINS hold 3 M 15 12 month 13.07.2012

Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 13 Not Provided 06.07.2012

ING Wholesale Banking JOHN DAVID ROEG hold 3 M 17 12 month 13.06.2012

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 04.04.2012

DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012

Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012

Holdings By:

Carrefour SA ee


24.09.2012

Compagnie de Saint-Gobain manufactures glass products, high-performance

materials, and construction materials. The Company produces flat glass,

insulation, and glass containers, high-performance ceramics, plastics, and

abrasives, and building materials such as roofing, wall facings, mortars, and

ductile cast iron pipe. Saint-Gobain also retails building materials.


LTM as of: 06/yy

52-Week High (20.02.2012) 37.63

52-Week Low (02.08.2012) 23.90

Daily Volume

29.425





15'626.58 1 Yr Total Return 12.46%







SGO FP EQUITY YTD Change - Average Volume 30 Day 2'000'285

SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'280'260


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

43'421.0 43'800.0 37'786.0 40'119.0 42'116.0 41'465.0 42'831.0 43'342.0 44'569.3 11'025.0 10'534.0

0.78x 0.56x 0.75x 0.69x 0.57x 0.00x 0.00x 0.56x 0.54x - -

5'751.0 5'263.0 3'821.0 4'785.0 5'024.0 0.0 0.0 4'549.0 4'848.4 - -

5.92x 4.68x 7.39x 5.80x 4.80x 0.00x 0.00x 5.69x 5.34x - -

1'487.0 1'378.0 202.0 1'129.0 1'284.0 0.0 0.0 1'349.3 1'601.1 - -

15.92x 9.15x 88.53x 17.66x 12.16x 0.00x 0.00x 11.43x 9.71x - -











EBITDA Margin 11.9%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cie de St-GobainPrice/Volume

Valuation Analysis

1'146'532.00


-

2

.-

.2

/-

/2

0-

02

1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


WENDEL INVESTISSEMEN n/a Co File 92'891'280 17.49 - 31.12.2010 Investment Advisor

FONDS DU PLAN D EPAR n/a Co File 41'402'970 7.8 - 31.12.2010 n/a

AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other

CAISSE DES DEPOTS ET n/a Co File 15'393'412 2.9 - 31.12.2010 Government

GROUPAMA SA n/a Co File 10'085'339 1.9 - 31.12.2010 Insurance Company



COGEMA n/a Co File 5'838'880 1.1 - 31.12.2010 Corporation

CIE DE SAINT GOBAIN n/a Co File 4'777'266 0.9 - 31.12.2010 Corporation


PREDICA n/a Co File 3'715'651 0.7 - 31.12.2010 Insurance Company







UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'132'100 0.21 - 30.03.2012 Investment Advisor




Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 32 Not Provided 24.09.2012

AlphaValue GAETAN DUPONT buy 5 M 41 6 month 20.09.2012

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 31 6 month 19.09.2012

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 35 12 month 13.09.2012

Exane BNP Paribas PAUL ROGER neutral 3 M 31 Not Provided 07.09.2012

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 39 Not Provided 06.09.2012

Jefferies MICHAEL F BETTS buy 5 M 48 12 month 29.08.2012

Societe Generale MURIEL FELLOUS buy 5 M 34 12 month 17.08.2012

Credit Suisse HARRY GOAD neutral 3 D 30 Not Provided 17.08.2012

Morgan Stanley ALEJANDRA PEREDA Overwt/Attractive 5 M 38 12 month 15.08.2012

Raymond James ARNAUD PALLIEZ outperform 5 M 32 12 month 15.08.2012

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 33 12 month 09.08.2012

Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012

ING Wholesale Banking IAN OSBURN buy 5 M 33 12 month 07.08.2012

JPMorgan MICHAEL MORRIS overweight 5 M 33 9 month 02.08.2012

Day by Day VALERIE GASTALDY sell 1 D 20 3 month 02.08.2012


Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 01.08.2012

Natixis RAFIC EL HADDAD neutral 3 M 28 Not Provided 31.07.2012


Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012

Deutsche Bank LUIS PRIETO buy 5 M 35 12 month 27.07.2012

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 36 12 month 27.07.2012

S&P Capital IQ JAWAHAR HINGORANI hold 3 D 32 12 month 27.07.2012

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 D 30 Not Provided 27.07.2012

Kepler Capital Markets JOSEP PUJAL hold 3 D 30 Not Provided 26.07.2012

HSBC JOHN FRASER-ANDREWS overweight 5 M 38 Not Provided 05.03.2012

CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 52 Not Provided 12.01.2012

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009

Holdings By:

Cie de St-Gobain ee


24.09.2012

CRH plc manufactures cement, concrete products, aggregates, asphalt, clay

bricks, chemical lime, security fencing products, and roofing, insulation and

other building materials. The Group also operates some 136 builders merchant

locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19

countries, including Ireland, the US, Spain, Germany and the Netherlands.


LTM as of: 01/yy

52-Week High (16.03.2012) 16.93

52-Week Low (26.09.2011) 10.44

Daily Volume

15.345





11'086.46 1 Yr Total Return 49.93%







CRH ID EQUITY YTD Change - Average Volume 30 Day 1'280'651

CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'268'695


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 - -

20'992.0 20'887.0 17'373.0 17'173.0 18'081.0 - - 18'957.1 19'680.9 - -

0.87x 0.78x 1.01x 0.86x 0.82x - - 0.75x 0.71x - -

2'858.0 2'656.0 1'803.0 1'614.0 1'656.0 - - 1'680.8 1'815.3 - -

6.40x 6.11x 9.69x 9.18x 9.01x - - 9.06x 8.39x - -

1'430.0 1'248.0 592.0 432.0 590.0 - - 570.9 676.7 - -

9.08x 7.66x 21.54x 25.28x 18.60x - - 19.18x 16.31x - -


EBIT 871.00 Long-Term Rating BBB+









EBITDA Margin 9.2%



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CRH PLCPrice/Volume

Valuation Analysis

441'832.00


-/135

.-

./

.1

.3

.5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

5'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL GROUP COMPAN n/a RNS-MAJ 48'014'852 6.65 (2'078'763) 06.09.2012 Investment Advisor


BLACKROCK INC n/a Co File 28'961'677 4.01 - 27.02.2012 Investment Advisor

UBS AG n/a Co File 26'380'604 3.65 - 27.02.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'762'889 3.43 1'658'701 30.06.2012 Investment Advisor

LEGAL & GENERAL n/a RNS-MAJ 22'496'003 3.11 - 04.01.2012 Investment Advisor

NORGES BANK n/a Co File 21'543'277 2.98 - 27.02.2012 Government

FRANKLIN RESOURCES I n/a RNS-MAJ 21'503'171 2.98 - 30.06.2011 Investment Advisor

GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.92 - 15.02.2011 n/a




FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'867'675 0.81 (3'000) 31.05.2012 Hedge Fund Manager






INVESCO LTD Multiple Portfolios MF-AGG 3'075'033 0.43 (321'262) 21.09.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 2'698'668 0.37 69'419 30.06.2012 Investment Advisor


Goodbody Stockbrokers Ltd ROBERT EASON reduce 2 M 13 12 month 24.09.2012

Jefferies MICHAEL F BETTS buy 5 M 22 12 month 20.09.2012

Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 19.09.2012

Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 18.09.2012

Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 15 12 month 13.09.2012

AlphaValue GAETAN DUPONT add 4 M 17 6 month 13.09.2012

Exane BNP Paribas PAUL ROGER underperform 1 M 16 Not Provided 07.09.2012

Natixis ABDELKADER BENCHIHA reduce 2 N 12 Not Provided 05.09.2012


Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 03.09.2012


Berenberg Bank ROBERT MUIR sell 1 M 12 Not Provided 30.08.2012

Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 17.08.2012

Credit Suisse HARRY GOAD underperform 1 D 12 Not Provided 17.08.2012

Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 13 Not Provided 17.08.2012

JPMorgan MICHAEL MORRIS neutral 3 D 14 9 month 16.08.2012


Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 15.08.2012

ING Wholesale Banking IAN OSBURN sell 1 M 13 12 month 15.08.2012

Bryan Garnier & Cie SVEN EDELFELT sell 1 M 15 6 month 14.08.2012


Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 16 Not Provided 14.08.2012

Morgan Stanley YURI SEROV Underwt/Attractive 1 M 17 12 month 07.08.2012


Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 13 12 month 28.06.2012

HSBC JOHN FRASER-ANDREWS overweight 5 U 16 Not Provided 21.06.2012

Deutsche Bank LUIS PRIETO hold 3 M 16 12 month 15.06.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012

Dolmen Stockbrokers IAN G HUNTER neutral 3 M 15 Not Provided 28.02.2012

CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 17 Not Provided 12.01.2012

NCB Stockbrokers(ESN) MURRAY MCCARTER buy 5 M 19 12 month 16.08.2011

BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 04.05.2011

Holdings By:

CRH PLC ee


24.09.2012

Daimler AG develops, manufactures, distributes, and sells a wide range of

automotive products, mainly passenger cars, trucks, vans and buses. The Company

also provides financial and other services relating to its automotive

businesses.


LTM as of: 06/yy

52-Week High (14.03.2012) 48.95

52-Week Low (25.11.2011) 29.02

Daily Volume

39.635





42'298.65 1 Yr Total Return 28.59%







DAI GY EQUITY YTD Change - Average Volume 30 Day 5'080'391

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'110'779


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

99'399.0 95'873.0 78'924.0 97'761.0 106'540.0 102'534.0 111'368.0 110'914.8 115'952.8 26'797.0 28'386.7

1.12x 0.87x 1.15x 1.10x 0.93x 3.98x 3.69x 0.32x 0.31x 1.24x 1.16x

15'839.0 11'685.0 3'032.0 10'489.0 12'216.0 11'924.0 12'391.0 13'130.6 14'558.8 - 1'974.0

7.04x 7.14x 29.84x 10.26x 8.09x 8.30x 8.73x 8.60x 7.75x - -

3'979.0 1'348.0 (2'640.0) 4'498.0 5'667.0 5'249.0 5'766.0 5'457.6 6'179.1 1'282.3 1'336.0

14.18x 15.61x 0.00x 11.85x 6.38x 10.46x 6.53x 7.77x 6.92x 7.11x 6.48x











EBITDA Margin 11.5%



Asset Turnover 0.75







Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

2'199'847.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

4-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


MORGAN STANLEY & CO n/a Research 112'072'933 10.5 - 16.04.2012 Investment Advisor

KUWAIT INVESTMENT AU n/a EXCH 73'210'039 6.86 - 23.06.2011 Government


RENAULT SA n/a EXCH 32'928'533 3.09 - 23.06.2011 Corporation

AABAR INVESTMENTS PJ n/a Research 32'750'100 3.07 - 01.02.2012 Corporation

NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government

CAPITAL RESEARCH AND n/a Research 31'825'311 2.98 - 17.08.2012 Investment Advisor

SOCIETE GENERALE n/a Research 29'715'538 2.78 - 13.06.2011 Bank



NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 10'555'488 0.99 (915'116) 31.08.2012 Investment Advisor







Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 24.09.2012

Bankhaus Metzler JUERGEN PIEPER sell 1 M 30 12 month 24.09.2012

Societe Generale STEPHEN REITMAN hold 3 M 40 12 month 21.09.2012

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 56 6 month 21.09.2012


M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 50 12 month 21.09.2012

Natixis GEORGES DIENG neutral 3 M 38 Not Provided 21.09.2012


DZ Bank AG MICHAEL PUNZET buy 5 M 50 12 month 21.09.2012

Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 21.09.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 21.09.2012

Nord/LB FRANK SCHWOPE hold 3 D 40 12 month 20.09.2012

Credit Suisse ARNDT ELLINGHORST neutral 3 M 40 Not Provided 20.09.2012

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 55 12 month 20.09.2012

S&P Capital IQ MARNIE COHEN hold 3 M 40 12 month 20.09.2012

AlphaValue HANS-PETER WODNIOK add 4 M 47 6 month 20.09.2012

JPMorgan BERNARD DONGES restricted #N/A N/A M #N/A N/A Not Provided 13.09.2012

Exane BNP Paribas RABIH FREIHA outperform 5 M 53 Not Provided 13.09.2012




EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 06.08.2012

Barclays KRISTINA CHURCH equalweight 3 U 48 Not Provided 31.07.2012

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 61 Not Provided 30.07.2012

Baader Bank JOSE ASUMENDI hold 3 M 40 12 month 26.07.2012

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 48 Not Provided 26.07.2012

Bankhaus Lampe CHRISTIAN LUDWIG hold 3 D 42 12 month 26.07.2012

Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 44 12 month 25.07.2012

CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 51 Not Provided 17.07.2012

HSBC HORST SCHNEIDER neutral 3 M 38 Not Provided 13.07.2012

Oddo & Cie FRANCOIS MAURY buy 5 M 50 Not Provided 27.06.2012



Deutsche Bank JOCHEN GEHRKE hold 3 M 42 12 month 10.02.2012

Cyrrus JAN ROH accumulate 4 U 40 12 month 11.10.2011

Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011

Holdings By:

Daimler AG ee


24.09.2012

DANONE S.A. is a food processing company. The Company produces dairy products,

beverages, baby food and clinical/medical nutrition products.


LTM as of: 06/yy

52-Week High (04.05.2012) 54.96

52-Week Low (26.09.2011) 43.01

Daily Volume

49.6





31'900.83 1 Yr Total Return 16.61%







BN FP EQUITY YTD Change - Average Volume 30 Day 1'677'556

BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'969'827


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

12'776.0 15'220.0 14'982.0 17'010.0 19'318.0 18'092.0 20'065.0 20'867.1 22'495.2 5'273.6 5'188.5

3.17x 2.09x 2.20x 2.11x 1.89x 0.00x 0.00x 1.82x 1.65x - -

2'116.0 2'796.0 2'844.0 3'194.0 3'486.0 0.0 0.0 3'645.6 3'922.6 - -

19.16x 11.35x 11.61x 11.23x 10.45x 0.00x 0.00x 10.67x 9.92x - -

4'180.0 1'313.0 1'361.0 1'875.0 1'671.0 0.0 0.0 1'857.0 2'034.1 - -

33.03x 19.75x 17.77x 15.42x 17.53x 0.00x 0.00x 16.12x 14.71x - -











EBITDA Margin 18.0%



Asset Turnover 0.68







Fiscal Year Ended

Danone SAPrice/Volume

Valuation Analysis

381'592.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


MASSACHUSETTS FINANC n/a Research 39'168'842 6.09 - 08.08.2012 Investment Advisor

GROUPE DANONE n/a Co File 35'825'460 5.57 - 31.12.2011 Corporation

AMUNDI SA n/a Research 28'864'287 4.49 (3'844'941) 15.05.2012 Other

LEGENDRE HOLDING 22 n/a Research 17'581'174 2.73 - 13.07.2010 Holding Company

EURAZEO n/a Co File 16'433'370 2.56 - 31.12.2011 Investment Advisor

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.11 - 31.12.2011 n/a





FCPE FONDS GROUPE DA n/a Co File 8'804'680 1.37 - 31.12.2011 n/a



FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'134'489 0.64 (1'019'016) 31.07.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'603'166 0.56 (203'100) 30.06.2012 Investment Advisor



MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 3'306'850 0.51 28'275 31.07.2012 Investment Advisor




Morgan Stanley EILEEN KHOO Equalwt/Attractive 3 M 51 12 month 22.09.2012

AlphaValue SOPHIE CABO-BROSETA add 4 M 58 6 month 20.09.2012

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 19.09.2012

Berenberg Bank JAMES TARGETT hold 3 N 54 Not Provided 17.09.2012

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 48 12 month 14.09.2012


HSBC CEDRIC BESNARD overweight 5 M 58 Not Provided 12.09.2012

Exane BNP Paribas JEFF STENT underperform 1 M 49 Not Provided 11.09.2012

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

Mirabaud Securities JULIAN LAKIN hold 3 M 51 12 month 09.09.2012


Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 04.09.2012

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 69 12 month 29.08.2012

Nomura DAVID HAYES buy 5 M 59 12 month 10.08.2012


Equita SIM SpA FABIO FAZZARI buy 5 M 58 12 month 02.08.2012

Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 30.07.2012

Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 30.07.2012

Credit Suisse ALEX MOLLOY underperform 1 M 48 Not Provided 30.07.2012

Independent Research GmbH LARS LUSEBRINK sell 1 M 48 12 month 30.07.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 56 Not Provided 30.07.2012

Helvea ANDREAS VON ARX accumulate 4 M 60 12 month 30.07.2012

Barclays LIAM ROWLEY overweight 5 M 52 Not Provided 30.07.2012

Deutsche Bank JAMES ISENWATER hold 3 M 49 12 month 27.07.2012

Jefferies SIMON MARSHALL-LOCKYER hold 3 M 48 12 month 27.07.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 53 6 month 27.07.2012

CM - CIC Securities(ESN) FRANCIS PRETRE hold 3 M 51 12 month 27.07.2012

Kepler Capital Markets JON COX buy 5 M 57 Not Provided 27.07.2012

S&P Capital IQ CARL SHORT strong buy 5 M 58 12 month 27.07.2012

ING Wholesale Banking MARCO GULPERS buy 5 M 55 12 month 27.07.2012

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER neutral 3 M 48 12 month 27.07.2012

JPMorgan CELINE PANNUTI neutral 3 M 48 3 month 25.07.2012

CA Cheuvreux XAVIER CROQUEZ outperform 5 M 53 Not Provided 28.06.2012

Natixis PIERRE TEGNER buy 5 M 56 Not Provided 20.06.2012

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 17.05.2012


DZ Bank AG ROBERT CZERWENSKY buy 5 M 53 12 month 15.12.2011

Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.07.2011

Holdings By:

Danone SA ee


24.09.2012

Deutsche Bank AG is a global financial service provider delivering commercial,

investment, private and retail banking. The Bank offers debt, foreign exchange,

derivatives, commodities, money markets, repo and securitization, cash equities,

research, equity prime services, loans, convertibles, advice on M&A and IPO's,

trade finance, retail banking, asset management and corporate investments.


