fundamental analysis & analyst recommendations - qms advisors flexindex spi top 100

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinIEM 7aseolno AibuBkabu MFB Plm -!!Pdb Mteoo FbnclnjQkTb Bkabu eo Q plpQi nQpb lc nbprnk ekabu lc oplTho eoorba Sv Mteoo TljmQkebo tdlob odQnbo Qnb pnQaba lk pdb 9ibTpnlkeT 8lrnob Mvopbj

October 2013

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

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

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48

Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66

NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98

SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51

S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14

S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99

HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98

MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60

NESTLE SA-REG CHF 224520 2623 3189 30 0 2 10 250.76 98836 101372 104158 109411 - - - - 3.52 3.58 3.81 4.11 21.36 20.96 20.10 18.63 8.08 -3.17 - - - AA 16.08.2007 - -

NOVARTIS AG-REG CHF 207299 1788 2421 22 0 0 9 244.30 62285 62797 63163 64877 18369 18107 - - 4.40 4.24 5.65 6.12 21.94 21.52 16.48 15.20 -3.55 7.45 -6.81 11.60 31.69 AA- 07.04.2008 Aa3 08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN CHF 230733 594 863 27 0 2 15 248.03 50004 50963 51968 53911 21321 21572 - - 15.15 14.54 16.53 17.75 20.24 19.92 17.80 16.58 7.67 1.55 9.25 2.94 46.52 AA 17.09.2012 - -

UBS AG-REG CHF 79197 4804 3747 294 0 5 73 242.44 41492 42530 32031 32564 17067 - - - 0.58 -0.70 1.09 1.42 - 17.68 20.75 15.94 -8.40 -11.00 -12.18 -34.44 - A 29.11.2011 A2 21.06.2012

ABB LTD-REG CHF 54695 2629 2296 11 0 1 9 64.75 43231 44737 45276 47059 5818 6304 1693 1693 1.32 1.34 1.60 1.81 21.41 20.50 17.99 15.82 3.89 3.70 -7.61 2.73 15.49 A 08.06.2010 - -

CIE FINANCIERE RICHEMON-REG CHF 57836 681 553 2 0 0 6 43.68 11155 11155 12127 13271 3096 3096 1796 1796 3.96 4.02 4.40 4.93 22.48 22.88 20.56 18.32 15.89 15.09 19.80 16.00 30.50 - - - -

CREDIT SUISSE GROUP AG-REG CHF 48050 2466 1325 363 0 7 70 42107 41736 29466 30450 - - - - 2.42 1.78 2.81 3.29 18.76 11.20 11.91 10.16 -11.28 -12.16 - - - A- 02.07.2013 (P)A2 21.06.2012

SYNGENTA AG-REG CHF 38370 135 92 4 0 0 2 45.89 15608 15746 16531 17653 3460 3361 - - 25.01 21.28 25.60 28.84 23.53 21.15 19.56 17.36 7.74 3.43 9.85 11.26 23.46 A 15.06.2007 - -

ZURICH INSURANCE GROUP AG CHF 38024 203 147 14 0 3 10 49.75 77422 78767 64599 65897 - - - - 29.11 26.25 29.83 31.95 11.87 11.86 10.45 9.75 36.24 6.94 - - - - - - -

SWISS RE AG CHF 30964 435 343 22 0 0 12 42.90 36395 39016 37279 39394 - - - - 12.16 16.12 10.87 9.34 6.29 6.78 9.33 10.87 21.03 8.01 - - - - - - -

SWATCH GROUP AG/THE-BR CHF 33822 57 54 0 0 0 2 32.75 8568 8926 9657 10603 2467 2499 1614 1614 32.55 33.48 35.48 39.93 21.14 21.16 19.95 17.73 16.77 8.94 23.97 10.26 30.77 - - - -

HOLCIM LTD-REG CHF 24408 497 325 15 0 3 3 39.37 23677 22899 22814 23838 4379 4254 1423 1423 2.11 2.70 4.40 5.82 30.33 30.09 18.65 14.09 4.24 -5.00 0.72 -11.52 20.42 BBB 22.01.2009 Baa2 09.04.2009

TRANSOCEAN LTD CHF 16097 342 14 0 0 6 25.96 10107 10287 10467 11423 3040 3850 1008 1008 - - 4.40 5.88 - - 12.33 9.23 16.01 -5.32 90.75 -4.23 41.13 - - - -

SGS SA-REG CHF 18733 8 8 1 0 0 1 19.52 6130 6357 6636 7185 1235 1303 - - 79.69 82.87 97.70 112.08 31.76 30.78 26.94 23.48 17.89 5.02 11.80 4.84 22.54 - - - -

WEATHERFORD INTL LTD CHF 11643 21 9 0 0 0 22.74 16722 17125 17765 19406 2687 2757 849 849 - - 0.91 1.43 - - 20.23 12.89 18.84 13.82 0.09 2.04 17.70 - - - -

SWISSCOM AG-REG CHF 24964 75 52 10 0 0 1 34.61 12511 12484 12537 12622 4514 4366 1208 1208 37.08 34.98 34.35 34.97 15.14 15.21 15.42 15.15 -0.80 -1.42 -4.93 -0.21 38.44 A 30.06.2009 A2 27.06.2007

GIVAUDAN-REG CHF 13466 9 9 2 0 0 0 14.80 4679 4787 4876 5102 957 1046 - - 49.29 57.89 66.44 73.29 27.69 27.89 24.13 21.87 9.60 1.61 16.89 -0.10 24.02 - - - -

JULIUS BAER GROUP LTD CHF 10429 404 214 9 0 0 17 2230 2477 2438 2899 - - - - 2.34 1.25 2.57 3.17 40.88 30.06 19.91 16.18 -1.24 0.72 - - - - - - -

GEBERIT AG-REG CHF 10057 53 38 0 0 0 0 9.73 2110 2135 2510 2629 596 606 169 169 11.30 11.64 12.39 13.23 25.12 25.12 23.60 22.10 3.06 -2.06 2.15 -3.31 31.19 A- 25.05.2010 - -

ADECCO SA-REG CHF 13375 524 185 2 0 0 1 12.55 22570 21753 21591 22802 910 863 - - 2.20 2.06 3.14 3.94 30.85 30.85 20.20 16.11 -0.05 1.12 -12.99 -7.34 4.36 BBB 12.10.2011 Baa3 20.10.2009

ACTELION LTD-REG CHF 8473 304 113 0 0 0 1 7.11 1893 1917 1943 2018 553 601 145 145 2.83 3.19 4.05 4.33 24.29 22.91 19.12 17.88 0.58 6.51 17.08 4.75 34.43 - - - -

KUEHNE & NAGEL INTL AG-REG CHF 15931 71 120 0 0 0 1 15.10 18815 19121 19339 20220 1018 1102 283 283 4.76 5.14 5.64 6.33 28.37 26.79 25.88 23.04 6.11 0.68 -6.27 -2.13 6.34 - - - -

SCHINDLER HOLDING-PART CERT CHF 17023 63 116 1 0 0 3 15.00 9076 9382 9684 10303 1213 1230 - - 6.63 5.40 6.58 7.53 30.17 30.30 24.73 21.63 5.65 -8.40 20.14 3.16 14.41 - - - -

SONOVA HOLDING AG-REG CHF 8236 51 67 0 0 0 0 8.06 1973 1973 2127 2277 262 262 251 251 1.82 1.82 5.94 6.71 73.89 73.89 22.68 20.09 11.90 9.81 -38.36 -8.94 14.59 - - - -

SIKA AG-BR CHF 7381 2 3 1 0 0 1 7.73 5307 5412 5595 6044 625 658 - - 144.26 157.67 143.89 166.31 20.51 20.51 22.47 19.44 6.57 1.62 21.06 -2.48 13.37 A- 02.05.2000 - -

SWATCH GROUP AG/THE-REG CHF 33822 65 0 0 0 2 32.75 8568 8926 9479 10259 2467 2499 2704 2704 - - 7.13 7.81 - - 17.34 15.83 16.77 8.94 23.97 10.26 30.77 - - - -

ARYZTA AG CHF 5867 87 88 2 0 0 1 6.04 4624 4796 4871 5179 594 605 - - 1.65 1.59 3.91 4.34 35.96 36.01 14.68 13.23 9.38 - 12.45 23.81 13.87 - - - -

SWISS LIFE HOLDING AG-REG CHF 6145 75 32 3 0 0 7 4.03 20965 21303 20622 19898 - - - - 19.47 6.99 24.74 23.90 30.10 9.01 8.51 8.81 11.35 2.41 - - - BBB 03.05.2012 - -

CLARIANT AG-REG CHF 5574 858 296 4 0 0 2 7.81 6636 7146 6788 7071 848 825 228 228 1.04 0.86 1.16 1.36 21.53 17.42 15.96 13.59 -19.86 -5.48 -12.83 -0.09 12.69 BBB- 14.03.2011 Ba1 03.03.2009

BALOISE HOLDING AG - REG CHF 5578 75 47 2 0 0 3 4.38 10258 10502 9026 9317 - - - - 9.98 10.85 11.31 11.58 11.30 11.61 10.84 10.59 23.47 2.73 - - - - - - -

LINDT & SPRUENGLI AG-REG CHF 10067 0 0 0 0 0 1 9.38 2934 3043 3153 3376 503 536 430 430 1304.43 1359.57 1479.41 1631.53 38.07 38.08 34.99 31.73 7.99 -0.23 9.25 0.64 19.35 - - - -

SWISS PRIME SITE-REG CHF 4621 46 60 5 0 0 0 9.18 634 681 745 741 373 380 - - 2.99 6.76 3.98 4.09 12.42 26.05 21.11 20.54 0.98 43.22 -4.82 19.49 61.38 - - - -

PARTNERS GROUP HOLDING AG CHF 6561 35 25 0 0 0 0 6.74 620 662 542 616 325 367 178 178 10.90 12.63 11.87 13.76 21.39 22.04 22.75 19.62 28.25 17.60 27.61 1.94 60.90 - - - -

LONZA GROUP AG-REG CHF 4330 133 52 3 0 0 0 7.09 4314 4072 4225 4447 703 - - - 3.86 2.74 5.38 6.54 32.86 32.78 16.71 13.76 50.34 7.44 21.08 -0.94 - - - - -

GALENICA AG-REG CHF 5533 17 6 1 0 0 0 6.33 3965 3989 3906 4067 474 500 - - 43.73 47.88 48.56 49.72 19.54 19.60 19.27 18.81 4.02 3.51 8.62 19.36 13.78 - - - -

DUFRY AG-REG CHF 4471 73 29 2 0 0 0 6.37 3466 3631 3999 4524 488 468 192 192 4.85 3.53 7.02 9.32 46.94 47.38 23.60 17.77 21.50 - 31.82 13.86 14.16 BB+ 15.10.2012 - -

LINDT & SPRUENGLI AG-PC CHF 10067 1 0 0 0 1 9.38 2934 3043 3164 3391 503 536 431 431 - - 146.07 159.60 - - 30.52 27.93 7.99 -0.23 9.25 0.64 19.35 - - - -

SULZER AG-REG CHF 5238 85 34 1 0 0 1 5.44 4420 4396 4527 4816 607 563 330 330 9.87 8.88 8.94 11.12 18.92 19.01 18.80 15.11 13.63 2.47 16.01 2.78 14.07 - - - -

PSP SWISS PROPERTY AG-REG CHF 3980 80 46 2 0 0 0 6.08 311 311 302 306 193 235 67 67 3.87 8.39 3.95 3.92 11.37 25.74 24.12 24.33 -0.35 - -26.57 6.32 83.22 - - - -

SCHINDLER HOLDING AG-REG CHF 17023 17 116 1 0 0 3 15.00 9076 9382 9684 10303 1213 1230 - - 6.63 5.40 6.58 7.53 29.26 29.37 23.98 20.97 5.65 -8.40 20.14 3.16 14.41 - - - -

GAM HOLDING AG CHF 3160 298 165 0 0 0 1 1098 1237 743 782 - - - - 0.56 1.12 1.37 1.46 17.89 18.24 14.58 13.69 25.29 - - - - - - - -

HELVETIA HOLDING AG-REG CHF 3875 22 9 0 0 0 2 3.41 8756 9030 8515 8768 - - - - 41.89 44.19 44.31 45.90 11.14 11.14 11.11 10.72 6.90 11.89 - - - - - - -

FISCHER (GEORG)-REG CHF 2499 9 4 1 0 0 0 2.98 3959 3926 4082 4268 395 397 - - 40.88 33.74 42.79 48.81 19.85 16.16 15.65 13.72 2.85 -3.01 -4.13 -6.20 11.11 - - - -

EMS-CHEMIE HOLDING AG-REG CHF 8155 14 23 0 0 0 1 7.80 1929 1984 2068 2182 414 - 221 221 12.82 13.23 13.77 14.14 28.96 28.96 27.82 27.10 6.48 7.18 9.26 3.14 - - - - -

BARRY CALLEBAUT AG-REG CHF 5411 5 5 1 0 0 0 6.51 5308 5214 5490 6734 485 - - - 50.95 49.94 46.91 55.87 21.70 21.79 23.10 19.39 9.11 -1.57 -4.07 0.33 - BB+ 28.03.2013 - -

OC OERLIKON CORP AG-REG CHF 4406 538 325 0 0 0 1 4.01 3194 2635 3201 3301 629 509 - - 0.74 0.49 0.75 0.86 30.04 30.86 19.88 17.18 7.04 -7.40 17.61 -4.44 21.22 - - - -

DKSH HOLDING LTD CHF 5497 73 63 0 0 0 0 5.47 9709 9709 10983 12046 352 352 196 196 3.12 3.49 3.54 3.95 26.89 30.12 26.52 23.78 22.37 - 18.59 - 3.99 - - - -

PARGESA HOLDING SA-BR CHF 6408 66 85 4 0 10 2 19.60 5402 5321 541 612 1560 1066 - - 5.94 1.49 4.85 6.04 55.48 34.15 17.11 13.72 4.33 -2.24 60.50 0.93 22.01 - - - -

FLUGHAFEN ZUERICH AG-REG CHF 3239 10 6 1 0 0 0 4.43 1043 1056 1067 1083 430 433 575 575 17.05 4.44 27.42 35.85 130.58 130.58 21.15 16.17 5.27 2.34 -21.16 -1.07 45.10 A 20.04.2012 - -

PANALPINA WELTTRANSPORT -REG CHF 3472 29 24 0 0 0 0 3.12 7272 7404 7957 8316 40 121 51 51 -0.45 -0.40 3.78 5.15 - - 42.52 31.20 1.98 -1.67 -90.95 -40.75 1.80 - - - -

Valuation Measures I/II

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

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

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 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48

Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66

NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98

SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51

S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14

S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99

HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98

MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60

NOBEL BIOCARE HOLDING AG-REG CHF 1830 205 123 0 0 0 0 1.43 638 630 626 650 111 102 23 23 0.41 0.35 0.43 0.50 37.72 33.69 30.87 26.47 2.18 -2.66 -4.05 -17.74 17.79 - - - -

BUCHER INDUSTRIES AG-REG CHF 2636 7 10 1 0 0 1 2.86 2867 2899 2963 3061 335 348 - - 16.84 17.17 19.04 20.36 16.46 16.47 14.85 13.88 12.84 0.51 18.97 1.53 13.21 - - - -

KABA HOLDING AG-REG B CHF 1676 10 4 0 0 0 0 1.62 1060 1060 1081 1117 165 165 173 173 23.76 24.29 25.50 28.27 19.88 20.32 18.93 17.08 1.95 -3.44 -2.65 -6.79 17.10 - - - -

STRAUMANN HOLDING AG-REG CHF 2843 22 15 0 0 0 0 2.71 754 747 749 771 105 109 - - 2.59 3.31 7.81 8.75 60.25 60.28 25.53 22.77 -1.16 -3.22 -19.94 -18.70 15.97 - - - -

TEMENOS GROUP AG-REG CHF 1773 660 69 0 0 0 0 2.12 495 503 522 559 119 140 37 37 0.38 0.76 1.25 1.46 39.44 39.44 23.92 20.42 -5.40 4.46 24.06 7.20 30.61 - - - -

BANQUE CANTONALE VAUDOIS-REG CHF 4684 6 9 9 0 0 7 1452 1430 1096 1133 - - - - - 38.95 37.67 38.93 15.36 - 15.88 15.37 -2.48 -3.00 - - - AA 05.12.2011 NR 18.05.2010

VALIANT HOLDING AG-REG CHF 1525 24 16 7 0 0 2 678 682 428 424 - - - - 5.97 7.64 7.65 7.52 13.89 15.87 13.87 14.12 0.39 -2.54 - - - - - - -

KUONI REISEN HLDG-REG(CAT B) CHF 1605 4 4 0 0 0 0 1.39 6424 6423 6373 6572 188 240 - - -1.88 -1.84 26.08 32.18 - - 16.91 13.71 15.79 5.30 2.76 -2.91 4.10 - - - -

ALLREAL HOLDING AG-REG CHF 2204 9 16 2 0 0 0 4.08 955 1005 306 316 189 188 211 211 7.15 6.47 8.08 8.75 23.47 20.77 18.80 17.36 4.86 48.39 -6.20 6.95 20.59 - - - -

LOGITECH INTERNATIONAL-REG CHF 1530 1076 159 0 0 0 0 1.34 2308 2318 2242 2282 83 114 33 33 -0.16 -1.22 0.36 0.53 - - 29.70 20.27 -10.26 2.38 -52.51 -28.38 5.41 - - - -

LUZERNER KANTONALBANK AG-REG CHF 3370 1 8 6 0 0 3 753 740 469 480 - - - - 21.37 22.33 23.82 24.53 19.51 19.81 18.30 17.76 -5.19 -5.49 - - - AA+ 12.09.2008 - -

MOBIMO HOLDING AG-REG CHF 1288 6 6 1 0 0 0 2.45 277 251 136 133 92 91 112 112 8.04 13.83 9.75 9.31 16.49 27.66 23.39 24.48 10.68 5.09 3.49 7.17 39.84 - - - -

TECAN GROUP AG-REG CHF 1212 39 11 0 0 0 0 1.07 430 429 447 490 69 70 76 76 4.22 4.17 4.61 5.47 27.94 28.39 25.25 21.28 4.12 0.02 4.00 -2.88 17.97 - - - -

BERNER KANTONALBANK AG-REG CHF 2439 1 9 2 0 0 3 729 735 - - - - 18.24 15.20 18.92 14.49 -4.21 -8.18 - - - - - - -

BELIMO HOLDING AG-REG CHF 1570 0 1 0 0 0 0 1.49 489 510 530 573 101 109 114 114 110.72 117.69 125.22 137.95 23.84 23.84 22.41 20.34 7.57 3.93 13.59 6.28 23.47 - - - -

BURCKHARDT COMPRESSION HOLDI CHF 1338 6 3 0 0 0 0 1.17 403 403 480 522 95 95 31 31 18.27 18.27 19.46 22.55 23.67 23.67 22.22 19.18 12.61 3.80 9.93 -2.18 25.90 - - - -

AMS AG CHF 1374 33 14 0 0 0 0 1.12 426 414 429 484 130 111 26 26 6.66 5.19 4.90 6.65 16.40 17.31 17.34 12.79 44.62 25.66 75.48 20.83 29.45 - - - -

FORBO HOLDING AG-REG CHF 1693 6 2 0 0 0 0 1.44 1320 1308 1311 1332 227 - - - 63.15 67.86 49.74 54.26 12.18 12.18 16.62 15.24 -0.25 -9.04 5.18 -2.99 - - - - -

ST GALLER KANTONALBANK A-REG CHF 2242 2 6 6 0 0 3 782 774 541 512 - - - - 28.58 28.34 32.21 32.92 15.60 15.72 13.73 13.43 1.34 -6.15 - - - - - Aa1 02.12.2003

GRAUBUENDNER KANTONALBANK-PC CHF 3270 0 2 3 0 0 2 543 539 425 439 - - - - 69.88 65.56 84.68 89.46 21.93 19.15 16.97 16.07 -3.35 1.64 - - - AA+ 17.12.2010 - -

MEYER BURGER TECHNOLOGY AG CHF 897 707 58 0 0 0 0 0.84 709 470 351 546 -36 -105 -65 -65 -2.13 -3.01 -1.85 -0.59 - - -55.98 4.84 - - -24.65 - - - -

DAETWYLER HOLDING AG-BR CHF 2117 20 16 0 0 0 0 2.17 1303 1332 1549 1656 175 - 234 234 6.62 7.26 8.27 9.96 18.84 18.84 16.55 13.73 14.17 3.32 -3.34 -3.69 - - - - -

VONTOBEL HOLDING AG-REG CHF 2507 16 63 10 0 0 5 8.90 995 1078 970 1036 244 252 - - 2.22 2.41 2.69 3.13 17.61 17.85 15.77 13.55 1.75 0.19 4.32 -12.72 25.74 A 30.03.2009 - -

EFG INTERNATIONAL AG CHF 2039 4 147 2 0 0 5 1288 1228 790 806 - - - - 0.87 1.03 1.04 1.17 14.79 18.57 14.74 13.07 9.58 417.01 - - - - - - -

BASILEA PHARMACEUTICA-REG CHF 779 39 10 0 0 0 0 0.49 64 52 45 63 -52 - -45 -45 -6.08 -4.09 -4.29 -3.37 - - -14.53 84.77 14.49 - - - - - -

IMPLENIA AG-REG CHF 1121 27 18 0 0 0 1 0.89 2963 3198 3236 3416 155 164 174 174 4.14 4.52 4.79 5.18 14.76 14.76 13.92 12.86 7.54 5.77 4.22 12.57 5.62 - - - -

HUBER & SUHNER AG-REG CHF 1057 6 20 0 0 0 0 0.91 767 848 814 860 84 - 100 100 1.23 2.17 2.41 2.95 26.56 26.56 23.85 19.52 -8.75 2.38 - -6.85 - - - - -

ZUGER KANTONALBANK-BR CHF 1495 0 0 3 0 0 1 359 352 - - - - 233.46 233.03 24.47 24.47 -3.68 -3.55 - - - - - - -

SCHWEIZERISCHE NATL-V AG-REG CHF 1008 7 22 0 0 0 1 0.50 1749 1735 1729 1786 - - - - 5.14 4.97 5.08 5.39 10.10 10.09 9.88 9.33 0.84 -4.46 - - - NR 23.05.2006 - -

GATEGROUP HOLDING AG CHF 682 34 26 0 0 0 0 0.99 3289 3345 3366 3463 72 51 - - -2.45 -3.22 1.39 2.03 - - 20.13 13.78 12.45 0.89 -66.64 - 1.67 BB- 11.06.2013 - -

RIETER HOLDING AG-REG CHF 956 6 5 0 0 0 0 0.89 976 995 1068 1229 73 58 48 48 3.86 3.01 5.73 14.32 74.65 387.38 39.23 15.69 -12.32 -11.88 -59.79 -34.69 6.43 - - - -

VALORA HOLDING AG-REG CHF 785 6 3 1 0 0 0 1.11 3130 3157 3173 3216 147 167 91 91 21.09 18.01 18.05 19.47 13.95 13.95 13.92 12.90 1.17 -0.83 13.72 6.26 5.81 - - - -

BASELLANDS KANTONALBANK-CERT CHF 2341 0 2 4 0 0 1 623 611 - - - - 81.32 56.13 21.12 14.47 -3.17 -5.91 - - - AAA 21.11.2001 - -

EMMI AG-REG CHF 1576 1 5 1 0 0 0 2.19 3276 3526 3571 3650 274 285 - - 21.80 19.01 20.31 21.60 17.03 17.04 15.94 14.99 10.50 4.58 12.42 12.42 8.89 - - - -

BOSSARD HOLDING AG-BR CHF 804 10 3 0 0 0 0 0.95 518 518 661 708 64 64 89 89 14.56 14.56 16.82 17.35 15.18 15.18 13.14 12.74 3.23 -2.78 -3.69 -0.42 13.55 - - - -

SCHWEITER TECHNOLOGIES AG-BR CHF 965 1 1 0 0 0 0 0.62 740 697 737 768 88 77 - - 29.85 25.12 27.49 33.77 29.23 30.91 26.72 21.75 -3.86 321.01 -4.52 33.94 12.17 - - - -

U-BLOX AG CHF 528 10 6 0 0 0 0 0.46 190 220 242 280 41 - 48 48 2.99 3.55 4.21 4.93 25.93 26.25 21.84 18.67 42.68 25.38 26.89 33.00 - - - - -

INFICON HOLDING AG-REG CHF 739 1 2 0 0 0 0 0.74 327 313 337 356 62 - - - 19.63 18.09 19.25 21.20 21.67 21.89 20.36 18.49 -5.24 7.09 -5.59 8.51 - - - - -

SIEGFRIED HOLDING AG-REG CHF 610 4 4 0 0 0 0 0.58 404 424 424 436 54 61 63 63 7.27 8.01 10.50 13.38 22.01 22.73 16.80 13.18 13.28 6.35 35.65 -3.94 15.86 - - - -

VZ HOLDING AG CHF 1325 0 8 0 0 0 0 1.11 169 183 194 224 77 85 56 56 7.57 8.44 9.06 10.57 21.57 21.65 20.09 17.21 7.48 11.76 6.48 12.61 51.20 - - - -

AFG ARBONIA-FORSTER HOLD-REG CHF 629 18 18 0 0 0 0 0.90 1336 1294 1423 1437 120 118 128 128 -3.12 -2.38 2.04 2.93 - - 18.59 12.96 -4.30 -5.82 9.10 -7.13 10.05 - - - -

BASLER KANTONALBK - PC CHF 2698 2 28 9 0 0 6 1057 1017 - - - - 8.03 7.66 12.36 14.34 3.07 -5.74 - - - AA 06.08.2013 - -

INTERSHOP HOLDINGS AG-BR CHF 756 1 2 1 0 0 0 1.35 98 100 97 104 76 61 80 80 26.59 29.15 24.09 26.11 13.57 15.04 16.42 15.15 -0.41 -3.07 4.80 3.21 67.11 - - - -

METALL ZUG AG-SHS B-REG CHF 1068 0 0 0 0 0 0 0.68 920 943 940 962 122 - 115 115 152.93 276.35 151.91 173.58 9.57 9.57 17.41 15.24 -0.75 2.91 -24.67 -2.51 - - - - -

KUDELSKI SA-BR CHF 727 112 54 0 0 0 0 0.88 928 930 962 1002 113 128 134 134 0.33 0.73 1.04 1.18 20.39 20.35 14.34 12.60 -3.75 -1.13 15.97 -7.11 15.08 - - - -

LEM HOLDING SA-REG CHF 788 0 1 0 0 0 0 0.76 258 258 288 313 54 - - - 31.51 31.53 35.32 43.27 24.09 24.09 21.51 17.56 -0.64 5.03 16.00 7.46 - - - - -

KOMAX HOLDING AG-REG CHF 473 7 3 0 0 0 0 0.46 315 343 370 387 27 39 - - 3.66 5.44 9.59 10.71 27.44 27.95 15.56 13.94 -24.74 6.19 -60.21 -15.07 12.54 - - - -

LIECHTENSTEIN LANDESBANK-BR CHF 1249 5 28 2 0 0 9 642 693 500 413 - - - - 3.65 1.79 3.60 3.86 24.88 24.88 12.36 11.55 5.75 -5.92 - - - - - - -

ZEHNDER GROUP AG-BR CHF 520 13 12 0 0 0 0 0.42 576 567 572 591 62 47 - - 2.54 1.08 1.58 2.26 36.90 36.90 25.12 17.55 1.79 2.41 -19.46 0.19 9.15 - - - -

VETROPACK HOLDING AG-BR CHF 824 0 0 0 0 0 0 0.78 664 669 674 696 128 - 140 140 224.18 144.78 145.20 156.65 15.27 - 15.22 14.11 2.80 -3.78 -10.43 -10.29 - - - - -

Valuation Measures I/II

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


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

S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%

Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%

NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%

FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%

S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%

S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%

HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%

MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%

NESTLE SA-REG 3.33 3.17 2.94 2.77 2.22 2.16 2.05 1.94 1.83 15.24 14.95 13.72 12.57 13.09 12.73 11.92 11.19 10.27 18.59 18.29 16.95 15.58 14.45 3.27 3.40 3.61 3.84 3.83 69.14 9.1%

NOVARTIS AG-REG 2.65 2.58 2.46 2.35 2.08 3.69 3.63 3.53 3.42 3.32 12.92 12.83 12.14 10.93 10.69 13.03 13.26 12.64 11.89 11.46 14.71 15.00 13.83 12.71 12.13 3.17 3.27 3.42 3.64 3.90 74.21 6.5%

ROCHE HOLDING AG-GENUSSCHEIN 12.83 9.97 7.92 6.53 5.18 4.63 4.44 4.28 4.14 4.03 15.67 13.49 12.49 11.60 11.71 12.59 11.22 10.65 10.14 9.61 17.81 16.19 15.08 14.11 13.32 3.01 3.29 3.57 3.85 4.17 270.95 11.2%

UBS AG-REG 1.48 1.46 1.38 1.33 2.87 2.47 2.43 2.32 2.42 121.10 17.62 11.84 8.77 18.46 18.88 14.51 11.55 9.68 0.70 1.31 3.19 6.25 6.86 19.73 5.1%

ABB LTD-REG 3.28 2.99 2.69 2.42 1.40 1.34 1.29 1.22 1.15 14.54 12.86 11.03 10.16 10.66 10.99 9.61 8.72 8.02 8.22 18.19 16.37 14.40 13.04 12.92 2.99 3.23 3.40 3.60 3.95 22.56 4.9%

CIE FINANCIERE RICHEMON-REG 3.98 3.46 3.01 2.61 2.18 4.25 3.90 3.56 5.93 3.06 18.98 16.36 14.50 12.91 14.27 12.89 11.52 10.49 10.05 21.06 18.71 16.67 15.02 14.27 0.84 1.27 1.49 1.70 1.99 97.45 6.3%

CREDIT SUISSE GROUP AG-REG 1.04 1.01 0.94 0.89 0.82 1.79 1.63 1.58 1.52 1.47 17.76 10.46 8.84 7.84 11.51 10.83 9.25 8.40 8.41 2.50 2.88 3.99 4.81 5.64 29.94 8.1%

SYNGENTA AG-REG 4.57 3.88 3.50 3.14 2.71 2.57 2.40 2.27 2.16 15.62 15.55 13.73 12.57 13.07 12.58 11.38 10.53 10.07 18.74 17.80 15.80 14.41 13.55 2.25 2.62 2.91 3.13 3.35 412.22 10.0%

ZURICH INSURANCE GROUP AG 1.13 1.13 1.09 1.04 1.00 0.62 0.65 0.64 0.64 0.55 11.57 9.51 8.87 8.56 8.46 7.18 6.98 7.08 7.15 7.08 263.19 12.8%

SWISS RE AG 0.90 0.93 0.91 0.86 0.88 0.95 0.92 0.87 0.81 0.78 8.85 11.36 9.44 8.75 8.23 8.49 9.89 9.18 8.67 4.52 5.90 5.55 5.57 5.58 78.74 3.6%

SWATCH GROUP AG/THE-BR 3.47 3.13 2.74 2.42 3.98 3.51 3.19 2.94 2.74 22.07 18.42 15.66 13.77 18.13 13.94 12.00 10.62 9.57 9.16 21.31 18.15 16.13 14.48 13.38 1.16 1.32 1.51 1.70 2.00 622.00 6.1%

HOLCIM LTD-REG 1.27 1.25 1.17 1.08 0.91 1.02 1.07 1.02 0.96 0.87 7.22 6.89 6.00 5.25 4.06 8.54 8.42 7.30 6.52 5.57 19.82 16.97 12.82 10.37 7.00 1.59 1.97 2.55 3.15 3.68 73.22 7.8%

TRANSOCEAN LTD 1.04 1.01 0.95 0.88 1.68 1.70 1.56 1.48 1.45 6.31 6.49 5.20 4.72 4.65 6.94 6.81 5.67 5.24 5.11 12.85 11.22 8.40 7.56 6.86 1.11 4.10 5.09 5.24 50.55 24.4%

SGS SA-REG 7.95 7.40 6.60 5.85 3.08 2.82 2.61 2.41 2.22 18.60 16.67 14.55 13.18 12.43 15.26 13.61 11.97 10.89 10.37 26.56 24.51 21.37 19.03 17.49 2.90 2.89 3.02 3.20 2.78 2272.60 4.3%

WEATHERFORD INTL LTD 1.25 1.32 1.18 1.02 0.78 0.72 0.66 0.61 7.47 6.37 4.66 4.17 7.55 7.07 5.82 5.14 23.95 18.41 11.73 8.87 0.00 0.00 0.00 0.00 15.90 15.2%

SWISSCOM AG-REG 4.55 4.43 4.07 3.75 2.01 1.99 1.98 1.96 1.99 6.42 6.01 6.00 5.96 7.22 7.40 7.29 7.19 7.04 13.07 14.03 13.78 13.50 13.62 5.02 5.03 5.11 5.25 5.42 434.84 -0.8%

GIVAUDAN-REG 3.33 3.34 3.24 3.15 2.91 2.76 2.64 2.52 2.44 17.45 14.73 13.73 12.46 12.10 15.57 13.83 12.85 12.11 11.83 24.35 21.95 19.90 18.38 16.48 1.94 3.15 3.54 3.94 4.18 1296.11 -2.3%

JULIUS BAER GROUP LTD 1.81 1.92 1.83 1.71 5.44 4.28 3.60 3.27 3.28 21.09 20.41 13.93 11.55 20.73 18.12 14.72 12.27 17.45 1.44 1.50 1.76 2.30 43.39 2.3%

GEBERIT AG-REG 6.62 5.77 5.27 4.89 4.19 4.01 3.83 3.63 3.65 18.63 16.83 15.91 15.14 14.77 16.30 15.32 14.43 13.48 12.46 23.41 21.47 20.10 18.73 17.83 2.71 2.97 3.19 3.38 2.53 235.83 -2.6%

ADECCO SA-REG 2.56 2.55 2.39 2.15 1.73 0.48 0.51 0.48 0.45 0.41 15.53 15.35 12.73 10.98 11.77 12.79 12.68 10.50 9.03 7.94 18.83 18.38 14.66 12.22 10.24 2.61 2.88 3.25 3.79 3.87 66.03 2.7%

ACTELION LTD-REG 4.77 5.00 4.21 3.44 2.85 4.46 4.36 4.20 4.06 4.22 18.70 14.49 13.44 12.32 12.59 12.66 11.74 11.05 10.25 11.57 17.34 17.40 16.26 14.40 15.08 1.21 1.62 1.75 1.82 1.99 67.67 5.6%

KUEHNE & NAGEL INTL AG-REG 5.99 5.72 5.28 4.88 4.48 0.85 0.82 0.79 0.69 0.62 20.35 17.93 16.06 14.80 14.30 15.29 13.91 12.71 11.82 11.07 25.56 23.55 20.97 19.41 17.85 3.03 3.19 3.50 3.80 4.32 114.31 -5.4%

SCHINDLER HOLDING-PART CERT 5.05 5.02 4.32 3.72 1.86 1.76 1.65 1.56 1.48 19.41 18.83 15.38 13.90 12.05 11.91 11.07 10.09 9.11 22.89 22.50 19.68 17.80 16.36 1.66 1.64 1.90 2.10 2.08 141.78 5.2%

SONOVA HOLDING AG-REG 4.71 4.02 3.50 3.09 4.13 3.87 3.62 3.38 3.21 28.81 17.78 16.00 14.28 20.86 14.84 13.26 12.06 10.61 24.79 20.63 18.28 16.51 14.07 1.20 1.55 1.67 2.00 2.07 111.90 0.3%

SIKA AG-BR 3.48 3.10 2.80 2.54 1.40 1.32 1.22 1.14 1.06 15.95 13.70 12.11 11.09 12.49 11.08 9.95 9.06 8.38 23.51 20.45 17.69 15.68 14.31 1.80 2.12 2.37 2.53 2572.67 -3.9%

SWATCH GROUP AG/THE-REG 2.99 2.81 2.43 3.97 3.57 3.30 14.17 12.12 11.09 18.72 15.78 14.40 1.27 1.46 1.66 125.50 22.6%

ARYZTA AG 1.85 1.71 1.59 1.51 1.35 1.05 0.98 0.93 0.89 0.85 10.19 8.18 7.02 6.53 4.08 10.42 9.63 8.73 8.21 7.70 14.02 13.36 12.04 10.84 9.81 1.08 1.13 1.26 1.40 1.52 64.96 11.7%

SWISS LIFE HOLDING AG-REG 0.57 0.62 0.60 0.57 0.58 0.32 0.30 0.31 0.28 0.28 9.64 7.74 8.01 7.62 6.64 2.62 2.73 2.87 3.15 4.02 183.67 5.4%

CLARIANT AG-REG 1.54 1.59 1.51 1.39 0.69 0.82 0.79 0.75 0.70 10.26 9.35 7.32 6.35 8.50 8.57 7.67 6.97 6.72 16.24 14.52 12.36 10.60 10.00 1.87 2.31 2.67 3.09 2.62 16.14 5.6%

BALOISE HOLDING AG - REG 1.10 0.99 0.95 0.94 0.55 0.62 0.60 0.65 11.26 9.86 9.64 9.71 4.64 4.85 4.94 4.95 103.82 2.3%

LINDT & SPRUENGLI AG-REG 5.66 4.73 4.35 4.21 3.42 3.18 2.97 2.78 2.55 27.15 23.68 21.28 18.48 18.31 16.58 15.19 13.97 12.70 34.48 31.84 28.87 26.01 1.34 1.51 1.67 1.83 39373.33 -8.1%

SWISS PRIME SITE-REG 1.07 1.03 1.02 1.01 9.95 6.20 6.24 6.23 9.00 20.06 15.05 16.29 16.82 17.82 22.01 23.02 22.08 21.65 22.26 19.20 19.21 18.69 17.83 17.82 5.18 5.18 5.18 5.18 5.18 67.00 -3.6%

PARTNERS GROUP HOLDING AG 9.44 7.01 6.08 5.48 14.06 12.10 10.65 9.43 8.25 22.43 91.27 19.49 13.82 23.07 20.00 17.42 15.31 13.78 23.12 20.70 17.86 15.62 2.65 3.13 3.54 3.93 241.67 8.1%

LONZA GROUP AG-REG 1.60 1.63 1.52 1.39 1.02 1.02 0.97 0.92 0.88 6.28 6.91 6.10 5.36 9.84 9.67 8.56 7.81 7.04 17.90 15.20 12.52 11.05 9.94 2.76 2.91 3.16 3.44 4.10 72.40 -2.8%

GALENICA AG-REG 3.74 3.24 2.86 2.56 2.23 1.41 1.42 1.36 1.30 1.21 17.03 14.39 14.10 12.98 10.82 13.78 12.73 12.51 11.45 9.66 20.80 17.53 17.12 15.67 12.32 1.22 1.60 1.66 1.84 2.53 737.33 -4.8%

DUFRY AG-REG 3.15 2.93 2.59 2.25 1.28 1.12 0.99 0.90 0.79 11.33 12.75 11.38 9.02 12.10 11.28 9.50 8.40 7.46 15.93 21.48 16.17 13.32 12.14 0.00 0.00 0.05 0.34 146.27 6.7%

LINDT & SPRUENGLI AG-PC 5.14 3.97 3.64 3.33 3.42 3.17 2.96 2.77 2.56 24.10 27.85 23.89 17.54 18.48 16.71 15.29 14.06 12.74 30.74 27.77 25.42 23.18 19.32 1.52 1.76 1.94 2.13 4008.00 8.6%

SULZER AG-REG 2.08 1.93 1.76 1.59 1.21 1.16 1.09 1.01 0.94 10.44 12.51 11.12 9.96 9.06 9.51 8.05 7.07 6.41 15.11 17.11 13.75 11.70 10.70 2.22 2.19 2.55 2.92 147.82 6.3%

PSP SWISS PROPERTY AG-REG 1.01 0.95 0.94 0.94 13.44 13.18 12.99 12.73 11.85 22.56 22.30 22.51 22.54 24.22 24.38 23.63 23.46 22.94 21.74 22.38 21.94 22.14 21.89 20.52 3.87 4.11 4.19 4.24 4.26 87.03 10.2%

SCHINDLER HOLDING AG-REG 4.90 4.86 4.19 3.60 1.86 1.76 1.65 1.56 1.48 18.82 18.26 14.92 13.48 12.05 11.91 11.07 10.09 9.11 22.19 21.82 19.08 17.26 15.86 1.79 1.93 2.08 2.27 143.25 9.6%

GAM HOLDING AG 1.37 1.33 1.25 1.17 5.09 4.25 4.04 3.69 3.61 18.65 12.58 12.03 10.92 19.17 13.27 12.45 10.91 3.01 3.75 4.31 4.73 18.85 13.6%

HELVETIA HOLDING AG-REG 0.98 0.95 0.90 0.84 0.48 0.46 0.44 0.43 10.57 10.11 9.76 9.45 4.17 4.30 4.45 4.68 418.67 2.7%

FISCHER (GEORG)-REG 1.81 2.04 1.84 1.67 0.63 0.61 0.59 0.57 0.53 7.27 7.28 7.51 6.82 7.56 7.34 6.71 6.34 5.76 15.29 14.24 12.49 11.63 10.61 2.15 2.65 2.92 3.20 3.25 538.13 -3.0%

EMS-CHEMIE HOLDING AG-REG 6.55 6.45 6.10 5.78 4.23 3.94 3.74 3.58 3.27 27.47 20.08 19.39 18.54 19.46 17.47 16.58 15.87 13.75 28.93 25.31 24.65 23.67 20.26 2.37 3.13 3.35 3.49 262.67 -17.2%

BARRY CALLEBAUT AG-REG 3.38 2.68 2.51 2.27 1.04 0.99 0.80 0.75 0.69 14.75 13.80 14.21 12.54 13.77 13.59 11.25 10.06 9.07 18.89 21.02 17.65 15.12 13.28 1.59 1.75 1.91 2.11 2.59 882.14 -1.7%

OC OERLIKON CORP AG-REG 2.17 2.00 1.84 1.70 1.41 1.38 1.33 1.29 1.27 9.25 10.88 9.90 9.26 9.04 6.96 7.50 6.75 6.33 6.32 18.25 18.09 15.63 14.40 14.82 1.90 2.28 2.40 2.64 2.85 13.69 11.3%

DKSH HOLDING LTD 4.47 3.78 3.38 3.02 2.58 0.58 0.50 0.46 0.42 0.40 25.06 20.30 18.08 16.23 18.01 15.45 13.83 12.21 10.89 9.58 28.21 24.13 21.64 19.37 17.37 1.08 1.28 1.51 1.56 1.85 80.91 4.0%

PARGESA HOLDING SA-BR 0.74 0.76 0.76 0.73 1.00 11.83 19.01 19.79 17.03 25.15 13.28 10.26 46.07 51.23 36.46 33.83 44.29 15.57 12.48 10.82 3.32 3.90 4.08 4.35 70.10 2.1%

FLUGHAFEN ZUERICH AG-REG 1.60 1.51 1.40 1.31 3.12 3.03 2.99 2.89 9.47 8.28 6.87 6.38 7.94 7.71 7.69 7.39 16.59 19.24 14.71 13.57 1.84 2.05 2.39 2.65 515.42 7.4%

PANALPINA WELTTRANSPORT -REG 3.79 4.03 3.70 3.31 2.90 0.48 0.44 0.42 0.40 0.40 55.65 27.70 18.79 15.18 13.06 20.52 16.99 13.67 11.05 8.69 44.93 38.69 28.39 21.56 15.02 0.97 1.44 1.62 2.03 2.71 119.95 -9.8%

Price to Earnings Ratio

Valuation Measures II/II

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


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

S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%

Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%

NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%

FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%

S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%

S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%

HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%

MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%

NOBEL BIOCARE HOLDING AG-REG 4.48 3.86 3.50 3.17 2.35 2.39 2.30 2.19 2.04 17.11 20.11 15.30 13.96 9.98 12.88 13.45 11.87 10.83 10.72 30.94 28.09 24.08 20.57 14.96 1.34 1.58 1.86 2.04 2.71 11.26 -16.3%

BUCHER INDUSTRIES AG-REG 2.55 2.27 2.01 1.79 0.92 0.89 0.86 0.83 0.86 10.23 9.32 8.52 8.08 8.30 8.70 7.84 7.41 7.03 6.92 15.33 13.51 12.63 11.75 11.54 1.98 2.32 2.51 2.65 2.99 250.38 7.0%

KABA HOLDING AG-REG B 2.56 2.36 2.17 1.99 1.60 1.55 1.50 1.43 1.38 13.26 12.68 11.75 8.66 10.13 9.39 8.68 7.93 7.26 19.12 17.23 15.54 13.66 11.85 2.41 2.74 2.94 3.33 3.63 388.33 -2.9%

STRAUMANN HOLDING AG-REG 3.89 3.82 3.36 3.17 3.72 3.80 3.69 3.21 2.86 24.76 19.17 16.56 14.70 11.69 18.86 16.28 14.44 11.62 10.02 31.29 23.23 20.72 17.52 15.05 1.77 2.08 2.25 2.46 2.09 160.82 -2.5%

TEMENOS GROUP AG-REG 4.55 4.10 3.58 3.08 4.02 3.76 3.51 3.23 2.95 22.64 16.81 15.86 13.46 16.52 13.94 12.15 10.74 9.75 29.56 21.76 18.58 15.81 13.39 0.00 1.36 1.50 1.69 2.50 24.23 8.2%

BANQUE CANTONALE VAUDOIS-REG 1.22 1.27 1.27 1.26 4.22 4.27 4.13 4.01 3.76 10.94 11.13 11.04 10.65 14.10 14.45 13.98 13.05 6.46 6.63 6.80 6.95 506.00 2.2%

VALIANT HOLDING AG-REG 0.72 0.68 0.62 0.57 3.59 3.57 3.59 3.43 3.29 12.07 12.62 12.84 11.81 3.64 3.64 3.64 3.96 100.00 13.8%

KUONI REISEN HLDG-REG(CAT B) 1.80 1.81 1.65 1.50 0.25 0.25 0.31 0.29 0.23 8.77 9.16 6.97 6.21 7.07 6.13 5.39 4.87 4.15 15.94 15.39 12.47 11.19 8.39 1.05 1.09 1.83 2.15 3.31 387.75 6.2%

ALLREAL HOLDING AG-REG 1.05 1.02 0.99 0.97 8.19 7.21 6.98 6.87 17.88 14.39 16.25 16.07 22.29 19.36 18.40 17.67 17.80 17.11 15.80 14.74 4.35 4.37 4.74 4.73 140.00 11.3%

