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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 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

APPLE INC USD 438859 652 939 0 0 0 121 309.20 156508 169404 170118 181349 58518 55868 11373 11373 44.15 40.04 39.38 42.93 12.06 12.06 12.27 11.25 44.58 39.09 64.36 65.35 32.98 AA+ 23.04.2013 Aa1 23.04.2013

ABBVIE INC USD 70060 291 1577 18 0 0 8 79.29 18380 18598 19038 7255 - 1869 1869 3.69 - 3.14 3.23 - - 14.10 13.70 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012

ABBOTT LABORATORIES USD 51721 754 1577 20 0 0 15 50.35 21494 21721 22104 23299 - - 1063 1063 1.74 1.58 2.01 2.23 21.10 21.10 16.58 14.92 -44.68 -2.61 - - - A+ 26.10.2012 A1 22.09.2010

ACCENTURE PLC-CL A USD 50506 603 678 0 0 0 6 45.36 30394 30394 29528 31301 4660 4660 1209 1209 4.68 4.47 4.49 4.91 16.43 16.43 16.38 14.97 2.07 3.54 4.32 5.73 15.33 A+ 22.01.2002 - -

AMERICAN ELECTRIC POWER USD 21155 111 486 19 0 0 1 39.90 14945 15177 15847 16105 4874 4815 1431 1431 3.09 3.04 3.14 3.31 14.28 14.28 13.83 13.14 -1.13 0.38 3.42 4.80 31.73 BBB 07.03.2003 Baa2 14.09.2005

AMERICAN INTERNATIONAL GROUP USD 72548 393 1476 49 0 1 1 114.17 65656 66705 49775 51238 - - - - 3.93 3.65 4.25 4.30 13.45 13.45 11.57 11.43 9.77 -1.67 - - - A- 02.03.2009 Baa1 12.01.2011

ALLSTATE CORP USD 23659 80 479 6 0 0 1 29.28 33315 33925 33900 34162 - - - - 4.40 4.61 4.87 5.18 11.07 11.07 10.48 9.86 2.02 3.75 - - - A- 29.01.2009 A3 29.01.2009

AMGEN INC USD 85928 222 756 27 0 0 24 87.82 17265 17657 18243 19023 6665 6617 1693 1693 5.72 6.12 7.36 8.14 18.64 18.64 15.49 14.01 10.80 4.55 24.07 2.92 37.48 A 27.08.2013 Baa1 07.11.2011

AMAZON.COM INC USD 144330 229 454 4 0 0 11 140.60 61093 66848 74466 90586 2835 3309 995 995 -0.23 -0.44 2.61 5.08 - - 120.99 62.20 27.07 31.69 45.76 25.77 4.95 AA- 26.11.2012 Baa1 26.11.2012

APACHE CORP USD 33790 99 392 12 1 0 0 47.61 16947 16799 16717 16303 12051 11703 2872 2872 9.31 8.70 8.15 7.95 9.97 9.97 10.65 10.92 0.81 7.58 -2.79 10.48 69.66 A- 26.01.2001 A3 29.11.2010

ANADARKO PETROLEUM CORP USD 47450 89 501 13 0 1 2 58.21 13307 13853 14963 16691 6197 7743 2408 2408 1.47 4.41 4.49 5.43 21.41 21.41 21.02 17.38 -4.14 10.52 -18.23 2.13 55.89 BBB- 08.09.2006 Baa3 23.03.2012

AMERICAN EXPRESS CO USD 81713 135 1105 62 0 0 22 114.22 33808 34242 32906 34764 10563 10692 - - 4.40 4.60 4.86 5.34 16.47 16.47 15.57 14.17 4.73 1.63 3.12 -6.66 31.22 BBB+ 30.04.2009 A3 24.04.2009

BOEING CO/THE USD 89281 150 756 10 0 0 14 84.64 81698 83018 84911 92669 8118 8237 2004 2004 5.11 5.42 6.50 7.17 21.85 21.85 18.19 16.50 18.86 5.62 8.53 2.21 9.92 A 29.07.2009 A2 15.03.2006

BANK OF AMERICA CORP USD 150393 4328 10778 673 19 0 349 100078 99429 90387 91805 - - - - 1.29 1.28 0.95 1.37 10.95 10.95 14.77 10.22 -13.26 2.97 - - - A- 29.11.2011 Baa2 * 22.08.2013

BAXTER INTERNATIONAL INC USD 36025 201 546 6 0 0 3 39.10 14190 14347 15244 16859 3533 3617 1057 1057 4.53 4.62 4.67 5.15 14.37 14.37 14.20 12.89 2.14 2.93 -2.30 3.77 25.21 A 06.12.2012 A3 25.04.2013

BANK OF NEW YORK MELLON CORP USD 34825 240 1163 62 1 1 145 15089 15335 15045 15624 - - - - 2.32 2.51 2.29 2.54 12.05 12.05 13.21 11.90 -4.52 1.32 - - - A+ 29.11.2011 Aa3 *- 02.07.2013

BRISTOL-MYERS SQUIBB CO USD 76225 342 1630 7 0 0 6 77.41 17621 15806 16231 17419 4771 3328 978 978 1.99 1.62 1.74 2.01 28.61 28.61 26.64 23.06 -17.05 -4.26 -35.94 3.29 21.06 A+ 06.09.2006 A2 12.09.2006

BERKSHIRE HATHAWAY INC-CL B USD 282889 167 63 0 4 187 147.96 162463 174330 29524 34359 - - - - 6.14 6.60 - - 18.70 17.38 13.07 8.57 34.15 4.33 19.71 AA 16.05.2013 Aa2 04.02.2010

CITIGROUP INC USD 149132 1573 3029 624 3 2 36 755.00 90708 91183 78731 79615 30978 32335 5220 5220 4.01 4.37 4.86 5.54 11.21 11.21 10.09 8.86 -11.58 -3.39 -25.77 -17.44 35.46 A- 29.11.2011 Baa2 * 22.08.2013

CATERPILLAR INC USD 54277 240 655 10 0 0 3 59.85 65875 60351 56772 59554 11966 9936 2245 2245 8.28 6.77 6.29 7.21 12.38 12.38 13.33 11.62 9.54 6.40 23.62 12.24 16.46 A 24.06.2003 A2 15.06.1995

COLGATE-PALMOLIVE CO USD 55642 189 935 5 0 0 1 60.66 17085 17279 17530 18365 4314 4052 1179 1179 2.68 2.76 2.83 3.11 21.74 21.74 21.20 19.28 2.10 1.97 1.22 7.63 23.45 AA- 04.05.2001 Aa3 18.06.2001

COMCAST CORP-CLASS A USD 115806 673 2639 40 0 17 12 158.55 62570 64061 64509 68487 19977 20744 5261 5261 1.92 2.15 2.45 2.82 20.73 20.73 18.13 15.78 12.05 14.93 8.82 11.13 32.38 A- 14.02.2013 A3 13.02.2013

CAPITAL ONE FINANCIAL CORP USD 40371 61 582 50 0 0 11 71.95 23177 24728 22236 21899 9014 11064 - - 6.24 7.68 7.05 6.92 8.98 8.98 9.77 9.97 25.11 7.84 -7.95 -5.36 44.74 BBB 17.06.2009 Baa1 17.02.2012

CONOCOPHILLIPS USD 85782 173 1220 22 0 0 4 103.94 57967 57605 50336 51120 19396 20320 5268 5268 5.47 5.87 5.93 6.25 11.95 11.95 11.84 11.22 -9.70 -20.57 -10.41 -8.76 35.27 A 07.02.2012 A1 26.04.2012

COSTCO WHOLESALE CORP USD 50498 127 432 1 0 0 5 49.05 99137 104887 105488 114590 3667 3991 1304 1304 3.94 4.48 4.57 5.06 25.82 25.82 25.29 22.85 11.50 7.95 11.02 10.87 3.81 A+ 28.11.2012 A1 26.03.2012

CISCO SYSTEMS INC USD 124361 8085 5389 16 0 0 51 89.97 48607 48607 50916 53933 13652 13652 3965 3965 1.71 1.55 2.11 2.27 14.96 14.96 11.01 10.22 5.53 4.65 5.25 4.06 28.09 A+ 10.02.2006 A1 10.02.2006

CVS CAREMARK CORP USD 70865 183 1231 10 0 0 1 79.06 123133 123632 126175 131382 8981 9633 2517 2517 3.21 3.55 3.96 4.46 16.25 16.25 14.59 12.94 14.97 8.44 13.71 8.81 7.79 BBB+ 23.03.2007 Baa1 23.09.2013

CHEVRON CORP USD 237175 324 1947 12 0 1 21 237.57 222580 213082 233331 240431 48426 43331 12649 12649 12.55 12.20 12.11 12.41 10.06 10.06 10.14 9.89 -5.80 -1.69 -5.44 7.12 20.34 AA 01.07.1987 Aa1 27.02.2009

DU PONT (E.I.) DE NEMOURS USD 54630 135 933 12 0 0 4 62.11 34812 34967 35948 38368 4794 5561 981 981 3.44 3.13 3.80 4.29 18.90 18.90 15.56 13.79 3.36 3.65 -4.99 2.35 15.90 A 17.05.2011 A2 15.07.2011

WALT DISNEY CO/THE USD 116333 434 1780 14 0 2 3 129.78 42278 44255 44877 47860 10850 11440 2854 2854 3.08 3.29 3.37 3.91 19.80 19.80 19.32 16.65 3.39 4.89 12.76 5.45 25.85 A 22.12.2009 A2 23.05.2007

DOW CHEMICAL CO/THE USD 47767 302 1203 21 4 1 4 66.85 56786 56514 57241 59482 6645 6668 2242 2242 1.90 1.89 2.37 2.87 20.90 20.90 16.66 13.78 -5.33 -0.35 -3.82 1.85 11.80 BBB 11.05.2011 Baa2 02.11.2012

DEVON ENERGY CORPORATION USD 24060 56 406 12 0 0 7 29.98 9679 9509 9981 11382 5253 4806 1497 1497 3.26 7.48 4.18 5.46 7.92 7.92 14.17 10.85 -15.50 1.58 -23.63 -6.57 50.54 BBB+ 18.03.2008 Baa1 21.09.2007

EBAY INC USD 72494 775 1294 5 0 0 9 66.59 14072 15021 16171 18802 4088 4397 1262 1262 1.91 2.01 2.71 3.20 27.89 27.89 20.66 17.53 20.77 12.59 23.39 9.42 29.27 A 02.03.2010 A2 21.10.2010

EMC CORP/MA USD 54310 842 2107 2 0 1 6 51.69 21714 22310 23457 25444 5602 5750 1839 1839 1.24 1.29 1.86 2.12 20.23 20.23 14.04 12.33 8.53 9.59 12.92 15.81 25.77 A 25.06.2012 A1 07.06.2013

EMERSON ELECTRIC CO USD 46473 155 724 5 0 0 2 49.36 24412 24557 24616 25181 5155 5114 1446 1446 3.52 3.60 3.45 3.89 18.06 18.06 18.85 16.72 0.78 0.19 1.16 4.42 20.83 A 04.02.2002 A2 15.02.2002

EXELON CORP USD 25586 150 855 20 0 0 1 44.95 23489 25072 25033 25081 6550 7047 1723 1723 1.93 1.99 2.45 2.27 15.03 15.03 12.19 13.14 23.22 6.73 -3.45 -0.89 28.11 BBB 22.07.2009 Baa2 08.11.2012

FORD MOTOR CO USD 67487 1482 3946 14 0 0 24 57.94 134252 142501 140044 147170 12513 12623 2741 2741 1.57 1.62 1.55 1.77 10.56 10.56 11.09 9.66 -1.48 1.10 -8.19 -0.09 8.86 BBB- 06.09.2013 Baa3 22.05.2012

FREEPORT-MCMORAN COPPER USD 34862 498 949 4 0 4 4 57.55 18010 17801 20879 24134 6934 6184 2390 2390 3.24 2.70 2.42 3.10 12.42 12.42 13.91 10.85 -13.75 -0.83 -31.77 -2.37 34.74 BBB 29.07.2011 Baa3 13.10.2010

FEDEX CORP USD 35882 50 318 3 0 0 5 33.78 44287 44519 45783 48342 5597 5699 1471 1471 6.23 6.28 7.01 8.66 18.04 18.04 16.16 13.09 3.77 2.88 3.02 2.68 12.80 BBB 11.02.2004 Baa1 13.01.2012

TWENTY-FIRST CENTURY FOX INC USD 77113 624 2316 16 0 4 7 90.56 27675 34311 30468 32522 6261 6972 1664 1664 1.36 1.68 1.53 1.89 19.81 19.81 21.72 17.60 10.47 -1.84 8.75 -1.25 20.32 BBB+ 30.11.2012 - -

GENERAL DYNAMICS CORP USD 30778 69 354 4 0 0 3 30.93 31513 31327 31214 30991 3447 1406 1037 1037 6.48 6.52 6.96 7.25 13.49 13.49 12.64 12.14 -3.56 1.72 -21.98 -0.51 4.49 A 09.07.1999 A2 07.08.2003

GENERAL ELECTRIC CO USD 245022 1592 10406 17 0 5 16 244.62 144796 142477 147097 151101 25000 24107 5793 5793 1.55 1.54 1.66 1.81 15.65 15.65 14.52 13.31 1.81 -5.22 -0.16 -6.95 16.92 AA+ 12.03.2009 Aa3 03.04.2012

GILEAD SCIENCES INC USD 96659 441 1519 8 0 0 3 101.27 9703 10314 10799 13431 4288 4622 1149 1149 1.68 1.87 1.95 3.03 33.79 33.79 32.33 20.86 15.71 16.87 4.80 14.12 44.81 A- 23.03.2011 Baa1 23.03.2011

GENERAL MOTORS CO USD 50812 514 1366 5 10 1 26 41.60 152256 152842 157281 166369 5647 5029 4031 4031 3.65 2.72 3.39 4.51 13.48 13.48 10.82 8.14 1.32 - -60.70 - 3.29 BB+ 29.09.2011 - -

GOOGLE INC-CL A USD 291461 158 330 6 0 0 50 240.45 50175 56594 46968 55005 15722 16440 5243 5243 33.53 34.09 43.48 51.40 25.66 25.66 20.12 17.02 32.37 21.80 15.66 21.04 29.05 AA 19.11.2012 Aa2 16.05.2011

GOLDMAN SACHS GROUP INC USD 74754 186 481 511 6 1 73 523.57 41664 43493 33905 33840 20446 21297 - - 14.96 16.92 15.21 15.52 9.46 9.46 10.52 10.32 13.24 -8.46 27.63 -19.57 48.97 A- 29.11.2011 A3 *- 22.08.2013

HALLIBURTON CO USD 44035 320 929 5 0 0 2 47.47 28503 28692 29667 32540 5787 5580 1643 1643 3.04 2.66 3.22 4.21 18.13 18.13 14.96 11.46 14.80 12.35 -5.07 7.51 19.45 A 20.08.2007 A2 01.05.2007

HOME DEPOT INC USD 108909 234 1484 11 0 0 2 118.25 74754 78022 78588 82346 9450 10323 2559 2559 3.07 3.48 3.69 4.37 21.87 21.87 20.62 17.41 6.19 1.61 13.27 0.65 13.23 A- 16.11.2011 A3 30.08.2011

HONEYWELL INTERNATIONAL INC USD 65542 72 783 7 0 0 5 68.25 37665 37944 39159 41400 5082 5340 1714 1714 4.84 5.19 4.95 5.55 16.10 16.10 16.87 15.05 3.11 0.84 43.93 2.19 14.07 A 03.07.2001 A2 12.10.2001

HEWLETT-PACKARD CO USD 40993 421 1963 28 0 0 11 52.86 120357 113126 111006 107663 14384 13278 3710 3710 0.31 1.67 3.56 3.63 12.80 12.80 5.99 5.88 -5.41 -0.36 -12.15 3.69 11.74 BBB+ 30.11.2011 Baa1 28.11.2012

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

INTL BUSINESS MACHINES CORP USD 204987 334 1117 33 0 0 11 228.88 104507 102383 102357 104548 25119 23949 6711 6711 15.24 15.11 16.72 18.31 12.38 12.38 11.20 10.22 -2.25 -1.10 0.07 6.06 23.39 AA- 30.05.2012 Aa3 23.11.2010

INTEL CORP USD 114636 2691 4944 13 0 0 23 105.34 53341 52325 52949 54896 22160 20187 5274 5274 2.11 1.84 1.90 2.00 12.52 12.52 12.09 11.48 -1.22 7.69 -5.87 10.34 38.58 A+ 17.02.1993 A1 14.09.2011

JOHNSON & JOHNSON USD 244383 450 2778 16 0 0 21 234.24 67224 69992 70731 73640 20698 21944 5490 5490 4.85 5.26 5.46 5.82 16.48 16.48 15.87 14.89 3.37 1.86 7.18 2.84 31.35 AAA 17.09.1987 Aaa 10.08.1987

JPMORGAN CHASE & CO USD 196529 1102 3804 696 9 0 472 108184 109232 99073 98266 - - - - 5.86 6.38 5.84 6.12 8.18 8.18 8.94 8.53 -2.39 1.41 - - - A 29.11.2011 A2 *- 22.08.2013

COCA-COLA CO/THE USD 169568 873 4469 33 0 0 17 186.45 48017 47579 47383 49122 12761 12601 3403 3403 2.01 2.03 2.10 2.26 18.83 18.83 18.21 16.92 3.17 8.66 5.23 8.68 26.48 AA- 13.09.2012 Aa3 16.08.2007

ELI LILLY & CO USD 56952 418 1144 6 0 0 6 57.56 22603 22932 22982 19739 6478 6878 1695 1695 3.39 3.93 4.14 2.77 12.86 12.86 12.22 18.22 -6.93 3.12 -15.78 2.06 29.99 AA- 19.08.2010 A2 08.11.2010

LOCKHEED MARTIN CORP USD 41138 70 321 6 0 0 2 44.43 47182 46446 44980 43617 5470 5650 1369 1369 10.20 10.48 9.55 9.70 12.23 12.23 13.42 13.21 1.47 0.70 6.75 0.46 12.16 A- 27.04.2007 Baa1 26.01.2006

LOWE'S COS INC USD 50381 149 1110 9 0 0 1 58.17 50521 51918 53044 55304 5183 5511 1311 1311 1.75 2.03 2.18 2.64 23.61 23.61 21.93 18.16 0.62 1.73 6.73 -3.42 10.61 A- 19.09.2012 A3 14.11.2011

MASTERCARD INC-CLASS A USD 82000 16 123 0 0 0 5 76.92 7391 7815 8257 9253 4187 4541 1286 1286 22.04 24.22 26.09 30.67 28.02 28.02 26.06 22.13 10.08 11.16 13.87 27.78 58.11 A 08.08.2013 - -

MCDONALD'S CORP USD 97156 240 1003 14 0 0 2 108.25 27567 27794 28253 29718 10101 10180 2741 2741 5.37 5.46 5.59 6.10 17.81 17.81 17.37 15.94 2.08 3.39 1.61 8.06 36.63 A 08.05.2003 A2 17.12.2010

MONDELEZ INTERNATIONAL INC-A USD 56572 654 1778 19 0 0 4 72.30 35015 39743 35638 37455 5028 5561 1375 1375 1.45 1.78 1.55 1.72 17.85 17.85 20.44 18.45 -2.22 -1.74 1.00 -0.96 13.99 BBB 02.02.2010 Baa1 08.08.2013

MEDTRONIC INC USD 52606 160 1016 11 0 0 11 52.38 16590 16664 16924 17479 5697 5741 1426 1426 3.61 3.68 3.82 4.10 14.33 14.33 13.81 12.88 2.51 2.02 0.30 3.82 34.45 A+ 14.02.2012 A2 14.03.2013

METLIFE INC USD 51840 229 1092 27 2 1 16 71.36 68150 67240 68375 70652 - - - - 5.28 5.49 5.63 5.78 8.61 8.61 8.40 8.18 -2.98 10.73 - - - A- 06.08.2010 A3 16.12.2009

3M CO USD 81989 125 687 6 0 0 6 82.58 29904 30270 30893 32505 7771 7794 2165 2165 6.31 6.39 6.69 7.37 18.76 18.76 17.92 16.28 0.99 3.53 4.82 3.91 25.75 AA- 18.03.2009 Aa2 01.05.2009

ALTRIA GROUP INC USD 69272 352 2010 14 0 0 3 81.61 17500 17425 17497 17788 7539 8130 2055 2055 2.25 2.37 2.39 2.56 14.61 14.61 14.44 13.51 5.30 1.98 15.22 -12.44 46.66 BBB 06.01.2009 Baa1 24.10.2006

MONSANTO CO USD 56499 101 534 2 0 0 4 55.82 13504 14769 14962 16150 3760 4206 -119 -119 3.77 4.55 4.58 5.35 23.30 23.30 23.17 19.84 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012

MERCK & CO. INC. USD 139530 543 3027 21 0 2 16 152.14 47267 44907 44446 44750 17662 14938 3876 3876 3.82 3.47 3.48 3.71 13.74 13.74 13.72 12.86 -1.62 17.53 -1.18 17.28 33.26 AA 24.11.2010 A2 14.05.2013

MORGAN STANLEY USD 52939 646 1974 451 2 8 47 504.27 32036 34452 32250 34226 12615 12758 - - 1.81 1.86 1.93 2.59 14.56 14.56 14.01 10.44 -18.15 -3.37 17.63 -27.19 37.03 A- 29.11.2011 Baa1 *- 22.08.2013

MICROSOFT CORP USD 279303 4862 8328 16 0 0 77 217.88 77849 77849 83083 89843 30519 30519 6680 6680 2.71 2.73 2.69 2.98 12.30 12.30 12.45 11.27 5.60 5.52 -1.31 4.45 39.20 AAA 22.09.2008 Aaa 11.05.2009

NIKE INC -CL B USD 66073 1026 894 1 0 0 6 61.50 25313 25810 27525 29730 3692 3673 812 812 2.69 2.88 3.04 3.48 25.78 25.78 24.42 21.30 8.50 5.58 6.83 6.17 14.40 A+ 10.06.2005 A1 29.04.2008

NATIONAL OILWELL VARCO INC USD 33552 151 427 3 0 0 3 35.44 20041 21912 22475 24552 4185 4059 1030 1030 5.89 5.79 5.33 6.29 13.54 13.54 14.74 12.47 36.72 12.15 19.85 13.13 18.52 A 25.04.2012 A2 14.05.2012

NORFOLK SOUTHERN CORP USD 24201 56 314 9 0 0 1 32.09 11040 10917 11112 11747 4046 3894 1032 1032 5.37 5.22 5.51 6.24 14.86 14.86 14.08 12.43 -1.18 2.75 -0.88 3.72 35.67 BBB+ 18.07.2005 Baa1 06.05.1997

ORACLE CORP USD 154179 579 4646 18 0 0 32 139.63 37180 37371 38399 40310 17363 17535 4543 4543 2.23 2.31 2.91 3.19 14.64 14.64 11.63 10.61 0.16 10.98 2.30 12.84 46.92 A+ 24.04.2012 A1 24.06.2011

OCCIDENTAL PETROLEUM CORP USD 75750 235 806 8 0 0 2 80.40 24172 23970 24630 25260 13701 13488 3797 3797 7.10 6.82 7.11 7.50 13.79 13.79 13.23 12.54 0.97 1.51 -3.30 6.01 56.27 A 23.06.2008 A1 19.04.2012

PEPSICO INC USD 123670 179 1544 28 0 0 7 145.19 65492 65994 66822 69717 11801 12213 3439 3439 4.10 4.38 4.33 4.69 18.32 18.32 18.54 17.09 -1.52 10.03 -4.60 6.54 18.51 A 17.03.2010 A1 25.06.2013

PFIZER INC USD 189870 1540 7276 37 0 0 33 193.37 58986 55517 51462 50814 27270 24056 6280 6280 2.19 2.11 2.16 2.31 13.62 13.62 13.26 12.40 -9.61 4.07 -9.21 6.42 43.33 AA 16.10.2009 A1 15.10.2009

PROCTER & GAMBLE CO/THE USD 211131 490 2742 32 1 1 6 238.51 84167 84167 85574 88813 17771 17771 4973 4973 4.04 4.05 4.29 4.67 19.05 19.05 17.96 16.52 0.58 0.11 -1.67 -2.14 21.11 AA- 10.05.2005 Aa3 01.07.2005

PHILIP MORRIS INTERNATIONAL USD 140717 217 1654 23 0 2 3 164.17 31377 31310 31458 32889 14827 14523 3909 3909 5.20 5.18 5.44 6.04 16.77 16.77 15.99 14.40 0.90 3.87 2.72 8.64 46.38 A 05.03.2008 A2 11.09.2008

QUALCOMM INC USD 115808 1257 1706 0 0 0 27 85.41 19121 23256 24726 27631 6579 7878 2203 2203 3.59 3.84 4.55 4.93 17.56 17.56 14.84 13.70 27.84 18.91 8.08 15.03 33.88 NR 19.12.2001 - -

RAYTHEON COMPANY USD 25428 87 328 5 0 0 4 26.87 24414 24478 23699 22968 3444 3461 777 777 6.20 6.40 5.68 5.95 12.31 12.31 13.88 13.25 -1.52 0.87 5.19 4.99 14.14 A- 04.09.2008 A3 17.10.2011

STARBUCKS CORP USD 57647 285 749 1 0 0 2 56.16 13300 14461 14872 16581 2367 2709 801 801 1.77 2.08 2.22 2.67 36.90 36.90 34.56 28.76 13.67 8.05 14.11 10.50 18.73 A- 24.02.2012 Baa2 *+ 03.09.2013

SCHLUMBERGER LTD USD 117234 266 1328 12 0 0 6 123.40 42149 43632 45570 50284 11020 11405 3212 3212 4.16 4.36 4.75 5.74 20.31 20.31 18.66 15.43 14.04 12.79 12.52 5.53 26.14 A+ 11.12.2002 A1 03.06.2003

SOUTHERN CO/THE USD 36118 142 868 22 1 0 1 60.44 16537 16895 17255 18044 6589 6730 2243 2243 2.65 2.70 2.74 2.84 15.34 15.34 15.11 14.56 -6.34 0.39 4.94 6.49 39.83 A 21.12.2000 Baa1 12.08.2010

SIMON PROPERTY GROUP INC USD 46585 50 310 23 0 1 1 69.37 4880 5025 5185 5436 3491 3602 976 976 4.72 3.86 4.03 4.29 38.92 38.92 37.26 35.01 13.32 6.19 15.76 7.34 71.68 A 16.05.2013 - -

AT&T INC USD 180680 856 5581 70 0 0 5 251.64 127434 127468 128726 131211 31140 30316 10653 10653 2.31 2.36 2.48 2.69 14.39 14.39 13.72 12.66 0.56 0.78 2.08 -5.80 23.78 A- 06.12.2010 A3 29.01.2013

TARGET CORP USD 40442 229 645 18 0 0 1 53.91 73301 73478 73737 77793 7352 6981 1372 1372 4.36 3.60 4.05 4.98 17.80 17.80 15.84 12.87 4.92 2.07 -1.36 1.19 9.50 A+ 20.11.2007 A2 27.11.2007

TIME WARNER INC USD 60582 397 932 20 0 0 3 77.97 28729 29380 29794 30815 7106 7589 1828 1828 3.36 3.81 3.75 4.30 17.28 17.28 17.57 15.30 -0.85 0.68 3.33 -18.04 25.83 BBB 27.03.2009 Baa2 06.03.2006

TEXAS INSTRUMENTS INC USD 44234 466 1108 6 0 0 4 46.16 12825 12301 12256 12973 3986 3883 1130 1130 1.79 1.81 1.90 2.30 22.22 22.22 21.12 17.50 -6.63 0.47 -10.10 -2.68 31.57 A+ 23.09.2010 A1 25.05.2011

UNITEDHEALTH GROUP INC USD 72958 107 1019 17 0 2 11 80.26 110618 116819 122800 134108 10563 10614 2937 2937 5.28 5.26 5.50 5.84 13.64 13.64 13.04 12.29 8.60 8.46 10.17 4.09 9.09 A 24.09.2012 A3 21.07.2011

UNION PACIFIC CORP USD 72619 89 469 9 0 0 1 80.58 20926 21353 22176 23835 8505 8794 2467 2467 8.24 8.76 9.52 10.94 17.88 17.88 16.44 14.31 7.00 5.47 15.86 12.61 41.18 A- 23.04.2012 Baa1 26.10.2012

UNITED PARCEL SERVICE-CL B USD 85860 135 953 13 0 0 8 91.60 54127 54583 55694 58843 3201 3186 2227 2227 4.49 4.51 4.75 5.47 20.14 20.14 19.14 16.61 1.92 1.29 -59.29 6.62 5.84 A+ 21.09.2012 Aa3 16.01.2013

US BANCORP USD 67188 329 1869 52 5 1 8 22202 21738 19680 20276 - - - - 2.87 2.97 3.01 3.20 12.28 12.28 12.14 11.41 3.75 1.37 - - - A+ 20.08.2012 A1 06.12.2012

UNITED TECHNOLOGIES CORP USD 99990 129 919 23 0 1 5 118.29 57708 61890 63890 67129 9208 10087 2787 2787 5.42 5.95 6.15 6.97 18.30 18.30 17.72 15.64 3.50 0.71 1.09 2.29 16.30 A 02.10.2003 A2 22.04.1993

VISA INC-CLASS A SHARES USD 124322 138 811 0 0 0 6 117.78 10421 11536 11825 13174 6572 7395 1850 1850 7.09 8.21 7.58 8.93 23.49 23.49 25.42 21.59 13.42 13.44 14.28 37.44 64.10 A+ 20.05.2008 - -

VERIZON COMMUNICATIONS INC USD 134612 495 2859 52 0 52 4 235.05 115846 118258 120373 125096 29620 31664 10774 10774 2.24 2.43 2.77 3.50 19.32 19.32 16.97 13.44 4.48 4.38 0.83 -0.97 26.78 BBB+ 02.09.2013 Baa1 02.09.2013

WALGREEN CO USD 51663 151 944 5 0 0 1 55.04 71633 71349 72229 75710 4630 4525 1229 1229 2.57 2.51 3.12 3.55 21.75 21.75 17.52 15.41 -0.76 4.13 -7.71 3.89 6.34 BBB 02.08.2012 Baa1 02.08.2012

WELLS FARGO & CO USD 221577 1090 5266 185 13 1 159 91247 90503 84779 86155 - - - - 3.43 3.76 3.84 4.02 11.10 11.10 10.86 10.38 4.17 14.39 - - - A+ 29.11.2011 A2 *- 22.08.2013

WILLIAMS COS INC USD 24622 100 681 11 0 3 1 37.44 7486 7229 7081 8392 2368 2349 563 563 1.21 0.92 0.74 1.21 39.05 39.05 48.51 29.88 -5.60 -10.49 -31.97 -4.73 32.49 BBB 05.03.2012 Baa3 15.11.2007

WAL-MART STORES INC USD 241555 274 3314 54 0 5 8 294.79 469162 472980 480737 501623 36302 36650 8527 8527 5.02 5.14 5.21 5.73 14.44 14.44 14.24 12.94 4.97 2.73 4.65 5.13 7.75 AA 09.07.1999 Aa2 06.03.1996

EXXON MOBIL CORP USD 382018 420 4502 12 0 6 10 402.71 420714 396937 437967 452127 65769 62482 18789 18789 7.56 7.75 7.59 8.01 11.19 11.19 11.44 10.84 -2.96 -0.26 -5.62 -1.21 15.74 AAA 16.12.1985 WR 16.08.1993

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%

APPLE INC 3.88 3.51 3.02 2.56 2.32 2.81 2.58 2.42 2.26 1.98 8.80 9.29 9.30 8.77 5.31 5.65 5.28 4.86 5.08 10.91 12.27 11.25 10.37 12.64 0.55 2.37 2.62 2.80 542.47 12.3%

ABBVIE INC 25.47 12.17 8.50 6.31 3.82 3.77 3.68 3.43 3.22 10.28 12.34 11.65 10.94 10.47 10.47 10.65 10.53 9.50 8.81 11.79 14.10 13.70 12.13 10.99 3.62 3.62 3.76 3.91 4.64 49.65 12.4%

ABBOTT LABORATORIES 2.05 2.26 2.10 1.96 1.76 1.30 2.34 2.22 2.09 1.97 5.82 14.58 11.86 10.81 4.01 10.01 9.14 8.49 7.82 6.57 16.58 14.92 13.33 11.84 2.34 1.69 1.86 2.09 2.36 38.91 16.9%

ACCENTURE PLC-CL A 9.00 8.71 7.41 7.26 1.78 1.71 1.61 1.54 1.43 14.20 13.44 12.14 11.45 9.45 9.36 8.82 8.36 7.84 17.49 16.38 14.96 13.26 2.24 2.44 2.56 3.27 81.25 10.5%

AMERICAN ELECTRIC POWER 1.38 1.32 1.28 1.23 1.18 1.37 1.34 1.31 1.32 1.16 6.26 5.91 6.03 6.18 8.37 8.36 8.10 7.93 6.99 14.29 13.83 13.14 12.69 12.53 4.32 4.46 4.65 4.84 5.21 49.47 13.8%

AMERICAN INTERNATIONAL GROUP 0.74 0.73 0.68 0.64 1.29 1.46 1.42 1.35 12.78 11.57 11.43 9.89 0.00 0.37 0.78 0.90 53.56 9.0%

ALLSTATE CORP 1.21 1.18 1.09 1.04 0.72 0.70 0.69 0.67 13.82 10.48 9.86 8.91 1.72 1.96 2.08 2.24 56.75 11.2%

AMGEN INC 4.46 4.20 3.47 3.07 4.99 4.71 4.52 4.43 4.27 13.84 13.49 12.05 11.32 11.81 11.56 10.28 10.06 17.55 15.49 14.01 13.18 12.07 1.26 1.65 2.00 2.33 1.98 122.95 7.8%

AMAZON.COM INC 18.79 15.46 12.59 9.56 7.07 2.33 1.94 1.59 1.33 1.13 48.78 34.53 25.00 15.80 9.63 43.47 29.75 21.48 15.71 11.61 164.45 120.99 62.20 37.84 21.38 0.00 0.00 0.00 0.00 333.62 5.6%

APACHE CORP 1.10 1.01 0.92 0.87 1.99 2.02 2.07 1.85 1.59 3.51 3.60 3.65 3.22 3.88 4.12 4.25 3.81 9.05 10.65 10.92 10.14 0.81 0.95 0.97 0.97 101.31 16.8%

ANADARKO PETROLEUM CORP 2.25 1.99 1.79 1.56 3.56 3.17 2.84 2.65 2.52 6.37 5.76 5.31 4.61 4.62 6.95 5.99 5.35 4.94 4.63 28.20 21.02 17.38 15.64 14.63 0.39 0.43 0.47 0.52 111.96 18.6%

AMERICAN EXPRESS CO 4.38 4.13 3.77 3.63 2.59 2.48 2.35 2.22 17.36 15.57 14.17 12.75 1.04 1.18 1.29 1.44 80.65 6.5%

BOEING CO/THE 10.91 12.09 11.55 11.05 1.09 1.05 0.96 0.94 0.92 17.22 14.29 10.99 10.71 10.63 10.04 8.88 8.35 7.50 23.60 18.19 16.50 14.80 13.10 1.49 1.61 1.78 1.97 1.94 128.27 8.4%

BANK OF AMERICA CORP 0.68 0.67 0.63 0.60 0.53 1.72 1.66 1.64 1.58 33.73 14.03 9.98 8.40 24.18 14.77 10.22 8.58 6.80 0.28 0.29 1.42 2.32 15.43 10.3%

BAXTER INTERNATIONAL INC 4.91 4.59 3.92 3.36 2.86 2.55 2.36 2.14 2.05 1.95 12.19 12.17 10.69 10.02 9.76 9.85 9.24 8.24 7.69 7.18 14.67 14.20 12.89 11.86 10.79 2.17 2.84 3.07 3.31 3.48 80.59 21.4%

BANK OF NEW YORK MELLON CORP 0.99 0.96 0.92 0.87 0.85 2.40 2.31 2.23 2.12 1.88 13.16 11.76 10.73 9.76 14.21 13.21 11.90 10.70 9.04 1.71 1.92 2.23 2.51 3.07 32.19 6.3%

BRISTOL-MYERS SQUIBB CO 4.84 5.80 5.85 6.15 4.33 4.70 4.38 4.40 4.17 16.64 24.72 19.03 18.34 19.62 14.71 19.59 17.49 18.90 16.00 23.65 26.64 23.06 24.47 22.63 2.94 3.03 3.11 3.20 3.28 47.00 1.5%

BERKSHIRE HATHAWAY INC-CL B 1.35 18.70 17.38 129.50 12.9%

CITIGROUP INC 0.77 0.75 0.70 0.65 2.09 1.89 1.87 1.82 14.25 10.45 8.91 8.68 33.35 29.47 26.85 12.03 10.09 8.85 8.22 7.91 0.08 0.08 1.27 2.24 59.24 20.8%

CATERPILLAR INC 3.06 2.88 2.45 2.12 0.82 0.96 0.91 0.87 6.97 8.06 7.53 6.74 5.21 6.96 6.33 5.79 9.23 13.33 11.62 10.19 2.34 2.49 2.80 2.97 92.51 10.4%

COLGATE-PALMOLIVE CO 10.03 35.18 37.84 39.07 119.96 3.25 3.17 3.03 2.86 2.72 18.99 18.57 16.86 15.00 14.00 13.72 13.27 12.34 11.51 10.62 22.38 21.20 19.28 17.61 16.19 2.00 2.23 2.43 2.66 2.97 62.67 4.5%

COMCAST CORP-CLASS A 2.35 2.22 2.09 1.91 1.85 1.79 1.69 1.62 1.56 8.35 7.85 7.34 6.53 8.01 7.46 7.02 6.65 6.43 22.56 18.13 15.78 13.83 12.12 1.42 1.74 1.99 2.20 2.27 51.26 15.3%

CAPITAL ONE FINANCIAL CORP 0.99 0.95 0.88 0.84 1.88 1.82 1.84 1.77 9.58 11.13 9.78 9.96 9.28 0.29 1.38 2.08 2.40 74.08 7.4%

CONOCOPHILLIPS 1.61 1.70 1.58 1.48 1.38 1.70 1.68 1.77 6.35 5.38 5.17 5.04 4.44 4.47 4.57 4.39 4.29 12.29 11.84 11.22 11.00 9.93 3.80 3.84 3.98 3.99 3.76 69.40 -1.0%

COSTCO WHOLESALE CORP 3.84 4.52 4.02 3.41 3.07 0.51 0.48 0.44 0.41 0.39 14.95 15.97 14.63 14.05 13.37 12.12 10.88 10.13 9.30 29.87 25.29 22.85 20.43 18.04 0.86 7.10 1.11 1.20 1.22 117.29 1.4%

CISCO SYSTEMS INC 2.17 1.93 1.80 1.66 2.56 2.44 2.31 2.17 9.56 9.65 9.12 8.00 5.64 5.47 5.15 5.00 11.55 11.00 10.22 9.71 2.67 3.04 3.23 3.55 27.11 16.9%

CVS CAREMARK CORP 1.94 1.83 1.72 1.62 0.58 0.56 0.54 0.52 0.50 12.09 10.75 9.41 8.43 8.83 8.01 7.53 6.99 6.51 16.96 14.59 12.95 11.49 10.07 1.12 1.57 1.80 2.29 66.57 15.4%

CHEVRON CORP 1.77 1.60 1.46 1.34 1.20 1.00 1.02 0.99 0.94 0.87 6.42 6.27 5.80 5.51 4.93 4.17 4.34 4.17 3.99 3.79 9.96 10.14 9.90 9.61 8.99 2.86 3.16 3.36 3.52 3.74 135.00 10.0%

DU PONT (E.I.) DE NEMOURS 5.41 4.08 3.28 2.68 1.57 1.52 1.42 1.34 1.26 13.63 11.34 9.94 9.40 9.76 9.31 8.51 7.75 7.34 17.98 15.56 13.79 12.26 12.05 2.86 3.02 3.19 3.30 3.01 58.94 -0.4%

WALT DISNEY CO/THE 2.88 2.71 2.55 2.33 2.48 2.73 2.59 2.43 2.26 2.15 14.89 13.63 11.85 10.14 9.33 11.57 10.78 9.67 8.75 8.14 21.16 19.33 16.65 14.33 12.95 0.92 1.13 1.26 1.38 1.56 72.17 10.8%

DOW CHEMICAL CO/THE 2.12 2.19 2.00 2.17 0.85 0.83 0.80 0.76 0.71 9.85 7.79 8.05 7.06 8.97 8.12 7.44 6.89 6.01 20.52 16.66 13.78 11.82 9.87 3.10 3.29 3.46 3.64 39.93 1.2%

DEVON ENERGY CORPORATION 1.09 1.12 1.00 0.89 2.74 2.41 2.11 2.08 5.11 4.60 3.79 3.60 6.04 5.51 4.33 4.47 18.36 14.17 10.85 10.62 1.23 1.45 1.50 1.52 69.52 17.3%

EBAY INC 3.64 3.10 2.62 2.04 1.94 5.16 4.48 3.86 3.29 2.93 18.69 15.41 13.35 11.24 9.77 14.41 12.30 10.69 8.92 7.61 23.80 20.66 17.53 14.89 13.07 0.00 0.00 0.00 0.00 63.25 12.9%

EMC CORP/MA 2.45 2.21 2.02 1.78 2.49 2.32 2.14 1.97 1.74 9.56 8.81 8.12 7.01 8.22 7.29 6.56 6.28 15.42 14.03 12.34 10.96 9.03 0.00 0.93 1.59 1.59 30.86 18.2%

EMERSON ELECTRIC CO 4.35 4.50 4.15 3.68 1.90 1.89 1.85 1.77 14.44 14.34 12.68 11.58 10.24 10.55 9.48 8.95 19.46 18.85 16.72 15.09 2.46 2.52 2.70 2.94 65.43 0.6%

EXELON CORP 1.15 1.07 1.03 1.00 0.92 1.06 1.02 1.02 1.03 0.91 4.92 5.22 5.40 5.53 4.65 7.18 7.35 7.35 7.36 8.23 10.43 12.19 13.14 13.01 14.27 7.03 4.76 4.15 4.16 4.15 31.65 5.9%

FORD MOTOR CO 3.39 3.11 2.48 2.03 1.61 0.54 0.48 0.46 0.43 0.43 10.26 7.78 6.80 5.37 5.22 5.68 5.06 4.55 3.88 3.14 12.76 11.09 9.66 7.74 7.68 1.30 2.34 2.44 2.64 3.12 18.97 10.7%

FREEPORT-MCMORAN COPPER 1.76 1.66 1.55 1.41 1.93 1.67 1.44 1.37 1.34 6.91 5.52 4.71 4.38 2.57 8.21 7.17 5.37 5.01 3.79 10.60 13.91 10.85 9.95 6.30 3.67 5.71 3.72 3.72 3.72 36.38 8.3%

FEDEX CORP 2.20 1.87 1.64 1.45 0.81 0.78 0.74 0.70 0.70 8.75 7.64 6.57 5.66 6.20 5.44 4.72 4.05 18.76 16.16 13.09 11.08 10.50 0.50 0.48 0.59 0.65 1.08 121.74 7.4%

TWENTY-FIRST CENTURY FOX INC 3.40 3.39 3.59 3.54 2.13 2.79 2.54 2.38 2.21 1.99 20.34 15.93 13.23 10.55 8.48 13.91 12.96 11.52 10.08 9.03 23.22 21.72 17.60 14.31 11.82 0.53 0.71 0.79 0.81 35.99 8.0%

GENERAL DYNAMICS CORP 2.15 2.54 2.36 2.25 0.95 0.99 0.99 1.00 0.96 10.49 10.68 10.19 10.34 7.06 7.29 7.20 7.31 6.99 12.67 12.64 12.14 11.58 10.85 2.27 2.45 2.69 2.77 93.75 6.6%

GENERAL ELECTRIC CO 2.03 2.00 1.92 1.85 1.67 1.67 1.62 1.58 11.74 11.15 9.19 8.41 9.17 8.72 7.99 7.45 16.01 14.52 13.31 12.24 2.86 3.21 3.58 3.92 26.73 11.1%

GILEAD SCIENCES INC 9.42 7.49 5.62 4.20 10.12 8.95 7.20 5.53 4.63 29.89 28.48 17.16 10.09 21.71 20.98 14.81 10.31 31.61 32.33 20.86 13.44 10.22 0.00 0.00 0.00 0.00 72.75 15.2%

GENERAL MOTORS CO 1.89 1.64 1.44 1.20 1.03 0.33 0.32 0.31 0.29 0.29 7.96 6.93 5.82 4.40 4.20 3.25 3.05 2.56 2.38 2.21 11.29 10.82 8.14 6.94 6.17 0.00 0.00 0.00 0.00 0.00 43.50 18.5%

GOOGLE INC-CL A 4.06 3.36 2.84 2.42 2.09 6.98 6.19 5.29 4.55 4.05 18.10 15.88 13.61 11.72 10.31 13.05 11.33 9.51 8.07 6.87 22.02 20.12 17.02 14.42 12.36 0.00 0.00 0.00 0.00 990.82 13.3%

GOLDMAN SACHS GROUP INC 1.12 1.03 0.96 0.89 2.27 2.20 2.21 2.20 10.42 8.36 8.12 7.60 13.12 10.52 10.32 9.89 9.68 1.15 1.26 1.35 1.46 169.69 6.0%