LTM as of: 06/yy

52-Week High (27.03.2012) 39.51

52-Week Low (26.07.2012) 22.11

Daily Volume

32.53





30'236.62 1 Yr Total Return 44.62%





Enterprise Value -


DBK GY EQUITY YTD Change - Average Volume 30 Day 7'969'399

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'855'214


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

92'159.0 58'492.0 45'167.0 46'151.0 52'660.0 51'733.6 49'286.0 32'148.5 33'376.4 7'431.2 7'533.5

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

6'474.0 (3'835.0) 4'973.0 2'310.0 4'132.0 2'648.0 2'903.0 3'508.7 4'451.3 736.0 745.5

6.55x 0.00x 6.24x 12.74x 6.61x 16.07x 9.08x 8.77x 7.06x 8.47x 7.63x


EBIT - Long-Term Rating A+







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

Deutsche Bank AGPrice/Volume

Valuation Analysis

2'669'077.00


-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLACKROCK INVESTMENT n/a Co File 47'776'278 5.14 - 29.02.2012 Investment Advisor


DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor


DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 22'986'901 2.47 963'886 30.06.2012 Bank

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 20'619'693 2.22 (13'529'580) 30.06.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 20'445'898 2.2 4'462'906 30.06.2012 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 11'476'162 1.23 3'014'593 30.06.2012 Investment Advisor


RCM CAPITAL MANAGEME RCM CAPITAL MANAGEME 13F 10'244'520 1.1 10'244'520 31.03.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor



JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6'979'932 0.75 28'713 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'929'849 0.75 (939'901) 30.06.2012 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 6'920'324 0.74 1'987'772 30.06.2012 Investment Advisor


ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4'814'003 0.52 357'570 30.06.2012 Investment Advisor

AXA AXA 13F 4'270'550 0.46 (149'705) 30.06.2012 Investment Advisor


Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 24.09.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 36 Not Provided 21.09.2012

AlphaValue DIETER HEIN buy 5 M 44 6 month 21.09.2012

Nord/LB MICHAEL SEUFERT hold 3 M 32 12 month 20.09.2012

Credit Suisse AMIT GOEL underperform 1 M 27 Not Provided 20.09.2012


Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 40 12 month 20.09.2012


Grupo Santander AURELIA FAURE underweight 1 M 30 Not Provided 18.09.2012

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 35 12 month 18.09.2012

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 D 27 Not Provided 18.09.2012

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 35 6 month 14.09.2012

Oddo & Cie JEAN SASSUS neutral 3 M 33 Not Provided 14.09.2012

DZ Bank AG CHRISTOPH BAST buy 5 M 38 12 month 14.09.2012

Exane BNP Paribas DANIEL DAVIES neutral 3 M 29 Not Provided 14.09.2012

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 36 12 month 13.09.2012

JPMorgan KIAN ABOUHOSSEIN neutral 3 M 34 15 month 13.09.2012

Natixis ANTOINE BURGARD neutral 3 M 33 Not Provided 13.09.2012

Nomura JON PEACE reduce 2 M 35 12 month 13.09.2012

S&P Capital IQ FRANK BRADEN hold 3 M 34 12 month 13.09.2012

Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 12.09.2012

Kepler Capital Markets DIRK M BECKER buy 5 M 44 Not Provided 12.09.2012

Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 11.09.2012

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 37 12 month 10.09.2012

HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 35 12 month 04.09.2012

ING Wholesale Banking TOM VAN KEMPEN buy 5 M 37 12 month 30.08.2012


Hamburger Sparkasse CHRISTIAN HAMANN sell 1 D #N/A N/A Not Provided 23.08.2012

Macquarie PIERS BROWN underperform 1 M 24 12 month 10.08.2012


Barclays JEREMY SIGEE overweight 5 M 31 Not Provided 06.08.2012

Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 29 12 month 03.08.2012

CA Cheuvreux CYRIL MEILLAND underperform 1 M 28 Not Provided 01.08.2012

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 36 12 month 01.08.2012

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 43 12 month 31.07.2012


National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012

Canaccord Genuity Corp GARETH HUNT hold 3 M 39 Not Provided 12.07.2012


Helvea PETER THORNE neutral 3 M 34 12 month 17.11.2011

SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee


24.09.2012

Deutsche Telekom AG offers telecommunications services. The Company offers a

full range of fixed-line telephone services, mobile communications services,

Internet access, and combined information technology and telecommunications

services for businesses.


LTM as of: 06/yy

52-Week High (20.09.2012) 10.06

52-Week Low (05.06.2012) 7.69

Daily Volume

9.948





42'988.48 1 Yr Total Return 31.40%







DTE GY EQUITY YTD Change - Average Volume 30 Day 13'228'170

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'048'550


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

62'516.0 61'666.0 64'602.0 62'421.0 58'653.0 60'150.0 58'392.0 58'107.0 57'272.4 14'563.8 14'561.7

1.72x 1.49x 1.46x 1.48x 1.45x 6.33x 5.86x 1.50x 1.49x 6.24x 6.15x

16'466.0 17'535.0 17'335.0 17'726.0 20'202.0 16'746.0 19'292.0 18'005.4 17'778.5 4'621.3 4'353.0

6.52x 5.24x 5.46x 5.20x 4.22x 5.80x 4.38x 5.01x 5.08x 5.02x 5.07x

571.0 1'483.0 353.0 1'695.0 557.0 1'281.0 581.0 2'645.0 2'754.9 647.0 472.5

115.62x 31.62x 128.63x 24.76x 68.19x 37.19x 61.67x 15.99x 15.42x 16.50x 17.45x


EBIT 6'806.00 Long-Term Rating BBB+









EBITDA Margin 34.4%



Asset Turnover 0.47







Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

4'669'804.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2'- G.-'- G.2'- G/-'- G/2'- G0-'- G02'- G1-'- G12'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


KREDITANSTALT FUER W n/a Co File 741'424'370 17.16 - 31.12.2010 Investment Advisor

FEDERAL REPUBLIC OF n/a Co File 654'197'974 15.14 - 31.12.2010 Government

BLACKSTONE GROUP LP n/a Research 191'700'000 4.44 - 03.08.2012 Hedge Fund Manager



ONTARIO TEACHERS PEN n/a Research 51'600'000 1.19 6'400'000 31.12.2010 Pension Fund (ERISA)









SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'877'368 0.23 (2'281'624) 30.03.2012 Investment Advisor



DEUTSCHE BANK AG n/a Research 7'243'381 0.17 - 19.06.2012 Investment Advisor

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6'853'599 0.16 141'283 31.08.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 6'473'513 0.15 734'600 31.07.2012 Mutual Fund Manager


Barclays JONATHAN DANN overweight 5 M 11 Not Provided 24.09.2012

Grupo Santander STEPHANE SCHLATTER underweight 1 M 9 Not Provided 20.09.2012

Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 9 12 month 20.09.2012

AlphaValue HEINZ STEFFEN add 4 M 12 6 month 20.09.2012

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 10 Not Provided 19.09.2012

JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 18.09.2012

Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 10 Not Provided 18.09.2012

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 12 12 month 17.09.2012

Bankhaus Metzler ULRICH TRABERT buy 5 M 11 12 month 17.09.2012

Nomura FREDERIC BOULAN buy 5 M 11 12 month 17.09.2012

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 11 12 month 14.09.2012

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 13.09.2012

Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 07.09.2012

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 30.08.2012

Credit Suisse JUSTIN FUNNELL neutral 3 M 9 Not Provided 29.08.2012

Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 10 12 month 22.08.2012



Goldman Sachs HUGH I MCCAFFREY neutral/neutral 3 M 9 12 month 13.08.2012

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 10.08.2012

Macquarie GUY R PEDDY underperform 1 M 7 12 month 10.08.2012

Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 7 Not Provided 10.08.2012

Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 10.08.2012

DZ Bank AG JOERI SELS sell 1 M 7 12 month 10.08.2012

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 10 Not Provided 10.08.2012

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 09.08.2012

Jefferies ULRICH RATHE buy 5 M 10 12 month 09.08.2012


M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 09.08.2012

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 09.08.2012

S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 09.08.2012

ING Wholesale Banking JEFFREY VONK hold 3 M 9 12 month 09.08.2012



Main First Bank AG MARK DIETHELM suspended coverage #N/A N/A M #N/A N/A Not Provided 04.05.2012

Kepler Capital Markets THOMAS KARLOVITS buy 5 M 13 Not Provided 24.04.2012

Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 Not Provided 17.04.2012

HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 11.04.2012

CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012

Steubing AG TEAM COVERAGE buy 5 N #N/A N/A Not Provided 04.01.2010

Holdings By:

Deutsche Telekom AG ee


24.09.2012

E.ON AG operates in power generation and gas production businesses. The

Company's operations include electric generation at conventional, nuclear, and

renewable-source facilities, electric transmission via high-voltage wires

network, regional distribution of electricity, gas, and heat, power trading and

electricity, gas, and heat sales.


LTM as of: 06/yy

52-Week High (14.09.2012) 19.74

52-Week Low (05.06.2012) 14.05

Daily Volume

18.96





37'938.96 1 Yr Total Return 38.42%







EOAN GY EQUITY YTD Change - Average Volume 30 Day 6'967'868

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'997'155


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

68'731.0 86'753.0 81'817.0 92'863.0 112'954.0 101'064.0 125'308.0 111'495.1 111'747.8 26'877.0 49'333.5

1.64x 1.08x 1.11x 0.78x 0.52x 2.77x 1.92x 0.56x 0.55x - -

11'063.0 5'403.0 12'703.0 13'006.0 11'180.0 7'433.0 8'585.0 10'716.6 11'218.8 2'216.0 2'038.0

10.16x 17.28x 7.18x 5.56x 5.24x 8.43x 7.27x 6.37x 6.08x - -

7'204.0 1'266.0 8'396.0 5'853.0 (2'219.0) 2'633.0 (4.0) 4'108.5 3'464.8 842.0 113.0

13.80x 37.92x 6.50x 6.53x 0.00x 10.70x 0.00x 8.75x 10.51x - -





Return on Assets -1.45% Short-Term Rating A-2

Return on Common Equity -5.73%





EBITDA Margin 9.9%


Net Income Margin -2.0% Total Debt/Capital 43.0%

Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

E.ON AGPrice/Volume

Valuation Analysis

2'632'109.00


-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

1-'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012



E.ON AG n/a EXCH 95'647'800 4.78 - 04.08.2011 Corporation

STATKRAFT REGIONAL H n/a EXCH 83'441'700 4.17 - 04.08.2011 n/a


CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor






BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 16'360'965 0.82 (9'542) 20.09.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11'193'681 0.56 440'315 31.07.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 8'464'949 0.42 (77'361) 30.04.2012 Investment Advisor






LBPAM Multiple Portfolios MF-AGG 4'192'368 0.21 1'271'320 31.07.2012 Mutual Fund Manager


RBC Capital Markets JOHN MUSK sector perform 3 M 19 12 month 21.09.2012

Nomura MARTIN YOUNG buy 5 M 22 Not Provided 21.09.2012

Redburn Partners AHMED FARMAN neutral 3 N #N/A N/A Not Provided 20.09.2012

AlphaValue EILEEN RYAN add 4 M 23 6 month 20.09.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 18.09.2012


Kepler Capital Markets INGO BECKER reduce 2 D 17 Not Provided 14.09.2012

Berenberg Bank ROBERT CHANTRY sell 1 D 19 Not Provided 13.09.2012

Main First Bank AG ANDREAS THIELEN buy 5 M 21 12 month 10.09.2012

Societe Generale ALBERTO PONTI buy 5 M 21 12 month 07.09.2012

Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 22 Not Provided 07.09.2012

Raymond James EMMANUEL RETIF outperform 5 M 18 12 month 04.09.2012

Barclays PETER BISZTYGA underweight 1 M 16 Not Provided 03.09.2012

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 18 6 month 30.08.2012

Equinet Institutional Services(ESN) MICHAEL SCHAEFER accumulate 4 M 20 12 month 29.08.2012


Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 26 12 month 23.08.2012

Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 M 21 Not Provided 23.08.2012

Grupo Santander OSCAR NAJAR RIOS buy 5 M 22 Not Provided 16.08.2012

Baader Bank KARIN BRINKMANN hold 3 M 19 12 month 16.08.2012

Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 16.08.2012

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 18 12 month 14.08.2012

Nord/LB HEINO HAMMANN buy 5 M 20 12 month 14.08.2012

Macquarie MATTHIAS HECK neutral 3 M 19 12 month 14.08.2012

CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 21 12 month 14.08.2012

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 21 12 month 14.08.2012

S&P Capital IQ CLIVE ROBERTS buy 5 M 21 12 month 14.08.2012

DZ Bank AG HASIM SENGUEL buy 5 M 21 12 month 14.08.2012

Credit Suisse VINCENT GILLES neutral 3 M 18 Not Provided 13.08.2012


Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012

JPMorgan VINCENT DE BLIC neutral 3 M 19 3 month 19.07.2012

HSBC ADAM DICKENS overweight 5 M 20 Not Provided 11.07.2012

Natixis PHILIPPE OURPATIAN reduce 2 M 15 Not Provided 04.07.2012

Oddo & Cie STEPHANE LACAZE neutral 3 M 18 Not Provided 09.05.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012

Deutsche Bank ALEXANDER KARNICK buy 5 M 21 12 month 12.03.2012

Dolmen Stockbrokers IAN G HUNTER buy 5 M 19 Not Provided 14.11.2011

Holdings By:

E.ON AG ee


24.09.2012

Enel S.p.A. generates, transmits, distributes, and trades electricity. The

Company operates hydroelectric, geothermal, and other generating plants. Enel,

through subsidiaries, also provides fixed-line and mobile telephone services,

installs public lighting systems, and operates real estate, factoring,

insurance, telecommunications, and Internet service provider businesses.


LTM as of: 06/yy

52-Week High (13.10.2011) 3.62

52-Week Low (24.07.2012) 2.02

Daily Volume

2.994





28'153.65 1 Yr Total Return 13.97%







ENEL IM EQUITY YTD Change - Average Volume 30 Day 51'358'410

ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 55'031'240


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

42'734.0 59'577.0 62'498.0 71'943.0 77'573.0 74'892.0 80'353.0 75'712.4 76'691.3 - 20'178.0

2.76x 1.53x 1.85x 1.56x 1.34x 6.06x 5.07x 1.16x 1.12x - -

9'694.0 13'722.0 15'883.0 16'768.0 17'198.0 16'836.0 16'518.0 16'365.0 16'518.7 - 4'206.0

12.17x 6.63x 7.29x 6.68x 6.03x 6.81x 6.12x 6.43x 6.37x - -

3'916.0 5'293.0 5'586.0 4'390.0 4'148.0 4'517.0 3'417.0 3'407.1 3'503.2 - 1'162.0

13.46x 5.54x 5.90x 8.01x 7.13x 9.39x 7.04x 8.19x 8.25x - -











EBITDA Margin 22.2%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Enel SpAPrice/Volume

Valuation Analysis

19'695'619.00


-

.

.

/

/

0

0

1

1

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0--'- G

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

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 29.08.2012 Government


BLACKROCK INSTL TRUS n/a EXCH 76'825'430 0.82 - 29.08.2012 n/a



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 68'635'815 0.73 2'688'666 31.07.2012 Investment Advisor




BLACKROCK ASSET MGMT n/a EXCH 18'148'480 0.19 - 29.08.2012 n/a



GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 15'142'919 0.16 - 29.02.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'067'856 0.14 (10'229'000) 30.06.2012 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 12'310'175 0.13 288'595 31.08.2012 Mutual Fund Manager

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 11'614'926 0.12 11'598'871 30.04.2012 Investment Advisor

BLACKROCK INVESTMENT n/a EXCH 11'001'928 0.12 - 29.08.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 10'059'637 0.11 5'904'498 31.03.2012 Investment Advisor


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 8'859'641 0.09 1'176'853 31.08.2012 Investment Advisor


Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 3 Not Provided 21.09.2012

Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 4 12 month 21.09.2012

Banca IMI ROBERTO RANIERI buy 5 M 3 12 month 21.09.2012


ICBPI. SIMONA PEDRAZZINI neutral 3 M 3 12 month 21.09.2012


AlphaValue MYRIAM COHEN buy 5 U 4 6 month 20.09.2012

Nomura JAVIER SUAREZ reduce 2 M 3 Not Provided 18.09.2012


Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 17.09.2012

Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 17.09.2012

Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 17.09.2012

Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012


Barclays SUSANNA INVERNIZZI equalweight 3 M 3 Not Provided 03.09.2012

Grupo Santander OSCAR NAJAR RIOS hold 3 M 3 Not Provided 10.08.2012


Raymond James EMMANUEL RETIF market perform 3 M 3 Not Provided 03.08.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012

HSBC ADAM DICKENS underweight 1 M 2 Not Provided 18.07.2012

CA Cheuvreux FRANCESCA PEZZOLI underperform 1 M 3 Not Provided 14.06.2012


Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 05.06.2012

Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 11.05.2012

Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 10.05.2012


Centrobanca EDOARDO MONTALBANO sell 1 D 3 12 month 14.03.2012

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 09.03.2012

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012

Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012

JPMorgan JAVIER GARRIDO neutral 3 D 4 3 month 16.02.2012

DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011

Holdings By:

Enel SpA ee


24.09.2012

Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North

Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces

natural gas and imports it for sale in Italy and elsewhere in Europe. Eni

transports natural gas in pipelines. The Company generates and trades

electricity, refines oil, and operates gasoline service stations.


LTM as of: 06/yy

52-Week High (19.03.2012) 18.72

52-Week Low (26.09.2011) 12.15

Daily Volume

18.03





65'524.36 1 Yr Total Return 55.20%







ENI IM EQUITY YTD Change - Average Volume 30 Day 19'413'940

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 16'139'000


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

87'256.0 108'082.0 83'227.0 98'523.0 109'589.0 103'343.0 119'417.0 119'821.7 122'490.3 30'833.0 31'261.0

1.25x 0.74x 1.10x 0.91x 0.83x 3.49x 3.07x 0.74x 0.69x 2.50x 2.35x

25'897.0 26'939.0 20'817.0 24'992.0 25'732.0 24'420.0 26'157.0 30'310.6 30'456.3 6'171.5 7'143.0

4.20x 2.98x 4.39x 3.58x 3.53x 3.93x 3.80x 3.22x 3.21x 3.60x 3.51x

10'011.0 8'825.0 4'367.0 6'318.0 6'860.0 6'073.0 6'903.0 7'657.4 7'919.7 1'683.5 2'098.3

9.18x 6.89x 14.71x 9.39x 8.47x 9.48x 9.18x 8.63x 8.19x 8.61x 8.35x











EBITDA Margin 23.5%



Asset Turnover 0.80







Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

8'035'810.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/135

.-

./

.1

.3

.5/-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.-'- G

/-'- G

0-'- G

1-'- G

2-'- G

3-'- G

4-'- G

5-'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 (36'136'406) 19.09.2012 Other

MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 19.09.2012 Government

BANCA IMI n/a EXCH 83'077'476 2.29 - 19.09.2012 Investment Advisor



BNP PARIBAS ARBITRAG n/a EXCH 35'542'332 0.98 - 19.09.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 33'395'000 0.92 1'520'000 30.06.2012 Investment Advisor



BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 19.09.2012 Bank


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'446'429 0.37 (1'150'443) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 12'907'094 0.36 (562'284) 30.06.2012 Investment Advisor



BNP PAR SEC SER SA n/a EXCH 11'484'026 0.32 - 19.09.2012 n/a


ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 11'132'300 0.31 737'900 31.08.2012 Investment Advisor




AlphaValue ALEXANDRE ANDLAUER add 4 M 20 6 month 24.09.2012

Banca IMI ROBERTO RANIERI buy 5 M 21 12 month 21.09.2012

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 21.09.2012


Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 21.09.2012

Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 20.09.2012

JPMorgan NITIN SHARMA overweight 5 M 22 9 month 20.09.2012

ICBPI. LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 20.09.2012

Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 18.09.2012

Jefferies IAIN REID hold 3 M 20 12 month 17.09.2012

Canaccord Genuity Corp GORDON GRAY sell 1 D 17 12 month 05.09.2012

Kepler Capital Markets ROBERTO MASCARELLO hold 3 M 18 Not Provided 03.09.2012

Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 03.09.2012

Barclays RAHIM KARIM equalweight 3 U 21 Not Provided 30.08.2012

Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012


Exane BNP Paribas CHARLES RIOU underperform 1 M 19 Not Provided 16.08.2012

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 14.08.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012

HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 08.08.2012


Societe Generale IRENE HIMONA buy 5 M 20 12 month 02.08.2012

RBC Capital Markets PETER HUTTON sector perform 3 M 19 12 month 02.08.2012

Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 02.08.2012

Macquarie JASON D GAMMEL neutral 3 M 19 12 month 02.08.2012

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 01.08.2012


Natixis ANNE PUMIR buy 5 M 21 Not Provided 13.07.2012

Investec STUART JOYNER sell 1 M 15 12 month 02.07.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 19 12 month 01.07.2012


Goldman Sachs MICHELE DELLA VIGNA buy/attractive 5 M 25 12 month 01.06.2012

National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012

Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 04.05.2012

Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Eni SpA ee


24.09.2012

Essilor International SA manufactures and sells plastic and glass ophthalmic

lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and

Crizal lenses. Essilor sells its products internationally.