LOGITECH INTERNATIONAL-REG 1.81 1.86 1.76 1.62 0.73 0.75 0.74 0.73 0.70 13.33 14.57 11.85 10.37 11.55 10.04 8.32 7.89 41.54 27.02 18.44 15.07 4.81 2.50 2.71 2.86 6.99 -13.1%

LUZERNER KANTONALBANK AG-REG 1.45 1.39 1.33 1.28 7.20 7.18 7.02 6.86 16.46 15.96 15.14 14.67 16.71 16.65 16.16 15.64 3.05 3.05 3.05 3.33

MOBIMO HOLDING AG-REG 0.98 0.95 0.95 0.94 9.53 9.48 9.69 9.06 9.30 19.44 21.85 21.73 21.38 21.90 23.14 21.86 23.91 23.99 23.30 23.69 21.29 22.28 22.76 21.90 4.77 4.77 4.77 4.77 4.77 210.00 11.2%

TECAN GROUP AG-REG 3.53 3.18 2.87 2.53 2.80 2.71 2.47 2.20 1.97 29.88 14.20 12.50 11.36 15.55 14.10 12.36 10.18 8.52 23.62 22.97 19.36 15.40 12.23 1.35 1.57 1.81 2.11 2.42 104.17 8.1%

BERNER KANTONALBANK AG-REG

BELIMO HOLDING AG-REG 5.53 4.87 4.37 3.92 3.21 2.97 2.74 2.53 2.30 18.59 15.92 14.54 13.57 14.83 13.08 11.95 10.84 9.52 23.28 20.39 18.51 17.01 2.42 2.88 3.17 3.51 3.87 2305.00 -0.8%

BURCKHARDT COMPRESSION HOLDI 3.64 3.25 2.96 2.80 3.16 2.79 2.56 2.41 2.37 15.83 14.89 14.26 13.65 12.50 11.93 10.42 9.33 9.44 21.43 20.22 17.45 16.03 14.87 2.43 2.94 3.46 3.83 351.80 -1.7%

AMS AG 2.23 2.09 1.82 1.58 2.62 2.61 2.32 2.12 1.98 8.59 11.51 9.11 8.35 8.27 10.40 8.24 7.24 7.37 11.02 15.78 11.64 9.72 9.05 1.65 1.80 2.11 2.69 89.26 3.5%

FORBO HOLDING AG-REG 1.76 1.59 1.47 1.35 1.30 1.29 1.27 1.24 1.24 10.08 9.21 8.58 8.05 7.89 8.27 7.83 7.54 7.31 16.60 15.12 13.87 12.98 10.98 1.78 1.91 2.02 2.26 2.34 715.00 4.5%

ST GALLER KANTONALBANK A-REG 1.06 1.02 0.98 0.94 4.25 4.14 4.38 4.28 12.12 11.20 11.35 11.14 13.11 12.49 12.22 11.97 4.10 4.10 4.28 4.78 380.00 3.8%

GRAUBUENDNER KANTONALBANK-PC 1.42 1.30 1.24 7.71 7.69 7.46 1.65 1.70 1.62 15.55 15.44 14.62 3.19 3.53 3.53

MEYER BURGER TECHNOLOGY AG 0.87 1.26 1.37 1.35 1.33 2.55 1.64 1.22 182.64 22.62 6701.73 44.49 10.13 215.11 0.00 0.00 0.00 0.00 7.42 -23.4%

DAETWYLER HOLDING AG-BR 2.61 2.78 2.42 2.12 1.40 1.37 1.29 2.46 12.74 10.66 8.09 7.75 10.18 9.31 8.27 7.59 16.40 15.06 12.50 11.30 2.05 2.30 2.67 2.94 125.00 10.3%

VONTOBEL HOLDING AG-REG 1.42 1.39 1.33 1.28 2.94 2.58 2.42 2.25 2.17 13.35 10.85 9.80 9.11 17.32 14.35 12.33 11.16 3.33 3.86 4.13 4.62 34.36 -2.1%

EFG INTERNATIONAL AG 1.58 1.46 1.32 1.24 1.15 2.33 2.58 2.53 2.28 2.17 12.52 11.00 9.30 15.54 13.41 11.89 9.94 9.37 0.91 1.86 2.65 3.76 5.38 13.65 7.9%

BASILEA PHARMACEUTICA-REG 1.65 11.70 14.37 3.82 12.42 17.23 12.36 7.09 4.14 3.94 5.34 90.26 7.06 307.71 6.62 0.00 0.00 0.00 90.00 21.9%

IMPLENIA AG-REG 1.91 1.73 1.57 1.45 0.38 0.35 0.33 0.33 7.51 6.32 6.24 5.83 5.66 5.13 4.83 4.69 14.95 12.67 11.70 10.97 2.21 2.72 2.90 3.17 65.00 17.8%

HUBER & SUHNER AG-REG 1.60 1.53 1.46 1.38 1.38 1.30 1.23 1.18 19.23 10.11 10.66 10.08 12.58 9.17 8.15 7.64 40.17 21.71 17.76 16.25 1.15 1.83 2.17 2.33 50.00 5.0%

ZUGER KANTONALBANK-BR

SCHWEIZERISCHE NATL-V AG-REG 1.05 0.99 0.94 0.90 0.57 0.58 0.56 0.57 8.78 8.99 8.49 7.60 4.51 4.62 4.88 5.14 46.80 12.5%

GATEGROUP HOLDING AG 1.32 2.28 1.98 1.74 0.21 0.20 0.20 0.19 0.19 5.58 5.33 4.96 4.63 5.37 5.43 4.91 4.56 4.56 15.66 18.31 12.54 11.59 1.94 1.05 1.93 2.43 22.00 -5.0%

RIETER HOLDING AG-REG 2.32 2.25 2.01 1.82 1.00 0.89 0.78 0.74 0.75 13.81 14.80 10.54 8.80 12.40 10.22 6.04 5.22 5.34 50.43 35.69 14.28 11.68 12.58 1.25 1.10 2.36 2.69 206.43 10.9%

VALORA HOLDING AG-REG 1.26 1.21 1.16 1.11 0.25 0.25 0.24 0.24 0.24 6.96 5.86 5.68 5.19 5.71 8.88 7.08 6.77 6.29 6.12 12.65 12.67 11.74 10.00 9.62 4.92 6.19 6.53 7.39 8.17 194.67 -6.4%

BASELLANDS KANTONALBANK-CERT

EMMI AG-REG 1.47 1.34 1.24 1.16 0.48 0.44 0.43 0.42 6.18 6.46 6.14 5.93 7.87 7.56 7.30 7.10 14.93 14.50 13.64 12.82 1.34 1.42 1.51 1.56 278.33 3.9%

BOSSARD HOLDING AG-BR 4.29 4.18 3.44 2.90 1.53 1.22 1.90 1.07 1.01 11.89 10.80 9.79 9.20 8.74 14.74 10.66 9.92 9.39 7.94 15.11 11.96 11.59 11.03 9.70 2.65 3.10 3.36 3.58 4.12 167.50 -8.5%

SCHWEITER TECHNOLOGIES AG-BR 1.33 1.35 1.37 1.32 1.22 1.31 1.26 1.19 10.41 12.68 12.25 12.02 7.05 7.93 7.05 6.49 15.84 24.31 19.79 17.20 6.58 5.35 4.56 4.61 625.00 2.8%

U-BLOX AG 3.29 2.85 2.52 2.22 2.85 2.18 1.89 1.68 31.10 15.65 13.18 11.98 13.29 9.52 8.22 7.28 29.50 19.87 16.99 14.99 1.22 1.48 1.64 1.80 84.00 10.2%

INFICON HOLDING AG-REG 3.69 4.02 3.91 3.79 2.51 2.43 2.30 2.22 13.92 15.20 13.15 11.90 12.15 11.26 10.32 10.03 19.45 18.53 16.83 16.35 4.70 5.43 5.68 5.57 316.25 7.8%

SIEGFRIED HOLDING AG-REG 1.48 1.61 1.58 1.45 1.53 1.44 1.40 1.33 14.07 10.71 8.69 7.11 12.39 9.23 7.05 6.00 26.59 15.29 12.00 12.15 0.68 1.62 2.17 2.40 150.00 2.7%

VZ HOLDING AG 5.20 4.48 3.67 3.14 8.15 6.83 5.92 5.20 4.10 22.06 17.31 15.02 13.25 15.42 12.18 10.50 6.50 23.51 18.28 15.66 13.52 1.68 2.06 2.39 2.65 153.00 1.5%

AFG ARBONIA-FORSTER HOLD-REG 1.36 1.27 1.19 1.10 0.44 0.44 0.44 0.42 0.42 6.00 5.93 5.19 4.80 7.79 7.03 6.21 5.68 5.26 34.39 16.92 11.80 9.52 8.85 0.00 1.67 2.30 2.96 3.60 35.00 11.5%

BASLER KANTONALBK - PC

INTERSHOP HOLDINGS AG-BR 1.26 1.22 1.20 1.19 7.81 7.75 7.30 7.69 14.71 14.64 13.76 14.77 16.99 16.93 15.72 16.71 15.59 14.94 13.78 14.80 5.95 5.95 6.11 6.11

METALL ZUG AG-SHS B-REG 1.29 1.35 1.27 1.28 1.17 1.14 1.11 1.10 5.99 5.94 5.42 5.28 20.22 15.84 13.87 13.93 2.51 2.51 2.51 2.51 2400.00 9.6%

KUDELSKI SA-BR 1.54 1.42 1.28 1.17 0.77 0.76 1.30 1.27 6.42 6.68 6.11 5.51 8.61 6.61 6.15 5.92 16.25 13.04 11.46 10.71 0.90 1.34 1.56 1.71 12.38 0.7%

LEM HOLDING SA-REG 8.53 8.54 2.99 2.74 2.52 2.37 17.09 16.54 15.16 14.49 12.82 12.27 10.47 9.71 19.12 19.57 15.97 14.90 4.40 4.64 5.94 5.86

KOMAX HOLDING AG-REG 1.68 1.58 1.45 1.34 1.51 1.28 1.22 1.19 15.06 9.87 9.79 8.66 16.31 7.83 7.60 7.21 28.17 14.16 12.69 11.68 1.67 2.19 2.74 2.91 138.00 11.7%

LIECHTENSTEIN LANDESBANK-BR 0.66 0.64 0.61 2.50 3.02 2.91 11.57 8.02 6.64 11.25 10.51 8.29 4.07 4.61 5.69

ZEHNDER GROUP AG-BR 1.55 1.51 1.42 1.31 0.74 0.74 1.20 0.68 0.66 6.35 8.85 7.02 6.07 6.26 7.67 7.18 5.95 5.53 12.02 22.85 15.97 12.50 7.41 2.75 1.83 2.09 2.54 2.80 37.00 -8.2%

VETROPACK HOLDING AG-BR 1.18 1.12 1.05 0.97 1.24 1.22 1.18 3.09 6.39 6.13 5.51 5.10 5.99 5.58 5.20 4.85 14.50 13.85 12.84 11.79 2.51 1.89 2.03 2.15 1925.00 5.2%

Price to Earnings Ratio

Valuation Measures II/II

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


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

NESTLE SA-REG CHF 3.1 1 1 1 1 0 0 0 0 1 5 80337 -3934 60685 13388 190038 62987 89931 62664 4.66 1.00 18.6 1 2 1 3 1 12 0 3.4396 0 3 0 1 0 1 1 1 1 5

NOVARTIS AG-REG CHF 2.2 1 1 1 1 1 1 0 0 0 6 62795 3953 68092 11794 152316 54997 56673 69219 5.22 1.00 16.0 1 3 1 2 1 11 0 3.9889 0 3 0 1 0 1 1 1 1 5

ROCHE HOLDING AG-GENUSSCHEIN CHF 11.0 1 1 0 1 1 0 1 1 1 7 53111 11162 14334 16979 158712 48077 45499 16728 5.56 1.00 16.4 1 3 1 11 0 12 0 3.9946 0 2 0 1 0 1 1 1 1 5

UBS AG-REG CHF 1.2 0 1 0 1 0 - 0 - 0 2 1252770 - 11614 1612 53475 1208983 37754 50249 - - - - 1 1 1 1 1 1 1.0512 0 3 - - - 1 - 1 1 3

ABB LTD-REG CHF 2.8 1 1 0 1 0 1 0 0 0 4 35343 9028 15215 4112 47151 31624 39336 17446 3.71 1.00 17.4 1 1 1 3 1 12 0 3.3111 0 3 0 1 0 1 1 1 1 5

CIE FINANCIERE RICHEMON-REG CHF 3.3 1 1 1 0 0 0 0 1 0 4 14106 7097 9882 2434 33871 4282 10150 10215 7.62 1.00 16.7 1 3 1 3 1 21 0 1.3114 0 3 0 1 1 1 1 1 1 6

CREDIT SUISSE GROUP AG-REG CHF 0.8 1 0 0 0 0 - 0 - 0 1 915648 - 11809 1573 28800 881996 38313 42284 - - 27.1 1 1 1 1 1 - - 3.3693 0 3 0 0 0 1 - 1 1 3

SYNGENTA AG-REG CHF 4.2 1 1 1 0 1 0 0 1 1 6 15900 4537 5302 2550 36836 10645 14202 8756 3.87 1.00 19.7 1 3 1 4 1 27 0 2.5851 0 3 0 1 1 1 1 1 1 6

ZURICH INSURANCE GROUP AG CHF 1.1 1 1 0 0 1 - 0 - 1 4 399712 - 26311 5872 39176 372405 70446 36862 - - 10.1 1 1 1 1 1 11 0 6.8244 0 3 0 1 0 1 - 1 1 4

SWISS RE AG CHF 0.7 1 1 1 1 0 - 0 - 1 5 211693 - 25144 5751 24770 181759 33116 34026 - - 6.1 1 1 1 1 1 6 1 3.8099 0 4 - 1 1 1 - 1 1 5

SWATCH GROUP AG/THE-BR CHF 2.7 1 1 1 0 1 1 0 - 1 6 10607 6623 9200 1984 24909 1878 7796 9344 11.25 1.00 15.6 1 2 1 3 1 14 0 1.4636 0 3 0 1 1 1 1 1 1 6

HOLCIM LTD-REG CHF 1.3 1 1 1 1 1 0 0 0 1 6 33173 -36 7722 1816 21766 21593 21544 19838 1.74 1.00 34.8 1 1 1 1 1 8 1 1.719 0 4 0 0 1 1 0 1 1 4

TRANSOCEAN LTD CHF - 0 1 1 1 1 1 - 1 1 7 31268 3184 3094 1685 - 18525 9196 15730 1.53 1.00 - - - - - - - - - - 0 - - - 1 0 1 1 3

SGS SA-REG CHF 7.5 1 1 0 0 1 0 0 - 1 4 3749 1298 2052 843 15463 2876 5578 2118 6.73 1.00 27.8 1 3 1 8 1 31 0 2.8628 0 3 0 0 0 1 1 1 1 4

WEATHERFORD INTL LTD CHF - 0 1 0 1 0 0 - 0 1 3 18158 3319 3337 1163 - 13977 15215 8818 1.98 1.00 - - - - - - - - - - 0 - - - 1 - 1 1 3

SWISSCOM AG-REG CHF 4.9 1 1 1 1 1 0 1 - 1 7 12363 -360 3944 2157 20399 15938 11384 4156 2.56 1.00 11.6 1 2 1 5 1 5 1 5.5866 0 4 - 1 1 1 1 1 1 6

GIVAUDAN-REG CHF 2.4 1 1 1 1 1 1 0 0 1 7 3895 1210 3588 608 8768 2670 4257 3680 5.27 1.00 21.3 1 2 1 2 1 13 0 3.7383 0 3 0 0 1 1 1 1 1 5

JULIUS BAER GROUP LTD CHF 1.4 1 1 1 1 1 - 0 - 0 5 53232 - 4867 374 6922 49994 2029 4874 - - 22.0 1 3 1 1 1 8 1 1.8559 0 4 - 0 1 1 - 1 1 4

GEBERIT AG-REG CHF 5.3 1 1 1 1 0 1 1 - 1 7 1369 487 1427 462 7570 576 1920 1431 13.72 1.00 19.6 1 4 1 5 1 16 0 1.8868 0 3 0 1 0 1 1 1 1 5

ADECCO SA-REG CHF 2.0 1 1 0 1 0 1 0 1 0 5 5527 1032 1962 673 7347 5915 20536 3699 5.88 1.00 19.9 1 0 1 2 1 13 0 - - 3 0 1 0 1 1 1 1 5

ACTELION LTD-REG CHF 3.2 1 1 1 1 0 0 1 1 1 7 2450 1171 512 421 4916 1176 1722 1519 5.57 1.00 16.7 1 3 1 3 1 9 1 1.8378 0 4 0 1 - 1 1 1 1 5

KUEHNE & NAGEL INTL AG-REG CHF 5.5 1 1 0 1 1 1 0 0 1 6 5444 831 1727 706 13171 3854 17120 2425 6.26 1.00 27.1 1 1 1 5 1 23 0 3.1818 0 3 0 0 0 1 1 1 1 4

SCHINDLER HOLDING-PART CERT CHF 5.5 1 1 1 1 1 1 1 - 1 8 7018 1842 2768 985 15265 5009 8258 2813 4.34 1.00 21.8 1 2 1 5 1 20 0 1.6667 0 3 0 0 1 1 1 1 1 5

SONOVA HOLDING AG-REG CHF 4.8 1 1 0 1 1 1 0 1 0 6 1481 615 1604 157 7646 1046 1795 1635 7.96 1.00 68.6 1 4 1 5 1 20 0 1.4047 0 3 0 0 0 1 1 1 1 4

SIKA AG-BR CHF 2.7 1 1 1 1 1 0 1 - 1 7 3520 1454 1788 429 5360 2255 4829 2007 4.72 1.00 16.1 1 1 1 3 1 11 0 2.4171 0 3 - 1 1 1 1 1 1 6

SWATCH GROUP AG/THE-REG CHF - 1 1 1 0 1 1 - - 1 6 10607 6623 9200 1984 - 1878 7796 9344 11.25 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5

ARYZTA AG CHF 1.5 1 1 0 1 1 0 0 0 0 4 2685 139 1648 338 3558 3048 4208 2509 3.87 1.00 26.8 1 1 1 1 1 10 0 1.2527 0 3 0 0 0 1 - 1 1 3

SWISS LIFE HOLDING AG-REG CHF 0.4 1 1 0 1 1 - 0 - 1 5 162112 - 8582 951 3876 153114 19076 10286 - - 42.1 1 0 1 0 1 3 1 3.7068 0 4 - 0 0 1 - 1 1 3

CLARIANT AG-REG CHF 1.2 1 1 0 1 0 1 0 1 0 5 7941 1726 1860 456 3653 6485 6038 3040 2.20 1.00 17.6 1 1 1 1 1 9 1 0 0 4 0 1 0 1 0 1 1 4

BALOISE HOLDING AG - REG CHF 0.8 1 1 1 1 0 - 0 - 1 5 73198 - 4608 539 3685 68654 9333 4873 - - 8.4 1 0 1 1 1 7 1 5.7325 0 4 - 1 1 1 - 1 1 5

LINDT & SPRUENGLI AG-REG CHF 4.5 1 1 1 1 1 1 1 - 1 8 2607 1027 1705 363 7747 893 2670 1727 8.09 1.00 28.8 1 3 1 4 1 21 0 - - 3 0 0 0 1 1 1 1 4

SWISS PRIME SITE-REG CHF 1.2 1 1 0 0 1 - 0 - 0 3 9065 - 1833 200 4582 5323 577 3923 - - 13.3 1 7 1 1 1 43 0 0 0 3 - 1 0 1 - 1 1 4

PARTNERS GROUP HOLDING AG CHF 7.7 1 1 1 1 0 - 0 - 1 5 826 - 694 275 5382 169 564 696 - - 20.8 1 9 1 8 1 18 0 2.9593 0 3 0 0 1 1 - 1 1 4

LONZA GROUP AG-REG CHF 1.1 1 1 0 1 1 0 0 0 1 5 5078 661 2044 336 2563 4694 3925 2406 2.04 1.00 14.0 1 1 1 1 1 4 1 4.3558 0 4 - 1 1 1 0 1 1 5

GALENICA AG-REG CHF 2.6 1 1 1 1 1 0 0 1 1 7 1895 411 1345 355 3438 1769 3608 1378 5.49 1.00 13.6 1 1 1 3 1 12 0 2.0735 0 3 0 1 0 1 1 1 1 5

DUFRY AG-REG CHF 2.8 1 1 0 1 1 1 0 1 0 6 1493 449 -117 276 3509 2158 3154 1367 3.35 1.00 26.8 1 1 1 3 1 10 0 0 0 3 - 0 0 1 1 1 1 4

LINDT & SPRUENGLI AG-PC CHF - 1 1 1 1 1 1 - - 1 7 2607 1027 1705 363 - 893 2670 1727 8.09 1.00 - - - - - - - - - - 0 - - 0 1 1 1 1 4

SULZER AG-REG CHF 2.1 1 1 0 1 1 1 0 1 0 6 3147 950 2297 421 4904 2290 4022 2304 4.34 1.00 16.0 1 1 1 2 1 10 0 2.2207 0 3 - 1 0 1 1 1 1 5

PSP SWISS PROPERTY AG-REG CHF 1.1 1 1 0 0 1 - 0 - 0 3 6354 - 2663 135 3970 2655 283 3699 - - 10.5 1 14 0 1 1 28 0 0 0 2 - 1 0 1 - 1 1 4

SCHINDLER HOLDING AG-REG CHF 5.5 1 1 1 1 1 1 1 - 1 8 7018 1842 2768 985 15265 5009 8258 2813 4.34 1.00 21.8 1 2 1 5 1 20 0 1.6667 0 3 0 0 1 1 1 1 1 5

GAM HOLDING AG CHF 1.0 1 1 1 1 0 - 1 - 1 6 922 - 206 119 2032 341 999 1953 - - 24.2 1 2 1 1 1 14 0 4.0486 0 3 - 0 - 1 - 1 1 3

HELVETIA HOLDING AG-REG CHF 0.8 1 1 1 0 1 - 1 - 0 5 42160 - 3511 438 2984 38397 7967 4100 - - 9.1 1 0 1 1 1 15 0 4.9062 0 3 0 1 1 1 - 1 1 5

FISCHER (GEORG)-REG CHF 1.2 1 1 0 1 1 1 1 - 1 7 2619 745 1085 226 1509 1613 3602 1286 2.91 1.00 9.9 1 0 1 1 1 7 1 4.0761 0 4 - 1 0 1 0 1 1 4

EMS-CHEMIE HOLDING AG-REG CHF 4.4 1 1 1 1 1 1 1 - 1 8 1645 789 1136 322 5038 526 1755 1151 10.06 1.00 18.9 1 3 1 4 1 17 0 3.4819 0 3 - 1 0 1 1 1 1 5

BARRY CALLEBAUT AG-REG CHF 3.4 1 1 0 1 0 1 0 0 1 5 3050 904 1232 356 4668 2215 4830 1362 4.21 1.00 19.4 1 1 1 3 1 28 0 1.7156 0 3 0 1 0 1 1 1 1 5

OC OERLIKON CORP AG-REG CHF 1.8 1 1 1 1 1 1 0 1 1 8 3221 1016 108 421 3364 2277 2906 1882 2.40 1.00 15.2 1 1 1 2 1 7 1 2.4155 0 4 - 1 1 1 1 1 1 6

DKSH HOLDING LTD CHF 3.6 1 1 1 0 0 1 - - 1 5 3225 971 1165 278 4185 2151 8834 1204 - - 20.7 1 0 1 4 1 22 0 0 0 3 - 0 - 1 1 1 1 4

PARGESA HOLDING SA-BR CHF 0.7 1 1 1 1 1 1 0 - 1 7 20203 2549 5282 757 5321 5929 4915 16018 1.13 1.00 12.7 1 1 1 1 1 10 1 4.1022 0 4 - 1 - 1 1 1 1 5

FLUGHAFEN ZUERICH AG-REG CHF 1.4 1 1 0 1 0 1 1 - 0 5 3759 242 962 172 2594 2208 949 1860 1.69 1.00 27.2 1 3 1 1 1 7 1 2.2472 0 4 0 0 0 1 0 1 1 3

PANALPINA WELTTRANSPORT -REG CHF 3.0 0 0 0 1 0 0 0 0 1 2 1823 527 738 -19 2196 1207 6617 750 5.65 1.00 - - 0 1 3 1 - - 2.154 0 2 - - - 1 - 1 1 3

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

NOBEL BIOCARE HOLDING AG-REG CHF 2.4 1 1 1 1 1 1 0 0 1 7 395 168 185 69 789 276 580 325 5.49 1.00 17.4 1 1 1 2 1 8 1 2.489 0 4 0 1 1 1 1 1 1 6

BUCHER INDUSTRIES AG-REG CHF 2.0 1 1 1 1 1 0 0 - 1 6 2097 615 878 230 1761 1341 2609 916 3.42 1.00 11.7 1 1 1 2 1 9 1 2.7778 0 4 - 1 1 1 1 1 1 6

KABA HOLDING AG-REG B CHF 2.3 1 1 0 1 1 1 1 - 0 6 692 199 -34 119 1347 374 964 599 4.40 1.00 16.0 1 1 1 2 1 12 0 3.1052 0 3 - 1 0 1 1 1 1 5

STRAUMANN HOLDING AG-REG CHF 2.7 1 1 0 1 1 0 1 1 1 7 697 210 611 61 1729 141 686 631 9.90 1.00 47.5 1 3 1 3 1 15 0 3.3482 0 3 0 0 0 1 0 1 1 3

TEMENOS GROUP AG-REG CHF 3.1 1 1 1 1 1 0 0 0 0 5 466 82 127 48 1211 516 450 387 6.57 1.00 50.1 1 3 1 3 1 15 0 1.5978 0 3 0 0 - 1 1 1 1 4

BANQUE CANTONALE VAUDOIS-REG CHF 1.6 1 1 0 1 1 - 1 - 0 5 39763 - 2249 391 4161 37189 1321 2611 - - 13.4 1 3 1 2 1 11 0 0 0 3 - 1 0 1 - 1 1 4

VALIANT HOLDING AG-REG CHF 0.8 1 1 0 1 1 - 1 - 0 5 25058 - 1048 101 1372 23441 617 1670 - - 12.8 1 2 1 1 1 10 0 2.1289 0 3 - 1 0 1 - 1 1 4

KUONI REISEN HLDG-REG(CAT B) CHF 1.5 0 1 0 1 1 0 0 0 1 4 1187 -612 -16 65 1090 1669 5845 741 3.86 1.00 - - 0 1 1 1 10 1 1.0949 0 3 - - - 1 - 1 1 3

ALLREAL HOLDING AG-REG CHF 1.2 1 1 0 0 0 - 0 - 0 2 3923 - 615 137 2248 2021 869 1907 - - 22.3 1 3 1 1 1 30 0 0 0 3 - 0 0 1 - 1 1 3

LOGITECH INTERNATIONAL-REG CHF 1.5 0 1 0 1 0 0 1 1 1 5 1008 391 704 8 1079 640 2100 734 3.80 1.00 - - 1 1 1 1 9 1 3.2463 0 3 - - - 1 - 1 1 3

LUZERNER KANTONALBANK AG-REG CHF 1.8 1 1 1 1 1 - 0 - 0 5 28044 - 1068 203 2805 26495 685 1548 - - 16.9 1 4 1 2 1 11 0 3.2836 0 3 - 1 0 1 - 1 1 4

MOBIMO HOLDING AG-REG CHF 1.1 1 1 0 0 1 - 0 - 1 4 2515 - 574 54 1357 1318 252 1201 - - 17.8 1 5 1 1 1 65 0 0 0 3 - 1 0 1 - 1 1 4

TECAN GROUP AG-REG CHF 2.8 1 1 0 0 1 1 1 0 0 5 381 248 292 52 834 118 391 303 7.93 1.00 19.6 1 2 1 3 1 336 0 0.6536 0 3 0 1 0 1 1 1 1 5

BERNER KANTONALBANK AG-REG CHF 1.5 1 1 0 0 1 - 0 - 0 3 26357 - 1328 197 2327 24857 663 1514 - - 18.5 1 4 1 2 1 162 0 2.0866 0 3 - 1 0 1 - 1 1 4

BELIMO HOLDING AG-REG CHF 4.1 1 1 1 1 1 0 0 - 0 5 326 186 245 76 1076 82 445 261 10.61 1.00 17.5 1 2 1 4 1 13 0 3.4033 0 3 - 1 1 1 1 1 1 6

BURCKHARDT COMPRESSION HOLDI CHF 3.6 1 1 1 0 1 1 0 0 1 6 569 237 331 75 1204 258 367 339 5.20 1.00 21.4 1 3 1 4 1 33 0 2.5334 0 3 - 0 0 1 1 1 1 4

AMS AG CHF 2.8 1 1 1 1 1 0 0 1 1 7 374 116 160 85 1153 224 388 410 4.78 1.00 12.7 1 3 1 3 1 8 1 - - 4 0 1 1 1 - 1 1 5

FORBO HOLDING AG-REG CHF 1.5 1 1 1 0 1 0 1 0 1 6 1185 424 817 167 1201 517 1201 817 4.27 1.00 10.4 1 1 1 1 1 13 0 - - 3 - 1 0 1 1 1 1 5

ST GALLER KANTONALBANK A-REG CHF 1.1 1 1 1 1 1 - 0 - 0 5 27598 - 1530 179 2085 25704 712 1934 - - 13.8 1 3 1 1 1 10 1 3.9894 0 4 - 1 0 1 - 1 1 4

GRAUBUENDNER KANTONALBANK-PC CHF 3.4 1 1 0 0 1 - 0 - 0 3 19364 - 550 189 2879 18486 494 877 - - 20.7 1 6 1 3 1 61 0 3.2958 0 3 - 0 0 1 - 1 1 3

MEYER BURGER TECHNOLOGY AG CHF 0.5 0 0 0 0 0 1 0 1 0 2 632 149 101 -135 325 473 645 628 0.82 0.00 - - 0 1 1 1 - - 0 0 2 - - - 1 - 1 0 2

DAETWYLER HOLDING AG-BR CHF 2.4 1 1 1 0 0 0 0 0 0 3 1070 342 453 107 1468 528 1186 551 4.67 1.00 14.3 1 1 1 2 1 11 0 3.011 0 3 - 1 0 1 1 1 1 5

VONTOBEL HOLDING AG-REG CHF 1.1 1 1 1 1 1 - 1 - 0 6 21055 - 1385 158 1787 19516 905 1574 - - 13.8 1 2 1 1 1 1 1 4.2553 0 4 - 1 1 1 - 1 1 5

EFG INTERNATIONAL AG CHF 1.1 1 1 1 0 0 - 1 - 1 5 23331 - -104 165 1305 22310 1172 1316 - - 11.3 1 1 1 1 1 12 0 1.1236 0 3 - 1 - 1 - 1 1 4

BASILEA PHARMACEUTICA-REG CHF 4.1 0 1 1 1 0 0 0 0 0 3 375 302 -760 -51 428 270 58 106 -1.43 0.00 - - 7 1 4 1 3 1 0 0 3 - - 0 1 - 1 0 2

IMPLENIA AG-REG CHF 1.2 1 1 1 1 1 1 0 - 0 6 1916 463 552 99 733 1410 2696 599 2.46 1.00 10.6 1 0 1 1 1 5 1 - - 4 - 1 0 1 0 1 1 4

HUBER & SUHNER AG-REG CHF 1.5 1 - 0 - 0 0 0 0 0 1 653 322 538 24 879 146 698 575 6.63 1.00 38.8 1 1 1 2 1 - - 1.1494 0 3 - 0 0 1 - 1 0 2

ZUGER KANTONALBANK-BR CHF 1.2 1 - 0 - 0 - 1 - 0 2 - - 932 97 1385 11174 327 1140 - - 22.6 1 4 1 1 1 - - 3.642 0 3 - 0 0 1 - 1 1 3

SCHWEIZERISCHE NATL-V AG-REG CHF 1.0 1 - 0 - 0 - 0 - 1 2 6248 - 875 128 892 5366 1591 894 - - 8.7 1 1 1 1 1 - - 4.1975 0 3 - 1 0 1 - 1 0 3

GATEGROUP HOLDING AG CHF 2.5 0 1 0 1 1 0 1 - 1 5 1088 100 112 16 626 1278 2993 255 3.29 1.00 - - 0 1 3 1 37 0 0 0 2 - - - 1 - 1 0 2

RIETER HOLDING AG-REG CHF 2.0 1 1 0 0 0 0 1 - 1 4 1050 407 348 34 737 693 889 377 2.38 1.00 24.9 1 1 1 2 1 79 0 3.7641 0 3 - 0 0 1 0 1 0 2

VALORA HOLDING AG-REG CHF 1.1 1 1 0 1 0 1 0 1 0 5 949 171 567 78 626 1027 2848 575 4.95 1.00 11.9 1 0 1 1 1 10 1 6.7531 0 4 - 1 0 1 1 1 0 4

BASELLANDS KANTONALBANK-CERT CHF 2.8 1 - 0 - 0 - 1 - 0 2 19233 - 651 174 2409 18373 567 868 - - 21.5 1 4 1 3 1 - - 2.973 0 3 - 0 0 1 - 1 1 3

EMMI AG-REG CHF 1.2 1 1 1 1 1 0 1 - 0 6 2038 333 772 145 1230 1157 2981 1165 3.34 1.00 11.6 1 0 1 1 1 5 1 1.5652 0 4 - 1 1 1 0 1 1 5

BOSSARD HOLDING AG-BR CHF 8.7 1 1 0 1 0 0 1 0 0 4 373 85 -40 48 404 326 471 50 2.55 1.00 9.3 1 1 1 9 1 7 1 4.291 0 4 - 1 0 1 1 1 0 4

SCHWEITER TECHNOLOGIES AG-BR CHF 1.1 1 1 1 1 1 1 1 - 0 7 831 483 8 52 755 217 674 667 4.96 1.00 18.5 1 1 1 1 1 9 1 2.3238 0 4 - 1 0 1 0 1 0 3

U-BLOX AG CHF 1.6 1 1 0 1 0 0 0 0 1 4 89 81 50 25 247 42 173 150 8.59 1.00 14.3 1 1 1 2 1 7 1 2.5543 0 4 - 1 0 1 1 1 0 4

INFICON HOLDING AG-REG CHF 3.1 1 1 0 1 0 1 0 1 0 5 206 125 148 50 538 44 297 172 11.30 1.00 13.3 1 2 1 3 1 11 0 - - 3 - 1 0 1 1 1 0 4

SIEGFRIED HOLDING AG-REG CHF 1.3 1 1 1 1 0 0 1 1 1 7 470 174 309 22 412 161 368 316 4.18 1.00 19.8 1 1 1 1 1 8 1 1.0499 0 4 - 1 1 1 - 1 0 4

VZ HOLDING AG CHF 3.8 1 0 0 0 0 - 1 - 0 2 1035 - 233 67 902 803 154 235 - - 16.6 1 6 1 4 1 - - 2.3043 0 3 - 1 0 1 - 1 1 4

AFG ARBONIA-FORSTER HOLD-REG CHF 0.9 0 1 0 1 1 0 0 - 1 4 1048 296 187 -18 409 708 1215 436 1.96 1.00 - - 0 1 1 1 7 1 0 0 3 - - 1 1 - 1 0 3

BASLER KANTONALBK - PC CHF 1.0 1 1 1 1 1 - 1 - 0 6 39128 - 2362 269 2797 35989 962 3139 - - 12.2 1 3 1 1 1 2 1 3.3233 0 4 - 1 1 1 - 1 1 5

INTERSHOP HOLDINGS AG-BR CHF 1.2 1 1 1 0 1 - 1 - 0 5 - - 533 54 682 710 89 554 - - 12.1 1 8 1 1 1 17 0 6.1586 0 3 - 1 0 1 - 1 0 3

METALL ZUG AG-SHS B-REG CHF 1.2 1 1 1 1 1 0 1 - 1 7 940 436 338 67 858 263 837 692 4.14 1.00 13.9 1 1 1 1 1 8 1 7.2128 1 5 - 1 0 1 0 1 0 3

KUDELSKI SA-BR CHF 1.2 1 1 1 1 0 1 0 - 1 6 723 195 -160 39 511 473 844 438 2.51 1.00 31.5 1 1 1 1 1 5 1 2.0986 0 4 - 0 - 1 0 1 0 2

LEM HOLDING SA-REG CHF 7.7 1 1 1 1 0 1 0 1 1 7 134 51 87 41 671 53 235 87 11.79 1.00 20.5 1 3 1 8 1 15 0 5.0934 0 3 - 0 0 1 1 1 0 3

KOMAX HOLDING AG-REG CHF 1.0 1 1 0 1 0 1 0 1 0 5 309 164 205 16 245 115 287 245 4.67 1.00 23.7 1 1 1 1 1 5 1 - - 4 1 0 0 1 0 1 0 3

LIECHTENSTEIN LANDESBANK-BR CHF 0.5 1 1 1 1 1 - 0 - 1 6 21153 - 1394 111 827 19639 584 1697 - - 8.8 1 1 1 1 1 1 1 5.1635 0 4 - 1 1 1 - 1 1 5

ZEHNDER GROUP AG-BR CHF 1.8 1 1 0 1 1 0 1 - 0 5 404 114 204 39 425 160 524 248 3.64 1.00 15.8 1 1 1 2 1 10 1 2.4692 0 4 - 1 0 1 0 1 0 3

VETROPACK HOLDING AG-BR CHF 1.1 1 1 1 1 1 1 1 - 0 7 742 204 613 62 691 134 604 638 5.67 1.00 8.3 1 1 1 1 1 7 1 2.0759 0 4 - 1 1 1 1 1 0 5

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


27.09.2013

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

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

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

pet foods.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (03.04.2013) 70.00

52-Week Low (16.11.2012) 58.30

Daily Volume

63.35

52-Week High % Change -9.50% Dividend Yield -

52-Week Low % Change 8.66% Beta 0.77

% 52 Week Price Range High/Low 43.59% Equity Float 3'218.97

Shares Out 30.06.2013 3'224.8 Short Int -

204'291.08 1 Yr Total Return 9.52%

Total Debt 27'416.00 YTD Return 9.62%

Preferred Stock 0.0 Adjusted BETA 0.770

Minority Interest 1'657.0 Analyst Recs 41

Cash and Equivalents 9'296.00 Consensus Rating 3.756

Enterprise Value 228'164.08

Average Volume 5 Day 4'037'156

NESN VX EQUITY YTD Change - Average Volume 30 Day 4'146'081

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'393'399

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

103'086.0 100'579.0 88'015.0 83'770.0 89'931.0 85'516 93'257 94'773 99'553 24'109 25'353

1.64x 1.96x 2.08x 2.23x 2.33x 0.00x 0.00x 2.34x 2.21x - -

15'533.0 16'048.0 15'611.0 15'373.0 - 0.0 0.0 17'916.9 19'122.3 - -

10.89x 12.28x 11.72x 12.17x - 0.00x 0.00x 12.73x 11.92x - -

18'039.0 10'428.0 34'233.0 9'487.0 10'228.0 0.0 0.0 10'987.1 11'836.2 - -

20.80x 19.38x 21.06x 18.18x 18.57x 0.00x 0.00x 18.29x 16.95x - -

EBITDA - Long-Term Rating Date 16.08.2007

EBIT 13'388.00 Long-Term Rating AA

Operating Margin 14.89% Long-Term Outlook STABLE

Pretax Margin 15.50% Short-Term Rating Date 23.11.1981

Return on Assets 8.61% Short-Term Rating A-1+

Return on Common Equity 17.63%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 47.2% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 15.1% Total Debt/Equity 44.9%

Net Income Margin 11.4% Total Debt/Capital 30.4%

Asset Turnover 0.76

Current Ratio 0.90 Net Fixed Asset Turnover 3.65

Quick Ratio 0.24 Accounts receivable turnover-days -

Debt to Assets 21.82% Inventory Days 72.59

Tot Debt to Common Equity 44.94% Accounts Payable Turnover Day 101.58

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 5.03

Fiscal Year Ended

Nestle SAPrice/Volume

Valuation Analysis

2'622'659.00

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

!

-!

.!

0!

1!

2!

3!

4!

5!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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

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


27.09.2013

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

BLACKROCK n/a ULT-AGG 119'317'602 3.7 - 25.09.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 73'166'337 2.27 (8'914'860) 31.07.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 43'559'622 1.35 (706'405) 30.08.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 38'099'853 1.18 (286'474) 30.06.2013 Unclassified

UBS AG n/a ULT-AGG 35'568'651 1.1 (332'690) 26.09.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 29'540'987 0.92 1'921'300 31.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 22'256'091 0.69 (652'986) 31.07.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 18'952'159 0.59 (255'323) 30.08.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'210'070 0.56 (418'183) 30.08.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 14'542'915 0.45 3'878'565 30.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'738'810 0.43 1'149'170 28.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'012'758 0.4 2'709'903 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'851'701 0.37 (35'644) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 10'626'606 0.33 284'489 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'051'508 0.31 (44'643) 28.03.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'153'102 0.25 197'400 31.07.2013 Hedge Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'312'412 0.23 (179'216) 30.06.2013 Investment Advisor

COVEA FINANCE SAS Multiple Portfolios MF-AGG 7'202'794 0.22 7'056'334 31.07.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'838'510 0.18 264'291 26.09.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 71 12 month 27.09.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 27.09.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 69 6 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 68 12 month 25.09.2013

Exane BNP Paribas JEFF STENT neutral 3 M 72 Not Provided 25.09.2013

SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 U 72 Not Provided 24.09.2013

Societe Generale WARREN L ACKERMAN buy 5 M 73 12 month 23.09.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013

First Global Stockbroking DEVINA MEHRA long-term outperform 5 M 82 Not Provided 18.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 17.09.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 17.09.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 78 12 month 13.09.2013

Goldman Sachs MITCHELL COLLETT neutral/neutral 3 M 64 12 month 12.09.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 67 Not Provided 12.09.2013

Natixis PIERRE TEGNER buy 5 M 70 Not Provided 12.09.2013

Bank am Bellevue MICHAEL HEIDER hold 3 M 65 Not Provided 05.09.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 12 month 05.09.2013

Nomura DAVID HAYES reduce 2 M 60 12 month 02.09.2013

Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 15.08.2013

Helvea ANDREAS VON ARX hold 3 M 67 12 month 15.08.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 12.08.2013

Investec MARTIN DEBOO hold 3 M 65 12 month 09.08.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 09.08.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 09.08.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 60 12 month 08.08.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 08.08.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 08.08.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 66 12 month 08.08.2013

Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 08.08.2013

S&P Capital IQ CARL SHORT hold 3 M 66 12 month 08.08.2013

Barclays LIAM ROWLEY overweight 5 M 73 Not Provided 08.08.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013

UBS ALAN ERSKINE neutral 3 M 65 12 month 13.06.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013

HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013

National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 24.01.2013

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

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

Holdings By:

Nestle SA ee


27.09.2013

Novartis AG manufactures pharmaceutical and consumer healthcare products. The

Company produces pharmaceuticals for cardiovascular, respiratory and infectious

diseases, oncology, neuroscience, transplantation, dermatology,

gastrointestinal and urinary conditions, and arthritis, vaccines and

diagnostics, vision, and animal health products.


LTM as of: 06/yy

52-Week High (22.05.2013) 73.75

52-Week Low (20.11.2012) 55.20

Daily Volume

69.7





188'621.64 1 Yr Total Return 25.58%



Minority Interest 126.0 Analyst Recs 30




NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'283'748

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'168'414


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 57'662.0 57'139.0 57'472.1 59'032.0 14'272.3 14'646.7

2.76x 2.72x 3.08x 2.61x 2.89x 10.61x 12.33x 3.77x 3.60x - -

12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 16'889.0 16'476.0 16'751.8 17'582.2 - -

9.44x 9.79x 9.81x 8.58x 9.82x 8.96x 11.37x 13.26x 12.64x - -

8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'534.0 9'408.0 12'601.5 13'437.1 3'188.0 2'975.0

13.89x 14.73x 13.70x 14.94x 16.01x 15.87x 18.37x 15.00x 13.83x 14.97x 14.47x

EBITDA 16'714.00 Long-Term Rating Date 07.04.2008

EBIT 11'794.00 Long-Term Rating AA-





Return on Capital 11.58% EBITDA/Interest Exp. 23.09

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.36

Net Debt/EBITDA 0.83

Gross Margin 66.9% Total Debt/EBITDA 1.15

EBITDA Margin 28.8%



Asset Turnover 0.48


Quick Ratio 0.76 Accounts receivable turnover-days 67.96



Accounts Receivable Turnover 5.37 Cash Conversion Cycle 90.49



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

1'788'344.00


!

-!

.!

0!

1!

2!

3!

4!