HALLIBURTON CO 2.86 2.82 2.33 1.98 1.56 1.48 1.35 1.25 10.92 9.45 7.61 6.48 7.86 7.54 6.20 5.41 16.21 14.96 11.46 9.66 0.86 1.04 1.22 1.35 57.50 19.3%

HOME DEPOT INC 6.49 6.97 7.42 8.19 10.02 1.47 1.39 1.32 1.27 1.22 18.28 16.15 13.58 11.77 12.43 11.03 10.01 9.44 8.86 24.93 20.62 17.41 15.20 13.62 1.42 2.06 2.36 2.68 2.98 85.14 12.0%

HONEYWELL INTERNATIONAL INC 4.91 4.36 3.69 3.19 1.74 1.67 1.58 1.52 1.37 16.84 13.89 12.73 11.78 10.67 10.12 9.27 8.69 18.63 16.87 15.05 13.75 12.34 1.81 1.99 2.20 2.48 90.15 8.0%

HEWLETT-PACKARD CO 1.26 1.59 1.34 1.10 0.34 0.37 0.38 0.39 4.61 3.86 4.07 4.01 3.24 3.82 3.87 3.99 5.28 5.99 5.88 5.84 2.37 2.62 2.81 2.89 24.87 16.6%

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%

INTL BUSINESS MACHINES CORP 8.36 10.04 7.66 6.13 3.58 1.97 2.00 1.96 1.90 1.81 10.32 9.88 8.26 7.50 6.30 8.68 8.34 7.75 7.26 6.92 12.38 11.20 10.23 9.25 8.39 1.74 1.92 2.07 2.19 2.62 217.59 16.3%

INTEL CORP 2.34 2.04 1.86 1.76 2.15 2.17 2.09 2.01 6.52 6.45 6.22 6.12 4.85 5.24 4.90 4.73 10.36 12.09 11.48 11.47 3.78 3.94 4.05 4.16 24.37 5.9%

JOHNSON & JOHNSON 3.71 3.30 2.89 2.56 2.36 3.63 3.46 3.32 3.19 3.05 14.12 15.47 11.72 11.31 10.63 10.96 10.06 9.52 9.00 8.50 17.03 15.87 14.89 13.97 13.01 2.71 3.00 3.24 3.49 3.71 96.28 11.0%

JPMORGAN CHASE & CO 1.03 0.96 0.88 0.83 1.99 1.98 2.00 1.85 10.55 8.80 8.43 7.59 10.51 8.94 8.53 8.03 6.82 2.28 2.76 3.18 3.63 62.01 18.8%

COCA-COLA CO/THE 5.32 5.26 5.00 4.76 3.52 3.58 3.45 3.28 3.12 15.74 16.40 14.53 13.01 12.14 13.86 13.66 12.91 11.99 11.28 19.11 18.21 16.92 15.57 14.27 2.68 2.91 3.11 3.46 3.69 45.33 18.5%

ELI LILLY & CO 3.62 3.57 3.61 3.63 2.54 2.48 2.89 2.80 2.66 11.48 11.75 12.86 11.65 10.15 9.21 8.45 11.52 10.86 8.90 15.20 12.22 18.22 15.94 13.20 3.88 3.88 3.89 3.88 3.88 57.82 14.4%

LOCKHEED MARTIN CORP 17.48 39.29 21.84 14.85 0.89 0.91 0.94 0.96 0.89 10.94 9.53 9.21 10.02 8.54 7.93 7.78 7.66 6.34 15.20 13.42 13.21 12.45 13.05 3.24 3.69 4.12 4.65 130.80 2.0%

LOWE'S COS INC 3.86 4.05 4.26 4.41 6.45 1.00 0.95 0.91 0.88 0.84 16.13 13.29 11.02 11.18 13.46 11.28 10.18 9.29 8.61 8.00 27.66 21.93 18.16 15.10 12.87 1.28 1.47 1.63 2.04 2.48 49.79 3.9%

MASTERCARD INC-CLASS A 11.56 10.64 8.33 6.54 11.06 9.89 8.83 7.85 7.17 29.71 22.69 19.29 17.72 18.41 15.77 13.80 11.97 11.02 30.92 26.01 22.17 18.61 0.16 0.26 0.28 0.33 690.71 1.8%

MCDONALD'S CORP 6.94 6.17 5.88 5.51 4.91 3.53 3.44 3.27 3.07 2.86 14.21 13.48 12.29 11.07 10.85 10.50 9.89 9.11 8.48 18.28 17.37 15.93 14.41 12.57 2.95 3.25 3.55 3.86 105.52 8.6%

MONDELEZ INTERNATIONAL INC-A 1.70 1.68 1.62 1.53 1.61 1.59 1.51 1.43 1.35 120.80 18.10 13.87 11.68 12.88 13.24 11.95 10.98 10.14 22.20 20.44 18.45 16.56 15.09 1.62 1.69 1.88 2.21 2.14 33.60 5.8%

MEDTRONIC INC 2.95 2.59 2.31 2.16 3.19 3.11 3.01 2.91 2.81 11.73 11.12 10.59 10.40 8.72 8.44 8.25 7.88 7.72 14.30 13.81 12.88 12.06 11.26 1.99 2.11 2.24 2.41 58.41 10.8%

METLIFE INC 0.89 0.90 0.84 0.79 0.77 0.76 0.73 0.70 9.07 8.40 8.18 7.71 1.64 2.15 2.59 2.93 56.61 19.8%

3M CO 4.78 4.55 4.19 3.84 2.75 2.65 2.52 2.42 16.20 14.30 12.69 11.29 10.62 10.25 9.56 8.97 7.71 19.00 17.92 16.28 15.08 1.98 2.12 2.30 2.31 122.57 2.2%

ALTRIA GROUP INC 17.91 16.58 14.11 12.66 3.98 3.96 3.89 3.89 20.06 16.54 14.28 11.92 10.84 10.47 10.15 9.81 15.67 14.44 13.51 12.65 4.95 5.34 5.78 6.23 37.11 7.4%

MONSANTO CO 4.74 4.31 3.79 3.28 4.13 3.78 3.50 3.27 3.28 21.50 19.07 16.39 14.35 14.89 13.28 11.35 10.21 10.01 28.53 23.17 19.84 17.56 17.38 1.08 1.42 1.48 1.53 121.32 14.5%

MERCK & CO. INC. 2.55 2.90 2.76 2.72 2.97 3.14 3.12 3.12 3.03 10.13 9.74 9.84 8.32 8.93 7.50 9.08 8.63 8.48 7.66 12.54 13.72 12.86 12.52 11.47 3.52 3.60 3.68 3.76 4.05 51.37 7.7%

MORGAN STANLEY 0.87 0.84 0.80 0.76 1.93 1.64 1.55 1.49 43.61 14.70 9.45 7.77 19.96 14.01 10.44 9.33 8.42 0.76 0.74 1.07 1.59 30.20 11.7%

MICROSOFT CORP 3.52 2.98 2.49 2.30 3.55 3.36 3.11 2.92 3.14 9.25 8.79 8.15 8.80 6.65 6.91 6.30 5.88 6.70 12.16 12.45 11.27 10.26 2.68 2.98 3.14 3.24 34.92 4.2%

NIKE INC -CL B 5.40 5.25 4.80 4.42 5.22 2.61 2.40 2.22 2.06 1.95 26.14 22.45 19.00 16.87 16.64 14.77 13.28 11.80 11.08 27.78 24.42 21.30 18.28 16.27 1.08 1.22 1.34 1.48 76.06 2.5%

NATIONAL OILWELL VARCO INC 1.66 1.53 1.39 1.25 1.13 1.71 1.49 1.37 1.28 1.33 13.80 12.21 10.14 9.12 8.55 8.26 8.57 7.44 6.62 7.07 13.42 14.74 12.47 10.84 10.62 0.60 1.00 1.16 1.24 1.27 84.46 7.6%

NORFOLK SOUTHERN CORP 2.47 2.38 2.15 1.90 2.19 2.18 2.06 1.95 1.84 8.34 8.09 7.40 7.94 7.91 7.26 6.76 6.23 14.72 14.08 12.43 11.10 10.00 2.43 2.63 2.79 2.97 84.58 9.0%

ORACLE CORP 3.59 3.09 2.73 2.20 4.12 4.02 3.82 3.64 3.44 11.32 10.53 9.85 8.03 7.47 7.15 6.67 6.68 6.81 12.59 11.63 10.61 9.87 0.89 1.41 1.37 1.38 36.12 6.8%

OCCIDENTAL PETROLEUM CORP 1.85 1.72 1.58 1.47 3.20 3.08 3.00 3.04 6.74 6.17 5.75 5.58 4.75 5.70 5.47 5.13 5.10 13.56 13.23 12.54 12.71 10.39 2.34 2.61 3.01 3.22 3.53 104.57 11.2%

PEPSICO INC 5.81 5.33 5.10 4.83 1.89 1.85 1.77 1.69 1.61 14.64 13.89 12.08 11.11 11.74 11.27 10.56 9.88 9.21 19.73 18.54 17.09 15.64 14.28 2.65 2.79 2.99 3.18 3.44 89.60 11.7%

PFIZER INC 2.64 2.76 2.70 2.69 3.25 3.69 3.74 3.80 3.87 11.24 11.23 9.90 10.04 10.43 6.60 7.86 8.20 8.50 9.13 13.25 13.26 12.40 11.99 11.93 3.06 3.32 3.56 3.78 4.09 32.19 12.3%

PROCTER & GAMBLE CO/THE 3.31 3.16 3.08 3.01 2.51 2.47 2.38 2.28 2.15 14.75 14.43 13.13 12.00 10.81 12.59 11.86 11.13 10.53 9.59 19.08 17.96 16.52 15.13 13.69 2.98 3.20 3.43 3.66 4.24 85.69 11.2%

PHILIP MORRIS INTERNATIONAL 4.47 4.47 4.28 4.05 3.80 14.25 13.91 12.83 11.94 11.01 11.03 10.37 9.69 8.82 16.69 15.99 14.40 13.00 11.52 3.76 4.05 4.48 4.88 5.63 96.18 10.6%

QUALCOMM INC 3.52 3.09 2.70 2.43 6.12 4.68 4.19 3.86 16.93 14.81 12.67 12.13 11.65 9.30 8.23 7.80 18.55 14.85 13.69 13.02 1.33 1.71 2.02 2.19 74.42 10.2%

RAYTHEON COMPANY 3.02 2.93 2.49 2.46 1.04 1.07 1.11 1.12 1.04 14.43 11.28 11.09 9.41 7.96 8.30 8.02 7.55 14.22 13.88 13.25 11.50 13.20 2.49 2.72 3.02 3.32 78.36 -0.6%

STARBUCKS CORP 10.81 9.73 8.47 7.52 4.33 3.88 3.48 3.10 2.78 30.42 23.25 21.14 17.68 21.96 18.31 15.43 13.24 12.19 43.18 34.56 28.76 23.90 20.57 0.90 1.11 1.32 1.63 1.82 80.38 4.8%

SCHLUMBERGER LTD 3.34 3.01 2.66 2.32 2.77 2.57 2.33 2.13 14.70 12.35 10.46 9.20 11.02 9.93 8.69 7.68 21.17 18.66 15.43 13.16 1.24 1.39 1.48 1.58 97.50 10.0%

SOUTHERN CO/THE 1.88 1.81 1.73 1.66 2.07 2.09 2.00 1.93 1.68 8.02 7.64 7.57 7.59 9.83 9.93 8.99 8.50 15.77 15.11 14.56 13.94 13.27 4.72 4.89 5.06 5.24 5.42 45.88 11.0%

SIMON PROPERTY GROUP INC 7.65 5.80 5.69 9.08 9.70 9.00 8.59 8.39 8.11 22.38 19.34 16.26 14.02 19.44 17.79 16.81 15.22 35.59 37.26 35.01 31.30 33.09 2.76 3.11 3.35 3.58 3.62 181.43 20.8%

AT&T INC 1.98 2.13 2.07 1.98 1.42 1.40 1.38 1.35 1.33 5.71 5.54 5.40 5.37 6.03 6.10 5.85 5.63 5.41 14.46 13.72 12.66 11.88 11.05 5.20 5.32 5.44 5.58 5.67 37.32 9.7%

TARGET CORP 2.54 2.51 2.38 2.11 1.92 0.55 0.55 0.52 0.49 0.47 7.97 5.96 7.04 6.99 7.19 7.86 7.04 6.69 6.01 13.44 15.84 12.87 11.41 9.64 2.05 2.37 2.70 3.14 69.13 7.9%

TIME WARNER INC 1.99 2.02 1.85 1.65 2.10 2.03 1.97 1.87 1.77 14.76 13.39 11.37 11.17 11.28 10.29 9.56 8.89 8.11 20.52 17.57 15.30 13.33 11.51 1.58 1.75 1.91 2.05 2.32 70.84 7.6%

TEXAS INSTRUMENTS INC 4.12 4.02 3.85 3.55 3.46 3.61 3.41 3.22 3.09 15.55 13.53 11.42 11.07 13.14 11.61 10.08 9.71 9.63 24.36 21.12 17.50 15.94 16.40 1.77 2.57 2.74 2.82 39.08 -2.7%

UNITEDHEALTH GROUP INC 2.47 2.22 2.01 1.95 0.66 0.59 0.54 0.48 12.09 10.68 9.99 9.54 7.94 7.47 7.07 6.73 13.60 13.04 12.29 11.00 9.71 1.05 1.47 1.64 1.56 78.16 8.9%

UNION PACIFIC CORP 3.72 3.39 3.05 2.71 3.46 3.27 3.05 2.87 2.77 12.31 10.62 9.68 9.44 8.62 7.82 7.21 6.75 18.99 16.44 14.31 12.83 11.68 1.56 1.81 1.99 2.13 175.70 12.2%

UNITED PARCEL SERVICE-CL B 11.23 25.33 24.08 18.97 1.59 1.54 1.46 1.37 1.27 13.73 12.57 10.65 10.58 10.31 10.00 9.12 8.34 7.76 19.83 19.14 16.61 14.72 12.58 2.50 2.72 2.93 3.15 4.04 95.88 5.4%

US BANCORP 1.97 1.84 1.69 1.56 3.32 3.41 3.31 3.15 12.22 11.79 11.05 10.03 12.76 12.14 11.41 10.47 9.61 2.12 2.44 2.69 3.01 39.82 9.0%

UNITED TECHNOLOGIES CORP 3.92 3.49 3.13 2.81 1.73 1.57 1.49 1.44 1.34 15.42 14.06 12.02 11.02 12.70 10.93 9.95 9.13 8.32 20.48 17.71 15.65 14.00 12.35 1.84 2.01 2.17 2.36 2.31 117.35 7.7%

VISA INC-CLASS A SHARES 4.54 4.32 3.71 3.28 11.97 10.49 9.41 8.42 7.54 27.39 25.25 18.69 17.88 20.37 15.40 13.54 11.82 10.59 31.32 25.42 21.59 18.47 17.26 0.45 0.68 0.77 0.89 212.23 10.1%

VERIZON COMMUNICATIONS INC 3.36 3.43 4.27 3.54 1.17 1.12 1.08 1.04 1.01 4.39 4.24 5.34 4.89 6.19 5.64 5.29 5.01 4.77 19.84 16.97 13.44 12.26 11.48 4.29 4.43 4.55 4.70 4.75 53.80 14.4%

WALGREEN CO 2.95 2.70 2.50 2.19 0.72 0.72 0.68 0.65 0.49 13.23 16.18 15.01 12.99 11.35 10.27 9.21 8.50 6.14 21.16 17.52 15.41 13.85 11.67 1.71 2.01 2.21 2.54 55.15 0.9%

WELLS FARGO & CO 1.54 1.42 1.31 1.22 2.59 2.61 2.57 2.47 11.69 10.43 10.00 9.38 12.51 10.86 10.38 9.89 8.99 2.11 2.76 3.03 3.35 46.05 10.4%

WILLIAMS COS INC 4.75 4.88 4.55 5.77 3.25 3.48 2.93 2.71 2.57 13.84 15.16 11.87 9.59 14.84 15.76 12.08 10.03 8.58 32.41 48.51 29.88 24.47 20.99 3.39 4.01 4.83 5.74 6.37 41.08 14.0%

WAL-MART STORES INC 3.22 3.03 2.77 2.29 1.69 0.51 0.50 0.48 0.46 0.44 9.48 9.25 8.37 7.47 6.60 8.07 7.86 7.53 7.26 6.94 15.10 14.24 12.94 11.82 10.35 2.17 2.54 2.77 3.34 81.31 9.6%

EXXON MOBIL CORP 2.38 2.19 1.99 1.81 1.59 0.83 0.87 0.85 0.87 0.89 7.34 7.62 6.91 6.52 5.78 4.61 5.11 4.86 4.75 4.63 11.03 11.43 10.84 10.45 9.80 2.50 2.85 3.06 3.23 3.45 95.79 10.4%

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

APPLE INC USD 5.3 1 1 1 1 0 0 0 1 0 5 170705 19111 101788 55241 626550 57854 156508 118210 5.50 1.00 15.1 1 4 1 5 1 12 0 0.3972 0 3 1 1 1 1 1 1 1 7

ABBVIE INC USD 16.0 1 1 1 1 0 1 - 1 0 6 18555 8578 3363 6105 53882 23645 18380 3363 4.25 1.00 9.3 1 3 1 16 0 8 1 0 0 3 0 1 - 1 1 1 1 5

ABBOTT LABORATORIES USD 3.9 1 - 0 - 0 1 0 0 0 2 42873 18042 14966 1894 103272 40422 21494 26813 3.56 1.00 37.6 1 5 1 4 1 - - 3.1145 0 3 0 0 0 1 - 1 1 3

ACCENTURE PLC-CL A USD 9.9 1 1 1 1 0 0 0 1 0 5 16867 3683 4960 4067 48986 11439 30394 5428 6.65 1.00 15.4 1 2 1 10 1 13 0 2.2422 0 3 0 1 1 1 1 1 1 6

AMERICAN ELECTRIC POWER USD 1.4 1 1 0 1 1 1 0 1 0 6 54276 -2234 5899 2956 20728 39130 14945 15237 0.90 0.00 13.8 1 1 1 1 1 5 1 4.4049 0 4 0 1 0 1 0 1 1 4

AMERICAN INTERNATIONAL GROUP USD 0.5 1 1 0 1 1 - 1 - 1 6 547164 - 12826 11652 52114 449630 65656 99003 - - 9.0 1 1 1 1 1 16 0 0 0 3 0 1 0 1 - 1 1 4

ALLSTATE CORP USD 0.9 1 1 1 1 0 - 1 - 1 6 125707 - 17409 3695 19241 106367 33315 20580 - - 9.1 1 1 1 1 1 6 1 2.1907 0 4 0 1 1 1 - 1 1 5

AMGEN INC USD 3.4 1 1 1 1 0 0 1 0 0 5 37668 23018 -10277 5577 65193 35238 17265 19060 2.86 1.00 15.1 1 4 1 3 1 11 0 1.6705 0 3 0 1 1 1 1 1 1 6

AMAZON.COM INC USD 13.9 0 1 0 1 0 0 1 1 0 4 29278 2294 -160 676 113895 24363 61093 8192 6.26 1.00 - - 2 1 14 0 27 0 0 0 1 - - - 1 0 1 1 3

APACHE CORP USD 1.0 1 1 0 1 0 0 0 0 0 3 59448 -574 20000 4942 30744 29406 16947 31331 1.67 1.00 8.4 1 2 1 1 1 4 1 0.8662 0 4 0 1 0 1 0 1 1 4

ANADARKO PETROLEUM CORP USD 1.8 1 1 1 1 1 1 0 0 0 6 46719 2590 12348 2233 37192 30707 13307 21882 1.79 1.00 50.5 1 3 1 2 1 4 1 0.4845 0 4 0 0 - 1 0 1 1 3

AMERICAN EXPRESS CO USD 3.4 1 1 0 1 1 - 1 - 1 6 148966 - 6598 7346 63515 134254 33808 18886 - - 13.1 1 2 1 3 1 9 1 1.3918 0 4 0 1 0 1 - 1 1 4

BOEING CO/THE USD 9.7 1 1 0 1 1 1 0 0 1 6 80750 12327 -3316 6307 56944 82929 81698 5967 1.96 1.00 14.8 1 1 1 10 1 8 1 2.4018 0 4 0 1 0 1 1 1 1 5

BANK OF AMERICA CORP USD 0.6 1 0 1 0 1 - 0 - 0 3 2133314 - 60046 10129 125136 1973018 100078 236956 - - 9.0 1 1 1 1 1 - - 0.3445 0 3 0 1 1 1 - 1 1 5

BAXTER INTERNATIONAL INC USD 5.2 1 1 0 1 0 1 1 1 0 6 17074 4501 486 2821 36411 13412 14190 6978 3.07 1.00 14.7 1 3 1 5 1 12 0 2.3552 0 3 0 1 0 1 1 1 1 5

BANK OF NEW YORK MELLON CORP USD 0.8 1 1 0 0 1 - 1 - 0 4 336106 - 11865 3861 29902 321548 15089 37442 - - 11.1 1 2 1 1 1 19 0 2.0233 0 3 0 1 0 1 - 1 1 4

BRISTOL-MYERS SQUIBB CO USD 3.9 1 1 0 1 0 0 1 1 0 5 19484 1242 10708 4090 53122 22259 17621 13638 4.19 1.00 16.4 1 3 1 4 1 8 1 4.2037 0 4 0 1 0 1 - 1 1 4

BERKSHIRE HATHAWAY INC-CL B USD - 1 1 1 1 0 1 - 1 1 7 362936 75782 150409 24378 - 235864 162463 191588 2.29 1.00 - - - - - - - - - - 0 - - 1 1 0 1 1 4

CITIGROUP INC USD 0.6 1 1 0 1 1 - 0 - 0 4 1833290 - 80066 7936 119823 1673663 90708 190997 - - 9.9 1 1 1 1 1 8 1 0.1011 0 4 0 1 0 1 - 1 1 4

CATERPILLAR INC USD 3.3 1 1 0 0 0 1 0 1 0 4 78398 12769 13051 9153 58698 71774 65875 17582 1.95 1.00 10.8 1 1 1 3 1 11 0 2.2543 0 3 0 1 0 1 1 1 1 5

COLGATE-PALMOLIVE CO USD 22.3 1 1 0 1 0 1 1 1 0 6 9395 820 -95 3889 48893 11004 17085 2390 5.71 1.00 19.5 1 3 1 22 0 16 0 2.334 0 2 0 1 0 1 1 1 1 5

COMCAST CORP-CLASS A USD 2.0 1 1 1 1 1 1 1 0 0 7 55728 3277 8778 12179 98507 98177 62570 66794 2.95 1.00 19.4 1 2 1 2 1 7 1 1.7398 0 4 0 1 1 1 1 1 1 6

CAPITAL ONE FINANCIAL CORP USD 0.8 1 1 0 1 1 - 0 - 0 4 299014 - 14305 4777 33727 272419 23177 40499 - - 9.3 1 1 1 1 1 4 1 0.3452 0 4 0 1 0 1 - 1 1 4

CONOCOPHILLIPS USD 1.5 1 1 0 1 0 1 1 1 1 7 117140 6546 2645 12816 70749 68717 57967 48427 1.61 1.00 10.6 1 1 1 1 1 5 1 4.5525 0 4 0 1 0 1 0 1 1 4

COSTCO WHOLESALE CORP USD 3.4 1 1 1 1 0 0 1 0 1 6 27074 1266 7990 2759 42314 14622 99137 12518 5.69 1.00 24.8 1 0 1 3 1 14 0 1.0524 0 3 0 0 1 1 1 1 1 5

CISCO SYSTEMS INC USD 2.3 1 1 1 1 1 0 0 0 0 5 75869 43329 16823 11301 137398 42063 48607 59128 4.09 1.00 14.9 1 3 1 2 1 11 0 2.4318 0 3 0 1 1 1 1 1 1 6

CVS CAREMARK CORP USD 1.6 1 1 1 1 1 0 1 0 1 7 29764 6062 8567 7228 59519 28208 123133 37704 7.22 1.00 15.1 1 0 1 2 1 9 1 1.3444 0 4 0 1 1 1 1 1 1 6

CHEVRON CORP USD 1.5 1 1 0 1 0 1 1 0 0 5 228342 21508 119195 35013 210516 95150 222580 137832 3.53 1.00 8.6 1 1 1 2 1 5 1 3.2458 0 4 0 1 0 1 1 1 1 5

DU PONT (E.I.) DE NEMOURS USD 4.3 1 1 0 1 1 0 0 1 0 5 39994 7642 -1087 3081 41966 39557 34812 10179 2.30 1.00 13.1 1 1 1 4 1 9 1 3.7796 0 4 0 1 0 1 1 1 1 5

WALT DISNEY CO/THE USD 2.3 1 1 1 1 1 0 1 1 0 7 44773 896 8028 8863 93058 32940 42278 41958 4.00 1.00 17.0 1 2 1 2 1 12 0 1.1477 0 3 0 1 1 1 1 1 1 6

DOW CHEMICAL CO/THE USD 2.3 1 1 0 1 0 1 0 1 0 5 52155 12191 10588 3947 38902 47591 56786 22014 2.36 1.00 17.1 1 1 1 2 1 9 1 3.7427 0 4 0 1 0 1 0 1 1 4

DEVON ENERGY CORPORATION USD 1.0 0 1 0 1 0 1 0 0 0 3 37247 2968 17549 2442 21128 22048 9679 21278 1.82 1.00 16.0 1 2 1 1 1 4 1 1.5373 0 4 0 1 - 1 - 1 1 4

EBAY INC USD 3.2 1 1 0 1 0 1 0 0 0 4 27409 10474 8801 2888 65991 16209 14072 20865 4.16 1.00 26.6 1 5 1 3 1 17 0 0 0 3 - 0 0 1 1 1 1 4

EMC CORP/MA USD 2.4 1 1 0 1 1 1 0 1 0 6 22194 1905 18645 4074 53306 14545 21714 23524 3.94 1.00 20.4 1 2 1 2 1 8 1 0 0 4 0 0 0 1 1 1 1 4

EMERSON ELECTRIC CO USD 3.4 1 1 0 1 1 0 1 1 0 6 13713 2993 9494 4332 34953 13376 24412 10442 5.68 1.00 13.7 1 1 1 3 1 12 0 3.3147 0 3 0 1 0 1 1 1 1 5

EXELON CORP USD 1.2 1 1 0 1 0 1 0 0 0 4 75929 2349 4799 2471 25428 56737 23489 21817 0.84 0.00 15.4 1 1 1 1 1 4 1 7.0612 1 5 - 1 0 1 0 1 1 4

FORD MOTOR CO USD 3.2 1 1 0 1 0 1 0 0 0 4 192279 -2875 -5069 6291 51101 176055 134252 16311 1.01 0.00 8.2 1 0 1 3 1 5 1 1.5444 0 4 1 1 0 1 1 1 1 6

FREEPORT-MCMORAN COPPER USD 1.9 1 1 0 1 1 0 0 0 0 4 35106 6954 -1683 5755 32456 14129 18010 21311 1.04 0.00 10.6 1 2 1 2 1 9 1 3.655 0 4 0 1 0 1 1 1 1 5

FEDEX CORP USD 1.8 1 1 0 1 0 1 0 0 0 4 30812 5524 14698 3211 30636 16169 44287 17398 3.97 1.00 15.5 1 1 1 2 1 6 1 0.5813 0 4 0 1 0 1 0 1 1 4

TWENTY-FIRST CENTURY FOX INC USD 4.4 1 1 1 0 0 0 1 - 1 5 28625 7132 1135 5375 75462 30300 27675 20644 3.44 1.00 24.0 1 3 1 4 1 25 0 0.5218 0 3 0 0 1 1 1 1 1 5

GENERAL DYNAMICS CORP USD 2.2 0 1 0 1 0 0 1 0 0 3 20878 4120 8920 2827 24499 22919 31513 11390 3.15 1.00 10.7 1 1 1 2 1 9 1 2.945 0 4 0 1 - 1 0 1 1 4

GENERAL ELECTRIC CO USD 1.8 1 1 1 1 0 1 1 0 1 7 599894 17921 89254 15654 218414 556858 144796 128470 0.91 0.00 13.5 1 2 1 2 1 7 1 3.3349 0 4 0 1 0 1 1 1 1 5

GILEAD SCIENCES INC USD 6.0 1 1 0 1 1 0 0 0 0 4 8443 1886 3659 4010 55791 11689 9703 9551 7.83 1.00 21.8 1 6 1 6 1 17 0 0 0 3 - 0 0 1 1 1 1 4

GENERAL MOTORS CO USD 1.5 1 1 0 1 0 1 1 0 0 5 140640 16004 2005 -3218 39393 112422 152256 37000 1.31 1.00 7.9 1 0 1 2 1 4 1 0 0 4 - 1 0 1 - 1 1 4

GOOGLE INC-CL A USD 3.3 1 1 0 1 1 0 0 0 1 5 75788 46117 48880 12760 233421 22083 50175 71715 10.73 1.00 21.1 1 5 1 3 1 14 0 0 0 3 - 0 0 1 1 1 1 4

GOLDMAN SACHS GROUP INC USD 0.9 1 1 1 1 1 - 1 - 1 7 933456 - 18180 11207 61293 862331 41664 76224 - - 8.5 1 2 1 1 1 5 1 1.3876 0 4 0 1 1 1 - 1 1 5

HALLIBURTON CO USD 2.0 1 1 0 1 1 0 0 0 0 4 25275 8334 12597 4159 32227 11620 28503 15790 4.58 1.00 11.4 1 1 1 2 1 9 1 1.0378 0 4 1 1 0 1 1 1 1 6

HOME DEPOT INC USD 5.6 1 1 1 1 1 0 1 1 1 8 39914 3910 9741 7766 99873 23307 74754 17777 5.55 1.00 21.9 1 1 1 6 1 14 0 1.7236 0 3 0 0 1 1 1 1 1 5

HONEYWELL INTERNATIONAL INC USD 3.8 1 1 1 1 1 1 0 1 0 7 26979 4553 7659 4156 49684 28638 37665 13215 3.87 1.00 13.1 1 1 1 4 1 14 0 2.4106 0 3 0 1 1 1 1 1 1 6

HEWLETT-PACKARD CO USD 1.2 0 1 0 1 0 1 1 0 1 5 73184 3971 15962 9289 27188 85935 120357 22833 2.79 1.00 44.2 1 0 1 1 1 3 1 3.6101 0 4 0 0 - 1 - 1 1 3

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

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Market CapTotal

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Net Sales

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Total

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Altman Z

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Altman Z

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FINAL

SCORE

INTL BUSINESS MACHINES CORP USD 11.3 1 1 1 1 0 0 1 1 0 6 86181 5808 -31250 20443 214032 100229 104507 18984 2.84 1.00 12.6 1 2 1 11 0 11 0 1.7228 0 2 0 1 0 1 1 1 1 5

INTEL CORP USD 2.0 1 1 0 1 0 1 1 0 0 5 68406 18460 31739 14638 100017 33148 53341 51203 4.56 1.00 9.6 1 2 1 2 1 5 1 4.3005 0 4 0 1 0 1 1 1 1 5

JOHNSON & JOHNSON USD 3.0 1 1 1 1 1 0 0 0 0 5 70171 21854 61706 17032 193049 56521 67224 64826 6.09 1.00 14.3 1 3 1 3 1 12 0 3.4542 0 3 0 1 0 1 1 1 1 5

JPMORGAN CHASE & CO USD 0.9 1 1 1 1 0 - 0 - 0 4 2308731 - 96302 32209 167256 2155072 108184 204069 - - 7.5 1 2 1 1 1 7 1 2.7292 0 4 1 1 1 1 - 1 1 6

COCA-COLA CO/THE USD 4.9 1 1 0 1 0 1 1 0 0 5 58837 2507 19651 10779 162001 53006 48017 33168 3.63 1.00 18.0 1 3 1 5 1 15 0 2.8138 0 3 0 1 0 1 1 1 1 5

ELI LILLY & CO USD 3.8 1 1 0 1 1 0 1 0 0 5 26395 4649 9086 5015 56404 19625 22603 14774 3.91 1.00 14.5 1 2 1 4 1 10 0 3.974 0 3 0 1 0 1 1 1 1 5

LOCKHEED MARTIN CORP USD 759.6 1 1 0 0 1 0 1 1 0 5 28287 1700 -282 4482 29625 38618 47182 39 2.81 1.00 9.1 1 1 1 760 0 19 0 4.4967 0 2 0 1 0 1 1 1 1 5

LOWE'S COS INC USD 3.1 1 1 1 1 0 0 1 0 1 6 - 2076 13276 3560 42802 18809 50521 13857 3.75 1.00 22.0 1 1 1 3 1 12 0 1.6079 0 3 0 0 1 1 0 1 1 4

MASTERCARD INC-CLASS A USD 8.8 1 1 1 1 0 1 1 - 0 6 10698 4451 3276 3957 60547 5533 7391 6929 11.47 1.00 22.3 1 8 1 9 1 21 0 0.2137 0 3 0 0 1 1 1 1 1 5

MCDONALD'S CORP USD 5.8 1 1 0 1 0 1 1 0 0 5 32583 1519 9498 8613 88448 20093 27567 15294 5.33 1.00 16.4 1 3 1 6 1 13 0 3.2536 0 3 0 1 0 1 1 1 1 5

MONDELEZ INTERNATIONAL INC-A USD 1.4 1 1 0 1 1 1 0 1 1 7 27125 749 667 3683 45256 43123 35015 32355 3.06 1.00 17.6 1 1 1 1 1 12 0 3.9288 0 3 0 1 0 1 1 1 1 5

MEDTRONIC INC USD 2.5 1 1 0 1 0 1 1 0 0 5 21839 13902 18569 4878 47102 16170 16590 18671 5.44 1.00 12.8 1 3 1 3 1 10 1 2.2433 0 4 0 1 0 1 1 1 1 5

METLIFE INC USD 0.6 1 1 0 1 1 - 0 - 0 4 826828 - 36430 4666 35960 771823 68150 64958 - - 6.2 1 1 1 1 1 2 1 2.2465 0 4 0 1 0 1 - 1 1 4

3M CO USD 3.6 1 1 0 1 0 0 1 1 0 5 24566 7430 13522 6483 63796 15836 29904 18040 6.02 1.00 14.7 1 2 1 4 1 12 0 2.5417 0 3 0 1 0 1 1 1 1 5

ALTRIA GROUP INC USD 19.9 1 1 1 0 1 0 1 1 1 7 18077 -1936 -3455 7314 63186 32125 17500 3204 3.56 1.00 14.0 1 4 1 20 0 15 0 5.4071 0 2 0 1 1 1 1 1 1 6

MONSANTO CO USD 3.9 1 1 1 1 0 1 1 1 1 8 15552 5437 1456 3138 46549 8188 13504 12036 6.59 1.00 23.1 1 3 1 4 1 15 0 1.4694 0 3 0 0 1 1 1 1 1 5

MERCK & CO. INC. USD 2.3 1 1 0 1 0 0 1 0 0 4 64915 16509 10586 10684 123910 50669 47267 55463 2.94 1.00 10.7 1 3 1 2 1 12 0 4.128 0 3 0 1 0 1 1 1 1 5

MORGAN STANLEY USD 0.6 1 1 0 1 1 - 0 - 0 4 770527 - 37155 5110 37744 711223 32036 69737 - - 10.6 1 1 1 1 1 2 1 1.046 0 4 0 1 0 1 - 1 1 4

MICROSOFT CORP USD 3.6 1 1 1 1 0 1 1 0 0 6 124693 64049 11638 26764 287691 63487 77849 78944 4.80 1.00 12.8 1 4 1 4 1 10 0 2.6632 0 3 0 1 1 1 1 1 1 6

NIKE INC -CL B USD 4.9 1 1 1 1 0 1 1 1 1 8 17071 9700 5969 3254 55124 6428 25313 11156 8.43 1.00 22.9 1 2 1 5 1 18 0 1.3137 0 3 0 0 0 1 1 1 1 4

NATIONAL OILWELL VARCO INC USD 1.4 1 1 1 0 0 1 0 0 1 5 19569 10029 11492 3557 29181 11128 20041 20356 4.58 1.00 11.6 1 1 1 1 1 47 0 0.7169 0 3 0 1 1 1 1 1 1 6

NORFOLK SOUTHERN CORP USD 2.0 1 1 0 1 0 1 1 - 0 5 30342 161 7534 3124 19420 20582 11040 9760 1.71 1.00 11.5 1 2 1 2 1 6 1 3.1371 0 4 1 1 0 1 0 1 1 5

ORACLE CORP USD 3.5 1 1 1 1 0 1 1 1 0 7 47829 28820 25755 14432 156942 36667 37180 45145 5.20 1.00 15.2 1 4 1 4 1 11 0 0.8881 0 3 0 1 1 1 1 1 1 6

OCCIDENTAL PETROLEUM CORP USD 1.5 1 1 0 1 0 0 1 0 0 4 64210 2202 32397 9190 61710 24162 24172 40048 3.22 1.00 10.8 1 3 1 2 1 5 1 2.8195 0 4 0 1 0 1 0 1 1 4

PEPSICO INC USD 4.7 1 1 0 1 0 1 1 0 0 5 41142 1631 18049 9112 105023 52239 65492 22399 4.02 1.00 16.6 1 2 1 5 1 12 0 3.1278 0 3 0 1 0 1 1 1 1 5

PFIZER INC USD 2.2 1 1 1 1 1 1 1 0 0 7 95113 32796 8165 19659 182477 104120 58986 81678 2.79 1.00 11.4 1 3 1 2 1 11 0 3.5089 0 3 0 1 1 1 1 1 1 6

PROCTER & GAMBLE CO/THE USD 3.2 1 1 1 1 1 0 1 1 1 8 52503 -6047 -620 14789 211132 70554 84167 68709 4.17 1.00 19.1 1 3 1 3 1 14 0 2.9744 0 3 0 1 1 1 1 1 1 6

PHILIP MORRIS INTERNATIONAL USD - 1 1 0 1 0 0 1 1 0 5 24151 -426 -4810 13929 138308 39523 31377 -1853 4.92 1.00 16.1 1 5 1 - - 16 0 3.8737 0 2 0 1 0 1 1 1 1 5

QUALCOMM INC USD 3.2 1 1 1 0 0 1 0 0 1 5 36157 10343 21567 5682 106574 9467 19121 33545 9.20 1.00 17.4 1 6 1 3 1 18 0 1.4887 0 3 0 1 0 1 1 1 1 5

RAYTHEON COMPANY USD 2.4 1 1 0 1 1 1 1 1 0 7 13930 3344 5095 2989 18880 18496 24414 8190 4.21 1.00 9.3 1 1 1 2 1 10 1 3.4746 0 4 0 1 0 1 1 1 1 5

STARBUCKS CORP USD 7.4 1 1 0 1 1 1 0 0 1 6 7676 1990 5069 1787 37997 3105 13300 5115 12.86 1.00 28.6 1 3 1 7 1 22 0 1.4198 0 3 0 0 0 1 1 1 1 4

SCHLUMBERGER LTD USD 2.6 1 1 1 1 1 1 1 0 1 8 42160 11788 22839 7520 92029 26689 42149 34858 4.84 1.00 16.6 1 2 1 3 1 14 0 1.5873 0 3 0 1 1 1 1 1 1 6

SOUTHERN CO/THE USD 2.0 1 1 0 1 1 0 0 1 0 5 63149 -852 9053 4444 37159 43770 16537 19379 1.18 1.00 16.2 1 2 1 2 1 8 1 4.5375 0 4 0 1 0 1 0 1 1 4

SIMON PROPERTY GROUP INC USD 8.3 1 1 1 1 1 - 0 - 0 5 32100 - -3310 1094 48991 25516 4880 7071 - - 33.5 1 10 1 8 1 19 0 2.5935 0 3 0 0 1 1 - 1 1 4

AT&T INC USD 2.0 1 1 1 1 0 0 1 0 1 6 143767 -9081 -5171 12997 188149 179620 127434 92695 1.59 1.00 14.6 1 2 1 2 1 5 1 5.2507 0 4 0 1 1 1 0 1 1 5

TARGET CORP USD 2.4 1 1 0 1 0 1 1 0 0 5 47939 2357 12579 5210 39460 31605 73301 16558 3.32 1.00 14.0 1 1 1 2 1 8 1 2.2567 0 4 0 1 0 1 0 1 1 4

TIME WARNER INC USD 1.5 1 1 1 1 1 0 1 1 0 7 28108 3459 -124717 6214 44578 38426 28729 29878 -3.58 0.00 14.2 1 2 1 1 1 13 0 2.1744 0 3 0 1 0 1 1 1 1 5

TEXAS INSTRUMENTS INC USD 3.1 1 1 0 1 0 1 1 1 0 6 12959 4800 8044 2687 34232 9060 12825 10961 5.86 1.00 17.3 1 3 1 3 1 10 0 2.3309 0 3 0 1 0 1 1 1 1 5

UNITEDHEALTH GROUP INC USD 1.8 1 1 0 1 0 0 1 1 0 5 44917 -6064 31102 9254 55271 47586 110618 33299 4.95 1.00 10.3 1 1 1 2 1 8 1 1.4749 0 4 0 1 0 1 - 1 1 4

UNION PACIFIC CORP USD 3.0 1 1 1 1 1 1 1 - 1 8 47153 495 14378 6745 59021 27276 20926 19877 2.86 1.00 15.3 1 3 1 3 1 10 1 1.9806 0 4 0 1 1 1 0 1 1 5

UNITED PARCEL SERVICE-CL B USD 15.1 1 1 0 1 1 0 1 0 0 5 36087 7201 4643 1343 70265 34130 54127 4733 3.57 1.00 16.4 1 1 1 15 0 10 1 3.0924 0 3 0 1 0 1 0 1 1 4

US BANCORP USD 1.7 1 1 1 1 1 - 1 - 0 6 342006 - 26007 7806 59696 313588 22202 40267 - - 11.1 1 3 1 2 1 8 1 2.4421 0 4 0 1 1 1 - 1 1 5

UNITED TECHNOLOGIES CORP USD 2.9 1 1 0 1 0 0 0 0 0 3 46419 5824 11938 7684 75355 62102 57708 27307 3.34 1.00 15.1 1 1 1 3 1 11 0 2.4753 0 3 0 1 0 1 1 1 1 5

VISA INC-CLASS A SHARES USD 3.9 1 1 0 1 0 0 1 - 1 5 16912 3832 7638 6239 108901 12383 10421 27630 14.48 1.00 18.9 1 7 1 4 1 14 0 0.6553 0 3 0 1 0 1 - 1 1 4

VERIZON COMMUNICATIONS INC USD 3.7 1 1 0 1 1 0 0 1 1 6 117406 -5721 -5130 13160 123690 139689 115846 85533 1.94 1.00 19.3 1 1 1 4 1 4 1 4.6568 0 4 0 1 0 1 - 1 1 4

WALGREEN CO USD 1.9 1 1 0 1 0 0 0 1 0 4 30015 2038 17220 3464 33759 15226 71633 18236 5.05 1.00 13.9 1 0 1 2 1 7 1 2.6566 0 4 0 1 0 1 1 1 1 5

WELLS FARGO & CO USD 1.2 1 1 1 1 1 - 0 - 0 5 1390064 - 75733 28471 180003 1264057 91247 158911 - - 10.0 1 2 1 1 1 3 1 2.5746 0 4 0 1 1 1 - 1 1 5

WILLIAMS COS INC USD 4.7 1 1 1 1 1 1 0 1 0 7 21974 375 -7098 1612 22296 16900 7486 7427 0.82 0.00 27.0 1 3 1 5 1 12 0 3.653 0 3 0 0 0 1 0 1 1 3

WAL-MART STORES INC USD 3.0 1 1 1 1 1 0 1 0 0 6 182608 -11878 72391 27801 231814 121367 469162 81738 4.78 1.00 13.9 1 1 1 3 1 9 1 2.2731 0 4 0 1 0 1 1 1 1 5

EXXON MOBIL CORP USD 2.3 1 1 1 1 1 1 1 0 0 7 333795 321 156210 49881 389648 162135 420714 171660 3.61 1.00 11.5 1 1 1 2 1 7 1 2.5188 0 4 1 1 1 1 1 1 1 7

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


27.09.2013

Apple Inc. designs, manufactures, and markets personal computers and related

personal computing and mobile communication devices along with a variety of

related software, services, peripherals, and networking solutions. The Company

sells its products worldwide through its online stores, its retail stores, its

direct sales force, third-party wholesalers, and resellers.