LTM as of: 09/yy

52-Week High (19.06.2012) 75.52

52-Week Low (13.10.2011) 50.30

Daily Volume

73.25





15'607.52 1 Yr Total Return 40.11%




Cash and Equivalents 397.77 Consensus Rating 3.286



EI FP EQUITY YTD Change - Average Volume 30 Day 596'393

EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 643'380


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

2'908.1 3'074.4 3'268.0 3'891.6 4'189.5 1'628.1 3'765.6 4'939.8 5'361.4 - 1'657.0

3.05x 2.30x 2.68x 2.68x 2.87x 0.00x 0.00x 3.26x 2.96x - -

638.5 696.7 754.4 900.2 919.3 0.0 0.0 1'057.4 1'154.9 - -

13.87x 10.16x 11.63x 11.58x 13.09x 0.00x 0.00x 15.60x 14.28x - -

366.7 382.4 390.7 462.0 505.6 0.0 0.0 590.7 655.7 - 295.0

24.52x 18.15x 22.09x 21.90x 22.36x 0.00x 0.00x 26.05x 23.43x - -

EBITDA 919.35 Long-Term Rating Date -

EBIT 724.97 Long-Term Rating -









EBITDA Margin 21.9%



Asset Turnover 0.74


Quick Ratio 0.21 Accounts receivable turnover-days -





Fiscal Year Ended

Cie Generale d'Optique Essilor International SAPrice/Volume

Valuation Analysis

229'422.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FCPE VALOPTEC INTERN n/a Co File 6'263'487 2.94 - 31.12.2011 n/a

CIE GENERALE D'OPTIQ n/a Co File 5'363'126 2.52 - 31.12.2011 Corporation

FCPE GROUPE ESSILOR n/a Co File 5'269'233 2.47 - 31.12.2011 n/a




CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'406'341 1.6 (349'985) 29.06.2012 Investment Advisor



BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'205'578 0.57 (22'383) 30.06.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'192'024 0.56 (1'040'596) 30.06.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'059'442 0.5 (170'923) 30.06.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'033'903 0.49 (820) 29.02.2012 Investment Advisor

ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 1'018'613 0.48 (380'619) 30.04.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 907'217 0.43 (39'002) 20.09.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 862'182 0.4 - 31.07.2012 Mutual Fund Manager

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 859'258 0.4 41'199 31.08.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 723'686 0.34 13'810 31.07.2012 Investment Advisor


AlphaValue ARMELLE MOULIN reduce 2 M 67 6 month 20.09.2012

Berenberg Bank BASSEL CHOUGHARI hold 3 N 72 Not Provided 18.09.2012

Jefferies INGEBORG OIE hold 3 M 68 12 month 11.09.2012

Raymond James MARC WILLAUME outperform 5 M 74 Not Provided 10.09.2012

Morgan Stanley ANDREW OLANOW Underwt/Attractive 1 M 45 12 month 05.09.2012

Societe Generale MARIE-LINE FORT hold 3 M 69 12 month 03.09.2012

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 72 6 month 03.09.2012


Exane BNP Paribas JULIEN DORMOIS outperform 5 M 76 Not Provided 03.09.2012

Kepler Capital Markets CLAIRE DERAY reduce 2 M 62 Not Provided 02.09.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 N 66 12 month 31.08.2012

S&P Capital IQ JACOB THRANE buy 5 M 79 12 month 31.08.2012

Natixis STEPHANE SUMAR buy 5 M 80 Not Provided 02.07.2012

Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 25.06.2012

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 74 12 month 21.05.2012

BPI HUBERT D'AILLIERES hold 3 M 65 Not Provided 24.04.2012


CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012

HSBC SOPHIE DARGNIES underweight 1 M 58 Not Provided 30.01.2012

Holdings By:

Cie Generale d'Optique Essilor International SA ee


24.09.2012

France Telecom SA provides telecommunications services to residential,

professional, and large business customers. The Company offers public

fixed-line telephone, leased lines and data transmission, mobile

telecommunications, cable television, Internet and wireless applications, and

broadcasting services, and telecommunications equipment sales and rentals.


LTM as of: 06/yy

52-Week High (28.10.2011) 13.60

52-Week Low (08.06.2012) 9.45

Daily Volume

9.769





25'876.96 1 Yr Total Return -3.09%







FTE FP EQUITY YTD Change - Average Volume 30 Day 9'461'248

FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 9'363'793


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

52'959.0 46'712.0 44'845.0 45'503.0 45'277.0 46'336.0 44'551.0 43'386.9 42'405.7 10'814.6 10'729.5

2.00x 1.92x 1.82x 1.64x 1.42x 0.00x 0.00x 1.35x 1.36x 5.36x 5.32x

19'247.0 17'300.0 14'480.0 15'291.0 15'019.0 0.0 0.0 13'759.6 13'310.9 3'591.0 3'617.0

5.49x 5.18x 5.64x 4.89x 4.29x 0.00x 0.00x 4.31x 4.46x 4.36x 4.41x

6'300.0 4'073.0 3'018.0 4'880.0 3'895.0 0.0 0.0 3'443.0 3'343.5 882.0 819.0

10.17x 14.20x 16.37x 10.83x 8.26x 0.00x 0.00x 7.60x 7.92x 8.01x 8.01x











EBITDA Margin 33.2%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

France Telecom SAPrice/Volume

Valuation Analysis

3'133'737.00


-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

1-'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FONDS STRATEGIQUE D' n/a Co File 357'526'133 13.5 - 31.12.2010 Investment Advisor

FRENCH STATE n/a Co File 356'757'953 13.47 - 31.12.2010 Government



DEUTSCHE BANK AG n/a Research 86'041'367 3.25 - 31.08.2010 Investment Advisor






DNCA FINANCE Multiple Portfolios MF-AGG 15'295'873 0.58 (991'500) 30.03.2012 Investment Advisor





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'002'800 0.23 1'934'700 30.06.2012 Investment Advisor



EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'593'965 0.17 109'913 31.07.2012 Investment Advisor

FEDERAL GESTION Multiple Portfolios MF-AGG 4'267'912 0.16 (1'553) 30.04.2012 Investment Advisor


Grupo Santander STEPHANE SCHLATTER hold 3 M 14 Not Provided 20.09.2012

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 20 6 month 20.09.2012

Societe Generale THIERRY COTA hold 3 M 10 12 month 19.09.2012

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 D 9 12 month 18.09.2012

Oddo & Cie VINCENT MAULAY neutral 3 M 12 Not Provided 18.09.2012

Exane BNP Paribas ANTOINE PRADAYROL neutral 3 D 12 Not Provided 18.09.2012

Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 12 12 month 16.09.2012

Credit Suisse JAKOB BLUESTONE neutral 3 M 11 Not Provided 13.09.2012

Deutsche Bank MATTHEW BLOXHAM hold 3 M 11 12 month 07.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012

Nomura FREDERIC BOULAN buy 5 M 13 12 month 07.09.2012




Jefferies JEREMY A DELLIS buy 5 M 13 12 month 07.08.2012

JPMorgan HANNES C WITTIG underweight 1 M 9 3 month 31.07.2012

Macquarie GUY R PEDDY outperform 5 M 12 12 month 31.07.2012

Banco Sabadell ANDRES BOLUMBURU sell 1 M 13 Not Provided 30.07.2012

CM - CIC Securities(ESN) JEAN-MICHEL KOSTER reduce 2 M 10 12 month 27.07.2012

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 14 Not Provided 27.07.2012

Natixis BENOIT MAYNARD buy 5 M 15 Not Provided 27.07.2012

Barclays JONATHAN DANN underweight 1 M 10 Not Provided 27.07.2012


Goldman Sachs ANDREW LEE Sell/Neutral 1 M 10 12 month 26.07.2012

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 13 Not Provided 26.07.2012

Independent Research GmbH MARKUS FRIEBEL buy 5 M 13 6 month 26.07.2012

S&P Capital IQ ALEXANDER WISCH buy 5 M 13 12 month 26.07.2012

ING Wholesale Banking JEFFREY VONK buy 5 M 13 12 month 26.07.2012

Berenberg Bank STUART GORDON buy 5 M 14 Not Provided 25.06.2012

Kepler Capital Markets JAVIER BORRACHERO hold 3 M 13 Not Provided 07.05.2012

National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012

HSBC NICOLAS COTE-COLISSON overweight 5 M 14 Not Provided 29.03.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011

CA Cheuvreux GIOVANNI MONTALTI underperform 1 D 12 Not Provided 24.08.2011

Holdings By:

France Telecom SA ee


24.09.2012

GDF Suez offers a full range of electricity, gas and associated energy and

environment services throughout the world. The Company produces, trades,

transports, stores and distributes natural gas, and offers energy management and

climatic and thermal engineering services.


LTM as of: 06/yy

52-Week High (10.10.2011) 24.13

52-Week Low (01.06.2012) 15.62

Daily Volume

19.35





44'951.62 1 Yr Total Return 3.61%







GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'618'060

GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'050'075


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

47'475.4 67'923.8 79'908.0 84'478.0 90'673.0 86'178.0 90'449.0 94'127.8 96'527.6 - 20'168.0

1.46x 1.64x 1.32x 1.24x 1.18x 0.00x 0.00x 1.14x 1.11x - -

7'194.1 9'605.7 13'781.0 15'918.0 16'071.0 0.0 0.0 17'123.0 17'588.3 - -

9.65x 11.61x 7.63x 6.59x 6.64x 0.00x 0.00x 6.09x 5.93x - -

3'923.5 4'857.1 4'477.0 4'616.0 4'003.0 0.0 0.0 3'688.6 3'902.1 - -

12.35x 11.85x 14.77x 12.79x 11.73x 0.00x 0.00x 12.12x 11.63x - -











EBITDA Margin 17.7%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GDF SuezPrice/Volume

Valuation Analysis

1'762'481.00


-

2

.-

.2

/-

/2

0-


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

1-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FRENCH STATE n/a Co File 810'927'246 34.91 - 31.12.2011 Government

GROUPE BRUXELLES LAM n/a Research 116'911'820 5.03 - 15.03.2012 Holding Company





GDF SUEZ n/a Co File 38'293'787 1.65 - 31.12.2011 Corporation


CNP ASSURANCES n/a Co File 24'778'333 1.07 - 31.12.2011 Insurance Company



SOFINA SA n/a Co File 13'515'454 0.58 - 31.12.2011 Holding Company

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 12'060'000 0.52 1'890'904 30.06.2012 Investment Advisor


INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'003'551 0.39 - 31.03.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 8'794'474 0.38 1'033 31.07.2012 Mutual Fund Manager






Grupo Santander OSCAR NAJAR RIOS underweight 1 M 22 12 month 24.09.2012

Nomura MARTIN YOUNG buy 5 M 23 Not Provided 21.09.2012

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 25 12 month 18.09.2012

Berenberg Bank ROBERT CHANTRY buy 5 M 24 Not Provided 17.09.2012

Credit Suisse MICHEL DEBS underperform 1 M 16 Not Provided 13.09.2012


AlphaValue MYRIAM COHEN add 4 M 24 6 month 13.09.2012

Raymond James EMMANUEL RETIF market perform 3 M 20 12 month 11.09.2012

Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 18 Not Provided 11.09.2012

Goldman Sachs ANDREW MEAD buy/attractive 5 M 27 12 month 10.09.2012

Macquarie ATALLAH ESTEPHAN outperform 5 M 24 12 month 07.09.2012

Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 19 12 month 05.09.2012

Barclays JULIE ARAV equalweight 3 M 20 Not Provided 03.09.2012

Deutsche Bank BERTRAND LECOURT buy 5 M 23 12 month 30.08.2012


KBC Securities DIETER FURNIERE hold 3 M 20 Not Provided 08.08.2012





S&P Capital IQ CLIVE ROBERTS hold 3 M 19 12 month 03.08.2012



Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 05.06.2012

JPMorgan VINCENT DE BLIC neutral 3 M 22 3 month 01.06.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012

CA Cheuvreux ARNAUD JOAN underperform 1 M 19 Not Provided 10.02.2012


DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

National Bank AG STEFFEN MANSKE buy 5 M 31 12 month 13.04.2011

Holdings By:

GDF Suez ee


24.09.2012

Iberdrola S.A. generates, distributes, trades, and markets electricity in

the United Kingdom, United States, Spain, Portugal, and Latin America. The

Company specializes in clean energy and more specifically wind power.


LTM as of: 06/yy

52-Week High (28.10.2011) 5.49

52-Week Low (26.07.2012) 2.63

Daily Volume

3.746





22'996.29 1 Yr Total Return -20.28%







IBE SQ EQUITY YTD Change - Average Volume 30 Day 37'238'550

IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 76'173'820


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

17'280.0 24'889.3 25'891.9 30'431.0 31'648.0 30'656.0 33'590.6 32'299.0 33'269.5 - -

4.24x 2.53x 2.39x 1.90x 1.76x 8.77x 6.73x 1.67x 1.59x - -

4'875.1 6'105.6 6'197.0 6'857.9 7'000.4 7'056.7 6'901.2 7'832.7 7'849.8 1'698.0 2'049.0

15.04x 10.31x 10.00x 8.42x 7.95x 9.04x 7.28x 6.52x 6.50x - -

1'658.3 2'553.7 2'824.3 2'870.9 2'804.5 2'967.4 3'041.4 2'722.7 2'576.2 581.0 673.5

19.81x 11.20x 12.54x 10.95x 10.04x 11.64x 7.24x 8.29x 8.80x - -











EBITDA Margin 22.1%



Asset Turnover 0.33

Current Ratio 1.11 Net Fixed Asset Turnover -






Fiscal Year Ended

Iberdrola SAPrice/Volume

Valuation Analysis

8'376'376.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2-'- G.--'- G.2-'- G/--'- G/2-'- G0--'- G02-'- G1--'- G12-'- G2--'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


QATAR INVESTMENT AUT n/a EXCH 496'946'224 8.1 - 31.12.2011 Government

ACS ACTIVIDADES CONS n/a EXCH 394'672'404 6.43 (492'545'762) 13.07.2012 Corporation

BILBAO BIZKAIA KUTXA n/a EXCH 322'730'655 5.26 10'349'931 01.01.2012 Bank

BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.13 - 31.12.2011 Bank

NATIXIS n/a EXCH 298'846'609 4.87 (14'204'256) 28.08.2012 Investment Advisor

SOCIETE GENERALE n/a EXCH 187'839'595 3.06 - 17.07.2012 Bank


PICTET ASSET MANAGEM n/a RNS-RUL8 36'832'520 0.6 19'200 18.04.2007 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'408'452 0.25 (711'152) 31.07.2012 Investment Advisor

DE URRUTIA VAL VICTO n/a EXCH 13'001'207 0.21 590'963 24.07.2012 n/a



INVERCAIXA GESTION S Multiple Portfolios MF-AGG 7'760'670 0.13 770'379 30.06.2012 Investment Advisor

DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 7'492'900 0.12 540'304 31.07.2012 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'611'710 0.09 (2'320'000) 31.05.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 5'332'705 0.09 1'332'588 30.06.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'314'216 0.09 25'412 23.08.2012 Mutual Fund Manager


BPI BRUNO ALMEIDA DA SILVA buy 5 U 5 Not Provided 21.09.2012

Goldman Sachs FRED BARASI buy/attractive 5 M 5 12 month 21.09.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012

Macquarie SHAI HILL underperform 1 M 3 12 month 20.09.2012

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 20.09.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 18.09.2012

Nomura JAVIER SUAREZ reduce 2 M 4 Not Provided 18.09.2012

Grupo Santander JOAQUIN FERRER buy 5 M 5 Not Provided 17.09.2012

Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 17.09.2012

Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 5 12 month 17.09.2012

Credit Suisse STEFANO BEZZATO outperform 5 M 4 Not Provided 17.09.2012

HSBC JOSE A LOPEZ overweight 5 M 5 Not Provided 17.09.2012


Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 4 Not Provided 17.09.2012

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 6 Not Provided 17.09.2012

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 17.09.2012

Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012


BBVA ISIDORO DEL ALAMO outperform 5 M 5 Not Provided 16.09.2012


Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 03.09.2012



S&P Capital IQ CLIVE ROBERTS hold 3 M 3 12 month 26.07.2012

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2012

Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 6 12 month 25.07.2012

Inverseguros Sociedad de Valores MIGUEL SANCHEZ buy 5 M 5 Not Provided 29.06.2012

BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 15.06.2012


CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 D 5 Not Provided 28.02.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012

JPMorgan JAVIER GARRIDO neutral 3 M 6 3 month 27.01.2012

La Caixa FERNANDO MURILLO GUIRAO buy 5 M 7 Not Provided 25.10.2011


Holdings By:

Iberdrola SA ee


24.09.2012

Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,

manufactures and distributes apparel. The Company operates retail chains in

Europe, the Americas, Asia, and Africa.