5!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.09.2013



BLACKROCK n/a ULT-AGG 114'286'957 4.22 4'207'764 25.09.2013 Investment Advisor

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

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

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


DODGE & COX WORLDWID Multiple Portfolios MF-AGG 37'058'506 1.37 - 31.03.2013 Investment Advisor


VANGUARD GROUP INC n/a ULT-AGG 33'278'472 1.23 884'368 30.06.2013 Unclassified



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'441 0.5 (145) 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'705'499 0.43 (294'812) 26.09.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 10'323'016 0.38 1'160'179 26.09.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'796 0.36 - 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'816'259 0.33 49'996 28.03.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'442'000 0.31 7'906'126 28.06.2013 Investment Advisor



SUN LIFE FINANCIAL I n/a ULT-AGG 6'455'831 0.24 188'898 31.07.2013 Investment Advisor


Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 80 12 month 27.09.2013

Helvea ODILE RUNDQUIST buy 5 M 76 12 month 27.09.2013

AlphaValue ARMELLE MOULIN add 4 M 72 6 month 26.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 76 6 month 23.09.2013

Natixis BEATRICE MUZARD neutral 3 M 72 6 month 23.09.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 19.09.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 16.09.2013

Barclays MARK PURCELL underweight 1 D 64 Not Provided 16.09.2013

Jefferies JEFFREY HOLFORD buy 5 M 80 12 month 10.09.2013

Deutsche Bank TIM RACE hold 3 M 74 12 month 04.09.2013

Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 29.08.2013

Societe Generale STEPHEN MCGARRY buy 5 M 82 12 month 28.08.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.08.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 85 Not Provided 16.08.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 83 Not Provided 26.07.2013

Bank am Bellevue BRUNO ESCHLI hold 3 M 70 Not Provided 23.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.07.2013

Kepler Cheuvreux FABIAN WENNER hold 3 M 66 Not Provided 19.07.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 17.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 17.07.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 17.07.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 17.07.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 17.07.2013

JPMorgan RICHARD VOSSER overweight 5 M 78 9 month 10.07.2013

Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 14.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013

UBS ANDREW WHITNEY buy 5 M 80 12 month 19.03.2013

Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

National Bank AG STEFFEN MANSKE buy 5 M 64 Not Provided 21.10.2010

Holdings By:

Novartis AG ee


27.09.2013

Roche Holding AG develops and manufactures pharmaceutical and diagnostic

products. The Company produces prescription drugs in the areas of

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

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


LTM as of: 06/yy

52-Week High (22.05.2013) 258.60

52-Week Low (16.11.2012) 174.20

Daily Volume

243.6



% 52 Week Price Range High/Low 81.52% Equity Float 701.88

Shares Out 30.06.2013 702.6 Short Int -

209'944.28 1 Yr Total Return 41.32%







ROG VX EQUITY YTD Change - Average Volume 30 Day 910'162

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 966'270


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 43'283.0 46'371.0 47'285.3 49'053.6 11'709.3 12'208.3

2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.62x 4.34x - -

16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'096.4 21'180.6 - -

8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 11.22x 10.65x - -

8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'688.5 13'720.2 - -

15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 16.19x 15.08x - -


EBIT 16'979.00 Long-Term Rating AA









EBITDA Margin 42.3%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

593'725.00


!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E 2 E- ! E- 2 E. ! E. 2 E0 ! E0 2 E1 ! E1 2 E2 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


VANGUARD GROUP INC n/a ULT-AGG 21'048'484 3 122'672 30.06.2013 Unclassified



BLACKROCK n/a ULT-AGG 12'774'878 1.82 86'423 25.09.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'513'329 1.5 (85'966) 30.06.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 9'230'703 1.31 (674'837) 31.08.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'115'734 1.3 101'592 31.08.2013 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 7'496'200 1.07 (220'000) 30.06.2013 Investment Advisor



FMR LLC n/a ULT-AGG 4'700'633 0.67 1'789 31.07.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'691'073 0.67 (5'018) 30.06.2013 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'673'776 0.52 (16'576) 26.09.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'538'214 0.5 (347'600) 31.07.2013 Investment Advisor


FIL LIMITED n/a ULT-AGG 2'644'689 0.38 (844'094) 30.04.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 2'368'760 0.34 (15'066) 31.08.2013 Investment Advisor


Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 273 12 month 27.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 252 6 month 27.09.2013

Societe Generale STEPHEN MCGARRY buy 5 M 312 12 month 26.09.2013

AlphaValue ARMELLE MOULIN add 4 M 252 6 month 26.09.2013

Natixis PHILIPPE LANONE buy 5 M 285 6 month 23.09.2013


Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 23.09.2013

Helvea ODILE RUNDQUIST buy 5 M 270 12 month 23.09.2013

JPMorgan RICHARD VOSSER overweight 5 M 280 9 month 19.09.2013

UBS ANDREW WHITNEY neutral 3 M 225 12 month 17.09.2013

Barclays MARK PURCELL overweight 5 M 258 Not Provided 16.09.2013

Jefferies JEFFREY HOLFORD buy 5 M 280 12 month 10.09.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 05.09.2013

Deutsche Bank TIM RACE buy 5 M 280 12 month 04.09.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 263 Not Provided 28.08.2013

Kepler Cheuvreux FABIAN WENNER buy 5 M 260 Not Provided 27.08.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 30.07.2013

Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 26.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 295 12 month 26.07.2013


Bank Vontobel AG ANDREW C WEISS buy 5 M 263 Not Provided 26.07.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 25.07.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 284 12 month 25.07.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 U 250 Not Provided 28.06.2013

CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 U 281 12 month 18.06.2013

Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013


Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013

National Bank AG STEFFEN MANSKE hold 3 N 210 Not Provided 31.01.2013

Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

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

Holdings By:

Roche Holding AG ee


27.09.2013

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

The Company provides a variety of financial services to individuals,

institutions, corporations, governments, and financial intermediaries around the

world.


LTM as of: 06/yy

52-Week High (19.09.2013) 19.60

52-Week Low (01.10.2012) 11.29

Daily Volume

18.77





72'061.63 1 Yr Total Return 62.98%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 8'223'609

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 8'596'575


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 37'651.0 38'698.0 29'144.9 29'630.2 6'908.0 7'276.0

8.31x 9.51x 8.39x 9.20x 6.86x 35.58x 25.76x 37.94x 33.37x - -

37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 12'178.0 13'651.0 - - - -

15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -

(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 2'762.0 (2'384.0) 3'832.0 4'887.6 822.0 1'034.0

- - 7.71x 10.16x - 15.14x 0.00x 18.88x 14.51x 15.05x 13.90x


EBIT - Long-Term Rating A


Pretax Margin -4.70% Short-Term Rating Date 19.12.2008

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

Return on Common Equity -4.68%

Return on Capital -0.63% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 582.6%

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

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 6.44

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 21.24% Inventory Days -

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


Inventory Turnover -

Fiscal Year Ended

UBS AGPrice/Volume

Valuation Analysis

4'804'158.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

2 !!

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



27.09.2013


GIC PRIVATE LIMITED n/a ULT-AGG 245'596'591 6.4 - 12.09.2013 Government

UBS AG n/a ULT-AGG 216'603'351 5.64 (20'764'353) 26.09.2013 Unclassified

NORGES BANK n/a EXCH 116'490'210 3.03 - 27.09.2011 Government

FMR LLC n/a ULT-AGG 101'598'767 2.65 14'311'401 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 62'295'964 1.62 10'743'000 31.07.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 58'798'597 1.53 (1'640'766) 30.06.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'747'528 1.01 4'128'293 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 32'192'049 0.84 (5'110'753) 25.09.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 29'879'115 0.78 (14'305'536) 30.06.2013 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 24'085'894 0.63 (2'534'077) 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'172'660 0.6 332'960 31.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 23'125'477 0.6 4'674'008 31.07.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 22'168'898 0.58 4'697'001 30.06.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'670'005 0.56 (2'974'135) 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 16'886'540 0.44 7'764'122 30.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 16'432'471 0.43 4'932'798 26.09.2013 Investment Advisor

AXA n/a ULT-AGG 15'645'128 0.41 3'097'530 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'105'719 0.39 752'938 30.06.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 20 12 month 27.09.2013

Nomura JON PEACE buy 5 M 20 12 month 27.09.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 27.09.2013

AlphaValue DIETER HEIN sell 1 M 17 6 month 26.09.2013

Grupo Santander AURELIA FAURE underweight 1 M 16 12 month 25.09.2013

Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 19 12 month 25.09.2013

Macquarie PIERS BROWN outperform 5 M 21 12 month 19.09.2013

Main First Bank AG KILIAN MAIER underperform 1 M 18 12 month 18.09.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 21 12 month 16.09.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 15 month 11.09.2013

Oddo & Cie JEAN SASSUS neutral 3 M 19 Not Provided 06.09.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 02.09.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 20 Not Provided 02.09.2013


Bankhaus Lampe NEIL SMITH sell 1 M 16 12 month 20.08.2013

Kepler Cheuvreux DIRK BECKER hold 3 M 19 Not Provided 20.08.2013

Helvea TIM DAWSON buy 5 M 20 12 month 15.08.2013

Barclays KIRI VIJAYARAJAH overweight 5 M 22 Not Provided 14.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 20 12 month 13.08.2013

Bank am Bellevue MARC DEUSTER hold 3 M 20 Not Provided 08.08.2013

Credit Suisse AMIT GOEL neutral 3 M 16 Not Provided 07.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 18 6 month 06.08.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 22 Not Provided 06.08.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 20 12 month 05.08.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 24 12 month 01.08.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 19 Not Provided 01.08.2013

Mirabaud Securities Claudia von Turk Myers accumulate 4 M 21 12 month 01.08.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 U 19 12 month 31.07.2013

Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 31.07.2013

Deutsche Bank MATT SPICK buy 5 M 21 12 month 30.07.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 14 12 month 30.07.2013

S&P Capital IQ FRANK BRADEN buy 5 M 20 12 month 30.07.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 26.07.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 16.07.2013

HSBC ROBERT MURPHY overweight 5 M 20 Not Provided 17.06.2013

EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 23 Not Provided 05.06.2013

Societe Generale GEOFF DAWES sell 1 M 15 12 month 29.05.2013

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

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

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

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

Holdings By:

UBS AG ee


27.09.2013

ABB Limited provides power and automation technologies. The Company operates

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

process automation and robotics.


LTM as of: 06/yy

52-Week High (22.05.2013) 22.10

52-Week Low (16.11.2012) 16.11

Daily Volume

21.5





49'766.98 1 Yr Total Return 24.27%







ABBN VX EQUITY YTD Change - Average Volume 30 Day 4'178'637

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'042'708


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'478.0 40'706.0 41'196.7 42'819.3 10'007.0 11'297.5

0.83x 1.18x 1.42x 1.10x 1.25x 4.40x 5.03x 1.38x 1.29x 5.68x 5.04x

5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'454.0 5'736.0 6'135.8 6'763.2 1'540.7 1'687.1

5.48x 7.67x 9.49x 7.37x 9.31x 7.67x 9.36x 9.61x 8.72x 9.27x 9.14x

3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 2'961.0 2'790.0 3'323.7 3'812.3 844.5 959.8

10.76x 15.27x 19.85x 13.65x 17.40x 12.71x 17.77x 16.37x 14.40x 15.82x -


EBIT 4'112.00 Long-Term Rating A



Return on Assets 6.14% Short-Term Rating A-1






EBITDA Margin 14.1%



Asset Turnover 0.90





Accounts Receivable Turnover - Cash Conversion Cycle 89.35



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

2'629'471.00


!

2

-!

-2

.!

.2

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


INVESTOR AB n/a Co File 182'030'142 7.86 - 31.12.2012 Investment Advisor




VANGUARD GROUP INC n/a ULT-AGG 33'301'443 1.44 1'544'794 30.06.2013 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 29'672'514 1.28 14'183'006 30.06.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 30.06.2013 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'834'513 0.99 (788'859) 30.08.2013 Investment Advisor


SEB n/a ULT-AGG 14'366'955 0.62 2'632'729 26.08.2013 Unclassified

AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 10'641'737 0.46 - 30.08.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 9'900'000 0.43 - 30.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 9'138'977 0.39 655'463 26.09.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 8'261'233 0.36 248'815 30.08.2013 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'905'912 0.26 5'427'446 31.07.2013 Insurance Company



RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 26.09.2013

AlphaValue HEINZ STEFFEN reduce 2 D 22 6 month 26.09.2013

Barclays JAMES STETTLER equalweight 3 M 21 Not Provided 18.09.2013


Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 D 23 Not Provided 09.09.2013

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 22 Not Provided 09.09.2013

HSBC COLIN GIBSON underweight 1 D 20 Not Provided 28.08.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.08.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 D 21 12 month 01.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 30.07.2013


Societe Generale SEBASTIEN GRUTER buy 5 M 24 12 month 26.07.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 20 12 month 26.07.2013

Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 26.07.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 26.07.2013

UBS FREDRIC STAHL buy 5 M 23 12 month 26.07.2013

JPMorgan ANDREAS WILLI underweight 1 M 22 15 month 26.07.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 26.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 26.07.2013

Nordea Equity Research ANDREAS BROCK buy 5 M 23 12 month 26.07.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 20 Not Provided 26.07.2013


Danske Markets CARL GUSTAFSSON buy 5 M 25 12 month 26.07.2013

Deutsche Bank MARTIN WILKIE hold 3 M 20 12 month 25.07.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 25.07.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 22 Not Provided 25.07.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.07.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013

Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 25.07.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 27 12 month 25.07.2013

Swedbank MATS LISS buy 5 M 23 12 month 25.07.2013

Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.07.2013

Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 25.07.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 25.07.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 25.07.2013

Baden Hill LLP NICHOLAS WOODIFIELD buy 5 M #N/A N/A Not Provided 09.07.2013

Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 22 Not Provided 15.05.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Holdings By:

ABB Ltd ee


27.09.2013

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and

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

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


LTM as of: 03/yy

52-Week High (14.08.2013) 96.15

52-Week Low (28.09.2012) 56.40

Daily Volume

91.65





52'625.43 1 Yr Total Return 61.38%



Minority Interest (1.0) Analyst Recs 37




CFR VX EQUITY YTD Change - Average Volume 30 Day 1'016'041

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'001'796


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'034.6 12'075.7 - -

1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.52x 3.12x - -

1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'087.4 3'455.9 - -

4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 12.89x 11.52x - -

1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'246.9 2'507.9 - -

8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 18.71x 16.67x - -

EBITDA 2'817.00 Long-Term Rating Date -

EBIT 2'434.00 Long-Term Rating -

Operating Margin 23.98% Long-Term Outlook -

Pretax Margin 23.40% Short-Term Rating Date -

Return on Assets 15.33% Short-Term Rating -


Return on Capital - EBITDA/Interest Exp. 74.13


Net Debt/EBITDA -1.14


EBITDA Margin 27.8%



Asset Turnover 0.77







Fiscal Year Ended

Cie Financiere Richemont SAPrice/Volume

Valuation Analysis

680'609.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E 2 E- ! E- 2 E. ! E. 2 E0 ! E0 2 E1 ! E1 2 E2 ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.09.2013



CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'746'169 2.25 (681'540) 28.06.2013 Investment Advisor





GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'797'657 1.3 (528'190) 30.06.2013 Investment Advisor



ALLIANZ ASSET MANAGE n/a ULT-AGG 3'734'915 0.72 112'100 31.07.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'662'500 0.7 1'093'200 30.06.2013 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'005'205 0.58 134'902 30.06.2013 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 2'207'609 0.42 (3'188'126) 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 2'077'106 0.4 (1'092'819) 30.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'897'534 0.36 166'100 31.07.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 1'460'368 0.28 188'677 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 105 12 month 27.09.2013

Aurel - BGC DAVID DA MAIA hold 3 M 96 6 month 27.09.2013

Societe Generale THIERRY COTA buy 5 M 115 12 month 26.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 100 Not Provided 26.09.2013

Nomura CHRISTOPHER WALKER buy 5 M 105 12 month 26.09.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 110 Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN reduce 2 M 84 6 month 26.09.2013

Renaissance Capital REY WIUM hold 3 M 89 Not Provided 23.09.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 90 Not Provided 20.09.2013

Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 110 12 month 20.09.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 13.09.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 13.09.2013

Morgan Stanley NATASHA MOOLMAN Equalwt/In-Line 3 M 80 12 month 12.09.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 95 18 month 12.09.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 12.09.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 99 12 month 12.09.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 100 Not Provided 12.09.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 95 6 month 12.09.2013

S&P Capital IQ WILLIAM MACK buy 5 M 105 12 month 12.09.2013

Main First Bank AG MATTHIAS EIFERT underperform 1 M 85 12 month 12.09.2013

Berenberg Bank JOHN GUY hold 3 M 86 Not Provided 10.09.2013

HSBC ERWAN RAMBOURG overweight 5 M 104 Not Provided 05.09.2013

Barclays HELEN NORRIS overweight 5 M 107 Not Provided 28.08.2013

Macquarie WYNAND VAN ZYL outperform 5 M 109 12 month 19.08.2013

Bank am Bellevue SERGE MONNERAT hold 3 M 72 Not Provided 13.08.2013


Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 17.07.2013

BNP Paribas Cadiz Securities JASMINE LIN hold 3 M 87 12 month 15.07.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 121 12 month 17.05.2013

Bank Vontobel AG RENE WEBER hold 3 M 90 Not Provided 17.05.2013

Kepler Cheuvreux JON COX buy 5 M 100 Not Provided 17.05.2013

Natixis JOSEPHINE CHEVALLIER neutral 3 M 75 Not Provided 17.05.2013

UBS EVA QUIROGA buy 5 M 93 12 month 16.05.2013

ISI Group OMAR SAAD strong buy 5 M 105 12 month 16.05.2013

Investec THANE DUFF hold 3 M 87 12 month 25.03.2013

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

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

Cie Financiere Richemont SA ee


27.09.2013

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

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

customers located around the world.


LTM as of: 06/yy

52-Week High (21.05.2013) 29.32

52-Week Low (28.09.2012) 19.27

Daily Volume

27.71





43'720.66 1 Yr Total Return 40.71%





Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 4'427'638

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'343'189


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 39'473.0 37'976.0 26'811.1 27'706.8 6'539.3 6'638.7

- - - - - 0.00x 0.00x 32.73x 31.58x - -

- - - - - 0.0 0.0 - - - -

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

(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 878.0 2'999.0 4'146.9 4'913.0 1'002.3 994.3

- 9.96x 9.59x 16.11x 27.15x 42.10x 15.43x 10.83x 9.25x 9.47x -


EBIT - Long-Term Rating A-



Return on Assets 0.31% Short-Term Rating NR


Return on Capital 0.85% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Credit Suisse Group AGPrice/Volume

Valuation Analysis

2'465'989.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E.! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



27.09.2013


CRESCENT HOLDING GMB n/a EXCH 88'475'201 5.61 - 25.02.2013 Investment Advisor

QATAR INVESTMENT AUT n/a Co File 74'953'677 4.75 - 31.12.2012 Government

DODGE & COX n/a Co File 65'086'135 4.13 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 55'202'293 3.5 - 12.09.2013 Investment Advisor





HARRIS ASSOCIATES LP n/a Co File 37'800'423 2.4 - 31.12.2012 Investment Advisor

KOOR INDUSTRIES LTD n/a Research 31'060'000 1.97 - 22.07.2013 Holding Company

VANGUARD GROUP INC n/a ULT-AGG 22'494'902 1.43 2'707'602 30.06.2013 Unclassified

CREDIT SUISSE AG n/a ULT-AGG 20'576'142 1.3 254'233 31.05.2013 Investment Advisor

UBS AG n/a ULT-AGG 16'713'467 1.06 273'715 26.09.2013 Unclassified

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'867'359 0.82 (240'419) 30.06.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'624'475 0.55 3'918'148 30.06.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 7'471'729 0.47 147'795 31.05.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 6'965'852 0.44 - 31.12.2012 Pension Fund (ERISA)



CREDIT SUISSE n/a EXCH 4'392'336 0.28 (33'747'664) 05.04.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD outperform 5 M 33 12 month 27.09.2013

Nomura JON PEACE buy 5 M 33 12 month 27.09.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 31 Not Provided 27.09.2013

AlphaValue DIETER HEIN add 4 M 30 6 month 26.09.2013

Macquarie PIERS BROWN outperform 5 M 33 12 month 19.09.2013

Main First Bank AG KILIAN MAIER outperform 5 M 32 12 month 18.09.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 31 12 month 16.09.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 35 12 month 12.09.2013


Oddo & Cie JEAN SASSUS neutral 3 M 27 Not Provided 06.09.2013

Bankhaus Lampe NEIL SMITH sell 1 M 25 12 month 02.09.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 02.09.2013


Helvea TIM DAWSON hold 3 M 30 12 month 15.08.2013

Barclays JEREMY SIGEE equalweight 3 M 28 Not Provided 14.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 33 12 month 13.08.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 36 12 month 07.08.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 32 12 month 01.08.2013

HSBC ROBERT MURPHY neutral 3 M 29 Not Provided 01.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 28 6 month 30.07.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 28 Not Provided 30.07.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 30.07.2013


Natixis ANTOINE BURGARD neutral 3 M 25 Not Provided 29.07.2013

UBS DANIELE BRUPBACHER buy 5 M 33 12 month 26.07.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 26.07.2013

Mirabaud Securities Claudia von Turk Myers accumulate 4 M 29 12 month 26.07.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 28 12 month 26.07.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 23 12 month 26.07.2013

Kepler Cheuvreux DIRK BECKER buy 5 M 32 Not Provided 26.07.2013

Deutsche Bank MATT SPICK hold 3 M 28 12 month 25.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 28 Not Provided 25.07.2013

S&P Capital IQ FRANK BRADEN hold 3 M 30 12 month 25.07.2013

Grupo Santander AURELIA FAURE buy 5 U 33 12 month 23.07.2013

Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 16.07.2013

Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013

Societe Generale GEOFF DAWES buy 5 M 36 12 month 29.05.2013

Liberum Capital Ltd CORMAC LEECH hold 3 M 24 Not Provided 18.04.2013

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

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

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

Holdings By:

Credit Suisse Group AG ee


27.09.2013

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

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

and flowers.


LTM as of: 06/yy

52-Week High (15.03.2013) 416.00

52-Week Low (23.10.2012) 341.00

Daily Volume

374.9





34'912.99 1 Yr Total Return 10.67%






Average Volume 5 Day 194'843

SYNN VX EQUITY YTD Change - Average Volume 30 Day 184'917

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 214'747


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

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265.0 14'327.0 15'041.4 16'062.4 4'062.5 2'922.4

1.71x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.66x 2.45x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'313.7 3'662.7 - -

7.99x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 12.58x 11.38x - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'171.7 2'418.5 1'867.0 -

12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 17.80x 15.80x - -











EBITDA Margin 21.3%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

135'200.00


!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.09.2013




BANK OF NEW YORK n/a EXCH 4'254'126 4.57 346'967 31.08.2013 Investment Advisor






THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'072'410 1.15 88'036 31.07.2013 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 646'762 0.69 (14'044) 31.07.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 573'332 0.62 (6'267) 31.05.2013 Investment Advisor

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

THREADNEEDLE n/a ULT-AGG 517'654 0.56 100'622 31.05.2013 Unclassified

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 442'762 0.48 172'658 30.08.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 374'611 0.4 (2'648) 26.09.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 307'864 0.33 (102'869) 31.05.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 296'779 0.32 103'930 31.07.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 282'549 0.3 (310'200) 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 281'193 0.3 70'471 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 313 12 month 27.09.2013

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 430 12 month 27.09.2013

AlphaValue FABRICE FARIGOULE buy 5 M 466 6 month 19.09.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 420 Not Provided 18.09.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 371 Not Provided 13.09.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 12.09.2013

Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 400 Not Provided 05.09.2013

JPMorgan MARTIN EVANS neutral 3 M 376 15 month 04.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 04.09.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 500 12 month 30.08.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 22.08.2013

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 19.08.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 435 Not Provided 15.08.2013

Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 14.08.2013

Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 13.08.2013

Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 410 Not Provided 05.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013

UBS THOMAS GILBERT sell 1 M 330 12 month 29.07.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 25.07.2013

Barclays ANDREAS HEINE equalweight 3 M 389 Not Provided 25.07.2013

Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 380 12 month 24.07.2013

Jefferies LAURENCE ALEXANDER hold 3 M 400 12 month 24.07.2013

Nomura PATRICK LAMBERT buy 5 M 488 12 month 24.07.2013

S&P Capital IQ JACOB THRANE hold 3 M 395 12 month 24.07.2013

HSBC GEOFF HAIRE neutral 3 M 420 Not Provided 12.07.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 510 Not Provided 02.07.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 01.07.2013

Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 27.06.2013

National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009

Holdings By:

Syngenta AG ee


27.09.2013

Zurich Insurance Group AG provides insurance-based financial services. The

Company offers general and life insurance products and services for individuals,

small businesses, commercial enterprises, mid-sized and large corporations, and

multinational companies.


LTM as of: 06/yy

52-Week High (15.05.2013) 270.90

52-Week Low (16.11.2012) 205.94

Daily Volume

233.3





34'598.42 1 Yr Total Return 5.92%







ZURN VX EQUITY YTD Change - Average Volume 30 Day 544'884

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 427'063


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 57'825.0 71'670.0 58'779.0 59'959.4 - -

0.99x 0.50x 0.64x 0.73x 0.64x 2.74x 2.52x 0.90x 0.89x - -

- - - - - 0.0 0.0 - - - -

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

3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 4'006.0 3'505.0 4'113.7 4'370.9 973.3 948.3

9.86x 7.83x 10.92x 8.80x 10.08x 8.20x 10.84x 9.51x 8.87x 8.58x 8.13x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

202'984.00


!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.09.2013


BLACKROCK n/a ULT-AGG 6'850'568 4.62 (70'756) 25.09.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 4'538'439 3.06 (23'127) 31.08.2013 Investment Advisor


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







SUN LIFE FINANCIAL I n/a ULT-AGG 801'694 0.54 31'191 31.07.2013 Investment Advisor


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

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 606'910 0.41 93'692 26.09.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 491'146 0.33 (4'854) 28.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 477'153 0.32 3'271 31.07.2013 Investment Advisor

WADDELL & REED FINAN n/a ULT-AGG 433'600 0.29 433'600 30.06.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 389'064 0.26 - 31.07.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 381'497 0.26 (4'502) 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 250 12 month 26.09.2013

Berenberg Bank PETER ELIOT buy 5 M 275 Not Provided 26.09.2013

AlphaValue DIETER HEIN buy 5 M 312 6 month 26.09.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 245 12 month 20.09.2013


Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 246 12 month 18.09.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 286 12 month 17.09.2013

Helvea DANIEL BISCHOF buy 5 M 265 12 month 12.09.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 295 Not Provided 11.09.2013

Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 09.09.2013

Raymond James RAPHAEL CARUSO outperform 5 M 272 12 month 02.09.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 02.09.2013

Nomura MICHAEL KLIEN neutral 3 M 280 12 month 30.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 U 230 Not Provided 29.08.2013

Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 296 Not Provided 22.08.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 21.08.2013

Barclays ANDREW BROADFIELD equalweight 3 U 224 Not Provided 21.08.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 265 12 month 19.08.2013

HSBC DHRUV GAHLAUT neutral 3 M 260 Not Provided 19.08.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.08.2013

Bank am Bellevue ANDREAS FRICK hold 3 M 240 Not Provided 16.08.2013

Credit Suisse RICHARD BURDEN neutral 3 M 273 Not Provided 16.08.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 260 Not Provided 16.08.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 290 12 month 15.08.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.08.2013

Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 15.08.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 308 6 month 15.08.2013

S&P Capital IQ RODERICK WALLACE hold 3 U 245 12 month 15.08.2013

DZ Bank AG THORSTEN WENZEL sell 1 M 235 Not Provided 15.08.2013

Deutsche Bank OLIVER STEEL hold 3 M 265 12 month 25.07.2013

EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 15.07.2013

UBS JAMES SHUCK neutral 3 M 250 12 month 09.07.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 20.06.2013

JPMorgan MICHAEL HUTTNER underweight 1 D 240 3 month 07.06.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 20.05.2013

Holdings By:

Zurich Insurance Group AG ee


27.09.2013

Swiss Re AG offers reinsurance, insurance and insurance linked financial

market products. The Company offers automobile, liability, accident,

engineering, marine, aviation, life, and health insurance. Swiss Re also

manages fixed-income and equity investments for itself and other insurance

companies.


LTM as of: 06/yy

52-Week High (26.09.2013) 76.50

52-Week Low (01.10.2012) 54.55

Daily Volume

76





28'173.73 1 Yr Total Return 37.36%







SREN VX EQUITY YTD Change - Average Volume 30 Day 881'302

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 889'867


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

24'011.8 30'624.0 28'484.0 27'797.0 33'116.0 29'270.0 35'501.0 33'920.4 35'844.9 - -

1.03x 0.50x 1.13x 1.02x 1.02x 4.00x 3.82x 1.15x 1.08x - -

- - - - - 0.0 0.0 - - - -

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

(800.3) 467.4 863.0 2'626.0 4'201.0 3'555.0 5'122.0 3'472.2 3'044.5 646.0 717.0

- 33.44x 21.30x 6.64x 6.09x 6.04x 5.07x 8.49x 9.89x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16







Fiscal Year Ended

Swiss Re AGPrice/Volume

Valuation Analysis

435'216.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


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


BLACKROCK n/a ULT-AGG 15'721'173 4.24 (1'418'427) 25.09.2013 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2012 Investment Advisor


DODGE & COX n/a EXCH 11'104'278 3 - 06.05.2013 Investment Advisor



VANGUARD GROUP INC n/a ULT-AGG 4'177'389 1.13 (4'846'173) 30.06.2013 Unclassified


JP MORGAN n/a ULT-AGG 2'924'453 0.79 310'278 31.07.2013 Investment Advisor


DIMENSIONAL FUND ADV n/a ULT-AGG 1'561'670 0.42 3'138 31.07.2013 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'373'191 0.37 631'716 31.08.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'365'000 0.37 (400'000) 31.07.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'125'402 0.3 1'125'402 31.03.2013 Investment Advisor

SARASIN n/a ULT-AGG 1'015'044 0.27 (642'103) 31.07.2013 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 - 30.04.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 800'145 0.22 42'048 31.08.2013 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 53 12 month 26.09.2013

Berenberg Bank TOM CARSTAIRS hold 3 M 71 Not Provided 26.09.2013

AlphaValue DIETER HEIN reduce 2 M 70 6 month 26.09.2013

HSBC THOMAS FOSSARD neutral 3 M 83 Not Provided 25.09.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 U 88 Not Provided 23.09.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 80 12 month 20.09.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 78 12 month 18.09.2013

Oddo & Cie NICOLAS JACOB buy 5 M 82 12 month 18.09.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 78 12 month 13.09.2013

Bank am Bellevue ANDREAS FRICK buy 5 M 89 Not Provided 13.09.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 80 3 month 13.09.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 78 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK KOPFINGER buy 5 M 87 6 month 11.09.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 11.09.2013

RBC Capital Markets KAMRAN HOSSAIN underperform 1 M 70 12 month 10.09.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 83 12 month 10.09.2013


S&P Capital IQ RODERICK WALLACE buy 5 M 85 Not Provided 09.09.2013

Main First Bank AG RENE LOCHER outperform 5 M 78 12 month 09.09.2013

Helvea DANIEL BISCHOF hold 3 M 78 12 month 09.09.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 87 12 month 06.09.2013

Day by Day VALERIE GASTALDY buy 5 U 90 3 month 23.08.2013

Credit Suisse ADAM MCINALLY neutral 3 M 72 Not Provided 16.08.2013

Nord/LB JULIA SIEKMANN buy 5 M 84 12 month 13.08.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 95 12 month 09.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 09.08.2013

DZ Bank AG THORSTEN WENZEL sell 1 M 70 Not Provided 09.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 72 Not Provided 08.08.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 85 6 month 08.08.2013

Nomura MICHAEL KLIEN reduce 2 M 67 12 month 08.08.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 93 Not Provided 06.08.2013

Barclays ANDREW BROADFIELD overweight 5 M 80 Not Provided 22.07.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Swiss Re AG ee


27.09.2013

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

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

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (21.05.2013) 602.00

52-Week Low (10.10.2012) 367.50

Daily Volume

586





30'774.45 1 Yr Total Return 58.39%

Total Debt 135.00 YTD Return 28.61%






UHR VX EQUITY YTD Change - Average Volume 30 Day 113'976

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 124'049


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

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'786.8 9'648.1 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.35x 2.96x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'486.0 2'808.0 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 12.00x 10.62x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'751.5 1'978.3 - -

9.26x 18.10x 20.56x 14.96x 15.56x - - 18.15x 16.13x - -










Gross Margin - Total Debt/EBITDA 0.04

EBITDA Margin 28.0%



Asset Turnover 0.80





Accounts Receivable Turnover 8.12 Cash Conversion Cycle -


Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

57'313.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E - E . E . E 0 E 0 E 1 E 1 E 2 E 2 E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013



NORGES BANK Multiple Portfolios MF-AGG 935'958 3.03 - 31.12.2012 Government

VANGUARD GROUP INC n/a ULT-AGG 517'099 1.68 22'434 30.06.2013 Unclassified

SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2012 Corporation

CREDIT SUISSE AG n/a ULT-AGG 418'044 1.36 (15'735) 31.05.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 331'443 1.07 (4'173) 25.09.2013 Investment Advisor

UBS AG n/a ULT-AGG 276'560 0.9 (2'216) 31.07.2013 Unclassified

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 - 31.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 242'152 0.79 3'742 31.07.2013 Investment Advisor


WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 30.06.2013 Hedge Fund Manager

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 163'944 0.53 158'622 30.06.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 154'115 0.5 2'237 30.04.2013 Unclassified

THREADNEEDLE n/a ULT-AGG 147'935 0.48 (51'478) 31.05.2013 Unclassified

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 147'780 0.48 (80'360) 31.07.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 120'149 0.39 1'148 30.04.2013 Bank

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2012 n/a

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 112'727 0.37 3'834 31.07.2013 Investment Advisor

PIONEER n/a ULT-AGG 92'485 0.3 (748) 31.07.2013 Unclassified


Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 620 12 month 27.09.2013

Societe Generale THIERRY COTA buy 5 M 660 12 month 26.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 630 Not Provided 26.09.2013

Kepler Cheuvreux JON COX buy 5 M 700 Not Provided 26.09.2013

Nomura CHRISTOPHER WALKER buy 5 M 650 12 month 26.09.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 735 Not Provided 26.09.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 612 6 month 26.09.2013

Renaissance Capital REY WIUM hold 3 M 550 Not Provided 23.09.2013


Mirabaud Securities ALESSANDRO MIGLIORINI neutral 3 N 610 12 month 20.09.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 19.09.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013

S&P Capital IQ WILLIAM MACK buy 5 U 650 12 month 03.09.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 02.09.2013

Bank Vontobel AG RENE WEBER buy 5 M 630 Not Provided 30.08.2013

Bank am Bellevue SERGE MONNERAT buy 5 N 625 Not Provided 13.08.2013

Aurel - BGC DAVID DA MAIA hold 3 M 550 6 month 02.08.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 530 15 month 24.07.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 590 Not Provided 24.07.2013

Berenberg Bank JOHN GUY hold 3 M 575 Not Provided 24.07.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 595 6 month 24.07.2013

ISI Group OMAR SAAD strong buy 5 M 650 Not Provided 24.07.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 24.07.2013

Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 24.07.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 23.07.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 770 12 month 17.05.2013

Redburn Partners ANNABEL GLEESON neutral 3 N #N/A N/A Not Provided 08.05.2013

HSBC ANTOINE BELGE neutral 3 M 590 Not Provided 27.03.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

UBS EVA QUIROGA neutral 3 M 510 12 month 14.01.2013

Holdings By:

Swatch Group AG/The ee


27.09.2013

Holcim Ltd. produces building materials. The Company produces and markets

ready-mixed concrete, cement, clinker, and admixtures. The Company also

provides consulting and engineering services in all areas of the cement

manufacturing process. Holcim, through subsidiaries, operates cement

manufacturing facilities around the world.


LTM as of: 06/yy

52-Week High (21.05.2013) 79.10

52-Week Low (01.10.2012) 58.80

Daily Volume

67.9





22'209.17 1 Yr Total Return 13.28%







HOLN VX EQUITY YTD Change - Average Volume 30 Day 881'490

HOLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 881'225


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

25'157.0 21'132.0 21'653.0 20'744.0 21'544.0 20'767.0 20'836.0 20'758.4 21'689.8 5'530.5 5'230.3

1.32x 2.02x 1.71x 1.47x 1.63x 6.12x 6.85x 1.68x 1.56x 6.46x 6.67x

5'333.0 4'630.0 4'513.0 3'958.0 3'984.0 3'943.0 3'871.0 4'247.5 4'897.1 1'295.0 1'003.0

6.23x 9.20x 8.19x 7.69x 8.79x 8.12x 9.08x 8.42x 7.30x - -

1'782.0 1'471.0 1'182.0 275.0 622.0 305.0 803.0 1'305.1 1'708.8 507.0 281.5

8.84x 16.33x 19.15x 58.43x 34.84x 56.29x 26.77x 16.97x 12.82x - -


EBIT 1'816.00 Long-Term Rating BBB









EBITDA Margin 18.6%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Holcim LtdPrice/Volume

Valuation Analysis

496'973.00


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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.09.2013


SCHMIDHEINY H C THOM n/a Co File 65'775'590 20.11 - 31.12.2012 n/a

EUROCEMENT HOLDING A n/a EXCH 33'091'556 10.12 - 12.09.2011 Private Equity

HARRIS ASSOCIATES LP n/a EXCH 16'711'883 5.11 6'766'859 05.09.2013 Investment Advisor









ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'839'810 0.56 1'839'810 31.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'735'900 0.53 221'420 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'238'442 0.38 (184'591) 31.07.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'184'183 0.36 (1'712) 30.04.2013 Investment Advisor


COMMONWEALTH BANK OF n/a ULT-AGG 974'493 0.3 (31'294) 31.05.2013 Bank



JP MORGAN n/a ULT-AGG 579'135 0.18 (78'261) 31.07.2013 Investment Advisor


Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 27.09.2013

Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 71 12 month 26.09.2013

HSBC JOHN FRASER-ANDREWS neutral 3 D 72 Not Provided 26.09.2013

Natixis RAFIC EL HADDAD neutral 3 M 72 Not Provided 25.09.2013

UBS GREGOR KUGLITSCH neutral 3 M 70 12 month 24.09.2013

Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 20.09.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 79 6 month 19.09.2013

AlphaValue GAETAN DUPONT buy 5 M 84 6 month 19.09.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 79 12 month 17.09.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 79 Not Provided 16.09.2013

Exane BNP Paribas PAUL ROGER neutral 3 M 69 Not Provided 12.09.2013

Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 72 Not Provided 11.09.2013

Credit Suisse HARRY GOAD neutral 3 M 62 Not Provided 09.09.2013

Jefferies MICHAEL F BETTS buy 5 M 78 12 month 03.09.2013

Davy ROBERT GARDINER neutral 3 D #N/A N/A Not Provided 03.09.2013

Kepler Cheuvreux JOSEP PUJAL buy 5 M 84 Not Provided 02.09.2013

Day by Day VALERIE GASTALDY sell 1 D 56 3 month 30.08.2013

Societe Generale MURIEL FELLOUS buy 5 M 94 12 month 29.08.2013

Helvea PATRICK APPENZELLER hold 3 M 70 12 month 29.08.2013

Deutsche Bank GLYNIS JOHNSON hold 3 M 73 12 month 28.08.2013


Cantor Fitzgerald IAN OSBURN buy 5 M 82 Not Provided 28.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 20.08.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 75 12 month 15.08.2013

Equita SIM SpA GIUSEPPE MAPELLI hold 3 M 61 12 month 14.08.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 74 12 month 09.08.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 71 12 month 25.07.2013

JPMorgan ELODIE RALL neutral 3 D 64 9 month 23.07.2013

Bankhaus Metzler STEPHAN BAUER buy 5 U 82 12 month 06.06.2013

Berenberg Bank ROBERT MUIR buy 5 M 80 Not Provided 13.03.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 85 12 month 25.02.2013

Aurel - BGC ERIC LEMARIE not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Redburn Partners JOHN MESSENGER neutral 3 M #N/A N/A Not Provided 07.11.2012

Societe Generale MIKE BRIDGES hold 3 M 54 12 month 30.11.2011

Holdings By:

Holcim Ltd ee


27.09.2013

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

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

assets utilized in the support of offshore drilling activities worldwide.

Transocean specializes in technically demanding segments of the offshore

drilling business, including deepwater and harsh environment drilling services.


LTM as of: 06/yy

52-Week High (28.01.2013) 54.70

52-Week Low (27.12.2012) 40.18

Daily Volume

40.64





14'647.09 1 Yr Total Return -3.95%







RIGN VX EQUITY YTD Change - Average Volume 30 Day 633'092

RIGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 515'919


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

12'674.0 11'556.0 9'466.0 8'027.0 9'196.0 8'563.0 9'360.0 9'523.9 10'393.7 2'488.6 2'433.6

2.17x 3.22x 3.17x 2.87x 2.54x 11.67x 10.53x 2.56x 2.38x 9.56x 10.03x

6'430.0 5'926.0 4'048.0 1'515.0 2'766.0 1'166.0 3'503.0 3'473.0 4'169.1 917.0 838.9

4.27x 6.28x 7.42x 15.22x 8.45x 21.40x 7.05x 6.81x 5.67x 6.29x 6.16x

4'031.0 3'181.0 961.0 (5'754.0) (219.0) (6'491.0) 703.0 1'429.3 1'941.3 394.4 340.8

- - - - - 0.00x 0.00x 11.22x 8.40x 9.88x 9.67x











EBITDA Margin 37.4%



Asset Turnover 0.28







Fiscal Year Ended

Transocean LtdPrice/Volume

Valuation Analysis

342'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013



ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR 13F 21'477'900 5.96 1'323'865 30.06.2013 Hedge Fund Manager

ICAHN ASSOCIATES COR n/a 13D 20'154'035 5.59 - 19.04.2013 Hedge Fund Manager



NORGES BANK NORGES BANK 13F 7'568'140 2.1 - 31.12.2012 Government

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'674'100 1.85 3'240'800 30.06.2013 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 6'619'399 1.84 (232'509) 30.06.2013 Investment Advisor




DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4'097'278 1.14 (1'071'687) 30.06.2013 Investment Advisor

CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 3'517'737 0.98 1'486'414 30.06.2013 Hedge Fund Manager

OMEGA ADVISORS OMEGA ADVISORS INC 13F 3'481'645 0.97 307'100 30.06.2013 Hedge Fund Manager


EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 3'157'404 0.88 45'920 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'147'593 0.87 14'660 30.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'012'335 0.84 81'143 31.08.2013 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 2'574'198 0.71 (570'570) 31.07.2013 Investment Advisor

APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 2'560'167 0.71 - 30.06.2013 Hedge Fund Manager


Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 49 12 month 27.09.2013

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 27.09.2013

Guggenheim Securities LLC DARREN GACICIA buy 5 M 53 12 month 25.09.2013

Fearnley Fonds TRULS OLSEN reduce 2 M 44 Not Provided 24.09.2013

Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 49 12 month 23.09.2013

UBS ANGELINE M SEDITA neutral 3 M 45 12 month 23.09.2013

ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 23.09.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 23.09.2013

Goldman Sachs WAQAR SYED neutral/attractive 3 M 48 12 month 20.09.2013

Credit Suisse GREGORY LEWIS outperform 5 M 55 Not Provided 19.09.2013

Howard Weil Inc DAVID T WILSON sector perform 3 M 55 12 month 19.09.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 12 month 19.09.2013

Johnson Rice & Co DAVID C SMITH underweight 1 M #N/A N/A Not Provided 19.09.2013

Wunderlich Securities TODD P SCHOLL hold 3 M 46 18 month 19.09.2013

Cowen and Company J B LOWE outperform 5 M 53 12 month 19.09.2013

DNB Markets MARTIN HUSEBY KARLSEN hold 3 M 46 Not Provided 19.09.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 47 12 month 19.09.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 46 12 month 19.09.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 54 12 month 19.09.2013

Clarkson Capital Markets LLC JEFFREY SPITTEL outperform 5 M 51 12 month 19.09.2013

Swedbank First Securities BJORN THORESEN neutral 3 D 48 Not Provided 19.09.2013

RBC Capital Markets KURT HALLEAD outperform 5 M 53 12 month 18.09.2013

BMO Capital Markets ALAN D LAWS market perform 3 M 50 Not Provided 15.09.2013

JPMorgan J DAVID ANDERSON neutral 3 M 49 15 month 11.09.2013

Macquarie NIGEL BROWNE neutral 3 M 48 12 month 05.09.2013

Argus Research Corp JONATHAN GELCIUS buy 5 M 52 Not Provided 03.09.2013

Jefferies BRAD HANDLER hold 3 M 52 12 month 03.09.2013

Edward Jones ROB DESAI buy 5 U #N/A N/A Not Provided 27.08.2013

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 20.08.2013

HSBC DAVID PHILLIPS overweight 5 M 62 Not Provided 13.08.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.08.2013

Barclays JAMES C WEST overweight 5 M 68 Not Provided 09.08.2013

RS Platou Markets ANDERS BERGLAND buy 5 M 60 6 month 09.08.2013

Deutsche Bank MICHAEL W URBAN sell 1 M 41 12 month 08.08.2013

S&P Capital IQ STEWART GLICKMAN buy 5 U 53 Not Provided 08.08.2013

Arctic Securities ASA KRISTOFFER RIIS IDEN hold 3 D 48 Not Provided 24.07.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 57 12 month 15.07.2013

Main First Bank AG BERND POMREHN underperform 1 M 45 12 month 14.06.2013

Bank Vontobel AG FABIAN HAECKI hold 3 M 52 Not Provided 06.06.2013

Pareto Securities FRANK HARESTAD buy 5 M 70 6 month 10.05.2013

Nordea Equity Research DAVID BHATTI buy 5 M 62 12 month 18.04.2013

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

Holdings By:

Transocean Ltd ee


27.09.2013

SGS SA provides industrial inspection, analysis, testing, and verification

services. The Company inspects, samples, analyzes, and monitors raw materials,

petroleum, food, crops, chemicals, consumer goods, and production machinery for

compliance with industrial standards and local regulatory requirements,

including tax and duty. SGS serves business worldwide.