Latest Fiscal Year: 09/2012

LTM as of: 06/yy

52-Week High (27.09.2012) 682.14

52-Week Low (19.04.2013) 385.10

Daily Volume

483.06

52-Week High % Change -29.22% Dividend Yield 2.28

52-Week Low % Change 25.37% Beta 1.02

% 52 Week Price Range High/Low 34.04% Equity Float 908.08

Shares Out 12.07.2013 908.5 Short Int 17.87

438'858.56 1 Yr Total Return -27.45%

Total Debt 0.00 YTD Return -7.70%

Preferred Stock 0.0 Adjusted BETA 1.020

Minority Interest 0.0 Analyst Recs 66

Cash and Equivalents 121'251.00 Consensus Rating 4.242

Enterprise Value 309'196.56

Average Volume 5 Day 4'511'178

AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'556'753

AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'219'612

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

30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 148'812 169'404 170'118 181'349 36'658 54'815

2.39x 3.03x 3.32x 2.72x 3.23x 9.77x 7.96x 2.07x 1.84x 8.37x 5.39x

8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 55'846.0 55'868.0 54'803.8 58'597.3 11'372.5 18'295.0

10.14x 10.43x 11.17x 8.26x 8.63x 7.70x 4.13x 5.65x 5.28x 5.39x 5.27x

6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 40'133.0 37'748.0 36'654.5 38'288.8 7'113.7 12'209.8

18.91x 20.08x 19.30x 14.61x 15.11x 13.73x 9.90x 12.27x 11.25x 11.71x 11.21x

EBITDA 58'518.00 Long-Term Rating Date 23.04.2013

EBIT 55'241.00 Long-Term Rating AA+

Operating Margin 35.30% Long-Term Outlook STABLE

Pretax Margin 35.63% Short-Term Rating Date -

Return on Assets 20.81% Short-Term Rating -

Return on Common Equity 32.11%

Return on Capital 29.98% EBITDA/Interest Exp. -

Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -2.32

Gross Margin 43.9% Total Debt/EBITDA 0.30

EBITDA Margin 33.0%

EBIT Margin 29.5% Total Debt/Equity 0.0%

Net Income Margin 26.7% Total Debt/Capital 0.0%

Asset Turnover 0.93

Current Ratio 1.50 Net Fixed Asset Turnover 12.64

Quick Ratio 1.04 Accounts receivable turnover-days 17.72

Debt to Assets 0.00% Inventory Days 4.91

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 55.95

Accounts Receivable Turnover 20.54 Cash Conversion Cycle -52.97

Inventory Turnover 74.19

Fiscal Year Ended

Apple IncPrice/Volume

Valuation Analysis

652'271.00

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

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

BLACKROCK n/a ULT-AGG 47'045'851 5.18 (2'232'575) 25.09.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 44'504'335 4.9 1'256'511 30.06.2013 Unclassified

STATE STREET CORP n/a ULT-AGG 37'660'080 4.15 96'079 26.09.2013 Investment Advisor

FMR LLC n/a ULT-AGG 31'023'222 3.41 (3'724'460) 30.06.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'976'334 1.54 127'619 30.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 12'627'644 1.39 128'905 26.09.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'372'947 1.36 (189'644) 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 10'722'544 1.18 1'716'430 31.08.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'012'335 1.1 (3'713'885) 31.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'745'254 0.96 (2'914'459) 30.06.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 8'667'987 0.95 (3'391'234) 30.06.2013 Investment Advisor

UBS AG n/a ULT-AGG 8'515'262 0.94 (32'898) 31.08.2013 Unclassified

NORGES BANK NORGES BANK 13F 7'531'087 0.83 - 31.12.2012 Government

MORGAN STANLEY n/a ULT-AGG 7'243'095 0.8 149'878 30.08.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 6'697'150 0.74 (4'019'911) 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 6'632'228 0.73 32'609 31.07.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'621'520 0.73 114'211 30.06.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'616'945 0.73 (702'827) 30.06.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 6'241'153 0.69 (336'309) 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 6'213'156 0.68 (737'891) 31.07.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 27.09.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 550 Not Provided 27.09.2013

Jefferies PETER J MISEK hold 3 M 425 12 month 26.09.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M 482 12 month 26.09.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 640 12 month 26.09.2013

Evercore Partners ROBERT CIHRA overweight 5 M 600 12 month 25.09.2013

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 25.09.2013

Societe Generale ANDY PERKINS hold 3 M 500 12 month 24.09.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 24.09.2013

Robert W. Baird & Co WILLIAM V POWER neutral 3 M 525 12 month 24.09.2013

Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 24.09.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.09.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 U 625 12 month 24.09.2013

Barclays BENJAMIN A REITZES overweight 5 M 540 Not Provided 24.09.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 24.09.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 480 Not Provided 23.09.2013

Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 575 12 month 23.09.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 560 12 month 23.09.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 550 12 month 23.09.2013

Credit Suisse KULBINDER GARCHA neutral 3 M 525 Not Provided 23.09.2013

Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 23.09.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 23.09.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 23.09.2013

Raymond James TAVIS C MCCOURT strong buy 5 M 675 12 month 23.09.2013

Cantor Fitzgerald BRIAN J WHITE buy 5 M 777 12 month 23.09.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 Not Provided 23.09.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 540 18 month 23.09.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 520 12 month 23.09.2013

ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 23.09.2013

Nomura STUART JEFFREY neutral 3 M 480 12 month 23.09.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M 550 12 month 23.09.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 23.09.2013

S&P Capital IQ SCOTT H KESSLER buy 5 M 590 12 month 23.09.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 570 12 month 23.09.2013

Cross Research SHANNON S CROSS buy 5 M 585 12 month 23.09.2013

BTIG LLC WALTER P PIECYK JR buy 5 M 540 12 month 23.09.2013

FBN Securities SHEBLY SEYRAFI outperform 5 M 625 12 month 23.09.2013

Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.09.2013

Stifel AARON C RAKERS buy 5 M 540 12 month 16.09.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 590 12 month 12.09.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 570 Not Provided 12.09.2013

Calamatta Cuschieri TEAM COVERAGE hold 3 M 490 12 month 12.09.2013

Creative Global Investments CARLO R BESENIUS sell 1 M #N/A N/A Not Provided 12.09.2013

Holdings By:

Apple Inc ee


27.09.2013

AbbVie Inc. researches and develops pharmaceutical products. The Company

produces pharmaceutical drugs for specialty therapeutic areas such as

immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and

neuroscience. AbbVie also offers treatments for diseases including Multiple

Sclerosis, Parkinson's, and Alzheimer's disease.


LTM as of: 06/yy

52-Week High (18.09.2013) 48.41

52-Week Low (17.12.2012) 32.51

Daily Volume

44.19

52-Week High % Change -8.76% Dividend Yield -

52-Week Low % Change 35.93% Beta -

% 52 Week Price Range High/Low 78.55% Equity Float 1'584.68

Shares Out 30.06.2013 1'585.4 Short Int 11.56

70'060.09 1 Yr Total Return -

Total Debt 17'911.00 YTD Return 33.31%

Preferred Stock 0.0 Adjusted BETA -





ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'304'774

ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'201'625


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

- 14'214.2 15'637.7 17'444.0 18'380.0 0.0 9'021.0 18'598.4 19'037.7 4'544.2 5'133.2

- - - - 3.47x #DIV/0! 16.60x 4.29x 4.07x - -

- 5'799.3 6'214.3 5'565.4 7'255.0 0.0 3'291.0 7'459.3 7'547.3 1'868.5 2'020.0

- - - - 8.80x 0.00x 0.00x 10.65x 10.53x 10.61x 10.61x

- 4'636.5 4'177.9 3'433.1 5'275.0 0.0 2'036.0 5'066.7 5'176.6 1'254.2 1'399.6

- - - - 9.26x 0.00x 0.00x 14.10x 13.70x 14.12x 14.03x


EBIT 6'105.00 Long-Term Rating A

Operating Margin 33.22% Long-Term Outlook POS

Pretax Margin 31.15% Short-Term Rating Date 26.10.2012

Return on Assets - Short-Term Rating A-1

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 86.37

Asset Turnover - (EBITDA-Capex)/Interest Exp. 82.40

Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 532.6%


Asset Turnover -

Current Ratio 2.27 Net Fixed Asset Turnover -

Quick Ratio 1.71 Accounts receivable turnover-days -

Debt to Assets 66.32% Inventory Days -

Tot Debt to Common Equity 532.59% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -260.37

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AbbVie IncPrice/Volume

Valuation Analysis

290'621.00


'

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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'&''

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27.09.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 133'184'402 8.4 1'230'924 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 82'921'627 5.23 - 25.09.2013 Investment Advisor


STATE STREET CORP n/a ULT-AGG 72'318'327 4.56 (976'417) 26.09.2013 Investment Advisor

FMR LLC n/a ULT-AGG 58'535'074 3.69 6'007'621 30.06.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'305'991 1.66 (77'137) 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'646'826 1.49 (1'032'507) 30.06.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 21'835'391 1.38 2'672'971 30.06.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 18'605'668 1.17 1'517'430 30.06.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.95 - 30.06.2013 Insurance Company

ALLIANZ ASSET MANAGE n/a ULT-AGG 13'084'054 0.83 10'008'996 31.08.2013 Investment Advisor

UBS AG n/a ULT-AGG 12'731'043 0.8 909'756 30.06.2013 Unclassified

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'040'172 0.76 (186'820) 30.06.2013 Investment Advisor



AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'541'028 0.66 3'152'787 30.06.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 10'095'596 0.64 (22'700) 30.06.2013 Insurance Company

JP MORGAN n/a ULT-AGG 10'001'267 0.63 2'277'222 31.07.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'445'025 0.6 927'926 30.06.2013 Investment Advisor

FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'842'342 0.56 503'203 30.06.2013 Investment Advisor


UBS MARC GOODMAN neutral 3 M 46 12 month 25.09.2013

Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 49 12 month 23.09.2013

Cowen and Company STEVEN R SCALA outperform 5 M 52 12 month 23.09.2013

Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 20.09.2013

Goldman Sachs JAMI E RUBIN buy/attractive 5 M 54 12 month 17.09.2013

Jefferies JEFFREY HOLFORD buy 5 M 54 12 month 10.09.2013

Argus Research Corp DAVID H TOUNG buy 5 M 52 Not Provided 04.09.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 44 Not Provided 03.09.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.08.2013

Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 29.07.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 46 15 month 29.07.2013

Spin-Off Research TEAM COVERAGE hold 3 M 48 12 month 29.07.2013

BMO Capital Markets ALEX ARFAEI market perform 3 M 48 Not Provided 26.07.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 44 12 month 31.05.2013

Holdings By:

AbbVie Inc ee


27.09.2013

Abbott Laboratories discovers, develops, manufactures, and sells a broad and

diversified line of health care products and services. The Company's products

include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott

markets its products worldwide through affiliates and distributors.


LTM as of: 06/yy

52-Week High (22.05.2013) 38.77

52-Week Low (19.11.2012) 29.98

Daily Volume

33.28





51'721.29 1 Yr Total Return 2.28%







ABT UN EQUITY YTD Change - Average Volume 30 Day 2'048'684

ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'023'911


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

29'527.6 30'764.7 35'166.7 38'851.3 21'494.0 30'790.6 21'720.9 22'104.3 23'299.4 5'435.1 5'792.0

3.02x 2.94x 2.49x 2.46x 5.06x 12.91x 4.95x 2.43x 2.25x 9.96x 9.25x

8'315.9 8'495.3 9'025.1 9'468.3 - 7'071.8 2'098.9 5'032.1 5'511.0 1'062.7 1'238.0

10.73x 10.63x 9.71x 10.11x - 15.52x 0.00x 10.01x 9.14x 11.77x 11.49x

4'880.7 5'745.8 4'626.2 4'728.4 579.0 4'888.9 837.7 3'174.9 3'515.7 813.2 958.8

16.08x 13.83x 11.61x 12.57x 37.64x 19.79x 22.11x 16.58x 14.92x 15.68x 15.34x

EBITDA - Long-Term Rating Date 26.10.2012

EBIT 1'894.00 Long-Term Rating A+



Return on Assets 1.60% Short-Term Rating A-1+


Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 54.3% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.41





Accounts Receivable Turnover 4.06 Cash Conversion Cycle 199.80



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Abbott LaboratoriesPrice/Volume

Valuation Analysis

753'502.00


'2

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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

'&''

-&''

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27.09.2013


BLACKROCK n/a ULT-AGG 101'171'878 6.51 3'604'868 25.09.2013 Investment Advisor





JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 18'950'985 1.22 5'526'254 30.06.2013 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 17'586'829 1.13 3'101'394 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 16'643'116 1.07 217'295 31.07.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 15'536'052 1 13'591 30.06.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'198'300 0.98 137'300 30.06.2013 Insurance Company

MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 14'925'658 0.96 1'213'981 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 14'885'546 0.96 (353'589) 30.06.2013 Investment Advisor


SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 14'418'305 0.93 (136'373) 30.06.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'167'372 0.91 (1'736'342) 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 13'609'140 0.88 (9'359'000) 30.06.2013 Investment Advisor



PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 11'825'547 0.76 141'800 30.06.2013 Investment Advisor

UBS AG n/a ULT-AGG 11'645'890 0.75 (2'469'877) 30.06.2013 Unclassified


JPMorgan MICHAEL N WEINSTEIN neutral 3 M 36 3 month 27.09.2013

Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 36 12 month 25.09.2013

Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 24.09.2013

Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 24.09.2013

BMO Capital Markets JOANNE K WUENSCH outperform 5 M 40 Not Provided 23.09.2013

RBC Capital Markets GLENN J NOVARRO outperform 5 M 42 12 month 16.09.2013

Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M 37 12 month 16.09.2013

Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.09.2013


Stifel FREDERICK A WISE buy 5 M 44 12 month 09.09.2013

Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 41 12 month 30.08.2013

Barclays MATTHEW TAYLOR equalweight 3 M 37 Not Provided 15.08.2013

Deutsche Bank KRISTEN M STEWART hold 3 M 35 12 month 12.08.2013

Cowen and Company JOSHUA JENNINGS outperform 5 M 41 12 month 06.08.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 05.08.2013

Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 19.07.2013

Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 19.07.2013


Credit Suisse BRUCE NUDELL neutral 3 M 40 Not Provided 17.07.2013

Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 40 12 month 17.07.2013

Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 17.07.2013

S&P Capital IQ JEFFREY LOO hold 3 M 40 12 month 17.07.2013

Gabelli & Co JENNIE TSAI buy 5 M #N/A N/A Not Provided 17.07.2013

Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 36 12 month 17.07.2013

First Global Stockbroking KAVITA THOMAS long-term outperform 5 M #N/A N/A Not Provided 26.04.2012

Holdings By:

Abbott Laboratories ee


27.09.2013

Accenture PLC provides management and technology consulting services and

solutions. The Company delivers a range of specialized capabilities and

solutions to clients across all industries on a worldwide basis. Accenture's

network of businesses provides consulting, technology, outsourcing, and

alliances.


LTM as of: 08/yy

52-Week High (22.05.2013) 84.22

52-Week Low (15.11.2012) 64.30

Daily Volume

73.51





50'505.52 1 Yr Total Return 14.94%

Total Debt 25.60 YTD Return 11.70%






ACN UN EQUITY YTD Change - Average Volume 30 Day 765'111

ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 873'872


31.08.2009 31.08.2010 31.08.2011 31.08.2012 31.08.2013 08/yy 08/yy 08/14 Y 08/15 Y 11/13 Q1 02/14 Q2

23'171.0 23'094.1 27'352.9 29'778.0 30'394.3 29'778.0 30'394.3 29'528.0 31'300.9 7'267.2 7'285.6

0.85x 0.90x 1.19x 1.19x 1.44x 4.74x 5.94x 1.49x 1.39x 6.33x 6.18x

3'391.7 3'399.1 3'985.2 4'466.8 4'659.7 4'466.8 4'659.7 4'847.2 5'143.6 1'208.8 1'122.7

5.79x 6.14x 8.16x 7.95x 9.41x 7.95x 9.41x 9.36x 8.82x 9.37x 9.19x

1'590.0 1'780.7 2'277.7 2'553.5 3'281.9 2'553.5 3'281.9 3'081.9 3'311.6 762.3 716.0

12.48x 13.72x 15.75x 16.03x 15.43x 16.03x 16.15x 16.38x 14.96x 16.37x 16.00x







Return on Capital 70.77% EBITDA/Interest Exp. 332.00

Asset Turnover 1.81% (EBITDA-Capex)/Interest Exp. 305.67



EBITDA Margin 15.3%



Asset Turnover 1.81







Fiscal Year Ended

Accenture PLCPrice/Volume

Valuation Analysis

603'072.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'&''

.&''

1&''

3&''

5&''

-'&''

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27.09.2013


SUN LIFE FINANCIAL I n/a ULT-AGG 42'935'093 6.66 672'205 30.06.2013 Investment Advisor



BLACKROCK n/a ULT-AGG 30'588'438 4.74 (603'991) 25.09.2013 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 17'126'366 2.66 (2'565'461) 30.06.2013 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'235'714 2.05 (725'400) 30.06.2013 Investment Advisor


THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 9'884'643 1.53 (1'582'517) 30.06.2013 Investment Advisor

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'743'138 1.36 178'141 30.06.2013 Investment Advisor

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 8'091'687 1.25 (1'017'039) 30.06.2013 Hedge Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'835'245 1.22 414'855 30.06.2013 Investment Advisor


BROWN ADVISORY INC n/a ULT-AGG 6'891'793 1.07 211'548 30.06.2013 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'242'350 0.97 (1'426) 30.06.2013 Investment Advisor


MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'767'422 0.89 1'380'363 30.06.2013 Investment Advisor


BMO Capital Markets KEITH F BACHMAN market perform 3 M 77 12 month 27.09.2013

Societe Generale RICHARD NGUYEN sell 1 M 70 12 month 27.09.2013


JPMorgan TIEN-TSIN HUANG overweight 5 M 83 3 month 27.09.2013

Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 82 12 month 27.09.2013

Stifel DAVID M GROSSMAN buy 5 M 86 12 month 27.09.2013

Cowen and Company MOSHE KATRI outperform 5 M 92 12 month 27.09.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 85 12 month 27.09.2013

Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 85 12 month 27.09.2013

Deutsche Bank BRYAN KEANE buy 5 M 82 12 month 26.09.2013

Credit Suisse GEORGE MIHALOS neutral 3 M 75 Not Provided 26.09.2013

Jefferies JASON KUPFERBERG hold 3 M 71 12 month 26.09.2013

Raymond James BRIAN GESUALE market perform 3 M #N/A N/A Not Provided 26.09.2013

Evercore Partners DAVID M TOGUT overweight 5 M 85 12 month 26.09.2013

Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 26.09.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 88 12 month 25.09.2013

Barclays DARRIN D PELLER equalweight 3 M 80 Not Provided 24.09.2013

UBS STEVEN M MILUNOVICH neutral 3 M 80 12 month 23.09.2013

Robert W. Baird & Co DAVID J KONING outperform 5 M 86 12 month 23.09.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 05.09.2013

Argus Research Corp JAMES KELLEHER hold 3 D #N/A N/A Not Provided 02.07.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.07.2013

Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 85 12 month 28.06.2013

BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 75 12 month 28.06.2013

Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 28.06.2013

S&P Capital IQ DYLAN CATHERS hold 3 D 85 12 month 30.05.2013

Holdings By:

Accenture PLC ee


27.09.2013

American Electric Power Company, Inc.(AEP)is a public utility holding company.

The Company provides electric service, consisting of generation, transmission

and distribution, on an integrated basis to their retail customers. AEP serves

portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,

Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.


LTM as of: 06/yy

52-Week High (01.05.2013) 51.59

52-Week Low (21.11.2012) 40.57

Daily Volume

43.46





21'155.14 1 Yr Total Return 3.44%




Cash and Equivalents 603.00 Consensus Rating 4.000


Average Volume 5 Day 907'655

AEP UN EQUITY YTD Change - Average Volume 30 Day 829'220

AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 816'807


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

14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 14'953.0 15'177.0 15'846.9 16'104.6 4'576.3 3'709.7

2.18x 2.48x 2.41x 2.49x 2.60x 9.82x 10.58x 2.50x 2.50x 8.65x 10.68x

4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'717.0 4'815.0 4'776.9 4'925.9 1'431.3 886.0

7.70x 7.55x 7.83x 7.98x 7.97x 7.90x 8.42x 8.36x 8.10x 8.46x 8.43x

1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'991.0 1'209.0 1'532.8 1'623.0 524.3 257.3

9.82x 11.71x 12.96x 12.02x 13.82x 12.66x 14.72x 13.83x 13.14x 13.39x 13.37x


EBIT 2'956.00 Long-Term Rating BBB



Return on Assets 2.23% Short-Term Rating A-2




Net Debt/EBITDA 3.89


EBITDA Margin 31.7%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American Electric Power Co IncPrice/Volume

Valuation Analysis

111'026.00


'

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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

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27.09.2013



VANGUARD GROUP INC n/a ULT-AGG 24'799'528 5.09 956'586 30.06.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 15'383'218 3.16 (4'880'462) 30.06.2013 Investment Advisor



SUN LIFE FINANCIAL I n/a ULT-AGG 6'816'651 1.4 1'102'466 30.06.2013 Investment Advisor




BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'475'587 1.12 149 30.06.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'078'836 1.04 (35'050) 30.06.2013 Investment Advisor

AJO, LP AJO, LP 13F 4'895'200 1.01 1'595'400 30.06.2013 Investment Advisor





EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 3'666'397 0.75 (763'181) 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'598'952 0.74 480'774 31.07.2013 Investment Advisor

ROBECO n/a ULT-AGG 3'483'118 0.72 (858'463) 30.06.2013 Unclassified


SunTrust Robinson Humphrey ALI AGHA buy 5 M 48 12 month 23.09.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 50 12 month 23.09.2013

Wells Fargo Securities, LLC NEIL A KALTON outperform 5 U #N/A N/A Not Provided 23.09.2013

Wolfe Research STEVEN I FLEISHMAN outperform 5 M 51 12 month 23.09.2013

ISI Group GREG GORDON buy 5 M 48 12 month 19.09.2013

BGC Partners KIT KONOLIGE buy 5 M 53 12 month 16.09.2013

Macquarie ANGIE STOROZYNSKI neutral 3 M 48 12 month 03.09.2013

RBC Capital Markets SHELBY G TUCKER sector perform 3 M 49 12 month 30.08.2013

UBS JULIEN DUMOULIN-SMITH neutral 3 M 45 12 month 22.08.2013

Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 21.08.2013

BMO Capital Markets MICHAEL S WORMS market perform 3 M 48 Not Provided 20.08.2013

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 44 12 month 16.08.2013

Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 47 12 month 15.08.2013

Credit Suisse DANIEL EGGERS outperform 5 M 53 Not Provided 01.08.2013

Jefferies PAUL B FREMONT buy 5 M 53 12 month 01.08.2013

Argus Research Corp MICHAEL BURKE buy 5 M 52 12 month 31.07.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 49 12 month 26.07.2013

JPMorgan CHRISTOPHER TURNURE neutral 3 M 51 15 month 26.07.2013

Hilliard Lyons DAVID B BURKS buy 5 M 51 12 month 25.07.2013

Barclays DANIEL F FORD overweight 5 M 52 Not Provided 25.07.2013

KeyBanc Capital Markets PAUL T RIDZON buy 5 M 52 12 month 22.04.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.03.2013

Holdings By:

American Electric Power Co Inc ee


27.09.2013

American International Group, Inc. is an international insurance organization

serving commercial, institutional and individual customers. AIG provides

property-casualty insurance, life insurance and retirement services.


LTM as of: 06/yy

52-Week High (18.09.2013) 50.99

52-Week Low (14.11.2012) 30.64

Daily Volume

49.14





72'547.88 1 Yr Total Return 48.31%



Minority Interest 1'001.0 Analyst Recs 25




AIG UN EQUITY YTD Change - Average Volume 30 Day 1'848'790

AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'204'004


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

6'896.0 75'352.0 77'526.0 59'812.0 65'656.0 62'813.0 66'705.0 49'775.0 51'238.3 13'175.5 13'335.5

38.32x 3.38x 2.92x 2.13x 1.53x 8.20x 6.48x - - - -

- - - - - 0.0 0.0 - - - -

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

(99'289.0) (10'949.0) 7'786.0 20'622.0 3'438.0 23'029.0 2'835.0 6'693.9 6'210.4 1'316.3 1'367.2

- - - 33.29x 8.98x 18.11x 12.23x 11.57x 11.43x 12.55x 12.08x


EBIT - Long-Term Rating A-

Operating Margin 17.75% Long-Term Outlook NEG






Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.12

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

American International Group IncPrice/Volume

Valuation Analysis

393'484.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

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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

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27.09.2013


FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 86'148'865 5.84 248'788 30.06.2013 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 31'627'087 2.14 (409'145) 31.08.2013 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'475'244 1.79 938'943 30.06.2013 Investment Advisor

ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 22'203'948 1.5 (3'419'419) 30.06.2013 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'464'525 1.32 512'410 30.06.2013 Investment Advisor


WADDELL & REED FINAN n/a ULT-AGG 17'089'155 1.16 (124'650) 30.06.2013 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 15'737'474 1.07 457'142 30.06.2013 Investment Advisor

STARR INTERNATIONAL STARR INTERNATIONAL 13F 15'463'715 1.05 950'362 30.06.2013 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 15'396'372 1.04 (1'974'762) 30.06.2013 Investment Advisor



CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'344'650 0.9 13'344'650 30.06.2013 Investment Advisor


PERRY CORP PERRY CORPORATION 13F 11'745'789 0.8 (1'411'471) 30.06.2013 Hedge Fund Manager


Nomura CLIFFORD H GALLANT III neutral 3 M 49 12 month 20.09.2013

Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 20.09.2013

FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 19.09.2013

Guggenheim Securities LLC BIJAN MOAZAMI neutral 3 N 54 12 month 17.09.2013

Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 60 12 month 16.09.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 12.09.2013

Argus Research Corp JOHN M EADE buy 5 M 55 Not Provided 05.09.2013

Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 55 12 month 31.08.2013

Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 46 12 month 30.08.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 55 12 month 26.08.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 58 Not Provided 26.08.2013

Deutsche Bank JOSHUA D SHANKER buy 5 M 56 12 month 12.08.2013

BMO Capital Markets CHARLES J SEBASKI outperform 5 M 55 Not Provided 07.08.2013

Sterne, Agee & Leach JOHN M NADEL neutral 3 M 50 12 month 07.08.2013

Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 06.08.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 05.08.2013

Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 49 12 month 02.08.2013

UBS BRIAN MEREDITH neutral 3 M 48 12 month 02.08.2013

JPMorgan JIMMY S BHULLAR neutral 3 M 49 15 month 02.08.2013

Macquarie AMIT KUMAR outperform 5 M 57 12 month 02.08.2013

Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 02.08.2013

Barclays JAY H GELB overweight 5 M 56 Not Provided 02.08.2013

Evercore Partners MARK FINKELSTEIN equalweight 3 M 50 12 month 01.08.2013

Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 05.04.2013

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

Holdings By:

American International Group Inc ee


27.09.2013

The Allstate Corporation, through its subsidiaries, provides property-liability

insurance, as well as other types of insurance in the United States and Canada.

The Company primarily sells private passenger automobile and homeowners

insurance through independent and specialized brokers. Allstate also sells life

insurance, annuity, and group pension products through agents.


LTM as of: 06/yy

52-Week High (20.09.2013) 52.98

52-Week Low (02.11.2012) 37.92

Daily Volume

51.05





23'658.99 1 Yr Total Return 31.12%







ALL UN EQUITY YTD Change - Average Volume 30 Day 645'038

ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 685'033


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

29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 33'118.0 33'925.0 33'900.3 34'161.7 8'359.6 8'419.6

0.78x 0.67x 0.71x 0.59x 0.74x 2.43x 3.12x 0.91x 0.87x - -

- - - - - 0.0 0.0 - - - -

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

(1'679.0) 854.0 928.0 787.0 2'306.0 2'076.0 2'260.0 2'243.2 2'270.8 493.3 586.9

10.17x 8.26x 11.23x 20.83x 9.12x 8.89x 10.44x 10.48x 9.86x 10.33x 10.28x

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.27







Fiscal Year Ended

Allstate Corp/ThePrice/Volume

Valuation Analysis

79'843.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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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

'&''

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27.09.2013



VANGUARD GROUP INC n/a ULT-AGG 22'027'232 4.75 (113'723) 30.06.2013 Unclassified





INVESCO LTD n/a ULT-AGG 10'120'007 2.18 (1'139'630) 26.09.2013 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'675'447 1.66 62'684 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'368'221 1.59 80'047 30.06.2013 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 7'284'400 1.57 2'683'000 30.06.2013 Hedge Fund Manager

NORTHERN TRUST CORPO n/a Research 7'163'891 1.55 - 31.12.2012 Investment Advisor


LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'538'368 1.41 71'090 30.06.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 6'297'100 1.36 564'304 31.07.2013 Investment Advisor


LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'436'559 1.17 673'432 30.06.2013 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'238'119 0.91 (2'227'892) 30.06.2013 Hedge Fund Manager

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'225'035 0.91 287'185 30.06.2013 Hedge Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'111'749 0.89 (3'100'117) 30.06.2013 Investment Advisor

AJO, LP AJO, LP 13F 3'908'300 0.84 (984'700) 30.06.2013 Investment Advisor


Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 54 12 month 23.09.2013

Nomura CLIFFORD H GALLANT III neutral 3 M 54 12 month 20.09.2013


Credit Suisse MICHAEL ZAREMSKI outperform 5 M 62 Not Provided 19.09.2013

Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 19.09.2013

FBR Capital Markets RANDY BINNER market perform 3 M 50 12 month 19.09.2013

MKM Partners HARRY FONG buy 5 M 60 12 month 19.09.2013

Guggenheim Securities LLC BIJAN MOAZAMI buy 5 N 63 12 month 17.09.2013

Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 55 12 month 16.09.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 16.09.2013

Wells Fargo Securities, LLC JOHN A HALL outperform 5 U #N/A N/A Not Provided 12.09.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 60 12 month 04.09.2013

Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 55 12 month 31.08.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 29.08.2013


Raymond James C GREGORY PETERS strong buy 5 M 60 12 month 12.08.2013

Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 09.08.2013

Evercore Partners VINAY MISQUITH overweight 5 M 57 12 month 05.08.2013

Deutsche Bank JOSHUA D SHANKER hold 3 D 57 12 month 04.08.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 02.08.2013

UBS BRIAN MEREDITH neutral 3 M 54 12 month 02.08.2013

RBC Capital Markets MARK A DWELLE outperform 5 M 60 12 month 01.08.2013

SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M 55 12 month 01.08.2013

Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 53 12 month 01.08.2013

JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 01.08.2013


Macquarie AMIT KUMAR neutral 3 M 52 12 month 15.07.2013

Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 60 12 month 03.05.2013

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

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

Holdings By:

Allstate Corp/The ee


27.09.2013

Amgen Inc. is an independent biotechnology medicines company that discovers,

develops, manufactures and markets medicines for grievous illnesses. The

Company focuses solely on human therapeutics and concentrates on innovating

novel medicines based on advances in cellular and molecular biology.


LTM as of: 06/yy

52-Week High (18.09.2013) 117.89

52-Week Low (22.01.2013) 81.56

Daily Volume

114.06





85'927.80 1 Yr Total Return 37.88%







AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'106'856

AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'074'509


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

15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 16'442.0 17'657.0 18'243.2 19'023.3 4'579.6 4'741.1

4.02x 3.65x 3.13x 3.33x 3.92x 12.77x 16.38x 4.78x 4.31x - -

6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'807.0 6'617.0 7'587.3 8'534.3 1'693.0 1'670.5

9.59x 7.94x 7.05x 9.66x 10.15x 9.99x 11.51x 11.56x 10.28x - -

4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'838.0 4'587.0 5'610.3 6'167.5 1'355.8 1'321.8

12.89x 12.60x 11.66x 13.74x 15.07x 13.63x 16.12x 15.49x 14.01x 15.49x 14.69x











EBITDA Margin 37.5%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amgen IncPrice/Volume

Valuation Analysis

222'237.00


'

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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

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27.09.2013





PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 37'348'991 4.96 (2'536'436) 30.06.2013 Investment Advisor






FRANKLIN RESOURCES n/a ULT-AGG 10'401'459 1.38 1'074 30.06.2013 Investment Advisor


ROBECO n/a ULT-AGG 8'822'756 1.17 (2'175'754) 30.06.2013 Unclassified

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'670'619 1.02 405'015 30.06.2013 Investment Advisor





LEGG MASON INC Multiple Portfolios MF-AGG 5'328'117 0.71 37'475 30.06.2013 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 5'306'091 0.7 (304'565) 30.06.2013 Investment Advisor


Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 115 12 month 25.09.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 128 12 month 25.09.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 116 Not Provided 24.09.2013


William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 12.09.2013

Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 140 12 month 11.09.2013

Cowen and Company ERIC SCHMIDT outperform 5 M 121 12 month 06.09.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 138 12 month 03.09.2013


UBS MATTHEW RODEN buy 5 M 124 12 month 02.09.2013

Leerink Swann & Co HOWARD LIANG market perform 3 M 128 12 month 28.08.2013

Oppenheimer & Co BORIS PEAKER market perform 3 M 109 12 month 27.08.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 120 Not Provided 26.08.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 115 15 month 26.08.2013

Jefferies EUN K YANG buy 5 M 130 12 month 26.08.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 119 12 month 26.08.2013

Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 26.08.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 122 12 month 26.08.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 108 12 month 26.08.2013

S&P Capital IQ STEVEN SILVER buy 5 M 128 12 month 26.08.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 125 12 month 25.08.2013

Brean Capital LLC GENE MACK buy 5 M 119 12 month 19.08.2013


Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 05.08.2013


Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 26.06.2013

Goldman Sachs TERENCE FLYNN buy/attractive 5 U 130 12 month 01.05.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012

Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012

Holdings By:

Amgen Inc ee


27.09.2013

Amazon.com, Inc. is an online retailer that offers a wide range of products.

The Company's products include books, music, videotapes, computers,

electronics, home and garden, and numerous other products. Amazon offers

personalized shopping services, Web-based credit card payment, and direct

shipping to customers.


LTM as of: 06/yy

52-Week High (20.09.2013) 320.50

52-Week Low (15.11.2012) 218.23

Daily Volume

315.9





144'329.50 1 Yr Total Return 23.06%







AMZN UW EQUITY YTD Change - Average Volume 30 Day 605'400

AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 660'490


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

19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 54'326.0 66'848.0 74'466.5 90'585.8 16'759.3 25'883.2

0.98x 2.19x 2.15x 1.49x 1.75x 6.43x 6.83x 1.83x 1.46x 8.40x 5.22x

1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 2'217.0 3'309.0 4'717.0 6'532.3 995.3 1'633.5

16.55x 35.69x 37.21x 36.75x 37.68x 44.31x 37.22x 29.75x 21.48x 25.85x 24.35x

645.0 902.0 1'152.0 631.0 (39.0) 377.0 (102.0) 1'272.6 2'270.0 200.8 607.5

36.89x 63.60x 71.15x 126.35x - 342.43x 0.00x 120.99x 62.20x 93.13x 82.74x


EBIT 676.00 Long-Term Rating AA-



Return on Assets -0.40% Short-Term Rating NR

Return on Common Equity -1.26%

Return on Capital -1.72% EBITDA/Interest Exp. 30.82

Asset Turnover 2.64% (EBITDA-Capex)/Interest Exp. -10.33



EBITDA Margin 5.0%


Net Income Margin -0.1% Total Debt/Capital 34.9%

Asset Turnover 2.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amazon.com IncPrice/Volume

Valuation Analysis

228'856.00


'

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60'000.0

70'000.0

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

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27.09.2013


BEZOS JEFFREY P n/a Form 4 85'970'020 18.82 (385'062) 06.08.2013 n/a


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'178'535 4.64 845'001 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 18'938'557 4.15 36'061 25.09.2013 Investment Advisor


FMR LLC n/a ULT-AGG 14'986'761 3.28 176'070 30.06.2013 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'767'270 2.58 (128'099) 30.06.2013 Investment Advisor

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'359'285 1.83 123'765 30.06.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 5'575'330 1.22 (582'890) 31.07.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 5'458'160 1.19 (355'458) 30.06.2013 Investment Advisor



TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'250'800 0.93 (9'602) 30.06.2013 Investment Advisor



WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'357'193 0.73 (35'608) 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 3'153'665 0.69 5'237 30.08.2013 Investment Advisor


Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 400 12 month 27.09.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M 347 12 month 26.09.2013

Morgan Stanley DAVID GOBER Overwt/Attractive 5 M 314 12 month 25.09.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 25.09.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 375 12 month 25.09.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 25.09.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 25.09.2013

Stifel JORDAN ROHAN buy 5 M 335 12 month 23.09.2013

Lazard Capital Markets BRETT FODERO buy 5 M 340 12 month 23.09.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 315 12 month 20.09.2013

CRT Capital Group NEIL A DOSHI buy 5 M 350 Not Provided 19.09.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 19.09.2013

Evercore Partners KEN SENA overweight 5 M 350 12 month 18.09.2013

ISI Group GREGORY MELICH buy 5 M 340 12 month 16.09.2013

B Riley & Co SCOTT TILGHMAN buy 5 M 340 Not Provided 13.09.2013


Wedbush MICHAEL PACHTER neutral 3 N 330 12 month 10.09.2013

Susquehanna Financial Group BRIAN NOWAK Positive 4 M 370 12 month 10.09.2013

Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 10.09.2013

Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 04.09.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 330 12 month 28.08.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 305 Not Provided 20.08.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 19.08.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 09.08.2013

SunTrust Robinson Humphrey ROBERT S PECK buy 5 M 370 12 month 06.08.2013

Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 29.07.2013

Jefferies BRIAN J PITZ buy 5 M 350 12 month 29.07.2013

BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 310 Not Provided 26.07.2013

Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 26.07.2013

Credit Suisse STEPHEN JU outperform 5 M 330 Not Provided 26.07.2013

UBS ERIC J SHERIDAN neutral 3 M 305 12 month 26.07.2013

JPMorgan DOUGLAS ANMUTH neutral 3 M 285 15 month 26.07.2013

Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 26.07.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 26.07.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 26.07.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 325 12 month 26.07.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.07.2013

Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 367 12 month 26.07.2013

BGC Partners COLIN W GILLIS hold 3 M 245 12 month 26.07.2013

JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 26.07.2013

S&P Capital IQ MICHAEL SOUERS hold 3 M 300 Not Provided 26.07.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 26.07.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 350 12 month 26.07.2013

Holdings By:

Amazon.com Inc ee


27.09.2013

Apache Corporation is an independent energy company. The Company explores for,

develops, and produces natural gas, crude oil, and natural gas liquids. The

Company has operations in the United States, Canada, Egypt, Australia, offshore

the United Kingdom in the North Sea, and Argentina.


LTM as of: 06/yy

52-Week High (18.09.2013) 89.16

52-Week Low (22.04.2013) 67.91

Daily Volume

86.77





33'790.23 1 Yr Total Return 0.84%


Preferred Stock 1'227.0 Adjusted BETA 1.418





APA UN EQUITY YTD Change - Average Volume 30 Day 824'531

APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 791'430


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

12'327.8 8'573.9 12'183.0 16'810.0 16'947.0 16'990.0 16'799.0 16'717.2 16'303.0 4'213.4 4'004.6

2.27x 4.40x 4.50x 2.55x 2.61x 10.27x 10.76x 2.72x 2.80x 11.09x 11.50x

8'988.1 2'922.8 8'792.0 12'397.0 12'051.0 12'362.0 11'703.0 11'532.7 11'201.8 2'872.1 2'742.8

3.11x 12.91x 6.24x 3.46x 3.66x 3.68x 3.97x 4.12x 4.25x 4.37x 4.42x

712.0 (284.4) 3'032.0 4'584.0 2'001.0 3'344.0 2'600.0 3'328.9 3'160.7 825.8 772.2

35.66x 20.10x 13.32x 7.53x 8.43x 7.29x 9.63x 10.65x 10.92x 11.10x 11.34x


EBIT 4'942.00 Long-Term Rating A-









EBITDA Margin 69.7%



Asset Turnover 0.28







Fiscal Year Ended

Apache CorpPrice/Volume

Valuation Analysis

99'331.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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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

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

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27.09.2013




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'375'067 4.98 1'550'506 30.06.2013 Investment Advisor





DODGE & COX DODGE & COX 13F 6'810'800 1.75 6'810'800 30.06.2013 Investment Advisor




ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5'566'272 1.43 4'200'392 30.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 4'999'291 1.28 2'461'330 31.08.2013 Unclassified

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'985'605 1.28 (237'937) 30.06.2013 Investment Advisor

EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 4'501'262 1.16 (512'334) 30.06.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 3'384'500 0.87 (332'959) 30.06.2013 Investment Advisor




MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 2'629'429 0.68 120'042 30.06.2013 Investment Advisor


ISI Group JONATHAN WOLFF buy 5 M 93 12 month 25.09.2013

Societe Generale JOHN HERRLIN buy 5 M 100 12 month 24.09.2013

Howard Weil Inc PETER KISSEL sector outperform 5 M 102 Not Provided 24.09.2013

Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 93 12 month 23.09.2013

Mizuho Securities USA Inc JOHN MALONE buy 5 M 100 12 month 23.09.2013

Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 20.09.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 101 12 month 19.09.2013

Canaccord Genuity Corp ROBERT L CHRISTENSEN JR buy 5 M 113 12 month 19.09.2013

Capital One Southcoast, Inc. RICHARD TULLIS add 4 M 112 Not Provided 18.09.2013

Credit Suisse ARUN JAYARAM outperform 5 M 104 Not Provided 16.09.2013

Global Hunter Securities CURTIS R TRIMBLE neutral 3 M 98 12 month 13.09.2013

Guggenheim Securities LLC ROBERT CORDRAY neutral 3 M 92 12 month 12.09.2013

Clarkson Capital Markets LLC BRIAN W FOOTE outperform 5 M 110 12 month 12.09.2013

UBS WILLIAM A FEATHERSTON neutral 3 D 90 12 month 11.09.2013

FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 11.09.2013

Deutsche Bank STEPHEN RICHARDSON buy 5 M 105 12 month 09.09.2013

Raymond James JOHN FREEMAN outperform 5 M 100 12 month 09.09.2013

Iberia Capital Partners LLC ERIC FOX sector perform 3 N 110 12 month 06.09.2013

Argus Research Corp JONATHAN GELCIUS buy 5 M 98 Not Provided 05.09.2013

Simmons & Company International PEARCE W HAMMOND overweight 5 M 119 Not Provided 04.09.2013

Johnson Rice & Co CHARLES MEADE overweight 5 U #N/A N/A Not Provided 03.09.2013

Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 107 Not Provided 03.09.2013

RBC Capital Markets LEO P MARIANI outperform 5 U 99 12 month 30.08.2013

Edward Jones BRIAN YOUNGBERG buy 5 U #N/A N/A Not Provided 30.08.2013

JPMorgan JOSEPH D ALLMAN restricted #N/A N/A M #N/A N/A Not Provided 30.08.2013

Macquarie JOSEPH MAGNER neutral 3 M 90 12 month 30.08.2013

Stifel AMIR ARIF hold 3 M #N/A N/A Not Provided 30.08.2013

Peters & Co Ltd DAN GRAGER sector perform 3 M 90 12 month 30.08.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 110 Not Provided 30.08.2013

Atlantic Equities LLP BARRY MACCARTHY overweight 5 M 105 12 month 30.08.2013

Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 29.08.2013

Susquehanna Financial Group DUANE GRUBERT Positive 4 M 98 12 month 08.08.2013

Barclays THOMAS R DRISCOLL overweight 5 M 109 Not Provided 05.08.2013

Goldman Sachs BRIAN SINGER not rated #N/A N/A M #N/A N/A Not Provided 18.07.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 10.05.2013

Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 92 12 month 16.04.2013

Holdings By:

Apache Corp ee


27.09.2013

Anadarko Petroleum Corporation is an independent oil and gas exploration and

production company with international operations. In the United States, the

Company operates in Texas and surrounding states, the Rocky Mountain region,

Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration

and/or production operations in Africa, Asia, South America, and the Caribbean.


LTM as of: 06/yy

52-Week High (13.09.2013) 96.75

52-Week Low (25.10.2012) 65.82

Daily Volume

94.39





47'450.39 1 Yr Total Return 35.10%







APC UN EQUITY YTD Change - Average Volume 30 Day 669'477

APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 713'606


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

14'079.0 8'210.0 10'842.0 13'882.0 13'307.0 13'536.0 13'853.0 14'962.6 16'690.7 3'768.9 4'036.2

1.99x 4.93x 4.42x 3.71x 3.70x 14.17x 14.88x 3.90x 3.42x 15.54x 14.44x

7'935.0 3'234.0 5'557.0 7'579.0 6'197.0 6'236.0 7'743.0 9'706.4 10'853.3 2'407.9 2'621.9

3.54x 12.51x 8.62x 6.79x 7.95x 7.40x 6.97x 5.99x 5.35x 5.65x 5.46x

3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (1'342.0) 1'713.0 2'270.5 2'712.5 568.4 616.3

5.69x - 39.83x 7.48x 50.50x 13.10x 19.49x 21.02x 17.38x 18.87x 17.82x


EBIT 2'233.00 Long-Term Rating BBB-



Return on Assets 3.15% Short-Term Rating NR






EBITDA Margin 55.9%



Asset Turnover 0.26





Accounts Receivable Turnover 11.60 Cash Conversion Cycle -


Fiscal Year Ended

Anadarko Petroleum CorpPrice/Volume

Valuation Analysis

89'201.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

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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

'&''

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1&''

3&''

5&''

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27.09.2013







CARMIGNAC GESTION CARMIGNAC GESTION 13F 13'700'787 2.73 (1'914'813) 30.06.2013 Investment Advisor







NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'303'905 1.25 (61'416) 30.06.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 6'027'364 1.2 1'409'922 30.06.2013 Investment Advisor


MASON CAPITAL MANAGE MASON CAPITAL MANAGE 13F 5'072'020 1.01 1'989'624 30.06.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV n/a ULT-AGG 4'855'228 0.97 35'627 31.07.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'664'668 0.93 (488'067) 30.06.2013 Investment Advisor

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 4'624'966 0.92 (1'077'503) 30.06.2013 Hedge Fund Manager


Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 26.09.2013

ISI Group JONATHAN WOLFF strong buy 5 M 112 12 month 25.09.2013

Howard Weil Inc PETER KISSEL focus list 5 M 117 Not Provided 24.09.2013

Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 108 12 month 23.09.2013



Mizuho Securities USA Inc JOHN MALONE buy 5 M 110 Not Provided 20.09.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 105 12 month 19.09.2013

Capital One Southcoast, Inc. RICHARD TULLIS strong buy 5 M 140 Not Provided 17.09.2013

Jefferies SUBASH CHANDRA buy 5 M 111 12 month 16.09.2013

Iberia Capital Partners LLC ERIC FOX outperform 5 M 112 12 month 16.09.2013

Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 122 12 month 12.09.2013

FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 11.09.2013

Raymond James ANDREW COLEMAN outperform 5 M 105 12 month 09.09.2013

Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 133 Not Provided 03.09.2013

KLR Group JOHN J GERDES buy 5 M 126 Not Provided 03.09.2013

Macquarie JOSEPH MAGNER outperform 5 M 111 12 month 30.08.2013


Deutsche Bank STEPHEN RICHARDSON buy 5 M 115 12 month 26.08.2013

RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 26.08.2013

Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 26.08.2013

Stifel AMIR ARIF buy 5 M 98 12 month 26.08.2013

Global Hunter Securities CURTIS R TRIMBLE buy 5 M 130 12 month 26.08.2013

Simmons & Company International DAVID W KISTLER overweight 5 M 125 Not Provided 15.08.2013


Spin-Off Research TEAM COVERAGE neutral 3 M 90 Not Provided 31.07.2013

Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 31.07.2013

S&P Capital IQ MICHAEL KAY buy 5 M 103 Not Provided 30.07.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.07.2013

JPMorgan JOSEPH D ALLMAN neutral 3 M 102 3 month 24.07.2013

Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 20.05.2013

Goldman Sachs BRIAN SINGER buy/attractive 5 M 112 12 month 07.05.2013

Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 16.04.2013

UBS WILLIAM A FEATHERSTON buy 5 M 105 12 month 19.03.2013

Holdings By:

Anadarko Petroleum Corp ee


27.09.2013

American Express Company is a global payment and travel company. The Company's

principal products and services are charge and credit payment card products and

travel-related services offered to consumers and businesses around the world.