LTM as of: 07/yy

52-Week High (21.09.2012) 99.69

52-Week Low (25.11.2011) 59.50

Daily Volume

96.62





60'226.18 1 Yr Total Return 56.13%







ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'360'988

ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'306'039


31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 07/yy 07/yy 01/13 Y 01/14 Y 10/12 Q3 01/13 Q4

9'434.7 10'407.0 11'083.5 12'526.6 13'792.6 13'210.0 14'822.9 15'812.3 17'603.5 4'034.4 4'566.9

2.10x 1.68x 2.36x 2.48x 2.76x 10.34x 11.04x 3.53x 3.10x - -

2'148.8 2'186.9 2'353.1 2'966.2 3'214.6 3'071.8 3'575.5 3'927.8 4'416.5 1'133.5 1'164.5

9.24x 7.97x 11.09x 10.46x 11.86x 11.88x 13.65x 14.46x 12.86x - -

1'250.3 1'253.5 1'314.4 1'731.8 1'932.3 1'820.2 2'159.5 2'357.4 2'662.5 708.6 769.6

16.70x 14.82x 21.63x 19.86x 21.51x 21.63x 24.19x 25.53x 22.57x 24.76x 24.49x











EBITDA Margin 23.3%



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inditex SAPrice/Volume

Valuation Analysis

520'424.00


-

/-

1-

3-

5-

.--

./-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

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-

.'--

.'/-



24.09.2012


GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2011 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2011 n/a

ROSP CORUNNA n/a Co File 36'550'000 5.86 - 31.01.2011 Unclassified



CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'999'766 0.64 1'904'511 29.06.2012 Investment Advisor







PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'567'709 0.25 131'186 31.07.2012 Investment Advisor


ALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 1'284'321 0.21 1'700 31.07.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'164'014 0.19 56'678 31.07.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'156'548 0.19 - 29.06.2012 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 927'410 0.15 (596'408) 31.07.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 702'352 0.11 357 31.07.2012 Investment Advisor


BPI JOSE RITO neutral 3 M 105 Not Provided 21.09.2012

Grupo Santander REBECCA MCCLELLAN buy 5 M 114 Not Provided 20.09.2012

Societe Generale ANNE CRITCHLOW buy 5 M 115 12 month 20.09.2012

Deutsche Bank WARWICK OKINES hold 3 M 95 12 month 20.09.2012

CA Cheuvreux DANIEL OVIN outperform 5 M 110 Not Provided 20.09.2012

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 78 12 month 20.09.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 116 Not Provided 20.09.2012

Nomura FRASER RAMZAN neutral 3 M 92 12 month 20.09.2012

Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 105 Not Provided 20.09.2012

AlphaValue VIRGINIE BLIN sell 1 M 83 6 month 20.09.2012

Morgan Stanley GEOFFREY RUDDELL Overwt/In-Line 5 M 80 12 month 19.09.2012

JPMorgan GILLIAN HILDITCH neutral 3 M 98 12 month 19.09.2012

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 100 12 month 19.09.2012

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 D 89 Not Provided 19.09.2012

BBVA ISABEL CARBALLO outperform 5 M 105 Not Provided 19.09.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 105 12 month 19.09.2012

Bryan Garnier & Cie PETER FARREN sell 1 M 62 6 month 19.09.2012

ISI Group OMAR SAAD buy 5 M 110 12 month 19.09.2012

S&P Capital IQ WILLIAM MACK buy 5 M 110 12 month 19.09.2012


Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 93 Not Provided 19.09.2012

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 87 Not Provided 19.09.2012

Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M 72 Not Provided 18.09.2012

Commerzbank Corporates & Markets ANNA RABEYA KHAN buy 5 M 110 6 month 13.09.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012


HSBC PAUL ROSSINGTON overweight 5 U 100 Not Provided 03.09.2012

ING Wholesale Banking JAN MEIJER buy 5 M 100 12 month 27.08.2012


Inverseguros Sociedad de Valores ALBERTO ROLDAN sell 1 M 83 Not Provided 03.08.2012

Redburn Partners GEOFF LOWERY buy 5 U #N/A N/A Not Provided 11.07.2012



Ahorro Corporacion Financiera SA GERMAN GARCIA BOU hold 3 N 72 Not Provided 14.06.2012

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 115 12 month 13.06.2012

Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 78 12 month 24.04.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012

Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009

Holdings By:

Inditex SA ee


24.09.2012

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

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

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

Groep has offices throughout the world.


LTM as of: 06/yy

52-Week High (02.02.2012) 7.58

52-Week Low (26.09.2011) 4.41

Daily Volume

6.55





25'096.72 1 Yr Total Return 43.33%







INGA NA EQUITY YTD Change - Average Volume 30 Day 27'312'480

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 27'684'510


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

73'142.0 64'680.0 46'025.0 51'411.0 52'787.0 46'381.0 48'371.0 36'900.8 42'571.9 3'415.0 3'585.0

4.30x 4.40x 5.41x 4.99x 4.38x 23.15x 20.14x 1.05x 0.90x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

9'241.0 (729.0) (935.0) 2'810.0 5'766.0 3'257.0 4'729.0 3'855.8 4'380.1 928.7 1'004.5

6.50x 0.00x 0.00x 12.77x 6.70x 14.54x 6.65x 6.28x 5.60x 6.82x 6.55x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

7'003'977.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.-'- G/-'- G0-'- G1-'- G2-'- G3-'- G4-'- G5-'- G6-'- G.--'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


BLACKROCK INC n/a 13G 189'941'686 4.96 - 31.01.2012 Investment Advisor





HARTFORD INVESTMENT Multiple Portfolios MF-AGG 28'725'202 0.75 (7'399) 31.07.2012 Investment Advisor




BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 24'772'185 0.65 (3'471'719) 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 22'681'400 0.59 (10'325'465) 31.08.2012 Investment Advisor




SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'047'121 0.44 (1'175'197) 30.06.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 15'017'209 0.39 8'200 30.03.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'016'060 0.39 68'877 31.03.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'703'712 0.38 (2'610'049) 01.04.2012 Mutual Fund Manager




SNS Securities(ESN) LEMER SALAH buy 5 M 10 12 month 21.09.2012

AlphaValue JEROME CASSAGNE buy 5 M 8 6 month 20.09.2012

Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 7 12 month 18.09.2012


Deutsche Bank SPENCER HORGAN hold 3 M 8 12 month 17.09.2012

Kepler Capital Markets BENOIT PETRARQUE reduce 2 D 6 Not Provided 16.09.2012

Macquarie THOMAS STOEGNER neutral 3 D 7 12 month 11.09.2012

Rabobank International COR KLUIS buy 5 M 9 Not Provided 10.09.2012

Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 7 Not Provided 10.09.2012


CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 06.09.2012


KBC Securities DIRK PEETERS accumulate 4 M 9 Not Provided 06.09.2012

Oddo & Cie NICOLAS JACOB neutral 3 M 7 Not Provided 05.09.2012

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 7 Not Provided 05.09.2012

HSBC KAILESH MISTRY neutral 3 M 7 Not Provided 03.09.2012


Nomura TARIK EL MEJJAD buy 5 M 8 12 month 30.08.2012

S&P Capital IQ RODERICK WALLACE hold 3 M 6 12 month 30.08.2012




Petercam MATTHIAS DE WIT buy 5 M 8 Not Provided 16.08.2012

Barclays KIRI VIJAYARAJAH equalweight 3 M 6 Not Provided 15.08.2012

Societe Generale PHILIP RICHARDS hold 3 M 6 12 month 09.08.2012

Main First Bank AG FEDERICO SALERNO buy 5 M 8 12 month 09.08.2012

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 8 12 month 08.08.2012

JPMorgan MICHAEL HUTTNER restricted #N/A N/A M #N/A N/A Not Provided 03.08.2012

Kempen & Co FREDERIC VAN DAELE sell 1 M 4 12 month 10.06.2012

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 9 12 month 22.05.2012

DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012

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

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011

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

Holdings By:

ING Groep NV ee


24.09.2012

Intesa Sanpaolo attracts deposits and offers banking and financial services.

The Bank offers consumer credit, asset management, Internet banking, merchant

banking, securities brokerage, factoring, and lease financing services, and

manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and

offices elsewhere in Europe, Asia, and the United States.


LTM as of: 06/yy

52-Week High (08.02.2012) 1.65

52-Week Low (23.07.2012) 0.85

Daily Volume

1.234





20'103.04 1 Yr Total Return 28.27%





Enterprise Value -


ISP IM EQUITY YTD Change - Average Volume 30 Day #########

ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

32'566.0 33'216.0 27'022.0 24'836.0 25'266.0 19'435.0 26'049.0 17'161.6 17'019.9 4'129.3 4'211.3

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

7'250.0 2'553.0 2'805.0 2'705.0 (8'190.0) 2'417.0 (8'318.0) 1'981.7 2'343.7 493.5 413.0

21.37x 23.67x 15.27x 12.90x 0.00x 11.38x 0.00x 9.95x 8.45x 10.92x 10.92x







Return on Capital -2.54% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Intesa Sanpaolo SpAPrice/Volume

Valuation Analysis

59'241'824.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

---.....//

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2-'- G.--'- G.2-'- G/--'- G/2-'- G0--'- G02-'- G1--'- G12-'- G2--'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 12.09.2012 Other

FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 12.09.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 12.09.2012 Bank

ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 12.09.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 12.09.2012 Other


ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 12.09.2012 Insurance Company

ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 12.09.2012 Insurance Company





INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 12.09.2012 n/a

GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 12.09.2012 n/a










ICBPI. LUCA COMI neutral 3 M 1 12 month 19.09.2012

Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 18.09.2012

Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 14.09.2012

Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 14.09.2012

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 14.09.2012

HSBC CARLO DIGRANDI underweight 1 D 1 Not Provided 13.09.2012

Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 11.09.2012

Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 11.09.2012


Barclays JEREMY SIGEE underweight 1 D 1 Not Provided 10.09.2012

CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 07.09.2012

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 05.09.2012

Macquarie BENJIE CREELAN-SANDFORD underperform 1 D 1 12 month 04.09.2012

Nomura DOMENICO SANTORO buy 5 M 1 12 month 03.09.2012


Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 23.08.2012


Nord/LB MICHAEL SEUFERT hold 3 U #N/A N/A Not Provided 21.08.2012


Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 1 12 month 06.08.2012


Equita SIM SpA MATTEO GHILOTTI buy 5 M 1 12 month 06.08.2012


Natixis STEVEN GOULD buy 5 M 1 Not Provided 06.08.2012

Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 03.08.2012

S&P Capital IQ FRANK BRADEN hold 3 M 1 12 month 03.08.2012

ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 1 12 month 01.08.2012

Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 20.07.2012


Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012

Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011

Holdings By:

Intesa Sanpaolo SpA ee


24.09.2012

Koninklijke Philips Electronics N.V. manufactures medical systems, domestic

appliances, consumer electronics, and lighting. The Company produces imaging,

ultrasound and healthcare informatics equipment, shaving and beauty and health

and wellness products, displays, and peripherals, and lamps and luminaries.


LTM as of: 06/yy

52-Week High (07.09.2012) 19.56

52-Week Low (26.09.2011) 12.23

Daily Volume

18.625





17'826.60 1 Yr Total Return 57.31%







PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'103'134

PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'508'018


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

26'793.0 26'385.0 20'092.0 22'287.0 22'579.0 21'587.0 23'609.0 24'461.0 25'454.0 5'926.5 7'316.0

0.98x 0.51x 0.95x 0.92x 0.70x 3.74x 2.58x 0.77x 0.72x 3.15x 2.46x

2'950.0 1'883.0 2'055.0 3'436.0 1'187.0 3'202.0 1'430.0 2'895.9 3'365.7 753.5 1'114.5

8.93x 7.11x 9.30x 5.98x 13.33x 5.44x 11.40x 6.79x 5.84x 5.33x 4.99x

4'873.0 (91.0) 410.0 1'446.0 (1'295.0) (220.0) 327.0 1'174.4 1'452.3 224.3 480.2

6.39x 0.00x 41.36x 14.60x 0.00x 703.73x 21.20x 14.51x 11.51x 12.49x 11.05x


EBIT -269.00 Long-Term Rating A-

Operating Margin -1.19% Long-Term Outlook NEG








EBITDA Margin 5.3%

EBIT Margin -1.2% Total Debt/Equity 31.2%


Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Koninklijke Philips Electronics NVPrice/Volume

Valuation Analysis

962'809.00


-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

1-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLACKROCK INC n/a Research 48'717'052 5.09 (3'464'935) 18.10.2010 Investment Advisor

SOUTHEASTERN ASSET M n/a 13G 48'302'038 5.05 - 31.12.2011 Investment Advisor


KONINKLIJKE PHILIPS #N/A N/A Research 32'381'240 3.38 (71'765'334) 21.09.2012 Corporation







ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'616'627 0.48 (29'758) 31.03.2012 Investment Advisor



AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'692'188 0.39 (1'009'997) 30.06.2012 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 3'606'798 0.38 (103'911) 31.05.2012 Mutual Fund Manager







Credit Suisse SIMON TOENNESSEN neutral 3 M 19 Not Provided 23.09.2012

JPMorgan ANDREAS WILLI neutral 3 M 21 15 month 21.09.2012

AlphaValue THOMAS PICHERIT add 4 M 20 6 month 20.09.2012

Petercam MARCEL ACHTERBERG hold 3 M 20 Not Provided 14.09.2012

Rabobank International HANS SLOB buy 5 M 22 Not Provided 13.09.2012

Exane BNP Paribas OLIVIER ESNOU neutral 3 M 21 Not Provided 13.09.2012

Societe Generale GAEL DE BRAY buy 5 M 20 12 month 12.09.2012

Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 19 12 month 12.09.2012

RBC Capital Markets ANDREW CARTER outperform 5 M 20 12 month 12.09.2012

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 24 12 month 12.09.2012

CA Cheuvreux ANTOINE AZAR outperform 5 M 23 Not Provided 12.09.2012


Nomura DANIEL CUNLIFFE buy 5 M 20 12 month 12.09.2012

Barclays ALLAN SMYLIE equalweight 3 M 18 Not Provided 12.09.2012

SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 11.09.2012

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 21 12 month 07.09.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012

ING Wholesale Banking SJOERD UMMELS hold 3 M 17 12 month 03.09.2012

HSBC MICHAEL HAGMANN neutral 3 M 20 Not Provided 22.08.2012

Berenberg Bank WILLIAM MACKIE buy 5 U 23 Not Provided 10.08.2012


Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 02.08.2012

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 16 Not Provided 30.07.2012

Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 26.07.2012

Nord/LB WOLFGANG VASTERLING buy 5 U 19 12 month 24.07.2012

Kepler Capital Markets PETER OLOFSEN buy 5 M 21 Not Provided 24.07.2012

Natixis LUDOVIC DEBAILLEUX buy 5 M 21 Not Provided 24.07.2012

Deutsche Bank MARTIN WILKIE hold 3 M 19 12 month 23.07.2012

Kempen & Co ERWIN DUT buy 5 M 18 12 month 23.07.2012

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 17 Not Provided 23.07.2012

Oddo & Cie DELPHINE BRAULT buy 5 M 19 Not Provided 23.07.2012

S&P Capital IQ JAMES CRAWSHAW hold 3 M 16 12 month 23.07.2012

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 20 Not Provided 16.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012

National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010

Holdings By:

Koninklijke Philips Electronics NV ee


24.09.2012

L'Oreal SA manufactures, markets, and distributes health and beauty aids. The

Company produces colorants, styling, and hair care products for professional

hairdressers, hair care, cosmetics, and skin care products and perfumes for

consumers, luxury cosmetics and perfumes sold through department stores,

perfumeries and travel stores, and dermatological and pharmaceutical products.


LTM as of: 06/yy

52-Week High (09.08.2012) 102.50

52-Week Low (26.09.2011) 70.12

Daily Volume

96.83





58'741.43 1 Yr Total Return 38.93%







OR FP EQUITY YTD Change - Average Volume 30 Day 756'905

OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 768'096


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

17'062.6 17'541.8 17'472.6 19'495.8 20'343.1 18'370.0 21'311.0 22'393.8 23'671.8 5'456.0 5'677.0

3.64x 2.28x 2.72x 2.52x 2.33x 0.00x 0.00x 2.56x 2.37x - -

3'475.9 3'441.7 3'368.7 3'757.5 3'955.1 0.0 0.0 4'430.6 4'766.0 - -

17.88x 11.63x 14.12x 13.05x 12.00x 0.00x 0.00x 13.24x 12.30x - -

2'656.0 1'948.3 1'792.2 2'239.7 2'438.4 0.0 0.0 2'880.5 3'118.3 - -

22.17x 18.82x 25.41x 21.75x 19.64x 0.00x 0.00x 20.29x 18.76x - -











EBITDA Margin 19.4%



Asset Turnover 0.80







Fiscal Year Ended

L'Oreal SAPrice/Volume

Valuation Analysis

299'991.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BETTENCOURT FAMILY n/a Co File 185'661'879 30.6 - 31.12.2011 n/a

NESTLE SA n/a Co File 178'381'021 29.4 - 31.12.2011 Corporation

L'OREAL SA n/a Co File 8'597'659 1.42 - 31.12.2011 Corporation





OWEN-JONES LINDSAY n/a Co File 3'029'005 0.5 - 31.12.2011 n/a





BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 833'553 0.14 236 20.09.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 775'156 0.13 (17'000) 31.07.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 769'913 0.13 (158'531) 20.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 751'170 0.12 42'490 21.09.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 643'171 0.11 - 20.09.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 628'781 0.1 628'781 30.06.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 620'065 0.1 30'588 31.07.2012 Investment Advisor


Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 24.09.2012

Credit Suisse ALEX MOLLOY neutral 3 M 96 Not Provided 21.09.2012

Exane BNP Paribas EAMONN FERRY outperform 5 M 107 Not Provided 20.09.2012

AlphaValue ARMELLE MOULIN reduce 2 M 104 6 month 20.09.2012

Independent Research GmbH LARS LUSEBRINK hold 3 M 107 12 month 19.09.2012

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 112 12 month 18.09.2012

Espirito Santo Investment Bank ResearchMARTIN DOLAN sell 1 M 87 Not Provided 14.09.2012

HSBC CEDRIC BESNARD neutral 3 M 105 Not Provided 12.09.2012

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 92 12 month 11.09.2012

Raymond James HERMINE DE BENTZMANN outperform 5 M 108 12 month 11.09.2012

Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 D 91 12 month 06.09.2012

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 90 12 month 04.09.2012

Bryan Garnier & Cie LOIC MORVAN buy 5 M 104 6 month 31.08.2012

Grupo Santander PEDRO GIL hold 3 M 100 Not Provided 30.08.2012

JPMorgan CELINE PANNUTI overweight 5 M 108 15 month 30.08.2012

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 94 Not Provided 30.08.2012

Oddo & Cie LEOPOLD AUTHIE buy 5 M 106 Not Provided 30.08.2012

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 112 Not Provided 30.08.2012

Main First Bank AG MATTHIAS EIFERT neutral 3 M 90 12 month 30.08.2012

Barclays IAIN SIMPSON overweight 5 M 110 Not Provided 30.08.2012

Commerzbank Corporates & Markets ANDREAS RIEMANN add 4 M 105 6 month 29.08.2012

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 136 12 month 29.08.2012

Jefferies ALEX HOWSON buy 5 M 106 12 month 29.08.2012


Nomura GUILLAUME DELMAS reduce 2 M 85 12 month 29.08.2012


Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 29.08.2012

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 107 12 month 28.08.2012

Stifel Nicolaus MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 28.08.2012



DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012

Natixis PIERRE TEGNER neutral 3 M 86 Not Provided 27.07.2012


Deutsche Bank HAROLD THOMPSON hold 3 M 95 12 month 20.07.2012

Berenberg Bank SETH PETERSON hold 3 M 95 Not Provided 11.07.2012

ING Wholesale Banking MARCO GULPERS sell 1 D 82 12 month 11.07.2012


CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.12.2011

Macquarie SREEDHAR MAHAMKALI outperform 5 M 90 12 month 02.09.2011

Holdings By:

L'Oreal SA ee


24.09.2012

LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The

Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,

watches and jewelry.