LTM as of: 01/yy

52-Week High (19.03.2013) 2'421.16

52-Week Low (28.09.2012) 1'909.26

Daily Volume

2179





17'045.09 1 Yr Total Return 14.55%




Cash and Equivalents 989.00 Consensus Rating 3.407



SGSN VX EQUITY YTD Change - Average Volume 30 Day 11'091

SGSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 13'435


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

4'818.0 4'712.0 4'757.0 4'797.0 5'578.0 - - 6'038.2 6'537.6 - -

1.66x 2.06x 2.46x 2.48x 2.84x - - 2.90x 2.67x - -

1'024.0 1'223.0 1'286.0 1'015.0 1'124.0 - - 1'304.7 1'483.6 - -

7.82x 7.93x 9.09x 11.73x 14.11x - - 13.61x 11.97x - -

692.0 566.0 588.0 534.0 556.0 - - 677.1 784.0 - -

12.08x 17.90x 20.21x 22.05x 27.76x - - 24.51x 21.37x - -


EBIT 843.00 Long-Term Rating -









EBITDA Margin 20.5%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SGS SAPrice/Volume

Valuation Analysis

7'672.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


SERENA SARL n/a Research 1'173'400 15 - 02.06.2013 n/a

VON FINCK AUGUST n/a Co File 1'156'933 14.79 - 31.12.2012 n/a

VON FINCK AUGUST FRA n/a Co File 439'515 5.62 - 31.12.2012 n/a

BANK OF NEW YORK MEL n/a EXCH 234'021 2.99 (1'646) 20.03.2013 Investment Advisor

SGS GROUP n/a Co File 190'084 2.43 - 31.12.2012 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 177'461 2.27 (17'000) 30.06.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 86'739 1.11 (623) 31.05.2013 Investment Advisor

UBS AG n/a ULT-AGG 60'793 0.78 (121) 30.06.2013 Unclassified


FMR LLC n/a ULT-AGG 56'084 0.72 (2'035) 31.07.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 51'539 0.66 (1'796) 31.05.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 50'834 0.65 625 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 45'666 0.58 61 25.09.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 39'054 0.5 295 30.06.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 30'954 0.4 659 31.07.2013 Investment Advisor

VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 22'559 0.29 2'118 28.06.2013 Insurance Company

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'531 0.28 (10) 28.03.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 21'000 0.27 929 30.04.2013 Investment Advisor


AlphaValue HEINZ STEFFEN sell 1 M 1'952 6 month 26.09.2013

Bank am Bellevue ROLF KUNZ reduce 2 D 1'850 Not Provided 23.09.2013

HSBC RAJESH KUMAR neutral 3 M 2'200 Not Provided 19.09.2013

Deutsche Bank THOMAS SYKES hold 3 M 2'122 12 month 09.09.2013

Credit Suisse ANDY GROBLER neutral 3 M 2'100 Not Provided 03.09.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 N 2'400 Not Provided 02.09.2013

Helvea CHRISTIAN BURGER buy 5 M 2'350 12 month 02.09.2013

Societe Generale PATRICK JOUSSEAUME hold 3 M 2'300 12 month 19.08.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'700 12 month 06.08.2013

Kepler Cheuvreux BEAT KEISER buy 5 U 2'350 Not Provided 05.08.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 2'140 Not Provided 29.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 29.07.2013

UBS WILLIAM VANDERPUMP buy 5 M 2'300 12 month 22.07.2013

Jefferies WILLIAM KIRKNESS hold 3 M 1'950 12 month 18.07.2013

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'800 Not Provided 18.07.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 2'500 Not Provided 18.07.2013

Natixis OLIVIER LEBRUN neutral 3 M 2'140 6 month 18.07.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'140 12 month 18.07.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 2'450 Not Provided 18.07.2013

Barclays PAUL D A SULLIVAN equalweight 3 M 2'450 Not Provided 18.07.2013

Morgan Stanley ALLEN WELLS Equalwt/In-Line 3 M 2'400 12 month 17.07.2013

JPMorgan ROBERT PLANT neutral 3 M 1'994 9 month 17.07.2013

Zuercher Kantonalbank DANIEL BUERKI market perform 3 D #N/A N/A Not Provided 17.07.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 2'450 12 month 08.07.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 2'650 12 month 08.05.2013

Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 15.05.2012

Holdings By:

SGS SA ee


27.09.2013

Weatherford International Ltd. is a Swiss-based, multinational oilfield

service company. The Company provides mechanical solutions, technology and

services for the drilling and production sectors of the oil and gas industry.


LTM as of: 06/yy

52-Week High (06.09.2013) 14.85

52-Week Low (16.11.2012) 8.43

Daily Volume

13.8





10'594.41 1 Yr Total Return 15.00%







WFT SE EQUITY YTD Change - Average Volume 30 Day 73'217

WFT SE EQUITY YTD % CHANGE - Average Volume 3 Month 60'997


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

9'600.6 8'833.0 10'221.0 12'988.0 15'215.0 14'418.0 15'582.0 16'164.2 17'657.1 4'107.6 4'367.9

1.41x 2.22x 2.27x 1.40x 1.11x 5.06x 4.84x 1.26x 1.12x 4.98x 4.61x

2'710.4 1'596.8 1'829.0 2'443.0 2'445.0 2'630.0 2'509.0 2'933.7 3'564.5 772.4 886.1

5.00x 12.28x 12.67x 7.46x 6.90x 7.16x 8.17x 7.07x 5.82x 6.21x 5.90x

1'393.2 170.1 (152.0) 189.0 (778.0) (618.0) (148.0) 627.6 1'007.2 167.9 243.9

- - - - - 0.00x 0.00x 18.41x 11.73x 14.10x 12.58x




Pretax Margin -1.89% Short-Term Rating Date -

Return on Assets -0.67% Short-Term Rating -


Return on Capital -2.45% EBITDA/Interest Exp. 5.03




EBITDA Margin 16.1%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Weatherford International Ltd/SwitzerlandPrice/Volume

Valuation Analysis

21'003.00


!

.

1

3

5

-!

-.

-1

-3

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

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!

- !!

- .!



27.09.2013


WEATHERFORD INTL LTD n/a EXCH 73'798'060 9.61 - 23.03.2013 Corporation

INVESCO LTD n/a ULT-AGG 65'707'943 8.56 (4'082'191) 26.09.2013 Investment Advisor

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 54'682'486 7.12 7'598'478 30.06.2013 Investment Advisor

ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 54'206'792 7.06 406'228 30.06.2013 Investment Advisor

ORBIS INVESTMENT MAN n/a Research 51'981'039 6.77 - 29.08.2013 Investment Advisor

DODGE & COX n/a EXCH 43'667'302 5.69 7'690'400 29.07.2013 Investment Advisor

LEGG MASON INC n/a EXCH 41'878'236 5.45 - 12.07.2012 Investment Advisor

DODGE & COX DODGE & COX 13F 35'976'902 4.69 35'976'902 30.06.2013 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 26'120'664 3.4 (958'227) 30.06.2013 Investment Advisor



MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 18'849'173 2.46 (1'294'416) 30.06.2013 Investment Advisor

GAMCO n/a ULT-AGG 16'497'744 2.15 1'610'144 30.06.2013 Unclassified

ROBECO n/a ULT-AGG 16'170'277 2.11 (2'556'442) 30.06.2013 Unclassified

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 13'838'638 1.8 611'600 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 10'367'684 1.35 107'418 31.07.2013 Investment Advisor

SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 9'621'899 1.25 590'637 30.06.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 9'531'371 1.24 148'953 26.09.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 7'932'630 1.03 150'500 30.08.2013 Investment Advisor


Cowen and Company JAMES D CRANDELL outperform 5 M 18 12 month 26.09.2013

Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 14 12 month 24.09.2013

UBS ANGELINE M SEDITA neutral 3 M 14 12 month 23.09.2013

ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 23.09.2013

JPMorgan J DAVID ANDERSON overweight 5 M 18 15 month 18.09.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 U #N/A N/A Not Provided 18.09.2013

BMO Capital Markets ALAN D LAWS underperform 1 M 12 Not Provided 15.09.2013

Credit Suisse JAMES WICKLUND outperform 5 U 18 Not Provided 12.09.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 12 12 month 12.09.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 18 Not Provided 12.09.2013

Raymond James J MARSHALL ADKINS market perform 3 D #N/A N/A Not Provided 12.09.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 16 12 month 12.09.2013

Macquarie NIGEL BROWNE neutral 3 D 15 12 month 12.09.2013

Guggenheim Securities LLC Michael K LaMotte buy 5 M 17 12 month 12.09.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 14 12 month 12.09.2013

Iberia Capital Partners LLC ROBERT J MACKENZIE outperform 5 M 20 12 month 12.09.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 15 12 month 11.09.2013

Jefferies BRAD HANDLER hold 3 M 14 12 month 03.09.2013

RBC Capital Markets KURT HALLEAD sector perform 3 M 15 12 month 15.08.2013

Barclays JAMES C WEST overweight 5 M 22 Not Provided 12.08.2013

Societe Generale EDWARD C MUZTAFAGO hold 3 M 15 12 month 01.08.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 19 12 month 01.08.2013

Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 01.08.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 14 12 month 01.08.2013

Morgan Stanley OLE SLORER Overwt/In-Line 5 M 16 12 month 31.07.2013


S&P Capital IQ STEWART GLICKMAN hold 3 D 14 12 month 29.05.2013

Goldman Sachs WAQAR SYED neutral/attractive 3 M 15 12 month 23.05.2013


Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013

Oracle Investment Research LAURENCE BALTER buy 5 M 17 Not Provided 13.11.2012

Holdings By:

Weatherford International Ltd/Switzerland ee


27.09.2013

Swisscom AG operates public telecommunications networks and offers network

application services. The Company provides local, long-distance, and mobile

telephone services, integrated voice and data digital services, network

solutions to national and international telecommunications operators, and

Internet access services, and owns and operates pay telephones.


LTM as of: 06/yy

52-Week High (03.04.2013) 446.30

52-Week Low (16.11.2012) 370.50

Daily Volume

438.5





22'715.15 1 Yr Total Return 20.80%







SCMN VX EQUITY YTD Change - Average Volume 30 Day 107'495

SCMN VX EQUITY YTD % CHANGE - Average Volume 3 Month 99'276


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

12'198.0 12'001.0 11'988.0 11'467.0 11'384.0 11'366.0 11'359.0 11'407.8 11'484.9 2'838.0 2'982.5

2.35x 2.53x 2.54x 2.35x 2.51x 9.79x 10.39x 2.69x 2.66x 10.97x 10.33x

4'496.0 4'402.0 4'348.0 4'300.0 4'107.0 4'254.0 3'973.0 4'257.4 4'322.6 1'099.0 1'056.0

6.37x 6.89x 7.01x 6.26x 6.97x 6.74x 7.60x 7.40x 7.29x - -

1'756.0 1'926.0 1'813.0 683.0 1'755.0 629.0 1'649.0 1'611.8 1'633.4 409.0 369.5

10.01x 10.64x 11.75x 26.98x 11.62x 31.40x 12.99x 14.03x 13.78x - -











EBITDA Margin 35.0%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swisscom AGPrice/Volume

Valuation Analysis

74'503.00


!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



27.09.2013


SWISS CONFEDERATION n/a Co File 29'475'281 56.9 - 31.12.2011 Government




VANGUARD GROUP INC n/a ULT-AGG 256'038 0.49 (956) 30.06.2013 Unclassified

UBS AG n/a ULT-AGG 246'321 0.48 4'039 28.06.2013 Unclassified




ALLIANCE BERNSTEIN n/a ULT-AGG 107'042 0.21 40'700 30.06.2013 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 87'955 0.17 2'000 31.07.2013 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 74'252 0.14 13'683 30.06.2013 Investment Advisor


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 71'963 0.14 (1'044) 31.07.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 65'720 0.13 65'720 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 58'547 0.11 3'350 31.08.2013 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 51'486 0.1 (1) 31.05.2013 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 50'403 0.1 (9'100) 28.06.2013 Investment Advisor



AlphaValue HEINZ STEFFEN reduce 2 M 450 6 month 26.09.2013

Credit Suisse JAKOB BLUESTONE underperform 1 M 355 Not Provided 20.09.2013

Nomura FREDERIC BOULAN neutral 3 N 450 Not Provided 10.09.2013

Deutsche Bank CAROLA BARDELLI buy 5 M 464 12 month 05.09.2013

Bank am Bellevue SANDRA DIETSCHY hold 3 M 388 Not Provided 03.09.2013

Macquarie ALEX GRANT outperform 5 M 460 12 month 30.08.2013

JPMorgan HANNES C WITTIG overweight 5 M 460 3 month 23.08.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 20.08.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 480 Not Provided 16.08.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013

Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 09.08.2013

Natixis JACQUES DE GRELING neutral 3 M 400 Not Provided 08.08.2013

Barclays MICHAEL BISHOP overweight 5 M 445 Not Provided 08.08.2013

Societe Generale STEPHANE SCHLATTER buy 5 M 440 12 month 07.08.2013

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 430 12 month 07.08.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 500 Not Provided 07.08.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 430 Not Provided 07.08.2013

Berenberg Bank USMAN GHAZI hold 3 M 408 Not Provided 07.08.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 450 12 month 07.08.2013

New Street Research JAKUB DUBANIEWICZ neutral 3 M 364 12 month 07.08.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 515 12 month 11.07.2013

UBS VIKRAM KARNANY neutral 3 M 415 12 month 09.07.2013

Bank Vontobel AG ANDY SCHNYDER hold 3 M 410 Not Provided 12.02.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 300 Not Provided 09.11.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 14.10.2011

Holdings By:

Swisscom AG ee


27.09.2013

Givaudan SA manufactures and markets fragrances and flavors from natural and

synthetic ingredients. The Company sells its products to manufacturers of

perfumes, beverages, prepared foods, and consumer goods. Givaudan operates

worldwide.


LTM as of: 06/yy

52-Week High (08.08.2013) 1'369.00

52-Week Low (27.09.2012) 861.91

Daily Volume

1327





12'252.97 1 Yr Total Return 53.55%







GIVN VX EQUITY YTD Change - Average Volume 30 Day 18'291

GIVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 21'419


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'087.0 3'959.0 4'239.0 3'915.0 4'257.0 4'036.0 4'356.0 4'437.1 4'642.6 1'152.5 1'066.5

2.20x 2.31x 2.47x 2.44x 2.32x 0.00x 0.00x 2.95x 2.76x - -

822.0 758.0 866.0 755.0 871.0 0.0 0.0 972.8 1'046.5 - -

10.95x 12.04x 12.10x 12.63x 11.33x 0.00x 0.00x 13.83x 12.85x - -

111.0 199.0 340.0 252.0 411.0 0.0 0.0 549.7 609.4 - -

53.20x 32.97x 26.64x 32.30x 21.33x 0.00x 0.00x 21.95x 19.90x - -

EBITDA 871.00 Long-Term Rating Date -










EBITDA Margin 21.9%



Asset Turnover 0.68







Fiscal Year Ended

Givaudan SAPrice/Volume

Valuation Analysis

8'707.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


GATES III WILLIAM HE n/a Co File 950'137 10.29 - 31.12.2012 n/a

NESTLE SA #N/A N/A Co File 926'130 10.03 - 31.12.2012 Corporation

BLACKROCK n/a ULT-AGG 456'343 4.94 1'182 25.09.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 230'326 2.49 - 30.06.2013 Investment Advisor




HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 98'200 1.06 (14'500) 30.06.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 92'447 1 865 30.06.2013 Unclassified

UBS AG n/a ULT-AGG 87'140 0.94 63 28.06.2013 Unclassified

HOFFMANN ANDRE SEREN n/a Co File 86'929 0.94 - 31.12.2012 n/a

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 80'000 0.87 (13'567) 30.06.2012 Pension Fund (ERISA)

UMB BANK N A Multiple Portfolios MF-AGG 75'076 0.81 - 31.07.2013 Investment Advisor

UNIGESTION ASSET MAN Multiple Portfolios MF-AGG 51'364 0.56 - 31.07.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'630 0.51 115 28.03.2013 Investment Advisor


CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 35'448 0.38 990 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 35'174 0.38 462 31.07.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 24'554 0.27 (400) 30.04.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 22'149 0.24 - 31.05.2013 Investment Advisor


JPMorgan CELINE PANNUTI overweight 5 M 1'340 12 month 27.09.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 1'360 Not Provided 26.09.2013

AlphaValue MARTIN SCHNEE reduce 2 M 1'203 6 month 26.09.2013

Nomura PATRICK LAMBERT buy 5 M 1'480 12 month 24.09.2013

Bank am Bellevue ROLF KUNZ hold 3 M 1'260 Not Provided 16.09.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 1'200 12 month 30.08.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 1'230 12 month 22.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 16.08.2013

Helvea ANDREAS VON ARX hold 3 M 1'350 12 month 15.08.2013

Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 1'450 Not Provided 07.08.2013

UBS JOE DEWHURST buy 5 M 1'425 12 month 02.08.2013

Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 29.07.2013

Main First Bank AG BERND POMREHN outperform 5 M 1'400 12 month 26.07.2013

Barclays GUNTHER ZECHMANN underweight 1 M 1'230 Not Provided 26.07.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 1'220 12 month 25.07.2013

HSBC SEBASTIAN SATZ underweight 1 M 1'060 Not Provided 25.07.2013

Berenberg Bank JAIDEEP PANDYA sell 1 M 900 Not Provided 25.07.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 1'250 Not Provided 25.07.2013

Credit Suisse PATRICK JNGLIN outperform 5 M 1'425 Not Provided 03.07.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 1'236 Not Provided 18.04.2013

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 21.06.2012

Holdings By:

Givaudan SA ee


27.09.2013

Julius Baer Group Ltd. offers private banking services. The bank advises on

wealth management, financial planning and investments, and offers mortgage and

other lending, foreign exchange, securities trading, custody and execution

services.


LTM as of: 01/yy

52-Week High (19.09.2013) 45.14

52-Week Low (10.10.2012) 30.34

Daily Volume

42.4





9'489.52 1 Yr Total Return 32.97%





Enterprise Value -


BAER VX EQUITY YTD Change - Average Volume 30 Day 584'070

BAER VX EQUITY YTD % CHANGE - Average Volume 3 Month 589'480


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

2'480.1 1'883.7 2'075.2 2'052.0 2'028.9 - - 2'218.7 2'637.9 - -

- - - - - - - -0.32x -1.15x - -

- - - - - - - - - - -

- - - - - - - - - - -

356.9 388.7 352.0 257.9 297.4 - - 511.1 634.7 - -

- 19.35x 25.61x 28.93x 21.99x - - 18.12x 14.72x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Julius Baer Group LtdPrice/Volume

Valuation Analysis

404'419.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013



DAVIS SELECTED ADVIS n/a Co File 18'333'412 8.19 - 31.12.2012 Investment Advisor


HARRIS ASSOCIATES LP n/a EXCH 11'935'580 5.33 - 30.08.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 11'212'921 5.01 - 02.09.2013 Investment Advisor

THORNBURG INVESTMENT n/a Co File 11'095'398 4.96 - 31.12.2012 Investment Advisor

BANK OF AMERICA CORP n/a Co File 8'148'183 3.64 - 31.12.2012 Investment Advisor

BOFA MERRILL LYNCH n/a EXCH 7'375'149 3.3 - 10.08.2012 Investment Advisor

AXA n/a ULT-AGG 6'132'638 2.74 (2'711'160) 30.06.2013 Investment Advisor





JULIUS BAER GROUP LT n/a Co File 2'599'046 1.16 - 31.12.2012 Bank

INVESCO LTD n/a ULT-AGG 2'543'840 1.14 53'753 26.09.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'457'632 1.1 115'243 31.08.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'281'821 1.02 (286'191) 30.06.2013 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'233'808 0.55 (33'366) 31.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'040'686 0.46 214'183 30.08.2013 Investment Advisor


AlphaValue DIETER HEIN add 4 M 48 6 month 26.09.2013

Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 43 12 month 24.09.2013

HSBC ROBERT MURPHY underweight 1 D 43 Not Provided 19.09.2013


Societe Generale PHILIP RICHARDS hold 3 N 45 12 month 17.09.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 11.09.2013

Oddo & Cie JEAN SASSUS buy 5 M 44 Not Provided 06.09.2013

Mediobanca SpA ALEVIZOS ALEVIZAKOS neutral 3 M 43 12 month 05.09.2013

Morgan Stanley HUBERT LAM Overwt/In-Line 5 M 50 12 month 05.09.2013

Credit Suisse GURJIT KAMBO outperform 5 M 47 Not Provided 02.09.2013

Berenberg Bank ELENI PAPOULA sell 1 M 39 Not Provided 02.09.2013

Bank am Bellevue MARC DEUSTER hold 3 D 46 Not Provided 16.08.2013


Barclays JEREMY SIGEE equalweight 3 M 43 Not Provided 14.08.2013

Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 07.08.2013

Bank Vontobel AG TERESA NIELSEN hold 3 U 38 Not Provided 24.07.2013

UBS DANIELE BRUPBACHER neutral 3 D 45 12 month 23.07.2013


Mirabaud Securities Claudia von Turk Myers neutral 3 M 42 12 month 23.07.2013

Natixis ANTOINE BURGARD neutral 3 D 44 Not Provided 23.07.2013

Deutsche Bank MATT SPICK buy 5 M 47 12 month 22.07.2013

Kepler Cheuvreux DIRK BECKER reduce 2 M 30 Not Provided 22.07.2013

Nomura JON PEACE buy 5 M 45 Not Provided 22.07.2013

S&P Capital IQ FRANK BRADEN strong buy 5 M 46 12 month 22.07.2013


Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 51 12 month 05.06.2013

Equita SIM SpA MATTEO GHILOTTI reduce 2 N 31 12 month 03.10.2012

Holdings By:

Julius Baer Group Ltd ee


27.09.2013

Geberit AG manufactures and supplies water supply pipes and

fittings, installation systems, drainage and flushing systems such as visible

cisterns, and other sanitary systems for the commercial and residential

construction markets. The Company sells its products in Germany, Italy,

Switzerland, Austria, the Netherlands, France, and Belgium.


LTM as of: 06/yy

52-Week High (12.08.2013) 260.30

52-Week Low (16.11.2012) 183.67

Daily Volume

242.1





9'151.00 1 Yr Total Return 22.23%







GEBN VX EQUITY YTD Change - Average Volume 30 Day 98'693

GEBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 99'980


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'179.0 1'931.0 1'900.0 1'867.6 1'919.6 1'883.4 1'942.6 2'284.1 2'392.3 505.0 474.0

1.95x 3.57x 4.23x 3.49x 3.73x 7.09x 8.07x 3.79x 3.57x - -

649.1 611.0 573.7 532.0 542.4 539.0 551.3 577.7 613.4 154.0 114.0

6.56x 11.27x 14.01x 12.24x 13.20x 12.70x 15.44x 15.32x 14.43x - -

466.3 397.5 406.8 384.0 392.3 387.3 399.5 426.2 451.8 - -

9.50x 18.03x 20.95x 18.43x 19.57x 18.63x 22.12x 21.47x 20.10x - -

EBITDA 542.40 Long-Term Rating Date 25.05.2010

EBIT 462.30 Long-Term Rating A-









EBITDA Margin 28.4%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Geberit AGPrice/Volume

Valuation Analysis

53'363.00


!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013



BARCLAYS PLC n/a ULT-AGG 2'095'110 5.54 - 14.03.2007 Investment Advisor


CAPITAL GROUP COS n/a EXCH 1'720'160 4.55 - 11.05.2006 Investment Advisor

MARATHON ASSET MANAG n/a EXCH 1'189'345 3.15 (6'120) 29.01.2013 Investment Advisor

AKO CAPITAL LLP n/a EXCH 1'173'254 3.1 - 22.05.2013 Investment Advisor

CREDIT SUISSE FUND A n/a Co File 1'164'630 3.08 - 31.12.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 679'484 1.8 (4'469) 30.06.2013 Investment Advisor





NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 419'725 1.11 113'921 31.07.2013 Insurance Company

GEBERIT AG n/a EXCH 194'044 0.51 - 27.06.2013 Corporation


MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 183'003 0.48 183'003 31.12.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 156'860 0.41 (76'960) 31.07.2013 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 128'000 0.34 - 31.12.2012 Investment Advisor



Main First Bank AG CHRISTIAN KORTH outperform 5 U 275 12 month 13.09.2013

Credit Suisse ANDRE KUKHNIN neutral 3 U 240 Not Provided 11.09.2013

Berenberg Bank MICHAEL WATTS hold 3 M 225 Not Provided 06.09.2013

Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 207 12 month 16.08.2013

UBS TORSTEN WYSS neutral 3 M 240 12 month 15.08.2013

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 14.08.2013

Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 230 Not Provided 14.08.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 233 12 month 13.08.2013

HSBC TOBIAS LOSKAMP neutral 3 M 244 Not Provided 13.08.2013


Kepler Cheuvreux OLIVER GIRAKHOU hold 3 M 250 Not Provided 31.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Davy FLORENCE O'DONOGHUE underperform 1 D #N/A N/A Not Provided 09.11.2012

Holdings By:

Geberit AG ee


27.09.2013

Adecco SA is a personnel and temporary employment company. The Company supplies

personnel and temporary help, and offers permanent placement services for

professionals and specialists in a range of occupations. Adecco conducts its

placement services internationally.


LTM as of: 06/yy

52-Week High (20.09.2013) 64.90

52-Week Low (30.10.2012) 41.78

Daily Volume

64.3





12'169.64 1 Yr Total Return 45.14%







ADEN VX EQUITY YTD Change - Average Volume 30 Day 503'946

ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 559'329


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

19'965.0 14'797.0 18'656.0 20'545.0 20'536.0 20'694.0 19'793.0 19'645.6 20'747.3 5'130.0 5'060.3

0.24x 0.46x 0.50x 0.31x 0.41x 1.42x 1.79x 0.56x 0.52x 2.22x 2.23x

992.0 380.0 809.0 939.0 828.0 966.0 785.0 901.9 1'088.9 - -

4.84x 17.88x 11.58x 6.82x 10.05x 8.14x 12.44x 12.68x 10.50x - -

495.0 8.0 423.0 519.0 377.0 502.0 346.0 506.7 629.8 159.3 144.0

8.51x 959.73x 22.41x 11.89x 19.90x 13.25x 23.40x 18.38x 14.66x - -


EBIT 673.00 Long-Term Rating BBB









EBITDA Margin 4.0%



Asset Turnover 2.13







Fiscal Year Ended

Adecco SAPrice/Volume

Valuation Analysis

523'934.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


JACOBS HOLDING n/a EXCH 34'873'579 18.43 - 26.08.2013 Private Equity

AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'858'136 5.21 2'126'436 30.06.2013 Investment Advisor

ADECCO SA n/a EXCH 9'525'701 5.03 - 21.06.2013 Corporation

ARTISAN PARTNERS HOL n/a EXCH 6'284'378 3.32 689'034 12.03.2013 Investment Advisor





TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'291'711 1.21 (11'989) 31.07.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor





Alliance Trust Savin Multiple Portfolios MF-AGG 674'973 0.36 55'378 30.06.2013 Unclassified

SEB n/a ULT-AGG 501'890 0.27 161'600 31.03.2013 Unclassified

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 466'817 0.25 - 31.07.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 457'501 0.24 (844) 30.06.2013 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 381'600 0.2 (850) 28.06.2013 Investment Advisor


Goldman Sachs CHARLES WILSON Buy/Neutral 5 U 79 12 month 27.09.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 70 Not Provided 26.09.2013

Credit Suisse ANDY GROBLER outperform 5 M 68 Not Provided 19.09.2013

AlphaValue HEINZ STEFFEN sell 1 M 54 6 month 18.09.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 58 6 month 17.09.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 16.09.2013

Natixis OLIVIER LEBRUN neutral 3 D 68 Not Provided 16.09.2013


RBC Capital Markets ANDREW BROOKE outperform 5 D 70 12 month 11.09.2013

Helvea CHRISTIAN BURGER hold 3 M 62 12 month 15.08.2013

Deutsche Bank THOMAS SYKES hold 3 D 66 12 month 13.08.2013

Rabobank International DAVID TAILLEUR hold 3 M 68 12 month 13.08.2013

Bank am Bellevue ROLF KUNZ buy 5 M 73 Not Provided 09.08.2013

Jefferies KEAN MARDEN hold 3 M 61 12 month 09.08.2013

Bank Vontobel AG MICHAEL FOETH buy 5 M 70 Not Provided 09.08.2013

JPMorgan ROBERT PLANT overweight 5 M 70 15 month 08.08.2013

S&P Capital IQ CLIVE ROBERTS hold 3 U 63 12 month 08.08.2013


ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 08.08.2013

Kepler Cheuvreux HANS PLUIJGERS hold 3 D 62 Not Provided 18.07.2013

HSBC MATTHEW LLOYD neutral 3 M 54 Not Provided 03.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Barclays PAUL D A SULLIVAN equalweight 3 M 59 Not Provided 08.05.2013

UBS WILLIAM VANDERPUMP neutral 3 M 52 12 month 07.02.2013

Holdings By:

Adecco SA ee


27.09.2013

Actelion Ltd. is a pharmaceutical company that develops and markets synthetic

small-molecule drugs against diseases related to the endothelium. The Company's

drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary

conditions.


LTM as of: 06/yy

52-Week High (26.08.2013) 66.25

52-Week Low (16.11.2012) 42.06

Daily Volume

64.1





7'709.69 1 Yr Total Return 37.94%







ATLN VX EQUITY YTD Change - Average Volume 30 Day 267'709

ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 335'465


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'684.6 1'744.4 1'767.5 1'835.8 428.7 423.3

2.80x 1.56x 2.34x 7.68x 11.01x 3.95x 3.63x 15.89x 15.97x

414.2 403.4 536.1 435.6 503.4 402.3 546.5 551.2 585.9 132.0 116.5

9.53x 6.14x 8.00x 9.34x 9.20x 11.74x 11.05x - -

306.1 311.3 390.6 (146.3) 303.2 289.7 328.9 421.1 430.8 88.4 63.3

15.61x - 16.68x 15.81x 19.62x 17.40x 16.26x - -











EBITDA Margin 31.3%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Actelion LtdPrice/Volume

Valuation Analysis

304'339.00


!

-!

.!

0!

1!

2!

3!

4!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

- 1 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


ACTELION LTD n/a EXCH 10'010'167 8.32 - 28.06.2013 Other

ORBIS INVESTMENT MAN n/a EXCH 6'311'593 5.25 - 04.07.2013 Investment Advisor

CLOZEL JEAN-PAUL n/a Co File 5'262'883 4.38 - 31.12.2012 n/a


TRIDENT MERGER n/a EXCH 4'083'119 3.39 - 02.05.2012 Other

MAAG RUDOLF n/a Co File 3'803'190 3.16 - 31.12.2012 n/a

BB BIOTECH AG n/a Co File 3'803'190 3.16 - 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'799'517 3.16 - 11.04.2013 Unclassified

VANGUARD GROUP INC n/a ULT-AGG 3'602'141 2.99 (57) 30.06.2013 Unclassified




ALLIANCE BERNSTEIN n/a ULT-AGG 1'110'302 0.92 (16'918) 30.06.2013 Investment Advisor



CAWTHORN ROBERT E n/a Co File 507'552 0.42 - 04.05.2012 n/a

CLOSE INVESTMENT LTD Multiple Portfolios MF-AGG 485'726 0.4 4'483 31.08.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 452'765 0.38 310'042 30.04.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 430'637 0.36 101'169 26.09.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 419'716 0.35 543 30.06.2013 Investment Advisor


AlphaValue FABRICE FARIGOULE reduce 2 M 65 6 month 26.09.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 62 Not Provided 19.09.2013

Helvea OLAV ZILIAN buy 5 M 85 12 month 19.09.2013

Barclays MICHAEL LEUCHTEN equalweight 3 M 51 Not Provided 16.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 67 6 month 11.09.2013

Deutsche Bank RICHARD J PARKES buy 5 M 69 12 month 04.09.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 66 Not Provided 27.08.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 72 Not Provided 26.08.2013

Bank am Bellevue STEPHEN LEVENTHAL buy 5 M 72 Not Provided 13.08.2013

UBS GUILLAUME VAN RENTERGHEM buy 5 U 82 12 month 08.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 07.08.2013

Nomura Code Securities SAMIR DEVANI buy 5 M 70 6 month 01.08.2013

Jefferies PETER WELFORD buy 5 M 71 12 month 30.07.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 58 12 month 29.07.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 24.07.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 D 62 Not Provided 23.07.2013


JPMorgan JAMES D GORDON neutral 3 M 60 9 month 19.07.2013

S&P Capital IQ JACOB THRANE hold 3 D 65 12 month 19.07.2013

Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012

Holdings By:

Actelion Ltd ee


27.09.2013

Kuehne + Nagel International AG transports freight worldwide. The Company

operates sea, land, and rail freight transportation businesses and warehousing

and distribution facilities. Kuehne + Nagel also provides related special

services.


LTM as of: 06/yy

52-Week High (18.09.2013) 123.20

52-Week Low (24.06.2013) 98.50

Daily Volume

120.8





14'496.00 1 Yr Total Return 16.14%







KNIN VX EQUITY YTD Change - Average Volume 30 Day 131'670

KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 159'144


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

17'992.0 14'336.0 16'858.0 16'218.0 17'120.0 16'377.0 17'398.0 17'596.8 18'398.3 4'574.5 4'608.0

0.39x 0.77x 0.85x 0.71x 0.71x 2.93x 2.71x 0.76x 0.72x 2.90x 2.83x

1'021.0 887.0 1'008.0 982.0 926.0 869.0 1'003.0 986.2 1'079.0 257.7 265.7

6.91x 12.51x 14.16x 11.81x 13.16x 12.95x 11.63x 13.91x 12.71x 13.05x 12.80x

585.0 467.0 601.0 601.0 485.0 500.0 559.0 608.0 686.9 165.0 162.0

13.62x 25.44x 25.69x 20.93x 27.09x 24.09x 22.16x 23.55x 20.97x 21.96x 21.57x











EBITDA Margin 5.8%



Asset Turnover 2.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuehne + Nagel International AGPrice/Volume

Valuation Analysis

71'471.00


!

.!

1!

3!

5!

-!!

-.!

-1!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.09.2013


KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a

HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor

DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'775'192 2.31 (9'710) 30.06.2013 Investment Advisor





KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 Corporation


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 717'847 0.6 (102'155) 30.06.2013 Investment Advisor



VANGUARD GROUP INC n/a ULT-AGG 583'424 0.49 (2'428) 30.06.2013 Unclassified


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 30.06.2013 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 435'743 0.36 135'332 30.06.2013 Investment Advisor


FIL LIMITED n/a ULT-AGG 317'507 0.26 (1'193'480) 31.12.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 307'949 0.26 15'663 28.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 201'737 0.17 (20'500) 31.07.2013 Investment Advisor


Commerzbank Corporates & Markets FRANK SKODZIK hold 3 D 125 6 month 23.09.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 173 12 month 23.09.2013

Bank am Bellevue ROLF KUNZ hold 3 M 110 Not Provided 20.09.2013

Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 19.09.2013


AlphaValue HEINZ STEFFEN add 4 M 138 6 month 19.09.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 114 12 month 18.09.2013

Credit Suisse NEIL GLYNN underperform 1 M 111 Not Provided 18.09.2013

Cantor Fitzgerald ROBIN BYDE sell 1 M 100 Not Provided 18.09.2013

Stifel DAVID G ROSS hold 3 M 110 12 month 13.09.2013

Macquarie ROBERT JOYNSON neutral 3 D 115 12 month 10.09.2013

Main First Bank AG TOBIAS SITTIG underperform 1 M 115 Not Provided 02.09.2013

HSBC JULIA WINARSO underweight 1 M 90 Not Provided 22.08.2013

Kepler Cheuvreux BEAT KEISER buy 5 M 124 Not Provided 05.08.2013

JPMorgan CHRISTOPHER G COMBE neutral 3 M 126 15 month 01.08.2013

Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 M 95 12 month 29.07.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 134 12 month 16.07.2013

Bank Vontobel AG MICHAEL FOETH hold 3 M 115 Not Provided 16.07.2013

Nomura MARK MCVICAR neutral 3 M 110 Not Provided 16.07.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 110 12 month 15.07.2013


Goldman Sachs NICK EDELMAN neutral/neutral 3 M 122 12 month 10.06.2013


Equita SIM SpA GIANMARCO BONACINA hold 3 M 113 12 month 15.04.2013

Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013

Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013

Holdings By:

Kuehne + Nagel International AG ee


27.09.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 06/yy

52-Week High (08.03.2013) 146.90

52-Week Low (28.09.2012) 115.00

Daily Volume

134.8





15'488.99 1 Yr Total Return 18.25%







SCHP VX EQUITY YTD Change - Average Volume 30 Day 114'287

SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 112'508


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'824.0 8'537.0 8'811.5 9'375.0 - -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.53x 1.40x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'146.8 1'233.5 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.91x 11.07x - -

615.0 625.0 677.0 576.0 702.0 655.0 596.0 680.8 783.6 - -

9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 27.53x 22.50x 19.68x - -









Net Debt/EBITDA -


EBITDA Margin 13.1%



Asset Turnover 1.07

Current Ratio 1.55 Net Fixed Asset Turnover -






Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

63'004.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013















FRANKLIN RESOURCES n/a ULT-AGG 293'124 0.63 (586'955) 28.06.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 249'100 0.54 - 30.04.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 204'930 0.44 (1'000) 31.07.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 201'392 0.44 (22'625) 31.07.2013 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 168'524 0.36 - 31.03.2013 Investment Advisor

MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 157'000 0.34 (7'000) 31.03.2013 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 153'558 0.33 - 28.06.2013 Investment Advisor


Helvea PATRICK APPENZELLER buy 5 M 155 12 month 23.09.2013

Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 118 Not Provided 09.09.2013

Kepler Cheuvreux OLIVER GIRAKHOU buy 5 M 155 Not Provided 05.09.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 155 Not Provided 02.09.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 15.08.2013


Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 140 12 month 13.08.2013



Canaccord Genuity Corp ANDREW BELL hold 3 M 145 12 month 13.08.2013


Holdings By:

Schindler Holding AG ee


27.09.2013

Sonova Holding AG provides hearing healthcare solutions. The Company develops

and manufactures hearing systems, such as wireless communication systems for

audio applications and cochlear implant systems. Sonova also provides solutions

for hearing protection.


LTM as of: 01/yy

52-Week High (19.09.2013) 115.80

52-Week Low (12.11.2012) 89.89

Daily Volume

111.6





7'494.14 1 Yr Total Return 17.92%







SOON VX EQUITY YTD Change - Average Volume 30 Day 141'704

SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 120'393


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

1'249.2 1'500.3 1'616.7 1'619.8 1'795.3 - - 1'935.2 2'072.3 - -

3.42x 5.84x 3.43x 4.16x 4.17x - - 3.69x 3.34x - -

366.0 459.6 373.7 366.1 238.3 - - 494.5 553.6 - -

11.68x 19.05x 14.82x 18.39x 31.40x - - 14.84x 13.26x - -

284.8 217.2 231.0 246.8 110.9 - - 362.4 410.0 - -

15.82x 39.46x 23.39x 27.04x 68.61x - - 20.63x 18.28x - -











EBITDA Margin 13.3%



Asset Turnover 0.72







Fiscal Year Ended

Sonova Holding AGPrice/Volume

Valuation Analysis

50'889.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E . E 0 E 1 E 2 E 3 E 4 E 5 E 6 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013



DIETHELM BEDA n/a Co File 6'647'719 9.9 - 31.03.2013 n/a

RIHS ANDREAS E n/a Co File 4'560'498 6.79 - 31.03.2013 n/a

RIHS HANS-UELI n/a Co File 4'166'000 6.2 - 31.03.2013 n/a

AKO CAPITAL LLP n/a EXCH 2'031'623 3.03 - 05.02.2013 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'010'767 2.99 - 01.06.2012 Investment Advisor


CREDIT SUISSE FUND A n/a EXCH 1'994'034 2.97 (9'050) 12.04.2013 Investment Advisor




MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'003'486 1.49 (16'300) 30.06.2013 Investment Advisor


PICTET FUNDS n/a ULT-AGG 872'723 1.3 40'774 31.05.2013 Investment Advisor





MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 253'532 0.38 - 31.07.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 240'520 0.36 (20'000) 30.04.2013 Investment Advisor


AlphaValue FABRICE FARIGOULE add 4 M 126 6 month 26.09.2013

JPMorgan DAVID J ADLINGTON neutral 3 D 120 6 month 20.09.2013

Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 133 6 month 19.09.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 19.09.2013

Bank am Bellevue GINA FRANCIOLI hold 3 M 110 Not Provided 19.09.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 125 Not Provided 19.09.2013


Exane BNP Paribas ROMAIN ZANA underperform 1 M 93 Not Provided 19.09.2013

Main First Bank AG STEPHAN VOLLERT underperform 1 M 111 12 month 18.09.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE underperform 1 M 92 12 month 11.09.2013

UBS MARTIN WALES buy 5 U 130 12 month 06.09.2013

Kepler Cheuvreux MAJA PATAKI buy 5 M 125 Not Provided 30.08.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 107 12 month 29.07.2013

Societe Generale JUSTIN SMITH hold 3 M 111 12 month 08.07.2013


Bank Vontobel AG CARLA BAENZIGER buy 5 M 120 Not Provided 30.05.2013

Barclays SALLY TAYLOR equalweight 3 M 105 Not Provided 22.05.2013

Deutsche Bank YI-DAN WANG hold 3 M 93 12 month 21.05.2013

HSBC HENDRIK LOFRUTHE neutral 3 M 112 Not Provided 21.05.2013

Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012

SEB Enskilda NIELS GRANHOLM-LETH not rated #N/A N/A M #N/A N/A Not Provided 22.10.2010

Holdings By:

Sonova Holding AG ee


27.09.2013

Sika AG manufactures construction materials and offers related services. The

Company produces concrete and mixtures, mortar, sealants and adhesives, tooling

resins, anti-static industrial flooring, acoustic materials for automobiles,

and waterproof membranes. Sika also offers specialized contracting services.


LTM as of: 06/yy

52-Week High (20.09.2013) 2'730.00

52-Week Low (12.10.2012) 1'851.00

Daily Volume

2677





6'715.65 1 Yr Total Return 43.08%







SIK VX EQUITY YTD Change - Average Volume 30 Day 3'658

SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'204


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'624.5 4'154.9 4'416.0 4'556.4 4'828.9 4'631.9 4'924.4 5'091.3 5'499.6 1'395.0 1'297.0

0.59x 1.89x 1.21x 1.05x 1.13x 0.00x 0.00x 1.34x 1.22x - -

556.1 560.0 576.7 477.4 568.9 0.0 0.0 636.1 708.1 - -

4.89x 14.00x 9.27x 9.99x 9.63x 0.00x 0.00x 11.08x 9.95x - -

266.7 225.9 310.5 213.3 279.5 55.8 97.6 328.3 377.7 - -

8.41x 17.74x 14.13x 17.84x 16.08x 0.00x 0.00x 20.45x 17.69x - -


EBIT 428.80 Long-Term Rating A-









EBITDA Margin 12.2%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sika AGPrice/Volume

Valuation Analysis

1'820.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.09.2013


SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor

THREADNEEDLE n/a ULT-AGG 176'577 8.21 964 30.06.2013 Unclassified

CREDIT SUISSE AG n/a ULT-AGG 54'978 2.56 385 31.05.2013 Investment Advisor





ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 28'322 1.32 (149) 30.08.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 27'832 1.29 (5'239) 30.04.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 26'076 1.21 (118) 31.05.2013 Investment Advisor




COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 16'800 0.78 - 31.07.2013 Investment Advisor


SARASIN n/a ULT-AGG 12'832 0.6 124 30.04.2013 Unclassified

LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 11'358 0.53 (6) 31.05.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 11'184 0.52 325 31.07.2013 Investment Advisor


DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 10'065 0.47 - 31.05.2013 Investment Advisor


Bank Vontobel AG PATRICK RAFAISZ hold 3 M 2'500 Not Provided 19.08.2013

Helvea PATRICK APPENZELLER hold 3 M 2'700 12 month 15.08.2013

Bank am Bellevue MICHAEL ROOST hold 3 M 2'286 Not Provided 08.08.2013

Credit Suisse PATRICK LAAGER neutral 3 M 2'300 Not Provided 08.08.2013

Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 2'900 Not Provided 07.08.2013

Main First Bank AG BERND POMREHN outperform 5 M 2'750 12 month 29.07.2013

UBS TORSTEN WYSS buy 5 M 2'900 12 month 21.06.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013


Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 3'100 6 month 03.04.2013

Holdings By:

Sika AG ee


27.09.2013

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

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

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (19.09.2013) 104.40

52-Week Low (10.10.2012) 63.95

Daily Volume

102.4





30'774.45 1 Yr Total Return 59.28%







UHRN SE EQUITY YTD Change - Average Volume 30 Day 79'915

UHRN SE EQUITY YTD % CHANGE - Average Volume 3 Month 89'518


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

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'625.0 9'335.0 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.36x 3.01x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'460.0 2'690.0 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 12.12x 11.09x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - - - - -

- - - - - - - 15.78x 14.40x - -











EBITDA Margin 28.0%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

64'849.00


!

.!

1!

3!

5!

-!!

-.!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


HAYEK SR NICOLAS G n/a Co File 55'704'144 44.91 - 31.12.2012 n/a

GRETHER ESTHER n/a Co File 10'935'000 8.82 - 31.12.2012 n/a







BNP PARIBAS n/a ULT-AGG 454'735 0.37 (22'922) 30.04.2013 Unclassified



LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 322'291 0.26 (1'183) 31.05.2013 Investment Advisor


MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 225'000 0.18 35'000 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 211'543 0.17 (16'130) 31.07.2013 Investment Advisor

PIONEER n/a ULT-AGG 208'323 0.17 - 30.04.2013 Unclassified

IST FUND MANAGERS Multiple Portfolios MF-AGG 205'137 0.17 399 30.04.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 202'929 0.16 (30'339) 31.07.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 185'274 0.15 859 31.05.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 169'000 0.14 10'000 30.04.2013 Investment Advisor


Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013


Bank am Bellevue SERGE MONNERAT buy 5 M 125 Not Provided 24.07.2013

Holdings By:

Swatch Group AG/The ee


27.09.2013

Aryzta AG produces and retails specialty bakery products. The Company produces

French breads, pastries, continental breads, confections, artisan breads,

homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and

sweet baked goods. Aryzta operates in North America, South America, Europe,

South East Asia, Australia and New Zealand.


LTM as of: 04/yy

52-Week High (11.09.2013) 61.70

52-Week Low (03.10.2012) 44.22

Daily Volume

58.15





5'338.78 1 Yr Total Return 29.33%







ARYN SE EQUITY YTD Change - Average Volume 30 Day 168'424

ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 165'469


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 04/yy 04/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1

2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 4'046.2 4'366.6 4'431.9 4'712.3 1'185.3 1'168.0

- 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.25x 1.13x - -

232.4 342.7 340.5 485.1 540.0 0.0 0.0 571.4 629.8 - -

- 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 9.63x 8.73x - -

129.8 54.0 151.7 212.7 146.3 0.0 0.0 314.6 329.8 - -

- 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 13.36x 12.04x - -











EBITDA Margin 12.6%



Asset Turnover 0.83





Accounts Receivable Turnover 11.15 Cash Conversion Cycle -30.71


Fiscal Year Ended

Aryzta AGPrice/Volume

Valuation Analysis

87'487.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation

ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other

INVESCO LTD n/a ULT-AGG 3'251'936 3.54 (49'502) 26.09.2013 Investment Advisor



MASSACHUSETTS MUTUAL n/a EXCH 2'799'110 3.05 15'925 02.05.2013 Insurance Company

FMR LLC n/a ULT-AGG 2'364'980 2.58 900 31.07.2013 Investment Advisor




ROYAL BANK OF CANADA n/a ULT-AGG 1'168'807 1.27 6'147 31.07.2013 Bank


ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'067'550 1.16 (27'164) 30.08.2013 Investment Advisor




KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a

DWS INVESTMENTS Multiple Portfolios MF-AGG 810'188 0.88 (73'608) 31.05.2013 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 787'457 0.86 241'490 30.08.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 756'196 0.82 (10'890) 31.05.2013 Investment Advisor


Societe Generale ALEX SLOANE hold 3 M 63 12 month 26.09.2013

Helvea ANDREAS VON ARX buy 5 M 67 12 month 25.09.2013

Credit Suisse CHARLES MILLS neutral 3 M 61 Not Provided 20.09.2013

Rabobank International PATRICK ROQUAS buy 5 N 69 12 month 20.09.2013


Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 68 12 month 18.09.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 17.09.2013


Berenberg Bank FINTAN RYAN buy 5 N 73 Not Provided 05.09.2013

UBS JOERN IFFERT buy 5 M 65 12 month 14.08.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 11.07.2013

Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 72 12 month 12.06.2013

Kepler Cheuvreux CHRISTOPHER LADNER buy 5 M 65 Not Provided 15.05.2013

Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012

Holdings By:

Aryzta AG ee


27.09.2013

Swiss Life Holding is a financial services company. The Company provides life

and property insurance, institutional investment management, and private banking

services.