LTM as of: 06/yy

52-Week High (15.07.2013) 78.62

52-Week Low (15.11.2012) 53.02

Daily Volume

75.74





81'713.12 1 Yr Total Return 35.63%







AXP UN EQUITY YTD Change - Average Volume 30 Day 952'494

AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'098'628


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

31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 33'139.0 34'242.0 32'905.7 34'764.5 8'215.5 8'540.1

2.19x 3.23x 3.49x 2.88x 3.06x 11.79x 12.32x 4.16x 3.99x - -

7'848.0 5'100.0 9'417.0 10'243.0 10'563.0 11'012.0 10'692.0 - - - -

8.92x 16.94x 11.13x 9.08x 9.80x 9.42x 10.62x - - - -

2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 5'022.0 4'572.0 5'316.5 5'596.0 1'326.3 1'335.0

6.82x 40.37x 12.58x 11.46x 13.06x 13.58x 16.25x 15.57x 14.17x 14.99x 14.59x


EBIT - Long-Term Rating BBB+








Gross Margin - Total Debt/EBITDA 5.20

EBITDA Margin 31.2%



Asset Turnover 0.23

Current Ratio - Net Fixed Asset Turnover 9.57







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American Express CoPrice/Volume

Valuation Analysis

135'320.00


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

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

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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

30'000.0

35'000.0

40'000.0

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

'&''

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1&''

3&''

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27.09.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 14.05 - 30.06.2013 Investment Advisor




STATE STREET CORP n/a ULT-AGG 46'580'692 4.32 1'365'370 26.09.2013 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 37'779'862 3.5 (2'157'765) 30.06.2013 Investment Advisor



BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'800'089 2.02 (2'841'094) 30.06.2013 Investment Advisor




FISHER INVESTMENTS I FISHER INVESTMENTS 13F 10'867'290 1.01 60'244 30.06.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 10'024'245 0.93 60'900 30.06.2013 Hedge Fund Manager



GOLDMAN SACHS GROUP n/a ULT-AGG 8'702'643 0.81 (2'042'099) 30.06.2013 Investment Advisor


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 7'202'820 0.67 (1'538'400) 30.06.2013 Hedge Fund Manager

BANK OF AMERICA CORP BANK OF AMERICA 13F 7'104'851 0.66 469'547 30.06.2013 Investment Advisor


Buckingham Research Group DAVID HOCHSTIM neutral 3 M 85 12 month 26.09.2013

Oppenheimer & Co BEN CHITTENDEN market perform 3 M #N/A N/A Not Provided 26.09.2013

Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 77 12 month 25.09.2013

Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 75 12 month 23.09.2013

Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 80 12 month 23.09.2013

Goldman Sachs RYAN M. NASH neutral/attractive 3 M 82 12 month 17.09.2013

RBC Capital Markets JASON ARNOLD underperform 1 M 61 12 month 17.09.2013

Evercore Partners BRADLEY BALL equalweight 3 M 76 12 month 17.09.2013

Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 87 12 month 16.09.2013

Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 78 12 month 16.09.2013

Nomura BILL CARCACHE buy 5 M 89 12 month 09.09.2013

Jefferies DANIEL FURTADO hold 3 M 75 12 month 06.09.2013

Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 29.08.2013

Drexel Hamilton LLC DAVID B HILDER buy 5 M 85 12 month 22.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 81 Not Provided 19.08.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 75 12 month 09.08.2013

S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 96 Not Provided 09.08.2013

Barclays MARK C DEVRIES equalweight 3 M 82 Not Provided 09.08.2013

Credit Suisse MOSHE A ORENBUCH underperform 1 M 71 Not Provided 08.08.2013

Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 78 12 month 07.08.2013

Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 06.08.2013

William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 01.08.2013

Argus Research Corp DAVID RITTER buy 5 M 85 Not Provided 23.07.2013

JPMorgan RICHARD SHANE JR underweight 1 M 70 15 month 18.07.2013

FBR Capital Markets SCOTT VALENTIN market perform 3 M 80 12 month 18.07.2013

Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.07.2013

Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 17.07.2013

Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 77 12 month 17.07.2013

Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012

Holdings By:

American Express Co ee


27.09.2013

The Boeing Company, together with its subsidiaries, develops, produces, and

markets commercial jet aircraft, as well as provides related support services to

the commercial airline industry worldwide. The Company also researches,

develops, produces, modifies, and supports information, space, and defense

systems, including military aircraft, helicopters and space and missile systems.


LTM as of: 06/yy

52-Week High (19.09.2013) 120.38

52-Week Low (28.09.2012) 69.19

Daily Volume

118.34





89'280.94 1 Yr Total Return 72.64%







BA UN EQUITY YTD Change - Average Volume 30 Day 992'106

BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'099'624


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

60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 76'670.0 83'018.0 84'911.0 92'669.3 21'637.7 22'645.8

0.56x 0.60x 0.78x 0.81x 0.66x 2.84x 2.91x 1.01x 0.90x 4.01x 3.75x

5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 8'121.0 8'237.0 8'420.0 9'519.9 2'003.9 2'081.5

6.26x 10.86x 7.47x 7.46x 6.64x 7.00x 8.81x 10.04x 8.88x 9.83x 9.39x

2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'381.0 4'204.0 4'468.0 5'106.6 990.4 1'009.4

6.87x 28.31x 15.41x 15.38x 14.76x 14.19x 18.91x 18.19x 16.50x 17.97x 16.93x











EBITDA Margin 9.9%



Asset Turnover 0.96







Fiscal Year Ended

Boeing Co/ThePrice/Volume

Valuation Analysis

149'861.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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2&' E

3&' 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

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

'&''

2&''

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27.09.2013



EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 55'925'358 7.41 (2'460'883) 30.06.2013 Investment Advisor





JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'752'324 1.56 (1'063'773) 30.06.2013 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 10'135'410 1.34 409'245 30.06.2013 Investment Advisor






VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 7'995'460 1.06 (4'379'618) 30.06.2013 Hedge Fund Manager


ALLIANCE BERNSTEIN n/a ULT-AGG 7'056'377 0.94 2'334'099 30.08.2013 Investment Advisor






Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 146 12 month 25.09.2013

Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 25.09.2013

Stifel STEPHEN E LEVENSON buy 5 M 140 12 month 24.09.2013

Sterne, Agee & Leach PETER J ARMENT buy 5 M 164 12 month 24.09.2013

D.A. Davidson & Co JB GROH neutral 3 M 115 18 month 20.09.2013

Jefferies HOWARD A RUBEL buy 5 M 124 12 month 20.09.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.09.2013

Deutsche Bank MYLES WALTON buy 5 M 125 12 month 19.09.2013

Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 19.09.2013

Cowen and Company CAI VON RUMOHR outperform 5 M 140 12 month 19.09.2013

S&P Capital IQ ERIC HUGEL buy 5 M 138 Not Provided 19.09.2013

Oppenheimer & Co YAIR REINER outperform 5 M 120 12 month 18.09.2013

Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 130 12 month 18.09.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 126 12 month 29.08.2013

CRT Capital Group MICHAEL W DERCHIN buy 5 M 123 Not Provided 23.08.2013

Goldman Sachs NOAH POPONAK buy/attractive 5 M 131 12 month 12.08.2013

Morgan Stanley JOHN D GODYN Overwt/Attractive 5 M 132 12 month 05.08.2013

Buckingham Research Group RICHARD SAFRAN buy 5 M 122 12 month 02.08.2013

BB&T Capital Markets F CARTER LEAKE buy 5 M 110 12 month 29.07.2013

Societe Generale ZAFAR KHAN hold 3 M 111 12 month 25.07.2013

Argus Research Corp NATHANIEL GABRIEL buy 5 M 120 Not Provided 25.07.2013

JPMorgan JOSEPH B NADOL III overweight 5 M 135 15 month 25.07.2013

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 25.07.2013

Barclays CARTER COPELAND overweight 5 M 120 Not Provided 25.07.2013

Credit Suisse ROBERT M SPINGARN outperform 5 M 121 Not Provided 24.07.2013

UBS DAVID E STRAUSS neutral 3 M 107 12 month 18.07.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013

Holdings By:

Boeing Co/The ee


27.09.2013

Bank of America Corporation accepts deposits and offers banking, investing,

asset management, and other financial and risk-management products and

services. The Company has a mortgage lending subsidiary, and an investment

banking and securities brokerage subsidiary.


LTM as of: 06/yy

52-Week High (23.07.2013) 15.03

52-Week Low (28.09.2012) 8.79

Daily Volume

13.999





150'393.03 1 Yr Total Return 56.58%





Enterprise Value -


BAC UN EQUITY YTD Change - Average Volume 30 Day 16'062'012

BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 16'591'769


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

113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 116'933.0 99'429.0 90'386.8 91'805.2 22'107.8 22'145.2

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

- - - - - 0.0 0.0 - - - -

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

4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 11'339.0 6'567.0 11'295.2 15'940.5 2'621.2 3'263.2

19.29x 16.22x 12.35x 9.25x 9.00x 8.33x 10.06x 14.77x 10.22x 12.26x 10.93x









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

Bank of America CorpPrice/Volume

Valuation Analysis

4'327'606.00


'

.

1

3

5

-'

-.

-1

-3

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-'&' E

.'&' E

0'&' E

1'&' E

2'&' E

3'&' E

4'&' 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

180'000.0

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

'&''

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1&''

2&''

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27.09.2013







CITIGROUP INCORPORAT n/a ULT-AGG 152'895'155 1.42 (24'393'324) 30.06.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 142'085'000 1.32 (900'000) 30.06.2013 Investment Advisor

DODGE & COX DODGE & COX 13F 127'292'188 1.18 (190'600) 30.06.2013 Investment Advisor


FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'948'615 0.94 359'400 30.06.2013 Investment Advisor



ING GROEP NV ING GROEP NV 13F 84'717'844 0.79 16'702'963 30.06.2013 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 81'368'292 0.76 8'344'139 30.06.2013 Investment Advisor


HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 76'899'616 0.72 7'766'400 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 76'366'591 0.71 1'883'538 31.07.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 74'446'403 0.69 1'016'969 30.06.2013 Investment Advisor


UBS DEREK DE VRIES neutral 3 M 16 12 month 27.09.2013

Buckingham Research Group JAMES F MITCHELL buy 5 M 17 12 month 26.09.2013

Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 26.09.2013

Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 20 12 month 25.09.2013


Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 19 12 month 25.09.2013

Societe Generale MURALI GOPAL buy 5 M 17 12 month 23.09.2013

Robert W. Baird & Co DAVID A GEORGE neutral 3 M 14 12 month 23.09.2013

SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 15 12 month 20.09.2013

Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 14 12 month 19.09.2013

JPMorgan VIVEK JUNEJA overweight 5 M 16 15 month 18.09.2013

Evercore Partners ANDREW A MARQUARDT overweight 5 M 16 12 month 18.09.2013

Raymond James ANTHONY J POLINI strong buy 5 M 17 12 month 17.09.2013

Credit Suisse MOSHE A ORENBUCH neutral 3 M 14 Not Provided 12.09.2013

Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 12.09.2013

Atlantic Equities LLP RICHARD STAITE overweight 5 M 17 12 month 12.09.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 16 12 month 11.09.2013

Macquarie DAVID J KONRAD underperform 1 M 12 12 month 05.09.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 16 12 month 05.09.2013

Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 04.09.2013

S&P Capital IQ ERIK M OJA hold 3 M 15 12 month 03.09.2013


Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 28.08.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 M 15 12 month 25.08.2013

Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 17 12 month 15.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 12 Not Provided 12.08.2013

Barclays JASON M GOLDBERG equalweight 3 M 15 Not Provided 02.08.2013

RBC Capital Markets JOSEPH K MORFORD outperform 5 M 16 12 month 01.08.2013

Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 29.07.2013

Deutsche Bank MATTHEW D O'CONNOR hold 3 M 15 12 month 24.07.2013


Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 16 12 month 19.07.2013

FBR Capital Markets PAUL J MILLER JR market perform 3 M 14 12 month 18.07.2013

Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 17 12 month 17.07.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 17.07.2013

JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013

R.W. Pressprich & Co BRIAN CHARLES buy 5 M 16 Not Provided 30.05.2013

HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013


Holdings By:

Bank of America Corp ee


27.09.2013

Baxter International Inc. develops, manufactures, and markets products and

technologies related to hemophilia, immune disorders, infectious diseases,

kidney disease, trauma and other chronic and acute medical conditions. The

Company's products are used by hospitals, kidney dialysis centers, nursing

homes, rehabilitation centers, doctors' offices, and research laboratories.


LTM as of: 06/yy

52-Week High (23.07.2013) 74.59

52-Week Low (28.09.2012) 59.67

Daily Volume

66.37





36'024.76 1 Yr Total Return 13.26%







BAX UN EQUITY YTD Change - Average Volume 30 Day 600'718

BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 683'334


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

12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 14'033.0 14'347.0 15'244.4 16'859.1 3'810.4 4'306.5

2.81x 2.93x 2.44x 2.18x 2.76x 9.46x 11.03x 2.78x 2.48x 11.15x 9.80x

3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'538.0 3'617.0 4'232.9 4'744.8 1'057.0 1'128.8

10.84x 10.49x 11.11x 8.38x 11.07x 9.08x 11.24x 9.24x 8.24x 9.03x 8.92x

2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'288.0 2'219.0 2'562.1 2'812.9 652.8 691.2

15.86x 15.40x 12.54x 11.59x 14.72x 12.16x 15.00x 14.20x 12.89x 13.56x 13.30x











EBITDA Margin 25.2%



Asset Turnover 0.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Baxter International IncPrice/Volume

Valuation Analysis

200'632.00


'

-'

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0'

1'

2'

3'

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5'

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'&''

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1&''

3&''

5&''

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27.09.2013







BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 10'631'361 1.96 (610'868) 30.06.2013 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'348'254 1.91 1'340'450 30.06.2013 Investment Advisor




ABERDEEN n/a ULT-AGG 7'746'962 1.43 673'000 31.08.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'736'759 1.43 2'845'126 30.06.2013 Investment Advisor





MORGAN STANLEY n/a ULT-AGG 5'955'184 1.1 1'208'250 30.06.2013 Investment Advisor



LAZARD ASSET MANAGEM n/a ULT-AGG 4'996'760 0.92 456'414 31.08.2013 Unclassified


CL King & Associates ROBERT M GOLDMAN buy 5 M 80 12 month 26.09.2013

JPMorgan MICHAEL N WEINSTEIN neutral 3 M 76 Not Provided 25.09.2013


Raymond James LAWRENCE S KEUSCH outperform 5 M 80 12 month 19.09.2013

Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M 85 12 month 16.09.2013

Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.09.2013

Credit Suisse BRUCE NUDELL outperform 5 M 81 Not Provided 11.09.2013

Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 06.09.2013

Barclays MATTHEW TAYLOR overweight 5 M 82 Not Provided 29.08.2013

RBC Capital Markets GLENN J NOVARRO outperform 5 M 77 12 month 22.08.2013



Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 86 12 month 06.08.2013

Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 81 12 month 01.08.2013



William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 18.07.2013

Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 18.07.2013

S&P Capital IQ HERMAN SAFTLAS buy 5 M 82 Not Provided 18.07.2013

Piper Jaffray MATT MIKSIC overweight 5 M 82 12 month 18.07.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013

Holdings By:

Baxter International Inc ee


27.09.2013

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial

services company. The Company provides financial services for institutions,

corporations and high-net-worth individuals, providing asset management and

wealth management, asset servicing, issuer services, clearing services and

treasury services.


LTM as of: 06/yy

52-Week High (23.07.2013) 32.36

52-Week Low (28.09.2012) 22.42

Daily Volume

30.27





34'824.93 1 Yr Total Return 35.34%





Enterprise Value -


BK UN EQUITY YTD Change - Average Volume 30 Day 1'337'696

BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'441'391


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

16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'083.0 15'335.0 15'045.2 15'624.0 3'768.2 3'776.6

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

- - - - - 0.0 0.0 - - - -

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

1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'241.0 1'952.0 2'647.1 2'827.6 675.8 655.2

8.77x - 13.21x 9.37x 11.09x 10.13x 11.17x 13.21x 11.90x 12.72x 12.38x


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of New York Mellon Corp/ThePrice/Volume

Valuation Analysis

239'793.00


'

2

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02

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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

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

'&''

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3'&''

5'&''

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27.09.2013



SUN LIFE FINANCIAL I n/a ULT-AGG 65'796'971 5.72 (3'416'916) 30.06.2013 Investment Advisor





SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 42'552'699 3.7 (1'379'718) 30.06.2013 Investment Advisor


BERKSHIRE HATHAWAY I n/a ULT-AGG 24'644'029 2.14 5'704'914 30.06.2013 Investment Advisor

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 23'633'048 2.05 (3'197'080) 30.06.2013 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 17'985'353 1.56 451'462 30.06.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 15'592'216 1.36 (182'973) 26.09.2013 Investment Advisor

CI INVESTMENTS INC CI INVESTMENTS INC 13F 15'385'000 1.34 (4'000'000) 30.06.2013 Investment Advisor

MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 15'079'017 1.31 3'350'944 30.06.2013 Hedge Fund Manager

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 14'491'629 1.26 775'332 30.06.2013 Investment Advisor



CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 9'050'000 0.79 - 30.06.2013 Investment Advisor

GAMCO n/a ULT-AGG 8'956'819 0.78 68'023 30.06.2013 Unclassified


JPMorgan VIVEK JUNEJA neutral 3 M 31 3 month 27.09.2013

Sanford C. Bernstein & Co LUKE MONTGOMERY market perform 3 M 27 12 month 27.09.2013

Evercore Partners ANDREW A MARQUARDT equalweight 3 M 32 12 month 27.09.2013



Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 32 12 month 23.09.2013

Barclays JASON M GOLDBERG overweight 5 M 34 Not Provided 12.09.2013


Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 11.09.2013


UBS BRENNAN HAWKEN neutral 3 M 30 12 month 13.08.2013

ISI Group BRIAN BEDELL neutral 3 M 31 12 month 12.08.2013

Jefferies KENNETH M USDIN hold 3 M 35 12 month 05.08.2013

Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 30 12 month 01.08.2013


Raymond James DAVID J LONG outperform 5 M 35 12 month 18.07.2013

Macquarie JOHN MORAN neutral 3 M 33 12 month 18.07.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 18.07.2013

Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 27 12 month 17.07.2013

RBC Capital Markets GERARD S CASSIDY sector perform 3 M 32 12 month 17.07.2013

Credit Suisse HOWARD H CHEN neutral 3 M 28 Not Provided 17.07.2013


Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 17.07.2013

S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013

Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012

Holdings By:

Bank of New York Mellon Corp/The ee


27.09.2013

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company

develops, licenses, manufactures, markets, and sells pharmaceutical and

nutritional products. Bristol-Myers Squibb products and experimental therapies

address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,

hepatitis, organ transplant rejection, and psychiatric disorders.


LTM as of: 06/yy

52-Week High (03.06.2013) 49.57

52-Week Low (15.11.2012) 30.64

Daily Volume

46.3





76'224.78 1 Yr Total Return 41.95%







BMY UN EQUITY YTD Change - Average Volume 30 Day 1'875'641

BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'941'854


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

17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 20'493.0 15'806.0 16'230.6 17'419.4 4'005.5 4'330.7

2.49x 2.10x 2.07x 2.50x 3.07x 10.27x 16.08x 5.54x 5.18x - -

4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 6'953.0 3'328.0 3'947.8 4'421.2 978.0 1'022.0

10.08x 7.01x 6.01x 7.13x 11.36x 8.12x 22.35x 19.59x 17.49x - -

5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'567.0 1'359.0 2'862.9 3'299.7 723.6 716.4

15.60x 13.58x 12.26x 16.31x 16.38x 16.71x 27.61x 26.64x 23.06x 24.97x 24.60x











EBITDA Margin 21.1%



Asset Turnover 0.47







Fiscal Year Ended

Bristol-Myers Squibb CoPrice/Volume

Valuation Analysis

341'790.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

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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

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27.09.2013











BANK OF AMERICA CORP BANK OF AMERICA 13F 16'570'948 1.01 (1'416'933) 30.06.2013 Investment Advisor



LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 14'819'639 0.9 (369'648) 30.06.2013 Investment Advisor







TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'463'291 0.64 1'957'227 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 46 12 month 27.09.2013

SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 55 12 month 23.09.2013



Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 49 12 month 17.09.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 U 52 15 month 16.09.2013


Jefferies JEFFREY HOLFORD hold 3 M 41 12 month 10.09.2013

MKM Partners JON LECROY sell 1 M 29 12 month 03.09.2013



Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 45 12 month 26.07.2013



William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 25.07.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 38 12 month 25.07.2013


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 16.05.2013

S&P Capital IQ HERMAN SAFTLAS hold 3 M 42 Not Provided 25.04.2013

ISI Group MARK J SCHOENEBAUM neutral 3 M 36 Not Provided 10.04.2013

Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012

Holdings By:

Bristol-Myers Squibb Co ee


27.09.2013

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety

of business sectors. The Company's principal operations are insurance business

conducted nationwide on a primary basis and worldwide on a reinsurance basis.

Berkshire's other operations include a railway company, a specialty chemical

company, and an international association of diversified businesses.


LTM as of: 06/yy

52-Week High (22.07.2013) 119.29

52-Week Low (09.11.2012) 83.85

Daily Volume

114.7

52-Week High % Change -3.88% Dividend Yield -




282'889.19 1 Yr Total Return 29.96%







BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'350'485

BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'239'229


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

107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 148'387.0 174'330.0 - - - -

0.58x 0.35x 0.78x 0.64x 0.62x 2.44x 2.68x - - - -

11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 24'384.0 34'359.0 - - - -

5.38x 2.48x 4.23x 4.15x 3.39x 3.93x 4.14x - - - -

4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 11'679.0 17'904.0 - - - -

- - - - - 0.00x 0.00x 18.70x 17.38x - -

EBITDA 29'524.00 Long-Term Rating Date -

EBIT 24'378.00 Long-Term Rating AA









EBITDA Margin 19.7%



Asset Turnover 0.41







Fiscal Year Ended

Berkshire Hathaway IncPrice/Volume

Valuation Analysis

166'831.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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40'000.0

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160'000.0

180'000.0

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

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27.09.2013


GATES FOUNDATION n/a 13D 91'649'304 7.88 17'067'931 08.07.2013 Endowment



GATES FOUNDATION BILL & MELINDA FOUND 13F 74'581'373 6.41 (6'250'000) 30.06.2013 Endowment






EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 11'526'988 0.99 634'303 30.06.2013 Investment Advisor







ALLIANCE BERNSTEIN n/a ULT-AGG 5'973'268 0.51 (13'091) 30.06.2013 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'708'979 0.49 22'305 30.06.2013 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 5'639'464 0.48 (574'348) 30.06.2013 Hedge Fund Manager

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 5'535'707 0.48 (6'900) 30.06.2013 Pension Fund (ERISA)


S&P Capital IQ CATHY SEIFERT hold 3 M 122 12 month 05.08.2013



Holdings By:

Berkshire Hathaway Inc ee


27.09.2013

Citigroup Inc. is a diversified financial services holding company that provides

a broad range of financial services to consumer and corporate customers. The

Company services include investment banking, retail brokerage, corporate

banking, and cash management products and services. Citigroup serves customers

globally.


LTM as of: 06/yy

52-Week High (30.05.2013) 53.56

52-Week Low (28.09.2012) 32.53

Daily Volume

49.04





149'131.94 1 Yr Total Return 48.88%







C UN EQUITY YTD Change - Average Volume 30 Day 5'411'805

C UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'154'401


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

104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 98'474.0 91'183.0 78'730.5 79'615.0 19'003.8 19'167.7

8.56x 7.34x 7.58x 6.95x 7.84x 31.31x 32.27x - - - -

4'411.0 22'662.0 40'944.0 41'730.0 30'978.0 44'967.0 32'335.0 22'626.0 25'608.5 5'220.0 5'162.0

202.58x 34.98x 20.68x 17.09x 22.97x 16.46x 23.25x 33.35x 29.47x 31.74x 30.81x

(27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 10'604.0 9'654.0 14'779.3 16'644.5 3'406.2 3'520.8

- - 12.95x 7.37x 9.87x 7.60x 10.97x 10.09x 8.85x 9.63x 9.27x











EBITDA Margin 35.5%



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Citigroup IncPrice/Volume

Valuation Analysis

1'572'793.00


'

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

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27.09.2013





GIC PRIVATE LIMITED n/a ULT-AGG 112'095'403 3.69 - 31.12.2009 Government



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 48'992'879 1.61 2'133'892 30.06.2013 Investment Advisor



INVESCO LTD n/a ULT-AGG 46'271'489 1.52 2'781'147 26.09.2013 Investment Advisor












UBS DEREK DE VRIES buy 5 M 65 12 month 27.09.2013



Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 61 18 month 26.09.2013

Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 26.09.2013

S&P Capital IQ ERIK M OJA buy 5 M 55 Not Provided 26.09.2013

Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 60 12 month 25.09.2013

Societe Generale MURALI GOPAL buy 5 M 59 12 month 23.09.2013


Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 63 Not Provided 23.09.2013


SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 58 12 month 20.09.2013


Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 58 12 month 17.09.2013

RBC Capital Markets GERARD S CASSIDY outperform 5 M 62 12 month 17.09.2013



Credit Suisse MOSHE A ORENBUCH outperform 5 M 60 Not Provided 16.09.2013

Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 61 12 month 16.09.2013


Macquarie DAVID J KONRAD outperform 5 M 62 12 month 05.09.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 57 12 month 05.09.2013


Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 29.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 46 Not Provided 12.08.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.08.2013


Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 58 12 month 01.08.2013

Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 25.07.2013

Deutsche Bank MATTHEW D O'CONNOR buy 5 M 61 12 month 24.07.2013


Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 65 12 month 15.07.2013


Vector Servicios Financieros RAFAEL ESCOBAR speculative buy 4 M 52 Not Provided 18.12.2012


Holdings By:

Citigroup Inc ee


27.09.2013

Caterpillar Inc. designs, manufactures and markets construction, mining and

forestry machinery. The Company also manufactures engines and other related

parts for its equipment, and offers financing and insurance. Caterpillar

distributes its products through a worldwide organization of dealers.


LTM as of: 06/yy

52-Week High (01.02.2013) 99.70

52-Week Low (22.04.2013) 79.50

Daily Volume

83.81





54'276.62 1 Yr Total Return -1.12%

Total Debt 10'486.00 YTD Return -5.18%






CAT UN EQUITY YTD Change - Average Volume 30 Day 1'388'743

CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'362'489


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

51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 66'314.0 60'351.0 56'772.4 59'554.0 14'385.4 14'713.3

0.66x 1.28x 1.50x 1.10x 1.00x 3.99x 4.19x 1.41x 1.25x 5.99x 5.87x

6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 11'361.0 9'936.0 8'588.2 9'452.2 2'245.3 2'460.6

5.26x 14.19x 10.20x 6.86x 5.51x 5.61x 5.94x 6.96x 6.33x 6.43x 6.26x

3'557.0 895.0 2'700.0 4'928.0 5'681.0 5'973.0 4'236.0 4'135.7 4'629.5 1'119.2 1'195.6

7.89x 29.20x 21.35x 11.69x 10.83x 9.37x 12.18x 13.33x 11.62x 12.49x 12.23x











EBITDA Margin 16.5%



Asset Turnover 0.68







Fiscal Year Ended

Caterpillar IncPrice/Volume

Valuation Analysis

240'107.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

'&''

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27.09.2013








GATES FOUNDATION BILL & MELINDA FOUND 13F 10'760'857 1.66 500'000 30.06.2013 Endowment










FRANKLIN RESOURCES n/a ULT-AGG 4'008'779 0.62 2'105'455 30.06.2013 Investment Advisor



LEGAL & GENERAL n/a ULT-AGG 3'159'551 0.49 210'843 31.07.2013 Unclassified


Longbow Research ELI S LUSTGARTEN buy 5 M 104 12 month 27.09.2013

BMO Capital Markets JOEL G TISS market perform 3 M 86 Not Provided 20.09.2013

Morgan Stanley NICOLE DEBLASE Equalwt/In-Line 3 M 89 12 month 20.09.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 90 12 month 20.09.2013

JPMorgan ANN DUIGNAN overweight 5 M 96 3 month 20.09.2013

Jefferies STEPHEN VOLKMANN hold 3 M 75 12 month 20.09.2013

William Blair & Co LAWRENCE T DE MARIA outperform 5 M 95 12 month 20.09.2013

Raymond James THEONI PILARINOS outperform 5 M 94 12 month 20.09.2013

Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.09.2013

Robert W. Baird & Co MIRCEA DOBRE neutral 3 D 90 12 month 18.09.2013

Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 100 12 month 28.08.2013

ISI Group DAVID RASO buy 5 M 92 12 month 26.08.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 23.08.2013

Susquehanna Financial Group TED GRACE Positive 4 M 96 12 month 22.08.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 D 86 Not Provided 19.08.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 99 12 month 09.08.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 103 Not Provided 29.07.2013

Goldman Sachs JERRY REVICH neutral/neutral 3 M 85 12 month 25.07.2013

Macquarie SAMEER RATHOD neutral 3 M 87 12 month 25.07.2013

Barclays ANDY KAPLOWITZ overweight 5 M 99 Not Provided 25.07.2013

Credit Suisse JAMIE L COOK outperform 5 M 97 Not Provided 24.07.2013

UBS ERIC CRAWFORD neutral 3 M 84 12 month 24.07.2013

S&P Capital IQ MICHAEL JAFFE buy 5 M 109 Not Provided 22.04.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Caterpillar Inc ee


27.09.2013

Colgate-Palmolive Company is a consumer products company that markets its

products throughout the world. The Company's products include toothpaste,

toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,

and laundry products, as well as pet nutrition products for cats and dogs.


LTM as of: 06/yy

52-Week High (16.05.2013) 62.69

52-Week Low (31.12.2012) 51.42

Daily Volume

59.98





55'642.09 1 Yr Total Return 14.33%







CL UN EQUITY YTD Change - Average Volume 30 Day 867'592

CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 945'297


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

15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 17'022.0 17'279.0 17'530.1 18'365.4 4'463.4 4'414.3

2.75x 2.89x 3.13x 11.75x 13.11x 3.46x 3.31x 13.57x 13.68x

3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'308.0 4'052.0 4'570.1 4'915.7 1'178.5 1'172.5

11.09x 11.36x 12.39x 12.52x 14.35x 13.27x 12.34x 12.81x 12.54x

1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'453.0 2'273.0 2'638.4 2'831.3 675.4 681.8

17.02x 18.38x 19.49x 20.09x 20.76x 21.20x 19.28x 20.34x 19.80x


EBIT 3'889.00 Long-Term Rating AA-









EBITDA Margin 23.5%



Asset Turnover 1.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Colgate-Palmolive CoPrice/Volume

Valuation Analysis

189'281.00


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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'&''

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27.09.2013









GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 12'683'876 1.37 (1'353'306) 30.06.2013 Investment Advisor




CAPITAL GROUP COMPAN n/a ULT-AGG 9'244'250 1 (869'400) 30.06.2013 Investment Advisor


LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 8'116'826 0.87 285'330 30.06.2013 Hedge Fund Manager


RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 7'707'800 0.83 (611'000) 30.06.2013 Hedge Fund Manager






Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 62 12 month 27.09.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 60 12 month 24.09.2013

BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 61 Not Provided 23.09.2013

B Riley & Co LINDA BOLTON WEISER neutral 3 M 62 Not Provided 23.09.2013

Credit Suisse MICHAEL STEIB outperform 5 M 63 Not Provided 20.09.2013

Barclays LAUREN R LIEBERMAN overweight 5 U 65 Not Provided 18.09.2013

Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 65 12 month 13.09.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 66 12 month 11.09.2013

Exane BNP Paribas EAMONN FERRY neutral 3 N 62 Not Provided 10.09.2013

William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 05.09.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 52 12 month 05.09.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 23.08.2013

Argus Research Corp JOHN D STASZAK hold 3 D #N/A N/A Not Provided 16.08.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 05.08.2013

Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 26.07.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 26.07.2013

Deutsche Bank WILLIAM G SCHMITZ hold 3 M 63 12 month 25.07.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 M 63 12 month 25.07.2013

JPMorgan JOHN A FAUCHER neutral 3 M 63 3 month 25.07.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 25.07.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 25.07.2013

S&P Capital IQ IAN GORDON hold 3 M 61 Not Provided 25.04.2013


Holdings By:

Colgate-Palmolive Co ee


27.09.2013

Comcast Corporation provides media and television broadcasting services. The

Company offers video streaming, television programming, high-speed internet,

cable television, and communication services. Comcast serves customers

worldwide.


LTM as of: 06/yy

52-Week High (01.08.2013) 46.32

52-Week Low (10.10.2012) 34.95

Daily Volume

44.47





115'806.48 1 Yr Total Return 26.61%







CMCSA UW EQUITY YTD Change - Average Volume 30 Day 2'778'685

CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'146'878


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

34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 59'470.0 64'061.0 64'509.2 68'487.4 16'249.4 16'676.4

2.33x 2.14x 2.28x 2.12x 2.30x 8.38x 9.23x 2.73x 2.53x 9.94x 9.64x

13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 19'182.0 20'744.0 21'241.4 22'565.9 5'261.4 5'521.2

6.10x 5.58x 5.93x 6.44x 7.21x 7.04x 7.34x 7.46x 7.02x 7.24x 7.12x

2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'767.0 6'802.0 6'549.4 7'366.5 1'644.4 1'767.5

18.55x 15.29x 16.80x 15.02x 19.43x 18.22x 19.46x 18.13x 15.78x 16.93x 16.53x











EBITDA Margin 32.4%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Comcast CorpPrice/Volume

Valuation Analysis

672'783.00


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40'000.0

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60'000.0

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

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27.09.2013







DODGE & COX DODGE & COX 13F 62'251'273 2.92 (1'991'462) 30.06.2013 Investment Advisor




DODGE & COX WORLDWID Multiple Portfolios MF-AGG 38'504'049 1.8 - 31.03.2013 Investment Advisor



BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'770'524 1.16 1'000'850 30.06.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'752'422 1.11 (2'415'065) 30.06.2013 Investment Advisor



LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 20'435'365 0.96 5'098'721 30.06.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV n/a ULT-AGG 19'932'677 0.93 (149'773) 31.07.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 19'810'232 0.93 (224'057) 31.07.2013 Bank



Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 53 12 month 27.09.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 25.09.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 52 18 month 24.09.2013

Evercore Partners TRACY YOUNG overweight 5 M 51 12 month 10.09.2013

Robert W. Baird & Co WILLIAM V POWER outperform 5 M 54 12 month 21.08.2013

Barclays KANNAN VENKATESHWAR overweight 5 M 50 Not Provided 16.08.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 56 12 month 08.08.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 M 50 12 month 07.08.2013

Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 52 12 month 01.08.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 46 12 month 01.08.2013


Brean Capital LLC TODD MITCHELL buy 5 M 50 12 month 01.08.2013

JPMorgan PHILIP CUSICK overweight 5 M 51 15 month 01.08.2013

Jefferies THOMAS O SEITZ buy 5 M 55 12 month 01.08.2013

Macquarie AMY YONG neutral 3 M 48 12 month 01.08.2013

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 58 18 month 01.08.2013

Nomura MICHAEL L MCCORMACK buy 5 M 50 12 month 01.08.2013

Credit Suisse MICHAEL SENNO outperform 5 M 52 Not Provided 31.07.2013

UBS JOHN C HODULIK buy 5 M 50 12 month 31.07.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 31.07.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 54 12 month 31.07.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 31.07.2013

Raymond James FRANK G LOUTHAN strong buy 5 M 52 12 month 31.07.2013

Stifel CHRISTOPHER C KING buy 5 M 47 12 month 31.07.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 51 12 month 31.07.2013

ISI Group VIJAY JAYANT buy 5 M 50 12 month 31.07.2013

Guggenheim Securities LLC SABINA NYCKOWSKI neutral 3 M 47 12 month 31.07.2013

S&P Capital IQ TUNA AMOBI buy 5 M 50 12 month 31.07.2013

Maxim Group LLC JOHN TINKER buy 5 M 56 12 month 31.07.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 52 12 month 26.07.2013

Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 15.07.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 49 Not Provided 02.05.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.05.2013

New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013

Holdings By:

Comcast Corp ee


27.09.2013

Capital One Financial Corporation is a diversified bank. The Bank, through its

subsidiaries, offers a broad spectrum of financial products and services to

consumers, small businesses and commercial clients both domestically and

internationally. Capital One has bank locations in Connecticut, Louisiana, New

Jersey, New York, and Texas.


LTM as of: 06/yy

52-Week High (19.07.2013) 70.00

52-Week Low (01.03.2013) 50.28

Daily Volume

68.97





40'370.96 1 Yr Total Return 22.43%







COF UN EQUITY YTD Change - Average Volume 30 Day 616'967

COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 696'769


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

17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 19'851.0 24'728.0 22'235.5 21'898.9 5'595.4 5'451.1

1.75x 1.87x 2.94x 2.87x 3.13x 9.85x 10.92x - - - -

11'282.7 5'647.2 7'808.0 9'793.0 9'014.0 8'231.0 11'064.0 - - - -

2.77x 5.27x 7.17x 5.43x 8.05x 7.49x 6.17x - - - -

(46.0) 884.0 2'743.0 3'147.0 3'517.0 2'716.0 4'204.0 4'208.9 3'874.6 1'048.3 870.5

12.56x 16.30x 6.37x 6.02x 9.28x 10.09x 8.18x 9.78x 9.96x 10.16x 10.17x


EBIT - Long-Term Rating BBB









EBITDA Margin 44.7%



Asset Turnover 0.08







Fiscal Year Ended

Capital One Financial CorpPrice/Volume

Valuation Analysis

61'426.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1'

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15'000.0

20'000.0

25'000.0

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

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27.09.2013









BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'294'820 3.64 (26'668) 30.06.2013 Investment Advisor





INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'764'788 1.84 904'735 30.06.2013 Investment Advisor





HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6'909'053 1.18 (541'839) 30.06.2013 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'588'072 1.13 865'898 30.06.2013 Investment Advisor



Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 80 12 month 27.09.2013

Buckingham Research Group DAVID HOCHSTIM buy 5 M 74 12 month 26.09.2013

Oppenheimer & Co BEN CHITTENDEN outperform 5 M 78 18 month 26.09.2013



Robert W. Baird & Co DAVID A GEORGE outperform 5 M 72 12 month 23.09.2013

Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 68 12 month 20.09.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 19.09.2013

RBC Capital Markets JASON ARNOLD outperform 5 M 71 12 month 17.09.2013

Evercore Partners BRADLEY BALL overweight 5 M 79 12 month 17.09.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 17.09.2013



Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 70 Not Provided 16.09.2013





William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 01.08.2013


Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 71 12 month 21.07.2013

Goldman Sachs RYAN M. NASH buy/attractive 5 M 75 12 month 19.07.2013

JPMorgan RICHARD SHANE JR overweight 5 M 76 15 month 19.07.2013

Jefferies DANIEL FURTADO buy 5 M 77 12 month 19.07.2013

FBR Capital Markets SCOTT VALENTIN outperform 5 M 74 12 month 19.07.2013

Stifel CHRISTOPHER C BRENDLER buy 5 M 77 12 month 19.07.2013

Nomura BILL CARCACHE neutral 3 M 64 12 month 19.07.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 75 12 month 19.07.2013



S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013


Holdings By:

Capital One Financial Corp ee


27.09.2013

ConocoPhillips explores for, produces, transports and markets crude oil,

natural gas, natural gas liquids, liquefied natural gas and bitumen on a

worldwide basis.


LTM as of: 06/yy

52-Week High (20.09.2013) 71.09

52-Week Low (16.11.2012) 53.96

Daily Volume

70.14





85'781.73 1 Yr Total Return 27.70%







COP UN EQUITY YTD Change - Average Volume 30 Day 1'378'471

COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'298'461


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

225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 60'718.0 57'605.0 50'335.7 51'120.3 11'084.7 11'533.3

0.46x 0.77x 0.63x 1.72x 1.54x 6.97x 6.27x 1.96x 1.98x 9.23x 8.73x

35'740.0 4'281.0 22'655.0 21'649.0 19'396.0 19'427.0 20'320.0 22'727.8 23'684.9 5'267.6 5'656.1

2.92x 24.43x 4.91x 5.10x 4.60x 4.65x 4.54x 4.57x 4.39x 4.74x 4.67x

(16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 11'210.0 7'413.0 7'233.1 7'711.6 1'716.5 1'880.4

4.81x 16.11x 12.53x 11.43x 10.60x 9.65x 10.31x 11.84x 11.22x 11.27x 11.04x











EBITDA Margin 35.3%



Asset Turnover 0.50







Fiscal Year Ended

ConocoPhillipsPrice/Volume

Valuation Analysis

172'621.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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100'000.0

150'000.0

200'000.0

250'000.0

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

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27.09.2013












WADDELL & REED FINAN n/a ULT-AGG 12'219'658 1 (7'608'234) 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 11'993'483 0.98 1'758'404 31.07.2013 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'056'664 0.82 (69'442) 30.06.2013 Investment Advisor








Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 73 12 month 27.09.2013



ISI Group DOUGLAS T TERRESON strong buy 5 M 78 12 month 23.09.2013

Simmons & Company International GUY BABER neutral 3 M #N/A N/A Not Provided 23.09.2013


Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.09.2013

Tudor Pickering & Co ROBERT KESSLER hold 3 M 73 Not Provided 18.09.2013

Jefferies IAIN REID hold 3 M 65 12 month 16.09.2013

Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 67 12 month 12.09.2013

Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 09.09.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 04.09.2013

Barclays PAUL Y CHENG overweight 5 M 83 Not Provided 03.09.2013


UBS WILLIAM A FEATHERSTON sell 1 M 57 12 month 14.08.2013

Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 05.08.2013

Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 02.08.2013

Macquarie JASON D GAMMEL neutral 3 M 64 12 month 02.08.2013


JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 3 month 01.08.2013

Cowen and Company ASIT SEN market perform 3 M 67 12 month 01.08.2013


Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 06.06.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 01.05.2013


Holdings By:

ConocoPhillips ee


27.09.2013

Costco Wholesale Corporation operates wholesale membership warehouses in

multiple countries. The Company sells all kinds of food, automotive supplies,

toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty

aids, as well as other goods.