LTM as of: 06/yy

52-Week High (16.03.2012) 136.80

52-Week Low (04.10.2011) 94.16

Daily Volume

121.7





61'813.84 1 Yr Total Return 17.93%







MC FP EQUITY YTD Change - Average Volume 30 Day 831'115

MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 897'554


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

16'481.0 17'193.0 17'053.0 20'320.0 23'659.0 19'391.0 26'333.0 28'083.4 30'557.5 6'732.5 8'105.0

2.63x 1.60x 2.41x 3.08x 2.56x 0.00x 0.00x 2.38x 2.12x - -

4'109.0 4'323.0 4'055.0 5'106.0 6'150.0 0.0 0.0 7'064.6 7'814.6 - -

10.55x 6.34x 10.13x 12.27x 9.84x 0.00x 0.00x 9.76x 8.82x - -

2'025.0 2'026.0 1'755.0 3'032.0 3'065.0 0.0 0.0 3'656.2 4'073.0 - -

19.36x 11.16x 21.13x 19.36x 17.45x 0.00x 0.00x 16.65x 14.96x - -











EBITDA Margin 26.0%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LVMH Moet Hennessy Louis Vuitton SAPrice/Volume

Valuation Analysis

382'155.00


-

/-

1-

3-

5-

.--

./-

.1-

.3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


GROUPE ARNAULT SAS n/a Co File 236'033'646 46.47 - 31.12.2011 Holding Company

LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company

QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government


CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'165'744 0.82 27'750 29.06.2012 Investment Advisor






OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'623'450 0.32 (69'550) 31.07.2012 Investment Advisor

TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a







BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'051'543 0.21 558'972 30.04.2012 Investment Advisor

MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 965'220 0.19 20'282 31.07.2012 Investment Advisor


Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 24.09.2012

AlphaValue VIRGINIE BLIN buy 5 U 155 6 month 20.09.2012

Raymond James MARC WILLAUME outperform 5 D 145 Not Provided 18.09.2012

Aurel - BGC DAVID DA MAIA hold 3 M 130 6 month 17.09.2012

Cantor Fitzgerald ALLEGRA PERRY hold 3 N 129 Not Provided 13.09.2012

Renaissance Capital REY WIUM hold 3 M 142 Not Provided 11.09.2012

Nomura CHRISTOPHER WALKER neutral 3 M 147 12 month 07.09.2012

Barclays JULIAN EASTHOPE overweight 5 M 160 Not Provided 03.09.2012

HSBC ANTOINE BELGE neutral 3 D 145 Not Provided 01.09.2012

Bryan Garnier & Cie LOIC MORVAN buy 5 M 139 6 month 31.08.2012


S&P Capital IQ MARNIE COHEN strong buy 5 M 155 12 month 06.08.2012

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 150 Not Provided 03.08.2012


Credit Suisse ROGERIO FUJIMORI outperform 5 M 138 Not Provided 30.07.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012


Berenberg Bank JOHN GUY buy 5 M 150 Not Provided 30.07.2012

Main First Bank AG MATTHIAS EIFERT buy 5 M 140 12 month 30.07.2012

JPMorgan MELANIE A FLOUQUET neutral 3 M 120 3 month 27.07.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 142 Not Provided 27.07.2012

Independent Research GmbH LARS LUSEBRINK buy 5 M 150 12 month 27.07.2012

Oddo & Cie LEOPOLD AUTHIE buy 5 M 150 Not Provided 27.07.2012

ISI Group OMAR SAAD buy 5 M 160 Not Provided 27.07.2012

Societe Generale EMMANUEL BRULEY DES VARANNES buy 5 N 150 12 month 31.05.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 U 123 12 month 09.05.2012

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 150 12 month 03.05.2012

DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 149 12 month 19.04.2012

Deutsche Bank WARWICK OKINES buy 5 M 140 12 month 16.04.2012

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 192 12 month 07.03.2012

Natixis OLIVIER DELAHOUSSE buy 5 M 147 Not Provided 03.02.2012

Holdings By:

LVMH Moet Hennessy Louis Vuitton SA ee


24.09.2012

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 06/yy

52-Week High (21.09.2012) 125.85

52-Week Low (26.09.2011) 78.61

Daily Volume

124.15





22'265.21 1 Yr Total Return 64.05%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 675'152

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 750'314


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

47'323.0 47'151.0 53'891.0 59'111.0 60'908.0 59'610.0 64'012.0 53'719.1 55'320.1 15'175.0 14'051.0

0.69x 0.56x 0.44x 0.42x 0.33x 1.47x 1.33x 0.53x 0.51x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

3'854.0 1'555.0 2'521.0 2'422.0 702.0 1'020.0 2'501.0 2'701.5 2'731.3 743.0 688.0

7.41x 14.34x 8.39x 8.69x 24.03x 18.72x 7.88x 8.21x 8.09x 8.45x 8.32x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-





Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25







Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

227'107.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

.1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BERKSHIRE HATHAWAY I n/a Co File 18'292'803 10.2 - 31.12.2011 Investment Advisor

BLACKROCK ASSET MANA n/a Co File 11'119'155 6.2 - 31.12.2011 Investment Advisor

PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2011 n/a


CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor









MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 994'136 0.55 - 30.06.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 830'866 0.46 (1'100) 30.03.2012 Investment Advisor


BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 670'275 0.37 (67'287) 31.07.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 615'171 0.34 100'829 30.06.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 591'914 0.33 (16'949) 30.09.2011 Mutual Fund Manager



Canaccord Genuity Corp BEN COHEN hold 3 M 105 12 month 14.09.2012

Helvea DANIEL BISCHOF neutral 3 M 122 12 month 14.09.2012

AlphaValue DIETER HEIN reduce 2 M 125 6 month 13.09.2012

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 N 98 12 month 11.09.2012


Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 110 12 month 10.09.2012

DZ Bank AG THORSTEN WENZEL buy 5 M 130 12 month 10.09.2012


Oddo & Cie NICOLAS JACOB reduce 2 M 110 Not Provided 05.09.2012

Kepler Capital Markets FABRIZIO CROCE buy 5 M 143 Not Provided 04.09.2012


Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 121 12 month 15.08.2012

Macquarie HADLEY COHEN neutral 3 M 115 12 month 14.08.2012

Barclays ANDREW BROADFIELD equalweight 3 M 137 Not Provided 13.08.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 135 12 month 10.08.2012

HSBC THOMAS FOSSARD neutral 3 M 125 Not Provided 09.08.2012


Nord/LB VOLKER SACK hold 3 M 116 12 month 08.08.2012

JPMorgan MICHAEL HUTTNER overweight 5 M 146 3 month 08.08.2012

Raymond James DANNY JACQUES outperform 5 M 126 12 month 08.08.2012


Bankhaus Metzler JOCHEN SCHMITT buy 5 M 134 12 month 08.08.2012

Natixis BENOIT VALLEAUX neutral 3 M 117 Not Provided 08.08.2012

Commerzbank Corporates & Markets ROLAND PFAENDER buy 5 M 135 6 month 07.08.2012


Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 150 12 month 07.08.2012


Berenberg Bank TOM CARSTAIRS hold 3 M 136 Not Provided 07.08.2012

Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 117 6 month 07.08.2012

Nomura MICHAEL KLIEN buy 5 M 125 12 month 07.08.2012

S&P Capital IQ RODERICK WALLACE hold 3 M 125 12 month 07.08.2012

Main First Bank AG MICHAEL HAID neutral 3 M 115 12 month 31.07.2012

RBC Capital Markets GORDON AITKEN sector perform 3 M 120 12 month 03.07.2012


Jefferies JAMES SHUCK buy 5 M 131 12 month 20.04.2012

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 131 12 month 29.03.2012

CA Cheuvreux FRANK KOPFINGER outperform 5 M 133 Not Provided 16.03.2012

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

Deutsche Bank SPENCER HORGAN hold 3 M 120 12 month 14.02.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011

Holdings By:

Muenchener Rueckversicherungs AG ee


24.09.2012

Nokia Oyj is a global mobile communications company that operates a network of

production facilities for mobile products and network infrastructure, as well

as a network of sales and customer service. The Company also operates research

and software development facilities worldwide.


LTM as of: 06/yy

52-Week High (28.10.2011) 5.19

52-Week Low (18.07.2012) 1.33

Daily Volume

2.072





7'759.55 1 Yr Total Return -42.75%







NOK1V FH EQUITY YTD Change - Average Volume 30 Day 40'710'790

NOK1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 42'487'410


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

51'058.0 50'710.0 40'984.0 42'446.0 38'659.0 42'595.0 33'881.0 30'180.0 29'595.7 7'048.5 8'067.0

1.91x 0.81x 0.77x 0.58x 0.28x 1.94x 1.18x 0.22x 0.25x 0.76x 0.70x

9'191.0 6'587.0 3'889.0 3'841.0 1'579.0 2'903.0 (607.0) (732.2) 996.6 (154.1) 77.8

10.63x 6.22x 8.14x 6.37x 6.90x 5.13x 0.00x - 5.39x - 15.25x

7'205.0 3'988.0 891.0 1'850.0 (1'164.0) 1'250.0 (3'479.0) (1'260.9) (250.4) (359.6) (241.0)

14.30x 10.42x 37.09x 15.52x 0.00x 13.27x 0.00x - - - -


EBIT 17.00 Long-Term Rating BB-



Return on Assets -3.09% Short-Term Rating B






EBITDA Margin 4.1%



Asset Turnover 1.03







Fiscal Year Ended

Nokia OYJPrice/Volume

Valuation Analysis

8'747'438.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/-'- G

1-'- G

3-'- G

5-'- G

.--'- G

./-'- G

.1-'- G

.3-'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL RESEARCH GLO n/a 13G 172'926'000 4.62 - 30.12.2011 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 141'887'625 3.79 408'000 30.06.2012 Investment Advisor

ILMARINEN MUTUAL PEN n/a Co File 79'889'000 2.13 - 31.12.2011 Insurance Company



VARMA MUTUAL PENSION n/a Co File 40'002'000 1.07 - 31.12.2011 Insurance Company

FINLAND STATE PENSIO n/a Co File 23'000'000 0.61 - 31.12.2011 Government

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 19'361'693 0.52 2'361'147 30.06.2012 Investment Advisor


SVENSKA LITTERATURSA n/a Co File 14'226'000 0.38 - 31.12.2011 n/a

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13'037'768 0.35 252'229 31.03.2012 Investment Advisor

OP DELTA FUND n/a Co File 12'600'000 0.34 - 31.12.2011 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 12'218'621 0.33 (6'093'604) 31.08.2012 Investment Advisor



SIGRID JUSELIUS FOUN n/a Co File 9'400'000 0.25 - 31.12.2011 Other

SELIGSON & CO FUND M Multiple Portfolios MF-AGG 9'113'788 0.24 1'653'918 31.08.2012 Mutual Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'000'388 0.24 8'781'583 31.07.2012 Investment Advisor

FENNIA MUTUAL INSURA n/a Co File 8'181'000 0.22 - 31.12.2011 Insurance Company

GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 7'945'000 0.21 (1'320'000) 29.06.2012 Mutual Fund Manager


Pohjola Bank Plc (ESN) HANNU RAUHALA reduce 2 M 2 12 month 20.09.2012


Jyske Bank ROBERT JAKOBSEN buy 5 M 3 Not Provided 19.09.2012

Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 19.09.2012

Pareto Securities HELENA NORDMAN-KNUTSON buy 5 M 3 6 month 13.09.2012

Evli Bank Plc MIKKO ERVASTI buy 5 U 3 Not Provided 13.09.2012

Exane BNP Paribas ALEXANDER PETERC underperform 1 M 2 Not Provided 13.09.2012


INDERES MIKAEL RAUTANEN reduce 2 M 2 Not Provided 10.09.2012

Pacific Crest Securities JAMES FAUCETTE sector perform 3 M #N/A N/A Not Provided 09.09.2012


Societe Generale ANDY PERKINS sell 1 D 2 12 month 06.09.2012

Deutsche Bank KAI KORSCHELT sell 1 D 2 12 month 06.09.2012

Credit Suisse KULBINDER GARCHA neutral 3 M 2 Not Provided 06.09.2012

SEB Enskilda MATS NYSTROM hold 3 M 2 Not Provided 06.09.2012

Independent Research GmbH MARKUS FRIEBEL sell 1 M 1 6 month 06.09.2012

Daiwa Securities Co. Ltd. YOKO YAMADA underperform 1 D 2 Not Provided 06.09.2012

Oddo & Cie VINCENT MAULAY neutral 3 M 3 Not Provided 06.09.2012

Nordea Equity Research SAMI SARKAMIES hold 3 M 3 12 month 06.09.2012

Nomura STUART JEFFREY neutral 3 M 2 12 month 06.09.2012

S&P Capital IQ JAMES CRAWSHAW sell 1 D 2 12 month 06.09.2012

Barclays ANDREW M GARDINER equalweight 3 M 2 Not Provided 06.09.2012

Jefferies LEE SIMPSON underperform 1 M 1 12 month 05.09.2012


Berenberg Bank ADNAAN AHMAD sell 1 M 2 Not Provided 04.09.2012

ABG Sundal Collier PER LINDBERG buy 5 M 5 6 month 03.09.2012

Swedbank HAKAN WRANNE buy 5 M 2 12 month 30.08.2012

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 2 Not Provided 28.08.2012

Wunderlich Securities MATTHEW S ROBISON hold 3 M 3 18 month 27.08.2012

Handelsbanken FREDRIK LITHELL accumulate 4 M 3 Not Provided 21.08.2012

Nord/LB JAN CHRISTIAN GOEHMANN sell 1 M 1 12 month 16.08.2012

Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 D 1 12 month 02.08.2012

Liberum Capital Ltd JANARDAN MENON hold 3 M 2 Not Provided 27.07.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.07.2012

Morgan Stanley FRANCOIS MEUNIER Underwt/In-Line 1 M 2 12 month 23.07.2012

JPMorgan SANDEEP S DESHPANDE underweight 1 M 1 9 month 20.07.2012

Carnegie MATTI RIIKONEN hold 3 M #N/A N/A Not Provided 20.07.2012

Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 1 Not Provided 20.07.2012

FIM MICHAEL SCHROEDER accumulate 4 M 4 12 month 20.07.2012

Main First Bank AG JUERGEN WAGNER neutral 3 M 2 12 month 20.07.2012

Avian Securities, LLC BLAINE R CARROLL Positive 4 M 3 Not Provided 02.07.2012

HSBC RICHARD DINEEN underweight 1 M 2 Not Provided 19.06.2012

CA Cheuvreux ODON DE LAPORTE underperform 1 M 2 Not Provided 15.06.2012

Holdings By:

Nokia OYJ ee


24.09.2012

Repsol S.A., through subsidiaries, explores for and produces crude oil and

natural gas, refines petroleum, and transports petroleum products and liquefied

petroleum gas (LPG). The Company retails gasoline and other products through

its chain of gasoline filling stations. Repsol's petroleum reserves are in

Spain, Latin America, Asia, North Africa, and the Middle East and United States.


LTM as of: 06/yy

52-Week High (03.01.2012) 24.23

52-Week Low (25.07.2012) 10.90

Daily Volume

16.125





20'255.88 1 Yr Total Return -11.54%







REP SQ EQUITY YTD Change - Average Volume 30 Day 7'408'603

REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 12'432'490


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

52'098.0 58'475.0 45'827.0 53'663.0 60'122.0 56'831.0 60'465.0 55'484.3 58'042.5 9'891.0 9'672.5

0.75x 0.54x 0.96x 0.73x 0.82x 3.11x 2.85x 0.68x 0.64x 3.45x 3.56x

9'030.0 8'009.0 6'686.0 11'919.0 8'509.0 11'472.0 7'731.0 6'746.0 7'263.3 1'668.0 1'668.5

4.33x 3.93x 6.58x 3.30x 5.79x 4.10x 4.36x 5.65x 5.24x 5.54x 5.44x

3'188.0 2'555.0 1'559.0 4'693.0 2'193.0 4'699.0 1'885.0 1'917.3 2'181.3 500.5 433.3

9.34x 7.19x 14.63x 5.43x 13.19x 6.23x 7.89x 10.32x 9.44x 10.19x 9.95x


EBIT 4'990.00 Long-Term Rating BBB-









EBITDA Margin 14.2%



Asset Turnover 0.87







Fiscal Year Ended

Repsol SAPrice/Volume

Valuation Analysis

1'325'038.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0--'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAIXABANK n/a Co File 156'794'359 12.48 - 31.12.2011 Investment Advisor

SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.73 - 10.07.2012 Corporation

PETROLEOS MEXICANOS n/a EXCH 57'026'535 4.54 - 10.07.2012 Unclassified

BNP PARIBAS SA n/a EXCH 41'122'878 3.27 590'450 15.06.2012 Bank





HSBC BANK PLC n/a Short (6'795'927) -0.54 (618'358) 23.07.2012 Bank




OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'250'294 0.34 4'250'294 31.07.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'359'277 0.27 1'736'350 31.07.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'983'365 0.24 (313'090) 29.06.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'748'000 0.22 (1'293'215) 31.08.2012 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'215'187 0.18 (515'993) 31.05.2012 Investment Advisor



Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 24.09.2012

AlphaValue ALEXANDRE ANDLAUER add 4 D 18 6 month 24.09.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 21.09.2012

JPMorgan NITIN SHARMA neutral 3 M 16 9 month 20.09.2012

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 19.09.2012

Grupo Santander JASON KENNEY buy 5 M 19 Not Provided 18.09.2012

Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 17.09.2012

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 19 12 month 17.09.2012

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 14.09.2012

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 19 12 month 14.09.2012

Macquarie MARC B KOFLER underperform 1 D 14 12 month 10.09.2012

Canaccord Genuity Corp GORDON GRAY hold 3 M 16 12 month 05.09.2012

Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 05.09.2012

Tudor Pickering & Co ANISH KAPADIA buy 5 M 21 Not Provided 04.09.2012

Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 30.08.2012

Independent Research GmbH SVEN DIERMEIER sell 1 D 12 12 month 23.08.2012

Inverseguros Sociedad de Valores LUIS ROSE neutral 3 D 17 Not Provided 21.08.2012

RBC Capital Markets PETER HUTTON sector perform 3 D 16 12 month 20.08.2012


Goldman Sachs HENRY MORRIS neutral/attractive 3 M 18 12 month 08.08.2012



HSBC PAUL SPEDDING overweight 5 M 18 Not Provided 01.08.2012


Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 30.07.2012

Societe Generale IRENE HIMONA buy 5 M 16 12 month 27.07.2012

Natixis ANNE PUMIR neutral 3 M 15 Not Provided 27.07.2012

Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 20 Not Provided 27.07.2012

BPI BRUNO ALMEIDA DA SILVA buy 5 M 17 Not Provided 26.07.2012

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 18 Not Provided 26.07.2012

Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 26.07.2012

Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 24.07.2012

Investec STUART JOYNER hold 3 M 12 12 month 02.07.2012

Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 14 12 month 01.07.2012

BBVA LUIS DE TOLEDO outperform 5 M 18 Not Provided 25.06.2012

Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 06.06.2012

CA Cheuvreux DOMINIQUE PATRY select list 5 M 18 Not Provided 30.05.2012

Kepler Capital Markets NATALIA BOBO BJOERK hold 3 M 18 Not Provided 30.05.2012

La Caixa FERNANDO MURILLO GUIRAO buy 5 M 21 Not Provided 23.04.2012

Holdings By:

Repsol SA ee


24.09.2012

RWE AG generates, distributes, and trades electricity to municipal, industrial,

commercial, and residential customers. The Company produces natural gas and oil,

mines coal, delivers and distributes gas, and supplies drinking water.

RWE AG operates mainly in Europe.