LTM as of: 09/yy

52-Week High (26.08.2013) 187.00

52-Week Low (01.10.2012) 108.05

Daily Volume

174.3





5'591.73 1 Yr Total Return 58.59%







SLHN VX EQUITY YTD Change - Average Volume 30 Day 130'950

SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 128'581


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 18'764.4 18'105.6 - -

- - - 0.02x 0.01x #DIV/0! #DIV/0! -0.05x -0.05x - -

- - - - - 0.0 0.0 - - - -

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

350.0 278.0 557.0 605.0 92.0 0.0 0.0 721.3 711.1 - 140.0

- 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 7.74x 8.01x - -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Life Holding AGPrice/Volume

Valuation Analysis

75'165.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

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



27.09.2013


TALANX BETEILIGUNGS- n/a EXCH 1'614'988 5.03 (1'359'700) 16.04.2013 Insurance Company

DODGE & COX Multiple Portfolios MF-AGG 1'590'600 4.96 - 30.06.2013 Investment Advisor



CREDIT SUISSE AG n/a ULT-AGG 683'900 2.13 6'871 31.05.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 417'453 1.3 411 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 375'932 1.17 1'313 28.03.2013 Investment Advisor







PRUDENTIAL FINANCIAL n/a ULT-AGG 135'001 0.42 (5'461) 31.08.2013 Investment Advisor

RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 129'800 0.4 18'300 30.04.2013 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 75'443 0.24 (20'031) 31.07.2013 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 71'000 0.22 15'000 30.06.2013 Investment Advisor

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 61'300 0.19 - 30.06.2013 Investment Advisor


Berenberg Bank PETER ELIOT hold 3 M 195 Not Provided 26.09.2013

AlphaValue DIETER HEIN buy 5 U 214 6 month 26.09.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 194 12 month 17.09.2013

Goldman Sachs WILLIAM ELDERKIN Sell/Neutral 1 D 179 12 month 17.09.2013

EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 10.09.2013

Main First Bank AG RENE LOCHER outperform 5 M 215 12 month 09.09.2013

Credit Suisse RICHARD BURDEN underperform 1 M 175 Not Provided 02.09.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 224 3 month 19.08.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 210 Not Provided 19.08.2013





Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 15.08.2013

Kepler Cheuvreux FABRIZIO CROCE hold 3 M 163 Not Provided 15.08.2013

Nomura MICHAEL KLIEN buy 5 M 190 Not Provided 15.08.2013


Bankhaus Metzler JOCHEN SCHMITT sell 1 M 145 12 month 14.08.2013

Holdings By:

Swiss Life Holding AG ee


27.09.2013

Clariant, AG. develops, produces, markets and sales specialty chemical products.

The Company provides dyes and chemicals for the textile, leather and paper

industries, pigments for the use in paints, printing inks, decorative paints,

plastics, cosmetics, concentrated pigment and additive preparations for

engineering plastics, spin dyeing, and packaging.


LTM as of: 06/yy

52-Week High (19.09.2013) 16.55

52-Week Low (01.11.2012) 9.37

Daily Volume

15.28





5'072.03 1 Yr Total Return 37.99%







CLN VX EQUITY YTD Change - Average Volume 30 Day 1'414'635

CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'550'479


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 6'823.0 6'502.0 6'176.2 6'433.7 1'532.8 1'592.5

0.36x 0.51x 0.71x 0.60x 0.92x 2.82x 3.61x 1.02x 0.95x - -

746.0 470.0 880.0 874.0 772.0 744.0 751.0 830.5 928.7 207.7 228.0

3.85x 7.14x 5.76x 5.10x 7.19x 6.49x 8.61x 8.57x 7.67x - -

(45.0) (206.0) 180.0 227.0 217.0 159.0 254.0 332.1 399.6 76.0 118.3

- - 23.38x 10.78x 17.64x 17.59x 17.13x 14.52x 12.36x 12.03x 11.32x


EBIT 456.00 Long-Term Rating BBB-









EBITDA Margin 11.6%



Asset Turnover 0.73







Fiscal Year Ended

Clariant AGPrice/Volume

Valuation Analysis

857'537.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.09.2013


SHAREHOLDER GROUP n/a EXCH 44'738'756 13.48 1'598'001 31.12.2011 Other

CLARIANT AG n/a EXCH 13'197'597 3.98 (2'155'824) 13.03.2013 Corporation

STOCKHAUSEN DOLF n/a Co File 11'776'204 3.55 - 31.12.2012 n/a

WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.32 - 14.01.2013 n/a


UBS AG n/a ULT-AGG 9'963'262 3 (58'651) 31.07.2013 Unclassified



TIAA CREF INVESTMENT n/a EXCH 8'830'526 2.66 - 24.05.2013 Investment Advisor






VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'403'710 0.72 290'000 30.04.2013 Investment Advisor

SPARINVEST n/a ULT-AGG 1'722'966 0.52 - 31.07.2013 Investment Advisor


JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'173'151 0.35 284 28.06.2013 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 1'056'698 0.32 342'505 30.04.2013 Investment Advisor

ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 962'500 0.29 88'000 31.07.2013 Investment Advisor


UBS JEAN-FRANCOIS MEYMANDI buy 5 M 19 12 month 25.09.2013

AlphaValue MARTIN SCHNEE reduce 2 M 15 6 month 19.09.2013

Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 19 12 month 17.09.2013

Goldman Sachs MICHAEL RAE Buy/Neutral 5 M 19 12 month 11.09.2013

Nomura PATRICK LAMBERT buy 5 U 18 Not Provided 05.09.2013

JPMorgan MARTIN EVANS neutral 3 M 15 15 month 04.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 19 12 month 04.09.2013

Deutsche Bank TIMOTHY JONES hold 3 M 15 12 month 22.08.2013

Exane BNP Paribas JAMES KNIGHT underperform 1 M 13 Not Provided 22.08.2013

Societe Generale PETER CLARK sell 1 M 13 12 month 14.08.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 19 Not Provided 13.08.2013

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 17 Not Provided 31.07.2013

Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 31.07.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 14 Not Provided 30.07.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 16 Not Provided 30.07.2013

Main First Bank AG BERND POMREHN outperform 5 M 16 12 month 30.07.2013

HSBC JESKO MAYER-WEGELIN underweight 1 M 13 Not Provided 12.07.2013

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 27.06.2013


Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 12 Not Provided 17.04.2013

Holdings By:

Clariant AG ee


27.09.2013

Baloise Holding AG offers group and individual life, health, accident, liability

property, and transportation insurance to customers in Europe. The Company also

offers private banking and asset management services.


LTM as of: 12/yy

52-Week High (10.09.2013) 104.50

52-Week Low (28.09.2012) 73.65

Daily Volume

101.5





5'075.00 1 Yr Total Return 42.17%







BALN VX EQUITY YTD Change - Average Volume 30 Day 149'140

BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 154'829


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

7'807.9 9'464.6 9'420.2 7'691.1 9'333.4 0.0 0.0 8'213.2 8'477.6 - -

0.46x 0.34x 0.37x 0.31x 0.30x #DIV/0! #DIV/0! 0.27x 0.26x - -

- - - - - 0.0 0.0 - - - -

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

358.3 414.1 433.4 60.8 436.6 0.0 0.0 473.8 492.0 - -

10.70x 9.95x 9.95x 49.68x 8.42x 0.00x 0.00x 9.86x 9.64x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

Baloise Holding AGPrice/Volume

Valuation Analysis

75'318.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E - E . E . E 0 E 0 E 1 E 1 E 2 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



27.09.2013



SIGNAL IDUNA GRUPPE n/a Co File 2'500'000 5 - 31.12.2012 Unclassified

BALOISE HOLDING AG n/a Co File 2'264'287 4.53 - 31.12.2012 Insurance Company

LSV ASSET MANAGEMENT n/a EXCH 1'862'547 3.73 - 02.07.2013 Investment Advisor







KEMPEN CAPITAL MANAG n/a ULT-AGG 457'630 0.92 41'285 30.06.2013 Unclassified



IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 30.06.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 267'545 0.54 1'693 31.05.2013 Investment Advisor

SARASIN n/a ULT-AGG 252'201 0.5 (3'288) 30.04.2013 Unclassified




BARING FUND MANAGERS Multiple Portfolios MF-AGG 133'453 0.27 - 31.05.2013 Investment Advisor


Berenberg Bank PETER ELIOT buy 5 M 115 Not Provided 26.09.2013

AlphaValue DIETER HEIN sell 1 M 84 6 month 26.09.2013

Goldman Sachs WILLIAM ELDERKIN Sell/Neutral 1 D 100 12 month 17.09.2013


Bank am Bellevue ANDREAS FRICK buy 5 M 119 Not Provided 06.09.2013


Credit Suisse RICHARD BURDEN neutral 3 M 97 Not Provided 03.09.2013


JPMorgan MICHAEL HUTTNER neutral 3 M 109 3 month 30.08.2013





Nomura MICHAEL KLIEN buy 5 M 100 12 month 29.08.2013


EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Baloise Holding AG ee


27.09.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (20.08.2013) 43'515.00

52-Week Low (16.11.2012) 33'075.92

Daily Volume

42855





9'159.83 1 Yr Total Return 27.52%






Average Volume 5 Day 147

LISN SE EQUITY YTD Change - Average Volume 30 Day 117

LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 113


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

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'869.0 3'072.1 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.99x 2.77x - -

466.1 382.5 423.3 421.9 457.4 - - 512.5 559.3 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.58x 15.19x - -

261.5 193.1 241.9 246.5 271.9 - - 306.7 337.7 - -

19.52x 29.86x 28.38x 28.95x 28.80x - - 31.84x 28.87x - -











EBITDA Margin 17.6%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

32.00


!2!!!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


LINDT & SPRUENGLI AG n/a Research 29'144 21.32 - 16.03.2013 Corporation


TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a


AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'285 0.94 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 1'166 0.85 24 30.06.2013 Unclassified

SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a

BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a

BLACKROCK n/a ULT-AGG 861 0.63 (19) 25.09.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 857 0.63 (22) 28.03.2013 Investment Advisor

UBS AG n/a ULT-AGG 799 0.58 (32) 31.05.2013 Unclassified

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 639 0.47 (68) 30.06.2013 Hedge Fund Manager

PICTET FUNDS n/a ULT-AGG 540 0.4 (11) 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 325 0.24 - 31.07.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 319 0.23 - 30.04.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 241 0.18 20 31.05.2013 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 175 0.13 - 30.04.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 170 0.12 (14) 28.02.2013 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 166 0.12 (8) 31.05.2013 Investment Advisor


Goldman Sachs FULVIO CAZZOL Sell/Neutral 1 M 41'600 12 month 12.09.2013

Bank am Bellevue GINA FRANCIOLI hold 3 M 24'760 Not Provided 03.09.2013

UBS JOERN IFFERT buy 5 M 47'500 12 month 21.08.2013

Berenberg Bank JAMES TARGETT hold 3 M 43'000 Not Provided 21.08.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY not rated #N/A N/A M #N/A N/A Not Provided 21.08.2013

Natixis NICOLAS LANGLET neutral 3 M 40'000 Not Provided 21.08.2013

Kepler Cheuvreux JON COX hold 3 M 40'000 Not Provided 20.08.2013

HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 14.08.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013


GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012

Holdings By:

Lindt & Spruengli AG ee


27.09.2013

Swiss Prime Site AG is a real estate investment company. The Company owns

business and mixed-use business/residential buildings in commercial centers in

Switzerland.


LTM as of: 01/yy

52-Week High (15.05.2013) 78.85

52-Week Low (09.09.2013) 66.65

Daily Volume

69.5





4'204.63 1 Yr Total Return -4.33%

Total Debt 4'125.09 YTD Return -4.51%






SPSN VX EQUITY YTD Change - Average Volume 30 Day 115'505

SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 115'773


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/10 Q2 09/10 Q3

209.6 293.7 601.1 571.6 576.7 - - 678.0 674.0 - -

16.31x 25.52x 13.23x 13.78x 14.75x - - 12.41x 12.77x - -

158.8 171.5 357.9 355.2 339.6 - - 362.5 378.0 - -

21.53x 43.70x 22.22x 22.17x 25.05x - - 23.02x 22.08x - -

116.4 187.4 235.0 355.1 316.3 - - 223.0 230.0 - -

10.26x 9.52x 16.07x 10.80x 13.26x - - 19.21x 18.69x - -











EBITDA Margin 55.8%



Asset Turnover 0.07







Fiscal Year Ended

Swiss Prime Site AGPrice/Volume

Valuation Analysis

45'844.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E . E 0 E 1 E 2 E 3 E 4 E 5 E 6 E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

-5! !!

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



27.09.2013




WECKEN KLAUS RUDOLF n/a Co File 2'070'000 3.42 - 31.12.2012 n/a

STATE STREET CORP n/a ULT-AGG 2'037'272 3.37 (2'047) 26.09.2013 Investment Advisor


FUST WALTER n/a EXCH 1'619'979 2.68 (717'875) 31.07.2012 n/a


SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 726'335 1.2 13'700 31.07.2013 Investment Advisor





SCOTTISH WIDOWS n/a ULT-AGG 222'747 0.37 10'051 28.02.2013 Unclassified



ING INTERNATIONAL AD Multiple Portfolios MF-AGG 152'800 0.25 (700) 28.03.2013 Investment Advisor



AMUNDI Multiple Portfolios MF-AGG 131'662 0.22 451 30.04.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 125'910 0.21 - 30.04.2013 Investment Advisor


UBS ANDRE RUDOLF VON ROHR neutral 3 M 73 12 month 17.09.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 17.09.2013

ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 61 Not Provided 13.09.2013

Zuercher Kantonalbank MARKUS WAEBER outperform 5 U #N/A N/A Not Provided 12.09.2013


Kempen & Co ROBERT WOERDEMAN neutral 3 M 78 Not Provided 25.04.2013

Holdings By:

Swiss Prime Site AG ee


27.09.2013

Partners Group Holding AG is a global private markets asset management firm

in private equity, private debt, private real estate and private

infrastructure. The firm manages a broad range of funds, structured products

and customized portfolios for an international clientele of institutional

investors, private banks and other financial institutions.


LTM as of: 01/yy

52-Week High (09.07.2013) 273.50

52-Week Low (08.11.2012) 183.80

Daily Volume

223.6





5'970.12 1 Yr Total Return 19.37%







PGHN SE EQUITY YTD Change - Average Volume 30 Day 77'084

PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 65'895


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

270.7 329.4 447.3 448.8 564.2 - - 493.6 560.7 - -

6.16x 9.30x 9.31x 9.06x 9.12x - - 11.63x 10.21x - -

182.5 231.9 320.8 236.2 295.5 - - 306.5 351.9 - -

9.14x 13.21x 12.98x 17.21x 17.42x - - 20.00x 17.42x - -

170.8 204.8 296.3 202.1 257.3 - - 288.1 330.8 - -

10.90x 15.75x 14.86x 20.51x 20.81x - - 20.70x 17.86x - -











EBITDA Margin 55.4%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Partners Group Holding AGPrice/Volume

Valuation Analysis

35'025.00


!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0 E

1 E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


GANTNER ALFRED n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

WIETLISBACH URS n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

ERNI MARCEL n/a Co File 2'673'659 10.01 - 31.12.2012 n/a


PARTNERS GROUP n/a Co File 1'218'791 4.56 - 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 729'025 2.73 358 30.06.2013 Investment Advisor

MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2012 n/a




HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2012 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 319'621 1.2 190 31.07.2013 Investment Advisor



ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 201'303 0.75 (137'985) 30.06.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 193'408 0.72 (28'089) 30.06.2013 Investment Advisor



WENGER JUERG n/a Co File 140'333 0.53 - 31.12.2012 n/a



Goldman Sachs CHRIS M. TURNER neutral/neutral 3 U 240 12 month 20.09.2013




Mediobanca SpA ALEVIZOS ALEVIZAKOS outperform 5 M 282 12 month 12.09.2013

Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 250 12 month 11.09.2013




UBS DANIELE BRUPBACHER neutral 3 M 250 12 month 17.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Partners Group Holding AG ee


27.09.2013

Lonza Group AG produces organic fine chemicals, biocides, active ingredients,

and biotechnology products. The Company offers custom chemical manufacturing

and fermentation processing and manufactures its products for the life sciences,

pharmaceuticals, food processing, and agricultural products industries. Lonza

operates production sites in Europe, the United States, and China.


LTM as of: 01/yy

52-Week High (16.09.2013) 77.90

52-Week Low (16.11.2012) 40.11

Daily Volume

74.45





3'939.90 1 Yr Total Return 55.04%







LONN VX EQUITY YTD Change - Average Volume 30 Day 200'147

LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 203'028


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'844.6 4'046.8 - -

2.20x 1.91x 1.91x 2.07x 1.26x - - 1.61x 1.48x - -

691.0 517.0 647.0 537.0 640.0 - - 668.3 754.8 - -

9.36x 9.91x 7.91x 10.37x 7.73x - - 9.67x 8.56x - -

420.0 162.0 291.0 154.0 182.0 - - 228.2 305.5 - -

11.07x 22.88x 13.50x 18.62x 14.02x - - 15.20x 12.52x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.53







Fiscal Year Ended

Lonza Group AGPrice/Volume

Valuation Analysis

133'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

- 1 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 Investment Advisor

HARDING LOEVNER LP n/a Co File 2'658'885 5.02 - 31.12.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 2'642'891 4.99 - 08.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'091'802 3.95 455 25.09.2013 Investment Advisor

AFFILIATED MANAGING n/a Co File 1'912'949 3.61 - 31.12.2012 Other

TIAA CREF INVESTMENT n/a EXCH 1'566'236 2.96 (44'662) 09.08.2013 Investment Advisor








PRINCIPAL FINANCIAL n/a ULT-AGG 174'983 0.33 10'223 31.07.2013 Investment Advisor



PRUDENTIAL FINANCIAL n/a ULT-AGG 156'525 0.3 (52'442) 31.07.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 144'892 0.27 - 31.07.2013 Investment Advisor


AlphaValue FABRICE FARIGOULE reduce 2 M 73 6 month 26.09.2013

Main First Bank AG BERND POMREHN outperform 5 U 85 12 month 09.09.2013



Bank am Bellevue BRUNO ESCHLI hold 3 M 74 Not Provided 29.07.2013

Jefferies PETER WELFORD hold 3 M 75 12 month 29.07.2013

Kepler Cheuvreux AITANA PEIRE reduce 2 N 56 Not Provided 29.07.2013

S&P Capital IQ JACOB THRANE hold 3 U 74 12 month 29.07.2013

Credit Suisse LUISA HECTOR neutral 3 M 70 Not Provided 26.07.2013


Bank Vontobel AG CARLA BAENZIGER hold 3 M 69 Not Provided 26.07.2013

Kempen & Co SACHIN SONI hold 3 M 63 12 month 25.07.2013

Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 12.07.2013

UBS MARTIN WALES neutral 3 M 71 12 month 10.05.2013

Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013

JPMorgan RICHARD VOSSER neutral 3 M 40 Not Provided 10.08.2012

Holdings By:

Lonza Group AG ee


27.09.2013

Galenica AG manufactures and distributes pharmaceuticals and offers related

services. The Company produces prescription and over-the-counter drugs,

toiletries and hygiene products, and operates pharmacies.


LTM as of: 01/yy

52-Week High (27.09.2013) 775.50

52-Week Low (16.11.2012) 479.25

Daily Volume

774.5





5'034.25 1 Yr Total Return 40.59%







GALN SE EQUITY YTD Change - Average Volume 30 Day 21'533

GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 23'723


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

3'128.1 3'279.1 3'446.6 3'480.6 3'608.0 - - 3'554.4 3'700.6 - -

0.94x 1.14x 1.37x 1.26x 1.15x - - 1.56x 1.45x - -

470.1 401.6 443.7 399.9 431.3 - - 452.7 460.3 - -

6.26x 9.28x 10.65x 10.99x 9.62x - - 12.73x 12.51x - -

188.2 210.2 230.4 223.1 253.5 - - 279.3 284.5 - -

11.80x 11.55x 15.91x 15.89x 13.55x - - 17.53x 17.12x - -











EBITDA Margin 12.5%



Asset Turnover 1.17







Fiscal Year Ended

Galenica AGPrice/Volume

Valuation Analysis

17'197.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


ALLIANCE BOOTS LTD n/a EXCH 1'656'172 25.48 - 10.05.2013 Corporation

CREDIT SUISSE AG n/a EXCH 379'607 5.84 116'645 12.03.2013 Investment Advisor

ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2012 Pension Fund (ERISA)

PATINEX AG n/a EXCH 196'758 3.03 (37'419) 06.09.2013 Private Equity




JORNOD ETIENNE n/a Co File 47'261 0.73 - 31.12.2012 n/a



LB SWISS INVESTMENT Multiple Portfolios MF-AGG 39'208 0.6 1'950 28.03.2013 Investment Advisor



IST FUND MANAGERS Multiple Portfolios MF-AGG 26'466 0.41 (2'353) 30.04.2013 Investment Advisor

LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 23'740 0.37 1'849 31.05.2013 Investment Advisor

SARASIN n/a ULT-AGG 21'306 0.33 (86) 30.04.2013 Unclassified

GALENICA AG n/a Co File 20'075 0.31 - 31.12.2012 Corporation

DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 19'785 0.3 1'000 28.06.2013 Investment Advisor


HIRSBRUNNER FRITZ n/a Co File 13'032 0.2 - 31.12.2012 n/a


AlphaValue ARMELLE MOULIN sell 1 D 665 6 month 26.09.2013

UBS GUILLAUME VAN RENTERGHEM buy 5 U 890 12 month 23.09.2013

EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 10.09.2013


Deutsche Bank HOLGER BLUM buy 5 M 870 12 month 03.09.2013


Kepler Cheuvreux MAJA PATAKI hold 3 M 710 Not Provided 27.08.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 780 Not Provided 14.08.2013

Bank am Bellevue STEPHEN LEVENTHAL hold 3 M 595 Not Provided 13.08.2013


Main First Bank AG MARCUS WIEPRECHT underperform 1 M 660 12 month 13.08.2013

Berenberg Bank ALISTAIR CAMPBELL sell 1 M 500 Not Provided 03.05.2013

Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013

Holdings By:

Galenica AG ee


27.09.2013

Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,

France, Russia, the United Arab Emirates, Singapore, the Caribbean and the

United States.


LTM as of: 06/yy

52-Week High (19.09.2013) 139.00

52-Week Low (10.10.2012) 111.10

Daily Volume

137.1





4'068.28 1 Yr Total Return 20.69%







DUFN VX EQUITY YTD Change - Average Volume 30 Day 104'280

DUFN VX EQUITY YTD % CHANGE - Average Volume 3 Month 124'561


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'113.5 2'378.7 2'610.2 2'637.7 3'153.6 2'973.8 3'303.6 3'638.6 4'116.5 1'061.5 960.5

0.79x 0.95x 1.56x 1.43x 1.45x 5.59x 5.67x 1.54x 1.33x - -

277.3 288.1 328.0 344.3 444.0 414.9 425.6 515.1 611.6 174.5 149.5

6.02x 7.85x 12.43x 10.94x 10.33x 10.99x 12.06x 11.28x 9.50x - -

95.0 38.5 116.6 111.9 122.4 127.8 89.0 175.6 235.3 65.9 41.5

8.62x 34.88x 27.17x 20.78x 26.82x 24.11x 35.70x 21.48x 16.17x - -


EBIT 275.70 Long-Term Rating BB+









EBITDA Margin 12.9%



Asset Turnover 0.84







Fiscal Year Ended

Dufry AGPrice/Volume

Valuation Analysis

73'043.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.09.2013


TRAVEL RETAIL INVEST #N/A N/A Research 4'060'445 13.68 - 25.09.2013 Other

FRANKLIN RESOURCES n/a ULT-AGG 1'508'287 5.08 598'288 26.07.2013 Investment Advisor

HUDSON MEDIA INC #N/A N/A EXCH 1'506'687 5.08 - 05.04.2013 Other

ARTIO GLOBAL MANAGEM #N/A N/A EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 714'317 2.41 (27'119) 30.06.2013 Investment Advisor




BTG PACTUAL GLOBAL A Multiple Portfolios MF-AGG 425'495 1.43 (46'493) 31.05.2013 Investment Advisor


NUCLEO CAPITAL LTDA Multiple Portfolios MF-AGG 277'641 0.94 7'320 31.05.2013 Investment Advisor






COHEN JAMES n/a Co File 177'010 0.6 - 31.12.2012 n/a


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 161'800 0.55 11'048 31.07.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 161'292 0.54 1'742 31.05.2013 Investment Advisor


Mirabaud Securities THOMAS BAUMANN accumulate 4 M 145 12 month 26.09.2013

UBS JOERN IFFERT buy 5 N 138 12 month 23.09.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 135 12 month 11.09.2013

Bank am Bellevue MICHAEL HEIDER buy 5 M 154 Not Provided 11.09.2013

Grupo Santander REBECCA MCCLELLAN buy 5 M 160 Not Provided 06.09.2013



Natixis ANDRE JUILLARD buy 5 M 160 Not Provided 04.09.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 150 12 month 04.09.2013

Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 135 Not Provided 03.09.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.08.2013

Credit Suisse PATRICK JNGLIN outperform 5 M 145 Not Provided 04.06.2013

Holdings By:

Dufry AG ee


27.09.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (20.08.2013) 3'811.00

52-Week Low (10.10.2012) 2'793.29

Daily Volume

3691





9'159.83 1 Yr Total Return 26.27%







LISP SE EQUITY YTD Change - Average Volume 30 Day 1'756

LISP SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'646


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

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'878.6 3'085.6 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.95x 2.72x - -

466.1 382.5 423.3 421.9 457.4 - - 508.4 555.8 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.71x 15.29x - -

261.5 193.1 241.9 246.5 271.9 - - 305.6 336.8 - -

- - - - - - - 27.77x 25.42x - -











EBITDA Margin 17.6%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

686.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013






BLACKROCK n/a ULT-AGG 14'979 1.67 (175) 25.09.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 11'189 1.25 (534) 28.03.2013 Investment Advisor



VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 7'657 0.86 900 28.06.2013 Insurance Company

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 7'000 0.78 - 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'649 0.74 277 31.05.2013 Investment Advisor




FIRST EAGLE INVESTME n/a EXCH 4'175 0.47 - 19.11.2009 Hedge Fund Manager

TANNER ERNST n/a Co File 3'580 0.4 - 31.12.2010 n/a

SOCIETE GENERALE Multiple Portfolios MF-AGG 2'918 0.33 725 30.04.2013 Bank


KLINGLER HANSJUERG n/a Co File 2'650 0.3 - 31.12.2010 n/a

RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 2'185 0.24 205 30.04.2013 Investment Advisor


AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'885 6 month 26.09.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 4'200 12 month 18.09.2013

Helvea ANDREAS VON ARX hold 3 M 3'800 12 month 22.08.2013

Berenberg Bank JAMES TARGETT buy 5 M 4'300 Not Provided 21.08.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 3'850 Not Provided 21.08.2013

S&P Capital IQ CARL SHORT hold 3 M 3'890 12 month 20.08.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 3'300 Not Provided 04.04.2013


Jefferies DIRK VAN VLAANDEREN buy 5 M 3'470 Not Provided 31.10.2012

Holdings By:

Lindt & Spruengli AG ee


27.09.2013

Sulzer AG manufactures machinery and equipment, and operates in a surfacing

technology business. The Company provides pumping and surface technology

solution and services, services and repair of thermal turbo machinery, and

service for separation columns and static mixing.


LTM as of: 01/yy

52-Week High (22.05.2013) 171.00

52-Week Low (24.10.2012) 130.30

Daily Volume

139.1





4'765.90 1 Yr Total Return 3.64%

Total Debt 609.00 YTD Return -1.54%






SUN SE EQUITY YTD Change - Average Volume 30 Day 95'757

SUN SE EQUITY YTD % CHANGE - Average Volume 3 Month 118'479


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 - - 4'119.4 4'382.4 - -

0.47x 0.62x 1.34x 1.04x 1.25x - - 1.15x 1.03x - -

575.3 471.2 508.0 481.8 552.0 - - 520.8 614.8 - -

3.06x 4.38x 8.38x 7.76x 9.07x - - 9.51x 8.05x - -

322.9 270.4 300.4 279.8 307.1 - - 274.6 344.0 - -

6.26x 10.06x 15.98x 12.17x 15.96x - - 17.11x 13.75x - -











EBITDA Margin 12.8%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulzer AGPrice/Volume

Valuation Analysis

85'225.00


!.!1!3!5!

-!!-.!-1!-3!-5!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

5 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


RENOVA GROUP #N/A N/A EXCH 10'579'797 30.88 - 26.07.2013 Unclassified






SULZER LTD #N/A N/A Co File 457'863 1.34 - 31.12.2011 Corporation

DANSKE INVEST A/S Multiple Portfolios MF-AGG 368'254 1.07 9'938 31.05.2013 Investment Advisor



NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 338'812 0.99 (123) 31.07.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 297'486 0.87 10'946 28.06.2013 Investment Advisor



ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 183'675 0.54 - 30.09.2012 Investment Advisor

SARASIN n/a ULT-AGG 157'958 0.46 6'855 30.04.2013 Unclassified

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 151'717 0.44 2'355 31.07.2013 Investment Advisor





Bank am Bellevue MICHAEL ROOST reduce 2 M 121 Not Provided 23.09.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 N 182 6 month 22.09.2013

Barclays RIZK MAIDI equalweight 3 M 135 Not Provided 05.09.2013

HSBC JOERG-ANDRE FINKE underweight 1 M 132 Not Provided 23.08.2013

Berenberg Bank ALEXANDER VIRGO hold 3 M 143 Not Provided 20.08.2013

Helvea VOLKAN GOCMEN buy 5 M 190 12 month 15.08.2013


Kepler Cheuvreux OLIVER GIRAKHOU buy 5 M 160 Not Provided 29.07.2013


Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 24.07.2013

Bank Vontobel AG FABIAN HAECKI hold 3 D 155 Not Provided 24.07.2013


Credit Suisse PATRICK LAAGER not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013

Mirabaud Securities THOMAS BAUMANN neutral 3 M 150 12 month 23.07.2013

Holdings By:

Sulzer AG ee


27.09.2013

PSP Swiss Property AG owns and manages real estate. The Company owns a

portfolio of office and business premises at exclusive locations in

Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and

Lausanne.


LTM as of: 06/yy

52-Week High (15.05.2013) 91.25

52-Week Low (18.09.2013) 77.45

Daily Volume

78.95





3'621.27 1 Yr Total Return -4.22%







PSPN SE EQUITY YTD Change - Average Volume 30 Day 89'088

PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 81'653


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

205.7 271.1 270.4 284.2 283.3 235.4 282.8 274.8 278.9 69.1 66.8

20.75x 17.16x 19.18x 18.75x 20.28x 93.01x 80.88x 19.93x 19.95x - -

147.4 214.0 215.8 231.3 175.4 184.9 214.1 234.0 235.8 60.6 57.0

28.96x 21.74x 24.04x 23.04x 32.75x 30.67x 26.45x 23.63x 23.46x - -

224.0 231.2 280.8 404.0 368.6 384.7 348.4 167.3 166.0 43.2 42.9

9.96x 10.73x 11.52x 8.36x 10.54x 9.48x 10.72x 21.94x 22.14x 22.08x 21.57x











EBITDA Margin 75.7%



Asset Turnover 0.04







Fiscal Year Ended

PSP Swiss Property AGPrice/Volume

Valuation Analysis

80'382.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0 E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.09.2013


HETZ NATHAN n/a Co File 5'600'000 12.21 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 2'152'934 4.69 220 25.09.2013 Investment Advisor




STATE STREET CORP n/a ULT-AGG 536'473 1.17 (2'019) 26.09.2013 Investment Advisor





ING INVESTMENT MANAG Multiple Portfolios MF-AGG 304'897 0.66 (69'900) 30.06.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 200'621 0.44 (30'004) 28.02.2013 Unclassified


SNS INVESTMENT FUND Multiple Portfolios MF-AGG 159'359 0.35 (8'917) 28.03.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 158'208 0.34 2'200 28.03.2013 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 158'001 0.34 - 30.04.2013 Investment Advisor


KEMPEN CAPITAL MANAG n/a ULT-AGG 153'366 0.33 50'993 30.06.2013 Unclassified

GABRIEL LUCIANO n/a Co File 152'294 0.33 - 31.12.2012 n/a



Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 78 12 month 26.09.2013

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 85 Not Provided 09.09.2013


JPMorgan TIM LECKIE neutral 3 M 87 12 month 02.09.2013

Exane BNP Paribas VALERIE GUEZI outperform 5 M 86 Not Provided 02.09.2013

Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 90 12 month 28.08.2013


Deutsche Bank MARKUS SCHEUFLER hold 3 M 93 12 month 16.08.2013

Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 16.08.2013


Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 13.05.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 Not Provided 13.01.2013

Holdings By:

PSP Swiss Property AG ee


27.09.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 06/yy

52-Week High (08.03.2013) 142.00

52-Week Low (27.09.2012) 115.00

Daily Volume

130.7





15'488.99 1 Yr Total Return 15.50%







SCHN SE EQUITY YTD Change - Average Volume 30 Day 31'629

SCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 31'643


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'824.0 8'537.0 8'811.5 9'375.0 - -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.53x 1.40x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'146.8 1'233.5 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.91x 11.07x - -

615.0 625.0 677.0 576.0 702.0 655.0 596.0 680.8 783.6 - -

9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 27.53x 21.82x 19.08x - -









Net Debt/EBITDA -


EBITDA Margin 13.1%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

17'088.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E - E - E - E - E - E . E . E . E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


SCHINDLER FAMILY n/a Co File 51'033'236 71.99 - 31.12.2010 n/a

SCHINDLER HOLDING AG n/a Co File 1'327'102 1.87 - 31.12.2010 Corporation








FIDELITY INVESTMENT Multiple Portfolios MF-AGG 194'593 0.27 - 31.12.2012 Investment Advisor



ABERDEEN n/a ULT-AGG 106'700 0.15 - 30.06.2013 Investment Advisor



TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 25'000 0.04 - 31.03.2012 Investment Advisor

TINGGREN JUERGEN n/a Co File 20'097 0.03 - 31.12.2010 n/a

RODRIGUEZ MIGUEL A n/a Co File 19'841 0.03 - 31.12.2010 n/a

SAASTOPANKKI FUND MA Multiple Portfolios MF-AGG 19'400 0.03 - 30.08.2013 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 18'259 0.03 - 28.03.2013 Investment Advisor


AlphaValue EILEEN RYAN add 4 M 140 6 month 26.09.2013

Exane BNP Paribas ALEXIS DENAUD outperform 5 M 155 Not Provided 16.09.2013

HSBC MICHAEL HAGMANN overweight 5 M 170 Not Provided 28.08.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 20.08.2013




Helvea VOLKAN GOCMEN neutral 3 M 90 12 month 16.12.2011

Holdings By:

Schindler Holding AG ee


27.09.2013

GAM Holding AG is an independent, well-diversified asset management business,

with a focus on the manufacturing and distribution of investment products and

services.


LTM as of: 01/yy

52-Week High (15.05.2013) 17.95

52-Week Low (16.11.2012) 10.54

Daily Volume

16.6





2'875.61 1 Yr Total Return 40.66%





Enterprise Value -


GAM SE EQUITY YTD Change - Average Volume 30 Day 501'721

GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 511'662


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

4'144.8 1'020.2 964.9 812.2 999.1 - - 676.5 711.9 - -

- - - - - - - 3.48x 3.08x - -

- - - - - - - - - - -

- - - - - - - - - - -

661.2 3'636.9 10.2 (95.0) 86.7 - - 201.6 208.4 - -

12.53x 0.96x 309.00x - 24.22x - - 13.27x 12.45x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.50







Fiscal Year Ended

GAM Holding AGPrice/Volume

Valuation Analysis

298'170.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5.!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


SILCHESTER INTL INVE n/a Co File 18'500'519 10.68 - 31.12.2012 Investment Advisor


GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 7.03 (4'785'293) 27.06.2012 Investment Advisor

GAM HOLDING LTD n/a EXCH 9'759'133 5.63 (10'119'694) 27.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 9'437'266 5.45 3'618'228 31.08.2013 Unclassified

CREDIT SUISSE FUNDS n/a Co File 8'269'310 4.77 - 31.12.2012 n/a

FMR LLC n/a ULT-AGG 5'684'005 3.28 - 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA n/a Co File 5'610'663 3.24 - 31.12.2012 Investment Advisor

FIL LIMITED n/a ULT-AGG 5'573'602 3.22 610'422 30.04.2013 Investment Advisor




FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.84 - 23.04.2012 Hedge Fund Manager





PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 2'091'929 1.21 177'410 31.08.2013 Insurance Company

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'033'682 1.17 - 31.07.2013 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 1'605'355 0.93 - 31.12.2012 Investment Advisor




RBC Capital Markets PETER K LENARDOS outperform 5 M 20 12 month 19.08.2013



UBS DANIELE BRUPBACHER buy 5 U 19 12 month 14.08.2013


Bank am Bellevue MARC DEUSTER buy 5 M 20 Not Provided 13.08.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 03.07.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Holdings By:

GAM Holding AG ee


27.09.2013

Helvetia Holding AG provides a broad range of life, casualty, liability,

accident and transportation insurance. The Company insures individuals,

property such as vehicles and buildings, and consumer goods and personal

belongings during transportation. Helvetia and subsidiaries operate in

Switzerland, in other European countries, and North America.


LTM as of: 01/yy

52-Week High (09.08.2013) 430.00

52-Week Low (16.11.2012) 308.00

Daily Volume

407.5





3'526.05 1 Yr Total Return 29.66%







HELN SE EQUITY YTD Change - Average Volume 30 Day 16'041

HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'520


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

5'559.2 7'279.3 7'366.2 7'496.2 7'967.0 - - 7'748.3 7'978.0 - -

0.35x 0.36x 0.36x 0.24x 0.24x - - 0.30x 0.29x - -

- - - - - - - - - - -

- - - - - - - - - - -

230.6 323.4 339.0 288.2 339.6 - - 351.0 364.1 - -

8.52x 8.54x 9.14x 9.02x 9.09x - - 10.11x 9.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20







Fiscal Year Ended

Helvetia Holding AGPrice/Volume

Valuation Analysis

22'127.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E - E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

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



27.09.2013


PATRIA GENOSSENSCHAF n/a Research 2'604'515 30.1 - 30.06.2013 n/a

VONTOBEL ASSET MANAG n/a Research 346'115 4 - 30.06.2013 Investment Advisor

RAIFFEISEN SWITZERLA n/a Research 346'115 4 - 30.06.2013 Unclassified







DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 31.05.2013 Investment Advisor




HELVETIA HOLDING AG n/a Co File 40'436 0.47 - 31.12.2012 Insurance Company


DEUTSCHE BANK AG n/a ULT-AGG 36'200 0.42 12'914 30.06.2013 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 34'754 0.4 - 31.07.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 33'737 0.39 2'150 28.03.2013 Investment Advisor


PARVEST INVESTMENT M Multiple Portfolios MF-AGG 30'624 0.35 5'300 30.04.2013 Investment Advisor


Berenberg Bank PETER ELIOT hold 3 D 450 Not Provided 26.09.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 450 12 month 17.09.2013

Credit Suisse RICHARD BURDEN underperform 1 M 421 Not Provided 16.09.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 D 400 12 month 12.09.2013



Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 03.09.2013

Nomura MICHAEL KLIEN buy 5 M 430 12 month 03.09.2013


Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 02.09.2013




Holdings By:

Helvetia Holding AG ee


27.09.2013

Georg Fischer AG produces automobile parts, piping systems, plastics processing

equipment, and tool and mold making machinery. The Company manufactures cast

and machined components for road vehicles and machinery, plastic and metal

pipes and fittings, electric discharge machines, milling centers, automation

equipment, and plastics factories and compounding systems.


LTM as of: 01/yy

52-Week High (19.09.2013) 570.00

52-Week Low (16.11.2012) 294.65

Daily Volume

554.5





2'273.95 1 Yr Total Return 72.49%







FI/N SE EQUITY YTD Change - Average Volume 30 Day 23'386

FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 24'617


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

4'465.0 2'906.0 3'447.0 3'511.0 3'602.0 - - 3'714.5 3'883.0 - -

0.34x 0.53x 0.72x 0.46x 0.52x - - 0.71x 0.65x - -

390.0 111.0 357.0 373.0 359.0 - - 369.8 404.6 - -

3.87x 13.90x 6.97x 4.34x 5.17x - - 7.34x 6.71x - -

56.0 (246.0) 99.0 160.0 121.0 - - 159.2 181.9 - -

17.14x - 21.98x 8.23x 9.95x - - 14.24x 12.49x - -











EBITDA Margin 10.1%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Georg Fischer AGPrice/Volume

Valuation Analysis

9'431.00


!

-!!

.!!

0!!

1!!

2!!

3!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

- E

- E

- E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.09.2013


LSV ASSET MANAGEMENT n/a EXCH 212'993 5.19 - 02.07.2013 Investment Advisor

NORGES BANK n/a EXCH 205'756 5.02 82'443 10.09.2013 Government





SARASIN n/a ULT-AGG 51'418 1.25 1'348 30.04.2013 Unclassified

RUFFER LLP Multiple Portfolios MF-AGG 43'215 1.05 - 28.02.2013 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 33'688 0.82 - 31.07.2013 Investment Advisor


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA)






PRUDENTIAL FINANCIAL n/a ULT-AGG 23'100 0.56 - 31.08.2013 Investment Advisor


ASN FUND MANAGEMENT Multiple Portfolios MF-AGG 19'994 0.49 - 31.07.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 19'565 0.48 (3'860) 30.08.2013 Investment Advisor



Bank am Bellevue ALESSANDRO FOLETTI buy 5 M 560 Not Provided 03.09.2013


Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 490 6 month 27.08.2013

Credit Suisse PATRICK LAAGER outperform 5 M 580 Not Provided 16.08.2013

Helvea VOLKAN GOCMEN sell 1 M 370 12 month 15.08.2013

Mirabaud Securities THOMAS BAUMANN neutral 3 D 530 12 month 08.08.2013

UBS TORSTEN WYSS buy 5 M 570 12 month 19.07.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 U 520 12 month 19.07.2013



Holdings By:

Georg Fischer AG ee


27.09.2013

Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade

chemical intermediates, fine chemicals, and protective bonding, coating and

sealing products. The Company supplies its products to the automotive,

transportation, and textile industries.


LTM as of: 03/yy

52-Week High (06.08.2013) 328.89

52-Week Low (27.09.2012) 186.52

Daily Volume

317.25





7'420.17 1 Yr Total Return 71.60%







EMSN SE EQUITY YTD Change - Average Volume 30 Day 22'479

EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 22'016


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

1'503.9 1'197.7 1'595.6 1'657.7 1'755.4 0.0 254.0 1'881.5 1'985.8 - 434.0

1.16x 2.02x 2.17x 2.09x 2.68x #DIV/0! 0.00x 3.79x 3.57x - -

283.2 272.2 351.4 347.3 376.5 0.0 0.0 407.8 429.5 - -

6.15x 8.91x 9.88x 9.98x 12.51x 0.00x 0.00x 17.47x 16.58x - -

211.8 216.1 225.9 237.1 267.0 0.0 0.0 292.3 300.3 - -

9.57x 12.82x 17.08x 15.69x 18.86x 0.00x 0.00x 25.31x 24.65x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EMS-Chemie Holding AGPrice/Volume

Valuation Analysis

13'657.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


EMESTA HOLDING AG n/a Co File 14'224'143 60.82 - 31.12.2012 Corporation

BLOCHER MIRIAM n/a Co File 2'079'000 8.89 - 31.12.2012 n/a










ALLIANCE BERNSTEIN n/a ULT-AGG 51'190 0.22 (8'180) 30.06.2013 Investment Advisor



LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 21'300 0.09 - 28.06.2013 Investment Advisor



DIGITAL FUNDS Multiple Portfolios MF-AGG 15'413 0.07 - 31.05.2013 Investment Advisor

ROBECO n/a ULT-AGG 14'339 0.06 1'194 30.04.2013 Unclassified

GOLDMAN SACHS GROUP n/a ULT-AGG 11'025 0.05 5'996 30.06.2013 Investment Advisor


Bank Vontobel AG PATRICK RAFAISZ reduce 2 M 200 Not Provided 19.08.2013

Main First Bank AG BERND POMREHN underperform 1 M 300 Not Provided 23.07.2013

UBS THOMAS GILBERT neutral 3 M 288 12 month 15.07.2013



Holdings By:

EMS-Chemie Holding AG ee


27.09.2013

Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.

The Company markets to industrial food manufacturers, chocolatiers, pastry

chefs, bakers, and retailers globally. Barry Callebaut also offers product

development, processing, training, and marketing services.