LTM as of: 05/yy

52-Week High (05.08.2013) 120.20

52-Week Low (15.11.2012) 87.33

Daily Volume

115.64





50'498.16 1 Yr Total Return 24.80%







COST UW EQUITY YTD Change - Average Volume 30 Day 549'311

COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 513'206


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

72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 95'097.0 104'887.0 105'488.0 114'590.2 32'819.2 25'589.9

0.39x 0.30x 0.28x 0.34x 0.39x 1.35x 1.60x 0.48x 0.43x 1.54x 2.03x

2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'465.0 3'991.0 4'046.6 4'510.7 1'304.0 953.3

10.74x 8.39x 7.60x 9.28x 10.64x 9.27x 11.67x 12.12x 10.88x 11.33x 10.99x

1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'578.0 2'031.0 2'013.9 2'211.0 642.6 460.8

22.66x 20.07x 19.09x 23.30x 24.82x 22.76x 24.56x 25.29x 22.85x 23.78x 22.88x











EBITDA Margin 3.8%



Asset Turnover 3.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Costco Wholesale CorpPrice/Volume

Valuation Analysis

126'790.00


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27.09.2013








JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'425'596 2.39 576'497 30.06.2013 Investment Advisor




AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'613'294 1.29 (251'617) 30.06.2013 Investment Advisor











Sterne, Agee & Leach CHARLES P GROM buy 5 M 130 12 month 20.09.2013

Robert W. Baird & Co PETER S BENEDICT outperform 5 M 125 12 month 13.09.2013

ISI Group GREGORY MELICH strong buy 5 M 128 12 month 13.09.2013

Jefferies DANIEL T BINDER hold 3 M 109 12 month 11.09.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 N 124 12 month 08.09.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 120 12 month 05.09.2013


Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 05.09.2013

Stifel DAVID A SCHICK buy 5 M 130 12 month 05.09.2013

Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 05.09.2013

Cowen and Company FAYE LANDES market perform 3 M 105 12 month 05.09.2013

Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 05.09.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 129 12 month 05.09.2013

Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 30.08.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 21.08.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 121 12 month 08.08.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 125 Not Provided 07.08.2013

Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 31.07.2013

Williams Capital Group MARC RIDDICK outperform 5 N 132 12 month 24.07.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 24.07.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 117 3 month 11.07.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 115 12 month 11.07.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 125 Not Provided 06.06.2013

Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 111 Not Provided 03.06.2013

UBS JASON DERISE buy 5 M 124 12 month 31.05.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 116 12 month 31.05.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 30.05.2013

S&P Capital IQ IAN GORDON hold 3 M 116 12 month 30.05.2013

Barclays ROBERT S DRBUL equalweight 3 M 110 Not Provided 30.05.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013

Holdings By:

Costco Wholesale Corp ee


27.09.2013

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol

(IP)-based networking and other products related to the communications and

information technology (IT) industry and provide services associated with these

products and their use. The Company provides products for transporting data,

voice, and video within buildings, across campuses, and globally.


LTM as of: 07/yy

52-Week High (07.08.2013) 26.48

52-Week Low (09.11.2012) 16.68

Daily Volume

23.195





124'361.15 1 Yr Total Return 27.10%







CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'732'352

CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'578'666


31.07.2009 31.07.2010 31.07.2011 31.07.2012 31.07.2013 07/yy 07/yy 07/14 Y 07/15 Y 10/13 Q1 01/14 Q2

36'117.0 40'040.0 43'218.0 46'061.0 48'607.0 46'061.0 48'607.0 50'915.9 53'932.9 12'370.6 12'633.8

2.82x 2.64x 1.37x 1.10x 2.12x 5.95x 6.74x 1.64x 1.42x 7.07x 6.73x

9'153.0 11'194.0 10'959.0 12'971.0 13'652.0 12'971.0 13'652.0 16'430.8 17'443.3 3'965.3 4'074.3

11.13x 9.46x 5.39x 3.91x 7.55x 3.91x 7.55x 5.47x 5.15x 5.51x 5.42x

6'134.0 7'767.0 6'490.0 8'041.0 9'983.0 8'041.0 9'983.0 11'426.8 12'258.2 2'740.9 2'828.0

20.17x 17.07x 13.03x 9.80x 14.92x 9.92x 16.45x 11.00x 10.22x 11.03x 10.85x











EBITDA Margin 28.1%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

8'084'592.00


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40'000.0

50'000.0

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27.09.2013




STATE STREET CORP n/a ULT-AGG 225'986'767 4.21 (6'052'475) 26.09.2013 Investment Advisor





NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 87'113'945 1.62 1'597'553 30.06.2013 Investment Advisor





YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'890'691 0.99 451'471 30.06.2013 Investment Advisor









Cowen and Company PAUL SILVERSTEIN outperform 5 M 32 12 month 27.09.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 28 12 month 26.09.2013

Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.09.2013

FBR Capital Markets SCOTT S THOMPSON market perform 3 M 19 12 month 26.09.2013


Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 30 12 month 25.09.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 25.09.2013

Stifel SANJIV R WADHWANI buy 5 M 30 12 month 24.09.2013


JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 24.09.2013

Credit Suisse KULBINDER GARCHA underperform 1 N 21 Not Provided 18.09.2013

Wedbush ROHIT CHOPRA outperform 5 M 27 12 month 17.09.2013

Argus Research Corp JAMES KELLEHER buy 5 M 29 Not Provided 13.09.2013

The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 27 12 month 13.09.2013

MKM Partners MICHAEL GENOVESE buy 5 M 28 12 month 12.09.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 16 Not Provided 11.09.2013

ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 11.09.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 25 12 month 10.09.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 10.09.2013

Raymond James SIMON M LEOPOLD outperform 5 M 30 12 month 10.09.2013

Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 10.09.2013


Pacific Crest Securities BRENT A BRACELIN outperform 5 M 30 12 month 03.09.2013


BMO Capital Markets TIMOTHY P LONG outperform 5 M 29 Not Provided 20.08.2013

Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 20.08.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 27 Not Provided 19.08.2013

Piper Jaffray TROY D JENSEN overweight 5 M 29 12 month 16.08.2013

RBC Capital Markets MARK SUE outperform 5 M 26 12 month 15.08.2013

JPMorgan ROD HALL neutral 3 M 24 3 month 15.08.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 15.08.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 D 28 12 month 15.08.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 28 18 month 15.08.2013

Nomura STUART JEFFREY buy 5 M 28 12 month 15.08.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 28 Not Provided 15.08.2013

Northland Securities Inc CATHARINE TREBNICK outperform 5 M 30 12 month 15.08.2013


ACI Research EDWARD A ZABITSKY sell 1 M 18 12 month 15.08.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 14.08.2013

Evercore Partners MARK A MCKECHNIE equalweight 3 M 26 12 month 14.08.2013

Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 30 12 month 12.08.2013

UBS AMITABH PASSI buy 5 M 29 12 month 08.08.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 02.08.2013

Holdings By:

Cisco Systems Inc ee


27.09.2013

CVS Caremark Corporation is an integrated pharmacy health care provider. The

Company's offerings include pharmacy benefit management services, mail order,

retail and specialty pharmacy, disease management programs, and retail clinics.

The company operates drugstores throughout the U.S., the District of Columbia,

and Puerto Rico.


LTM as of: 06/yy

52-Week High (01.08.2013) 62.22

52-Week Low (16.11.2012) 44.34

Daily Volume

57.69





70'864.63 1 Yr Total Return 21.44%







CVS UN EQUITY YTD Change - Average Volume 30 Day 1'299'065

CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'224'880


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

87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 116'503.0 123'632.0 126'175.2 131'381.6 31'518.2 32'621.9

0.59x 0.56x 0.59x 0.57x 0.55x 2.11x 2.35x 0.63x 0.59x 2.50x 2.41x

7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 8'310.0 9'633.0 9'892.3 10'521.6 2'517.4 2'716.5

7.10x 7.02x 7.37x 7.79x 7.57x 8.06x 8.13x 8.01x 7.53x 7.81x 7.69x

3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'674.0 4'212.0 4'832.1 5'120.3 1'212.0 1'332.5

11.78x 12.58x 13.96x 15.58x 15.08x 16.35x 16.10x 14.59x 12.95x 13.86x 13.51x


EBIT 7'228.00 Long-Term Rating BBB+









EBITDA Margin 7.8%



Asset Turnover 1.88







Fiscal Year Ended

CVS Caremark CorpPrice/Volume

Valuation Analysis

182'860.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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1&' E

2&' E

3&' E

4&' E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

'&''

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1&''

3&''

5&''

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27.09.2013




VANGUARD GROUP INC n/a ULT-AGG 55'758'799 4.54 (1'074'586) 30.06.2013 Unclassified













LAZARD ASSET MANAGEM n/a ULT-AGG 10'369'984 0.84 (2'939'256) 31.08.2013 Unclassified




NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 8'530'373 0.69 (146'976) 31.07.2013 Insurance Company


Lazard Capital Markets THOMAS GALLUCCI buy 5 M 69 12 month 23.09.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 71 12 month 23.09.2013

Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 20.09.2013

ISI Group ROSS MUKEN buy 5 M 67 12 month 18.09.2013

Cowen and Company CHARLES RHYEE market perform 3 M 66 12 month 18.09.2013

BMO Capital Markets JENNIFER LYNCH outperform 5 M 66 Not Provided 15.09.2013

Goldman Sachs ROBERT P JONES neutral/attractive 3 M 66 12 month 11.09.2013

Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 06.09.2013

SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M 66 12 month 15.08.2013

Raymond James JOHN W RANSOM outperform 5 M 65 12 month 15.08.2013


Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 65 12 month 07.08.2013

RBC Capital Markets FRANK G MORGAN outperform 5 M 71 12 month 07.08.2013

Macquarie DANE LEONE outperform 5 M 66 12 month 07.08.2013

Cantor Fitzgerald AJAY JAIN hold 3 D 62 12 month 07.08.2013

Barclays MEREDITH ADLER overweight 5 M 69 Not Provided 07.08.2013

Credit Suisse EDWARD J KELLY outperform 5 M 67 Not Provided 06.08.2013

JPMorgan LISA C GILL overweight 5 M 66 3 month 06.08.2013


Mizuho Securities USA Inc ANN HYNES buy 5 M 66 12 month 06.08.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 06.08.2013

Wolfe Research SCOTT A MUSHKIN outperform 5 M 67 12 month 06.08.2013

UBS STEVEN VALIQUETTE buy 5 M 64 12 month 01.05.2013

S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 16.01.2013

Holdings By:

CVS Caremark Corp ee


27.09.2013

Chevron Corporation is an integrated energy company with operations in countries

located around the world. The Company produces and transports crude oil and

natural gas. Chevron also refines, markets, and distributes fuels as well as

is involved in chemical operations, mining operations, power generation and

energy services.


LTM as of: 06/yy

52-Week High (25.07.2013) 127.82

52-Week Low (15.11.2012) 100.66

Daily Volume

122.76





237'175.23 1 Yr Total Return 8.25%







CVX UN EQUITY YTD Change - Average Volume 30 Day 1'533'153

CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'464'277


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

255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 230'561.0 213'082.0 233'330.8 240'430.7 59'202.6 58'322.6

0.58x 0.99x 0.96x 0.87x 0.91x 3.41x 4.14x 1.02x 1.01x 4.03x 4.05x

44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 50'980.0 43'331.0 54'634.6 56'970.3 12'649.0 12'517.7

3.32x 5.94x 4.71x 4.02x 4.19x 3.87x 5.33x 4.34x 4.17x 4.44x 4.25x

23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 26'633.0 24'041.0 23'396.1 23'653.2 5'995.7 6'087.0

6.50x 15.38x 9.62x 7.97x 8.62x 8.06x 9.70x 10.14x 9.90x 9.93x 9.81x











EBITDA Margin 20.3%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chevron CorpPrice/Volume

Valuation Analysis

324'485.00


'

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1'

3'

5'

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1&' E

2&' E

3&' E

4&' E

5&' E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

'&''

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0&''

1&''

2&''

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27.09.2013



















DODGE & COX DODGE & COX 13F 12'141'619 0.63 3'100'613 30.06.2013 Investment Advisor





Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 Not Provided 24.09.2013

Raymond James PAVEL MOLCHANOV outperform 5 M 130 12 month 23.09.2013

ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 23.09.2013

Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013


Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.09.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 145 Not Provided 19.09.2013



Societe Generale JOHN HERRLIN hold 3 M 126 12 month 09.09.2013

Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 09.09.2013

Cowen and Company ASIT SEN outperform 5 M 140 12 month 04.09.2013

Barclays PAUL Y CHENG equalweight 3 M 145 Not Provided 03.09.2013

Canaccord Genuity Corp SAMUEL SIMON buy 5 M 136 12 month 15.08.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 12.08.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 122 3 month 06.08.2013

Prime Executions CHRIS KETTENMANN buy 5 M 131 12 month 06.08.2013

Morgan Stanley J EVAN CALIO Overwt/In-Line 5 M 135 12 month 05.08.2013

Jefferies IAIN REID hold 3 M 135 12 month 05.08.2013

Macquarie JASON D GAMMEL outperform 5 M 148 12 month 05.08.2013

Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 02.08.2013

Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 10.07.2013

VTB Capital COLIN SMITH hold 3 M 120 12 month 15.05.2013

UBS WILLIAM A FEATHERSTON neutral 3 M 125 12 month 08.05.2013

Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 03.05.2013

Oracle Investment Research LAURENCE BALTER hold 3 D 110 Not Provided 01.02.2013


Holdings By:

Chevron Corp ee


27.09.2013

E. I. du Pont de Nemours and Company is a global chemical and life sciences

company, with businesses that include agriculture and industrial biotechnology,

chemistry, biology, materials science and manufacturing. The Company operates

globally and offers a wide range of products and services for markets including

agriculture and food, building and construction, electronics and communications.


LTM as of: 06/yy

52-Week High (19.09.2013) 60.86

52-Week Low (16.11.2012) 41.68

Daily Volume

59.16





54'630.36 1 Yr Total Return 20.48%







DD UN EQUITY YTD Change - Average Volume 30 Day 1'134'568

DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'277'867


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

30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 35'578.0 34'967.0 35'948.2 38'367.8 7'782.1 7'837.7

0.96x 1.38x 1.58x 1.53x 1.43x 6.24x 6.19x 1.66x 1.53x 8.07x 7.68x

2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 6'668.0 5'561.0 6'666.2 7'288.4 981.3 1'251.8

10.14x 11.67x 11.29x 10.23x 10.35x 8.82x 10.06x 9.31x 8.51x 8.66x 8.42x

2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'483.0 4'499.0 3'540.3 3'966.4 379.8 510.9

9.10x 16.03x 15.15x 12.89x 13.08x 13.94x 16.77x 15.56x 13.79x 14.15x 13.67x











EBITDA Margin 15.9%



Asset Turnover 0.69







Fiscal Year Ended

EI du Pont de Nemours & CoPrice/Volume

Valuation Analysis

134'830.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

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-&' E

.&' E

0&' E

1&' E

2&' E

3&' 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&''

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-5&''

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27.09.2013









NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'473'587 1.68 (1'500'686) 30.06.2013 Investment Advisor



DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.08 - 30.06.2013 Investment Advisor






WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 6'792'140 0.74 (119'953) 30.06.2013 Investment Advisor


GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'334'173 0.69 (618) 30.06.2013 Investment Advisor



Macquarie COOLEY MAY neutral 3 M 63 12 month 23.09.2013

Jefferies LAURENCE ALEXANDER hold 3 M 56 12 month 20.09.2013

Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 20.09.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 17.09.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 70 12 month 02.09.2013

Piper Jaffray MIKE J RITZENTHALER neutral 3 M 57 12 month 29.08.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 23.08.2013

BGC Partners MARK R GULLEY sell 1 M 50 12 month 22.08.2013


Deutsche Bank DAVID I BEGLEITER buy 5 M 68 12 month 15.08.2013

Alembic Global Advisors HASSAN I AHMED neutral 3 M 60 12 month 29.07.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 66 12 month 26.07.2013

Goldman Sachs ROBERT KOORT neutral/attractive 3 M 57 12 month 25.07.2013

JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 60 15 month 24.07.2013

Barclays DUFFY FISCHER equalweight 3 M 58 Not Provided 24.07.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 56 12 month 23.07.2013

Credit Suisse JOHN P MCNULTY neutral 3 M 59 Not Provided 23.07.2013

UBS JOHN E ROBERTS neutral 3 M 60 12 month 23.07.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 45 12 month 23.07.2013

Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 23.07.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.07.2013

Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 23.07.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013

S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013

Holdings By:

EI du Pont de Nemours & Co ee


27.09.2013

The Walt Disney Company is an entertainment company that conducts operations in

media networks, studio entertainment, theme parks and resorts, consumer

products, and interactive media. The Company produces motion pictures,

television programs, and musical recordings, as well as books and magazines.


LTM as of: 06/yy

52-Week High (16.05.2013) 67.89

52-Week Low (09.11.2012) 46.55

Daily Volume

65.12





116'333.14 1 Yr Total Return 25.74%







DIS UN EQUITY YTD Change - Average Volume 30 Day 2'994'688

DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'497'080


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 41'921.0 44'255.0 44'876.6 47'860.0 11'406.0 12'200.0

1.95x 1.67x 1.96x 1.65x 2.51x 8.19x 10.30x 2.89x 2.68x 11.36x 10.51x

8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 10'663.0 11'440.0 12'067.8 13'454.5 2'853.8 3'099.6

8.20x 8.25x 8.86x 7.00x 9.79x 9.42x 11.11x 10.78x 9.67x 9.89x 9.59x

4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 5'525.0 5'986.0 6'137.8 6'941.5 1'362.7 1'632.3

14.43x 14.99x 16.08x 11.80x 16.96x 16.29x 19.20x 19.33x 16.65x 17.31x 16.55x











EBITDA Margin 25.9%



Asset Turnover 0.57







Fiscal Year Ended

Walt Disney Co/ThePrice/Volume

Valuation Analysis

433'920.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'


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

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

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27.09.2013


LAURENE POWELL JOBS n/a PROXY 130'844'544 7.32 - 07.01.2013 n/a








LUCAS JR GEORGE W n/a Co File 37'076'679 2.08 - 06.02.2013 n/a














Lazard Capital Markets BARTON CROCKETT buy 5 M 76 12 month 22.09.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 75 12 month 20.09.2013

Stifel DREW E CRUM buy 5 M 76 12 month 20.09.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 D 70 12 month 19.09.2013

B Riley & Co DAVID W MILLER buy 5 M 73 Not Provided 19.09.2013

Cowen and Company DOUGLAS CREUTZ market perform 3 M 62 12 month 19.09.2013

Sterne, Agee & Leach VASILY KARASYOV neutral 3 M 69 12 month 13.09.2013

JPMorgan ALEXIA S QUADRANI overweight 5 M 80 15 month 12.09.2013

BMO Capital Markets DANIEL SALMON outperform 5 M 76 Not Provided 11.09.2013

Macquarie TIMOTHY W NOLLEN outperform 5 M 75 12 month 11.09.2013


ISI Group VIJAY JAYANT neutral 3 N 68 12 month 10.09.2013

Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 06.09.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 28.08.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 65 18 month 19.08.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 75 Not Provided 08.08.2013


Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 78 12 month 08.08.2013


Goldman Sachs DREW BORST neutral/attractive 3 M 69 12 month 07.08.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 71 12 month 07.08.2013

S&P Capital IQ TUNA AMOBI strong buy 5 M 75 Not Provided 07.08.2013

Atlantic Equities LLP HAMILTON FABER neutral 3 M 74 12 month 07.08.2013

Piper Jaffray JAMES M MARSH JR neutral 3 M 57 12 month 07.08.2013



RBC Capital Markets DAVID BANK outperform 5 M 71 12 month 06.08.2013

Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 85 12 month 09.05.2013

UBS JOHN JANEDIS buy 5 U 72 12 month 29.04.2013

Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.03.2013

Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.02.2013

Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011

Holdings By:

Walt Disney Co/The ee


27.09.2013

The Dow Chemical Company is a diversified chemical company that provides

chemical, plastic, and agricultural products and services to various essential

consumer markets. The Company serves customers in countries around the world in

markets such as food, transportation, health and medicine, personal care, and

construction.


LTM as of: 06/yy

52-Week High (19.09.2013) 41.08

52-Week Low (16.11.2012) 27.45

Daily Volume

39.47





47'767.14 1 Yr Total Return 40.59%







DOW UN EQUITY YTD Change - Average Volume 30 Day 1'802'396

DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'637'392


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

57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 58'438.0 56'514.0 57'241.1 59'481.8 13'987.8 14'245.8

0.41x 1.25x 1.14x 0.92x 1.07x 3.89x 4.17x 1.19x 1.13x 4.95x 4.92x

4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'488.0 6'668.0 8'235.3 8'981.8 2'241.8 1'356.5

5.46x 13.38x 10.11x 7.99x 9.14x 9.17x 8.70x 8.12x 7.44x 7.82x 7.83x

579.0 648.0 2'310.0 2'742.0 1'182.0 2'196.0 3'011.0 2'876.7 3'456.2 681.6 586.7

25.58x 46.90x 17.21x 12.27x 17.05x 17.17x 17.03x 16.66x 13.78x 15.06x 14.49x











EBITDA Margin 11.8%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dow Chemical Co/ThePrice/Volume

Valuation Analysis

301'588.00


'2

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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27.09.2013











WADDELL & REED FINAN n/a ULT-AGG 13'356'310 1.1 3'843'582 30.06.2013 Investment Advisor


GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 11'674'810 0.96 739'086 30.06.2013 Investment Advisor






GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 6'200'000 0.51 - 30.06.2013 Investment Advisor




Goldman Sachs ROBERT KOORT buy/attractive 5 M 48 12 month 26.09.2013

Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 26.09.2013

Cowen and Company CHARLES NEIVERT market perform 3 M #N/A N/A Not Provided 25.09.2013

Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 23.09.2013


Macquarie COOLEY MAY outperform 5 M 45 12 month 09.09.2013


Susquehanna Financial Group DONALD D CARSON neutral 3 M 38 12 month 02.09.2013

Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 26.08.2013

UBS JOHN E ROBERTS buy 5 M 42 12 month 19.08.2013


Deutsche Bank DAVID I BEGLEITER hold 3 M 37 12 month 26.07.2013

JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 36 15 month 26.07.2013

Barclays DUFFY FISCHER equalweight 3 M 37 Not Provided 26.07.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 25.07.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 36 12 month 25.07.2013

Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 25.07.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 30 12 month 25.07.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013



Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012

Holdings By:

Dow Chemical Co/The ee


27.09.2013

Devon Energy Corporation is an independent energy company that is involved

primarily in oil and gas exploration, development and production, the

transportation of oil, gas, and NGLs and the processing of natural gas. The

Company also has marketing and midstream operations primarily in North America

that include gas, crude oil and NGLs.


LTM as of: 06/yy

52-Week High (19.10.2012) 63.00

52-Week Low (22.04.2013) 50.82

Daily Volume

59.26





24'059.56 1 Yr Total Return -0.77%







DVN UN EQUITY YTD Change - Average Volume 30 Day 562'476

DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 577'510


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

13'615.0 8'015.0 9'940.0 11'454.0 9'679.0 11'143.0 9'509.0 9'980.9 11'381.6 2'560.2 2'685.9

2.56x 4.92x 3.69x 2.42x 2.66x 10.08x 11.52x 3.23x 2.95x 12.89x 12.38x

8'952.0 4'270.0 5'859.0 6'878.0 5'253.0 6'596.0 4'806.0 5'431.3 6'906.1 1'497.1 1'615.8

3.89x 9.24x 6.25x 4.04x 4.91x 4.10x 5.61x 5.51x 4.33x 4.64x 4.47x

(2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 2'415.0 (1'732.0) 1'661.4 2'237.8 450.2 510.7

8.29x 22.88x 13.09x 7.75x 15.99x 12.61x 6.94x 14.17x 10.85x 11.34x 10.72x




Pretax Margin -3.28% Short-Term Rating Date 29.08.2000

Return on Assets -4.15% Short-Term Rating A-2






EBITDA Margin 50.5%



Asset Turnover 0.23







Fiscal Year Ended

Devon Energy CorpPrice/Volume

Valuation Analysis

56'352.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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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

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27.09.2013



MITCHELL GEORGE PHYD n/a PROXY 22'661'034 5.58 - 31.03.2013 n/a



HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 16'770'577 4.13 (85'738) 30.06.2013 Investment Advisor


FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 11'541'257 2.84 3'056'308 30.06.2013 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 7'799'865 1.92 (163'570) 30.06.2013 Hedge Fund Manager



INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 6'297'521 1.55 650'750 30.06.2013 Investment Advisor



TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 4'236'700 1.04 494'990 30.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 4'142'667 1.02 (435'098) 31.08.2013 Unclassified

GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 3'958'943 0.98 (59'900) 30.06.2013 Investment Advisor

THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3'883'863 0.96 (7'559) 30.06.2013 Hedge Fund Manager


DEUTSCHE BANK AG n/a ULT-AGG 3'408'704 0.84 1'603'231 31.07.2013 Investment Advisor



ISI Group JONATHAN WOLFF neutral 3 M #N/A N/A Not Provided 25.09.2013


Macquarie JOSEPH MAGNER neutral 3 M 60 12 month 24.09.2013


Robert W. Baird & Co HSULIN PENG outperform 5 M 69 12 month 23.09.2013

FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 23.09.2013


Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 65 12 month 19.09.2013

Susquehanna Financial Group DUANE GRUBERT Positive 4 M 75 12 month 19.09.2013


Peters & Co Ltd DAN GRAGER sector outperform 5 M 75 12 month 10.09.2013

Raymond James ANDREW COLEMAN outperform 5 M 71 12 month 09.09.2013


Barclays THOMAS R DRISCOLL equalweight 3 M 64 Not Provided 04.09.2013

Edward Jones BRIAN YOUNGBERG buy 5 U #N/A N/A Not Provided 30.08.2013

Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 27.08.2013

Tudor Pickering & Co MATTHEW PORTILLO hold 3 M 79 Not Provided 27.08.2013

Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 19.08.2013

Simmons & Company International DAVID W KISTLER overweight 5 M 70 Not Provided 15.08.2013

Deutsche Bank STEPHEN RICHARDSON hold 3 M 69 12 month 14.08.2013


Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 08.08.2013




Capital One Southcoast, Inc. BRIAN T VELIE neutral 3 M 78 Not Provided 07.08.2013


JPMorgan JOSEPH D ALLMAN neutral 3 M 59 3 month 24.07.2013



Goldman Sachs BRIAN SINGER buy/attractive 5 M 73 12 month 04.04.2013

Holdings By:

Devon Energy Corp ee


27.09.2013

eBay Inc. operates an online trading community. The Company's service is used

by buyers and sellers for the exchange of products and services such as coins,

collectibles, computers, memorabilia, stamps and toys, as well as concert and

sporting tickets. eBay also offers, through a subsidiary, secure online

payment services.


LTM as of: 06/yy

52-Week High (11.04.2013) 58.04

52-Week Low (15.11.2012) 45.66

Daily Volume

56





72'493.81 1 Yr Total Return 14.01%







EBAY UW EQUITY YTD Change - Average Volume 30 Day 2'370'840

EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'525'666


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

8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 13'020.8 15'021.0 16'171.5 18'801.7 3'902.1 4'640.8

1.82x 2.93x 3.42x 3.02x 4.34x 12.76x 16.34x 4.04x 3.38x 17.06x 14.24x

2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'748.0 4'397.0 5'405.9 6'218.1 1'261.5 1'584.9

5.46x 11.10x 11.03x 10.62x 14.95x 13.46x 13.88x 12.30x 10.69x 11.51x 11.09x

1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'732.1 2'665.0 3'563.0 4'214.5 825.4 1'088.4

9.01x 17.84x 20.19x 11.68x 26.63x 21.79x 25.76x 20.66x 17.53x 19.04x 18.26x











EBITDA Margin 29.3%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

eBay IncPrice/Volume

Valuation Analysis

775'395.00


'

-'

.'

0'

1'

2'

3'

4'

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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&''

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27.09.2013


OMIDYAR PIERRE M n/a Form 4 112'053'208 8.66 (9'770'200) 20.08.2013 n/a







BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'607'817 2.21 178'698 30.06.2013 Investment Advisor



OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 18'475'757 1.43 411'648 30.06.2013 Investment Advisor





LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 15'515'623 1.2 5'774'957 30.06.2013 Hedge Fund Manager






Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 27.09.2013


Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 62 12 month 26.09.2013


SunTrust Robinson Humphrey ROBERT S PECK neutral 3 M 59 12 month 26.09.2013


Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 26.09.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 26.09.2013

Evercore Partners KEN SENA overweight 5 M 64 12 month 26.09.2013

Cowen and Company JOHN BLACKLEDGE market perform 3 M 55 12 month 26.09.2013

JMP Securities RONALD V JOSEY III market outperform 4 M 65 12 month 26.09.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 60 12 month 26.09.2013

Lazard Capital Markets BRETT FODERO buy 5 M 63 12 month 26.09.2013

Compass Point Research & Trading LLC DOUGLAS GREINER buy 5 M 63 12 month 26.09.2013

B Riley & Co SCOTT TILGHMAN buy 5 M 65 Not Provided 25.09.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 64 Not Provided 25.09.2013

Susquehanna Financial Group BRIAN NOWAK Positive 4 M 65 12 month 24.09.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 60 15 month 23.09.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 62 12 month 20.09.2013

Stifel JORDAN ROHAN buy 5 M 65 12 month 12.09.2013


Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 65 12 month 11.09.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 18 month 06.09.2013

Wedbush GIL B LURIA outperform 5 M 64 12 month 06.09.2013

Macquarie BENJAMIN A SCHACHTER neutral 3 M 58 12 month 06.09.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 28.08.2013

Argus Research Corp DAVID RITTER buy 5 M 65 12 month 26.08.2013

Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 20.08.2013



Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 23.07.2013


Raymond James AARON M KESSLER outperform 5 M 60 12 month 19.07.2013

Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.07.2013

Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.07.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.07.2013


BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 17.07.2013

Deutsche Bank ROSS SANDLER hold 3 M 59 12 month 17.07.2013

BGC Partners COLIN W GILLIS buy 5 M 65 12 month 16.07.2013


UBS ERIC J SHERIDAN buy 5 N 64 12 month 01.04.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013

Holdings By:

eBay Inc ee


27.09.2013

EMC Corporation provides enterprise storage systems, software, networks, and

services. The Company's products store, retrieve, manage, protect, and share

information from all major computing environments and mainframe platforms. EMC

operates offices around the world.


LTM as of: 06/yy

52-Week High (01.10.2012) 27.89

52-Week Low (19.04.2013) 21.45

Daily Volume

26.1





54'310.29 1 Yr Total Return -4.39%







EMC UN EQUITY YTD Change - Average Volume 30 Day 3'342'864

EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'516'503


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

14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'960.4 22'309.5 23'457.3 25'443.7 5'803.4 6'662.4

1.24x 2.34x 2.72x 2.20x 2.30x 9.37x 8.87x 2.25x 1.95x 8.94x 7.66x

2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 5'398.5 5'749.6 7'076.6 7'862.1 1'839.4 2'266.5

6.23x 12.63x 11.75x 8.85x 8.93x 9.44x 8.09x 7.29x 6.56x 6.62x 6.50x

1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'674.1 2'777.3 4'040.0 4'511.7 980.7 1'302.1

14.75x 32.69x 23.56x 19.01x 20.38x 20.99x 18.31x 14.03x 12.34x 13.14x 12.74x











EBITDA Margin 25.8%



Asset Turnover 0.56







Fiscal Year Ended

EMC Corp/MAPrice/Volume

Valuation Analysis

841'766.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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0'

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

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5&' E

-'&' E

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-1&' 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

'&''

.&''

1&''

3&''

5&''

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27.09.2013












MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 30'479'802 1.46 (660'810) 30.06.2013 Investment Advisor


LAZARD ASSET MANAGEM n/a ULT-AGG 26'380'749 1.27 (665'613) 31.08.2013 Unclassified

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 24'929'149 1.2 2'700'300 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 22'244'971 1.07 (6'876'646) 31.07.2013 Investment Advisor







Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 26 12 month 25.09.2013


Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 M 32 12 month 25.09.2013

Cross Research STEVEN B FOX buy 5 M 33 12 month 25.09.2013


Barclays BENJAMIN A REITZES equalweight 3 D 28 Not Provided 24.09.2013

Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 32 12 month 18.09.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 32 12 month 18.09.2013

Argus Research Corp JAMES KELLEHER buy 5 M 30 12 month 12.09.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 32 12 month 12.09.2013

Longbow Research JOE WITTINE buy 5 M 32 12 month 12.09.2013

ISI Group BRIAN MARSHALL strong buy 5 M 36 12 month 11.09.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 32 12 month 10.09.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 30 Not Provided 06.09.2013


Brean Capital LLC ANANDA BARUAH buy 5 M 31 12 month 05.09.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 04.09.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 30 Not Provided 04.09.2013

Jefferies PETER J MISEK buy 5 M 32 12 month 04.09.2013

Raymond James BRIAN G ALEXANDER strong buy 5 M 31 12 month 04.09.2013



Piper Jaffray ANDREW J NOWINSKI overweight 5 M 30 12 month 04.09.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 27.08.2013

Pacific Crest Securities BRENT A BRACELIN outperform 5 M 32 12 month 22.08.2013

William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 05.08.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 29 Not Provided 05.08.2013


Hilliard Lyons STEPHEN TURNER long-term buy 5 M 31 12 month 26.07.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 25.07.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 29 12 month 25.07.2013

JPMorgan MARK A MOSKOWITZ neutral 3 M 27 15 month 25.07.2013

Stifel AARON C RAKERS buy 5 M 33 12 month 25.07.2013

UBS STEVEN M MILUNOVICH buy 5 M 32 12 month 24.07.2013

Needham & Co GLENN HANUS buy 5 M 32 12 month 24.07.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 32 12 month 24.07.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 33 12 month 24.07.2013


S&P Capital IQ ANGELO ZINO strong buy 5 M 30 12 month 04.07.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 20.05.2013


Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 15.03.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012

Holdings By:

EMC Corp/MA ee


27.09.2013

Emerson Electric Co. designs and manufactures electronic and electrical

equipment, software, systems and services for industrial, commercial and

consumer markets worldwide through its network power, process management,

industrial automation, climate technologies and tools & storage divisions.


LTM as of: 06/yy

52-Week High (19.09.2013) 66.77

52-Week Low (23.10.2012) 47.12

Daily Volume

65.04





46'473.13 1 Yr Total Return 38.48%







EMR UN EQUITY YTD Change - Average Volume 30 Day 921'900

EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 910'807


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 24'257.0 24'557.0 24'615.9 25'181.5 6'761.2 5'640.4

1.39x 1.66x 2.06x 1.40x 1.56x 6.25x 6.70x 2.00x 1.95x 7.29x 8.77x

4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 5'053.0 5'114.0 4'674.8 5'204.9 1'446.4 1'017.6

7.18x 8.60x 10.00x 6.64x 7.38x 7.46x 8.20x 10.55x 9.48x 9.79x 9.64x

2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'447.0 1'491.0 2'408.2 2'738.2 797.4 507.5

12.79x 16.04x 20.04x 12.68x 13.71x 13.82x 15.15x 18.85x 16.72x 17.22x 16.73x











EBITDA Margin 20.8%



Asset Turnover 1.03







Fiscal Year Ended

Emerson Electric CoPrice/Volume

Valuation Analysis

155'328.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

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.&' E

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'&''

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3&''

5&''

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27.09.2013

















US BANCORP US BANCORP 13F 5'146'879 0.72 (84'676) 30.06.2013 Investment Advisor




AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'200'298 0.59 178'212 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 68 12 month 27.09.2013

Longbow Research MARK DOUGLASS neutral 3 M #N/A N/A Not Provided 25.09.2013

Credit Suisse JULIAN MITCHELL outperform 5 M 68 Not Provided 24.09.2013

Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 70 12 month 24.09.2013

William Blair & Co RYAN MERKEL market perform 3 M 65 12 month 23.09.2013

RBC Capital Markets JAMIE SULLIVAN outperform 5 M 70 12 month 20.09.2013


Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 60 12 month 20.09.2013

Nomura SHANNON O'CALLAGHAN buy 5 M 72 12 month 20.09.2013

Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 20.09.2013

JPMorgan CHARLES STEPHEN TUSA neutral 3 M 65 15 month 11.09.2013

MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 58 12 month 29.08.2013

Canaccord Genuity Corp JOHN S QUEALY hold 3 M 65 12 month 26.08.2013


Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 14.08.2013


Deutsche Bank JOHN G INCH buy 5 M 68 12 month 07.08.2013

Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 63 12 month 07.08.2013

UBS JASON D FELDMAN neutral 3 M 63 12 month 07.08.2013

Macquarie MICHAEL R WOOD neutral 3 M 62 12 month 07.08.2013

S&P Capital IQ KEVIN KIRKEBY buy 5 U 72 Not Provided 07.08.2013

Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 68 Not Provided 07.08.2013

Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 59 12 month 06.08.2013

Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 66 12 month 06.08.2013

Cowen and Company GAUTAM KHANNA market perform 3 M 60 12 month 06.08.2013

Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 06.08.2013

FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 08.05.2013


Holdings By:

Emerson Electric Co ee


27.09.2013

Exelon Corporation is a utility services holding company. The Company, through

its subsidiaries distributes electricity to customers in Illinois and

Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area

as well as operates nuclear power plants in states that include Pennsylvania and

New Jersey.


LTM as of: 06/yy

52-Week High (30.04.2013) 37.80

52-Week Low (23.11.2012) 28.40

Daily Volume

29.87





25'585.55 1 Yr Total Return -11.63%







EXC UN EQUITY YTD Change - Average Volume 30 Day 1'351'006

EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'317'575


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

18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 20'268.0 25'072.0 25'033.4 25'080.8 6'389.8 5'677.2

2.57x 2.48x 2.08x 2.16x 1.87x 9.14x 7.48x 1.73x 1.77x 6.94x 6.48x

7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'495.0 7'047.0 6'118.3 6'118.1 1'722.5 1'424.0

6.38x 5.84x 5.07x 6.08x 6.71x 7.77x 6.50x 7.35x 7.35x 7.18x 7.18x

2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 1'693.0 1'160.0 2'101.6 1'967.8 604.7 452.0

13.24x 11.86x 10.26x 12.96x 15.38x 10.22x 15.53x 12.19x 13.14x 12.58x 12.74x











EBITDA Margin 28.1%



Asset Turnover 0.32







Fiscal Year Ended

Exelon CorpPrice/Volume

Valuation Analysis

150'405.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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02

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0&' E

1&' E

2&' E

3&' 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

'&''

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2&''

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27.09.2013









WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'402'372 1.91 124'363 30.06.2013 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 14'208'753 1.66 2'696'907 30.06.2013 Investment Advisor





PICTET FUNDS n/a ULT-AGG 6'017'212 0.7 1'667'831 30.06.2013 Investment Advisor

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'927'650 0.69 2'169 31.07.2013 Insurance Company


ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 5'495'652 0.64 (275'608) 30.06.2013 Investment Advisor



MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'594'270 0.54 4'594'270 30.06.2013 Investment Advisor


SunTrust Robinson Humphrey ALI AGHA neutral 3 M 29 12 month 23.09.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 23.09.2013

Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 32 12 month 23.09.2013

RBC Capital Markets SHELBY G TUCKER sector perform 3 D 33 12 month 18.09.2013

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 29 12 month 17.09.2013

BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 16.09.2013


Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 30.08.2013

Credit Suisse DANIEL EGGERS neutral 3 M 28 Not Provided 15.08.2013



Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 01.08.2013

Jefferies PAUL B FREMONT hold 3 M 29 12 month 01.08.2013

Wunderlich Securities JAMES L DOBSON hold 3 M 33 18 month 01.08.2013

ISI Group GREG GORDON neutral 3 M 32 12 month 01.08.2013

Tudor Pickering & Co NEEL MITRA hold 3 M 31 Not Provided 01.08.2013

Barclays DANIEL F FORD equalweight 3 M 32 Not Provided 01.08.2013

Drexel Hamilton LLC ANDREW L SMITH buy 5 M 37 12 month 01.08.2013


JPMorgan CHRISTOPHER TURNURE neutral 3 M 33 15 month 31.07.2013

Wells Fargo Securities, LLC NEIL A KALTON underperform 1 M #N/A N/A Not Provided 31.07.2013

Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 36 12 month 03.06.2013

Atlantic Equities LLP NATHAN JUDGE neutral 3 M 37 12 month 28.05.2013

S&P Capital IQ JUSTIN MCCANN sell 1 D 34 Not Provided 30.04.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013

Holdings By:

Exelon Corp ee


27.09.2013

Ford Motor Company designs, manufactures, and services cars and trucks. The

Company also provides vehicle-related financing, leasing, and insurance through

its subsidiary.


LTM as of: 06/yy

52-Week High (19.09.2013) 17.77

52-Week Low (02.10.2012) 9.71

Daily Volume

17.13





67'486.51 1 Yr Total Return 75.30%







F UN EQUITY YTD Change - Average Volume 30 Day 6'497'764

F UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'346'391


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

145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 133'279.0 142'501.0 140'044.2 147'169.7 34'081.5 35'938.9

0.11x 0.40x 0.48x 0.23x 0.31x 0.94x 1.16x 0.42x 0.41x 1.70x 1.65x

64.0 6'438.0 15'383.0 13'629.0 12'513.0 12'270.0 12'623.0 11'426.3 12'697.0 2'741.0 2'532.4

238.63x 7.22x 4.03x 2.34x 3.30x 2.22x 4.11x 5.06x 4.55x 4.94x 4.83x

(14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 17'700.0 6'073.0 6'149.2 7'074.2 1'435.5 1'267.9

- 24.40x 9.19x 2.17x 8.23x 2.14x 9.54x 11.09x 9.66x 10.64x 10.20x


EBIT 6'291.00 Long-Term Rating BBB-









EBITDA Margin 8.9%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ford Motor CoPrice/Volume

Valuation Analysis

1'481'716.00


'.135

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2&' E

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-2&' E

.'&' E

.2&' E

0'&' E

02&' 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

180'000.0

200'000.0

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

'&''

-&''

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0&''

1&''

2&''

3&''

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27.09.2013












ALLIANCE BERNSTEIN n/a ULT-AGG 32'280'444 0.83 (1'363'856) 30.06.2013 Investment Advisor




UBS AG n/a ULT-AGG 25'378'375 0.66 3'517'806 30.06.2013 Unclassified







Buckingham Research Group JOSEPH C AMATURO underperform 1 M 12 12 month 23.09.2013

Sterne, Agee & Leach MICHAEL P WARD buy 5 M 20 12 month 23.09.2013

Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 13 12 month 17.09.2013

RBC Capital Markets JOSEPH SPAK sector perform 3 M 19 12 month 12.09.2013

Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 20 12 month 11.09.2013

Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 11.09.2013

Jefferies ELAINE S KWEI buy 5 M 20 12 month 09.09.2013

Deutsche Bank ROD LACHE hold 3 M 19 12 month 06.09.2013


S&P Capital IQ EFRAIM LEVY buy 5 M 17 12 month 04.09.2013

UBS COLIN LANGAN buy 5 M 22 12 month 06.08.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 M 17 Not Provided 01.08.2013


JPMorgan RYAN BRINKMAN overweight 5 M 22 15 month 25.07.2013

Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 M 20 12 month 25.07.2013

Barclays BRIAN A JOHNSON equalweight 3 M 19 Not Provided 25.07.2013

Goldman Sachs PATRICK ARCHAMBAULT Buy/Neutral 5 M 20 12 month 16.07.2013



KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012

CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012

Holdings By:

Ford Motor Co ee


27.09.2013

Freeport-McMoRan Copper & Gold Inc., is an international natural resources

company with headquarters in Phoenix, Arizona. The Company operates large,

long-lived, geographically diverse assets with significant reserves

of copper, gold, molybdenum, cobalt, oil and gas.


LTM as of: 06/yy

52-Week High (18.10.2012) 41.48

52-Week Low (18.04.2013) 26.34

Daily Volume

33.59





34'862.38 1 Yr Total Return -10.17%







FCX UN EQUITY YTD Change - Average Volume 30 Day 2'846'290

FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'925'051


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

17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 18'437.0 17'801.0 20'878.6 24'133.6 5'640.1 6'300.8

1.17x 2.84x 3.15x 1.75x 2.00x 7.56x 9.22x 2.76x 2.41x 10.39x 9.36x

6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 7'573.0 6'184.0 8'023.1 10'711.8 2'390.2 2'928.3

3.40x 5.52x 5.87x 3.59x 5.20x 4.58x 8.30x 7.17x 5.37x 5.34x 5.24x

(11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 3'167.0 2'697.0 2'442.3 3'138.1 609.8 831.3

3.29x 12.99x 14.30x 6.98x 10.56x 8.81x 10.21x 13.91x 10.85x 11.70x 11.33x











EBITDA Margin 34.7%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Freeport-McMoRan Copper & Gold IncPrice/Volume

Valuation Analysis

497'811.00


'2

-'-2.'.20'021'12


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

'&''

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1&''

3&''

5&''

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27.09.2013






NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'051'699 2.12 (89'843) 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 1.94 - 30.06.2013 Investment Advisor



PAULSON & CO PAULSON & CO 13F 15'505'982 1.49 6'505'982 30.06.2013 Hedge Fund Manager


ALLIANZ ASSET MANAGE n/a ULT-AGG 14'982'241 1.44 (1'534'179) 31.08.2013 Investment Advisor





SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 9'824'335 0.95 (2'090'892) 30.06.2013 Investment Advisor


D E SHAW & COMPANY I D E SHAW & CO 13F 7'486'626 0.72 1'840'641 30.06.2013 Hedge Fund Manager




Macquarie ALDO J MAZZAFERRO JR neutral 3 M 36 12 month 26.09.2013

Jefferies PETER D WARD buy 5 M 40 12 month 16.09.2013

RBC Capital Markets FRASER PHILLIPS sector perform 3 M 36 12 month 15.09.2013

Barclays DAVID GAGLIANO overweight 5 M 40 Not Provided 13.09.2013

BB&T Capital Markets GARRETT S. NELSON buy 5 M 36 12 month 09.09.2013

Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 43 12 month 08.09.2013

FBR Capital Markets MITESH B THAKKAR outperform 5 M 35 12 month 08.08.2013

Deutsche Bank JORGE M BERISTAIN buy 5 M 35 12 month 06.08.2013

JPMorgan MICHAEL F GAMBARDELLA overweight 5 M 42 15 month 30.07.2013

Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 29.07.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 24.07.2013

Nomura CURTIS WOODWORTH buy 5 M 38 12 month 24.07.2013


BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 23.07.2013

Goldman Sachs SAL THARANI Buy/Neutral 5 M 33 6 month 23.07.2013

Credit Suisse RALPH M PROFITI outperform 5 M 38 Not Provided 23.07.2013

UBS BRIAN T MACARTHUR buy 5 M 35 12 month 23.07.2013

Cowen and Company ANTHONY B RIZZUTO JR outperform 5 M 45 12 month 23.07.2013

Stifel PAUL A MASSOUD buy 5 M 37 12 month 25.06.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013

Oracle Investment Research LAURENCE BALTER strong buy 5 M 50 Not Provided 31.12.2012


Holdings By:

Freeport-McMoRan Copper & Gold Inc ee


27.09.2013

FedEx Corp. delivers packages and freight to multiple countries and

territories through an integrated global network. The Company provides

worldwide express delivery, ground small-parcel delivery, less-than-truckload

freight delivery, supply chain management services, customs brokerage services,

and trade facilitation and electronic commerce solutions.