LTM as of: 06/yy

52-Week High (20.03.2012) 37.12

52-Week Low (26.09.2011) 23.67

Daily Volume

34.89





21'346.08 1 Yr Total Return 53.52%







RWE GY EQUITY YTD Change - Average Volume 30 Day 2'552'753

RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'766'967


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

41'053.0 47'500.0 46'191.0 50'722.0 49'153.0 50'837.0 48'857.0 51'116.9 52'185.5 - -

1.35x 0.88x 1.10x 0.85x 0.65x 3.12x 2.83x 0.84x 0.79x - -

7'787.0 7'903.0 9'655.0 9'230.0 8'286.0 9'060.0 7'464.0 8'594.4 8'839.5 - -

7.13x 5.30x 5.28x 4.68x 3.88x 4.08x 5.00x 4.54x 4.41x - -

2'667.0 2'558.0 3'571.0 3'308.0 1'806.0 2'855.0 1'800.0 2'502.2 2'512.7 - -

18.45x 10.69x 10.33x 8.05x 8.10x 12.28x 10.86x 8.60x 8.58x - -











EBITDA Margin 16.9%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RWE AGPrice/Volume

Valuation Analysis

1'023'405.00


-

2

.-

.2

/-

/2

0-

02

1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2011 n/a


CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor

MONDRIAN INVESTMENT n/a Research 17'188'015 2.99 - 16.05.2012 Hedge Fund Manager













PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 958'639 0.17 35'552 31.07.2012 Investment Advisor

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 940'551 0.16 18'324 31.08.2012 Investment Advisor

SEB INVEST GMBH Multiple Portfolios MF-AGG 938'462 0.16 - 31.07.2012 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 933'025 0.16 (4'329) 31.07.2012 Mutual Fund Manager


RBC Capital Markets JOHN MUSK top pick 5 M 42 12 month 21.09.2012

Nomura MARTIN YOUNG neutral 3 M 33 Not Provided 21.09.2012

Redburn Partners AHMED FARMAN buy 5 N #N/A N/A Not Provided 20.09.2012

AlphaValue EILEEN RYAN reduce 2 M 32 6 month 20.09.2012

Commerzbank Corporates & Markets TANJA MARKLOFF reduce 2 M 28 6 month 18.09.2012

Berenberg Bank ROBERT CHANTRY sell 1 M 28 Not Provided 13.09.2012

Main First Bank AG ANDREAS THIELEN neutral 3 M 37 12 month 13.09.2012

Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 40 Not Provided 07.09.2012

Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 40 12 month 06.09.2012

Deutsche Bank ALEXANDER KARNICK hold 3 M 31 12 month 05.09.2012


Barclays PETER BISZTYGA equalweight 3 M 32 Not Provided 03.09.2012


Goldman Sachs DEBORAH WILKENS neutral/attractive 3 M 40 12 month 23.08.2012

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 23.08.2012


Baader Bank KARIN BRINKMANN sell 1 M 29 12 month 17.08.2012

Macquarie MATTHIAS HECK outperform 5 M 38 12 month 17.08.2012

Grupo Santander OSCAR NAJAR RIOS underweight 1 M 41 Not Provided 16.08.2012

DZ Bank AG HASIM SENGUEL buy 5 M 38 12 month 16.08.2012

Societe Generale ALBERTO PONTI hold 3 M 32 12 month 15.08.2012

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 27 12 month 15.08.2012

Kepler Capital Markets INGO BECKER reduce 2 M 29 Not Provided 15.08.2012


Raymond James EMMANUEL RETIF market perform 3 M 37 Not Provided 14.08.2012


M.M. Warburg Investment Research STEPHAN WULF buy 5 M 40 12 month 14.08.2012

Credit Suisse VINCENT GILLES neutral 3 M 37 Not Provided 06.08.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 36 Not Provided 30.07.2012


Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 20.06.2012

CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012

Nord/LB HEINO HAMMANN hold 3 M 34 12 month 05.06.2012


Oddo & Cie STEPHANE LACAZE reduce 2 M 31 Not Provided 10.05.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 02.05.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012

JPMorgan VINCENT DE BLIC neutral 3 U 32 3 month 25.01.2012

Steubing AG TEAM COVERAGE buy 5 N #N/A N/A Not Provided 04.01.2010

Holdings By:

RWE AG ee


24.09.2012

Sanofi is a global pharmaceutical company that researches, develops and

manufactures prescription pharmaceuticals and vaccines. The Company develops

cardiovascular, thrombosis, metabolic disorder, central nervous system,

internal medicine and oncology drugs, and vaccines.


LTM as of: 06/yy

52-Week High (21.09.2012) 69.24

52-Week Low (26.09.2011) 46.20

Daily Volume

68.34





90'675.49 1 Yr Total Return 52.34%







SAN FP EQUITY YTD Change - Average Volume 30 Day 2'634'541

SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'944'310


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

28'052.0 27'568.0 29'306.0 32'367.0 33'389.0 32'290.0 34'642.0 35'247.2 36'284.2 9'071.0 8'802.4

3.14x 2.22x 2.61x 1.99x 2.59x 4.72x 5.12x 2.83x 2.66x - -

10'650.0 9'940.0 12'805.0 13'156.0 12'593.0 2'463.0 2'704.0 12'799.7 13'429.4 3'195.0 2'769.0

8.27x 6.16x 5.97x 4.90x 6.88x 0.00x 0.00x 8.03x 7.65x - -

5'263.0 3'851.0 5'265.0 5'467.0 5'693.0 4'270.0 6'467.0 7'984.1 8'163.5 1'953.7 1'718.8

16.11x 15.94x 14.13x 11.42x 13.17x 16.95x 12.24x 11.27x 10.89x 12.34x 12.05x


EBIT 7'499.00 Long-Term Rating AA-









EBITDA Margin 37.7%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SanofiPrice/Volume

Valuation Analysis

826'391.00


-

.-

/-

0-

1-

2-

3-

4-

5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

.-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


L'OREAL SA n/a Co File 118'227'307 8.91 - 31.12.2011 Corporation

TOTAL SA n/a Research 37'975'811 2.86 (29'735'080) 15.02.2012 Corporation


DODGE & COX Multiple Portfolios MF-AGG 17'238'982 1.3 (150'000) 30.06.2012 Investment Advisor

SANOFI AVENTIS n/a Co File 17'225'803 1.3 - 31.12.2011 Corporation

















Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 24.09.2012

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 75 Not Provided 21.09.2012

AlphaValue ARMELLE MOULIN add 4 M 76 6 month 20.09.2012


Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 74 12 month 18.09.2012

Nomura AMIT ROY neutral 3 M 47 12 month 14.09.2012

Societe Generale STEPHEN MCGARRY buy 5 M 77 12 month 13.09.2012

Credit Suisse LUISA HECTOR neutral 3 M 72 Not Provided 13.09.2012

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 13.09.2012

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 57 12 month 13.09.2012

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 71 Not Provided 13.09.2012

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 13.09.2012

Helvea ODILE RUNDQUIST accumulate 4 M 64 12 month 13.09.2012

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 71 12 month 12.09.2012


Natixis PHILIPPE LANONE buy 5 M 75 Not Provided 04.09.2012

Kepler Capital Markets FABIAN WENNER buy 5 M 72 Not Provided 03.09.2012

Deutsche Bank MARK CLARK buy 5 M 76 12 month 28.08.2012

Aurel - BGC PIERRE CORBY buy 5 M 63 6 month 27.08.2012

Jefferies JEFFREY HOLFORD hold 3 M 68 12 month 16.08.2012

Goldman Sachs KEYUR PAREKH Sell/Neutral 1 M 54 12 month 15.08.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 15.08.2012

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 65 Not Provided 31.07.2012

CA Cheuvreux LAURENT FLAMME outperform 5 M 70 Not Provided 31.07.2012

JPMorgan RICHARD VOSSER overweight 5 M 74 9 month 30.07.2012

S&P Capital IQ SHO MATSUBARA hold 3 M 66 12 month 26.07.2012


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

Barclays MARK PURCELL overweight 5 M 69 Not Provided 17.07.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 63 Not Provided 02.04.2012

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

Banco Sabadell MARTA DIAZ buy 5 M #N/A N/A Not Provided 06.02.2012

DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011

Liberum Capital Ltd NARESH CHOUHAN hold 3 M 56 Not Provided 09.09.2011

National Bank AG STEFFEN MANSKE buy 5 M 61 Not Provided 08.09.2011

Holdings By:

Sanofi ee


24.09.2012

SAP AG is a multinational software company. The Company develops business

software, including e-business and enterprise management software, consults on

organizational usage of its applications software, and provides training

services. SAP markets its products and services worldwide.


LTM as of: 06/yy

52-Week High (21.09.2012) 56.82

52-Week Low (26.09.2011) 35.30

Daily Volume

55.93





68'701.03 1 Yr Total Return 59.84%







SAP GY EQUITY YTD Change - Average Volume 30 Day 2'662'182

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'281'357


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

10'256.0 11'575.0 10'672.0 12'464.0 14'233.0 13'385.0 15'157.0 16'082.7 17'829.3 3'882.0 5'062.7

4.01x 2.71x 3.65x 3.71x 3.31x 14.28x 13.90x 4.22x 3.68x 17.33x 13.16x

2'962.0 3'300.0 3'301.0 4'125.0 4'908.0 4'380.0 4'878.0 5'570.6 6'344.0 1'470.0 2'182.7

13.89x 9.49x 11.81x 11.20x 9.60x 11.29x 11.53x 12.44x 10.92x 10.91x 10.54x

1'906.0 1'847.0 1'748.0 1'811.0 3'438.0 1'923.0 3'553.0 3'597.8 4'064.5 900.0 1'431.4

22.46x 16.28x 22.45x 25.07x 14.13x 25.69x 15.76x 18.25x 15.93x 16.65x 16.21x











EBITDA Margin 34.5%



Asset Turnover 0.65







Fiscal Year Ended

SAP AGPrice/Volume

Valuation Analysis

862'209.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-


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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


PLATTNER HASSO n/a Co File 121'515'102 9.89 - 08.03.2012 n/a

TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a

HOPP DIETMAR n/a Co File 75'273'200 6.13 - 08.03.2012 n/a



SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
















Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 24.09.2012

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 60 6 month 21.09.2012


Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M #N/A N/A Not Provided 19.09.2012

Nomura RICHARD G SHERLUND buy 5 M 58 12 month 17.09.2012

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 61 12 month 14.09.2012

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 11.09.2012

Exane BNP Paribas JOSEP BORI neutral 3 M 47 Not Provided 10.09.2012

DZ Bank AG OLIVER FINGER buy 5 M 58 12 month 04.09.2012

Commerzbank Corporates & Markets THOMAS M BECKER buy 5 M 60 6 month 30.08.2012

Baader Bank KNUT WOLLER hold 3 N 53 12 month 27.08.2012

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 60 12 month 20.08.2012


Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 55 12 month 16.08.2012

Berenberg Bank DAUD KHAN buy 5 M 61 Not Provided 10.08.2012



Jyske Bank ROBERT JAKOBSEN reduce 2 M 55 Not Provided 01.08.2012

Banco Sabadell ANDRES BOLUMBURU buy 5 M 57 Not Provided 30.07.2012


Macquarie BRAD A ZELNICK outperform 5 M 60 12 month 25.07.2012

Bankhaus Metzler ULRICH TRABERT sell 1 M 45 12 month 25.07.2012

Barclays GERARDUS VOS overweight 5 M 55 Not Provided 25.07.2012

Societe Generale RICHARD NGUYEN buy 5 M 56 12 month 24.07.2012

Credit Suisse PHILIP WINSLOW outperform 5 M 58 Not Provided 24.07.2012

Jefferies ROSS MACMILLAN hold 3 M 52 12 month 24.07.2012

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 65 12 month 24.07.2012

William Blair & Co LAURA J LEDERMAN market perform 3 M #N/A N/A Not Provided 24.07.2012


Oddo & Cie SEBASTIEN THEVOUX-CHABUEL neutral 3 M 46 Not Provided 24.07.2012

ThinkEquity LLC YUN S KIM buy 5 M 54 12 month 24.07.2012

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 59 12 month 24.07.2012

Evercore Partners S KIRK MATERNE equalweight 3 M 65 12 month 24.07.2012

Kepler Capital Markets LAURENT DAURE buy 5 M 55 Not Provided 24.07.2012

S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 24.07.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 13.07.2012

JPMorgan STACY E POLLARD overweight 5 M 53 6 month 12.07.2012

Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 12.07.2012

HSBC ANTONIN BAUDRY neutral 3 M 52 Not Provided 24.05.2012

Natixis GWENAEL GIARD neutral 3 M 46 Not Provided 16.04.2012

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 77 12 month 23.03.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012

FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012

Holdings By:

SAP AG ee


24.09.2012

Schneider Electric SA manufactures power distribution and automation systems.

The Company produces circuit breakers, remote installation management equipment,

panelboards, programmable logic controllers, industrial control products,

detectors, human-machine interfaces, and process controls. Schneider's products

are sold various brands.


LTM as of: 06/yy

52-Week High (16.03.2012) 53.47

52-Week Low (25.11.2011) 35.00

Daily Volume

48.405





26'778.56 1 Yr Total Return 33.75%







SU FP EQUITY YTD Change - Average Volume 30 Day 1'572'858

SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'779'094


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

17'308.6 18'311.0 15'793.0 19'580.0 22'387.0 21'345.0 23'459.0 24'115.5 25'047.4 6'048.0 6'586.3

1.57x 0.95x 1.51x 1.68x 1.22x 0.00x 0.00x 1.32x 1.23x - -

3'075.4 3'321.0 2'575.0 3'575.0 3'767.0 0.0 0.0 3'914.5 4'164.5 - -

8.84x 5.24x 9.26x 9.20x 7.28x 0.00x 0.00x 8.50x 7.99x - -

1'583.1 1'682.0 824.0 1'720.0 1'820.0 0.0 0.0 2'147.5 2'326.7 - -

13.67x 7.55x 24.63x 17.00x 12.00x 0.00x 0.00x 12.27x 11.31x - -











EBITDA Margin 16.8%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schneider Electric SAPrice/Volume

Valuation Analysis

566'722.00


-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

4'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL RESEARCH AND n/a Co File 51'780'765 9.36 - 31.12.2011 Investment Advisor








SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.66 - 31.12.2011 Corporation





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'738'626 0.5 - 31.03.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'171'849 0.39 (67'677) 30.06.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 2'076'730 0.38 42'100 31.08.2012 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 1'922'209 0.35 422 31.08.2012 Investment Advisor


JPMorgan ANDREAS WILLI overweight 5 M 60 15 month 21.09.2012

AlphaValue LIONEL PELLICER buy 5 U 60 6 month 20.09.2012

Morgan Stanley BEN UGLOW Equalwt/In-Line 3 D 54 12 month 18.09.2012

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 57 12 month 18.09.2012

CM - CIC Securities(ESN) ARI AGOPYAN hold 3 D 55 Not Provided 17.09.2012

Berenberg Bank WILLIAM MACKIE hold 3 M 52 Not Provided 14.09.2012

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 56 Not Provided 13.09.2012


Credit Suisse SIMON TOENNESSEN neutral 3 M 51 Not Provided 10.09.2012


S&P Capital IQ SHO MATSUBARA hold 3 M 53 12 month 04.09.2012



Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 06.08.2012

Barclays NICK WEBSTER equalweight 3 M 52 Not Provided 03.08.2012

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 51 12 month 02.08.2012

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 60 Not Provided 02.08.2012

CA Cheuvreux ALFRED GLASER outperform 5 M 56 Not Provided 02.08.2012


Natixis LUDOVIC DEBAILLEUX neutral 3 M 52 Not Provided 02.08.2012

Nomura DANIEL CUNLIFFE neutral 3 M 45 12 month 02.08.2012

Oddo & Cie DELPHINE BRAULT reduce 2 M 44 Not Provided 01.08.2012

Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 50 Not Provided 01.08.2012


Banco Sabadell MARIA CEBOLLERO buy 5 M 44 Not Provided 30.07.2012

Espirito Santo Investment Bank ResearchNICHOLAS J PATON neutral 3 D 46 Not Provided 16.07.2012

Deutsche Bank MARTIN WILKIE buy 5 M 51 12 month 28.06.2012

Canaccord Genuity Corp MARK WILSON hold 3 M 47 Not Provided 26.03.2012

DZ Bank AG KARSTEN OBLINGER buy 5 M 56 12 month 23.03.2012

Holdings By:

Schneider Electric SA ee


24.09.2012

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

three major business sectors including industrial, energy, and healthcare.

Siemens AG provides engineering solutions in automation and control, power,

transportation, medical, information and communication, and lighting.


LTM as of: 06/yy

52-Week High (21.09.2012) 80.36

52-Week Low (26.06.2012) 62.13

Daily Volume

78.73





69'361.13 1 Yr Total Return 25.05%







SIE GY EQUITY YTD Change - Average Volume 30 Day 3'521'622

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'484'488


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 06/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1

72'448.0 77'327.0 76'651.0 68'978.0 73'515.0 74'453.0 77'092.0 77'791.8 79'830.3 21'436.2 18'502.3

1.34x 0.82x 0.81x 1.07x 0.88x 4.49x 3.69x 1.01x 0.98x 3.71x 4.26x

8'886.0 8'175.0 9'196.0 9'544.0 10'387.0 9'907.0 10'039.0 9'776.2 10'273.3 2'551.3 2'224.3

10.91x 7.77x 6.77x 7.72x 6.25x 8.98x 6.94x 8.30x 7.90x 8.37x 8.19x

3'806.0 5'725.0 2'292.0 3'899.0 6'145.0 4'506.0 4'416.0 5'200.6 5'730.8 1'362.5 1'333.7

23.31x 34.66x 24.49x 16.42x 8.67x 15.07x 12.27x 13.15x 12.11x 12.40x 11.79x











EBITDA Margin 14.1%



Asset Turnover 0.71







Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

1'217'660.00


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&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

/'- G

1'- G

3'- G

5'- G

.-'- G

./'- G

.1'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-0'.-'/--5 -0'-1'/--6 -0'.-'/--6 -0'-1'/-.- -0'.-'/-.- -0'-1'/-.. -0'.-'/-.. -0'-1'/-./



24.09.2012


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

BLACKROCK GROUP LIMI n/a Research 29'221'858 3.32 - 04.05.2012 Investment Advisor

QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government



SIEMENS AG n/a Research 12'627'830 1.43 - 03.09.2012 Corporation










OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'487'369 0.4 (94'244) 31.07.2012 Investment Advisor


ADIG INVESTMENT Multiple Portfolios MF-AGG 2'949'262 0.33 250'100 30.04.2012 Investment Advisor




JPMorgan ANDREAS WILLI neutral 3 M 84 15 month 21.09.2012

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 17.09.2012

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 78 Not Provided 13.09.2012


RBC Capital Markets ANDREW CARTER not rated #N/A N/A M #N/A N/A Not Provided 10.09.2012

Credit Suisse SIMON TOENNESSEN outperform 5 M 88 Not Provided 10.09.2012

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 86 12 month 07.09.2012

Independent Research GmbH MARKUS FRIEBEL buy 5 M 90 12 month 07.09.2012


Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 80 12 month 06.09.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 06.09.2012

Berenberg Bank WILLIAM MACKIE buy 5 M 84 Not Provided 04.09.2012

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 76 6 month 31.08.2012



Main First Bank AG CHRISTOPHER YOUL neutral 3 M 78 12 month 09.08.2012


CA Cheuvreux ALFRED GLASER outperform 5 M 81 Not Provided 06.08.2012

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 69 12 month 03.08.2012


DZ Bank AG KARSTEN OBLINGER hold 3 M 73 12 month 03.08.2012

Barclays NICK WEBSTER equalweight 3 M 73 Not Provided 03.08.2012

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 80 12 month 02.08.2012

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 82 Not Provided 31.07.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 85 12 month 31.07.2012

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 89 Not Provided 30.07.2012

Bankhaus Metzler ULRICH TRABERT sell 1 D 60 12 month 27.07.2012

Kepler Capital Markets ULRICH SCHOLZ buy 5 M 82 Not Provided 27.07.2012

Natixis LUDOVIC DEBAILLEUX reduce 2 M 61 Not Provided 27.07.2012

Silvia Quandt Research EERIK KD BUDARZ avoid 1 D 58 12 month 27.07.2012

Nord/LB WOLFGANG DONIE hold 3 D 70 12 month 26.07.2012

Oddo & Cie DELPHINE BRAULT neutral 3 M 71 Not Provided 26.07.2012

S&P Capital IQ JAMES CRAWSHAW hold 3 M 70 12 month 26.07.2012


Espirito Santo Investment Bank ResearchNICHOLAS J PATON neutral 3 M 69 Not Provided 16.07.2012

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 10.07.2012

Deutsche Bank PETER REILLY buy 5 U 85 12 month 25.05.2012

Canaccord Genuity Corp MARK WILSON hold 3 M 77 Not Provided 26.03.2012

Holdings By:

Siemens AG ee


24.09.2012

Societe Generale attracts deposits and offers commercial, retail, investment,

and private banking services. The Bank offers consumer credit, vehicle lease

financing, information technology equipment leasing, life and non-life

insurance, custodian services, trade and project financing, currency exchange,

treasury services, and financial and commodities futures brokerage services.