LTM as of: 05/yy

52-Week High (22.05.2013) 934.00

52-Week Low (24.06.2013) 841.50

Daily Volume

897












BARN SE EQUITY YTD Change - Average Volume 30 Day 6'845

BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'725


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

4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 4'018.9 4'777.1 4'995.0 6'127.1 1'491.0 -

0.99x 0.80x 0.99x 1.06x 1.16x 0.93x 0.00x 1.29x 1.05x - -

422.6 448.1 443.2 458.3 441.3 110.4 0.0 436.6 527.2 - -

11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 13.59x 11.25x - -

204.6 226.9 251.2 177.6 142.1 56.8 0.0 230.1 270.7 - -

17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 21.02x 17.65x - -


EBIT 356.44 Long-Term Rating BB+

Operating Margin 7.38% Long-Term Outlook NEG






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.28







Fiscal Year Ended

Barry Callebaut AGPrice/Volume

Valuation Analysis

5'038.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.09.2013


JACOBS HOLDINGS AG n/a Co File 2'590'687 47.2 - 31.08.2012 Corporation

JACOBS RENATA n/a Co File 438'416 7.99 - 31.08.2012 n/a

JACOBS NICOLAS n/a EXCH 158'999 2.9 - 18.06.2013 n/a

JACOBS NATHALIE n/a EXCH 158'999 2.9 - 18.06.2013 n/a




FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 40'314 0.73 2'077 30.08.2013 Unclassified






ABERDEEN n/a ULT-AGG 14'060 0.26 2'060 31.07.2013 Investment Advisor


SCHMID ANDREAS n/a Co File 8'790 0.16 - 31.08.2012 n/a


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 5'320 0.1 (79) 30.06.2013 Investment Advisor


Rabobank International KAREL ZOETE hold 3 N 900 12 month 20.09.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 18.09.2013

Berenberg Bank JAMES TARGETT hold 3 M 900 Not Provided 27.08.2013


Societe Generale ALEX SLOANE hold 3 M 875 12 month 09.07.2013

UBS JOERN IFFERT neutral 3 M 910 12 month 05.07.2013



Kepler Cheuvreux JON COX buy 5 M 1'000 Not Provided 18.06.2013


Equita SIM SpA FABIO FAZZARI buy 5 M 1'100 12 month 07.05.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013

Credit Suisse PATRICK JNGLIN not rated #N/A N/A M #N/A N/A Not Provided 13.12.2012

GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011

Holdings By:

Barry Callebaut AG ee


27.09.2013

OC Oerlikon Corporation AG manufactures industrial equipment. The Company

produces vacuum pumps, equipment to supply PVD coatings for tools and precision

components, man-made textile machines, and transmission driveline equipment. OC

Oerlikon operates in Switzerland.


LTM as of: 09/yy

52-Week High (11.09.2013) 12.75

52-Week Low (16.11.2012) 8.39

Daily Volume

12.3





4'009.36 1 Yr Total Return 40.03%







OERL SE EQUITY YTD Change - Average Volume 30 Day 1'061'313

OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'112'326


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

4'632.0 2'877.0 3'601.0 2'731.0 2'906.0 0.0 957.0 2'912.2 3'003.3 710.8 721.0

0.55x 0.73x 0.53x 0.64x 1.05x #DIV/0! 0.00x 1.04x 0.96x - -

512.0 (71.0) 298.0 493.0 572.0 0.0 0.0 485.8 540.0 - -

4.97x - 6.36x 3.55x 5.34x 0.00x 0.00x 7.50x 6.75x - -

(425.0) (592.0) 3.0 220.0 382.0 0.0 0.0 190.3 252.6 - -

- - 490.00x 10.48x 15.22x 0.00x 0.00x 18.09x 15.63x - -











EBITDA Margin 19.3%



Asset Turnover 0.54







Fiscal Year Ended

OC Oerlikon Corp AGPrice/Volume

Valuation Analysis

537'588.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E- ! E. ! E0 ! E1 ! E2 ! E3 ! E4 ! E5 ! E6 ! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



27.09.2013


VEKSELBERG VIKTOR n/a EXCH 149'435'408 45.84 - 26.07.2013 n/a

BLACKROCK n/a ULT-AGG 15'625'151 4.79 5'793'428 25.09.2013 Investment Advisor






VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'310'000 0.4 260'000 30.04.2013 Investment Advisor

MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 1'185'027 0.36 230'000 31.03.2013 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'030'840 0.32 - 31.05.2013 Investment Advisor


CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 922'120 0.28 4'414 28.02.2013 Investment Advisor

OC OERLIKON CORP n/a Co File 902'248 0.28 - 31.12.2012 Corporation

IST FUND MANAGERS Multiple Portfolios MF-AGG 767'805 0.24 1'443 30.04.2013 Investment Advisor



PRINCIPAL FINANCIAL n/a ULT-AGG 715'128 0.22 555'822 31.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 678'625 0.21 57'929 31.07.2013 Investment Advisor

ACATIS Multiple Portfolios MF-AGG 625'000 0.19 (220'506) 28.03.2013 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 M 14 6 month 12.09.2013

Main First Bank AG MICHAEL INAUEN outperform 5 N 14 12 month 09.09.2013

Helvea RETO AMSTALDEN hold 3 M 13 12 month 06.09.2013


Bank am Bellevue ALESSANDRO FOLETTI hold 3 M 12 Not Provided 03.09.2013

Mirabaud Securities THOMAS BAUMANN neutral 3 N 13 12 month 28.08.2013

Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 27.08.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 14 Not Provided 15.08.2013



Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 12 12 month 06.08.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

UBS ANDRE RUDOLF VON ROHR buy 5 M 14 12 month 13.03.2013

Holdings By:

OC Oerlikon Corp AG ee


27.09.2013

DKSH Holding Limited is an international marketing and services group. The

Company offers a comprehensive package of services that includes organizing and

running the entire value chain for any product: from sourcing, research and

analysis, marketing, sales, distribution and logistics to after-sales services.


LTM as of: 01/yy

52-Week High (20.03.2013) 88.47

52-Week Low (27.09.2012) 56.20

Daily Volume

77.8

52-Week High % Change -12.07% Dividend Yield 0.00

52-Week Low % Change 38.44% Beta -



5'001.52 1 Yr Total Return 36.85%


Preferred Stock 0.0 Adjusted BETA -





DKSH SE EQUITY YTD Change - Average Volume 30 Day 146'529

DKSH SE EQUITY YTD % CHANGE - Average Volume 3 Month 115'025


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

- 6'356.4 7'295.4 7'340.0 8'834.1 - - 9'993.6 10'960.4 - -

- - - - 0.47x - - 0.49x 0.44x - -

- 168.3 241.6 274.3 320.7 - - 359.0 406.6 - -

- - - - 12.98x - - 13.83x 12.21x - -

- 72.7 128.4 147.1 201.2 - - 207.1 231.8 - -

- - - - 20.72x - - 24.13x 21.64x - -











EBITDA Margin 3.6%



Asset Turnover 2.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DKSH Holding AGPrice/Volume

Valuation Analysis

72'623.00


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

-!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

4 E

5 E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.09.2013


DIETHELM KELLER HOLD #N/A N/A EXCH 29'267'730 45.53 (8'721'650) 21.09.2013 Corporation

FFP INVEST SAS #N/A N/A EXCH 3'820'000 5.94 - 21.09.2013 Corporation

FREY RAINER-MARC n/a EXCH 2'509'666 3.9 - 21.09.2013 n/a


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'219'665 1.9 668'787 28.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 851'629 1.32 (448'796) 30.06.2013 Investment Advisor



VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 378'230 0.59 154'577 28.06.2013 Insurance Company






WASATCH ADVISORS INC Multiple Portfolios MF-AGG 214'293 0.33 119'605 30.06.2013 Investment Advisor


BMO INVESTMENTS INC Multiple Portfolios MF-AGG 181'950 0.28 4'000 31.05.2013 Investment Advisor

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 157'000 0.24 157'000 30.06.2013 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 126'906 0.2 44'277 31.05.2013 Investment Advisor


Credit Suisse ANDY GROBLER neutral 3 M 83 Not Provided 21.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 N #N/A N/A Not Provided 20.08.2013

Kepler Cheuvreux BEAT KEISER hold 3 M 81 Not Provided 16.08.2013





Deutsche Bank ANDY CHU hold 3 M 89 12 month 13.08.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 72 Not Provided 13.08.2013

Religare Capital Markets PETER WILLIAMSON buy 5 M 85 12 month 24.04.2013

HSBC RAJESH KUMAR underweight 1 N 50 Not Provided 22.04.2013

UBS WILLIAM VANDERPUMP neutral 3 M 79 12 month 13.03.2013

Holdings By:

DKSH Holding AG ee


27.09.2013

Pargesa Holding SA acquires, sells, operates and manages investments in the

financial, commercial, and industrial sectors in Switzerland and other European

countries. The Company has a portfolio of a limited number of major long-term

holdings. Pargesa seeks to exercise control over or influence the activities of

its holdings as a strategic shareholder.


LTM as of: 06/yy

52-Week High (19.09.2013) 70.40

52-Week Low (16.11.2012) 60.25

Daily Volume

68.65





5'830.87 1 Yr Total Return 14.44%







PARG SE EQUITY YTD Change - Average Volume 30 Day 73'464

PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 63'179


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

5'475.2 4'189.5 4'625.4 4'729.1 4'915.4 5'912.1 2'523.8 492.0 557.0 - -

3.64x 5.31x 4.21x 3.66x 3.27x 0.00x 0.00x 34.82x 30.13x - -

799.9 1'077.2 888.7 915.2 1'419.0 0.0 0.0 348.0 489.0 - -

24.95x 20.64x 21.93x 18.92x 11.33x 0.00x 0.00x 51.23x 36.46x - -

(520.8) 791.7 465.9 (64.9) 417.9 709.0 519.0 333.5 460.0 - -

- 4.83x 14.44x - 12.68x 0.00x 0.00x 15.57x 12.48x - -











EBITDA Margin 20.0%



Asset Turnover 0.21







Fiscal Year Ended

Pargesa Holding SAPrice/Volume

Valuation Analysis

65'615.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

-1'000.0

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.09.2013


PARJOINTCO NV n/a Research 39'301'000 50.9 - 01.03.2013 Holding Company

BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 14.03.2013 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'871'239 8.9 - 30.06.2013 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 - 31.03.2013 Investment Advisor




THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 447'872 0.58 (21'773) 28.06.2013 Hedge Fund Manager

PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor



TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'651 0.29 - 30.06.2013 Investment Advisor

FRERE GERALD n/a Co File 216'654 0.28 - 31.12.2012 n/a

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 30.04.2013 Investment Advisor





SCHOELLERBANK INVEST Multiple Portfolios MF-AGG 57'310 0.07 - 30.08.2013 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 50'000 0.06 - 31.05.2013 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 M 73 6 month 26.09.2013


Goldman Sachs MARKUS IWAR neutral/neutral 3 M 73 12 month 05.08.2013

Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 01.08.2013


KBC Securities JAN-WILLEM BILLIET hold 3 M 68 Not Provided 31.07.2013

UBS DENIS MOREAU buy 5 M 79 12 month 17.06.2013


Holdings By:

Pargesa Holding SA ee


27.09.2013

Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,

leases, and maintains airport structures and equipment.


LTM as of: 01/yy

52-Week High (09.08.2013) 508.50

52-Week Low (28.09.2012) 380.75

Daily Volume

480





2'947.38 1 Yr Total Return 27.96%







FHZN SE EQUITY YTD Change - Average Volume 30 Day 10'922

FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'032


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

855.1 820.2 863.0 905.4 948.8 - - 971.3 985.7 - -

3.14x 3.56x 3.83x 3.48x 3.77x - - 3.98x 3.85x - -

421.0 402.9 437.1 484.6 391.3 - - 523.1 524.4 - -

6.37x 7.24x 7.57x 6.50x 9.15x - - 7.71x 7.69x - -

121.3 190.6 138.5 169.8 94.7 - - 132.5 203.1 - -

12.61x 9.98x 16.93x 11.78x 27.24x - - 19.24x 14.71x - -


EBIT 171.94 Long-Term Rating A









EBITDA Margin 41.0%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Flughafen Zuerich AGPrice/Volume

Valuation Analysis

9'556.00


!

-!!

.!!

0!!

1!!

2!!

3!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.09.2013


CANTON OF ZURICH n/a Co File 2'046'595 33.33 - 31.12.2012 Government

UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor

CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2012 Government

CREDIT SUISSE AG n/a EXCH 224'630 3.66 24'918 12.07.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 185'229 3.02 1'900 17.08.2012 Unclassified

ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor

TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor


COMMONWEALTH BANK OF n/a ULT-AGG 76'001 1.24 361 31.05.2013 Bank



DEUTSCHE BANK AG n/a ULT-AGG 53'400 0.87 10'600 31.07.2013 Investment Advisor





FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor





HSBC JOSEPH P THOMAS neutral 3 D 510 Not Provided 03.09.2013

Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 550 12 month 02.09.2013

RBC Capital Markets ANDREW JONES sector perform 3 M 470 12 month 30.08.2013

Nomura PETER LARKIN reduce 2 M 440 Not Provided 30.08.2013

Helvea RETO AMSTALDEN buy 5 M 550 12 month 28.08.2013

Bank am Bellevue MICHAEL HEIDER hold 3 M 501 Not Provided 27.08.2013

Bank Vontobel AG PASCAL FURGER hold 3 M 500 Not Provided 27.08.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 530 6 month 26.08.2013



JPMorgan ELODIE RALL overweight 5 M 538 9 month 09.08.2013

UBS ALEX BRIGNALL buy 5 M 540 12 month 19.07.2013

Kepler Cheuvreux RUXANDRA HARADAU-DOESER buy 5 U 556 Not Provided 13.07.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 540 Not Provided 28.06.2013


Credit Suisse PATRICK JNGLIN outperform 5 M 500 Not Provided 15.05.2013

Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013

Holdings By:

Flughafen Zuerich AG ee


27.09.2013

Panalpina Welttransport Holding AG offers freight shipping and supply chain

management services. The Company transports freight by air and ship, and

offers warehousing and distribution services. Panalpina operates worldwide.


LTM as of: 06/yy

52-Week High (17.09.2013) 144.80

52-Week Low (15.10.2012) 81.25

Daily Volume

133





3'158.75 1 Yr Total Return 51.06%







PWTN SE EQUITY YTD Change - Average Volume 30 Day 36'200

PWTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 39'137


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

8'877.6 5'957.9 7'164.2 6'499.6 6'616.6 6'426.3 6'737.2 7'240.0 7'566.9 1'790.7 1'791.0

0.12x 0.17x 0.33x 0.26x 0.27x 0.95x 1.07x 0.39x 0.36x 1.52x 1.51x

239.9 79.2 62.1 212.2 36.6 109.7 110.1 166.4 206.9 46.2 38.5

4.42x 13.06x 37.55x 7.99x 49.57x 13.31x 19.01x 16.99x 13.67x 15.79x 15.39x

112.7 8.5 (27.4) 126.3 (70.5) 36.1 (8.6) 79.5 109.2 24.6 19.4

12.55x 182.78x - 18.02x - 55.89x 0.00x 38.69x 28.39x 33.00x 31.97x


EBIT -19.25 Long-Term Rating -

Operating Margin -0.29% Long-Term Outlook -





Asset Turnover 3.21% (EBITDA-Capex)/Interest Exp. -9.66



EBITDA Margin 1.6%



Asset Turnover 3.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Panalpina Welttransport Holding AGPrice/Volume

Valuation Analysis

28'850.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

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



27.09.2013


ERNST GOEHNER FOUNDA n/a Co File 10'910'750 45.94 - 31.12.2012 Other

CEVIAN CAPITAL AB n/a Co File 2'842'875 11.97 - 31.12.2012 Venture Capital

ARTISAN PARTNERS HOL #N/A N/A EXCH 2'357'490 9.93 (37'138) 20.09.2013 Investment Advisor

BESTINVER GESTION SG n/a Co File 1'263'500 5.32 - 31.12.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 475'224 2 - 31.12.2012 Government

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 433'200 1.82 34'300 30.06.2013 Investment Advisor




CREDIT SUISSE AG n/a ULT-AGG 112'564 0.47 - 31.05.2013 Investment Advisor

PANALPINA WELTTRANSP n/a Co File 99'750 0.42 - 31.12.2012 Corporation




ERIE INSURANCE GROUP n/a ULT-AGG 67'419 0.28 1'537 30.06.2013 Insurance Company


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 45'362 0.19 6'772 31.07.2013 Investment Advisor

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 36'291 0.15 (16'925) 31.08.2013 Investment Advisor

RIBAR MONIKA n/a Co File 35'596 0.15 - 31.12.2012 n/a

SENTINEL ASSET MANAG Multiple Portfolios MF-AGG 35'000 0.15 - 30.06.2013 Insurance Company



Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 139 12 month 23.09.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 13.09.2013

Macquarie ROBERT JOYNSON underperform 1 M 110 12 month 10.09.2013

Main First Bank AG TOBIAS SITTIG underperform 1 M 140 Not Provided 02.09.2013

HSBC JULIA WINARSO underweight 1 D 125 Not Provided 22.08.2013

Helvea CHRISTIAN BURGER sell 1 D 125 12 month 15.08.2013

Kepler Cheuvreux BEAT KEISER hold 3 M 119 Not Provided 05.08.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 125 12 month 01.08.2013


Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 U 120 12 month 30.07.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 150 12 month 30.07.2013

Bank am Bellevue ROLF KUNZ hold 3 M 118 Not Provided 30.07.2013

Cantor Fitzgerald ROBIN BYDE sell 1 M 100 Not Provided 30.07.2013


Nomura MARK MCVICAR reduce 2 M 90 Not Provided 29.07.2013

Credit Suisse NEIL GLYNN underperform 1 M 103 Not Provided 26.07.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 U #N/A N/A Not Provided 26.07.2013


Davy JOSHUA GOLDMAN underperform 1 N #N/A N/A Not Provided 25.01.2013

Barclays DAVID E FINTZEN equalweight 3 M 95 Not Provided 09.01.2013

Holdings By:

Panalpina Welttransport Holding AG ee


27.09.2013

Nobel Biocare Holding AG develops and produces dental implants and dental

prosthetics. The Company manufactures permanent replacements for tooth roots,

and dental crowns and bridges. Nobel Biocare sells under the brand names

Branemark System, Steri-Oss/Replace, and Procera on the global market.


LTM as of: 06/yy

52-Week High (23.08.2013) 14.80

52-Week Low (21.11.2012) 6.94

Daily Volume

13.45





1'664.90 1 Yr Total Return 46.91%







NOBN SE EQUITY YTD Change - Average Volume 30 Day 498'057

NOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 355'626


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

619.2 581.4 576.6 569.2 580.5 579.3 573.3 569.9 591.6 126.2 152.7

2.93x 4.95x 3.02x 1.97x 1.26x 7.41x 6.41x 2.25x 2.10x 10.28x 8.46x

161.1 169.4 114.5 104.6 100.7 109.9 92.8 96.6 109.4 20.6 25.4

11.26x 16.98x 15.22x 10.71x 7.29x 9.23x 11.88x 13.45x 11.87x 13.52x 13.22x

109.7 105.8 45.7 39.8 45.8 38.2 39.4 48.0 55.9 8.4 15.2

15.96x 27.21x 38.35x 28.05x 17.37x 27.17x 29.21x 28.09x 24.08x 27.18x 26.53x











EBITDA Margin 16.2%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nobel Biocare Holding AGPrice/Volume

Valuation Analysis

204'834.00


!

.

1

3

5

-!

-.

-1

-3

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

1 ! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


SILCHESTER INTL INVE n/a Co File 12'626'019 10.2 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'531'783 10.12 5'144'302 28.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 12'078'949 9.76 (79'559) 26.09.2013 Investment Advisor


GOVERNANCE FOR OWNER n/a Co File 3'961'104 3.2 - 31.12.2012 Other




NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'183'120 1.76 - 30.06.2012 Pension Fund (ERISA)

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'029'700 1.64 29'700 28.03.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'538'091 1.24 214'244 28.03.2013 Investment Advisor



MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'135'410 0.92 (578'990) 30.06.2013 Investment Advisor

NOBEL BIOCARE HOLDIN n/a Co File 981'139 0.79 - 31.12.2012 Unclassified

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 965'000 0.78 (318'000) 30.06.2013 Investment Advisor



VALIC CO I Multiple Portfolios MF-AGG 568'017 0.46 - 31.05.2013 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 464'892 0.38 464'892 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 17 12 month 26.09.2013


Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 13 6 month 09.09.2013



Berenberg Bank TOM JONES buy 5 M 16 Not Provided 29.08.2013


Credit Suisse CHRISTOPH GRETLER neutral 3 M 14 Not Provided 23.08.2013

UBS MARTIN WALES sell 1 M 11 12 month 23.08.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 M #N/A N/A Not Provided 23.08.2013


Kepler Cheuvreux MAJA PATAKI reduce 2 M 10 Not Provided 23.08.2013

Barclays ALEXANDER KLEBAN underweight 1 M 7 Not Provided 23.08.2013


Deutsche Bank YI-DAN WANG sell 1 M 7 12 month 22.08.2013

Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 7 12 month 22.08.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 10 15 month 22.08.2013

HSBC HENDRIK LOFRUTHE underweight 1 M 12 Not Provided 22.08.2013

S&P Capital IQ JACOB THRANE sell 1 D 13 12 month 22.08.2013

Exane BNP Paribas JULIEN DORMOIS underperform 1 M 10 Not Provided 22.08.2013

Northcoast Research EDWIN SNYDER sell 1 M 7 12 month 24.07.2013

Holdings By:

Nobel Biocare Holding AG ee


27.09.2013

Bucher Industries AG manufactures food processing machinery, vehicles, and

hydraulic components. The Company produces fruit and vegetable juice processing

machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers,

spreaders, tractors, street sweepers, and snow blowers. Bucher operates

worldwide.


LTM as of: 09/yy

52-Week High (14.08.2013) 242.50

52-Week Low (27.09.2012) 163.00

Daily Volume

234





2'398.50 1 Yr Total Return 44.33%







BUCN SE EQUITY YTD Change - Average Volume 30 Day 10'194

BUCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'629


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

2'788.9 2'142.1 2'033.7 2'336.0 2'609.0 0.0 550.5 2'696.5 2'785.0 575.0 669.3

0.42x 0.58x 0.86x 0.73x 0.70x #DIV/0! 0.00x 0.90x 0.84x - -

262.3 113.1 151.6 260.1 305.0 0.0 0.0 331.3 350.5 - -

4.45x 11.08x 11.50x 6.57x 5.95x 0.00x 0.00x 7.84x 7.41x - -

143.3 (26.0) 95.4 124.7 149.9 0.0 0.0 170.0 181.8 67.4 -

7.30x - 18.33x 13.12x 11.73x 0.00x 0.00x 13.51x 12.63x - -











EBITDA Margin 12.0%



Asset Turnover 1.14







Fiscal Year Ended

Bucher Industries AGPrice/Volume

Valuation Analysis

6'750.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

- E

- E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


HAUSER MICHAEL n/a Co File 604'008 5.89 - 31.12.2012 n/a

BUCHER INDUSTRIES AG n/a Co File 465'073 4.54 - 31.12.2012 Corporation

BUCHER BETEILIGUNGS- n/a Co File 440'750 4.3 - 31.12.2012 Corporation

HAUSER ANITA n/a Co File 438'779 4.28 - 31.12.2012 n/a


NORGES BANK n/a EXCH 307'917 3 - 08.08.2013 Government


SARASIN n/a ULT-AGG 118'600 1.16 - 30.04.2013 Unclassified


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 100'520 0.98 - 30.06.2013 Investment Advisor





NEW JERSEY DIVISION Multiple Portfolios MF-AGG 60'000 0.59 13'317 30.06.2012 Pension Fund (ERISA)


MOSIMANN PHILIP n/a Co File 52'478 0.51 - 31.12.2012 n/a

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 51'016 0.5 990 31.07.2013 Investment Advisor


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 46'069 0.45 - 30.08.2013 Investment Advisor



Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 216 6 month 21.08.2013

Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 235 12 month 05.08.2013




Credit Suisse PATRICK LAAGER neutral 3 M 230 Not Provided 30.07.2013

Mirabaud Securities THOMAS BAUMANN buy 5 M 270 12 month 30.07.2013


Berenberg Bank FREDERIK BITTER hold 3 M 220 Not Provided 10.06.2013


Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 14.03.2013

Holdings By:

Bucher Industries AG ee


27.09.2013

Kaba Holding AG provides mechanical and electronic security systems. The

Company offers individually tailored "Total Access Control" including

high-security locking devices for heavy safes, modular access and time

management applications, as well as no-contact identification technology.


LTM as of: 01/yy

52-Week High (12.03.2013) 412.25

52-Week Low (24.06.2013) 338.25

Daily Volume

399.75





1'525.06 1 Yr Total Return 11.59%







KABN SE EQUITY YTD Change - Average Volume 30 Day 10'079

KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'922


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

1'166.1 952.1 945.2 947.5 964.3 - - 983.7 1'016.3 - -

0.94x 1.40x 1.50x 1.43x 1.34x - - 1.47x 1.37x - -

174.6 166.8 122.7 153.7 150.0 - - 157.0 169.8 - -

6.25x 7.96x 11.59x 8.83x 8.61x - - 9.39x 8.68x - -

70.7 86.9 221.6 88.2 85.4 - - 89.8 98.8 - -

10.86x 13.94x 25.54x 16.00x 16.03x - - 17.23x 15.54x - -











EBITDA Margin 15.6%



Asset Turnover 1.00







Fiscal Year Ended

Kaba Holding AGPrice/Volume

Valuation Analysis

10'205.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

- E

- E

- E

- E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.09.2013


FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a

GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation

BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a


KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a


HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor

NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a

COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other





DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a






ABERDEEN n/a ULT-AGG 19'100 0.5 1'010 31.07.2013 Investment Advisor




Helvea STEFAN GAECHTER hold 3 M 385 12 month 16.09.2013



UBS TORSTEN WYSS neutral 3 D 370 12 month 18.03.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 13.03.2013

Holdings By:

Kaba Holding AG ee


27.09.2013

Straumann Holding AG develops, produces and sells dental implants. The Company

manufactures metal devices implantable in the jaw, in place of missing teeth,

to which prosthetic teeth are attached. Straumann has subsidiaries throughout

Europe and North America. The Company sells its products worldwide.


LTM as of: 06/yy

52-Week High (10.09.2013) 182.00

52-Week Low (16.11.2012) 97.90

Daily Volume

165





2'586.63 1 Yr Total Return 34.58%







STMN SE EQUITY YTD Change - Average Volume 30 Day 52'091

STMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 40'522


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

778.7 736.4 737.6 693.6 686.3 558.1 679.3 681.5 701.6 179.4 175.8

3.59x 5.86x 4.07x 3.07x 2.31x 0.00x 0.00x 3.52x 3.32x - -

101.0 217.9 211.3 116.7 95.6 0.0 0.0 150.9 170.1 - -

27.70x 19.81x 14.20x 18.26x 16.56x 0.00x 0.00x 16.28x 14.44x - -

8.1 146.4 131.1 71.0 36.4 0.0 0.0 105.8 121.3 - -

356.73x 31.18x 25.57x 35.70x 47.46x 0.00x 0.00x 23.23x 20.72x - -











EBITDA Margin 14.5%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Straumann Holding AGPrice/Volume

Valuation Analysis

21'866.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


STRAUMANN THOMAS n/a Research 2'712'936 17.31 (1'566'749) 27.11.2012 n/a



PARVUS ASSET MANAGEM n/a EXCH 1'579'616 10.08 1'084'312 25.07.2013 Investment Advisor

DE MOURA CUNHA SIMON n/a EXCH 767'700 4.9 - 05.07.2013 n/a

STRAUMANN GABRIELLA n/a Co File 533'001 3.4 - 31.12.2011 n/a

SPRUCEGROVE INVESTME n/a EXCH 474'035 3.02 - 23.08.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 465'447 2.97 (4'939) 22.06.2012 Investment Advisor

BAILLIE GIFFORD AND n/a EXCH 461'120 2.94 - 18.01.2013 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'454 0.8 (1'228) 28.06.2013 Investment Advisor

HENDERSON GLOBAL INV HENDERSON EUROPEAN F MF-USA 97'000 0.62 (779) 31.03.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 97'000 0.62 (779) 31.03.2013 Investment Advisor





ALLIANZ ASSET MANAGE n/a ULT-AGG 45'600 0.29 (1'300) 31.05.2013 Investment Advisor


Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 123 12 month 17.09.2013


Commerzbank Corporates & Markets OLIVER METZGER reduce 2 M 145 6 month 09.09.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 U 205 12 month 09.09.2013

Exane BNP Paribas JULIEN DORMOIS underperform 1 M 145 Not Provided 05.09.2013


HSBC HENDRIK LOFRUTHE neutral 3 M 170 Not Provided 26.08.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 U #N/A N/A Not Provided 22.08.2013



Berenberg Bank TOM JONES buy 5 M 190 Not Provided 21.08.2013


Kepler Cheuvreux MAJA PATAKI reduce 2 M 130 Not Provided 21.08.2013


Barclays ALEXANDER KLEBAN underweight 1 M 127 Not Provided 21.08.2013

Northcoast Research EDWIN SNYDER neutral 3 M #N/A N/A Not Provided 21.08.2013

Deutsche Bank YI-DAN WANG buy 5 M 190 12 month 20.08.2013

UBS MARTIN WALES neutral 3 M 143 12 month 26.07.2013


Holdings By:

Straumann Holding AG ee


27.09.2013

Temenos Group AG provides integrated software for the banking sector. The

Company develops, distributes, implements, and supports its process-oriented,

real-time enterprise software designed for the management of administrative

tasks at banks and financial services companies. Temenos operates offices in

Europe, North America, Asia, and the Middle East.


LTM as of: 06/yy

52-Week High (09.08.2013) 25.85

52-Week Low (10.10.2012) 13.28

Daily Volume

22.4





1'613.32 1 Yr Total Return 64.42%







TEMN SE EQUITY YTD Change - Average Volume 30 Day 336'539

TEMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 308'725


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

406.9 370.3 448.0 473.5 450.2 453.9 457.8 474.7 508.9 117.5 143.0

2.23x 4.56x 6.65x 2.61x 2.91x 11.49x 17.60x 3.95x 3.59x 16.58x 13.09x

100.2 127.4 123.1 88.5 107.9 116.4 127.5 139.1 159.6 34.0 56.2

9.04x 13.25x 24.19x 13.95x 12.13x 11.61x 28.73x 13.94x 12.15x 12.92x 12.36x

64.7 68.6 61.6 (28.3) 24.2 (7.1) 47.8 70.0 83.5 19.0 37.5

11.83x 22.14x 42.37x - 50.07x 0.00x 35.39x 21.76x 18.58x 20.33x 19.58x











EBITDA Margin 27.9%



Asset Turnover 0.54







Fiscal Year Ended

Temenos Group AGPrice/Volume

Valuation Analysis

660'157.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

- 1 E

- 3 E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


MASSACHUSETTS MUTUAL n/a EXCH 7'170'920 9.96 (74'429) 12.09.2013 Insurance Company


PATINEX AG n/a Co File 3'722'992 5.17 - 27.03.2013 Private Equity

ALKEN LUXEMBOURG SAR n/a Co File 3'638'595 5.05 - 27.03.2013 Investment Advisor

TEMENOS GROUP AG n/a EXCH 3'618'030 5.02 1'167'530 08.08.2013 Corporation



ODDO ASSET MANAGEMEN n/a Co File 2'189'949 3.04 - 27.03.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 2'177'404 3.02 - 31.05.2013 Investment Advisor

AVIVA PLC n/a Co File 2'170'741 3.01 - 27.03.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-RUL8 2'038'000 2.83 (94'634) 08.03.2012 Investment Advisor

ZADIG GESTION LUXEMB n/a EXCH 1'875'000 2.6 (1'254'000) 16.04.2013 Other

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'477'099 2.05 - 30.06.2013 Investment Advisor


NORGES BANK n/a RNS-RUL8 1'331'523 1.85 7'394 10.02.2012 Government

ZUERCHER KANTONALBAN n/a RNS-RUL8 1'083'505 1.5 (6'000) 28.02.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'005'500 1.4 (98'000) 30.04.2013 Investment Advisor

YORK CAPITAL MANAGME n/a RNS-RUL8 975'000 1.35 105'000 09.02.2012 Hedge Fund Manager

BAILLIE GIFFORD AND n/a RNS-RUL8 948'495 1.32 (10'682) 24.02.2012 Investment Advisor

ANDREADES ANDREAS n/a Co File 929'982 1.29 - 31.12.2012 n/a


Credit Suisse FELIX REMMERS underperform 1 N 18 Not Provided 26.09.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 28 6 month 25.09.2013

Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 32 12 month 11.09.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 24 12 month 04.09.2013


Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 N 28 12 month 28.08.2013

Baader Bank KNUT WOLLER sell 1 M 16 12 month 14.08.2013

Mirabaud Securities MARK DIETHELM neutral 3 D 25 12 month 13.08.2013


Berenberg Bank DAUD KHAN sell 1 M 18 Not Provided 30.07.2013


Exane BNP Paribas BRICE PRUNAS outperform 5 M 25 Not Provided 30.07.2013

Barclays GERARDUS VOS overweight 5 M 27 Not Provided 30.07.2013

UBS MICHAEL BRIEST buy 5 M 27 12 month 29.07.2013

Kepler Cheuvreux XAVIER CAROEN buy 5 M 27 Not Provided 29.07.2013

Bankhaus Metzler ULRICH TRABERT sell 1 M 17 12 month 28.06.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 06.06.2013

Holdings By:

Temenos Group AG ee


27.09.2013

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,

and corporate banking services. The Bank offers consumer loans, treasury

management, pension funds, and investment management services, trades in

commodities, advises on mergers and acquisitions, and offers securities

brokerage services. BCV operates primarily in the Canton of Vaud.


LTM as of: 12/yy

52-Week High (26.04.2013) 549.04

52-Week Low (24.06.2013) 445.00

Daily Volume

495.25










Enterprise Value -


BCVN SE EQUITY YTD Change - Average Volume 30 Day 6'782

BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'753


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

1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 997.2 1'030.8 252.0 247.0

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

- - - - - 0.0 0.0 - - - -

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

356.3 300.6 313.2 302.1 311.0 0.0 311.0 295.0 296.6 - -

7.68x 11.77x 13.49x 13.00x 13.43x 0.00x 13.74x 14.45x 13.98x - -


EBIT - Long-Term Rating AA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banque Cantonale VaudoisePrice/Volume

Valuation Analysis

6'203.00


!

-!!

.!!

0!!

1!!

2!!

3!!


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


CANTON OF VAUD n/a Co File 5'766'154 67 - 31.12.2012 Government










NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA)

BNP PARIBAS n/a ULT-AGG 18'151 0.21 596 30.04.2013 Unclassified


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'170 0.19 - 28.09.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 16'000 0.19 4'000 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'154 0.14 (34) 31.07.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 10'780 0.13 988 30.04.2013 Investment Advisor


KIENER PASCAL n/a Co File 8'355 0.1 - 31.12.2012 n/a

STEIMER OLIVIER n/a Co File 8'074 0.09 - 31.12.2012 n/a







EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

UBS DANIELE BRUPBACHER sell 1 N 430 12 month 07.03.2013

Holdings By:

Banque Cantonale Vaudoise ee


27.09.2013

Valiant Holding AG, through its subsidiaries, provides financial services in

Switzerland. The company offers a range of products and services in the areas

of retail banking, business banking, private banking, and asset management.


LTM as of: 01/yy

52-Week High (22.11.2012) 100.66

52-Week Low (13.06.2013) 76.90

Daily Volume

87.85





1'387.37 1 Yr Total Return 10.68%





Enterprise Value -


VATN SE EQUITY YTD Change - Average Volume 30 Day 17'883

VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 17'368


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

731.7 731.2 707.1 614.6 616.8 - - 389.0 386.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

148.6 148.5 122.5 112.6 107.6 - - 109.0 107.0 - -

21.96x 22.77x 16.88x 16.68x 12.76x - - 12.62x 12.84x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Valiant HoldingPrice/Volume

Valuation Analysis

24'087.00


!

.!

1!

3!

5!

-!!

-.!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E - E . E . E 0 E 0 E 1 E 1 E 2 E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013



HIGHCLERE INTL INVES n/a EXCH 482'652 3.06 - 27.03.2013 Investment Advisor

NORGES BANK n/a EXCH 475'013 3.01 - 11.06.2013 Government

VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation






BLACKROCK n/a ULT-AGG 48'267 0.31 - 25.09.2013 Investment Advisor


HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a

STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a

BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a

HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19'831 0.13 204 26.09.2013 Investment Advisor

NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a

ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a

GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a

GERIFONDS SA Multiple Portfolios MF-AGG 14'015 0.09 (71) 31.03.2013 Investment Advisor



Zuercher Kantonalbank ANDREAS BRUN market perform 3 N #N/A N/A Not Provided 12.08.2013


Holdings By:

Valiant Holding ee


27.09.2013

Kuoni Reisen Holding AG is a global travel-related service provider with

activities in three primary areas: Destination Management Services, Tour

Operating and Visa Services. The Company focuses on the B2B travel industry in

providing hotel databases transactions and destination services for travel

agencies, online portals and tour operators.


LTM as of: 12/yy

52-Week High (19.09.2013) 371.00

52-Week Low (07.11.2012) 237.31

Daily Volume

365.25





1'460.42 1 Yr Total Return 41.35%







KUNN SE EQUITY YTD Change - Average Volume 30 Day 11'968

KUNN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'173


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

4'855.0 3'893.6 3'983.6 5'111.3 5'845.5 5'298.2 5'338.4 5'798.6 5'979.5 - -

0.14x 0.17x 0.24x 0.16x 0.17x 0.13x 0.12x 0.26x 0.24x - -

199.6 67.5 113.2 167.0 171.2 270.7 89.7 206.9 235.6 - -

3.39x 9.80x 8.54x 5.01x 5.82x 0.00x 0.00x 6.13x 5.39x - -

150.7 0.2 21.3 31.8 (14.8) 254.7 87.4 82.2 109.4 - -

7.26x 4362.50x 61.14x 24.40x - 0.00x 0.00x 15.39x 12.47x - -











EBITDA Margin 3.7%



Asset Turnover 2.14







Fiscal Year Ended

Kuoni Reisen Holding AGPrice/Volume

Valuation Analysis

3'777.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.09.2013


SILCHESTER INTL INVE n/a Co File 757'704 20.21 - 31.12.2012 Investment Advisor

MIGROS GENOSSEN n/a Co File 284'656 7.59 - 31.12.2012 Other



KUONI REISEN HOLDING n/a Co File 107'742 2.87 - 31.12.2012 Other



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 74'797 2 6'653 30.08.2013 Investment Advisor


SPARINVEST n/a ULT-AGG 64'369 1.72 (1'108) 31.07.2013 Investment Advisor







JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 22'531 0.6 (309) 31.05.2013 Investment Advisor



JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 13'639 0.36 (82) 30.06.2013 Investment Advisor




AlphaValue BERENICE LACROIX reduce 2 M 348 6 month 12.09.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 460 6 month 05.09.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 410 12 month 28.08.2013

Bank am Bellevue ROLF KUNZ buy 5 M 425 Not Provided 23.08.2013

UBS ALEX BRIGNALL neutral 3 M 340 12 month 23.08.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 420 Not Provided 23.08.2013

Natixis GEOFFREY D'HALLUIN neutral 3 M 350 Not Provided 23.08.2013

Exane BNP Paribas MATTHIAS DESMARAIS neutral 3 M 330 Not Provided 23.08.2013

Helvea CHRISTIAN BURGER buy 5 M 410 12 month 23.08.2013

JPMorgan JAAFAR MESTARI neutral 3 M 350 12 month 19.08.2013

Deutsche Bank GEOF COLLYER buy 5 M 398 12 month 15.08.2013


EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 22.05.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 300 Not Provided 25.03.2013

Holdings By:

Kuoni Reisen Holding AG ee


27.09.2013

Allreal Holding AG develops and manages real estate. The Company operates as a

general contractor offering planning, architect, and construction management

services. Allreal also provides renovation services and manages a portfolio of

apartment, office, and commercial buildings.


LTM as of: 01/yy

52-Week High (22.05.2013) 139.50

52-Week Low (29.08.2013) 125.10

Daily Volume

125.8





2'005.48 1 Yr Total Return -5.03%







ALLN SE EQUITY YTD Change - Average Volume 30 Day 15'183

ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'751


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

207.9 215.8 656.0 831.8 868.6 - - 278.0 287.3 - -

12.02x 13.28x 4.84x 4.16x 4.36x - - 12.98x 12.67x - -

136.9 137.9 170.3 182.6 172.3 - - 191.7 201.7 - -

18.25x 20.78x 18.66x 18.93x 21.97x - - 19.36x 18.40x - -

90.7 88.6 116.4 146.8 98.0 - - 122.0 135.0 - -

13.39x 15.75x 15.48x 12.93x 22.29x - - 17.11x 15.80x - -











EBITDA Margin 18.7%



Asset Turnover 0.23







Fiscal Year Ended

Allreal Holding AGPrice/Volume

Valuation Analysis

8'678.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E ! E ! E - E - E - E - E - E - E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

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



27.09.2013


HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other

BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor

SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company







RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 99'505 0.62 - 30.04.2013 Investment Advisor






SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 25'943 0.16 - 30.04.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 15'727 0.1 1 31.07.2013 Investment Advisor

ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company


JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 11'525 0.07 - 31.05.2013 Investment Advisor






Holdings By:

Allreal Holding AG ee


27.09.2013

Logitech International S.A. manufactures personal computer input devices. The

Company produces computer mice which help the user move the cursor around the

computer screen quickly, trackballs, game controllers, keyboards, PC video

cameras, and multimedia speakers. The Company sells its products worldwide.


LTM as of: 06/yy

52-Week High (02.10.2012) 8.92

52-Week Low (29.04.2013) 5.73

Daily Volume

8.04





1'391.78 1 Yr Total Return -1.39%







LOGN SE EQUITY YTD Change - Average Volume 30 Day 1'242'869

LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 981'019


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

2'208.8 1'966.7 2'362.9 2'316.2 2'099.9 2'304.4 2'109.2 2'040.3 2'076.3 502.4 596.7

0.61x 1.31x 1.17x 0.35x 0.36x 2.00x 1.91x 0.57x 0.53x 2.47x 1.96x

182.4 151.0 218.6 144.5 75.5 160.0 103.9 122.1 147.4 29.7 55.6

7.44x 17.02x 12.61x 5.56x 9.88x 10.64x 7.48x 10.04x 8.32x 9.15x 8.72x

107.0 65.0 128.5 71.5 (228.1) 49.7 (174.9) 50.5 74.0 9.5 32.4

17.19x 44.61x 24.74x 19.02x - 41.40x 0.00x 27.02x 18.44x 29.05x 26.78x











EBITDA Margin 4.9%

EBIT Margin -8.2% Total Debt/Equity 0.0%


Asset Turnover 1.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Logitech International SAPrice/Volume

Valuation Analysis

1'075'589.00


!-.0123456

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E- ! E. ! E0 ! E1 ! E2 ! E3 ! E4 ! E5 ! E6 ! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.09.2013


LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified

BOREL DANIEL n/a Form 4 10'366'743 5.99 - 05.09.2013 n/a

FMR LLC n/a ULT-AGG 9'800'000 5.66 (3'415'705) 30.06.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 6'038'748 3.49 611'104 31.05.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 5'700'247 3.29 1'789'440 30.06.2013 Investment Advisor

MARATHON ASSET MANAG n/a EXCH 5'358'296 3.1 - 05.04.2013 Investment Advisor



UBS AG n/a ULT-AGG 4'547'270 2.63 2'433'282 30.06.2013 Unclassified


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'570'310 1.48 15'284 30.06.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA)

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'160'545 1.25 (218'911) 30.06.2013 Investment Advisor


LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 1'335'783 0.77 111'421 31.05.2013 Investment Advisor

VALINOR MANAGEMENT L VALINOR MANAGEMENT L 13F 1'298'319 0.75 861'526 30.06.2013 Hedge Fund Manager

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'287'100 0.74 (71'800) 30.06.2013 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 1'276'157 0.74 541'398 31.03.2013 Investment Advisor

COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 1'125'376 0.65 734'057 30.06.2013 Hedge Fund Manager



AlphaValue HEINZ STEFFEN add 4 M 8 6 month 26.09.2013

Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 9 12 month 11.09.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 11.09.2013

Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 04.09.2013

Helvea STEFAN GAECHTER hold 3 M 7 12 month 04.09.2013


Exane BNP Paribas ALEXANDER PETERC outperform 5 M 9 Not Provided 02.09.2013

Mirabaud Securities MARK DIETHELM neutral 3 N 7 12 month 22.08.2013

Avondale Partners LLC JOHN F BRIGHT market underperform 2 M 5 12 month 02.08.2013

Credit Suisse FELIX REMMERS neutral 3 M 6 Not Provided 29.07.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 7 12 month 26.07.2013


Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 26.07.2013

JPMorgan PAUL T COSTER underweight 1 M 7 15 month 25.07.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 25.07.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 09.07.2013

S&P Capital IQ ANGELO ZINO hold 3 U 7 12 month 05.06.2013


Zuercher Kantonalbank ANDREAS MUELLER outperform 5 U #N/A N/A Not Provided 23.05.2013

Holdings By:

Logitech International SA ee


27.09.2013

Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans

including mortgage loans, investment counseling and asset management. Luzerner

Kantonalbank serves the Canton of Lucerne through numerous full and secondary

branches.


LTM as of: 06/yy

52-Week High (17.05.2013) 380.05

52-Week Low (02.10.2012) 325.05

Daily Volume

360.75





3'066.38 1 Yr Total Return 11.52%





Enterprise Value -


LUKN SE EQUITY YTD Change - Average Volume 30 Day 1'428

LUKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'746


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

871.3 754.2 730.0 719.4 685.4 704.4 673.1 427.0 437.0 - -

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

- - - - - 0.0 0.0 - - - -

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

143.3 140.7 149.4 158.6 168.3 165.1 172.7 183.0 188.0 - -

14.72x 16.61x 17.69x 16.73x 16.92x 16.98x 17.16x 16.65x 16.16x - -


EBIT - Long-Term Rating AA+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Luzerner Kantonalbank AGPrice/Volume

Valuation Analysis

807.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


CANTON OF LUCERNE n/a Co File 5'225'800 61.48 - 31.12.2012 Government







KOBLER BERNARD n/a Co File 5'740 0.07 - 31.12.2012 n/a

FELDER JOSEF ANTON n/a Co File 4'155 0.05 - 31.12.2012 n/a



HURSCHLER MARCEL n/a Co File 2'688 0.03 - 31.12.2012 n/a


BACHMANN MARK n/a Co File 2'167 0.03 - 31.12.2012 n/a

SALZMANN DANIEL n/a Co File 2'014 0.02 - 31.12.2012 n/a

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'942 0.02 - 28.06.2013 Investment Advisor

HODEL BEAT n/a Co File 1'723 0.02 - 31.12.2012 n/a

GRUETER LEO n/a Co File 1'629 0.02 - 31.12.2012 n/a




EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 13.09.2013


Holdings By:

Luzerner Kantonalbank AG ee


27.09.2013

Mobimo Holding AG builds and renovates residential real estate and invests in

commercial real estate.