LTM as of: 08/yy

52-Week High (20.09.2013) 118.29

52-Week Low (28.09.2012) 84.19

Daily Volume

113.32





35'881.90 1 Yr Total Return 32.89%







FDX UN EQUITY YTD Change - Average Volume 30 Day 508'252

FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 543'558


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3

35'497.0 34'734.0 39'304.0 42'680.0 44'287.0 42'951.0 44'519.0 45'783.2 48'341.9 11'467.1 11'496.2

0.50x 0.75x 0.74x 0.63x 0.65x 2.53x 2.72x 0.73x 0.66x 2.92x 2.89x

3'926.0 3'974.0 4'440.0 5'433.0 5'597.0 5'502.0 5'699.0 6'203.2 7'150.4 1'471.4 1'448.1

4.48x 6.59x 6.54x 4.98x 5.13x 4.98x 5.62x 5.44x 4.72x 5.28x 5.05x

98.0 1'184.0 1'452.0 2'032.0 1'561.0 2'027.0 1'591.0 2'237.9 2'780.2 511.9 491.5

19.67x 21.99x 19.70x 13.35x 15.46x 13.15x 17.10x 16.16x 13.09x 15.53x 14.63x











EBITDA Margin 12.8%



Asset Turnover 1.38







Fiscal Year Ended

FedEx CorpPrice/Volume

Valuation Analysis

49'524.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'&''

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27.09.2013


SMITH FREDERICK WALL n/a Form 4 19'748'475 6.24 48'004 04.04.2013 n/a

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'242'579 6.08 (474'843) 30.06.2013 Investment Advisor


SOUTHEASTERN ASSET M n/a 13G 15'807'606 4.99 (436'700) 31.07.2013 Investment Advisor









GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'632'225 1.46 18'751 30.06.2013 Investment Advisor



PERRY CORP PERRY CORPORATION 13F 3'900'000 1.23 3'900'000 30.06.2013 Hedge Fund Manager



GATES FOUNDATION BILL & MELINDA FOUND 13F 3'024'999 0.96 - 30.06.2013 Endowment



Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 102 12 month 27.09.2013

Deutsche Bank JUSTIN B YAGERMAN buy 5 M 131 12 month 23.09.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.09.2013

Stifel DAVID G ROSS hold 3 D #N/A N/A Not Provided 23.09.2013

Cowen and Company HELANE R BECKER outperform 5 M 117 12 month 23.09.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 23.09.2013

Barclays BRANDON OGLENSKI overweight 5 M 135 Not Provided 23.09.2013


Goldman Sachs TOM KIM neutral/neutral 3 D 116 12 month 19.09.2013


JPMorgan THOMAS R WADEWITZ neutral 3 M 110 3 month 19.09.2013

Stephens Inc JACK ATKINS overweight 5 M 137 12 month 19.09.2013

Macquarie KELLY A DOUGHERTY outperform 5 M 122 12 month 19.09.2013

Buckingham Research Group JEFFREY KAUFFMAN buy 5 M 120 12 month 19.09.2013

Wunderlich Securities CHAZ G JONES buy 5 M 120 18 month 19.09.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 12 month 19.09.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 19.09.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 125 Not Provided 19.09.2013

Wolfe Research SCOTT H GROUP outperform 5 M 140 12 month 19.09.2013

RBC Capital Markets JOHN L BARNES III underperform 1 M 105 12 month 18.09.2013

Credit Suisse ALLISON LANDRY neutral 3 M 115 Not Provided 18.09.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 18.09.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 126 12 month 18.09.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 18.09.2013

Raymond James ARTHUR W HATFIELD outperform 5 M 124 12 month 18.09.2013

Avondale Partners LLC DONALD BROUGHTON market perform 3 M 125 12 month 18.09.2013

Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 18.09.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 127 12 month 18.09.2013

Atlantic Equities LLP RORRIE MARS neutral 3 M 107 12 month 18.09.2013

Jefferies H PETER NESVOLD hold 3 M 102 12 month 26.07.2013

Accountability Research Corp MARK SUAREZ buy 5 M 110 Not Provided 25.06.2013

Nomura MARK MCVICAR neutral 3 M 105 12 month 18.06.2013

Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013

Holdings By:

FedEx Corp ee


27.09.2013

Twenty-First Century Fox, Inc. is a diversified media company. The Company's

media and entertainment operations include the production and distribution

motion pictures and television programming, music, radio broadcasting, and

sports.


LTM as of: 06/yy

52-Week High (08.08.2013) 33.82

52-Week Low (16.11.2012) 20.28

Daily Volume

33.32





77'112.59 1 Yr Total Return 54.05%







FOXA UW EQUITY YTD Change - Average Volume 30 Day 2'389'856

FOXA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'967'246


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

30'423.0 32'778.0 33'405.0 25'051.0 27'675.0 31'571.0 34'311.0 30'468.3 32'522.0 6'833.7 7'909.6

1.06x 1.12x 1.50x 2.40x 3.21x 6.65x 8.68x 2.98x 2.80x 13.21x 11.51x

4'784.0 5'228.0 6'133.0 5'757.0 6'261.0 6'460.0 6'972.0 7'000.7 7'873.9 1'664.1 1'728.3

6.75x 7.02x 8.17x 10.44x 14.20x 9.30x 12.75x 12.96x 11.52x 13.18x 12.81x

(3'378.0) 2'539.0 2'739.0 1'179.0 7'097.0 1'179.0 7'097.0 3'448.4 4'024.5 838.0 864.7

26.72x 10.34x 13.72x 18.58x 23.96x 16.28x 19.37x 21.72x 17.60x 21.44x 20.47x











EBITDA Margin 20.3%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Twenty-First Century Fox IncPrice/Volume

Valuation Analysis

623'515.00


'

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0.0

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

'&''

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27.09.2013






YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 72'291'747 4.78 (3'482'523) 30.06.2013 Investment Advisor






CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 25'378'867 1.68 (251'100) 30.06.2013 Hedge Fund Manager


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 21'120'296 1.4 933'574 30.06.2013 Hedge Fund Manager

LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 20'188'935 1.34 2'653'257 30.06.2013 Hedge Fund Manager




HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 17'574'300 1.16 (4'840'000) 30.06.2013 Hedge Fund Manager

ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 17'000'000 1.13 (6'000'000) 30.06.2013 Hedge Fund Manager

TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 15'665'000 1.04 6'665'000 30.06.2013 Hedge Fund Manager


Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 37 12 month 24.09.2013


Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 39 12 month 20.09.2013



ISI Group VIJAY JAYANT strong buy 5 N 38 12 month 10.09.2013

Sterne, Agee & Leach VASILY KARASYOV buy 5 M 36 12 month 05.09.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M 36 12 month 29.08.2013

Needham & Co LAURA A MARTIN buy 5 M 36 12 month 28.08.2013



BMO Capital Markets DANIEL SALMON market perform 3 M 33 Not Provided 11.08.2013




Wedbush JAMES G DIX outperform 5 M 34 12 month 09.08.2013

S&P Capital IQ TUNA AMOBI buy 5 M 38 12 month 08.08.2013


Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 07.08.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 36 12 month 07.08.2013


UBS JOHN JANEDIS neutral 3 M 32 12 month 06.08.2013

WhiteSand Research LLC TEAM COVERAGE undervalued 4 M 33 12 month 11.07.2013

Goldman Sachs DREW BORST buy/attractive 5 M 35 12 month 02.07.2013

CRT Capital Group LANCE W VITANZA not rated #N/A N/A M #N/A N/A Not Provided 19.06.2013



Nomura MICHAEL NATHANSON buy 5 M 30 12 month 09.05.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 26 Not Provided 27.06.2012

Holdings By:

Twenty-First Century Fox Inc ee


27.09.2013

General Dynamics Corporation is a diversified defense company. The Company

offers a broad portfolio of products and services in business aviation, combat

vehicles, weapons systems and munitions, shipbuilding design and construction,

and information systems, technologies and services.


LTM as of: 06/yy

52-Week High (19.09.2013) 89.94

52-Week Low (16.11.2012) 61.71

Daily Volume

87.97





30'777.88 1 Yr Total Return 36.44%







GD UN EQUITY YTD Change - Average Volume 30 Day 424'012

GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 479'497


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'501.0 31'327.0 31'214.0 30'990.8 7'760.0 8'138.2

0.84x 0.87x 0.83x 0.76x 0.80x 3.08x 3.26x 0.99x 0.98x 3.97x 3.76x

4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'386.0 1'406.0 4'245.3 4'295.0 1'036.9 1'116.8

6.02x 6.58x 5.99x 5.65x 7.28x 5.62x 19.60x 7.29x 7.20x 7.27x 7.09x

2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'453.0 (319.0) 2'443.7 2'478.8 588.5 644.8

9.26x 11.00x 10.40x 9.13x 10.69x 9.02x 12.01x 12.64x 12.14x 12.58x 12.27x







Return on Capital -2.35% EBITDA/Interest Exp. 20.52




EBITDA Margin 4.5%



Asset Turnover 0.90







Fiscal Year Ended

General Dynamics CorpPrice/Volume

Valuation Analysis

69'222.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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27.09.2013



LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'351'897 9.53 (47'179) 30.06.2013 Investment Advisor





CROWN FUND n/a Form 4 7'705'112 2.2 (48'000) 03.05.2013 Unclassified



HENRY CROWN AND CO n/a Form 4 5'424'092 1.55 - 03.05.2013 Holding Company




SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 4'067'099 1.16 34'000 30.06.2013 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 3'490'267 1 3'490'267 30.06.2013 Investment Advisor

ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 3'270'000 0.93 - 30.06.2013 Hedge Fund Manager

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'088'020 0.88 969'783 30.06.2013 Investment Advisor




Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 25.09.2013



Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 16.09.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 85 12 month 16.09.2013

CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 09.09.2013


Buckingham Research Group RICHARD SAFRAN neutral 3 M 79 12 month 26.08.2013

UBS DAVID E STRAUSS buy 5 M 100 12 month 19.08.2013

Goldman Sachs NOAH POPONAK sell/attractive 1 M 80 12 month 12.08.2013









Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.07.2013


Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009

Holdings By:

General Dynamics Corp ee


27.09.2013

General Electric Company is a globally diversified technology and financial

services company. The Company's products and services include aircraft engines,

power generation, water processing, and household appliances to medical imaging,

business and consumer financing and industrial products.


LTM as of: 06/yy

52-Week High (19.07.2013) 24.95

52-Week Low (16.11.2012) 19.88

Daily Volume

24.06





245'021.77 1 Yr Total Return 9.40%







GE UN EQUITY YTD Change - Average Volume 30 Day 9'223'865

GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'546'653


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

180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 143'048.0 142'477.0 147'097.5 151'101.3 35'979.9 40'781.3

0.99x 1.12x 1.28x 1.37x 1.56x 5.62x 6.62x 3.14x 3.08x 13.04x 11.32x

30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 24'310.0 24'107.0 28'000.4 30'554.9 5'792.8 7'772.8

5.83x 8.45x 8.01x 7.76x 9.03x 9.33x 9.78x 8.72x 7.99x 8.84x 8.28x

17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 13'093.0 14'162.0 16'900.0 17'987.9 3'878.0 5'450.8

8.39x 12.59x 15.84x 12.68x 13.54x 14.14x 15.08x 14.52x 13.31x 14.20x 13.86x


EBIT 15'654.00 Long-Term Rating AA+









EBITDA Margin 16.9%



Asset Turnover 0.21







Fiscal Year Ended

General Electric CoPrice/Volume

Valuation Analysis

1'592'416.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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-2

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

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27.09.2013




STATE STREET CORP n/a ULT-AGG 407'597'022 4 (6'755'602) 26.09.2013 Investment Advisor







GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 88'830'439 0.87 (155'186) 30.06.2013 Corporation













William Blair & Co NICHOLAS P HEYMANN market perform 3 M 26 12 month 26.09.2013




JPMorgan CHARLES STEPHEN TUSA neutral 3 M 26 15 month 11.09.2013

Barclays SCOTT R DAVIS overweight 5 M 26 Not Provided 02.09.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 28 12 month 30.08.2013

S&P Capital IQ ERIC HUGEL buy 5 M 28 Not Provided 30.08.2013


Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 28 Not Provided 29.07.2013

UBS JASON D FELDMAN buy 5 M 27 12 month 23.07.2013



Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 26 18 month 22.07.2013

Nomura SHANNON O'CALLAGHAN neutral 3 M 23 12 month 22.07.2013





Holdings By:

General Electric Co ee


27.09.2013

Gilead Sciences, Inc. is a research-based biopharmaceutical company that

discovers, develops, and commercializes therapeutics to advance the care of

patients suffering from life-threatening diseases. The Company's primary areas

of focus include HIV/AIDS, liver disease and serious cardiovascular and

respiratory conditions.


LTM as of: 06/yy

52-Week High (19.09.2013) 64.73

52-Week Low (08.11.2012) 32.08

Daily Volume

63.15





96'659.04 1 Yr Total Return 89.53%







GILD UW EQUITY YTD Change - Average Volume 30 Day 1'955'903

GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'569'464


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

5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 9'009.7 10'313.9 10'798.7 13'431.5 2'726.8 2'799.4

8.35x 5.18x 3.38x 3.41x 6.36x 16.33x 27.29x 9.32x 7.30x - -

2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 4'010.4 4'622.1 4'826.0 6'832.8 1'149.3 1'202.3

15.67x 9.71x 6.35x 6.99x 14.38x 11.39x 17.96x 20.98x 14.81x - -

1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'559.8 2'932.8 3'287.4 4'934.6 827.1 848.1

24.83x 15.12x 10.53x 11.34x 21.83x 15.13x 27.43x 32.33x 20.86x 26.82x 22.71x











EBITDA Margin 44.8%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gilead Sciences IncPrice/Volume

Valuation Analysis

441'098.00


'

-'

.'

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1'

2'

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4'

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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

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27.09.2013


















MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 17'041'344 1.11 (4'940'812) 30.06.2013 Investment Advisor





Leerink Swann & Co HOWARD LIANG outperform 5 M 70 12 month 26.09.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 69 Not Provided 26.09.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 82 12 month 25.09.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 72 12 month 24.09.2013

Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 19.09.2013

Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 67 12 month 18.09.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 80 15 month 18.09.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 18.09.2013

Guggenheim Securities LLC BRET HOLLEY buy 5 M 72 12 month 13.09.2013

S&P Capital IQ STEVEN SILVER strong buy 5 M 76 Not Provided 13.09.2013

William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 12.09.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 70 12 month 12.09.2013

Maxim Group LLC JASON KOLBERT buy 5 M 89 12 month 12.09.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 77 12 month 10.09.2013

Jefferies THOMAS WEI hold 3 M 40 12 month 10.09.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 10.09.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 68 Not Provided 06.09.2013

Robert W. Baird & Co BRIAN P SKORNEY neutral 3 M 65 12 month 03.09.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 75 12 month 13.08.2013

Stifel JOEL D SENDEK buy 5 M 79 12 month 09.08.2013


BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 85 Not Provided 26.07.2013

UBS MATTHEW RODEN buy 5 M 72 12 month 26.07.2013

Needham & Co ALAN CARR buy 5 M 70 12 month 26.07.2013

Cowen and Company PHILIP NADEAU outperform 5 M 80 12 month 26.07.2013

Atlantic Equities LLP RICHARD J PURKISS overweight 5 U 73 12 month 26.07.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 67 Not Provided 25.07.2013


First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012

BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011

Holdings By:

Gilead Sciences Inc ee


27.09.2013

General Motors Co. manufactures and markets new cars and trucks. The Company

offers features for special needs drivers, OnStar vehicle protection, service,

parts, accessories, maintenance, XM satellite radio, features for commercial

owners, and more. General Motors offers its vehicles and services worldwide.


LTM as of: 06/yy

52-Week High (24.09.2013) 37.97

52-Week Low (02.10.2012) 22.69

Daily Volume

36.71





50'811.70 1 Yr Total Return 58.37%







GM UN EQUITY YTD Change - Average Volume 30 Day 3'926'573

GM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'413'370


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

- 104'589.0 135'592.0 150'276.0 152'256.0 150'082.0 152'842.0 157'281.2 166'368.5 39'562.5 41'691.0

- - 0.38x 0.11x 0.19x 0.60x 0.78x 0.30x 0.28x - -

- (9'909.0) 12'007.0 14'369.0 5'647.0 12'902.0 5'029.0 13'590.3 16'184.7 4'031.0 3'842.0

- - 4.30x 1.16x 5.24x 1.89x 7.44x 3.05x 2.56x 2.69x 2.63x

- 104'821.0 6'172.0 9'190.0 6'188.0 5'993.0 5'616.0 5'789.1 7'680.5 1'728.7 1'624.3

- - 13.72x 3.31x 7.91x 5.60x 12.23x 10.82x 8.14x 9.42x 8.81x


EBIT -3'218.00 Long-Term Rating BB+

Operating Margin -2.11% Long-Term Outlook POS

Pretax Margin -18.85% Short-Term Rating Date -







EBITDA Margin 3.3%

EBIT Margin -2.6% Total Debt/Equity 62.1%


Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

General Motors CoPrice/Volume

Valuation Analysis

514'045.00


'

2

-'

-2

.'

.2

0'

02

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-2&' E

.'&' E

.2&' E

0'&' E

02&' 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

'&''

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27.09.2013


UAW RETIREE MED BEN n/a Form 4 140'150'000 10.13 - 12.06.2013 n/a

CANADA GEN INVESTMEN n/a Form 4 110'084'746 7.95 (30'000'000) 10.09.2013 Other

UNITED STATES GOVERN n/a Research 101'042'061 7.3 (88'152'928) 18.09.2013 Government








MOTORS LIQUIDATION C n/a PROXY 29'101'877 2.1 (1'865'684) 01.04.2013 Other




GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 17'047'339 1.23 (4'124'724) 30.06.2013 Hedge Fund Manager

AL SAUD ALWALEED BIN n/a Research 15'000'000 1.08 - 23.11.2010 n/a

SAIC MOTOR CORP LTD n/a Research 15'000'000 1.08 - 23.11.2010 Corporation


ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 13'133'587 0.95 (149'104) 30.06.2013 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 10'568'526 0.76 (1'042'925) 30.06.2013 Investment Advisor


Deutsche Bank ROD LACHE buy 5 M 46 12 month 25.09.2013

JPMorgan RYAN BRINKMAN overweight 5 M 49 15 month 25.09.2013

Buckingham Research Group JOSEPH C AMATURO buy 5 M 50 12 month 25.09.2013

Sterne, Agee & Leach MICHAEL P WARD buy 5 M 46 12 month 23.09.2013


Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 11.09.2013

Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 25 12 month 05.09.2013

S&P Capital IQ EFRAIM LEVY hold 3 M 33 12 month 04.09.2013


UBS COLIN LANGAN buy 5 M 47 12 month 06.08.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA outperform 5 M 40 Not Provided 30.07.2013

Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 45 12 month 26.07.2013

RBC Capital Markets JOSEPH SPAK outperform 5 M 45 12 month 26.07.2013


Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 M 44 12 month 26.07.2013

Barclays BRIAN A JOHNSON overweight 5 M 48 Not Provided 26.07.2013

Goldman Sachs PATRICK ARCHAMBAULT Buy/Neutral 5 M 45 12 month 16.07.2013

CRT Capital Group KIRK LUDTKE buy 5 M 34 12 month 02.05.2013


Holdings By:

General Motors Co ee


27.09.2013

Google Inc. is a global technology company that provides a web based search

engine through its website. The Company offers a wide range of search options,

including web, image, groups, directory, and news searches.


LTM as of: 06/yy

52-Week High (15.07.2013) 928.00

52-Week Low (16.11.2012) 636.05

Daily Volume

874.68





291'461.03 1 Yr Total Return 15.62%







GOOG UW EQUITY YTD Change - Average Volume 30 Day 491'631

GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 525'342


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

21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 42'756.0 56'594.0 46'967.7 55'004.5 11'693.8 13'176.2

3.72x 7.29x 5.42x 4.45x 3.77x 14.32x 15.10x 4.98x 4.10x 20.27x 17.67x

8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 15'367.0 16'440.0 21'171.9 25'221.6 5'242.6 5'942.7

9.96x 17.53x 13.48x 12.41x 12.05x 9.87x 14.74x 11.33x 9.51x 10.43x 9.99x

4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 11'109.0 11'636.0 14'693.1 17'616.1 3'517.2 4'017.8

18.44x 30.38x 22.30x 21.30x 21.10x 16.99x 25.83x 20.12x 17.02x 18.93x 18.04x











EBITDA Margin 29.0%



Asset Turnover 0.60







Fiscal Year Ended

Google IncPrice/Volume

Valuation Analysis

158'334.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0&2 E

1&' 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

'&''

2&''

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27.09.2013














SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'776'485 1.01 (107'631) 30.06.2013 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'678'747 0.98 (23'243) 30.06.2013 Investment Advisor








JMP Securities RONALD V JOSEY III market outperform 4 M 975 12 month 27.09.2013

Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.09.2013

Wedbush SHYAM PATIL neutral 3 M 860 12 month 25.09.2013

Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 25.09.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 940 12 month 25.09.2013

Evercore Partners KEN SENA overweight 5 M 1'050 12 month 25.09.2013

CRT Capital Group NEIL A DOSHI buy 5 M 1'090 Not Provided 25.09.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 1'035 12 month 24.09.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 20.09.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 1'000 12 month 20.09.2013

SunTrust Robinson Humphrey ROBERT S PECK buy 5 M 1'125 12 month 19.09.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 1'015 15 month 19.09.2013

Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 1'050 12 month 17.09.2013


Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 10.09.2013

Susquehanna Financial Group BRIAN NOWAK Positive 4 M 1'080 12 month 10.09.2013

Deutsche Bank ROSS SANDLER buy 5 M 970 12 month 05.09.2013


Pivotal Research Group LLC BRIAN WIESER hold 3 M 870 12 month 05.09.2013


Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 1'000 12 month 19.08.2013


Cowen and Company JOHN BLACKLEDGE outperform 5 M 972 12 month 13.08.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 996 12 month 05.08.2013


Raymond James AARON M KESSLER outperform 5 M 990 12 month 31.07.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 26.07.2013

Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 25.07.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 1'065 Not Provided 22.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 980 12 month 22.07.2013


Goldman Sachs HEATHER BELLINI neutral/attractive 3 M 950 12 month 19.07.2013


Credit Suisse STEPHEN JU outperform 5 M 1'000 Not Provided 19.07.2013

UBS ERIC J SHERIDAN buy 5 M 1'020 12 month 19.07.2013

Needham & Co KERRY RICE buy 5 M 1'000 12 month 19.07.2013

William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 19.07.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 1'175 12 month 19.07.2013

B Riley & Co SAMEET SINHA buy 5 M 1'003 Not Provided 19.07.2013


Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 19.07.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 950 12 month 19.07.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.07.2013

Holdings By:

Google Inc ee


27.09.2013

The Goldman Sachs Group, Inc., a bank holding company, is a global investment

banking and securities firm specializing in investment banking, trading and

principal investments, asset management and securities services. The Company

provides services to corporations, financial institutions, governments, and

high-net worth individuals.


LTM as of: 06/yy

52-Week High (20.09.2013) 169.75

52-Week Low (28.09.2012) 113.24

Daily Volume

160.05





74'753.71 1 Yr Total Return 40.84%







GS UN EQUITY YTD Change - Average Volume 30 Day 910'331

GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 756'431


30.11.2008 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

53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 33'994.0 43'493.0 33'904.8 33'839.7 7'414.1 7'815.9

8.34x 10.25x 12.69x 14.05x 12.15x 62.27x 47.89x - - - -

35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 14'640.0 21'297.0 - - - -

12.66x 18.74x 26.44x 32.28x 24.75x 35.24x 24.40x - - - -

2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 3'691.0 8'595.0 7'729.8 7'542.5 1'315.7 2'321.5

17.67x 7.33x 11.05x 16.31x 8.52x 14.36x 8.94x 10.52x 10.32x 11.08x 10.74x











EBITDA Margin 49.0%



Asset Turnover 0.05







Fiscal Year Ended

Goldman Sachs Group Inc/ThePrice/Volume

Valuation Analysis

186'337.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.'1'3'5'

-''-.'-1'-3'-5'

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5&' E

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-.&' 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

'&''

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27.09.2013



GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 6.2 2'753'217 01.02.2013 Other




CITIGROUP INCORPORAT n/a ULT-AGG 14'652'442 3.26 (137'858) 30.06.2013 Investment Advisor








ROYAL BANK OF CANADA n/a ULT-AGG 3'451'664 0.77 (322'207) 31.07.2013 Bank



OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'023'649 0.67 (298'670) 30.06.2013 Investment Advisor





RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 27.09.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 27.09.2013

Credit Suisse HOWARD H CHEN outperform 5 M 185 Not Provided 26.09.2013

Buckingham Research Group JAMES F MITCHELL neutral 3 M 157 12 month 26.09.2013


Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 25.09.2013




Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 190 12 month 16.09.2013

JMP Securities DEVIN RYAN market perform 3 M #N/A N/A Not Provided 12.09.2013

Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 169 12 month 10.09.2013

JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 15 month 06.09.2013

Macquarie DAVID J KONRAD neutral 3 M 165 12 month 05.09.2013



Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 165 12 month 13.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 D 169 Not Provided 12.08.2013


Atlantic Equities LLP RICHARD STAITE neutral 3 M 161 12 month 19.07.2013


FBR Capital Markets STEVE STELMACH outperform 5 M 184 12 month 17.07.2013

Barclays ROGER A FREEMAN equalweight 3 M 160 Not Provided 17.07.2013

UBS BRENNAN HAWKEN neutral 3 M 165 12 month 16.07.2013

Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 160 12 month 16.07.2013


S&P Capital IQ KENNETH M LEON buy 5 M 185 12 month 16.07.2013




Holdings By:

Goldman Sachs Group Inc/The ee


27.09.2013

Halliburton Company provides energy services and engineering and construction

services, as well as manufactures products for the energy industry. The Company

offers services and products and integrated solutions to customers in the

exploration, development, and production of oil and natural gas.


LTM as of: 06/yy

52-Week High (10.09.2013) 50.50

52-Week Low (14.11.2012) 29.84

Daily Volume

48.2





44'034.60 1 Yr Total Return 42.47%







HAL UN EQUITY YTD Change - Average Volume 30 Day 2'606'599

HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'213'238


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

18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 27'714.0 28'692.0 29'666.8 32'540.3 7'535.2 7'841.0

0.97x 1.93x 2.17x 1.36x 1.21x 4.52x 5.25x 1.63x 1.46x 6.51x 6.21x

4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'785.0 5'580.0 6'283.2 7'638.8 1'643.2 1'827.5

3.79x 9.71x 9.46x 5.54x 5.98x 4.27x 7.43x 7.54x 6.20x 6.75x 6.43x

2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'953.0 1'897.0 2'902.3 3'652.4 759.6 877.3

4.98x 22.41x 19.86x 10.35x 11.42x 7.82x 15.69x 14.96x 11.46x 12.78x 11.99x











EBITDA Margin 19.4%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Halliburton CoPrice/Volume

Valuation Analysis

319'570.00


'

-'

.'

0'

1'

2'

3'

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1&' E

3&' E

5&' E

-'&' E

-.&' 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

'&''

2&''

-'&''

-2&''

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27.09.2013













CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'166'625 1.11 (5'840'699) 30.06.2013 Investment Advisor


INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'580'917 1.05 (3'757'519) 30.06.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 8'868'029 0.97 (1'276'478) 26.09.2013 Investment Advisor




DEUTSCHE BANK AG n/a ULT-AGG 8'183'277 0.9 (4'073'492) 31.07.2013 Investment Advisor



Edward Jones ROB DESAI hold 3 M #N/A N/A Not Provided 26.09.2013

Cowen and Company JAMES D CRANDELL outperform 5 M 67 12 month 26.09.2013

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 54 12 month 24.09.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 58 12 month 24.09.2013

UBS ANGELINE M SEDITA buy 5 M 60 12 month 23.09.2013

ISI Group JUDSON E BAILEY strong buy 5 M 55 12 month 23.09.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN market perform 3 M #N/A N/A Not Provided 23.09.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 57 12 month 18.09.2013

Credit Suisse JAMES WICKLUND outperform 5 M 58 Not Provided 17.09.2013

RBC Capital Markets KURT HALLEAD outperform 5 M 58 12 month 16.09.2013

Stephens Inc MICHAEL MARINO overweight 5 M 56 Not Provided 16.09.2013

BMO Capital Markets ALAN D LAWS outperform 5 M 56 Not Provided 15.09.2013

Macquarie NIGEL BROWNE neutral 3 D 54 12 month 12.09.2013

JPMorgan J DAVID ANDERSON overweight 5 M 65 15 month 11.09.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 63 12 month 04.09.2013

Jefferies BRAD HANDLER buy 5 M 54 12 month 03.09.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 59 Not Provided 03.09.2013

Morgan Stanley OLE SLORER Underwt/In-Line 1 M 45 12 month 02.09.2013

Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 55 12 month 28.08.2013


Barclays JAMES C WEST overweight 5 M 76 Not Provided 26.08.2013

Goldman Sachs WAQAR SYED buy/attractive 5 M 63 12 month 23.08.2013


Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 30.07.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 50 Not Provided 26.07.2013

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 26.07.2013

Guggenheim Securities LLC Michael K LaMotte buy 5 M 56 12 month 26.07.2013

RS Platou Markets TURNER HOLM buy 5 M 54 6 month 24.07.2013

Societe Generale EDWARD C MUZTAFAGO buy 5 M 58 12 month 23.07.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 55 12 month 22.07.2013

Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013

S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012

Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011

Holdings By:

Halliburton Co ee


27.09.2013

The Home Depot, Inc. is a home improvement retailer that sells building

materials and home improvement products. The Company sells a wide assortment

of building materials, home improvement and lawn and garden products and

provide a number of services. Home Depot operates throughout the U.S.

(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.


LTM as of: 08/yy

52-Week High (22.05.2013) 81.56

52-Week Low (11.10.2012) 58.75

Daily Volume

76.03





108'908.68 1 Yr Total Return 29.58%







HD UN EQUITY YTD Change - Average Volume 30 Day 1'953'922

HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'778'545


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 71'718.0 78'022.0 78'587.9 82'346.0 19'151.6 17'831.1

0.67x 0.84x 1.01x 1.10x 1.45x 4.43x 5.73x 1.50x 1.46x 6.25x 6.68x

6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'894.0 10'323.0 10'698.0 11'784.9 2'559.4 2'196.3

7.57x 8.45x 9.10x 9.32x 11.45x 10.00x 12.06x 11.03x 10.01x 10.58x 10.35x

2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 4'275.0 4'989.0 5'307.3 5'964.0 1'269.9 1'014.6

12.12x 16.84x 17.90x 18.17x 21.94x 19.45x 23.08x 20.62x 17.41x 19.07x 18.41x











EBITDA Margin 13.2%



Asset Turnover 1.85







Fiscal Year Ended

Home Depot Inc/ThePrice/Volume

Valuation Analysis

233'558.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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-&' E

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0&' E

1&' E

2&' E

3&' E

4&' 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

80'000.0

90'000.0

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

'&''

.&''

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27.09.2013

















GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'151'076 0.71 (21'303) 30.06.2013 Investment Advisor

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'806'252 0.68 (352'061) 30.06.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 9'003'602 0.63 1'791'620 30.06.2013 Investment Advisor




RBC Capital Markets R SCOT CICCARELLI outperform 5 M 89 12 month 24.09.2013

Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 24.09.2013

ISI Group GREGORY MELICH strong buy 5 M 87 12 month 23.09.2013

Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 72 12 month 13.09.2013


Longbow Research DAVID S MACGREGOR buy 5 M 90 12 month 09.09.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 68 Not Provided 04.09.2013

Barclays ALAN M RIFKIN overweight 5 M 95 Not Provided 03.09.2013




Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 21.08.2013


Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 21.08.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 U 72 Not Provided 21.08.2013


BMO Capital Markets WAYNE HOOD market perform 3 M 82 Not Provided 20.08.2013

Deutsche Bank MICHAEL BAKER hold 3 M 80 12 month 20.08.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 84 12 month 20.08.2013

Credit Suisse GARY BALTER outperform 5 M 85 Not Provided 20.08.2013

Jefferies DANIEL T BINDER buy 5 M 94 12 month 20.08.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 83 Not Provided 20.08.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 86 12 month 20.08.2013

Piper Jaffray PETER J KEITH overweight 5 M 91 12 month 20.08.2013

UBS MICHAEL LASSER buy 5 M 88 12 month 21.05.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Home Depot Inc/The ee


27.09.2013

Honeywell International Inc. is a worldwide diversified technology and

manufacturing company providing aerospace products and services, control,

sensing and security technologies, turbochargers, automotive products, specialty

chemicals, electronic and advanced materials, process technology for refining

and petrochemicals, and energy efficient products and solutions.


LTM as of: 06/yy

52-Week High (19.09.2013) 87.54

52-Week Low (16.11.2012) 58.29

Daily Volume

83.51





65'542.25 1 Yr Total Return 41.85%







HON UN EQUITY YTD Change - Average Volume 30 Day 668'679

HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 700'631


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

36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 37'513.0 37'944.0 39'159.0 41'399.8 9'911.4 10'238.7

0.83x 1.37x 1.40x 1.25x 1.38x 4.83x 6.03x 1.71x 1.56x 6.87x 6.59x

4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'801.0 5'340.0 6'742.6 7'356.7 1'713.5 1'747.3

6.87x 12.45x 11.33x 12.91x 10.26x 12.33x 12.17x 10.12x 9.27x 9.71x -

2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'277.0 3'188.0 3'943.7 4'402.2 991.0 965.3

7.08x 15.93x 17.79x 12.24x 13.13x 11.68x 15.29x 16.87x 15.05x 16.30x 15.74x











EBITDA Margin 14.1%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Honeywell International IncPrice/Volume

Valuation Analysis

72'467.00


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30'000.0

35'000.0

40'000.0

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

'&''

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27.09.2013









EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 19'320'282 2.46 282 30.06.2013 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'793'858 2.27 516'310 30.06.2013 Investment Advisor












Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 95 12 month 27.09.2013





JPMorgan CHARLES STEPHEN TUSA overweight 5 M 89 15 month 11.09.2013


Stifel JEFFREY D OSBORNE buy 5 M 90 12 month 03.09.2013



Argus Research Corp NATHANIEL GABRIEL buy 5 M 92 12 month 22.07.2013

Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 91 12 month 22.07.2013

Nomura SHANNON O'CALLAGHAN neutral 3 D 88 12 month 22.07.2013


Morgan Stanley NIGEL COE Overwt/In-Line 5 M 88 12 month 21.07.2013

Credit Suisse JULIAN MITCHELL neutral 3 M 82 Not Provided 19.07.2013

UBS JASON D FELDMAN neutral 3 M 82 12 month 19.07.2013

Cowen and Company GAUTAM KHANNA outperform 5 M 90 12 month 19.07.2013

Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 90 Not Provided 19.07.2013

Barclays SCOTT R DAVIS overweight 5 M 87 Not Provided 19.07.2013

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 18.07.2013



Buckingham Research Group EDWARD WHEELER neutral 3 M 80 12 month 19.04.2013

Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013

Holdings By:

Honeywell International Inc ee


27.09.2013

Hewlett-Packard Company provides imaging and printing systems, computing

systems, and information technology services for business and home. The

Company's products include laser and inkjet printers, scanners, copiers and

faxes, personal computers, workstations, storage solutions, and other computing

and printing systems. Hewlett-Packard sells its products worldwide.


LTM as of: 07/yy

52-Week High (02.08.2013) 27.77

52-Week Low (20.11.2012) 11.35

Daily Volume

21.33





40'992.50 1 Yr Total Return 27.30%







HPQ UN EQUITY YTD Change - Average Volume 30 Day 4'325'639

HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'579'333


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 10/13 Q4 01/14 Q1

118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 122'520.0 113'126.0 111'006.1 107'662.6 27'856.1 26'881.8

0.85x 1.00x 0.83x 0.60x 0.37x 2.30x 1.84x 0.47x 0.44x 1.87x 1.90x

14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 13'678.0 13'278.0 13'826.2 13'644.5 3'710.2 3'295.4

7.05x 7.26x 5.88x 4.64x 3.11x 4.13x 4.62x 3.82x 3.87x 3.93x 4.00x

8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) (5'557.0) (3'155.0) 6'919.1 6'989.5 1'937.4 1'628.8

10.55x 14.05x 10.29x 6.53x 44.21x 12.30x 15.41x 5.99x 5.88x 5.89x 5.88x




Pretax Margin -9.91% Short-Term Rating Date 30.11.2011







EBITDA Margin 11.7%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hewlett-Packard CoPrice/Volume

Valuation Analysis

421'367.00


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60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

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27.09.2013











RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.8 - 30.06.2013 Hedge Fund Manager

RELATIONAL INVESTORS n/a Research 34'534'517 1.8 - 30.06.2013 Hedge Fund Manager

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 32'922'187 1.71 (1'403'698) 30.06.2013 Hedge Fund Manager



ALLIANCE BERNSTEIN n/a ULT-AGG 29'249'655 1.52 (3'144'462) 30.06.2013 Investment Advisor





HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 23'799'233 1.24 (2'768'130) 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 31 12 month 25.09.2013


Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 18 12 month 23.09.2013

Cantor Fitzgerald BRIAN J WHITE hold 3 N 20 12 month 19.09.2013

RBC Capital Markets AMIT DARYANANI sector perform 3 M 26 12 month 18.09.2013

Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 18.09.2013

Cross Research SHANNON S CROSS hold 3 M 27 12 month 17.09.2013

UBS STEVEN M MILUNOVICH neutral 3 M 24 12 month 12.09.2013

Barclays BENJAMIN A REITZES equalweight 3 M 26 Not Provided 10.09.2013

BMO Capital Markets KEITH F BACHMAN market perform 3 M 27 Not Provided 06.09.2013

Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 04.09.2013

Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 16 12 month 03.09.2013

Jyske Bank ROBERT JAKOBSEN buy 5 M 25 Not Provided 02.09.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.08.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 27.08.2013

ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 27.08.2013


Brean Capital LLC ANANDA BARUAH buy 5 M 32 12 month 22.08.2013

Credit Suisse KULBINDER GARCHA neutral 3 M 25 Not Provided 22.08.2013

Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 22.08.2013

Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 22.08.2013

Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 25 12 month 22.08.2013

Evercore Partners ROBERT CIHRA underweight 1 M 20 12 month 22.08.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 M 24 12 month 22.08.2013



Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.07.2013

S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 04.07.2013


Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 24 Not Provided 07.06.2013

Goldman Sachs WILLIAM C SHOPE JR Sell/Cautious 1 M 17 12 month 23.05.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.05.2013



Holdings By:

Hewlett-Packard Co ee


27.09.2013

International Business Machines Corporation (IBM) provides computer solutions

through the use of advanced information technology. The Company's solutions

include technologies, systems, products, services, software, and financing. IBM

offers its products through its global sales and distribution organization, as

well as through a variety of third party distributors and resellers.


LTM as of: 06/yy

52-Week High (15.03.2013) 215.90

52-Week Low (28.08.2013) 181.10

Daily Volume

187.13





204'987.05 1 Yr Total Return -7.44%







IBM UN EQUITY YTD Change - Average Volume 30 Day 1'064'102

IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'046'261


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

103'630.0 95'759.0 99'871.0 106'916.0 104'507.0 106'099.0 102'383.0 102'356.7 104'547.9 24'762.3 29'046.1

1.29x 1.91x 1.98x 2.18x 2.26x 9.08x 9.61x 2.23x 2.18x 9.36x 7.91x

21'388.0 22'009.0 22'982.0 25'101.0 25'119.0 25'258.0 23'949.0 27'426.4 29'498.1 6'711.2 9'650.8

6.25x 8.32x 8.59x 9.30x 9.41x 9.69x 9.74x 8.34x 7.75x 7.82x 7.75x

12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 16'276.0 15'915.0 18'282.4 19'173.0 4'334.6 6'579.1

9.42x 13.08x 12.97x 14.06x 12.57x 13.97x 12.65x 11.20x 10.23x 10.64x 10.42x











EBITDA Margin 23.4%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Business Machines CorpPrice/Volume

Valuation Analysis

334'249.00


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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

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27.09.2013























Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 25.09.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 24.09.2013

Societe Generale RICHARD NGUYEN hold 3 M 199 12 month 23.09.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 210 12 month 20.09.2013

Cantor Fitzgerald BRIAN J WHITE buy 5 N 220 12 month 19.09.2013


Stifel DAVID M GROSSMAN buy 5 M 237 12 month 18.09.2013


ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 11.09.2013


RBC Capital Markets AMIT DARYANANI sector perform 3 M 210 12 month 10.09.2013


S&P Capital IQ DYLAN CATHERS strong buy 5 U 227 12 month 09.09.2013

BMO Capital Markets KEITH F BACHMAN market perform 3 M 220 Not Provided 06.09.2013



Credit Suisse KULBINDER GARCHA underperform 1 D 175 Not Provided 06.08.2013





Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 21.07.2013


Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 195 12 month 18.07.2013



Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 18.07.2013

UBS STEVEN M MILUNOVICH buy 5 U 235 12 month 10.04.2013

Oracle Investment Research LAURENCE BALTER hold 3 D 195 Not Provided 07.06.2012

Holdings By:

International Business Machines Corp ee


27.09.2013

Intel Corporation designs, manufactures, and sells computer components and

related products. The Company's major products include microprocessors,

chipsets, embedded processors and microcontrollers, flash memory products,

graphics products, network and communications products, systems management

software, conferencing products, and digital imaging products.


LTM as of: 06/yy

52-Week High (04.06.2013) 25.98

52-Week Low (21.11.2012) 19.23

Daily Volume

23.01





114'635.82 1 Yr Total Return 3.80%







INTC UW EQUITY YTD Change - Average Volume 30 Day 8'417'727

INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 8'550'426


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

37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'527.0 52'325.0 52'949.2 54'895.6 13'466.1 14'090.3

1.81x 2.84x 2.16x 2.10x 1.70x 8.69x 7.79x 2.06x 1.96x 8.02x 7.60x

14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'768.0 20'187.0 20'074.1 21'478.9 5'273.8 5'682.8

4.76x 9.08x 4.65x 4.81x 4.10x 5.32x 5.52x 5.24x 4.90x 4.99x 4.90x

5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'393.0 9'485.0 9'890.0 10'404.8 2'800.1 2'913.7

12.66x 18.04x 10.58x 10.09x 9.58x 11.32x 13.19x 12.09x 11.48x 11.42x 11.47x











EBITDA Margin 38.6%



Asset Turnover 0.66







Fiscal Year Ended

Intel CorpPrice/Volume

Valuation Analysis

2'691'009.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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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

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27.09.2013

















LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 35'880'336 0.72 (26'508) 30.06.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 35'586'892 0.71 2'188'817 30.06.2013 Hedge Fund Manager


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'882'873 0.7 2'802 30.06.2013 Insurance Company



Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 27.09.2013

Nomura ROMIT SHAH reduce 2 M 18 12 month 26.09.2013

B Riley & Co CRAIG ELLIS neutral 3 M 23 Not Provided 25.09.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 25.09.2013

Evercore Partners PATRICK WANG underweight 1 M 20 12 month 25.09.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 24.09.2013

Piper Jaffray AUGUSTE P RICHARD neutral 3 M 22 12 month 24.09.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.09.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 23.09.2013

Cowen and Company TIMOTHY M ARCURI market perform 3 M 24 12 month 23.09.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 28 12 month 20.09.2013

Robert W. Baird & Co TRISTAN GERRA neutral 3 M 23 12 month 19.09.2013

Jefferies MARK J LIPACIS buy 5 M 30 12 month 18.09.2013

Credit Suisse JOHN W PITZER outperform 5 M 30 Not Provided 17.09.2013

Stifel KEVIN E CASSIDY buy 5 M 28 12 month 16.09.2013

MKM Partners ADA MENAKER buy 5 M 28 12 month 13.09.2013

Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 13.09.2013

BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 12.09.2013

Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 22 12 month 12.09.2013

Wedbush BETSY VAN HEES neutral 3 M 23 12 month 12.09.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 12.09.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 27 12 month 12.09.2013

Topeka Capital Markets Inc SUJI DE SILVA buy 5 M 28 12 month 12.09.2013

JPMorgan CHRISTOPHER DANELY neutral 3 M 18 3 month 11.09.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 11.09.2013

RBC Capital Markets DOUG FREEDMAN outperform 5 M 29 12 month 10.09.2013

Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 10.09.2013

Argus Research Corp JAMES KELLEHER buy 5 M 28 12 month 03.09.2013

Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 22.08.2013



Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 22.07.2013

Daiwa Securities Co. Ltd. YOKO YAMADA underperform 1 D 22 Not Provided 22.07.2013


Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 18.07.2013

Roth Capital Partners KRISHNA SHANKAR neutral 3 M 23 12 month 18.07.2013

Macquarie DEEPON NAG outperform 5 M 25 12 month 18.07.2013


S&P Capital IQ CHRISTIN ARMACOST buy 5 M 23 12 month 18.07.2013


Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 17.07.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 17.07.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.07.2013

Holdings By:

Intel Corp ee


27.09.2013

Johnson & Johnson manufactures health care products and provides related

services for the consumer, pharmaceutical, and medical devices and diagnostics

markets. The Company sells products such as skin and hair care products,

acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical

equipment in countries located around the world.