LTM as of: 06/yy

52-Week High (02.03.2012) 25.97

52-Week Low (09.01.2012) 14.88

Daily Volume

23.41





18'266.15 1 Yr Total Return 40.64%





Enterprise Value -


GLE FP EQUITY YTD Change - Average Volume 30 Day 6'543'335

GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 7'442'591


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

55'860.0 57'829.0 43'984.0 45'306.0 48'549.0 6'503.0 0.0 24'097.0 24'626.8 5'705.8 5'841.5

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! - - - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

947.0 2'010.0 678.0 3'917.0 2'385.0 3'433.0 1'887.0 2'444.0 3'013.2 558.3 440.8

49.96x 10.65x 108.78x 8.11x 5.38x 8.74x 7.57x 7.46x 6.13x 6.96x 6.61x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Societe Generale SAPrice/Volume

Valuation Analysis

2'327'252.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


LYXOR INTL ASSET MGM n/a Research 50'619'422 6.49 - 26.09.2011 n/a



GROUPAMA SA n/a Co File 30'414'497 3.9 - 31.12.2011 Insurance Company





MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.42 - 31.12.2011 Insurance Company


SOCIETE GENERALE n/a Co File 8'987'016 1.15 - 31.12.2011 Bank

CNP ASSURANCES n/a Co File 8'976'936 1.15 - 31.12.2011 Insurance Company

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 7'019'208 0.9 (1'007'504) 30.06.2012 Investment Advisor





BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 2'612'606 0.33 376'954 31.03.2012 Mutual Fund Manager


BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'541'447 0.33 10'872 30.04.2012 Investment Advisor


Macquarie PIERS BROWN underperform 1 D 19 12 month 24.09.2012

Redburn Partners GEORGE SOSEI KARAMANOS buy 5 M #N/A N/A Not Provided 24.09.2012

Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 20.09.2012

AlphaValue CHRISTOPHE NIJDAM buy 5 M 30 6 month 20.09.2012

HSBC ROBIN DOWN neutral 3 M 27 Not Provided 19.09.2012

Grupo Santander AURELIA FAURE underweight 1 M 20 Not Provided 18.09.2012

RBC Capital Markets ANKE REINGEN sector perform 3 M 22 12 month 18.09.2012

Kepler Capital Markets BENOIT PETRARQUE hold 3 M 24 Not Provided 17.09.2012

Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 27 Not Provided 14.09.2012

CA Cheuvreux PASCAL DECQUE underperform 1 D 24 Not Provided 13.09.2012

JPMorgan DELPHINE LEE overweight 5 M 27 3 month 04.09.2012

Morgan Stanley THIBAULT NARDIN restricted #N/A N/A M #N/A N/A Not Provided 30.08.2012

ING Wholesale Banking TOM VAN KEMPEN hold 3 M 22 12 month 30.08.2012


Nord/LB MICHAEL SEUFERT hold 3 U #N/A N/A Not Provided 21.08.2012

Deutsche Bank FLORA-A BENHAKOUN hold 3 M 25 12 month 10.08.2012


Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 26 12 month 09.08.2012



Barclays KIRI VIJAYARAJAH equalweight 3 M 18 Not Provided 07.08.2012

Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 21 12 month 02.08.2012


Natixis ALEX KOAGNE buy 5 M 22 Not Provided 02.08.2012

Nomura JON PEACE reduce 2 M 26 12 month 02.08.2012

Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 30 Not Provided 01.08.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 28 12 month 01.08.2012



Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 16 Not Provided 16.07.2012



DZ Bank AG SABINE BOHN hold 3 M 18 12 month 06.01.2012

Holdings By:

Societe Generale SA ee


24.09.2012

Telefonica S.A. provides telecommunications services mainly to countries in

Europe and Latin America. The Company offers fixed-line and mobile telephone,

Internet, and data transmission services to residential and corporate customers.


LTM as of: 06/yy

52-Week High (28.10.2011) 15.96

52-Week Low (26.07.2012) 7.90

Daily Volume

11.17





50'834.95 1 Yr Total Return -7.89%







TEF SQ EQUITY YTD Change - Average Volume 30 Day 23'128'030

TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 26'205'880


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

56'441.0 57'946.0 56'731.0 60'737.0 62'837.0 62'570.3 62'932.0 62'710.9 62'830.4 15'525.0 15'947.7

2.74x 2.10x 2.42x 2.29x 1.99x 9.00x 7.73x 1.78x 1.74x 7.27x 6.82x

22'824.0 22'919.0 22'603.0 25'777.0 19'392.0 26'070.6 18'456.2 21'375.6 21'358.7 5'420.0 5'557.0

6.77x 5.31x 6.07x 5.39x 6.46x 5.27x 6.19x 5.53x 5.53x 5.48x 5.47x

8'906.0 7'592.0 7'776.0 10'167.0 5'402.9 9'553.9 4'315.9 5'555.6 5'964.3 1'442.3 1'327.7

11.87x 9.72x 11.43x 7.54x 11.18x 7.98x 10.84x 8.98x 8.51x 8.66x 8.59x











EBITDA Margin 30.9%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telefonica SAPrice/Volume

Valuation Analysis

10'218'426.00


-/135

.-

./

.1

.3

.5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.--'- G

/--'- G

0--'- G

1--'- G

2--'- G

3--'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BANCO BILBAO VIZCAYA n/a Co File 258'217'137 5.67 - 31.12.2011 Bank

CAIXABANK n/a Co File 246'898'917 5.43 - 31.12.2011 Investment Advisor

BLACKROCK INVESTMENT n/a Co File 177'257'649 3.89 - 31.12.2011 Investment Advisor

BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank

TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 24'058'799 0.53 (1'668'347) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'670'612 0.34 (3'041'744) 30.06.2012 Investment Advisor





BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'207'615 0.18 6'484'893 30.04.2012 Investment Advisor




UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'292'957 0.12 9'756 30.03.2012 Investment Advisor




Barclays JONATHAN DANN underweight 1 M 9 Not Provided 24.09.2012

NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 21.09.2012

Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 20.09.2012

Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 9 12 month 20.09.2012


Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 15 12 month 18.09.2012

Banco Sabadell ANDRES BOLUMBURU buy 5 M 16 12 month 18.09.2012

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 18.09.2012


Morgan Stanley LUIS PROTA Equalwt/In-Line 3 M 13 12 month 17.09.2012

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 7 12 month 14.09.2012

Nomura FREDERIC BOULAN reduce 2 M 11 12 month 14.09.2012

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU hold 3 M 12 Not Provided 10.09.2012


Deutsche Bank KEVAL KHIROYA hold 3 M 11 12 month 07.09.2012


JPMorgan TORSTEN ACHTMANN neutral 3 M 15 3 month 20.08.2012

Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 17.08.2012

Exane BNP Paribas MATHIEU ROBILLIARD underperform 1 M 10 Not Provided 06.08.2012

Kepler Capital Markets JAVIER BORRACHERO buy 5 M 13 Not Provided 01.08.2012

Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 14 12 month 31.07.2012


BPI PEDRO OLIVEIRA hold 3 M 14 Not Provided 26.07.2012

Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 9 12 month 26.07.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012

BBVA IVON LEAL outperform 5 M 12 Not Provided 26.07.2012

National Bank AG STEFFEN MANSKE buy 5 M 13 Not Provided 26.07.2012

Berenberg Bank PAUL ANDREW MARSCH hold 3 U 10 Not Provided 26.07.2012

S&P Capital IQ ALEXANDER WISCH hold 3 M 9 12 month 26.07.2012

Jefferies JEREMY A DELLIS hold 3 M 11 12 month 25.07.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012

BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 05.07.2012


HSBC LUIGI MINERVA neutral 3 M 10 Not Provided 12.06.2012


Inverseguros Sociedad de Valores MIGUEL SANCHEZ buy 5 N 15 Not Provided 22.05.2012

Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012

La Caixa BORJA PAGOAGA buy 5 M 16 Not Provided 24.04.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012

CA Cheuvreux GIOVANNI MONTALTI underperform 1 M 12 Not Provided 13.01.2012

DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011

Holdings By:

Telefonica SA ee


24.09.2012

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

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

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

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

and Africa.


LTM as of: 06/yy

52-Week High (14.03.2012) 42.97

52-Week Low (26.09.2011) 30.25

Daily Volume

40.49





95'764.29 1 Yr Total Return 39.24%







FP FP EQUITY YTD Change - Average Volume 30 Day 4'637'267

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'441'371


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

136'824.0 160'331.0 112'153.0 140'476.0 166'550.0 153'055.0 175'834.0 192'734.6 190'626.1 42'608.0 45'033.0

1.03x 0.62x 1.03x 0.74x 0.65x 2.76x 2.29x 0.60x 0.61x 2.55x 2.51x

31'249.0 29'887.0 22'234.0 28'045.0 32'919.0 30'721.0 31'909.0 33'138.7 33'729.6 8'363.5 9'159.5

4.50x 3.32x 5.22x 3.72x 3.28x 3.58x 3.14x 3.50x 3.44x 3.30x 3.23x

13'181.0 10'590.0 8'447.0 10'571.0 12'276.0 11'529.0 10'851.0 12'067.3 12'449.5 2'633.3 2'947.5

9.73x 8.21x 11.87x 8.38x 7.23x 7.76x 7.40x 7.62x 7.43x 7.50x 7.34x


EBIT 24'290.00 Long-Term Rating AA-









EBITDA Margin 19.8%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Total SAPrice/Volume

Valuation Analysis

4'003'563.00


-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

6'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation

GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company

AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor


CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 n/a












WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'073'948 0.26 5'699'400 30.06.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 5'868'600 0.25 (1'240'000) 30.06.2012 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'556'800 0.23 582'900 30.06.2012 Investment Advisor


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 41 6 month 24.09.2012

Societe Generale IRENE HIMONA hold 3 M 40 12 month 21.09.2012

Credit Suisse KIM FUSTIER neutral 3 M 45 Not Provided 21.09.2012

Jefferies IAIN REID buy 5 M 42 12 month 21.09.2012

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 21.09.2012

JPMorgan NITIN SHARMA overweight 5 M 49 3 month 20.09.2012

Nomura THEEPAN JOTHILINGAM neutral 3 M 39 12 month 20.09.2012

RBC Capital Markets PETER HUTTON outperform 5 M 43 12 month 19.09.2012

Grupo Santander JASON KENNEY hold 3 M 45 Not Provided 18.09.2012

Canaccord Genuity Corp GORDON GRAY hold 3 M 40 12 month 05.09.2012

Barclays LYDIA RAINFORTH equalweight 3 M 45 Not Provided 30.08.2012

Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 48 Not Provided 27.08.2012

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 03.08.2012

HSBC PAUL SPEDDING overweight 5 M 45 Not Provided 02.08.2012


CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 01.08.2012

Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 U 45 Not Provided 31.07.2012



Natixis ANNE PUMIR buy 5 M 46 Not Provided 30.07.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 40 12 month 27.07.2012


Exane BNP Paribas ALEXANDRE MARIE neutral 3 M 48 Not Provided 27.07.2012

Deutsche Bank LUCAS HERRMANN hold 3 M 42 12 month 03.07.2012

Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012

Goldman Sachs MICHELE DELLA VIGNA sell/attractive 1 M 45 12 month 01.06.2012


CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012

Kepler Capital Markets BERTRAND HODEE buy 5 M 47 Not Provided 16.04.2012


Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 01.08.2011

National Bank AG MANFRED JAISFELD buy 5 M 46 12 month 19.05.2010

Holdings By:

Total SA ee


24.09.2012

Unibail-Rodamco leases and rents building space, finances real estate

investments, and renovates real estate for sale. The Company's properties,

mainly shopping centers, office buildings, and convention-exhibition centers,

are primarily located in city centers or near major access routes. The Company

opted for the SIIC legal status in 2003.


LTM as of: 01/yy

52-Week High (17.08.2012) 165.85

52-Week Low (25.11.2011) 123.30

Daily Volume

161.15





14'819.57 1 Yr Total Return 34.29%




Cash and Equivalents 80.00 Consensus Rating 3.433



UL FP EQUITY YTD Change - Average Volume 30 Day 314'089

UL FP EQUITY YTD % CHANGE - Average Volume 3 Month 331'168


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 03/12 Q1 06/12 Q2

1'005.5 1'642.5 1'363.3 1'716.4 1'939.9 - - 1'486.6 1'581.9 - -

20.72x 11.17x 17.14x 14.60x 12.81x - - 18.35x 17.63x - -

(522.9) 1'309.7 931.4 1'254.8 1'184.2 - - 1'305.0 1'386.9 - -

0.00x 14.01x 25.09x 19.97x 20.99x - - 21.49x 20.22x - -

944.8 (1'116.0) (1'467.8) 2'187.6 1'327.8 - - 879.5 955.9 - -

10.14x 0.00x 0.00x 6.19x 9.61x - - 17.11x 15.93x - -


EBIT 798.90 Long-Term Rating A






Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -0.16



EBITDA Margin 61.0%



Asset Turnover 0.08







Fiscal Year Ended

Unibail-Rodamco SEPrice/Volume

Valuation Analysis

76'267.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-/-1-3-5-

.--

./-

.1-

.3-

.5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012



AMUNDI n/a Research 4'248'948 4.62 (2'990) 17.02.2012 Investment Advisor

COHEN & STEERS INC n/a Co File 3'671'829 3.99 - 10.03.2011 Corporation

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'994'173 3.26 (11'919) 30.06.2012 Investment Advisor

COMMERZBANK AKTIENGE n/a Research 2'585'395 2.81 - 16.05.2011 Investment Advisor



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'044'686 2.22 (171'959) 20.09.2012 Investment Advisor

BNP PARIBAS ASSET MG n/a Co File 1'907'603 2.07 - 10.03.2011 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 1'684'899 1.83 158'757 22.08.2011 Investment Advisor


CREDIT SUISSE n/a Co File 1'381'467 1.5 - 10.03.2011 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'222'332 1.33 (262) 20.09.2012 Investment Advisor


FIDELITY INTERNATION Multiple Portfolios MF-AGG 984'762 1.07 539'910 29.02.2012 Investment Advisor

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 981'619 1.07 (30'383) 31.07.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 976'620 1.06 12'446 30.06.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 963'439 1.05 2'170 21.09.2012 Investment Advisor

EUROPEAN INVESTORS I n/a Research 871'804 0.95 123'217 30.06.2012 Investment Advisor



Societe Generale MICHEL VARALDO buy 5 M 189 12 month 20.09.2012

AlphaValue PIERRE-LOUP ETIENNE sell 1 M 146 6 month 20.09.2012

Natixis SERGE DEMIRDJIAN neutral 3 D 177 Not Provided 19.09.2012

Jefferies ROBERT DUNCAN hold 3 M 164 12 month 12.09.2012

Oddo & Cie MARINE LAFITTE buy 5 M 167 Not Provided 12.09.2012

Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 156 Not Provided 12.09.2012

Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX hold 3 M 160 12 month 11.09.2012

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 10.09.2012

JPMorgan HARM M MEIJER overweight 5 M 185 12 month 04.09.2012

Petercam STEPHAN VAN WEEREN reduce 2 M 160 Not Provided 04.09.2012

Exane BNP Paribas VALERIE GUEZI underperform 1 M 160 Not Provided 04.09.2012

Kempen & Co BOUDEWIJN SCHOON neutral 3 M 160 Not Provided 03.09.2012

ING Wholesale Banking ARJAN KNIBBE hold 3 M 158 12 month 03.09.2012

Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012

Morgan Stanley BART GYSENS Equalwt/Attractive 3 D 163 12 month 29.08.2012



Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 D 169 Not Provided 07.08.2012


Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 182 12 month 25.07.2012

Credit Suisse JONATHAN KOWNATOR outperform 5 M 165 Not Provided 24.07.2012



Berenberg Bank KAI MALTE KLOSE buy 5 U 163 Not Provided 24.07.2012

S&P Capital IQ JACOB THRANE hold 3 M 162 12 month 24.07.2012

CA Cheuvreux BRUNO DUCLOS underperform 1 D 145 Not Provided 02.02.2012

HSBC STEPHANIE DOSSMANN overweight 5 M 160 Not Provided 19.01.2012

Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 N 160 12 month 29.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 150 Not Provided 06.07.2011

Holdings By:

Unibail-Rodamco SE ee


24.09.2012

UniCredit SpA attracts deposits and offers commercial banking services. The

Bank offers consumer credit, mortgages, life insurance, business loan,

investment banking, asset management, and other services. UniCredit operates

worldwide.


LTM as of: 06/yy

52-Week High (13.10.2011) 7.01

52-Week Low (09.01.2012) 2.20

Daily Volume

3.408





19'744.79 1 Yr Total Return -23.79%





Enterprise Value -


UCG IM EQUITY YTD Change - Average Volume 30 Day 81'212'490

UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 99'000'190


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

55'285.3 65'266.9 47'278.6 41'223.4 41'968.2 26'547.5 25'803.4 25'656.0 25'510.9 6'126.0 6'283.0

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

5'901.3 4'011.8 1'702.3 1'323.3 (9'206.4) 1'975.7 (9'444.2) 1'399.4 2'043.1 194.0 95.9

10.65x 5.74x 23.66x 24.19x 0.00x 12.90x 0.00x 13.06x 9.19x 11.44x 9.85x







Return on Capital -2.23% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

UniCredit SpAPrice/Volume

Valuation Analysis

30'196'653.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.