LTM as of: 01/yy

52-Week High (03.12.2012) 215.38

52-Week Low (03.07.2013) 185.10

Daily Volume

188.8





1'172.24 1 Yr Total Return -8.28%







MOBN SE EQUITY YTD Change - Average Volume 30 Day 10'646

MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'569


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

197.2 258.7 177.3 230.0 252.4 - - 123.7 121.0 - -

6.14x 6.61x 10.81x 9.10x 9.22x - - 18.08x 19.88x - -

69.3 74.4 69.6 81.1 83.7 - - 102.0 93.3 - -

17.48x 22.97x 27.52x 25.80x 27.78x - - 21.86x 23.91x - -

45.0 62.5 66.0 80.5 76.3 - - 53.0 53.7 - -

13.65x 12.50x 15.35x 13.45x 17.75x - - 21.29x 22.28x - -











EBITDA Margin 36.3%



Asset Turnover 0.09







Fiscal Year Ended

Mobimo Holding AGPrice/Volume

Valuation Analysis

5'641.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

- E

- E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.09.2013


PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other

MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other




MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a




REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor

LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a



MORGAN STANLEY n/a ULT-AGG 22'435 0.36 666 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 22'084 0.36 446 30.04.2013 Investment Advisor



STATE STREET CORP n/a ULT-AGG 16'523 0.27 (410) 26.09.2013 Investment Advisor


KBC GROUP NV Multiple Portfolios MF-AGG 12'688 0.2 - 31.07.2013 Investment Advisor


Kempen & Co ROBERT WOERDEMAN underweight 1 M 200 12 month 23.09.2013





Holdings By:

Mobimo Holding AG ee


27.09.2013

Tecan AG develops, manufactures and distributes laboratory automation

components and systems. The Company produces robotic sample processors,

stand-alone separation and detection devices, laser scanners, integrated

systems, and pumps and valves for high precision liquid handling. The products

are mainly used by research and diagnostic laboratories.


LTM as of: 12/yy

52-Week High (11.09.2013) 103.40

52-Week Low (22.10.2012) 64.98

Daily Volume

96.35





1'102.68 1 Yr Total Return 43.15%





Enterprise Value 974.63


TECN SE EQUITY YTD Change - Average Volume 30 Day 22'306

TECN SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'429


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

396.0 356.2 370.5 377.0 391.1 307.7 405.9 406.9 446.1 - -

0.93x 2.14x 2.11x 1.50x 1.77x 0.00x 2.10x 2.34x 2.00x - -

56.7 68.7 64.7 60.4 62.6 0.0 0.0 69.6 79.3 - -

6.53x 11.08x 12.07x 9.38x 11.09x 0.00x 0.00x 14.10x 12.36x - -

25.6 49.3 16.2 47.6 42.2 8.4 40.6 45.7 55.1 - -

16.60x 17.03x 17.33x 15.19x 19.62x 0.00x 21.60x 22.97x 19.36x - -











EBITDA Margin 16.3%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tecan Group AGPrice/Volume

Valuation Analysis

38'785.00


!

.!

1!

3!

5!

-!!

-.!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

1!! !!

12! !!

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



27.09.2013


ING GROEP NV n/a Co File 1'052'903 9.2 - 31.12.2012 Investment Advisor



TECAN GROUP AG n/a Co File 572'230 5 - 31.12.2012 Unclassified


SUVA n/a Co File 366'227 3.2 - 31.12.2012 Unclassified

NORGES BANK n/a Co File 354'783 3.1 - 31.12.2012 Government

FMR LLC n/a ULT-AGG 343'921 3.01 (925) 12.04.2013 Investment Advisor

TIAA CREF INVESTMENT n/a Co File 343'338 3 - 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 214'179 1.87 214'179 31.03.2013 Investment Advisor


FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 188'335 1.65 (9'242) 31.07.2013 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 173'100 1.51 21'600 30.06.2013 Investment Advisor




ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 100'761 0.88 - 30.09.2012 Investment Advisor


KEMPEN CAPITAL MANAG n/a ULT-AGG 97'765 0.85 - 30.06.2013 Unclassified




Berenberg Bank SCOTT BARDO buy 5 M 110 Not Provided 12.09.2013


Main First Bank AG STEPHAN VOLLERT outperform 5 M 120 12 month 12.09.2013


HSBC JAN KEPPELER neutral 3 M 98 Not Provided 14.08.2013


UBS IAN DOUGLAS-PENNANT buy 5 U 100 12 month 08.03.2013

Holdings By:

Tecan Group AG ee


27.09.2013

Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional

banking services such as mortgage loans and various types of deposits. Berner

Kantonalbank operates through a network of branches.


LTM as of: 01/yy

52-Week High (17.05.2013) 259.34

52-Week Low (08.07.2013) 225.00

Daily Volume

238.1





2'219.09 1 Yr Total Return -1.81%





Enterprise Value -


BEKN SE EQUITY YTD Change - Average Volume 30 Day 1'750

BEKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'250


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

829.2 947.6 869.1 689.7 663.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

112.7 119.0 125.0 130.1 128.1 - - - - - -

18.51x 17.99x 18.05x 17.92x 18.49x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Berner Kantonalbank AGPrice/Volume

Valuation Analysis

836.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


KANTON BERN n/a Co File 4'799'800 51.5 - 31.12.2012 Government

BERNER KANTONALBANK n/a Co File 160'349 1.72 - 31.12.2012 Bank





DIMENSIONAL FUND ADV n/a ULT-AGG 8'544 0.09 (1'163) 30.04.2013 Investment Advisor

NOBILI JEAN-CLAUDE n/a Co File 7'283 0.08 - 31.12.2012 n/a

STARCAP AG Multiple Portfolios MF-AGG 7'136 0.08 (19) 30.06.2013 Investment Advisor



JONES HEWARD INVESTM Multiple Portfolios MF-AGG 3'645 0.04 - 26.09.2013 Investment Advisor


RIEBEN JUERG n/a Co File 2'876 0.03 - 31.12.2012 n/a

RUFER THOMAS n/a Co File 2'781 0.03 - 31.12.2012 n/a

RUEFENACHT HANSPETER n/a Co File 2'700 0.03 - 31.12.2012 n/a

WEHRLI RUDOLF n/a Co File 2'352 0.03 - 31.12.2012 n/a

ANDEREGG-DIETRICH KA n/a Co File 2'301 0.02 - 31.12.2012 n/a

GERBER STEFAN n/a Co File 2'250 0.02 - 31.12.2012 n/a

HOPF JOHANNES n/a Co File 2'220 0.02 - 31.12.2012 n/a



Holdings By:

Berner Kantonalbank AG ee


27.09.2013

Belimo Holding AG manufactures heating, ventilation and air conditioning

equipment (HVAC). The Company develops and manufactures damper actuators for

general purposes, special motorized fire and smoke dampers and air-volume

controls for HVAC systems. Belimo offers sales and consulting services

worldwide.


LTM as of: 01/yy

52-Week High (20.09.2013) 2'447.00

52-Week Low (29.10.2012) 1'559.00

Daily Volume

2323





1'428.65 1 Yr Total Return 43.33%







BEAN SE EQUITY YTD Change - Average Volume 30 Day 233

BEAN SE EQUITY YTD % CHANGE - Average Volume 3 Month 242


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

403.8 385.9 426.4 416.0 444.6 - - 481.8 521.4 - -

1.15x 1.76x 2.29x 2.35x 2.23x - - 2.78x 2.58x - -

78.6 74.9 96.6 81.8 91.9 - - 103.4 113.2 - -

5.91x 9.08x 10.11x 11.96x 10.79x - - 13.08x 11.95x - -

46.1 49.3 61.3 51.6 61.4 - - 69.6 77.1 - -

9.88x 14.14x 16.72x 20.03x 17.50x - - 20.39x 18.51x - -











EBITDA Margin 21.4%



Asset Turnover 1.37







Fiscal Year Ended

Belimo Holding AGPrice/Volume

Valuation Analysis

78.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


GROUPE LINSI n/a Co File 118'572 19.28 - 31.12.2012 Other


RONER WERNER n/a Co File 34'994 5.69 - 31.12.2012 n/a

AMERIPRISE FINANCIAL n/a Co File 28'413 4.62 - 31.12.2012 Investment Advisor

THREADNEEDLE n/a ULT-AGG 25'272 4.11 76 31.05.2013 Unclassified

MONTANARO ASSET MGMT n/a EXCH 19'822 3.22 - 07.01.2013 Investment Advisor


LOMBARD ODIER DARIER n/a EXCH 17'385 2.83 - 05.06.2013 Investment Advisor




LINSI WALTER n/a Co File 10'187 1.66 - 31.12.2012 n/a

LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 8'358 1.36 5 31.05.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 7'005 1.14 (1'150) 28.03.2013 Investment Advisor






STATE STREET CORP n/a ULT-AGG 2'095 0.34 - 26.09.2013 Investment Advisor



Helvea PATRICK APPENZELLER buy 5 M 2'500 12 month 15.08.2013

Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 07.08.2013

Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 2'200 Not Provided 07.08.2013

UBS TORSTEN WYSS neutral 3 M 2'150 12 month 06.08.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 2'370 12 month 06.08.2013

Holdings By:

Belimo Holding AG ee


27.09.2013

Burckhardt Compression Holding AG manufactures reciprocating compressors. The

Company produces compressors for oil refining, the chemical and petrochemical

industries, industrial gases, and gas transport and storage.


LTM as of: 01/yy

52-Week High (11.09.2013) 399.25

52-Week Low (23.10.2012) 255.50

Daily Volume

358





1'217.20 1 Yr Total Return 36.85%







BCHN SE EQUITY YTD Change - Average Volume 30 Day 3'630

BCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'324


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

424.5 343.2 355.6 328.9 366.7 - - 436.9 474.6 - -

0.55x 1.83x 2.43x 2.09x 2.87x - - 2.36x 2.12x - -

102.1 83.7 71.7 79.3 86.4 - - 89.4 102.3 - -

2.29x 7.50x 12.06x 8.67x 12.19x - - 11.93x 10.42x - -

72.8 56.0 45.1 50.5 55.5 - - 60.1 69.1 - -

4.94x 12.47x 21.33x 16.26x 21.37x - - 20.22x 17.45x - -











EBITDA Margin 23.6%



Asset Turnover 0.65







Fiscal Year Ended

Burckhardt Compression Holding AGPrice/Volume

Valuation Analysis

6'086.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



27.09.2013


ING GROEP NV n/a Co File 241'400 7.1 - 31.03.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 210'675 6.2 (12'956) 31.08.2013 Investment Advisor

VOGT VALENTIN n/a Co File 202'633 5.96 - 31.03.2012 n/a


COLLEGE RETIREMENT E n/a #N/A N/A 176'332 5.19 - 30.04.2012 Other

TIAA CREF INVESTMENT n/a Co File 166'600 4.9 - 31.03.2012 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 112'200 3.3 - 31.03.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 111'243 3.27 13'982 30.06.2013 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 108'800 3.2 - 31.03.2012 Investment Advisor

WILLIAM BLAIR & COMP n/a EXCH 107'548 3.16 - 12.04.2013 Investment Advisor

MONDRIAN INVESTMENT n/a EXCH 104'968 3.09 - 10.07.2013 Hedge Fund Manager


HARRIS ASSOCIATES LP n/a EXCH 99'988 2.94 (5'475) 30.04.2012 Investment Advisor

ROYCE & ASSOCIATES n/a EXCH 99'450 2.92 (3'468) 06.12.2011 Unclassified


BURCKHARDT COMPRESSI n/a Co File 76'255 2.24 - 31.03.2012 Corporation

KELLER LEONHARD n/a Co File 71'563 2.1 - 31.03.2012 n/a

HELLER MARTIN n/a Co File 57'500 1.69 - 31.03.2012 n/a

PAWLICEK MARCEL n/a Co File 52'045 1.53 - 31.03.2012 n/a




Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 475 6 month 24.09.2013



Helvea VOLKAN GOCMEN hold 3 M 350 12 month 15.08.2013

Kepler Cheuvreux OLIVER GIRAKHOU hold 3 N 355 Not Provided 31.07.2013

Baden Hill LLP ANTOINE HNEIN buy 5 M #N/A N/A Not Provided 09.07.2013



EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 10.06.2013

Holdings By:

Burckhardt Compression Holding AG ee


27.09.2013

AMS AG develops and manufactures high-performance analog semiconductors. ams'

product range includes sensor, sensor interfaces, power management ICs and

wireless ICs for customers in the consumer, industrial, medical, mobile

communications and automotive markets. The Company is based in Austria.


LTM as of: 06/yy

52-Week High (14.02.2013) 122.00

52-Week Low (23.07.2013) 62.50

Daily Volume

86.25





1'249.79 1 Yr Total Return -7.53%







AMS SE EQUITY YTD Change - Average Volume 30 Day 123'925

AMS SE EQUITY YTD % CHANGE - Average Volume 3 Month 131'447


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

184.7 137.2 209.4 275.7 387.6 349.5 376.9 390.7 440.7 99.1 115.0

0.66x 1.36x 1.77x 1.65x 2.96x 7.06x 11.48x 2.55x 2.11x 10.29x 8.60x

48.2 4.0 49.7 69.9 117.9 98.3 101.0 98.5 124.3 24.1 33.0

2.52x 47.09x 7.45x 6.53x 9.73x 7.77x 8.16x 10.40x 8.24x 9.16x 8.23x

12.3 (16.7) 23.1 35.3 81.9 60.2 61.8 61.8 82.9 19.7 24.4

7.48x - 16.01x 10.38x 12.74x 10.90x 12.02x 15.78x 11.64x 13.07x 11.50x











EBITDA Margin 26.8%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ams AGPrice/Volume

Valuation Analysis

33'002.00


!

.!

1!

3!

5!

-!!

-.!

-1!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E - E . E 0 E 1 E 2 E 3 E 4 E 5 E 6 E- ! E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


TWILIGHT S LLC n/a Co File 2'715'684 18.74 - 31.12.2011 Other





ODIN FORVALTNING AS Multiple Portfolios MF-AGG 295'747 2.04 2'890 30.08.2013 Investment Advisor


PIONEER INVESTMENTS Multiple Portfolios MF-AGG 165'210 1.14 - 28.03.2013 Investment Advisor



BARING FUND MANAGERS Multiple Portfolios MF-AGG 124'401 0.86 33'196 31.05.2013 Investment Advisor



3 BANKEN-GENERALI IN Multiple Portfolios MF-AGG 101'090 0.7 - 31.07.2013 Investment Advisor

OEKOWORLD LUX SA Multiple Portfolios MF-AGG 88'729 0.61 - 31.03.2013 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 79'341 0.55 2'452 30.04.2013 Investment Advisor

GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 72'820 0.5 19'270 28.03.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 72'610 0.5 - 31.05.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 63'756 0.44 (24'947) 30.08.2013 Investment Advisor



Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 90 12 month 11.09.2013

Jefferies LEE SIMPSON buy 5 M 89 12 month 11.09.2013


Natixis MAXIME MALLET neutral 3 M 70 Not Provided 11.09.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 06.09.2013

Raiffeisenbank AG DANIEL DAMASKA buy 5 U 83 12 month 16.08.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 100 Not Provided 16.08.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 24.07.2013

Mirabaud Securities MARK DIETHELM buy 5 M 89 12 month 24.07.2013

Erste Group DANIEL LION buy 5 M 107 12 month 23.07.2013

UBS DAVID MULHOLLAND buy 5 M 100 12 month 23.07.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 M 80 12 month 23.07.2013

Berenberg Bank ALI FARID KHWAJA hold 3 M 80 Not Provided 23.07.2013

Main First Bank AG JUERGEN WAGNER outperform 5 M 92 12 month 23.07.2013


Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 23.04.2013

Holdings By:

ams AG ee


27.09.2013

Forbo Holding AG produces floor coverings, adhesives, and belts for conveying

and power transmission. Forbo operates worldwide.


LTM as of: 01/yy

52-Week High (02.08.2013) 700.00

52-Week Low (01.10.2012) 541.88

Daily Volume

684.5





1'540.13 1 Yr Total Return 25.62%







FORN SE EQUITY YTD Change - Average Volume 30 Day 5'382

FORN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'159


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

1'918.7 1'782.4 1'291.2 1'203.8 1'201.1 - - 1'193.0 1'211.8 - -

0.44x 0.58x 1.10x 0.94x 0.78x - - 1.01x 0.96x - -

198.7 188.2 227.7 197.2 206.5 - - 159.0 168.0 - -

4.22x 5.45x 6.25x 5.74x 4.56x - - 8.27x 7.83x - -

16.0 76.1 163.3 146.5 197.2 - - 94.4 100.4 - -

28.43x 10.10x 9.01x 8.37x 10.44x - - 15.12x 13.87x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Forbo Holding AGPrice/Volume

Valuation Analysis

6'229.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


PIEPER MICHAEL W n/a Co File 681'628 30.29 - 31.12.2012 n/a

FORBO HOLDING AG n/a EXCH 196'117 8.72 (179'360) 22.01.2013 Corporation


SCHNEIDER THIS E n/a Co File 77'653 3.45 - 31.12.2012 n/a







RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 11'500 0.51 (1'500) 30.04.2013 Investment Advisor



PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'703 0.3 - 30.06.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'421 0.29 - 31.03.2013 Investment Advisor


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 6'009 0.27 789 28.06.2013 Investment Advisor

GNAGI ALBERT n/a Co File 4'903 0.22 - 31.12.2012 n/a

GOLDMAN SACHS GROUP n/a ULT-AGG 4'581 0.2 2'877 30.06.2013 Investment Advisor



EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 10.09.2013


Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 740 Not Provided 09.09.2013

Credit Suisse PATRICK LAAGER neutral 3 D 710 Not Provided 22.08.2013




Holdings By:

Forbo Holding AG ee


27.09.2013

St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and

commercial banking as well as private and institutional banking. SGKB also

provides asset management and financial planning services. The Bank offers its

services in the Canton of St. Gall through a network of branches.


LTM as of: 01/yy

52-Week High (15.03.2013) 414.00

52-Week Low (18.06.2013) 322.50

Daily Volume

366










Enterprise Value -


SGKN SE EQUITY YTD Change - Average Volume 30 Day 1'887

SGKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'068


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

928.6 795.9 731.9 702.9 711.5 - - 492.5 465.5 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

171.1 168.1 146.3 135.7 151.4 - - 162.5 166.0 - -

12.44x 15.24x 17.82x 14.45x 13.78x - - 12.49x 12.22x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

St Galler Kantonalbank AGPrice/Volume

Valuation Analysis

2'023.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


KANTON ST GALLEN n/a Co File 3'054'223 54.8 - 31.12.2012 Government




ST GALLER KANTONALBA n/a Co File 28'226 0.51 - 31.12.2012 Bank





DIMENSIONAL FUND ADV n/a ULT-AGG 12'076 0.22 - 30.04.2013 Investment Advisor




LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 6'712 0.12 - 30.06.2013 Investment Advisor

LEDERGERBER ROLAND n/a Co File 5'871 0.11 - 31.12.2012 n/a

OESCH FRANZ PETER n/a Co File 2'955 0.05 - 31.12.2012 n/a

BUSCHOR FELIX n/a Co File 2'760 0.05 - 31.12.2012 n/a



KOLLER ALBERT n/a Co File 2'015 0.04 - 31.12.2012 n/a


EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 09.09.2013


UBS DANIELE BRUPBACHER neutral 3 U 360 12 month 07.08.2013

Zuercher Kantonalbank ANDREAS BRUN outperform 5 U #N/A N/A Not Provided 19.06.2013

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 19.04.2012

Holdings By:

St Galler Kantonalbank AG ee


27.09.2013

Graubuendner Kantonalbank is a Swiss bank which provides standard banking

services such as deposits and real estate mortgage loans, along with other

financial services. The Bank serves the Canton of Graubuenden through numerous

branches.


LTM as of: 01/yy

52-Week High (12.10.2012) 1'203.00

52-Week Low (12.06.2013) 1'123.00

Daily Volume

1190










Enterprise Value -


GRKP SE EQUITY YTD Change - Average Volume 30 Day 120

GRKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 128


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

618.9 548.9 509.9 509.8 494.3 - - 387.0 399.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

121.5 141.6 149.5 149.6 153.3 - - 191.0 202.0 - -

19.22x 20.45x 20.36x 19.59x 20.69x - - 15.44x 14.62x - -


EBIT - Long-Term Rating AA+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Graubuendner KantonalbankPrice/Volume

Valuation Analysis

119.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013





IST FUND MANAGERS Multiple Portfolios MF-AGG 721 0.1 1 30.04.2013 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 626 0.08 - 28.03.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 498 0.07 - 28.06.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 309 0.04 16 30.06.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 105 0.01 - 31.05.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 20 0 1 28.03.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 7 0 - 31.07.2013 Investment Advisor


Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 31.07.2013

EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 26.07.2013

Holdings By:

Graubuendner Kantonalbank ee


27.09.2013

Meyer Burger Technology AG supplies systems and production equipment to the

photovoltaic, semiconductor and optoelectronic industries. The company produces

equipment for solar production from wafers to building integrated solar

systems.


LTM as of: 01/yy

52-Week High (11.09.2013) 10.90

52-Week Low (29.11.2012) 4.65

Daily Volume

9.68





816.38 1 Yr Total Return -7.20%







MBTN SE EQUITY YTD Change - Average Volume 30 Day 1'108'170

MBTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 837'079


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

448.4 420.9 826.0 1'315.0 645.2 - - 319.6 496.9 - -

0.80x 1.98x 1.13x 0.36x 0.52x - - 2.35x 1.46x - -

82.7 63.7 191.7 280.4 (32.7) - - (73.8) 17.2 - -

4.35x 13.08x 4.88x 1.70x - - - - 44.49x - -

35.0 29.2 97.9 40.8 (111.1) - - (121.7) (40.7) - -

10.36x 27.79x 13.13x 16.90x - - - - - - -

EBITDA -32.75 Long-Term Rating Date -






Return on Capital - EBITDA/Interest Exp. -5.89


Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -1.71

EBITDA Margin -22.4%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Meyer Burger Technology AGPrice/Volume

Valuation Analysis

707'150.00


!

.

1

3

5

-!

-.

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


NORGES BANK #N/A N/A EXCH 4'348'270 5.16 156'728 20.09.2013 Government

GENERATION INVESTMEN n/a Co File 2'896'102 3.43 - 31.12.2012 Investment Advisor

PAULI PETER n/a EXCH 2'890'882 3.43 - 07.05.2013 n/a

PLATINUM INVESTMENT n/a EXCH 2'547'892 3.02 1'106'815 09.01.2013 Hedge Fund Manager



WILLIAM BLAIR & COMP n/a EXCH 1'339'622 1.59 (129'899) 19.04.2012 Investment Advisor



CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 788'175 0.93 - 26.09.2013 Investment Advisor





MEYER BURGER TECHNOL n/a Co File 336'795 0.4 - 31.12.2012 Unclassified

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 295'345 0.35 136'852 31.05.2013 Investment Advisor



IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 212'000 0.25 58'500 31.05.2013 Investment Advisor



Helvea STEFAN GAECHTER sell 1 M 6 12 month 18.09.2013



Macquarie ROBERT SCHRAMM-FUCHS outperform 5 U 15 12 month 22.08.2013

Credit Suisse FELIX REMMERS neutral 3 U 8 Not Provided 19.08.2013

UBS JEAN-FRANCOIS MEYMANDI neutral 3 M 8 12 month 19.08.2013


HSBC CHRISTIAN DOMINIK RATH neutral 3 M 8 Not Provided 15.08.2013


Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 6 Not Provided 06.08.2013

Kepler Cheuvreux OLIVER GIRAKHOU reduce 2 M 6 Not Provided 06.08.2013

Natureo Finance INGO QUEISER hold 3 M 8 12 month 11.07.2013

Axiom Capital GORDON L JOHNSON sell 1 M 3 Not Provided 10.07.2013

Nomura Code Securities JOHN-MARC BUNCE neutral 3 M 12 6 month 01.06.2012

Holdings By:

Meyer Burger Technology AG ee


27.09.2013

Daetwyler Holding AG manufactures rubber components and sealing solutions

for the automotive, pharmaceutical and civil engineering industries. The

company also distributes electronic, automation, engineering and IT components

and accessories.


LTM as of: 01/yy

52-Week High (20.08.2013) 115.80

52-Week Low (01.10.2012) 76.20

Daily Volume

113.3





1'926.10 1 Yr Total Return 47.23%







DAE SE EQUITY YTD Change - Average Volume 30 Day 12'685

DAE SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'880


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

1'294.9 1'122.2 1'319.5 1'050.5 1'185.9 - - 1'409.7 1'507.0 - -

0.53x 0.76x 0.88x 0.73x 1.29x - - 1.40x 1.25x - -

197.3 134.0 176.6 164.4 159.4 - - 213.0 239.7 - -

3.50x 6.35x 6.57x 4.68x 9.56x - - 9.31x 8.27x - -

109.6 63.7 98.2 96.2 127.5 - - 116.0 140.3 - -

6.03x 14.04x 12.19x 9.28x 14.34x - - 15.06x 12.50x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.23







Fiscal Year Ended

Daetwyler Holding AGPrice/Volume

Valuation Analysis

20'130.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


PEMA HOLDINGS AG n/a Co File 6'633'900 52.65 - 31.12.2012 Holding Company

DAETWYLER HOLDING AG n/a Co File 1'415'347 11.23 - 31.12.2012 Corporation


TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 343'783 2.73 - 31.03.2012 Investment Advisor















HAELG PAUL J n/a Co File 24'500 0.19 - 31.12.2012 n/a

DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 23'971 0.19 2'500 28.12.2012 Investment Advisor




Bank Vontobel AG ANDY SCHNYDER buy 5 M 125 Not Provided 18.03.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 U #N/A N/A Not Provided 30.10.2012

Holdings By:

Daetwyler Holding AG ee


27.09.2013

Vontobel Holding AG offers wealth management services for private and

institutional clients, and investment banking services. The bank offers

portfolio management services, derivative and structured products, securities

brokerage, capital market transactions, custodian services, institutional asset

management and investment funds.


LTM as of: 01/yy

52-Week High (23.08.2013) 36.70

52-Week Low (27.09.2012) 23.50

Daily Volume

35.1





2'281.50 1 Yr Total Return 52.55%







VONN SE EQUITY YTD Change - Average Volume 30 Day 40'038

VONN SE EQUITY YTD % CHANGE - Average Volume 3 Month 43'750


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

931.8 903.3 951.8 890.7 904.9 - - 882.6 942.7 - -

8.69x 11.08x 10.99x 6.50x 7.15x - - - - - -

256.0 232.9 242.8 213.9 222.3 - - - - - -

31.63x 42.96x 43.08x 27.06x 29.11x - - - - - -

112.8 138.9 147.8 113.7 130.6 - - 154.9 184.2 - -

12.36x 13.62x 15.41x 11.80x 13.76x - - 14.35x 12.33x - -


EBIT - Long-Term Rating A









EBITDA Margin 23.4%



Asset Turnover 0.05







Fiscal Year Ended

Vontobel Holding AGPrice/Volume

Valuation Analysis

15'972.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



27.09.2013


VONTOBEL HANS n/a Co File 11'765'000 18.1 - 31.12.2012 n/a

RAIFFEISEN SCHWEIZ n/a Co File 8'125'000 12.5 - 31.12.2012 Investment Advisor

VONTRUST AG n/a Co File 8'125'000 12.5 - 31.12.2012 Other

VONTOBEL FOUNDATION n/a Co File 7'085'000 10.9 - 31.12.2012 Other

DE LA COUR-VONTOBEL n/a Co File 3'575'000 5.5 - 31.12.2012 n/a

PELLEGRINUS HOLDING n/a Co File 2'730'000 4.2 - 31.12.2012 Other

VONTOBEL HOLDING AG n/a Co File 1'625'000 2.5 - 31.12.2012 Bank




SCHEIDT HERBERT JULI n/a Co File 618'025 0.95 - 31.12.2012 n/a

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 531'506 0.82 - 30.06.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 224'400 0.35 - 31.05.2013 Investment Advisor




STAUB ZENO n/a Co File 167'453 0.26 - 31.12.2012 n/a


STUDER ROGER n/a Co File 138'583 0.21 - 31.12.2012 n/a



Mediobanca SpA ALEVIZOS ALEVIZAKOS outperform 5 N 39 12 month 09.09.2013

Berenberg Bank ELENI PAPOULA hold 3 M 28 Not Provided 02.09.2013

Helvea TIM DAWSON sell 1 D 32 12 month 15.08.2013

Mirabaud Securities Claudia von Turk Myers neutral 3 M 38 12 month 06.08.2013




Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 30 12 month 31.07.2013

EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 29.07.2013

Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 41 12 month 05.06.2013

Holdings By:

Vontobel Holding AG ee


27.09.2013

EFG International AG is a bank holding company. The Bank offers private

banking and asset management services.


LTM as of: 01/yy

52-Week High (16.09.2013) 13.95

52-Week Low (13.11.2012) 7.63

Daily Volume

12.65





1'855.38 1 Yr Total Return 61.62%





Enterprise Value -


EFGN SE EQUITY YTD Change - Average Volume 30 Day 36'599

EFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 41'672


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

1'621.3 1'106.6 596.9 1'078.2 1'172.2 - - 719.1 733.4 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

221.9 101.1 (721.8) (294.1) 111.0 - - 138.9 156.9 - -

14.06x 25.09x - - 11.27x - - 13.41x 11.89x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EFG International AGPrice/Volume

Valuation Analysis

3'808.00


!

.

1

3

5

-!

-.

-1

-3

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


EFG BANK EUROPEAN FI n/a Co File 82'545'117 56.28 - 31.12.2012 Bank

HOWELL LAWRENCE D n/a Co File 8'052'705 5.49 - 31.12.2012 n/a

CUONI JEAN-PIERRE n/a Co File 6'909'500 4.71 - 31.12.2012 n/a

NORGES BANK n/a EXCH 4'379'472 2.99 (1'147'415) 02.02.2012 Government

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 3'382'667 2.31 - 30.06.2013 Investment Advisor







HENDERSON GLOBAL INV TR EUROPEAN GROWTH T MF-PART 477'352 0.33 (21'781) 30.08.2013 Investment Advisor

EUROPEAN ASSETS TRUS Multiple Portfolios MF-AGG 449'995 0.31 - 31.08.2013 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 436'535 0.3 9'181 28.06.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 389'161 0.27 - 31.07.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 370'796 0.25 - 28.02.2013 Investment Advisor


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 309'566 0.21 19'344 28.06.2013 Investment Advisor




AlphaValue DIETER HEIN reduce 2 U 12 6 month 26.09.2013


Mediobanca SpA ALEVIZOS ALEVIZAKOS neutral 3 M 14 12 month 09.09.2013

Berenberg Bank ELENI PAPOULA buy 5 M 14 Not Provided 02.09.2013


UBS DANIELE BRUPBACHER buy 5 M 15 12 month 25.07.2013

Nomura JON PEACE reduce 2 M 13 Not Provided 25.07.2013

Deutsche Bank MATT SPICK hold 3 M 12 12 month 24.07.2013

Mirabaud Securities Claudia von Turk Myers neutral 3 D 13 12 month 24.07.2013


Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 14 12 month 05.06.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 15 Not Provided 29.05.2013

Holdings By:

EFG International AG ee


27.09.2013

Basilea Pharmaceutica AG is a biotechnology company conducting research into the

development of drugs for the treatment of infectious diseases and dermatological

problems. The Company develops anti-bacterial and anti-fungal compounds which

destroy infectious organisms.


LTM as of: 01/yy

52-Week High (13.08.2013) 84.20

52-Week Low (20.12.2012) 37.76

Daily Volume

73.85





708.78 1 Yr Total Return 65.96%







BSLN SE EQUITY YTD Change - Average Volume 30 Day 52'203

BSLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 42'421


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

12.0 26.8 116.2 66.7 57.9 - - 41.1 57.4 - -

94.50x - 2.93x 2.18x 1.45x - - 10.52x 7.72x - -

(148.4) (116.2) 111.7 (54.4) (47.2) - - (40.6) (31.2) - -

- - 3.04x - - - - - - - -

(143.5) (120.7) 107.6 (57.6) (53.0) - - (45.0) (39.3) - -

- - 5.79x - - - - - - - -

EBITDA -47.21 Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20





Accounts Receivable Turnover 4.48 Cash Conversion Cycle -1229.73



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Basilea PharmaceuticaPrice/Volume

Valuation Analysis

39'374.00


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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0 E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.09.2013


HBM PARTNERS LIMITED Multiple Portfolios MF-AGG 1'997'342 20.81 - 30.06.2013 Unclassified

HBM HEALTHCARE INVES n/a EXCH 1'914'770 19.95 - 12.09.2013 Venture Capital

MORGAN STANLEY SECUR n/a EXCH 861'389 8.98 291'630 16.09.2013 Investment Advisor

ROCHE HOLDING AG n/a Co File 479'380 4.99 - 31.12.2012 Corporation


FRANKLIN RESOURCES n/a ULT-AGG 351'012 3.66 (120) 28.06.2013 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 101'450 1.06 - 28.12.2012 Investment Advisor



MASON STREET ADVISOR Multiple Portfolios MF-AGG 87'430 0.91 - 30.06.2013 Investment Advisor





DEKA INVESTMENT GMBH DEKA-EUROPAPOTENTIAL MF-DEU 56'960 0.59 - 28.12.2012 Investment Advisor

OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 54'201 0.56 - 31.01.2013 Investment Advisor


DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 44'490 0.46 - 28.12.2012 Investment Advisor




Bank Vontobel AG ANDREW C WEISS hold 3 M 75 Not Provided 22.08.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013


Holdings By:

Basilea Pharmaceutica ee


27.09.2013

Implenia AG provides construction, civil and underground engineering services.

The Company's projects include residential and industrial buildings, tunnels,

bridges and roads. Implenia also provides real estate and facilities management

and marketing services.


LTM as of: 01/yy

52-Week High (29.08.2013) 55.90

52-Week Low (26.11.2012) 35.10

Daily Volume

55.2





1'019.65 1 Yr Total Return 49.19%







IMPN SE EQUITY YTD Change - Average Volume 30 Day 52'670

IMPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 33'279


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

2'326.4 2'279.8 2'388.4 2'522.6 2'695.8 - - 2'944.5 3'108.3 - -

0.22x 0.18x 0.19x 0.10x 0.17x - - 0.22x 0.20x - -

85.2 100.4 105.4 135.4 140.6 - - 158.0 167.7 - -

5.88x 4.11x 4.21x 1.92x 3.25x - - 5.13x 4.83x - -

41.0 45.9 51.5 60.3 69.1 - - 79.6 84.8 - -

12.95x 11.33x 11.09x 7.15x 10.58x - - 12.67x 11.70x - -











EBITDA Margin 5.1%



Asset Turnover 1.38







Fiscal Year Ended

Implenia AGPrice/Volume

Valuation Analysis

26'713.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

- E

. E

. E

0 E

0 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.09.2013


PARMINO HOLDING AG n/a Co File 2'936'950 15.9 - 31.12.2012 Holding Company

CREDIT SUISSE AG n/a EXCH 2'032'412 11 - 02.09.2013 Investment Advisor


AMMANN GROUP HOLDING n/a EXCH 1'362'000 7.37 - 02.09.2013 Holding Company

SCHRODERS PLC n/a EXCH 864'964 4.68 - 02.07.2013 Investment Advisor

VONTOBEL ASSET MANAG n/a EXCH 568'544 3.08 - 03.09.2013 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 392'839 2.13 479 28.02.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 241'676 1.31 (158) 31.05.2013 Investment Advisor

AFFENTRANGER ANTON n/a Co File 224'422 1.21 - 31.12.2012 n/a

IMPLENIA AG n/a Co File 211'017 1.14 - 31.12.2010 Corporation






ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 83'500 0.45 2'500 31.05.2013 Investment Advisor

CAZENOVE FUND MANAGE Multiple Portfolios MF-AGG 71'842 0.39 2'737 28.02.2013 Investment Advisor


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 53'894 0.29 17'556 28.06.2013 Investment Advisor






Holdings By:

Implenia AG ee


27.09.2013

Huber & Suhner AG manufactures telecommunications products and polymer systems.

The Company produces antenna systems, lightning protection, fiber optic cables

and connectors, and hybrid cables.


LTM as of: 01/yy

52-Week High (28.01.2013) 50.00

52-Week Low (16.11.2012) 39.15

Daily Volume

47.6












HUBN SE EQUITY YTD Change - Average Volume 30 Day 12'997

HUBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'566


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

760.2 631.1 799.5 758.5 698.1 - - 740.3 782.3 - -

0.76x 0.93x 1.32x 0.78x 1.14x - - 1.07x 1.00x - -

114.3 80.8 142.3 76.4 - - - 90.6 102.0 - -

5.06x 7.26x 7.40x 7.73x - - - 9.17x 8.15x - -

60.2 48.4 79.0 49.8 21.8 - - 42.0 52.2 - -

11.97x 15.94x 15.80x 15.43x 38.84x - - 21.71x 17.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.07







Fiscal Year Ended

Huber & Suhner AGPrice/Volume

Valuation Analysis

5'635.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



27.09.2013


BODMER HENRY CARL MA n/a Co File 2'399'760 11.88 - 31.12.2011 n/a

METROHM AG n/a Co File 2'145'240 10.62 - 31.12.2011 Corporation

HOFFMAN-SUHNER SYLVI n/a Co File 1'268'560 6.28 - 31.12.2011 n/a

LODH SWISS CAP n/a Co File 959'500 4.75 - 31.12.2011 Other

HUBER & SUHNER AG n/a Co File 746'663 3.7 - 31.12.2011 Corporation

HUWA FINANZ UND BETE n/a Co File 640'340 3.17 - 31.12.2011 Investment Advisor

EGS BETEILIGUNGEN AG n/a EXCH 607'195 3.01 - 04.06.2012 Investment Advisor


LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 350'000 1.73 - 31.05.2013 Investment Advisor






MAINFIRST SICAV Multiple Portfolios MF-AGG 111'198 0.55 - 28.02.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 80'279 0.4 - 31.05.2013 Investment Advisor




KAUFMANN URS n/a Co File 45'800 0.23 - 31.12.2011 n/a





UBS ANDRE RUDOLF VON ROHR sell 1 M 40 12 month 13.03.2013

Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

Huber & Suhner AG ee


27.09.2013

Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking

and other financial services. Zuger Kantonalbank emphasizes mortgage lending

and corporate finance. The Bank operates through a number of branches in the

Canton Zug.


LTM as of: 01/yy

52-Week High (11.04.2013) 5'075.00

52-Week Low (19.06.2013) 4'644.00

Daily Volume

4720










Enterprise Value -


ZG SE EQUITY YTD Change - Average Volume 30 Day 39

ZG SE EQUITY YTD % CHANGE - Average Volume 3 Month 40


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

376.5 336.9 334.9 338.0 326.6 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

61.3 61.4 61.1 61.0 61.2 - - - - - -

17.40x 19.96x 23.56x 23.81x 22.62x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zuger Kantonalbank AGPrice/Volume

Valuation Analysis

20.00


!

-!!!

.!!!

0!!!

1!!!

2!!!

3!!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


KANTON ZUG n/a Co File 144'438 50.1 - 31.12.2011 Government


UBS AG n/a ULT-AGG 745 0.26 - 31.05.2013 Unclassified


DIMENSIONAL FUND ADV n/a ULT-AGG 186 0.06 1 30.04.2013 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 164 0.06 - 30.04.2013 Investment Advisor



JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 63 0.02 (2) 30.06.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 42 0.01 - 31.05.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 32 0.01 - 30.06.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 31 0.01 31 30.06.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 31 0.01 - 30.04.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 4 0 - 31.08.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4 0 - 28.03.2013 Investment Advisor



Holdings By:

Zuger Kantonalbank AG ee


27.09.2013

Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products

in Europe. The Company's products include reinsurance, health, transport,

legal, technical, life, accident, travel, automobile, fire and theft insurance.

Schweizerische National has a network of offices in Switzerland and

subsidiaries located throughout Europe.


LTM as of: 01/yy

52-Week High (15.03.2013) 47.70

52-Week Low (27.09.2012) 36.05

Daily Volume

41.6












NATN SE EQUITY YTD Change - Average Volume 30 Day 9'420

NATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 8'782


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

1'853.9 1'585.5 1'653.6 1'579.1 1'591.1 - - 1'573.3 1'625.3 - -

0.06x - 0.18x 0.07x 0.24x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

64.5 76.2 91.6 164.5 103.0 - - 103.2 108.7 - -

9.31x 10.13x 8.81x 4.47x 8.65x - - 8.99x 8.49x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25







Fiscal Year Ended

Schweizerische National-Versicherungs-Gesellschaft AGPrice/Volume

Valuation Analysis

7'395.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


HELVETIA HOLDING AG #N/A N/A Co File 2'657'780 12.05 - 31.12.2012 Insurance Company

SCHWEIZERISCHE MOBIL #N/A N/A Co File 2'503'137 11.35 - 31.12.2012 Holding Company

BALOISE HOLDING AG n/a EXCH 2'210'000 10.02 - 17.06.2013 Insurance Company

METZLER INVESTMENT G #N/A N/A Co File 2'055'323 9.32 - 31.12.2012 Investment Advisor

NUERNBERGER BETEILIG n/a Co File 1'435'833 6.51 - 31.12.2012 n/a

GEBAUDEVERSICHERUNG #N/A N/A Co File 1'189'000 5.39 - 31.12.2012 Insurance Company


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 308'195 1.4 - 30.08.2013 Investment Advisor



LB SWISS INVESTMENT Multiple Portfolios MF-AGG 141'000 0.64 - 28.03.2013 Investment Advisor



AMUNDI Multiple Portfolios MF-AGG 104'723 0.47 - 30.04.2013 Investment Advisor






KUENZLE HANS n/a Co File 45'430 0.21 - 31.12.2012 n/a




Kepler Cheuvreux FABRIZIO CROCE buy 5 M 53 Not Provided 06.09.2013

Nomura MICHAEL KLIEN reduce 2 M 42 12 month 06.09.2013




Holdings By:

Schweizerische National-Versicherungs-Gesellschaft AG ee


27.09.2013

Gategroup Holding AG, through its subsidiaries, provides a wide range of

services for airlines. The Company specializes in catering and hospitality,

provisioning and logistics, and onboard solutions to companies that serve

people on the move. Gategroups customers include airlines, railroads and

hotels around the world.


LTM as of: 06/yy

52-Week High (07.11.2012) 26.70

52-Week Low (18.04.2013) 16.55

Daily Volume

23.15












GATE SE EQUITY YTD Change - Average Volume 30 Day 85'471

GATE SE EQUITY YTD % CHANGE - Average Volume 3 Month 69'017


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

- 2'712.3 2'700.0 2'688.1 2'992.5 2'783.3 3'044.0 3'062.7 3'150.7 - -

- 0.42x 0.56x 0.28x 0.30x 1.34x 1.09x 0.28x 0.26x - -

- 158.5 188.1 166.9 65.7 137.8 104.7 165.7 183.2 - -

- 7.15x 8.05x 4.48x 13.58x 0.00x 0.00x 5.43x 4.91x - -

- 35.5 49.5 49.6 (58.8) 34.7 (76.8) 22.6 40.2 - -

- 18.52x 21.05x 12.04x - 20.30x 0.00x 18.31x 12.54x - -


EBIT 15.70 Long-Term Rating BB-









EBITDA Margin 1.5%



Asset Turnover 1.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gategroup Holding AGPrice/Volume

Valuation Analysis

34'195.00


!

2

-!

-2

.!

.2

0!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.09.2013



RAINER-MARC FREY n/a Co File 1'429'415 5.34 - 31.12.2012 n/a

HARRIS ASSOCIATES LP n/a Co File 1'416'081 5.29 - 31.12.2012 Investment Advisor


H21 GLOBAL OPPORTUNI n/a EXCH 1'337'000 4.99 - 26.03.2013 n/a

KEMPEN CAPITAL MANAG n/a ULT-AGG 812'656 3.03 (491'265) 09.07.2013 Unclassified

SCHRODER INVESTMENT n/a EXCH 796'280 2.97 (7'424) 04.01.2013 Investment Advisor


GATEGROUP HOLDING AG n/a Co File 719'537 2.69 - 31.12.2012 Holding Company

JANUS CAPITAL MANAGE n/a ULT-AGG 705'009 2.63 (434'373) 22.05.2012 Investment Advisor

SILVER POINT CAPITAL n/a EXCH 631'153 2.36 - 04.01.2013 Hedge Fund Manager




WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 300'000 1.12 120'000 28.03.2013 Investment Advisor

SCHMID ANDREAS n/a Co File 247'067 0.92 - 31.12.2012 n/a



HARTFORD INVESTMENT Multiple Portfolios MF-AGG 131'693 0.49 13'797 31.08.2013 Investment Advisor

BROWN NEIL GRAEME n/a Co File 100'000 0.37 - 31.12.2012 n/a





Kepler Cheuvreux BEAT KEISER reduce 2 M 19 Not Provided 06.08.2013



UBS ALEX BRIGNALL buy 5 M 27 12 month 12.02.2013

Holdings By:

Gategroup Holding AG ee


27.09.2013

Rieter Holding AG manufactures spinning systems and chemical fiber systems.

The Company's spinning and chemical fiber systems are used to process cotton

and man-made fibers. Rieter produces its products throughout Europe and sells

internationally.


LTM as of: 01/yy

52-Week High (19.09.2013) 196.40

52-Week Low (16.11.2012) 139.60

Daily Volume

186.1












RIEN SE EQUITY YTD Change - Average Volume 30 Day 11'363

RIEN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'295


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

3'011.9 1'882.7 812.1 1'000.7 888.5 - - 971.9 1'118.3 - -

0.26x 0.58x 2.02x 0.50x 0.73x - - 0.81x 0.67x - -

281.9 (45.7) 115.6 146.5 66.8 - - 79.4 134.4 - -

2.79x - 14.19x 3.43x 9.67x - - 10.22x 6.04x - -

(405.9) (223.9) 26.5 267.2 29.5 - - 18.6 57.0 - -

- - 19.03x 5.46x 24.91x - - 35.69x 14.28x - -











EBITDA Margin 5.9%



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rieter Holding AGPrice/Volume

Valuation Analysis

5'886.00


!

2!

-!!

-2!

.!!

.2!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

- E

. E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

-!! !!