LTM as of: 06/yy

52-Week High (31.07.2013) 94.41

52-Week Low (12.10.2012) 67.80

Daily Volume

86.72





244'383.38 1 Yr Total Return 29.71%







JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'666'389

JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'653'207


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 64'874.0 69'992.0 70'731.1 73'640.4 17'395.5 17'843.2

2.53x 2.79x 2.57x 2.55x 2.80x 10.49x 11.86x 3.23x 3.05x 13.82x 12.97x

19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'640.0 21'944.0 23'255.9 24'582.3 5'490.0 5'093.2

8.48x 8.82x 8.14x 8.60x 9.09x 9.49x 10.55x 10.06x 9.52x 10.19x 10.00x

12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 8'738.0 12'865.0 15'680.9 16'563.5 3'792.6 3'502.5

12.87x 13.91x 12.99x 13.26x 14.31x 13.42x 16.31x 15.87x 14.89x 15.66x 15.35x


EBIT 17'032.00 Long-Term Rating AAA









EBITDA Margin 31.4%



Asset Turnover 0.58







Fiscal Year Ended

Johnson & JohnsonPrice/Volume

Valuation Analysis

449'582.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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27.09.2013















GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'171'691 0.82 (786'367) 30.06.2013 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 22'535'202 0.8 1'448 30.06.2013 Insurance Company







Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 25.09.2013

Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M 98 12 month 23.09.2013

Piper Jaffray MATT MIKSIC neutral 3 M 97 12 month 19.09.2013


Argus Research Corp DAVID H TOUNG buy 5 M 104 12 month 17.09.2013


Credit Suisse BRUCE NUDELL underperform 1 M 86 Not Provided 08.09.2013







RBC Capital Markets GLENN J NOVARRO sector perform 3 M 88 12 month 17.07.2013


Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 96 12 month 17.07.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 M 87 12 month 16.07.2013


Raymond James JAYSON BEDFORD outperform 5 M 95 12 month 16.07.2013

CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 16.07.2013




First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012

Holdings By:

Johnson & Johnson ee


27.09.2013

JPMorgan Chase & Co. provides global financial services and retail banking. The

Company provides services such as investment banking, treasury and securities

services, asset management, private banking, card member services, commercial

banking, and home finance. JP Morgan Chase serves business enterprises,

institutions, and individuals.


LTM as of: 06/yy

52-Week High (24.07.2013) 56.93

52-Week Low (16.11.2012) 38.83

Daily Volume

52.21





196'528.78 1 Yr Total Return 31.93%





Enterprise Value -


JPM UN EQUITY YTD Change - Average Volume 30 Day 4'722'790

JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'092'412


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

101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 105'720.0 109'232.0 99'072.9 98'265.5 24'124.5 24'312.0

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

- - - - - 0.0 0.0 - - - -

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

5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 17'874.0 24'425.0 22'671.6 23'480.5 4'993.2 5'409.2

30.32x 14.96x 8.42x 6.78x 7.51x 7.43x 8.27x 8.94x 8.53x 9.06x 8.77x


EBIT - Long-Term Rating A







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

JPMorgan Chase & CoPrice/Volume

Valuation Analysis

1'101'811.00


'

-'

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1'

2'

3'


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

'&''

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27.09.2013























UBS DEREK DE VRIES buy 5 M 62 12 month 27.09.2013



Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 71 18 month 26.09.2013

S&P Capital IQ ERIK M OJA strong buy 5 M 61 Not Provided 26.09.2013



Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 57 12 month 25.09.2013


Societe Generale MURALI GOPAL hold 3 M 56 12 month 23.09.2013



Independent Research GmbH STEFAN BONGARDT buy 5 M 65 12 month 23.09.2013





Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 65 12 month 19.09.2013


Evercore Partners ANDREW A MARQUARDT overweight 5 M 61 12 month 17.09.2013



FBR Capital Markets PAUL J MILLER JR market perform 3 M 55 12 month 11.09.2013

RBC Capital Markets GERARD S CASSIDY outperform 5 M 68 12 month 10.09.2013

Macquarie DAVID J KONRAD neutral 3 M 57 12 month 10.09.2013


Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 63 12 month 09.09.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 66 12 month 13.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 53 Not Provided 12.08.2013


Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 63 12 month 19.07.2013



Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 67 12 month 15.07.2013



HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012

Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012

Holdings By:

JPMorgan Chase & Co ee


27.09.2013

The Coca-Cola Company manufactures, markets, and distributes soft drink

concentrates and syrups. The Company also distributes and markets juice and

juice-drink products. Coca-Cola distributes its products to retailers and

wholesalers in the United States and internationally.


LTM as of: 06/yy

52-Week High (16.05.2013) 43.43

52-Week Low (31.12.2012) 35.58

Daily Volume

38.25





169'568.13 1 Yr Total Return 2.69%







KO UN EQUITY YTD Change - Average Volume 30 Day 3'969'233

KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'597'212


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

31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 47'510.0 47'579.0 47'383.4 49'122.3 12'075.3 11'378.3

3.42x 4.34x 4.65x 3.72x 3.72x 15.03x 15.88x 4.01x 3.86x 16.23x 17.33x

9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'461.0 12'601.0 13'637.7 14'425.2 3'403.0 3'059.3

11.31x 14.20x 16.49x 14.28x 13.98x 15.40x 15.45x 13.66x 12.91x 13.55x 13.40x

5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'720.0 8'604.0 9'475.9 10'015.8 2'417.6 2'110.5

14.33x 18.65x 18.85x 17.87x 18.01x 19.91x 19.75x 18.21x 16.92x 17.74x 17.42x











EBITDA Margin 26.5%



Asset Turnover 0.54







Fiscal Year Ended

Coca-Cola Co/ThePrice/Volume

Valuation Analysis

873'357.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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30'000.0

40'000.0

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

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27.09.2013














FAYEZ SAROFIM FAYEZ SAROFIM 13F 33'439'647 0.75 (131'675) 30.06.2013 Investment Advisor



YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 28'106'827 0.63 5'217'075 30.06.2013 Investment Advisor






Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 46 12 month 27.09.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 45 12 month 24.09.2013

Credit Suisse MICHAEL STEIB outperform 5 M 48 Not Provided 20.09.2013

Goldman Sachs JUDY E HONG neutral/neutral 3 M 43 12 month 18.09.2013

Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 17.09.2013

Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 16.09.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 47 12 month 11.09.2013


BMO Capital Markets AMIT SHARMA market perform 3 M 45 Not Provided 17.07.2013


Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 17.07.2013

JPMorgan JOHN A FAUCHER neutral 3 M 43 3 month 17.07.2013


HSBC LAUREN E TORRES overweight 5 M 47 Not Provided 17.07.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 43 12 month 17.07.2013

Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 17.07.2013

Davenport & Co ANN H GURKIN neutral 3 M 42 12 month 17.07.2013

Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 17.07.2013

Deutsche Bank WILLIAM G SCHMITZ buy 5 M 45 12 month 16.07.2013

S&P Capital IQ ESTHER KWON strong buy 5 M 47 Not Provided 16.07.2013

Barclays MICHAEL J BRANCA overweight 5 M 50 Not Provided 16.07.2013


National Bank AG STEFFEN MANSKE buy 5 M 44 Not Provided 13.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012

Oracle Investment Research LAURENCE BALTER neutral 3 U 39 Not Provided 03.05.2012

Holdings By:

Coca-Cola Co/The ee


27.09.2013

Eli Lilly and Company discovers, develops, manufactures, and sells

pharmaceutical products for humans and animals. The Company's products are

sold in countries around the world. Eli Lilly's products include neuroscience

products, endocrine products, anti-infectives, cardiovascular agents, oncology

products, and animal health products.


LTM as of: 06/yy

52-Week High (23.04.2013) 58.40

52-Week Low (15.11.2012) 44.90

Daily Volume

50.55





56'951.54 1 Yr Total Return 10.12%







LLY UN EQUITY YTD Change - Average Volume 30 Day 1'172'891

LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'258'782


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

20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 23'397.2 22'932.3 22'982.2 19'739.1 5'770.6 5'690.5

2.47x 1.98x 1.76x 1.98x 2.49x 8.06x 10.05x 2.68x 3.10x - -

6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 6'879.6 6'877.7 6'797.3 4'987.1 1'694.5 1'341.0

7.57x 5.63x 5.01x 6.27x 8.69x 7.27x 8.14x 8.45x 11.52x - -

(2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'029.2 4'908.0 4'503.8 2'982.3 1'147.1 866.5

10.02x 8.08x 7.28x 9.42x 14.55x 11.45x 12.50x 12.22x 18.22x 15.93x 18.10x











EBITDA Margin 30.0%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eli Lilly & CoPrice/Volume

Valuation Analysis

418'446.00


'

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25'000.0

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27.09.2013


LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 12.04 - 30.06.2013 Endowment

LILLY ENDOWMENT INCO n/a Research 135'670'804 12.04 - 30.06.2013 Endowment











RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 12'326'205 1.09 1'770'400 30.06.2013 Hedge Fund Manager









Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 61 12 month 27.09.2013

BMO Capital Markets ALEX ARFAEI market perform 3 M 50 12 month 26.09.2013

Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 26.09.2013

Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 54 12 month 26.09.2013

SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 63 12 month 26.09.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 61 12 month 26.09.2013

Cowen and Company STEVEN R SCALA market perform 3 M 59 12 month 26.09.2013

MKM Partners JON LECROY neutral 3 M 59 12 month 25.09.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 61 15 month 24.09.2013

Edward Jones JUDSON CLARK sell 1 M #N/A N/A Not Provided 13.09.2013



ISI Group MARK J SCHOENEBAUM neutral 3 M 58 Not Provided 20.08.2013


S&P Capital IQ HERMAN SAFTLAS hold 3 M 60 12 month 13.08.2013





Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011

Holdings By:

Eli Lilly & Co ee


27.09.2013

Lockheed Martin Corporation is a global security company that primarily

researches, designs, develops, manufactures, and integrates advanced technology

products and services. The Company's businesses span space, telecommunications,

electronics, information and services, aeronautics, energy, and systems

integration. Lockheed Martin operates worldwide.


LTM as of: 06/yy

52-Week High (19.09.2013) 131.59

52-Week Low (14.02.2013) 85.88

Daily Volume

128.18





41'137.65 1 Yr Total Return 45.05%







LMT UN EQUITY YTD Change - Average Volume 30 Day 352'811

LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 409'229


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

42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 47'544.0 46'446.0 44'979.9 43'617.3 11'157.6 11'329.2

0.81x 0.70x 0.58x 0.62x 0.72x 2.46x 2.98x 0.99x 1.01x 4.01x 3.95x

5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'533.0 5'650.0 5'611.6 5'719.2 1'368.5 1'378.8

5.83x 5.87x 4.97x 5.63x 6.22x 5.49x 6.74x 7.93x 7.78x 8.10x 8.05x

3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'832.0 2'916.0 3'089.6 3'097.4 732.7 735.9

11.14x 9.02x 8.96x 8.42x 9.05x 8.30x 10.35x 13.42x 13.21x 14.08x 13.97x











EBITDA Margin 12.2%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lockheed Martin CorpPrice/Volume

Valuation Analysis

70'487.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

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27.09.2013










VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'753'902 1.48 43'900 30.06.2013 Investment Advisor



ALLIANZ ASSET MANAGE n/a ULT-AGG 3'395'706 1.06 (157'280) 31.08.2013 Investment Advisor


HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'452'286 0.76 (188'158) 30.06.2013 Investment Advisor



MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'897'900 0.59 (105'915) 30.06.2013 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'896'531 0.59 (402'189) 30.06.2013 Hedge Fund Manager





Sterne, Agee & Leach PETER J ARMENT neutral 3 M 135 12 month 27.09.2013


RBC Capital Markets ROBERT STALLARD sector perform 3 M 133 12 month 26.09.2013

Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 26.09.2013


Jefferies HOWARD A RUBEL hold 3 M 120 12 month 20.09.2013


CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 04.09.2013

UBS DAVID E STRAUSS sell 1 D 113 12 month 19.08.2013

Goldman Sachs NOAH POPONAK buy/attractive 5 M 148 12 month 12.08.2013

Barclays CARTER COPELAND equalweight 3 M 125 Not Provided 12.08.2013

Cowen and Company CAI VON RUMOHR market perform 3 M 120 12 month 31.07.2013


JPMorgan JOSEPH B NADOL III neutral 3 M 102 15 month 24.07.2013

FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 130 12 month 24.07.2013


Deutsche Bank MYLES WALTON hold 3 M 120 12 month 23.07.2013

Credit Suisse ROBERT M SPINGARN neutral 3 M 124 Not Provided 23.07.2013


Holdings By:

Lockheed Martin Corp ee


27.09.2013

Lowe's Companies, Inc. is a home improvement retailer that distributes building

materials and supplies through stores in the United States. The Company offers

a complete line of products and services for home decorating, maintenance,

repair, remodeling, and property maintenance.


LTM as of: 08/yy

52-Week High (19.09.2013) 49.17

52-Week Low (27.09.2012) 29.89

Daily Volume

47.9





50'380.67 1 Yr Total Return 61.08%







LOW UN EQUITY YTD Change - Average Volume 30 Day 1'539'723

LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'534'283


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 08/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 50'883.0 51'918.0 53'044.1 55'304.0 12'705.6 11'553.9

0.67x 0.75x 0.81x 0.80x 1.01x 3.00x 3.91x 1.12x 1.10x 4.64x 5.20x

5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'858.0 5'511.0 5'724.0 6'268.5 1'311.1 1'076.1

5.92x 7.35x 7.56x 8.26x 9.89x 7.55x 10.09x 10.18x 9.29x 9.72x 9.51x

2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'821.0 2'165.0 2'321.8 2'611.4 501.8 341.1

12.26x 17.75x 17.78x 19.02x 22.03x 16.77x 22.17x 21.93x 18.16x 20.19x 19.46x











EBITDA Margin 10.6%



Asset Turnover 1.52







Fiscal Year Ended

Lowe's Cos IncPrice/Volume

Valuation Analysis

148'815.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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30'000.0

40'000.0

50'000.0

60'000.0

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

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27.09.2013













MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 13'974'957 1.33 2'193'147 30.06.2013 Hedge Fund Manager


GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 11'862'596 1.13 (132'468) 30.06.2013 Investment Advisor




GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 8'448'315 0.8 (192'447) 30.06.2013 Corporation






Longbow Research DAVID S MACGREGOR buy 5 M 51 12 month 18.09.2013





Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 52 12 month 22.08.2013

Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 52 12 month 22.08.2013

Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 22.08.2013


Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 50 Not Provided 22.08.2013



Deutsche Bank MICHAEL BAKER buy 5 M 49 12 month 21.08.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 51 12 month 21.08.2013

Credit Suisse GARY BALTER outperform 5 M 52 Not Provided 21.08.2013

UBS MICHAEL LASSER buy 5 M 52 12 month 21.08.2013


Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 50 Not Provided 21.08.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 48 18 month 21.08.2013

Piper Jaffray PETER J KEITH neutral 3 M 46 12 month 21.08.2013

Barclays ALAN M RIFKIN equalweight 3 M 45 Not Provided 21.08.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 36 Not Provided 22.05.2013

Holdings By:

Lowe's Cos Inc ee


27.09.2013

MasterCard, Inc. is a global payment solutions company that provides a variety

of services in support of the credit, debit and related payment programs of

financial institutions. The Company offers transaction processing services for

credit and debit cards, electronic cash, automated teller machines, and

travelers checks.


LTM as of: 06/yy

52-Week High (19.09.2013) 693.50

52-Week Low (25.10.2012) 447.42

Daily Volume

678.62





82'000.30 1 Yr Total Return 50.58%







MA UN EQUITY YTD Change - Average Volume 30 Day 134'502

MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 146'204


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

4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 7'124.0 7'815.0 8'257.2 9'252.8 2'126.6 2'131.7

3.29x 6.26x 4.52x 6.38x 7.52x 24.55x 29.62x 9.29x 8.05x 35.88x 35.55x

2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'969.0 4'541.0 4'857.2 5'553.5 1'285.9 1'124.9

7.96x 13.25x 8.62x 11.65x 13.27x 12.29x 14.18x 15.77x 13.80x 14.84x 14.30x

(253.9) 1'462.5 1'846.0 1'906.0 2'759.0 2'118.0 2'991.0 3'178.9 3'644.1 839.8 728.3

15.05x 21.60x 15.92x 19.92x 22.29x 20.79x 23.72x 26.01x 22.17x 24.13x 23.03x











EBITDA Margin 58.1%



Asset Turnover 0.67







Fiscal Year Ended

Mastercard IncPrice/Volume

Valuation Analysis

16'269.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

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27.09.2013


MASTERCARD FOUNDATIO n/a Form 4 12'110'309 10.44 (4'282) 14.08.2013 Other


FMR LLC n/a ULT-AGG 6'601'761 5.69 (336'193) 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'798'109 5 (578'172) 30.06.2013 Investment Advisor







JANUS CAPITAL MANAGE n/a ULT-AGG 1'645'160 1.42 307'784 30.06.2013 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'531'066 1.32 317 30.06.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 1'448'928 1.25 (28'526) 31.07.2013 Investment Advisor






HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'209'091 1.04 (9'612) 30.06.2013 Investment Advisor


RBC Capital Markets DANIEL R PERLIN outperform 5 M 792 12 month 26.09.2013

Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 600 12 month 26.09.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 579 12 month 25.09.2013


Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 600 12 month 23.09.2013

Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 19.09.2013

Jefferies JASON KUPFERBERG buy 5 M 758 12 month 18.09.2013



Guggenheim Securities LLC DAVID W DARST buy 5 M 775 12 month 13.09.2013

Goldman Sachs JULIO C QUINTEROS JR buy/attractive 5 M 710 12 month 12.09.2013


Pacific Crest Securities JAMES FAUCETTE outperform 5 M 660 12 month 12.09.2013

Robert W. Baird & Co DAVID J KONING neutral 3 M 690 12 month 12.09.2013

FBR Capital Markets SCOTT VALENTIN outperform 5 M 690 12 month 12.09.2013



S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 12.09.2013

Barclays DARRIN D PELLER overweight 5 M 705 Not Provided 12.09.2013


Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 M 675 12 month 11.09.2013




Oppenheimer & Co GLENN GREENE outperform 5 M 675 12 month 11.09.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 06.09.2013




SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 735 12 month 02.08.2013

Macquarie KEVIN MCVEIGH outperform 5 M 700 12 month 01.08.2013


UBS JOHN T WILLIAMS neutral 3 M 627 12 month 31.07.2013

Wedbush GIL B LURIA neutral 3 M 640 12 month 31.07.2013

Raymond James WAYNE JOHNSON market perform 3 M #N/A N/A Not Provided 31.07.2013


Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 31.07.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 28.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012

Holdings By:

Mastercard Inc ee


27.09.2013

McDonald's Corporation franchises and operates fast-food restaurants in the

global restaurant industry. The Company's restaurants serve a variety of

value-priced menu products in countries around the world.


LTM as of: 06/yy

52-Week High (12.04.2013) 103.70

52-Week Low (16.11.2012) 83.32

Daily Volume

97.19





97'155.57 1 Yr Total Return 7.68%







MCD UN EQUITY YTD Change - Average Volume 30 Day 1'146'820

MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'799


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

23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'451.5 27'793.6 28'253.2 29'717.9 7'334.1 7'202.0

3.30x 3.34x 3.74x 4.17x 3.62x 15.42x 15.25x 3.86x 3.70x 14.74x 15.09x

7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 10'084.4 10'180.1 10'295.3 10'930.1 2'741.3 2'670.2

10.12x 9.51x 10.25x 11.33x 9.87x 9.95x 10.81x 10.50x 9.89x 10.15x 9.97x

4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'497.6 5'517.8 5'627.1 6'002.8 1'513.5 1'445.1

16.95x 15.47x 16.69x 19.05x 16.43x 16.62x 18.14x 17.37x 15.93x 16.69x 16.27x











EBITDA Margin 36.6%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

McDonald's CorpPrice/Volume

Valuation Analysis

239'771.00


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15'000.0

20'000.0

25'000.0

30'000.0

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

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27.09.2013











DEUTSCHE BANK AG n/a ULT-AGG 10'284'358 1.03 (95'931) 31.07.2013 Investment Advisor






GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'773'519 0.78 (121'077) 30.06.2013 Investment Advisor


INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 6'595'572 0.66 664'742 30.06.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6'354'900 0.64 1'737'000 30.06.2013 Hedge Fund Manager



Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 26.09.2013

Deutsche Bank JASON WEST buy 5 M 110 12 month 25.09.2013

Stephens Inc WILL SLABAUGH overweight 5 M 120 Not Provided 23.09.2013

Buckingham Research Group MITCHELL J SPEISER neutral 3 M 100 12 month 23.09.2013


Sterne, Agee & Leach LYNNE COLLIER buy 5 M 107 12 month 19.09.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 110 12 month 19.09.2013

Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.09.2013

Jefferies ANDREW M BARISH hold 3 M 91 12 month 17.09.2013

JPMorgan JOHN W IVANKOE overweight 5 M 105 15 month 16.09.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 104 12 month 16.09.2013

Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 16.09.2013

Barclays JEFFREY A BERNSTEIN overweight 5 M 110 Not Provided 16.09.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 11.09.2013

Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 10.09.2013

Stifel PAUL L WESTRA hold 3 M #N/A N/A Not Provided 10.09.2013

Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 10.09.2013

Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 10.09.2013

Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 10.09.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI neutral 3 M 100 12 month 26.08.2013


Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 95 12 month 08.08.2013



Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 107 12 month 23.07.2013

BMO Capital Markets PHILLIP JUHAN market perform 3 M 107 Not Provided 22.07.2013

Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 104 12 month 22.07.2013

S&P Capital IQ JIM YIN hold 3 D 110 Not Provided 22.07.2013


Holdings By:

McDonald's Corp ee


27.09.2013

Mondelez International Inc. is a food and beverage company. The Company

manufactures and markets packaged food products, including snacks, beverages,

cheese, convenient meals and various packaged grocery products. Mondelez

International sells its products throughout the world.


LTM as of: 06/yy

52-Week High (19.09.2013) 33.08

52-Week Low (15.11.2012) 24.50

Daily Volume

31.77





56'571.75 1 Yr Total Return 19.96%







MDLZ UW EQUITY YTD Change - Average Volume 30 Day 2'634'888

MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'713'314


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

41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 40'099.0 39'743.0 35'638.1 37'455.4 8'572.1 9'732.8

1.40x 1.47x 1.65x 2.54x 1.72x 9.74x 8.01x 2.06x 1.96x - -

5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 5'877.0 5'561.0 5'453.2 6'044.4 1'375.0 1'560.3

9.84x 9.44x 11.42x 18.30x 12.00x 17.50x 13.07x 13.24x 11.95x 12.70x 12.38x

2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'594.0 2'370.0 2'777.3 3'026.1 719.5 777.4

15.96x 14.23x 16.17x 38.99x 17.60x 25.16x 16.03x 20.44x 18.45x 20.08x 19.57x











EBITDA Margin 14.0%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mondelez International IncPrice/Volume

Valuation Analysis

654'359.00


'

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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

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27.09.2013







TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 40'946'850 2.3 646'300 30.06.2013 Hedge Fund Manager

SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 38'518'831 2.16 (1'026'287) 30.06.2013 Investment Advisor







EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 19'370'214 1.09 1'387'183 30.06.2013 Investment Advisor

RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 17'150'200 0.96 6'389'002 30.06.2013 Hedge Fund Manager

INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'338'040 0.92 323'533 30.06.2013 Investment Advisor



MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 14'477'817 0.81 (1'960'435) 30.06.2013 Investment Advisor



Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 38 12 month 25.09.2013

Stifel CHRISTOPHER R GROWE buy 5 M 34 12 month 20.09.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 36 Not Provided 17.09.2013

JPMorgan KENNETH GOLDMAN overweight 5 M 38 15 month 17.09.2013

Jefferies THILO WREDE hold 3 M 33 12 month 11.09.2013

Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 M #N/A N/A Not Provided 10.09.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 06.09.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 05.09.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 31 12 month 28.08.2013


CL King & Associates ERIC J LARSON buy 5 M 35 12 month 12.08.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 08.08.2013

Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 34 12 month 08.08.2013

Davenport & Co ANN H GURKIN buy 5 M 35 12 month 08.08.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 08.08.2013

Barclays ANDREW LAZAR overweight 5 M 35 Not Provided 08.08.2013


Deutsche Bank ERIC R KATZMAN hold 3 M 34 12 month 07.08.2013

Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 33 12 month 29.05.2013

Spin-Off Research TEAM COVERAGE hold 3 M 32 Not Provided 08.05.2013

S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013


Holdings By:

Mondelez International Inc ee


27.09.2013

Medtronic, Inc. develops therapeutic and diagnostic medical products. The

Company's principal products include those for bradycardia pacing,

tachyarrhythmia management, atrial fibrillation management, heart failure

management, heart valve replacement, malignant and non-malignant pain, and

movement disorders. Medtronic's products are sold worldwide.


LTM as of: 07/yy

52-Week High (08.08.2013) 55.98

52-Week Low (31.12.2012) 40.29

Daily Volume

52.74





52'606.46 1 Yr Total Return 24.12%







MDT UN EQUITY YTD Change - Average Volume 30 Day 1'310'907

MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'393'511


30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 07/yy 07/yy 04/14 Y 04/15 Y 10/13 Q2 01/14 Q3

14'599.0 15'817.0 15'508.0 16'184.0 16'590.0 16'246.0 16'664.0 16'924.3 17'479.3 4'178.6 4'112.3

2.62x 3.40x 3.36x 2.49x 2.81x 11.25x 12.53x 3.46x 3.32x 14.96x 15.16x

5'273.0 5'902.0 5'374.0 5'680.0 5'697.0 5'664.0 5'741.0 6'205.4 6'353.3 1'425.6 1'442.0

7.25x 9.10x 9.69x 7.11x 8.19x 8.49x 9.62x 8.44x 8.25x 8.70x 8.56x

2'070.0 3'099.0 3'096.0 3'617.0 3'467.0 3'661.0 3'556.0 3'867.8 4'068.2 916.9 937.3

9.96x 13.79x 12.84x 10.92x 12.84x 11.78x 15.11x 13.81x 12.88x 13.56x 13.31x











EBITDA Margin 34.5%



Asset Turnover 0.49







Fiscal Year Ended

Medtronic IncPrice/Volume

Valuation Analysis

160'425.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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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

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

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27.09.2013



















ALLIANZ ASSET MANAGE n/a ULT-AGG 9'059'209 0.91 (1'264'793) 31.08.2013 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 7'605'103 0.76 (401'141) 30.06.2013 Investment Advisor



Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 57 12 month 27.09.2013

Argus Research Corp DAVID H TOUNG buy 5 M 63 Not Provided 25.09.2013


Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 24.09.2013

Piper Jaffray BROOKS E WEST overweight 5 M 58 12 month 24.09.2013


Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M 58 12 month 23.09.2013


Barclays MATTHEW TAYLOR equalweight 3 M 56 Not Provided 13.09.2013

Jefferies RAJ S DENHOY hold 3 M 56 12 month 10.09.2013


Credit Suisse BRUCE NUDELL neutral 3 M 60 Not Provided 03.09.2013

Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 59 12 month 30.08.2013

RBC Capital Markets GLENN J NOVARRO sector perform 3 M 56 12 month 21.08.2013

Wedbush TAO LEVY neutral 3 M 53 12 month 21.08.2013


Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 20.08.2013


Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 20.08.2013

S&P Capital IQ PHILLIP SELIGMAN buy 5 M 57 Not Provided 12.07.2013

William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 22.05.2013


Holdings By:

Medtronic Inc ee


27.09.2013

MetLife, Inc. provides individual insurance, employee benefits and financial

services with operations throughout the United States and the regions of Latin

America, Europe, and Asia Pacific. The Company's products include life

insurance, annuities, automobile and homeowners insurance, retail banking and

other financial services to individuals as well as group insurance.


LTM as of: 06/yy

52-Week High (01.08.2013) 51.64

52-Week Low (15.11.2012) 30.55

Daily Volume

47.25





51'840.12 1 Yr Total Return 42.54%







MET UN EQUITY YTD Change - Average Volume 30 Day 1'292'851

MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'836


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

50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 71'502.0 67'240.0 68'374.8 70'651.8 17'031.3 17'411.2

0.53x 1.07x 1.34x 0.82x 0.72x 2.99x 3.40x 1.10x 1.06x - -

- - - - - 0.0 0.0 - - - -

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

3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 6'597.0 661.0 6'280.6 6'488.8 1'494.9 1'537.4

9.63x 12.32x 10.71x 7.12x 6.24x 6.50x 8.34x 8.40x 8.18x 8.51x 8.39x

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MetLife IncPrice/Volume

Valuation Analysis

229'155.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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27.09.2013


METLIFE POLICY HOLDE n/a 13D 195'099'166 17.78 (2'922'994) 31.07.2013 n/a






















Goldman Sachs CHRISTOPHER GIOVANNI Buy/Neutral 5 M 58 12 month 20.09.2013

FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 19.09.2013

Scotia Capital JOANNE SMITH focus stock 5 M 58 12 month 19.09.2013


Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 57 12 month 16.08.2013


Deutsche Bank YARON KINAR buy 5 M 57 12 month 05.08.2013

UBS SUNEET KAMATH buy 5 M 56 12 month 05.08.2013

Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 05.08.2013

Raymond James STEVEN D SCHWARTZ market perform 3 M #N/A N/A Not Provided 05.08.2013

Evercore Partners MARK FINKELSTEIN overweight 5 M 54 12 month 04.08.2013

Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 54 12 month 02.08.2013

Macquarie SEAN DARGAN outperform 5 M 58 12 month 02.08.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 58 Not Provided 02.08.2013

RBC Capital Markets ERIC N BERG sector perform 3 M 60 12 month 01.08.2013

JPMorgan JIMMY S BHULLAR overweight 5 M 53 15 month 01.08.2013

Sterne, Agee & Leach JOHN M NADEL buy 5 M 57 12 month 01.08.2013

Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 01.08.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 55 Not Provided 01.08.2013


Credit Suisse THOMAS GALLAGHER outperform 5 M 55 Not Provided 31.07.2013

Holdings By:

MetLife Inc ee


27.09.2013

3M Co. conducts operations in electronics, telecommunications, industrial,

consumer and office, health care, safety, and other markets. The Company's

businesses share technologies, manufacturing operations, brands, marketing

channels, and other resources. 3M serves customers in countries located around

the world.


LTM as of: 06/yy

52-Week High (19.09.2013) 122.27

52-Week Low (15.11.2012) 86.97

Daily Volume

119.96





81'988.83 1 Yr Total Return 32.39%







MMM UN EQUITY YTD Change - Average Volume 30 Day 813'302

MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 758'482


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

25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'640.0 30'270.0 30'892.6 32'505.0 7'853.4 7'670.5

1.76x 2.61x 2.33x 1.95x 2.16x 7.94x 9.19x 2.77x 2.61x 10.90x 11.18x

6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'569.0 7'794.0 8'054.1 8'632.1 2'164.9 2'032.1

6.96x 10.11x 8.84x 7.80x 8.31x 8.29x 9.67x 10.25x 9.56x 9.94x 9.48x

3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'334.0 4'478.0 4'644.8 5'013.8 1'222.0 1'103.2

11.13x 18.29x 14.89x 13.48x 14.72x 14.43x 17.10x 17.92x 16.28x 17.11x 16.70x











EBITDA Margin 25.7%



Asset Turnover 0.90







Fiscal Year Ended

3M CoPrice/Volume

Valuation Analysis

125'398.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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27.09.2013



BLACKROCK n/a ULT-AGG 41'003'646 6 (898'894) 25.09.2013 Investment Advisor









FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 9'115'422 1.33 1'943'549 30.06.2013 Investment Advisor






STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'420'474 0.79 (628) 30.06.2013 Insurance Company



GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 4'650'451 0.68 565'820 30.06.2013 Investment Advisor



Jefferies LAURENCE ALEXANDER buy 5 M 140 12 month 20.09.2013

JPMorgan CHARLES STEPHEN TUSA underweight 1 M 120 15 month 11.09.2013

Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 110 12 month 03.09.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 26.08.2013




UBS JASON D FELDMAN buy 5 M 128 12 month 26.07.2013

FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 127 12 month 26.07.2013

Nomura SHANNON O'CALLAGHAN neutral 3 M 120 12 month 26.07.2013


Credit Suisse JOHN P MCNULTY neutral 3 M 120 Not Provided 25.07.2013


Barclays SCOTT R DAVIS equalweight 3 M 110 Not Provided 25.07.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 125 12 month 24.07.2013


Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 112 12 month 26.04.2013


S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013

Holdings By:

3M Co ee


27.09.2013

Altria Group, Inc. is a holding company. The Company, through subsidiaries,

manufactures and sells cigarettes and other tobacco products, including cigars

and pipe tobacco. Altria holds an interest in a brewery company.


LTM as of: 06/yy

52-Week High (15.05.2013) 37.60

52-Week Low (15.11.2012) 30.01

Daily Volume

34.56





69'272.41 1 Yr Total Return 7.46%







MO UN EQUITY YTD Change - Average Volume 30 Day 2'036'086

MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'988'272


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

15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 17'248.0 17'425.0 17'496.7 17'788.4 4'535.2 4'481.6

1.92x 3.02x 3.63x 4.28x 4.24x 16.91x 18.09x 4.56x 4.41x - -

5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 7'254.0 8'130.0 7'807.5 8'056.3 2'054.5 1'920.8

5.95x 8.16x 9.38x 10.86x 9.84x 11.36x 10.15x 10.47x 10.15x 10.35x 10.25x

4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 4'429.0 4'411.0 4'800.6 5'078.4 1'271.0 1'199.0

9.13x 6.50x 12.90x 15.17x 13.98x 15.23x 14.79x 14.44x 13.51x 14.05x 13.83x











EBITDA Margin 46.7%



Asset Turnover 0.51







Fiscal Year Ended

Altria Group IncPrice/Volume

Valuation Analysis

352'034.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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27.09.2013










FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'567'678 1.03 174'627 30.06.2013 Investment Advisor











MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 10'518'575 0.52 788'022 30.06.2013 Investment Advisor








Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 24.07.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 43 12 month 24.07.2013

JPMorgan RAE MAILE overweight 5 M 45 3 month 23.07.2013


Barclays MICHAEL J BRANCA equalweight 3 M 34 Not Provided 23.07.2013



S&P Capital IQ ESTHER KWON buy 5 M 39 Not Provided 25.04.2013

Holdings By:

Altria Group Inc ee


27.09.2013

Monsanto Company provides agricultural products for farmers. The Company's

business segments are seeds and genomics. Monsanto produces a wide range of

seeds and develops biotechnology traits that assist farmers in controlling

insects and weeds as well as provides other seed companies with genetic material

and biotechnology traits for their seed brands.


LTM as of: 05/yy

52-Week High (15.05.2013) 109.33

52-Week Low (15.11.2012) 82.70

Daily Volume

105.98





56'498.93 1 Yr Total Return 17.81%







MON UN EQUITY YTD Change - Average Volume 30 Day 581'461

MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 618'102


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

11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'962.3 16'150.1 2'249.5 3'038.0

5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.66x 3.32x 24.37x 18.11x

3'458.0 4'175.0 2'415.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.1 4'918.8 (118.6) 741.3

18.18x 10.92x 12.06x 11.69x 12.03x 10.50x 12.61x 13.28x 11.35x 11.45x 11.27x

2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.3 2'898.4 (235.2) 308.3

31.30x 18.88x 23.53x 23.22x 23.12x 19.44x 22.13x 23.17x 19.84x 20.48x 19.94x











EBITDA Margin 28.5%



Asset Turnover 0.71







Fiscal Year Ended

Monsanto CoPrice/Volume

Valuation Analysis

100'649.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

&2 E

-&' E

-&2 E

.&' E

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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

'&''

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.'&''

0'&''

1'&''

2'&''

3'&''

4'&''

'1&'6&.''6 '1&'0&.'-' '1&'6&.'-' '1&'0&.'-- '1&'6&.'-- '1&'0&.'-. '1&'6&.'-. '1&'0&.'-0 '1&'6&.'-0



27.09.2013









WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'746'186 1.83 557'277 30.06.2013 Investment Advisor









LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'207'263 1.16 (455'287) 30.06.2013 Hedge Fund Manager



MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'846'658 1.1 97'740 30.06.2013 Investment Advisor


Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 26.09.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 26.09.2013

Piper Jaffray MICHAEL E COX overweight 5 M 138 12 month 19.09.2013

Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 17.09.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 13.09.2013

Goldman Sachs ROBERT KOORT buy/attractive 5 M 124 12 month 12.09.2013

Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 02.09.2013

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 30.08.2013

UBS BILL CARROLL buy 5 U 110 12 month 27.08.2013

Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013


BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013

Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013

Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013


JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013

Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013

Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013

S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013

Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013

Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013


Holdings By:

Monsanto Co ee


27.09.2013

Merck & Co., Inc. is a global health care company that delivers health

solutions through its prescription medicines, vaccines, biologic therapies,

animal health, and consumer care products, which it markets directly and

through its joint ventures. The Company has operations in pharmaceutical,

animal health, and consumer care.


LTM as of: 06/yy

52-Week High (04.06.2013) 50.16

52-Week Low (31.12.2012) 40.10

Daily Volume

47.68





139'529.59 1 Yr Total Return 9.41%







MRK UN EQUITY YTD Change - Average Volume 30 Day 3'145'914

MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'876'902


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

23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'358.0 44'907.0 44'446.1 44'749.6 11'162.5 11'524.9

2.82x 4.52x 2.59x 2.49x 2.77x 9.87x 12.50x 3.37x 3.31x - -

8'070.3 7'314.7 12'116.0 17'873.0 17'662.0 18'468.0 14'938.0 16'725.8 17'610.3 3'875.5 3'974.0

8.33x 16.96x 9.84x 6.69x 7.40x 7.09x 9.94x 9.08x 8.63x - -

7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'735.0 5'629.0 10'404.0 10'645.8 2'580.7 2'683.0

8.89x 11.24x 10.54x 10.00x 10.72x 10.57x 13.39x 13.72x 12.86x 13.55x 13.34x











EBITDA Margin 33.3%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Merck & Co IncPrice/Volume

Valuation Analysis

542'932.00


'

-'

.'

0'

1'

2'

3'


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

'&''

2&''

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27.09.2013















BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 29'318'754 1 16'835'178 30.06.2013 Investment Advisor









Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M 48 12 month 25.09.2013

SunTrust Robinson Humphrey JOHN T BORIS neutral 3 M 47 12 month 24.09.2013


Cowen and Company STEVEN R SCALA market perform 3 M 51 12 month 23.09.2013


Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 52 12 month 17.09.2013

Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 10.09.2013



JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 52 15 month 09.09.2013






MKM Partners JON LECROY buy 5 M 59 12 month 14.06.2013

UBS MARC GOODMAN buy 5 M 53 12 month 07.06.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012

Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011

Holdings By:

Merck & Co Inc ee


27.09.2013

Morgan Stanley, a bank holding company, provides diversified financial services

on a worldwide basis. The Company operates a global securities business which

serves individual and institutional investors and investment banking clients.

Morgan Stanley also operates a global asset management business.


LTM as of: 06/yy

52-Week High (18.09.2013) 29.49

52-Week Low (16.11.2012) 15.95

Daily Volume

27.03





52'939.31 1 Yr Total Return 62.00%







MS UN EQUITY YTD Change - Average Volume 30 Day 2'935'553

MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'905'236


30.11.2008 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

62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 35'458.0 34'452.0 32'250.0 34'225.5 7'733.3 7'986.2

5.03x 16.65x 13.22x 10.82x 14.07x 49.67x 55.71x - - - -

40'604.0 15'297.0 14'937.0 10'724.0 12'615.0 7'306.0 12'758.0 - - - -

7.72x 32.80x 33.45x 39.50x 35.74x 0.00x 39.13x - - - -

1'707.0 1'346.0 4'703.0 4'110.0 68.0 2'446.0 1'426.0 3'850.8 5'147.7 894.3 1'044.7

9.58x 11.22x 12.69x - 10.59x 18.14x 13.16x 14.01x 10.44x 11.83x 10.93x











EBITDA Margin 37.0%



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Morgan StanleyPrice/Volume

Valuation Analysis

646'352.00


'

2

-'

-2

.'

.2

0'

02

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

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1&' E

3&' E

5&' E

-'&' 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

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

'&''

-&''

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0&''

1&''

2&''

3&''

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27.09.2013


MITSUB UFJ FINANCIAL n/a ULT-AGG 435'504'490 22.24 - 30.06.2013 Holding Company


CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.39 - 31.12.2012 Government












WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 18'487'320 0.94 18'487'320 30.06.2013 Investment Advisor



PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 13'271'340 0.68 1'753'787 30.06.2013 Hedge Fund Manager


EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 12'553'316 0.64 9'963'454 30.06.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 28 12 month 27.09.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 29 12 month 27.09.2013

Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 30 12 month 27.09.2013

Credit Suisse HOWARD H CHEN neutral 3 M 26 Not Provided 26.09.2013






S&P Capital IQ KENNETH M LEON buy 5 M 32 Not Provided 18.09.2013

Barclays ROGER A FREEMAN equalweight 3 M 26 Not Provided 13.09.2013


JMP Securities DEVIN RYAN market outperform 4 M 34 12 month 12.09.2013

UBS BRENNAN HAWKEN buy 5 U 33 12 month 10.09.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 29 15 month 06.09.2013


Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 28.08.2013



Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 30 12 month 13.08.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 D 27 Not Provided 12.08.2013



FBR Capital Markets STEVE STELMACH outperform 5 M 32 12 month 23.07.2013


Atlantic Equities LLP RICHARD STAITE underweight 1 M 25 12 month 19.07.2013

Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 31 12 month 18.07.2013

Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 26 12 month 18.07.2013

HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013



Holdings By:

Morgan Stanley ee


27.09.2013

Microsoft Corporation develops, manufactures, licenses, sells, and supports

software products. The Company offers operating system software, server

application software, business and consumer applications software, software

development tools, and Internet and intranet software. Microsoft also develops

video game consoles and digital music entertainment devices.


LTM as of: 06/yy

52-Week High (16.07.2013) 36.42

52-Week Low (05.12.2012) 26.26

Daily Volume

33.53





279'303.44 1 Yr Total Return 14.47%







MSFT UW EQUITY YTD Change - Average Volume 30 Day 15'653'875

MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 14'421'263


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

58'437.0 62'484.0 69'943.0 73'723.0 77'849.0 73'723.0 77'849.0 83'083.4 89'843.0 17'828.5 22'919.9

3.18x 2.70x 2.53x 2.78x 2.91x 10.45x 9.89x 2.36x 1.97x 11.75x 9.15x

23'255.0 26'830.0 29'927.0 30'923.0 30'519.0 30'923.0 30'519.0 31'196.6 34'273.7 6'679.8 8'854.3

8.00x 6.28x 5.91x 6.64x 7.41x 6.64x 7.41x 6.91x 6.30x 6.68x 6.42x

14'569.0 18'760.0 23'150.0 16'978.0 21'863.0 16'978.0 21'863.0 22'359.7 24'479.6 4'567.5 6'387.9

13.77x 10.93x 9.86x 11.21x 12.77x 11.21x 12.67x 12.45x 11.27x 12.49x 12.13x











EBITDA Margin 39.2%



Asset Turnover 0.59







Fiscal Year Ended

Microsoft CorpPrice/Volume

Valuation Analysis

4'861'536.00


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!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

-'&' E

.'&' E

0'&' E

1'&' E

2'&' E

3'&' 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

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

'&''

.&''

1&''

3&''

5&''

-'&''

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27.09.2013




GATES III WILLIAM HE n/a Form 4 378'413'981 4.54 (10'000'000) 09.09.2013 n/a


BALLMER STEVEN ANTHO n/a PROXY 333'252'990 4 - 14.09.2012 n/a















VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 57'750'000 0.69 24'396'487 30.06.2013 Hedge Fund Manager


Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 27.09.2013

Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 27.09.2013


Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 27.09.2013

FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 27.09.2013

Stifel BRAD REBACK hold 3 M #N/A N/A Not Provided 27.09.2013

Nomura RICHARD G SHERLUND buy 5 M 38 12 month 27.09.2013

Evercore Partners STEWART KIRK MATERNE III overweight 5 M 38 12 month 26.09.2013

Cross Research RICHARD T WILLIAMS buy 5 M 39 12 month 25.09.2013

Janney Montgomery Scott LLC YUN KIM neutral 3 M 34 12 month 24.09.2013

Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 24.09.2013

Griffin Securities JAY VLEESCHHOUWER buy 5 M 41 12 month 24.09.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 23.09.2013

S&P Capital IQ BARBARA COFFEY hold 3 M 33 12 month 23.09.2013

RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 34 12 month 20.09.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 20.09.2013

JPMorgan JOHN DIFUCCI neutral 3 M 30 15 month 20.09.2013

Jefferies ROSS MACMILLAN hold 3 M 33 12 month 20.09.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 41 12 month 20.09.2013

Oppenheimer & Co SHAUL EYAL outperform 5 M 37 12 month 20.09.2013

Cowen and Company GREGG MOSKOWITZ market perform 3 M 35 12 month 20.09.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 20.09.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 30 12 month 20.09.2013



Barclays RAIMO LENSCHOW equalweight 3 M 35 Not Provided 11.09.2013

Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 05.09.2013

BMO Capital Markets KARL KEIRSTEAD market perform 3 M 35 Not Provided 04.09.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 34 Not Provided 23.08.2013




Goldman Sachs HEATHER BELLINI sell/attractive 1 M 28 12 month 19.07.2013

McAdams Wright Ragen Inc SID PARAKH hold 3 M 34 12 month 19.07.2013



Jyske Bank ROBERT JAKOBSEN reduce 2 M 35 Not Provided 13.06.2013

UBS BRENT THILL buy 5 M 40 12 month 21.05.2013



Holdings By:

Microsoft Corp ee


27.09.2013

NIKE, Inc. designs, develops, and markets athletic footwear, apparel,

equipment, and accessory products for men, women, and children. The Company

sells its products worldwide to retail stores, through its own stores,

subsidiaries, and distributors.