/

0

1

2

3

4

5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2-'- G

.--'- G

.2-'- G

/--'- G

/2-'- G

0--'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


AABAR LUX SARL n/a EXCH 376'220'171 6.5 - 24.08.2012 Other

PGFF LUX SARL n/a EXCH 289'992'198 5.01 - 24.08.2012 n/a

CENTRAL BANK OF LIBY n/a EXCH 234'493'791 4.05 - 24.08.2012 Government

FONDAZIONE CASSA RIS n/a EXCH 223'151'050 3.86 - 24.08.2012 Corporation

FONDAZIONE CASSA RIS n/a EXCH 204'516'549 3.53 - 24.08.2012 Bank

CARIMONTE HOLDING SP n/a EXCH 173'381'885 3 - 24.08.2012 Unclassified

CAPITAL RESEARCH AND n/a EXCH 158'103'908 2.73 - 24.08.2012 Investment Advisor



DELFIN SARL n/a EXCH 116'031'602 2 - 24.08.2012 Investment Advisor


ALLIANZ SPA n/a EXCH 68'982'379 1.19 - 24.08.2012 Insurance Company



ALLIANZ FINANCE IV L n/a EXCH 42'130'178 0.73 - 24.08.2012 Other

LIBYAN FOREIGN BANK n/a EXCH 32'465'700 0.56 - 24.08.2012 Government


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24'374'142 0.42 (8'962'667) 20.09.2012 Investment Advisor


BLACKROCK AM IRELAND n/a EXCH 21'528'058 0.37 - 24.08.2012 n/a





Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 18.09.2012

RBC Capital Markets ANKE REINGEN sector perform 3 M 3 12 month 18.09.2012

Oddo & Cie JULIE LEGRAND reduce 2 M 4 Not Provided 14.09.2012

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 3 Not Provided 14.09.2012

HSBC CARLO DIGRANDI underweight 1 D 3 Not Provided 13.09.2012

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 13.09.2012

Banca IMI MANUELA MERONI buy 5 M 3 12 month 12.09.2012

Societe Generale CARLO TOMMASELLI hold 3 D 4 12 month 11.09.2012

CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 07.09.2012

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 05.09.2012

Macquarie BENJIE CREELAN-SANDFORD outperform 5 U 4 12 month 04.09.2012

Nomura DOMENICO SANTORO neutral 3 M 3 12 month 03.09.2012

ICBPI. LUCA COMI sell 1 M 3 12 month 27.08.2012




Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 21.08.2012



Barclays JEREMY SIGEE equalweight 3 M 3 Not Provided 10.08.2012

Mediobanca SpA ANDREA FILTRI outperform 5 M 6 Not Provided 08.08.2012


DZ Bank AG CHRISTOPH BAST sell 1 M 3 12 month 07.08.2012

Deutsche Bank PAOLA SABBIONE buy 5 M 4 12 month 06.08.2012

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 3 12 month 06.08.2012

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 3 Not Provided 06.08.2012


Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 3 12 month 06.08.2012

Natixis STEVEN GOULD neutral 3 M 3 Not Provided 06.08.2012

S&P Capital IQ FRANK BRADEN sell 1 M 3 12 month 06.08.2012

Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 4 Not Provided 04.08.2012

ING Wholesale Banking ALEXANDER PELTESHKI hold 3 M 3 12 month 01.08.2012


Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

UniCredit SpA ee


24.09.2012

Unilever NV manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.


LTM as of: 06/yy

52-Week High (02.08.2012) 28.83

52-Week Low (26.09.2011) 22.52

Daily Volume

27.94





83'769.35 1 Yr Total Return 26.75%







UNA NA EQUITY YTD Change - Average Volume 30 Day 3'908'529

UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'645'924


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

40'187.0 40'523.0 39'823.0 44'262.0 46'467.0 45'155.0 49'077.0 51'263.7 54'345.6 13'292.7 12'655.6

2.00x 1.41x 1.77x 1.64x 1.82x 3.13x 0.00x 1.81x 1.68x - -

6'766.0 6'793.0 6'887.0 7'620.0 7'462.0 3'852.0 0.0 8'343.0 9'030.5 - -

11.88x 8.39x 10.25x 9.54x 11.30x 0.00x 0.00x 11.23x 10.37x - -

3'888.0 5'027.0 3'370.0 4'244.0 4'252.0 4'444.0 0.0 4'669.2 5'147.0 1'185.0 1'975.0

19.05x 9.69x 18.80x 15.43x 17.60x 0.00x 0.00x 17.58x 16.06x - -











EBITDA Margin 16.1%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unilever NVPrice/Volume

Valuation Analysis

1'308'042.00


-

2

.-

.2

/-

/2

0-

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 n/a







ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 7'883'923 0.46 - 31.03.2012 Investment Advisor




ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 n/a



MORGAN STANLEY Multiple Portfolios MF-AGG 5'611'560 0.33 392'742 30.06.2012 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'358'673 0.31 (10'900) 30.06.2012 Investment Advisor




Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Helvea ANDREAS VON ARX accumulate 4 M 31 12 month 18.09.2012

Berenberg Bank JAMES TARGETT buy 5 U 34 Not Provided 17.09.2012


RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 23 12 month 13.09.2012

HSBC CEDRIC BESNARD overweight 5 M 33 Not Provided 12.09.2012

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 31 12 month 11.09.2012


Mirabaud Securities JULIAN LAKIN hold 3 M 28 12 month 06.09.2012

Exane BNP Paribas JEFF STENT neutral 3 M 29 Not Provided 05.09.2012

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 30 12 month 04.09.2012

ING Wholesale Banking MARCO GULPERS hold 3 M 27 12 month 03.09.2012

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 38 12 month 29.08.2012


Nomura DAVID HAYES reduce 2 M 25 12 month 10.08.2012

Rabobank International KAREL ZOETE buy 5 M 31 Not Provided 01.08.2012

Kempen & Co ERWIN DUT hold 3 M 27 12 month 31.07.2012

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 28 12 month 31.07.2012

Grupo Santander PEDRO GIL buy 5 M 30 Not Provided 30.07.2012

Petercam FERNAND DE BOER hold 3 M 30 Not Provided 30.07.2012


Societe Generale WARREN L ACKERMAN sell 1 D 27 12 month 27.07.2012

Credit Suisse CHARLES MILLS underperform 1 M 25 Not Provided 27.07.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 24 6 month 27.07.2012

Kepler Capital Markets JON COX buy 5 M 31 Not Provided 27.07.2012

Natixis PIERRE TEGNER reduce 2 D 25 Not Provided 27.07.2012

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER buy 5 M 33 12 month 27.07.2012

Barclays LIAM ROWLEY overweight 5 M 27 Not Provided 27.07.2012

Deutsche Bank HAROLD THOMPSON hold 3 M 29 12 month 26.07.2012

Morgan Stanley EILEEN KHOO Equalwt/Attractive 3 M 26 12 month 26.07.2012

Jefferies SIMON MARSHALL-LOCKYER buy 5 M 31 12 month 26.07.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 29 Not Provided 26.07.2012



ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 28 Not Provided 26.07.2012

JPMorgan CELINE PANNUTI overweight 5 M 28 12 month 25.07.2012


Theodoor Gilissen Securities TOM MULLER buy 5 M 29 Not Provided 01.05.2012

DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 02.02.2012

CA Cheuvreux XAVIER CROQUEZ outperform 5 D 28 Not Provided 03.01.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011

Holdings By:

Unilever NV ee


24.09.2012

Vinci SA builds roads, offers electrical, mechanical, and civil engineering and

construction services, and operates toll roads. The Company builds and

maintains roads and produces road construction materials, builds electricity

and communications networks, installs fire protection and power and ventilation

systems, and operates toll highways, bridges, parking garages, and a stadium.


LTM as of: 06/yy

52-Week High (16.03.2012) 40.85

52-Week Low (25.11.2011) 28.46

Daily Volume

34.62





19'920.71 1 Yr Total Return 18.66%







DG FP EQUITY YTD Change - Average Volume 30 Day 1'749'292

DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'104'986


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

30'874.3 33'930.3 31'177.7 34'002.8 37'646.1 32'330.0 37'205.8 37'932.4 38'225.9 9'959.0 10'195.0

1.32x 0.90x 1.09x 1.07x 0.86x 0.00x 0.00x 0.90x 0.87x - -

4'587.6 5'009.2 4'813.1 5'165.6 5'445.9 0.0 0.0 5'448.0 5'526.8 - -

8.90x 6.09x 7.03x 7.01x 5.93x 0.00x 0.00x 6.60x 6.51x - -

1'455.0 1'591.4 1'596.0 1'775.9 1'904.3 0.0 0.0 1'884.1 1'929.4 - -

16.18x 8.85x 12.07x 12.14x 9.59x 0.00x 0.00x 10.13x 9.91x - -











EBITDA Margin 14.5%



Asset Turnover 0.64







Fiscal Year Ended

Vinci SAPrice/Volume

Valuation Analysis

1'127'995.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G.-'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


COMET LUXEMBOURG HLD n/a Co File 31'499'000 5.47 - 31.12.2011 n/a


VINCI SA n/a Co File 25'021'501 4.35 - 31.12.2011 Corporation

ARTEMIS SA n/a Co File 15'712'512 2.73 - 31.12.2011 Holding Company







LBPAM Multiple Portfolios MF-AGG 2'464'130 0.43 745 31.07.2012 Mutual Fund Manager




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'730'651 0.3 - 31.08.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'463'565 0.25 14'600 30.06.2012 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'404'470 0.24 - 30.03.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'321'419 0.23 (485'761) 30.06.2012 Investment Advisor


AlphaValue GAETAN DUPONT buy 5 M 46 6 month 20.09.2012

HSBC PIERRE BOSSET neutral 3 N 39 Not Provided 19.09.2012

JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012

Aurel - BGC ERIC LEMARIE hold 3 M 40 6 month 17.09.2012

DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012

Societe Generale MURIEL FELLOUS buy 5 M 47 12 month 13.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.09.2012

Raymond James ARNAUD PALLIEZ outperform 5 M 42 12 month 30.08.2012

Exane BNP Paribas NICOLAS MORA neutral 3 M 39 Not Provided 28.08.2012

RBC Capital Markets OLIVIA PETERS sector perform 3 D 40 12 month 15.08.2012


Goldman Sachs WILL MORGAN Buy/Neutral 5 M 47 12 month 09.08.2012




CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 01.08.2012

Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012

Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 44 6 month 01.08.2012

Natixis GREGOIRE THIBAULT buy 5 M 44 Not Provided 01.08.2012

S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 01.08.2012

Credit Suisse ROBERT CRIMES outperform 5 M 54 Not Provided 31.07.2012

Banco Sabadell MARIA CEBOLLERO buy 5 M 47 Not Provided 30.07.2012

BPI FILIPE MARTINS LEITE buy 5 M 51 Not Provided 26.07.2012

Barclays SUSANNA INVERNIZZI overweight 5 M 48 Not Provided 13.07.2012

Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 N 44 12 month 03.07.2012

Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012

Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 07.02.2012

CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 43 Not Provided 01.02.2012

ING Wholesale Banking IAN OSBURN hold 3 D 36 12 month 18.01.2012

National Bank AG STEFFEN MANSKE hold 3 D 43 Not Provided 27.07.2011

Holdings By:

Vinci SA ee


24.09.2012

Vivendi, through its subsidiaries, conducts operations ranging from music, games

and television to film and telecommunications. The Company provides digital and

pay television services, sells music compact discs (CDs), develops and

distributes interactive entertainment, and operates mobile and fixed-line

telecommunications.


LTM as of: 06/yy

52-Week High (03.01.2012) 17.06

52-Week Low (19.04.2012) 12.01

Daily Volume

15.39





20'024.35 1 Yr Total Return 16.03%







VIV FP EQUITY YTD Change - Average Volume 30 Day 3'736'745

VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'755'484


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

21'657.0 25'392.0 27'132.0 28'878.0 28'813.0 29'149.0 28'644.0 28'297.1 28'745.0 6'622.8 7'557.5

2.01x 1.55x 1.44x 1.29x 1.24x 5.13x 4.82x 1.26x 1.22x 5.59x 4.85x

6'301.0 6'774.0 7'682.0 8'020.0 8'847.0 8'152.0 9'390.0 7'835.6 7'857.7 1'859.0 1'665.0

6.92x 5.82x 5.07x 4.64x 4.03x 4.90x 3.77x 4.67x 4.66x 4.63x 4.60x

2'625.0 2'603.0 830.0 2'198.0 2'681.0 3'489.0 1'283.0 2'482.3 2'509.0 649.8 384.3

13.89x 10.43x 30.14x 11.35x 7.83x 6.80x 15.09x 7.79x 7.65x 7.97x 8.06x


EBIT 6'240.00 Long-Term Rating BBB *-



Return on Assets 4.67% Short-Term Rating A-2 *-






EBITDA Margin 30.7%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vivendi SAPrice/Volume

Valuation Analysis

883'527.00


-/135

.-

./

.1

.3

.5

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012





NATIXIS ASSET MANAGE n/a Research 57'389'860 4.41 29'924'444 10.05.2012 Investment Advisor

GROUPE SOCIETE GENER n/a Co File 56'295'063 4.33 - 31.12.2011 n/a



PEG VIVENDI n/a Co File 33'192'445 2.55 - 31.12.2011 n/a

THE BAUPOST GROUP n/a Co File 26'349'991 2.03 - 31.12.2011 n/a

NORGES BANK INVSTMNT n/a Co File 25'862'423 1.99 - 31.12.2011 n/a

QATAR HOLDINGS LLC n/a Co File 25'789'649 1.98 - 31.12.2011 Government


BANK OF AMERICA CORP n/a Co File 19'320'712 1.48 - 31.12.2011 Investment Advisor

CREDIT SUISSE SECURI n/a Co File 17'995'960 1.38 - 31.12.2011 Investment Advisor



GROUPE BOLLORE n/a Co File 14'021'059 1.08 - 31.12.2011 Holding Company

HSBC HOLDINGS PLC n/a Co File 13'811'784 1.06 - 31.12.2011 Investment Advisor

BNP PARIBAS ASSET MG n/a Co File 12'967'029 1 - 31.12.2011 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 11'147'456 0.86 95'137 31.03.2012 Investment Advisor


Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 24.09.2012

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 16 12 month 21.09.2012

CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 16 12 month 21.09.2012

Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012

Nomura MATTHEW WALKER buy 5 M 18 12 month 21.09.2012

Grupo Santander STEPHANE SCHLATTER buy 5 M 22 Not Provided 20.09.2012

Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 20.09.2012

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 14 12 month 18.09.2012

Barclays JULIEN ROCH overweight 5 M 18 Not Provided 14.09.2012


JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 19 9 month 12.09.2012


Credit Suisse OMAR SHEIKH outperform 5 M 18 Not Provided 07.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 07.09.2012

Goldman Sachs RICHARD JONES Buy/Neutral 5 M 20 12 month 05.09.2012

Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 14 Not Provided 04.09.2012

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 31.08.2012

Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 16 Not Provided 31.08.2012

Jefferies WILL SMITH buy 5 M 18 12 month 30.08.2012

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 17 Not Provided 30.08.2012



Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 21.08.2012


Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 Not Provided 30.07.2012

CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 24.07.2012

Kepler Capital Markets CONOR O'SHEA buy 5 U 18 Not Provided 09.07.2012

HSBC NICOLAS COTE-COLISSON neutral 3 M 16 Not Provided 16.05.2012

National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 08.03.2012

Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012

DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011

Holdings By:

Vivendi SA ee


24.09.2012

Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,

and commercial vehicles for sale worldwide. The Company produces the Passat,

Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,

Seat and Skoda, which manufacture and sell cars in Spain and in southern and

eastern Europe, and Lamborghini, which makes sports cars in Italy.


LTM as of: 06/yy

52-Week High (21.09.2012) 155.35

52-Week Low (04.10.2011) 86.40

Daily Volume

154.3





66'720.61 1 Yr Total Return 52.28%







VOW3 GY EQUITY YTD Change - Average Volume 30 Day 921'505

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'072'474


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

108'897.0 113'808.0 105'187.0 126'875.0 159'337.0 142'833.0 176'948.0 186'772.5 200'467.2 46'353.3 51'128.3

0.89x 1.22x 0.97x 0.83x 0.77x 2.97x 2.83x 0.34x 0.29x 1.36x 1.27x

15'133.0 14'854.0 10'896.0 16'659.0 21'365.0 19'438.0 23'033.0 21'997.4 25'638.8 3'375.0 5'205.0

6.43x 9.34x 9.35x 6.29x 5.76x 6.18x 5.99x 6.81x 5.84x 8.09x 7.50x

4'120.0 4'753.0 960.0 6'835.0 15'409.0 11'428.0 17'916.0 14'452.3 11'867.8 13'093.0 1'620.0

14.94x 20.97x 32.35x 6.98x 3.13x 5.13x 3.06x 5.33x 6.11x 3.59x 7.60x











EBITDA Margin 13.4%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Volkswagen AGPrice/Volume

Valuation Analysis

427'921.00


-/-1-3-5-

.--

./-

.1-

.3-

.5-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'2 G.'- G.'2 G/'- G/'2 G0'- G0'2 G1'- G1'2 G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government

WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'635'513 5.08 2'543'205 31.03.2012 Investment Advisor






DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'665'165 0.98 - 31.08.2012 Investment Advisor




UNION INVESTMENT GMB Multiple Portfolios MF-AGG 999'611 0.59 - 30.03.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 779'880 0.46 - 30.04.2012 Investment Advisor

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 764'353 0.45 2'794 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 725'630 0.43 (66'313) 30.06.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 674'323 0.4 (152'170) 30.04.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 646'061 0.38 189'513 21.09.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 487'413 0.29 1'720 31.07.2012 Mutual Fund Manager

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 425'000 0.25 - 30.06.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 412'797 0.24 - 29.06.2012 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 140 12 month 24.09.2012

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 180 6 month 19.09.2012

Oddo & Cie FRANCOIS MAURY neutral 3 M 140 Not Provided 19.09.2012


Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 120 12 month 18.09.2012

Nord/LB FRANK SCHWOPE hold 3 M 140 12 month 14.09.2012

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 150 12 month 14.09.2012

AlphaValue HANS-PETER WODNIOK add 4 M 158 6 month 13.09.2012


Bankhaus Metzler JUERGEN PIEPER buy 5 M 175 12 month 12.09.2012


DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 07.09.2012

Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 177 12 month 05.09.2012

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 05.09.2012


Exane BNP Paribas RABIH FREIHA outperform 5 M 165 Not Provided 03.09.2012

HSBC HORST SCHNEIDER overweight 5 M 186 Not Provided 31.08.2012

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 08.08.2012


Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 200 12 month 02.08.2012

Societe Generale STEPHEN REITMAN buy 5 M 190 12 month 27.07.2012

Baader Bank JOSE ASUMENDI buy 5 M 165 12 month 27.07.2012

JPMorgan BERNARD DONGES overweight 5 M 213 3 month 27.07.2012


Barclays MICHAEL TYNDALL overweight 5 M 195 Not Provided 27.07.2012

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 174 Not Provided 26.07.2012

S&P Capital IQ MARNIE COHEN buy 5 M 170 12 month 26.07.2012


Credit Suisse ARNDT ELLINGHORST outperform 5 M 195 Not Provided 11.07.2012

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 05.07.2012


CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012

Natixis GEORGES DIENG buy 5 M 180 Not Provided 27.04.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 168 Not Provided 12.03.2012

Cyrrus JAN ROH buy 5 M 149 12 month 11.10.2011

Holdings By:

Volkswagen AG ee


Documents

Fundamental Analysis - SX5E Index (Eurostoxx50)