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



27.09.2013


SPUHLER PETER n/a Co File 896'561 19.19 - 31.12.2012 n/a

PIEPER MICHAEL W n/a Co File 538'695 11.53 - 31.12.2012 n/a

SPARINVEST n/a ULT-AGG 270'036 5.78 - 31.07.2013 Investment Advisor

SCHRODERS PLC #N/A N/A EXCH 251'734 5.39 - 02.07.2013 Investment Advisor

FIRST EAGLE INVESTME n/a Co File 183'274 3.92 - 31.12.2012 Hedge Fund Manager

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 161'532 3.46 30'104 31.07.2013 Investment Advisor

VONTOBEL ASSET MANAG n/a EXCH 141'028 3.02 - 27.06.2013 Investment Advisor



NIHON TOKUSHU TORYO n/a Co File 53'495 1.14 - 31.03.2013 Corporation


RIETER HOLDING AG n/a Co File 50'938 1.09 - 31.12.2012 Corporation


KEMPEN CAPITAL MANAG n/a ULT-AGG 45'873 0.98 (639) 30.06.2013 Unclassified






BANK OF NOVA SCOTIA n/a ULT-AGG 29'588 0.63 29'588 30.06.2013 Bank


Bank Vontobel AG FABIAN HAECKI buy 5 U 235 Not Provided 16.09.2013

Main First Bank AG MICHAEL INAUEN underperform 1 N 180 12 month 16.09.2013

Helvea VOLKAN GOCMEN buy 5 M 260 12 month 13.09.2013

Bank am Bellevue ALESSANDRO FOLETTI hold 3 M 185 Not Provided 03.09.2013




Zuercher Kantonalbank ARMIN RECHBERGER underperform 1 M #N/A N/A Not Provided 26.07.2013



Holdings By:

Rieter Holding AG ee


27.09.2013

Valora Holding AG is a holding company. The company owns and operates kiosks,

self-service stores, food, coffee and snack shops and restaurants, and

wholesale outlets. Valora also owns and manages commercial real estate in

Switzerland.


LTM as of: 01/yy

52-Week High (26.09.2013) 208.90

52-Week Low (01.10.2012) 160.99

Daily Volume

208












VALN SE EQUITY YTD Change - Average Volume 30 Day 7'155

VALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'316


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

2'931.1 2'897.0 2'877.7 2'817.9 2'847.9 - - 2'886.9 2'926.1 - -

0.15x 0.24x 0.32x 0.21x 0.35x - - 0.38x 0.37x - -

100.4 101.7 122.8 118.7 133.5 - - 142.1 148.6 - -

4.38x 6.87x 7.51x 4.95x 7.46x - - 7.08x 6.77x - -

38.6 54.0 63.4 56.3 45.4 - - 54.7 61.6 - -

19.90x 13.46x 14.60x 9.71x 11.87x - - 12.67x 11.74x - -











EBITDA Margin 5.3%



Asset Turnover 2.03







Fiscal Year Ended

Valora Holding AGPrice/Volume

Valuation Analysis

6'102.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

2'400.0

2'500.0

2'600.0

2'700.0

2'800.0

2'900.0

3'000.0

3'100.0

3'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.09.2013


DITSCH ERNST PETER n/a Co File 635'599 18.5 - 31.12.2012 n/a

UBS AG n/a ULT-AGG 170'937 4.98 - 24.06.2013 Unclassified



ETHENEA INDEPENDENT n/a EXCH 106'431 3.1 - 05.08.2013 Investment Advisor



LOMBARD ODIER ASSET Multiple Portfolios MF-AGG 66'355 1.93 - 31.05.2013 Investment Advisor

VALORA HOLDING AG n/a EXCH 51'011 1.48 (2'119) 19.04.2013 Unclassified




BENEDICK ROLANDO n/a Co File 29'772 0.87 - 31.12.2012 n/a

WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 27'500 0.8 - 28.03.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 15'431 0.45 568 28.03.2013 Investment Advisor

BERGER ANDREAS n/a Co File 12'145 0.35 - 31.12.2012 n/a

MUELLER MICHAEL n/a Co File 12'000 0.35 - 31.12.2012 n/a

MINDER ALEX n/a Co File 11'618 0.34 - 31.12.2012 n/a






Berenberg Bank ANNA PATRICE hold 3 M 199 Not Provided 30.07.2013

Kepler Cheuvreux CHRISTOPHER LADNER reduce 2 M 170 Not Provided 15.05.2013


UBS JEAN-FRANCOIS MEYMANDI sell 1 M 170 12 month 04.04.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 D #N/A N/A Not Provided 26.03.2013

GSC Research MATTHIAS WAHLER buy 5 N #N/A N/A Not Provided 18.03.2009

Holdings By:

Valora Holding AG ee


27.09.2013

Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts

deposits and offers universal banking services. The Bank offers mortgage

loans, consumer loans, and loans to small and medium-sized companies,

investment advice, asset management, securities brokerage, and financial

planning services.


LTM as of: 01/yy

52-Week High (27.09.2012) 1'225.00

52-Week Low (20.06.2013) 940.00

Daily Volume

981.5





2'129.85 1 Yr Total Return -15.73%





Enterprise Value -


BLKB SE EQUITY YTD Change - Average Volume 30 Day 185

BLKB SE EQUITY YTD % CHANGE - Average Volume 3 Month 154


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

688.4 621.0 595.2 584.1 567.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

96.1 106.3 108.9 109.0 111.9 - - - - - -

22.03x 21.15x 25.51x 25.88x 21.53x - - - - - -


EBIT - Long-Term Rating AAA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Basellandschaftliche KantonalbankPrice/Volume

Valuation Analysis

25.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013





IST FUND MANAGERS Multiple Portfolios MF-AGG 759 0.13 1 30.04.2013 Investment Advisor



BAUMANN URS DANIEL n/a Co File 410 0.07 - 31.12.2011 n/a

SCHENK DANIEL L n/a Co File 380 0.07 - 31.12.2011 n/a

SCHUDEL HANS ULRICH n/a Co File 290 0.05 - 31.12.2011 n/a


GREINER DORIS n/a Co File 260 0.05 - 31.12.2011 n/a

SCHIRMER-MOSSET ELIS n/a Co File 240 0.04 - 31.12.2011 n/a

BALLMER ADRIAN n/a Co File 227 0.04 - 31.12.2011 n/a

JANIAK CLAUDE n/a Co File 160 0.03 - 31.12.2011 n/a

HANSEN WILHELM n/a Co File 140 0.02 - 31.12.2011 n/a

VOELLMIN DIETER n/a Co File 130 0.02 - 31.12.2011 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 100 0.02 - 30.08.2013 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 62 0.01 62 31.12.2012 Investment Advisor

STATE STREET CORP n/a ULT-AGG 18 0 - 26.09.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 14 0 - 28.03.2013 Investment Advisor


EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 27.08.2013

Holdings By:

Basellandschaftliche Kantonalbank ee


27.09.2013

Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk,

cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also

produces a variety of fruit juices and iced tea.


LTM as of: 01/yy

52-Week High (13.05.2013) 297.00

52-Week Low (28.09.2012) 200.34

Daily Volume

268





1'433.75 1 Yr Total Return 31.13%







EMMN SE EQUITY YTD Change - Average Volume 30 Day 2'937

EMMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'310


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

2'670.8 2'619.3 2'683.7 2'721.3 2'981.2 - - 3'249.2 3'321.2 - -

0.34x 0.38x 0.54x 0.55x 0.61x - - 0.61x 0.57x - -

188.7 211.8 231.9 224.1 249.4 - - 262.4 272.0 - -

4.85x 4.67x 6.25x 6.73x 7.31x - - 7.56x 7.30x - -

58.7 75.3 86.1 83.0 106.2 - - 95.0 99.9 - -

9.02x 9.13x 13.04x 12.57x 11.58x - - 14.50x 13.64x - -











EBITDA Margin 8.1%



Asset Turnover 1.49







Fiscal Year Ended

Emmi AGPrice/Volume

Valuation Analysis

1'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.09.2013


ZMP n/a Co File 2'904'941 54.3 - 31.12.2012 Unclassified

ZENTRALSCHWEIZER MIL n/a Co File 251'441 4.7 - 31.12.2012 n/a

MIBA MILCHVERBAND NO n/a Co File 192'593 3.6 - 31.12.2012 Corporation


LOMBARD ODIER ASSET n/a EXCH 152'470 2.85 - 11.09.2013 Investment Advisor



BAER STEPHAN n/a Co File 49'000 0.92 - 31.12.2012 n/a

DIMENSIONAL FUND ADV n/a ULT-AGG 43'656 0.82 (576) 30.04.2013 Investment Advisor





EMMI WOHLFAHRTSFONDS n/a Co File 16'049 0.3 - 31.12.2012 Corporation





CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 9'000 0.17 1'000 30.08.2013 Investment Advisor





Helvea ANDREAS VON ARX buy 5 M 305 12 month 29.08.2013



Zuercher Kantonalbank PATRIK SCHWENDIMANN underperform 1 D #N/A N/A Not Provided 28.03.2013

Holdings By:

Emmi AG ee


27.09.2013

Bossard Holding AG supplies fastening devices, industrial adhesives, and tools.

The Company offers its customers engineering assistance in solving fastening

problems. Bossard markets its products in Europe, the United States, and Asia.


LTM as of: 03/yy

52-Week High (27.09.2013) 186.60

52-Week Low (10.10.2012) 108.89

Daily Volume

183

52-Week High % Change -1.93% Dividend Yield 2.89











BOS SE EQUITY YTD Change - Average Volume 30 Day 6'891

BOS SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'883


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

542.8 379.9 458.7 457.7 471.2 0.0 156.1 601.5 644.5 - -

0.44x 0.57x 0.78x 0.74x 1.29x #DIV/0! 0.00x 1.40x 1.28x - -

57.0 30.5 57.8 60.1 58.1 0.0 0.0 81.2 87.2 - -

4.19x 7.15x 6.22x 5.67x 10.50x 0.00x 0.00x 10.66x 9.92x - -

32.1 15.1 44.3 44.3 42.9 0.0 0.0 52.4 57.5 - -

4.27x 11.77x 7.39x 6.85x 9.32x 0.00x 0.00x 11.96x 11.59x - -











EBITDA Margin 12.3%



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bossard Holding AGPrice/Volume

Valuation Analysis

9'927.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


BOSSARD FAMILIES n/a Co File 1'502'900 45.2 - 31.12.2012 n/a

KOLIN HOLDING AG n/a EXCH 407'455 12.25 - 22.03.2013 Other


BOSSARD HOLDING AG n/a Co File 185'000 5.56 - 31.12.2012 Corporation





ANLAGESTIFTUNG WINTE Multiple Portfolios MF-AGG 26'705 0.8 (8'295) 28.06.2013 Investment Advisor

REICHMUTH & CO INVES Multiple Portfolios MF-AGG 25'048 0.75 42 30.08.2013 Investment Advisor



ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 14'000 0.42 - 31.05.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 13'650 0.41 (78) 30.04.2013 Investment Advisor




WETTER-BOSSARD HELEN n/a Co File 10'555 0.32 - 31.12.2012 n/a

GROB BEATRICE n/a Co File 10'038 0.3 - 31.12.2012 n/a

DEAN DAVID n/a Co File 8'600 0.26 - 31.12.2012 n/a




Helvea STEFAN GAECHTER buy 5 U 185 12 month 28.08.2013


Berenberg Bank FREDERIK BITTER buy 5 M 170 Not Provided 01.05.2013

Holdings By:

Bossard Holding AG ee


27.09.2013

Schweiter Technologies AG, through its wholly owned subsidiaries, is

a core material, composite construction company. The Company also manufactures

textile machinery used primarily in the production and treatment of yarn,

thread, and textile samples. Schweiter also produces machines for the

assembly and packaging of semiconductor devices.


LTM as of: 01/yy

52-Week High (18.07.2013) 614.00

52-Week Low (15.11.2012) 420.75

Daily Volume

608












SWTQ SE EQUITY YTD Change - Average Volume 30 Day 781

SWTQ SE EQUITY YTD % CHANGE - Average Volume 3 Month 844


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

147.8 129.9 932.1 698.0 673.5 - - 670.5 699.0 - -

- 3.53x 0.81x 0.57x 0.56x - - 0.73x 0.73x - -

16.9 (16.2) 100.3 83.8 80.4 - - 70.4 79.2 - -

- - 7.55x 4.75x 4.70x - - 7.93x 7.05x - -

450.7 (20.4) 49.6 47.5 60.8 - - 35.2 43.8 - -

- - 20.67x 16.51x 18.46x - - 24.31x 19.79x - -











EBITDA Margin 11.1%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schweiter Technologies AGPrice/Volume

Valuation Analysis

625.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E ! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

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



27.09.2013


KWE BETEILIGUNGEN AG n/a Co File 364'973 25.28 - 31.12.2012 Other

WIDMER HANS n/a Co File 181'906 12.6 - 31.12.2012 n/a

SIEGRIST BEAT n/a Co File 83'916 5.81 - 31.12.2012 n/a

BANK OF NOVA SCOTIA n/a ULT-AGG 74'585 5.17 - 31.07.2013 Bank


LOMBARD ODIER ASSET n/a EXCH 46'485 3.22 - 14.06.2013 Investment Advisor

CREDIT SUISSE FUNDS n/a Co File 46'198 3.2 - 31.12.2012 n/a

SCHWEITER TECHNOLOGI n/a Co File 43'311 3 - 31.12.2012 n/a











MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 4'021 0.28 - 31.03.2013 Investment Advisor




UBS JOERN IFFERT neutral 3 D 595 12 month 19.08.2013




Main First Bank AG BERND POMREHN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.10.2012

Holdings By:

Schweiter Technologies AG ee


27.09.2013

U-Blox AG develops global positioning systems (GPS) for a range of markets. The

Company develops systems for navigation, automatic vehicle location, security,

traffic navigation, security, traffic control, location based services, timing,

and surveying.


LTM as of: 12/yy

52-Week High (23.09.2013) 76.95

52-Week Low (05.12.2012) 36.51

Daily Volume

76.2












UBXN SE EQUITY YTD Change - Average Volume 30 Day 26'876

UBXN SE EQUITY YTD % CHANGE - Average Volume 3 Month 21'965


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

74.5 73.5 112.8 124.7 173.1 0.0 112.8 220.5 254.5 - -

0.47x 1.35x 2.12x 1.41x 1.09x #DIV/0! 0.00x 1.89x 1.60x - -

12.9 14.1 30.7 29.8 37.1 0.0 0.0 43.9 50.8 - -

2.71x 7.04x 7.79x 5.91x 5.10x 0.00x 0.00x 9.52x 8.22x - -

8.8 3.3 12.9 16.5 17.2 0.0 12.9 25.2 29.5 - -

13.68x 49.53x 24.30x 15.61x 14.29x 0.00x 0.00x 19.87x 16.99x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

U-Blox AGPrice/Volume

Valuation Analysis

10'292.00


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

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E - E - E - E - E - E . E . E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.09.2013


DUBACH WERNER n/a EXCH 638'000 10.12 - 09.06.2013 n/a

BLACKROCK n/a ULT-AGG 315'330 5 16'886 25.09.2013 Investment Advisor

LB SWISS INVESTMENT n/a EXCH 308'717 4.9 - 05.09.2013 Investment Advisor



SWISS REINSURANCE n/a EXCH 174'786 2.77 - 29.04.2013 Insurance Company

MIRABAUD ASSET MANAG Multiple Portfolios MF-AGG 133'413 2.12 - 31.03.2013 Investment Advisor

SEILER THOMAS n/a Co File 104'552 1.66 - 31.12.2012 n/a

THIEL ANDREAS n/a Co File 68'164 1.08 - 31.12.2012 n/a

WYSS JEAN-PIERRE n/a Co File 67'914 1.08 - 31.12.2012 n/a

AMMANN DANIEL n/a Co File 53'804 0.85 - 31.12.2012 n/a

MUELLER HANS-ULRICH n/a Co File 51'090 0.81 - 31.12.2012 n/a

DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 38'151 0.61 - 28.06.2013 Investment Advisor

TROSTER GERHARD n/a Co File 35'760 0.57 - 31.12.2012 n/a


CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 25'000 0.4 3'000 30.08.2013 Investment Advisor


BELGRAVE CAPITAL MAN Multiple Portfolios MF-AGG 15'000 0.24 10'000 30.06.2013 Investment Advisor

FAHRNI FRITZ n/a Co File 12'422 0.2 - 31.12.2012 n/a



EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 10.09.2013

Credit Suisse FELIX REMMERS outperform 5 M 84 Not Provided 06.09.2013



Holdings By:

U-Blox AG ee


27.09.2013

Inficon Holding AG develops, manufactures and markets vacuum instruments used to

monitor and control production processes. The Company's products help

semiconductor manufacturers to monitor and control their manufacturing processes

and prepare computer chips for packaging. Inficon also manufactures

refrigerant and helium leak detectors, and vacuum control products.


LTM as of: 06/yy

52-Week High (19.09.2013) 305.00

52-Week Low (16.11.2012) 177.66

Daily Volume

293.5












IFCN SE EQUITY YTD Change - Average Volume 30 Day 3'682

IFCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'280


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

256.5 181.7 265.4 312.1 297.2 304.7 284.6 306.4 324.0 - -

0.53x 1.18x 1.32x 0.92x 1.51x 0.00x 0.00x 2.13x 2.00x - -

42.0 12.9 48.4 59.9 56.9 0.0 0.0 60.1 65.5 - -

3.27x 16.60x 7.21x 4.78x 7.88x 0.00x 0.00x 11.26x 10.32x - -

24.3 2.3 27.1 40.3 39.9 41.6 37.0 40.0 43.6 10.2 9.6

7.33x 106.96x 15.25x 8.90x 13.32x 10.75x 18.00x 18.53x 16.83x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.03







Fiscal Year Ended

Inficon Holding AGPrice/Volume

Valuation Analysis

596.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


KWE BETEILIGUNGEN AG n/a EXCH 440'482 19.22 - 29.04.2013 Other

7 INDUSTRIES HOLDING n/a Co File 225'736 9.85 - 31.12.2012 Holding Company


WETHMEIMER RUTH n/a EXCH 111'458 4.86 - 09.03.2011 n/a


DONALDSON LUFKIN & J n/a Co File 79'711 3.48 - 31.12.2012 Unclassified

CREDIT SUISSE AG n/a EXCH 67'713 2.95 - 04.10.2012 Investment Advisor

POLAR CAPITAL LLP n/a EXCH 59'066 2.58 - 14.08.2012 Investment Advisor






WIRZ GUSTAV A n/a Co File 25'938 1.13 - 31.12.2012 n/a

HENDERSON GLOBAL INV TR EUROPEAN GROWTH T MF-PART 25'019 1.09 (312) 30.08.2013 Investment Advisor



FISCHER RICHARD n/a Co File 21'000 0.92 - 31.12.2012 n/a


PETERCAM SA Multiple Portfolios MF-AGG 15'899 0.69 2'499 30.04.2013 Investment Advisor


UBS JOERN IFFERT buy 5 M 320 12 month 11.09.2013

Bank am Bellevue SANDRA DIETSCHY buy 5 M 350 Not Provided 03.09.2013

Helvea RETO AMSTALDEN hold 3 M 285 12 month 15.08.2013

Zuercher Kantonalbank ALEXANDER KOLLER market perform 3 M #N/A N/A Not Provided 09.08.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 03.04.2013

Holdings By:

Inficon Holding AG ee


27.09.2013

Siegfried Holding AG provides development services and the production of active

pharmaceutical ingredients (API), intermediates, controlled & standard

substances, and complex formulations. The Company operates in Switzerland,

Malta and the United States.


LTM as of: 01/yy

52-Week High (26.08.2013) 146.90

52-Week Low (10.12.2012) 105.95

Daily Volume

146












SFZN SE EQUITY YTD Change - Average Volume 30 Day 5'982

SFZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'948


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

289.3 283.0 314.4 328.1 367.8 - - 386.0 396.5 - -

1.12x 1.14x 0.68x 0.82x 1.05x - - 1.42x 1.42x - -

117.2 32.8 36.7 37.1 49.1 - - 57.6 75.4 - -

2.76x 9.81x 5.85x 7.28x 7.86x - - 9.23x 7.05x - -

(74.9) (35.3) (16.2) 9.7 20.9 - - 34.2 42.6 - -

- - - 34.00x 19.84x - - 15.29x 12.00x - -











EBITDA Margin 14.4%



Asset Turnover 0.81







Fiscal Year Ended

Siegfried Holding AGPrice/Volume

Valuation Analysis

4'146.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!


0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.09.2013


TWEEDY BROWNE COMPAN n/a Co File 376'200 9.9 - 31.12.2012 Investment Advisor

FREY RAINER-MARC n/a EXCH 359'431 9.46 - 28.08.2013 n/a

SE SWISS EQUITIES AG n/a Co File 224'200 5.9 - 31.12.2012 Corporation

SIEGFRIED HOLDING AG n/a EXCH 191'429 5.04 - 07.03.2013 Corporation

BAYERNINVEST CAPITAL n/a EXCH 137'178 3.61 - 19.04.2012 Other

KREISSPARKASSE BIBER n/a Co File 136'800 3.6 - 31.12.2012 Bank

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 89'295 2.35 39'295 28.09.2012 Investment Advisor



HANKO RUDOLF n/a Co File 17'830 0.47 - 31.12.2012 n/a


ACHERMANN GILBERT n/a Co File 15'850 0.42 - 31.12.2012 n/a

VANGUARD GROUP INC n/a ULT-AGG 15'845 0.42 - 30.06.2013 Unclassified



IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 9'541 0.25 1'887 31.05.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 6'600 0.17 - 30.04.2013 Bank

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 6'538 0.17 717 30.04.2013 Investment Advisor

SPAENE MARIANNE n/a Co File 6'531 0.17 - 31.12.2012 n/a

SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 6'000 0.16 (1'000) 30.04.2012 Investment Advisor




Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 19.04.2013

Solventis WPH-Bank GmbH KLAUS SOER buy 5 M 130 12 month 13.07.2011

Holdings By:

Siegfried Holding AG ee


27.09.2013

VZ Holding AG provides independent financial advice to private individuals and

companies. The Company consults on investment, tax and inheritance planning and

provides advice regarding insurance products and coverage.


LTM as of: 01/yy

52-Week High (14.08.2013) 152.20

52-Week Low (27.09.2012) 104.10

Daily Volume

150.7





1'205.60 1 Yr Total Return 45.05%







VZN SE EQUITY YTD Change - Average Volume 30 Day 1'706

VZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'595


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

104.7 110.3 133.1 143.8 153.6 - - 176.5 203.8 - -

0.50x 2.37x 5.15x 2.76x 4.55x - - - - - -

45.2 49.0 63.9 66.4 70.3 - - 82.7 95.9 - -

1.17x 5.35x 10.71x 5.99x 9.95x - - 12.18x 10.50x - -

34.3 37.6 49.3 51.0 54.3 - - 65.0 76.0 - -

9.29x 16.50x 19.14x 14.89x 16.62x - - 18.28x 15.66x - -











EBITDA Margin 46.6%



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

VZ Holding AGPrice/Volume

Valuation Analysis

300.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

-5! !!

.!! !!

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



27.09.2013


REINHART MATTHIAS n/a Co File 4'860'415 60.76 - 31.12.2012 n/a

DEUTSCHE BANK AG n/a ULT-AGG 489'800 6.12 - 31.12.2012 Investment Advisor


FIL LIMITED n/a ULT-AGG 240'000 3 - 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 240'000 3 - 30.06.2013 Investment Advisor

MIGROS GENOSSEN n/a EXCH 238'732 2.98 - 25.06.2013 Other


KINDLE FRED n/a Co File 90'960 1.14 - 31.12.2012 n/a

STOCKER PETER n/a Co File 80'943 1.01 - 31.12.2012 n/a





FMR LLC n/a ULT-AGG 51'930 0.65 - 30.04.2013 Investment Advisor

FRIESS TOM n/a Co File 50'825 0.64 - 31.12.2012 n/a

HEIM LORENZ n/a Co File 50'373 0.63 - 31.12.2012 n/a

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 43'210 0.54 - 31.08.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 41'990 0.52 - 31.05.2013 Investment Advisor


THURNHERR STEFAN n/a Co File 31'639 0.4 - 31.12.2012 n/a




Bank am Bellevue MARC DEUSTER buy 5 U 150 Not Provided 19.08.2013


Zuercher Kantonalbank ANDREAS BRUN market perform 3 D #N/A N/A Not Provided 15.08.2013


Holdings By:

VZ Holding AG ee


27.09.2013

AFG Arbonia-Forster Holding AG has positions as an integrated construction

industry supplier, and in selected areas of technology. The Company is

comprised of five divisions: Heating Technology and Sanitary Equipment,

Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface

Technology. AFG has a presence in countries worldwide.


LTM as of: 01/yy

52-Week High (20.09.2013) 31.85

52-Week Low (27.09.2012) 17.55

Daily Volume

31.4












AFGN SE EQUITY YTD Change - Average Volume 30 Day 23'284

AFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 27'650


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

1'570.6 1'384.2 1'413.5 1'265.0 1'215.5 - - 1'294.6 1'307.2 - -

0.44x 0.49x 0.49x 0.38x 0.45x - - 0.55x 0.53x - -

153.2 106.0 121.1 101.2 109.6 - - 116.8 132.2 - -

4.55x 6.38x 5.77x 4.73x 4.94x - - 7.03x 6.21x - -

48.0 (22.5) 14.1 (70.2) (74.5) - - 32.8 46.1 - -

5.31x - 36.25x - - - - 16.92x 11.80x - -











EBITDA Margin 9.1%



Asset Turnover 0.98







Fiscal Year Ended

AFG Arbonia-Forster Holding AGPrice/Volume

Valuation Analysis

18'333.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.09.2013


OEHLER EDGAR n/a EXCH 3'353'893 18.4 (508'459) 19.04.2013 n/a

LOMBARD ODIER DARIER n/a Co File 716'266 3.93 - 31.12.2012 Investment Advisor


AFG ARBONIA FORSTER n/a Co File 546'768 3 - 31.12.2012 Holding Company









PETERCAM SA Multiple Portfolios MF-AGG 95'000 0.52 (111'500) 30.04.2013 Investment Advisor


IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 77'600 0.43 (2'500) 31.05.2013 Investment Advisor



ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 60'000 0.33 (13'000) 31.05.2013 Investment Advisor

SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 55'000 0.3 - 30.04.2012 Investment Advisor

FRUTIG DANIEL n/a Co File 48'145 0.26 - 31.12.2012 n/a





UBS TORSTEN WYSS buy 5 M 35 12 month 09.08.2013



Holdings By:

AFG Arbonia-Forster Holding AG ee


27.09.2013

Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and

offers mortgage and other loans, portfolio management, foreign currency trading,

precious metals trading and other banking services. Basler Kantonalbank

operates through a network of branches in the Canton of Basel.


LTM as of: 01/yy

52-Week High (16.05.2013) 104.30

52-Week Low (21.06.2013) 68.85

Daily Volume

78.4





2'454.84 1 Yr Total Return -21.70%





Enterprise Value -


BSKP SE EQUITY YTD Change - Average Volume 30 Day 2'930

BSKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'227


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

1'154.9 1'076.0 1'001.4 935.8 961.9 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

145.6 222.7 194.9 182.1 228.7 - - - - - -

23.63x 16.05x 21.86x 22.07x 12.23x - - - - - -


EBIT - Long-Term Rating AA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Basler KantonalbankPrice/Volume

Valuation Analysis

1'574.00


!

.!

1!

3!

5!

-!!

-.!


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


BASLER KANTONALBANK n/a Co File 330'400 5.6 - 31.12.2010 Bank









FIRST TRUST n/a ULT-AGG 3'831 0.06 - 26.09.2013 Investment Advisor



SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216 0.04 - 30.04.2013 Investment Advisor


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'101 0.02 - 26.09.2013 Investment Advisor

BAYERNINVEST KAPITAL Multiple Portfolios MF-AGG 930 0.02 - 30.04.2013 Investment Advisor

ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 335 0.01 (837) 30.06.2013 Government

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 149 0 1 28.03.2013 Investment Advisor

ALLSTATE CORP n/a ULT-AGG - 0 (837) 30.06.2013 Insurance Company


EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 10.09.2013

Holdings By:

Basler Kantonalbank ee


27.09.2013

Intershop Holding AG invests in Swiss property, primarily commercial real

estate. The Company's portfolio includes properties in Zurich, Berne and

Geneva and other business centers. Intershop also develops and buys and sells

real estate.


LTM as of: 01/yy

52-Week High (02.04.2013) 339.00

52-Week Low (20.11.2012) 310.00

Daily Volume

327.5












IS SE EQUITY YTD Change - Average Volume 30 Day 1'416

IS SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'506


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

115.9 89.4 143.4 89.6 89.3 - - 88.7 94.3 - -

9.77x 12.81x 7.97x 12.99x 13.40x - - 13.96x 12.89x - -

65.9 65.6 85.3 66.6 69.5 - - 72.7 78.3 - -

17.18x 17.47x 13.39x 17.48x 17.22x - - 16.93x 15.72x - -

58.9 50.6 57.6 55.0 56.1 - - 46.4 49.9 - -

10.16x 12.38x 11.06x 12.22x 12.15x - - 14.94x 13.78x - -











EBITDA Margin 61.1%



Asset Turnover 0.07







Fiscal Year Ended

Intershop Holdings AGPrice/Volume

Valuation Analysis

793.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.09.2013


PATINEX AG n/a Co File 745'500 35.5 - 31.12.2012 Private Equity

CPV/CAP PENSIONSKASS n/a Co File 210'000 10 - 31.12.2012 Pension Fund (ERISA)

RELAG HOLDING AG n/a Co File 92'400 4.4 - 31.12.2012 Holding Company

GENERAL ORIENTAL INV n/a Co File 71'400 3.4 - 31.12.2012 Unclassified

GRAPAL HOLDING AG n/a Co File 65'100 3.1 - 31.12.2012 Unclassified





SCHNEUWLY CYRILL M n/a Co File 6'331 0.3 - 31.12.2012 n/a


LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 3'950 0.19 - 30.06.2013 Investment Advisor

MARMET DIETER n/a Co File 3'000 0.14 - 31.12.2012 n/a

WIRZ ANDREAS n/a Co File 2'668 0.13 - 31.12.2012 n/a




IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'700 0.08 - 31.05.2013 Investment Advisor


KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 1'315 0.06 53 28.03.2013 Investment Advisor


EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 17.09.2013

Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 29.08.2013


Holdings By:

Intershop Holdings AG ee


27.09.2013

Metall Zug AG operates as a holding company. The Company, through its

subsidiaries, manufactures appliances, sterilization equipment, wires and

cables, and operates resorts. Metall Zug provides its products in Switzerland.


LTM as of: 01/yy

52-Week High (06.05.2013) 2'300.00

52-Week Low (12.11.2012) 1'868.00

Daily Volume

2190












METN SE EQUITY YTD Change - Average Volume 30 Day 206

METN SE EQUITY YTD % CHANGE - Average Volume 3 Month 198


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

787.8 770.1 832.1 842.5 836.8 - - 855.0 875.0 - -

0.86x 1.15x 1.62x 1.72x 0.61x - - 0.67x 0.60x - -

127.0 104.7 153.0 143.7 111.4 - - 105.0 115.0 - -

5.31x 8.48x 8.80x 10.06x 4.57x - - 5.94x 5.42x - -

31.8 71.7 92.3 63.4 61.5 - - 55.6 64.0 - -

28.34x 15.23x 16.94x 25.78x 13.95x - - 15.84x 13.87x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metall Zug AGPrice/Volume

Valuation Analysis

192.00


!

2!!

-!!!

-2!!

.!!!

.2!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


WEBER WERNER O n/a Co File 41'600 16.31 - 31.12.2012 n/a

STOECKLI URSULA n/a Co File 17'006 6.67 - 31.12.2012 n/a


METALL ZUG AG #N/A N/A Co File 5'950 2.33 - 31.12.2012 Corporation



DORMANN JUERGEN n/a Co File 1'364 0.53 - 31.12.2012 n/a

PICTET FUNDS n/a ULT-AGG 836 0.33 - 31.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 624 0.24 (386) 30.06.2013 Investment Advisor

BUHOFER HEINZ M n/a Co File 604 0.24 - 31.12.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.12 - 28.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 285 0.11 - 30.04.2013 Investment Advisor

WIPFLI MARTIN n/a Co File 266 0.1 - 31.12.2012 n/a

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 256 0.1 - 21.06.2012 Investment Advisor

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 220 0.09 45 31.05.2013 Investment Advisor

DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 176 0.07 (325) 28.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 176 0.07 (325) 28.12.2012 Investment Advisor

NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 175 0.07 18 31.05.2013 Investment Advisor





EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.04.2013

Holdings By:

Metall Zug AG ee


27.09.2013

Kudelski SA designs and manufactures digital security products. The Company

produces digital security systems for digital television operators and content

providers, smart cards for e-commerce, electronic voting and health cards,

software for pay-per-view and video-on-demand television, encryption technology

for digital television, digital recorders, and ticketing and access systems.


LTM as of: 01/yy

52-Week High (14.08.2013) 12.90

52-Week Low (15.11.2012) 8.23

Daily Volume

12.3












KUD SE EQUITY YTD Change - Average Volume 30 Day 91'911

KUD SE EQUITY YTD % CHANGE - Average Volume 3 Month 69'557


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

1'027.5 1'052.3 1'035.2 873.9 844.1 - - 875.2 911.8 - -

0.85x 1.46x 1.25x 0.79x 0.80x - - 0.90x 0.81x - -

100.6 139.6 177.2 89.5 102.5 - - 122.0 131.0 - -

8.72x 11.02x 7.32x 7.76x 6.63x - - 6.61x 6.15x - -

(14.6) 49.0 65.7 (18.1) 16.3 - - 51.3 56.6 - -

- 25.33x 16.24x - 31.48x - - 13.04x 11.46x - -











EBITDA Margin 13.7%



Asset Turnover 0.85







Fiscal Year Ended

Kudelski SAPrice/Volume

Valuation Analysis

112'303.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

- E

. E

0 E

1 E

2 E

3 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


KUDELSKI ANDRE n/a EXCH 14'234'423 28.96 - 16.03.2013 n/a










SALADINI MAURO n/a Co File 159'783 0.33 - 31.12.2012 n/a

FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 154'960 0.32 (3'329) 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 141'000 0.29 40'000 28.12.2012 Investment Advisor

DIGITAL FUNDS Multiple Portfolios MF-AGG 130'579 0.27 - 31.05.2013 Investment Advisor

1741 ASSET MANAGEMEN Multiple Portfolios MF-AGG 117'750 0.24 33'000 31.05.2013 Investment Advisor


DEKA INVESTMENT GMBH DEKA-EUROPAPOTENTIAL MF-DEU 76'500 0.16 - 28.12.2012 Investment Advisor

STATE STREET CORP n/a ULT-AGG 69'517 0.14 - 26.09.2013 Investment Advisor

DEKA INVESTMENT GMBH DEKA-SCHWEIZ MF-DEU 64'500 0.13 40'000 28.12.2012 Investment Advisor

ROY PIERRE n/a Co File 52'880 0.11 - 31.12.2012 n/a


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 28.08.2013


Credit Suisse FELIX REMMERS neutral 3 M 12 Not Provided 23.08.2013


Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 21.08.2013


Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 11 Not Provided 21.08.2013

Holdings By:

Kudelski SA ee


27.09.2013

Lem Holding SA manufactures electrical components. The Company produces

transducers and sensors which measure high voltage currents, variable speed

drives, uninterrupted power supplies, and testers for semiconductors. Lem's

components are used in locomotives, trams, trolleys, and the French TGV

high-speed trains. The Company sells its products internationally.


LTM as of: 06/yy

52-Week High (24.09.2013) 631.00

52-Week Low (17.10.2012) 453.00

Daily Volume

629












LEHN SE EQUITY YTD Change - Average Volume 30 Day 316

LEHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 364


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

196.8 185.5 296.2 236.3 235.0 231.8 233.6 262.0 284.5 - -

0.74x 1.94x 2.09x 2.30x 2.74x 0.00x 0.00x 2.66x 2.41x - -

38.8 24.1 62.4 42.5 48.7 0.0 0.0 56.3 66.0 - -

3.73x 14.95x 9.91x 12.78x 13.20x 0.00x 0.00x 12.27x 10.47x - -

23.8 10.5 39.6 28.5 32.6 32.0 31.7 40.6 44.7 - -

7.17x 36.96x 16.43x 19.69x 20.54x 17.07x 21.84x 19.57x 15.97x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.73







Fiscal Year Ended

LEM Holding SAPrice/Volume

Valuation Analysis

92.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.09.2013


WEBER WERNER O n/a Co File 398'000 34.91 - 31.03.2013 n/a

7 INDUSTRIES HOLDING n/a Co File 144'581 12.68 - 31.03.2013 Holding Company

STUDER ERWIN n/a Co File 97'000 8.51 - 31.03.2013 n/a


THREADNEEDLE n/a ULT-AGG 76'432 6.7 - 31.05.2013 Unclassified

MONTANARO GROUP n/a Co File 69'071 6.06 - 31.03.2013 Investment Advisor

IMPAX ASSET MANAGEME n/a EXCH 34'112 2.99 - 14.08.2012 Investment Advisor

WAMPFLER UELI n/a Co File 28'000 2.46 - 31.03.2013 n/a

MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 15'370 1.35 (1'353) 31.08.2013 Investment Advisor



KEMPEN CAPITAL MANAG n/a ULT-AGG 7'879 0.69 (63) 30.06.2013 Unclassified

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 6'100 0.54 200 31.07.2013 Unclassified


PARVEST INVESTMENT M Multiple Portfolios MF-AGG 3'992 0.35 (424) 30.04.2013 Investment Advisor



RUTISHAUSER PETER n/a Co File 2'606 0.23 - 31.03.2013 n/a

COLOMBEL LUC n/a Co File 2'100 0.18 - 31.03.2013 n/a

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 2'000 0.18 - 28.06.2013 Investment Advisor




EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

LEM Holding SA ee


27.09.2013

Komax Holding AG manufactures wire processing machines. The Company produces

machines for cutting and stripping round and flat wire, crimping and insertion

machines for processing single wires, and equipment for processing wire

harnesses. Komax also manufactures automatic assembly systems for the

telecommunications, medical products, and automotive industries.


LTM as of: 01/yy

52-Week High (02.09.2013) 129.50

52-Week Low (15.11.2012) 59.38

Daily Volume

123.6












KOMN SE EQUITY YTD Change - Average Volume 30 Day 18'021

KOMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'940


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

341.9 208.4 339.1 370.0 286.7 - - 336.7 352.2 - -

0.48x 1.20x 0.99x 0.62x 0.85x - - 1.22x 1.09x - -

39.1 (11.9) 36.9 54.3 24.5 - - 54.0 55.6 - -

4.17x - 9.07x 4.22x 9.96x - - 7.83x 7.60x - -

23.2 (19.8) 17.8 39.4 10.2 - - 28.1 34.3 - -

7.71x - 19.21x 5.89x 23.75x - - 14.16x 12.69x - -











EBITDA Margin 11.4%



Asset Turnover 0.87







Fiscal Year Ended

Komax Holding AGPrice/Volume

Valuation Analysis

7'157.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

- E

- E

- E

- E

- E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

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



27.09.2013


KOCH MAX n/a Co File 231'401 6.64 - 31.12.2012 n/a


STEINER LEO n/a Co File 118'650 3.4 - 31.12.2012 n/a




REICHMUTH & CO INVES Multiple Portfolios MF-AGG 32'895 0.94 (3'461) 30.08.2013 Investment Advisor


KOMAX HOLDING AG n/a Co File 27'483 0.79 - 31.12.2012 Corporation

COMINVEST ASSET MANA Multiple Portfolios MF-AGG 22'000 0.63 - 31.05.2013 Unclassified




UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 13'380 0.38 13'380 28.06.2013 Unclassified

SEB n/a ULT-AGG 13'000 0.37 - 28.03.2013 Unclassified

SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 13'000 0.37 - 30.04.2012 Investment Advisor

MEESCHAERT FCP Multiple Portfolios MF-AGG 11'600 0.33 - 31.05.2013 Investment Advisor


LEHNER MELK M n/a Co File 11'000 0.32 - 31.12.2012 n/a

VON DER CRONE HANS C n/a Co File 9'300 0.27 - 31.12.2012 n/a



Bank Vontobel AG FABIAN HAECKI buy 5 M 140 Not Provided 23.08.2013






Holdings By:

Komax Holding AG ee


27.09.2013

Liechtensteinische Landesbank AG attracts deposits and offers corporate and

private banking services. The Bank offers business start-up loans, corporate

financing, home mortgages, asset management services, and investment funds.

Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.


LTM as of: 01/yy

52-Week High (07.05.2013) 42.15

52-Week Low (16.11.2012) 25.50

Daily Volume

36.9





1'136.52 1 Yr Total Return 16.25%





Enterprise Value -


LLB SE EQUITY YTD Change - Average Volume 30 Day 4'433

LLB SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'615


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

980.8 720.4 605.5 555.0 584.0 - - 455.0 376.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

144.7 174.2 102.8 11.0 94.2 - - 93.2 99.6 - -

9.94x 11.27x 20.22x 109.21x 8.75x - - 11.25x 10.51x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Liechtensteinische Landesbank AGPrice/Volume

Valuation Analysis

4'809.00


!2

-!-2.!.20!021!12

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E ! E ! E - E - E - E - E - E . E . E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.09.2013


PRINCIPALITY OF LIEC #N/A N/A Co File 17'710'000 57.5 - 31.12.2012 Government

THORNBURG INVESTMENT #N/A N/A Co File 1'324'400 4.3 - 31.12.2012 Investment Advisor












IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 18'136 0.06 (1'500) 31.05.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 12'919 0.04 (1'455) 30.06.2013 Investment Advisor

MUELLER URS n/a Co File 8'983 0.03 - 31.12.2012 n/a


MATT ROLAND n/a Co File 5'768 0.02 - 31.12.2012 n/a

MAEDER KURT n/a Co File 4'275 0.01 - 31.12.2012 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 4'150 0.01 - 30.08.2013 Investment Advisor


EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 10.09.2013

Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 26.03.2013

Main First Bank AG KILIAN MAIER suspended coverage #N/A N/A M #N/A N/A Not Provided 30.03.2012

Holdings By:

Liechtensteinische Landesbank AG ee


27.09.2013

Zehnder Group AG, through its subsidiaries, manufactures a variety of

radiators. The Company produces bathroom radiators, electric and aluminum

radiators, as well as steel radiators. Zehnder sells its products to the

construction industry.


LTM as of: 01/yy

52-Week High (24.10.2012) 57.65

52-Week Low (02.09.2013) 34.05

Daily Volume

40.3












ZEH SE EQUITY YTD Change - Average Volume 30 Day 18'625

ZEH SE EQUITY YTD % CHANGE - Average Volume 3 Month 16'323


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

454.1 436.5 475.9 515.4 523.8 - - 520.3 537.8 - -

0.40x 0.60x 1.06x 0.92x 0.78x - - 0.71x 0.68x - -

34.3 62.0 68.0 68.9 56.7 - - 49.9 53.3 - -

5.32x 4.23x 7.41x 6.87x 7.19x - - 7.67x 7.18x - -

2.5 32.8 37.4 40.0 27.1 - - 23.3 26.9 - -

64.00x 8.35x 14.27x 12.38x 15.78x - - 22.85x 15.97x - -











EBITDA Margin 8.3%



Asset Turnover 1.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zehnder Group AGPrice/Volume

Valuation Analysis

12'974.00


!

-!

.!

0!

1!

2!

3!


0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.09.2013


ALECTA PENSIONSFORSA n/a Co File 950'000 9.74 - 31.12.2012 Pension Fund (ERISA)

BESTINVER GESTION SG n/a EXCH 584'320 5.99 - 16.02.2011 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 417'840 4.28 - 31.07.2013 Investment Advisor










ZEHNDER HANS-PETER n/a Co File 108'550 1.11 - 31.12.2012 n/a


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 60'735 0.62 - 31.07.2013 Investment Advisor


REICHMUTH & CO INVES Multiple Portfolios MF-AGG 56'247 0.58 14'447 28.06.2013 Investment Advisor




Bank Vontobel AG CHRISTIAN ARNOLD reduce 2 M 34 Not Provided 11.09.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 29.08.2013



Zuercher Kantonalbank MARTIN HUESLER market perform 3 D #N/A N/A Not Provided 12.11.2012

Holdings By:

Zehnder Group AG ee


27.09.2013

Vetropack Holding AG designs and manufactures glass bottles and containers.

The Company produces beverage bottles, jars, and other glass containers for the

food, chemical, and pharmaceutical industries. Vetropack also offers

production plant engineering, glass packaging design, and recycling services.


LTM as of: 01/yy

52-Week High (14.05.2013) 1'990.00

52-Week Low (22.10.2012) 1'581.00

Daily Volume

1830












VET SE EQUITY YTD Change - Average Volume 30 Day 207

VET SE EQUITY YTD % CHANGE - Average Volume 3 Month 175


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

697.8 671.5 642.6 589.4 604.4 - - 613.0 633.7 - -

0.86x 1.10x 1.11x 1.09x 1.08x - - 1.18x 1.13x - -

198.3 158.1 139.2 128.5 116.3 - - 127.3 136.7 - -

3.01x 4.68x 5.13x 4.99x 5.60x - - 5.58x 5.20x - -

78.5 78.4 38.7 59.0 83.6 - - 54.6 60.8 - -

6.85x 9.36x 19.45x 11.39x 8.27x - - 13.85x 12.84x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.77







Fiscal Year Ended

Vetropack Holding AGPrice/Volume

Valuation Analysis

49.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

o--. l--. k--. a--. f--0 c--0 j--0 Q--0 j--0 f--0 f--0 Q--0 o--0 ! E

! E

! E

! E

! E

! E

! E

! E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.09.2013


CORNAZ LTD HOLDING O n/a Co File 19'853 8.49 - 31.12.2012 Other

THREADNEEDLE n/a ULT-AGG 11'579 4.95 (144) 31.05.2013 Unclassified

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 10'004 4.28 (461) 28.03.2013 Investment Advisor






ALLIANZ ASSET MANAGE n/a ULT-AGG 2'334 1 - 31.05.2013 Investment Advisor




OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 1'300 0.56 (88) 31.01.2013 Investment Advisor


PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 1'086 0.46 - 30.06.2013 Investment Advisor

1741 ASSET MANAGEMEN Multiple Portfolios MF-AGG 950 0.41 - 30.08.2013 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 950 0.41 600 30.06.2013 Investment Advisor


PIONEER INVESTMENTS Multiple Portfolios MF-AGG 789 0.34 - 28.03.2013 Investment Advisor





Helvea RETO AMSTALDEN buy 5 M 2'100 12 month 27.08.2013


Holdings By:

Vetropack Holding AG ee


fundamental analysis & analyst recommendations - qms advisors flexindex spi top 100

Documents

ebitda growth

ebitda lfyest

index usd

swiss market index chf

index gbp

index aud

sareg chf

swiss performance index