LTM as of: 08/yy

52-Week High (27.09.2013) 75.22

52-Week Low (14.11.2012) 44.83

Daily Volume

74.21





66'073.05 1 Yr Total Return 56.90%







NKE UN EQUITY YTD Change - Average Volume 30 Day 1'261'169

NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'083'622


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3

19'176.1 19'014.0 20'862.0 23'331.0 25'313.0 24'107.0 25'810.0 27'525.3 29'730.4 6'430.9 6'723.8

1.31x 1.60x 1.71x 1.98x 2.00x 7.26x 5.27x 2.28x 2.09x 9.83x 9.45x

2'789.8 2'797.7 3'150.0 3'456.0 3'692.0 3'336.0 2'819.0 4'154.1 4'622.9 811.8 1'043.7

8.98x 10.87x 11.32x 13.36x 13.69x 12.29x 0.00x 14.77x 13.28x 14.72x 14.47x

1'486.7 1'906.7 2'133.0 2'223.0 2'485.0 2'145.0 2'698.0 2'722.2 3'049.7 525.9 696.7

14.79x 18.75x 19.24x 22.17x 22.92x 20.52x 21.82x 24.42x 21.30x 23.75x 22.88x











EBITDA Margin 14.4%



Asset Turnover 1.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NIKE IncPrice/Volume

Valuation Analysis

1'025'931.00


'

-'

.'

0'

1'

2'

3'

4'

5'

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3&' E

5&' E

-'&' E

-.&' E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

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27.09.2013








SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 19'210'521 2.7 3'323'560 30.06.2013 Investment Advisor



LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 13'019'186 1.83 127'882 30.06.2013 Hedge Fund Manager







MORGAN STANLEY n/a ULT-AGG 7'103'962 1 (35'878) 30.06.2013 Investment Advisor

MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 6'796'518 0.95 1'008'110 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'712'568 0.94 (43'612) 30.06.2013 Investment Advisor



Deutsche Bank DAVID WEINER buy 5 M 85 12 month 27.09.2013

Goldman Sachs LINDSAY DRUCKER MANN buy/attractive 5 M 83 6 month 27.09.2013

D.A. Davidson & Co ANDREW BURNS neutral 3 M 75 12 month 27.09.2013

Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 70 12 month 27.09.2013

Wedbush CORINNA FREEDMAN neutral 3 M 72 12 month 27.09.2013

Stifel JIM DUFFY hold 3 D #N/A N/A Not Provided 27.09.2013

Buckingham Research Group JOHN M ZOLIDIS buy 5 M 84 12 month 27.09.2013

Sterne, Agee & Leach SAM POSER buy 5 U 85 12 month 27.09.2013

Canaccord Genuity Corp CAMILO R LYON hold 3 M 69 Not Provided 27.09.2013

ISI Group OMAR SAAD strong buy 5 M 90 Not Provided 27.09.2013

Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN outperform 5 M #N/A N/A Not Provided 27.09.2013

Cowen and Company FAYE LANDES outperform 5 M 83 12 month 27.09.2013

Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 65 12 month 27.09.2013

Piper Jaffray SEAN NAUGHTON neutral 3 M 74 12 month 27.09.2013

Barclays ROBERT S DRBUL overweight 5 M 85 Not Provided 27.09.2013

Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 62 12 month 24.09.2013

Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 69 Not Provided 23.09.2013

Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 22.09.2013

UBS MICHAEL BINETTI buy 5 M 77 12 month 19.09.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 29.08.2013




Credit Suisse CHRISTIAN BUSS neutral 3 M 66 Not Provided 28.06.2013

Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.06.2013

JPMorgan MATTHEW BOSS overweight 5 M 70 3 month 28.06.2013

McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 28.06.2013

HSBC ERWAN RAMBOURG overweight 5 M 67 Not Provided 02.04.2013

S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013

Holdings By:

NIKE Inc ee


27.09.2013

National Oilwell Varco Inc. is a worldwide provider of equipment and components

used in oil and gas drilling and production operations, oilfield services, and

supply chain integration services to the upstream oil and gas industry.


LTM as of: 06/yy

52-Week High (19.10.2012) 82.40

52-Week Low (18.04.2013) 63.09

Daily Volume

78.48





33'551.64 1 Yr Total Return -1.00%







NOV UN EQUITY YTD Change - Average Volume 30 Day 817'629

NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 785'778


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

13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 17'036.0 21'912.0 22'475.0 24'551.8 5'684.0 5'895.2

0.72x 1.32x 2.14x 1.77x 1.45x 6.02x 5.79x 1.55x 1.34x 6.22x 5.95x

3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'975.0 4'059.0 4'125.1 4'754.0 1'029.5 1'086.1

2.90x 5.70x 8.80x 7.42x 6.96x 6.82x 7.72x 8.57x 7.44x 8.05x 7.68x

1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 2'317.0 2'313.0 2'279.7 2'686.7 561.6 601.9

4.81x 11.37x 16.57x 14.16x 11.61x 11.67x 11.89x 14.74x 12.47x 13.77x 13.08x











EBITDA Margin 18.5%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

National Oilwell Varco IncPrice/Volume

Valuation Analysis

150'910.00


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

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-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

'&''

-'&''

.'&''

0'&''

1'&''

2'&''

3'&''

4'&''

5'&''

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27.09.2013









OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'469'261 1.98 583'384 30.06.2013 Investment Advisor






WADDELL & REED FINAN n/a ULT-AGG 4'873'819 1.14 337'336 30.06.2013 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 4'869'160 1.14 897'555 30.06.2013 Hedge Fund Manager

VAN ECK ASSOCIATES C n/a ULT-AGG 4'509'098 1.05 988'810 26.09.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'014'016 0.94 63'922 31.08.2013 Investment Advisor



FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'191'922 0.75 131'367 30.06.2013 Investment Advisor





Raymond James J MARSHALL ADKINS outperform 5 M 88 12 month 25.09.2013



Credit Suisse JAMES WICKLUND restricted #N/A N/A M #N/A N/A Not Provided 24.09.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 85 Not Provided 24.09.2013


Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 75 12 month 24.09.2013

William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 24.09.2013


S&P Capital IQ STEWART GLICKMAN buy 5 M 86 12 month 24.09.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 87 12 month 24.09.2013

ISI Group JUDSON E BAILEY buy 5 M 77 12 month 23.09.2013

Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 82 Not Provided 17.09.2013





Macquarie NIGEL BROWNE outperform 5 M 84 12 month 08.08.2013

Fearnley Fonds TRULS OLSEN buy 5 M 82 12 month 07.08.2013

HSBC DAVID PHILLIPS overweight 5 M 86 Not Provided 06.08.2013

Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 80 12 month 05.08.2013


Societe Generale EDWARD C MUZTAFAGO hold 3 D 77 12 month 31.07.2013

Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 31.07.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 31.07.2013

RS Platou Markets GORAN ANDREASSEN buy 5 M 84 6 month 30.04.2013



Holdings By:

National Oilwell Varco Inc ee


27.09.2013

Norfolk Southern Corporation provides rail transportation services. The Company

transports raw materials, intermediate products, and finished goods primarily

in the Southeast, East, and Midwest and, via interchange with rail carriers, to

and from the rest of the United States. Norfolk Southern also transports

overseas freight through several Atlantic and Gulf Coast ports


LTM as of: 06/yy

52-Week High (21.05.2013) 80.99

52-Week Low (16.11.2012) 56.05

Daily Volume

77.58





24'201.30 1 Yr Total Return 24.44%







NSC UN EQUITY YTD Change - Average Volume 30 Day 366'334

NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 410'086


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

10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'349.0 10'917.0 11'111.5 11'747.4 2'768.6 2'803.4

2.18x 3.19x 2.98x 2.80x 2.49x 10.35x 10.80x 2.91x 2.77x - -

3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'314.0 3'894.0 4'053.6 4'418.4 1'031.6 1'038.2

5.97x 9.05x 8.10x 7.67x 6.78x 7.08x 7.85x 7.91x 7.26x 7.54x 7.32x

1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 1'968.0 1'730.0 1'753.0 1'928.5 440.4 449.6

10.36x 19.39x 15.78x 13.11x 11.52x 12.29x 13.91x 14.08x 12.43x 13.26x 12.72x











EBITDA Margin 35.7%



Asset Turnover 0.37







Fiscal Year Ended

Norfolk Southern CorpPrice/Volume

Valuation Analysis

55'733.00


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!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-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

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

'&''

.&''

1&''

3&''

5&''

-'&''

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27.09.2013












TREASURY GROUP INV S Multiple Portfolios MF-AGG 3'727'136 1.19 13'152 30.04.2013 Investment Advisor


MANUFACTURERS LIFE I MANUFACTURERS LIFE I 13F 2'635'341 0.84 1'089'421 30.06.2013 Insurance Company






LAZARD ASSET MANAGEM n/a ULT-AGG 2'047'052 0.66 455'200 31.08.2013 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 1'911'507 0.61 584'299 31.07.2013 Investment Advisor




TD Securities CHERILYN RADBOURNE buy 5 M 89 12 month 26.09.2013

Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 26.09.2013

Stifel JOHN G LARKIN buy 5 M 87 12 month 24.09.2013

Deutsche Bank JUSTIN B YAGERMAN hold 3 M 80 12 month 23.09.2013

Cowen and Company JASON H SEIDL outperform 5 M 94 12 month 23.09.2013

Raymond James PATRICK TYLER BROWN outperform 5 M 82 12 month 19.09.2013


Barclays BRANDON OGLENSKI equalweight 3 M 85 Not Provided 16.09.2013


Susquehanna Financial Group MATTHEW TROY Positive 4 M 88 12 month 08.09.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 85 12 month 27.08.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 23.08.2013

BMO Capital Markets FADI CHAMOUN outperform 5 M 90 Not Provided 15.08.2013


RBC Capital Markets WALTER SPRACKLIN outperform 5 M 84 12 month 29.07.2013

Jefferies H PETER NESVOLD buy 5 M 88 12 month 26.07.2013

FBR Capital Markets JOHN R MIMS outperform 5 M 90 12 month 26.07.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 87 12 month 25.07.2013

Goldman Sachs TOM KIM neutral/neutral 3 M 82 12 month 24.07.2013

Credit Suisse ALLISON LANDRY outperform 5 M 85 Not Provided 24.07.2013


Stephens Inc JUSTIN LONG overweight 5 M 87 12 month 24.07.2013

BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 24.07.2013


UBS ELIZABETH MIELKE suspended coverage #N/A N/A M #N/A N/A Not Provided 16.07.2013

S&P Capital IQ KEVIN KIRKEBY buy 5 M 87 Not Provided 24.04.2013

Holdings By:

Norfolk Southern Corp ee


27.09.2013

Oracle Corporation supplies software for enterprise information management. The

Company offers databases and relational servers, application development and

decision support tools, and enterprise business applications. Oracle's software

runs on network computers, personal digital assistants, set-top devices, PCs,

workstations, minicomputers, mainframes, and massively parallel computers.


LTM as of: 08/yy

52-Week High (23.09.2013) 34.33

52-Week Low (15.07.2013) 31.32

Daily Volume

33.83





154'178.84 1 Yr Total Return -

Total Debt 18'494.00 YTD Return -






ORCL UN EQUITY YTD Change - Average Volume 30 Day 3'820'878

ORCL UN EQUITY YTD % CHANGE - Average Volume 3 Month -


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 08/yy 08/yy 05/14 Y 05/15 Y 11/13 Q2 02/14 Q3

23'252.0 26'820.0 35'622.0 37'121.0 37'180.0 36'928.0 37'371.0 38'399.2 40'310.1 9'183.3 9'360.5

4.11x 4.10x 4.52x 3.13x 3.87x 14.23x 15.05x 3.65x 3.31x 15.22x 14.69x

10'531.0 12'138.0 15'524.0 16'973.0 17'363.0 16'972.0 17'535.0 19'501.2 20'920.6 4'542.6 4'775.5

9.08x 9.06x 10.37x 6.84x 8.28x 8.04x 7.47x 7.15x 6.67x 6.99x 6.90x

5'593.0 6'135.0 8'547.0 9'981.0 10'925.0 10'175.0 11'083.0 13'480.9 14'384.9 3'126.2 3'241.9

17.50x 17.19x 19.46x 13.20x 15.17x 15.56x 13.79x 11.63x 10.61x 11.42x 11.15x











EBITDA Margin 46.9%



Asset Turnover 0.46







Fiscal Year Ended

Oracle CorpPrice/Volume

Valuation Analysis

578'641.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

g!-0 S!-0 o!-0&' E.&' E1&' E3&' E5&' E-'&' E-.&' E-1&' E-3&' E-5&' E.'&' 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

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

'&''

.&''

1&''

3&''

5&''

-'&''

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'1&'3&.'-' '1&-.&.'-' '1&'3&.'-- '1&-.&.'-- '1&'3&.'-. '1&-.&.'-. '1&'3&.'-0



27.09.2013


ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 24.41 7'200'000 28.12.2012 n/a














EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 37'704'501 0.83 7'787'429 30.06.2013 Investment Advisor







Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 27.09.2013

JPMorgan JOHN DIFUCCI overweight 5 M 40 3 month 27.09.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 27.09.2013

Jefferies ROSS MACMILLAN hold 3 M 34 12 month 27.09.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 35 12 month 27.09.2013

Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 27.09.2013

William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 27.09.2013

Raymond James MICHAEL TURITS outperform 5 M 36 12 month 27.09.2013

FBR Capital Markets DAVID M HILAL outperform 5 M 38 12 month 27.09.2013

Stifel BRAD REBACK buy 5 M 37 12 month 27.09.2013

Nomura RICHARD G SHERLUND buy 5 M 39 12 month 27.09.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 27.09.2013

Cowen and Company PETER GOLDMACHER market perform 3 M 30 12 month 27.09.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 27.09.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 26.09.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 35 12 month 26.09.2013

Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 38 12 month 26.09.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 34 12 month 26.09.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 38 12 month 23.09.2013

Societe Generale RICHARD NGUYEN hold 3 M 35 12 month 20.09.2013

Berenberg Bank DAUD KHAN sell 1 M 28 Not Provided 20.09.2013

Susquehanna Financial Group J DERRICK WOOD Positive 4 M 37 12 month 20.09.2013


Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 33 12 month 19.09.2013

Macquarie BRAD A ZELNICK neutral 3 M 34 12 month 19.09.2013


S&P Capital IQ BARBARA COFFEY buy 5 M 37 Not Provided 19.09.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 19.09.2013

Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 19.09.2013

MKM Partners ISRAEL HERNANDEZ buy 5 M 36 12 month 19.09.2013

Barclays RAIMO LENSCHOW overweight 5 M 41 Not Provided 19.09.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 18.09.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 37 12 month 18.09.2013

Piper Jaffray MARK R MURPHY overweight 5 M 36 12 month 18.09.2013


BMO Capital Markets KARL KEIRSTEAD outperform 5 M 39 Not Provided 04.08.2013

Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 N #N/A N/A Not Provided 30.07.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 18.07.2013



Goldman Sachs HEATHER BELLINI buy/attractive 5 M 39 12 month 21.06.2013

UBS BRENT THILL buy 5 M 37 12 month 20.06.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013

Holdings By:

Oracle Corp ee


27.09.2013

Occidental Petroleum Corporation explores for, develops, produces, and markets

crude oil and natural gas. The Company also manufactures and markets a variety

of basic chemicals, vinyls and performance chemicals. Occidental also gathers,

treats, processes, transports, stores, trades and markets crude oil, natural

gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.


LTM as of: 06/yy

52-Week High (30.05.2013) 95.56

52-Week Low (16.11.2012) 72.43

Daily Volume

94.01





75'749.87 1 Yr Total Return 12.20%







OXY UN EQUITY YTD Change - Average Volume 30 Day 950'765

OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 853'892


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

24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 24'076.0 23'970.0 24'630.3 25'259.5 6'229.7 5'839.0

2.05x 4.58x 4.32x 3.26x 2.80x 12.04x 11.96x 3.28x 3.11x 13.00x 13.87x

14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 13'968.0 13'488.0 14'658.3 15'617.4 3'796.5 3'775.1

3.39x 8.75x 7.61x 5.51x 4.95x 5.20x 5.68x 5.47x 5.13x 5.40x 5.43x

6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'292.0 4'388.0 5'688.9 6'012.9 1'519.6 1'557.4

6.70x 20.11x 17.21x 11.53x 10.79x 11.09x 13.09x 13.23x 12.54x 12.39x 12.41x











EBITDA Margin 56.3%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Occidental Petroleum CorpPrice/Volume

Valuation Analysis

234'643.00


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

-''

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

&2 E

-&' E

-&2 E

.&' E

.&2 E

0&' E

0&2 E

1&' 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

'&''

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1&''

3&''

5&''

-'&''

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27.09.2013













NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 10'936'849 1.36 1'230'291 30.06.2013 Investment Advisor




AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'314'287 1.03 3'211'788 30.06.2013 Investment Advisor

IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a





Susquehanna Financial Group DUANE GRUBERT Positive 4 U 115 12 month 27.09.2013

Wells Fargo Securities, LLC ROGER D READ outperform 5 U #N/A N/A Not Provided 26.09.2013



ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 23.09.2013




Goldman Sachs ARJUN N MURTI buy/attractive 5 M 105 12 month 12.09.2013

RBC Capital Markets LEO P MARIANI sector perform 3 M 90 12 month 12.09.2013

Guggenheim Securities LLC ROBERT CORDRAY buy 5 N 110 12 month 12.09.2013


Sterne, Agee & Leach TIM A REZVAN neutral 3 M #N/A N/A Not Provided 22.08.2013

Argus Research Corp JONATHAN GELCIUS buy 5 M 100 12 month 13.08.2013

Deutsche Bank PAUL SANKEY buy 5 M 114 12 month 31.07.2013

Capital One Southcoast, Inc. BRIAN T VELIE add 4 M 114 Not Provided 31.07.2013


Spin-Off Research TEAM COVERAGE buy 5 M 99 Not Provided 31.07.2013

Barclays THOMAS R DRISCOLL equalweight 3 M 93 Not Provided 31.07.2013


Credit Suisse EDWARD WESTLAKE outperform 5 M 110 Not Provided 30.07.2013


JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 108 3 month 30.07.2013



Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 107 Not Provided 28.05.2013


Holdings By:

Occidental Petroleum Corp ee


27.09.2013

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The

Company manufacture or uses contract manufacturers, market and sell a variety of

grain-based snacks, carbonated and non-carbonated beverages and foods in

countries throughout the world.


LTM as of: 06/yy

52-Week High (18.07.2013) 87.06

52-Week Low (31.12.2012) 67.39

Daily Volume

80.19





123'670.18 1 Yr Total Return 16.84%







PEP UN EQUITY YTD Change - Average Volume 30 Day 1'397'508

PEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'373'572


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

43'251.0 43'232.0 57'838.0 66'504.0 65'492.0 66'626.0 65'994.0 66'821.6 69'716.6 16'977.8 20'331.3

2.10x 2.31x 2.12x 1.90x 1.94x 7.63x 7.99x 2.18x 2.08x 8.54x 7.12x

8'478.0 9'679.0 10'659.0 12'370.0 11'801.0 12'003.0 12'213.0 12'871.7 13'730.4 3'438.7 3'445.3

10.70x 10.31x 11.51x 10.22x 10.75x 11.04x 10.02x 11.27x 10.56x 11.01x 10.84x

5'142.0 5'946.0 6'320.0 6'443.0 6'178.0 6'030.0 6'648.0 6'764.0 7'250.1 1'833.4 1'673.9

14.85x 16.45x 15.91x 15.08x 16.61x 16.30x 18.76x 18.54x 17.09x 18.23x 17.67x











EBITDA Margin 18.5%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PepsiCo IncPrice/Volume

Valuation Analysis

178'931.00


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

-''


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&''

-'&''

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-1&''

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27.09.2013










YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 22'953'521 1.49 (91'291) 30.06.2013 Investment Advisor




ABERDEEN n/a ULT-AGG 15'972'954 1.04 (546'100) 31.08.2013 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'729'864 0.96 916'285 30.06.2013 Investment Advisor





TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 12'270'046 0.8 239'200 30.06.2013 Hedge Fund Manager




Credit Suisse MICHAEL STEIB neutral 3 M 87 Not Provided 20.09.2013



Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 13.09.2013

BMO Capital Markets AMIT SHARMA outperform 5 M 92 Not Provided 12.09.2013


Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 05.09.2013

S&P Capital IQ ESTHER KWON buy 5 M 88 Not Provided 05.09.2013

Argus Research Corp JOHN D STASZAK buy 5 M 98 12 month 02.08.2013


Morgan Stanley DARA MOHSENIAN Overwt/In-Line 5 M 95 12 month 25.07.2013

JPMorgan JOHN A FAUCHER overweight 5 M 92 3 month 25.07.2013


HSBC LAUREN E TORRES overweight 5 M 96 Not Provided 25.07.2013

Davenport & Co ANN H GURKIN neutral 3 M 82 12 month 25.07.2013

Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 25.07.2013



Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 85 12 month 24.07.2013

First Global Stockbroking KAVITA THOMAS outperform 5 M #N/A N/A Not Provided 17.06.2013

Oracle Investment Research LAURENCE BALTER buy 5 M 75 Not Provided 25.07.2012

Holdings By:

PepsiCo Inc ee


27.09.2013

Pfizer Inc. is a research-based, global pharmaceutical company that discovers,

develops, manufactures, and markets medicines for humans and animals. The

Company's products include prescription pharmaceuticals, non-prescription

self-medications, and animal health products such as anti-infective medicines

and vaccines.


LTM as of: 06/yy

52-Week High (23.04.2013) 31.14

52-Week Low (15.11.2012) 23.55

Daily Volume

28.68





189'870.20 1 Yr Total Return 18.91%







PFE UN EQUITY YTD Change - Average Volume 30 Day 6'970'123

PFE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'375'349


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

48'296.0 50'009.0 67'057.0 65'259.0 58'986.0 61'603.0 55'517.0 51'462.4 50'813.9 12'729.8 13'425.1

2.35x 3.40x 2.34x 2.71x 3.18x 11.32x 14.16x 4.00x 3.99x - -

22'146.0 21'810.0 29'319.0 30'037.0 27'270.0 27'471.0 24'056.0 24'539.9 23'517.7 6'280.0 5'745.5

5.12x 7.79x 5.35x 5.89x 6.88x 6.79x 7.85x 7.86x 8.20x 8.80x 9.30x

8'104.0 8'635.0 8'257.0 10'009.0 14'570.0 10'224.0 26'368.0 14'881.2 14'768.8 3'735.1 3'490.3

7.32x 9.00x 7.92x 9.55x 11.45x 10.20x 13.31x 13.26x 12.40x 12.90x 12.80x











EBITDA Margin 43.3%



Asset Turnover 0.31







Fiscal Year Ended

Pfizer IncPrice/Volume

Valuation Analysis

1'540'417.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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-2

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27.09.2013



















STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 60'677'997 0.92 (19'321'528) 30.06.2013 Insurance Company




SunTrust Robinson Humphrey JOHN T BORIS reduce 2 M 27 12 month 27.09.2013


JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 34 15 month 26.09.2013






Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M 29 12 month 30.08.2013




Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 U 35 12 month 05.08.2013

BMO Capital Markets ALEX ARFAEI outperform 5 M 33 Not Provided 31.07.2013

Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 31 12 month 31.07.2013

Spin-Off Research TEAM COVERAGE buy 5 M 33 Not Provided 31.07.2013



Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.05.2013

MKM Partners JON LECROY neutral 3 M 29 12 month 23.05.2013


UBS MARC GOODMAN buy 5 M 32 12 month 09.04.2013

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 U 21 Not Provided 08.08.2012

Cyrrus TOMAS MENCIK hold 3 M 24 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 09.02.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 24 Not Provided 13.10.2011

McAdams Wright Ragen Inc PAUL C LATTA focus list 5 M 25 12 month 30.04.2009

Holdings By:

Pfizer Inc ee


27.09.2013

The Procter & Gamble Company manufactures and markets consumer products in

countries throughout the world. The Company provides products in the laundry

and cleaning, paper, beauty care, food and beverage, and health care segments.

Procter & Gamble's products are sold primarily through mass merchandisers,

grocery stores, membership club stores, drug stores, and neighborhood stores.


LTM as of: 06/yy

52-Week High (23.04.2013) 82.54

52-Week Low (15.11.2012) 65.84

Daily Volume

77.09





211'131.05 1 Yr Total Return 14.79%







PG UN EQUITY YTD Change - Average Volume 30 Day 2'080'157

PG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'060'837


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

76'694.0 78'938.0 81'104.0 83'680.0 84'167.0 83'680.0 84'167.0 85'574.1 88'813.3 21'054.5 22'320.5

2.38x 2.52x 2.55x 2.34x 2.83x 9.93x 10.81x 2.79x 2.67x 11.41x 10.77x

18'456.0 19'129.0 18'333.0 18'072.0 17'771.0 18'072.0 17'771.0 20'052.5 21'369.7 4'972.8 5'631.6

9.91x 10.41x 11.27x 10.82x 13.42x 10.82x 13.42x 11.86x 11.13x 11.85x 11.65x

13'436.0 12'736.0 11'927.0 10'756.0 11'312.0 10'756.0 11'312.0 12'332.9 13'254.0 3'072.0 3'562.1

14.68x 19.41x 16.43x 15.91x 19.06x 15.85x 19.02x 17.96x 16.52x 18.00x 17.63x











EBITDA Margin 21.1%



Asset Turnover 0.62







Fiscal Year Ended

Procter & Gamble Co/ThePrice/Volume

Valuation Analysis

490'317.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

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27.09.2013













YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 25'393'047 0.93 (1'144'376) 30.06.2013 Investment Advisor











B Riley & Co LINDA BOLTON WEISER neutral 3 M 85 Not Provided 25.09.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 80 12 month 24.09.2013

BMO Capital Markets CONSTANCE M MANEATY outperform 5 M 90 Not Provided 23.09.2013

Credit Suisse MICHAEL STEIB neutral 3 M 85 Not Provided 20.09.2013

Argus Research Corp JOHN D STASZAK buy 5 M 92 Not Provided 19.09.2013


Barclays LAUREN R LIEBERMAN equalweight 3 D 83 Not Provided 18.09.2013

Buckingham Research Group ALICE BEEBE LONGLEY neutral 3 M 76 12 month 11.09.2013

Exane BNP Paribas EAMONN FERRY underperform 1 N 74 Not Provided 10.09.2013


William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 05.09.2013

Canaccord Genuity Corp ALICIA FORRY buy 5 M 89 12 month 05.09.2013


Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 06.08.2013


Goldman Sachs JASON ENGLISH neutral/neutral 3 M 83 12 month 05.08.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 05.08.2013



JPMorgan JOHN A FAUCHER overweight 5 M 90 3 month 02.08.2013


Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 02.08.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 02.08.2013

S&P Capital IQ IAN GORDON hold 3 M 83 Not Provided 24.05.2013

Oracle Investment Research LAURENCE BALTER hold 3 U 80 Not Provided 24.05.2013

Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 81 12 month 28.01.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 02.02.2009

Holdings By:

Procter & Gamble Co/The ee


27.09.2013

Philip Morris International Inc., through its subsidiaries, affiliates and

their licensees, produces, sells, distributes, and markets a wide range of

branded cigarettes and tobacco products in markets outside of the United States

of America. The Company's portfolio comprises both international and local

brands.


LTM as of: 06/yy

52-Week High (01.05.2013) 96.72

52-Week Low (15.11.2012) 82.11

Daily Volume

86.94





140'716.56 1 Yr Total Return -0.21%







PM UN EQUITY YTD Change - Average Volume 30 Day 1'586'373

PM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'575'575


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

25'705.0 25'035.0 27'208.0 31'097.0 31'377.0 31'601.0 31'310.0 31'457.8 32'888.5 7'925.3 7'891.4

3.82x 4.20x 4.48x 4.92x 5.09x 19.43x 21.36x 5.25x 5.11x - -

11'174.0 10'922.0 12'179.0 14'434.0 14'827.0 14'682.0 14'523.0 14'887.8 15'847.2 3'909.3 3'733.5

8.79x 9.64x 10.01x 10.60x 10.78x 11.32x 11.29x 11.03x 10.37x 10.86x 10.71x

6'890.0 6'342.0 7'259.0 8'591.0 8'800.0 8'741.0 8'571.0 8'842.0 9'419.9 2'320.9 2'230.3

13.11x 14.84x 14.86x 16.02x 16.08x 17.11x 16.71x 15.99x 14.40x 15.38x 14.92x






Return on Common Equity -





EBITDA Margin 46.4%

EBIT Margin 43.5% Total Debt/Equity -


Asset Turnover 0.86




Tot Debt to Common Equity - Accounts Payable Turnover Day 33.16




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Philip Morris International IncPrice/Volume

Valuation Analysis

217'374.00


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

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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27.09.2013













FAYEZ SAROFIM FAYEZ SAROFIM 13F 19'848'505 1.23 (115'592) 30.06.2013 Investment Advisor


PNC FINANCIAL SERVIC PNC FINANCIAL SERVIC 13F 17'459'334 1.08 12'249'375 30.06.2013 Investment Advisor










Morgan Stanley DAVID J ADELMAN Overwt/In-Line 5 M 92 12 month 12.09.2013



Berenberg Bank ERIK BLOOMQUIST buy 5 M 100 Not Provided 06.09.2013

Renaissance Capital REY WIUM buy 5 M 95 Not Provided 28.08.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 90 Not Provided 02.08.2013

Nomura DAVID HAYES neutral 3 M 92 12 month 01.08.2013



UBS JONATHAN LEINSTER neutral 3 M 90 12 month 22.07.2013

JPMorgan RAE MAILE neutral 3 M 108 3 month 18.07.2013



S&P Capital IQ ESTHER KWON strong buy 5 M 100 Not Provided 18.07.2013

Goldman Sachs JUDY E HONG Buy/Neutral 5 M 103 12 month 11.07.2013


Holdings By:

Philip Morris International Inc ee


27.09.2013

QUALCOMM, Inc . manufactures digital wireless communications equipment. The

Company licenses its code division multiple access (CDMA) and orthogonal

frequency division multiplexing access intellectual property to other companies,

and produces CDMA-based integrated circuits, and produces equipment and software

used to track workers and assets, and software for wireless content enablement.


LTM as of: 06/yy

52-Week High (10.09.2013) 70.37

52-Week Low (25.10.2012) 57.30

Daily Volume

67.51





115'808.40 1 Yr Total Return 8.27%







QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'426'712

QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'767'037


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 18'367.0 23'256.0 24'725.8 27'631.5 6'348.8 7'017.3

5.80x 5.46x 4.96x 4.32x 4.17x 16.01x 13.56x 3.93x 3.32x 14.92x 13.28x

4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'566.0 7'878.0 9'207.3 10'415.6 2'203.0 2'717.5

15.44x 15.60x 12.41x 10.62x 12.12x 10.61x 9.49x 9.30x 8.23x 8.55x 8.33x

3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 5'894.0 6'623.0 7'987.8 8'715.7 1'908.8 2'234.8

21.73x 33.41x 19.63x 16.71x 17.40x 16.68x 15.89x 14.85x 13.69x 14.11x 13.66x


EBIT 5'682.00 Long-Term Rating NR

Operating Margin 29.72% Long-Term Outlook -








EBITDA Margin 33.9%



Asset Turnover 0.52







Fiscal Year Ended

QUALCOMM IncPrice/Volume

Valuation Analysis

1'257'332.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

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10'000.0

15'000.0

20'000.0

25'000.0

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

'&''

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27.09.2013












WELLS FARGO & COMPAN n/a ULT-AGG 18'667'031 1.09 (2'685'604) 31.07.2013 Investment Advisor

JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a










Piper Jaffray AUGUSTE P RICHARD neutral 3 M 66 12 month 27.09.2013

Morgan Stanley EHUD A GELBLUM Overwt/In-Line 5 M 78 12 month 25.09.2013


Deutsche Bank BRIAN T MODOFF buy 5 M 80 12 month 24.09.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 24.09.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 23.09.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M 75 12 month 23.09.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 81 Not Provided 20.09.2013

Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 19.09.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 84 12 month 17.09.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 77 Not Provided 12.09.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 12.09.2013


S&P Capital IQ JAMES G MOORMAN strong buy 5 M 85 12 month 12.09.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 12.09.2013

Brean Capital LLC MIKE BURTON buy 5 M 75 12 month 11.09.2013

Raymond James TAVIS C MCCOURT strong buy 5 M 89 12 month 11.09.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 11.09.2013

Nomura ROMIT SHAH buy 5 M 78 12 month 11.09.2013

JPMorgan ROD HALL neutral 3 M 60 15 month 05.09.2013


JMP Securities ALEX GAUNA market outperform 4 M 80 12 month 05.09.2013


Evercore Partners MARK A MCKECHNIE overweight 5 M 75 12 month 04.09.2013

RBC Capital Markets MARK SUE outperform 5 M 72 12 month 03.09.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 27.08.2013

ACI Research EDWARD A ZABITSKY short sell 1 M 40 12 month 27.08.2013


William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.08.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 D 70 Not Provided 05.08.2013

Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 30.07.2013

Societe Generale PETER KNOX hold 3 M 67 12 month 26.07.2013

Macquarie DEEPON NAG outperform 5 M 72 12 month 25.07.2013


Northland Securities Inc THOMAS SEPENZIS outperform 5 M 80 12 month 25.07.2013

Barclays BLAYNE CURTIS overweight 5 M 68 Not Provided 25.07.2013

Topeka Capital Markets Inc SUJI DE SILVA hold 3 M 65 12 month 25.07.2013

Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 75 12 month 24.07.2013

Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 80 12 month 24.07.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 24.07.2013


Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013

UBS STEPHEN CHIN buy 5 M 76 12 month 31.01.2013

Holdings By:

QUALCOMM Inc ee


27.09.2013

Raytheon Company is a technology company specializing in defense, homeland

security and other government markets throughout the world. The Company provides

electronics, mission systems integration and other capabilities in the areas of

sensing, effects, and command, control, communications and intelligence systems,

as well as mission support services.


LTM as of: 06/yy

52-Week High (19.09.2013) 81.25

52-Week Low (01.02.2013) 52.24

Daily Volume

78.85





25'428.41 1 Yr Total Return 41.98%







RTN UN EQUITY YTD Change - Average Volume 30 Day 425'734

RTN UN EQUITY YTD % CHANGE - Average Volume 3 Month 491'123


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 07/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

23'174.0 24'881.0 25'183.0 24'791.0 24'414.0 24'468.0 24'478.0 23'698.5 22'968.0 5'809.3 5'908.2

0.89x 0.77x 0.66x 0.69x 0.81x 2.95x 3.37x 1.13x 1.16x 4.68x 4.48x

3'010.0 3'444.0 3'027.0 3'274.0 3'444.0 3'473.0 3'461.0 3'245.0 3'357.2 777.1 772.2

6.83x 5.60x 5.53x 5.24x 5.73x 5.95x 6.57x 8.30x 8.02x 8.40x 8.26x

1'672.0 1'935.0 1'840.0 1'866.0 1'888.0 1'963.0 1'945.0 1'835.2 1'867.5 427.9 430.1

12.39x 10.60x 8.93x 8.53x 9.28x 9.25x 10.33x 13.88x 13.25x 14.24x 13.90x











EBITDA Margin 14.1%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Raytheon CoPrice/Volume

Valuation Analysis

87'102.00


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

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'&''

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27.09.2013














AJO, LP AJO, LP 13F 4'004'400 1.24 903'300 30.06.2013 Investment Advisor



SASCO CAPITAL INCORP SASCO CAPITAL INCORP 13F 3'444'710 1.07 65'050 30.06.2013 Investment Advisor

SCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 2'841'471 0.88 27'689 30.06.2013 Investment Advisor


AMERICAN INTERNATION n/a ULT-AGG 2'634'800 0.82 528'165 30.06.2013 Government

DEUTSCHE BANK AG n/a ULT-AGG 2'393'436 0.74 (761'131) 31.07.2013 Investment Advisor




RBC Capital Markets ROBERT STALLARD sector perform 3 M 71 12 month 16.09.2013


CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 13.09.2013



UBS DAVID E STRAUSS neutral 3 M 76 12 month 19.08.2013

Goldman Sachs NOAH POPONAK neutral/attractive 3 M 80 12 month 12.08.2013


Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 79 12 month 07.08.2013




Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 30.07.2013

Deutsche Bank MYLES WALTON hold 3 M 71 12 month 26.07.2013

FBR Capital Markets PATRICK J MCCARTHY market perform 3 M 67 12 month 26.07.2013

JPMorgan JOSEPH B NADOL III neutral 3 M 63 15 month 25.07.2013

Cowen and Company CAI VON RUMOHR market perform 3 M 77 12 month 25.07.2013


Holdings By:

Raytheon Co ee


27.09.2013

Starbucks Corporation retails, roasts, and provides its own brand of specialty

coffee. The Company operates retail locations worldwide and sells whole bean

coffees through its sales group, direct response business, supermarkets, and on

the World Wide Web. Starbucks also produces and sells bottled coffee drinks and

a line of ice creams.


LTM as of: 06/yy

52-Week High (19.09.2013) 77.82

52-Week Low (23.10.2012) 44.28

Daily Volume

76.72





57'647.41 1 Yr Total Return 52.47%







SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'167'361

SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'221'720


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 07/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'967.3 14'461.4 14'872.0 16'581.1 3'803.9 4'277.4

1.15x 1.50x 1.72x 2.25x 2.75x 10.67x 11.29x 3.84x 3.43x 14.90x 13.06x

1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'668.3 2'709.3 3'064.2 3'636.2 801.4 925.9

9.47x 10.94x 9.85x 12.67x 15.42x 14.45x 17.62x 18.31x 15.43x 16.19x 15.59x

315.5 390.8 945.6 1'245.7 1'383.8 1'383.6 1'599.4 1'686.7 2'018.5 452.1 521.5

21.07x 25.07x 20.10x 24.25x 28.64x 31.66x 31.50x 34.56x 28.76x 30.10x 28.91x











EBITDA Margin 18.7%



Asset Turnover 1.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Starbucks CorpPrice/Volume

Valuation Analysis

285'167.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

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27.09.2013








SCHULTZ HOWARD D n/a Form 4 18'875'169 2.51 - 05.08.2013 n/a



SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 11'269'026 1.5 (13'073) 30.06.2013 Investment Advisor












Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 85 12 month 26.09.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 85 12 month 26.09.2013

JPMorgan JOHN W IVANKOE overweight 5 M 80 15 month 24.09.2013

Stephens Inc WILL SLABAUGH overweight 5 M 82 Not Provided 23.09.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 23.09.2013

Northcoast Research ALTON STUMP buy 5 M 81 12 month 20.09.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 85 Not Provided 19.09.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 19.09.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 80 12 month 19.09.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 75 12 month 19.09.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 82 12 month 18.09.2013

Deutsche Bank JASON WEST buy 5 M 80 12 month 17.09.2013

Jefferies ANDREW M BARISH buy 5 M 84 12 month 17.09.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 81 12 month 17.09.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 70 Not Provided 17.09.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 82 12 month 16.09.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 11.09.2013

Wedbush NICK SETYAN outperform 5 N 80 12 month 04.09.2013


Williams Capital Group MARC RIDDICK outperform 5 U 85 12 month 01.08.2013

Argus Research Corp JOHN D STASZAK buy 5 M 84 12 month 30.07.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 77 12 month 26.07.2013

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 84 12 month 26.07.2013

Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 80 12 month 26.07.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 74 12 month 26.07.2013

S&P Capital IQ JIM YIN buy 5 M 79 Not Provided 26.07.2013

Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 26.07.2013

Stifel PAUL L WESTRA hold 3 M #N/A N/A Not Provided 25.07.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Starbucks Corp ee


27.09.2013

Schlumberger Limited is an oil services company. The Company, through its

subsidiaries, provides a wide range of services, including technology, project

management and information solutions to the international petroleum industry as

well as advanced acquisition and data processing surveys.


LTM as of: 06/yy

52-Week High (19.09.2013) 89.72

52-Week Low (16.11.2012) 66.86

Daily Volume

88.6





117'234.03 1 Yr Total Return 22.91%







SLB UN EQUITY YTD Change - Average Volume 30 Day 1'561'894

SLB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'640'915


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

27'162.9 22'702.0 27'447.0 36'959.0 42'149.0 40'106.0 43'632.0 45'569.8 50'283.5 11'588.3 12'135.6

1.92x 3.47x 4.26x 2.61x 2.31x 9.35x 9.31x 2.66x 2.35x 10.63x 10.08x

8'966.9 6'596.0 7'133.0 9'794.0 11'020.0 10'642.0 11'405.0 12'400.9 14'163.9 3'212.2 3'415.4

5.82x 11.94x 16.40x 9.84x 8.85x 8.76x 8.85x 9.93x 8.69x 9.20x 8.89x

5'434.8 3'134.0 4'267.0 4'997.0 5'490.0 5'419.0 6'140.0 6'319.5 7'587.2 1'658.7 1'794.4

9.41x 23.41x 30.05x 18.91x 16.64x 16.09x 16.43x 18.66x 15.43x 16.79x 15.98x











EBITDA Margin 26.1%



Asset Turnover 0.73







Fiscal Year Ended

Schlumberger LtdPrice/Volume

Valuation Analysis

265'864.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''

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-&' E

.&' E

0&' E

1&' E

2&' E

3&' 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&''

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27.09.2013






DODGE & COX DODGE & COX 13F 39'663'243 3 5'424'699 30.06.2013 Investment Advisor







THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 14'504'617 1.1 (894'516) 30.06.2013 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 13'246'003 1 2'457'923 30.06.2013 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'916'255 0.98 172'891 30.06.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 12'128'065 0.92 2'936'400 31.08.2013 Investment Advisor






Edward Jones ROB DESAI buy 5 M #N/A N/A Not Provided 26.09.2013


Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 97 12 month 24.09.2013

UBS ANGELINE M SEDITA buy 5 M 98 12 month 23.09.2013

ISI Group JUDSON E BAILEY strong buy 5 M 98 12 month 23.09.2013


Societe Generale EDWARD C MUZTAFAGO buy 5 M 94 12 month 16.09.2013


Stephens Inc MICHAEL MARINO overweight 5 M 99 Not Provided 16.09.2013



Macquarie NIGEL BROWNE outperform 5 M 100 12 month 12.09.2013


Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 101 Not Provided 03.09.2013





RS Platou Markets TURNER HOLM buy 5 M 100 6 month 23.07.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 93 12 month 22.07.2013

Morgan Stanley OLE SLORER Overwt/In-Line 5 M 95 12 month 22.07.2013


Credit Suisse JAMES WICKLUND neutral 3 M 87 Not Provided 22.07.2013

Howard Weil Inc WILLIAM SANCHEZ focus list 5 M 93 Not Provided 22.07.2013

William Blair & Co BRANDON DOBELL market perform 3 M #N/A N/A Not Provided 22.07.2013

Raymond James J MARSHALL ADKINS outperform 5 M 87 12 month 22.07.2013

HSBC DAVID PHILLIPS overweight 5 M 96 Not Provided 22.07.2013


Global Hunter Securities BRIAN UHLMER buy 5 U 97 12 month 22.07.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 19.07.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 93 12 month 15.07.2013

Johnson Rice & Co DANIEL BURKE equalweight 3 M #N/A N/A Not Provided 25.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.04.2013

S&P Capital IQ STEWART GLICKMAN hold 3 M 81 12 month 20.09.2012


Oracle Investment Research LAURENCE BALTER strong buy 5 U 95 Not Provided 20.07.2012

Holdings By:

Schlumberger Ltd ee


27.09.2013

The Southern Company is a public utility holding company. The Company, through

its subsidiaries, generates, wholesales, and retails electricity in the

southeastern United States. The Company also offers wireless telecommunications

services, and provides businesses with two-way radio, telephone, paging, and

Internet access services as well as wholesales fiber optic solutions.


LTM as of: 06/yy

52-Week High (23.04.2013) 48.74

52-Week Low (05.09.2013) 40.64

Daily Volume

41.33





36'118.42 1 Yr Total Return -5.98%







SO UN EQUITY YTD Change - Average Volume 30 Day 1'113'677

SO UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'034'160


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

17'127.0 15'743.0 17'456.0 17'657.0 16'537.0 16'909.0 16'895.0 17'254.6 18'043.9 5'371.0 3'831.8

2.79x 3.02x 3.07x 3.46x 3.63x 14.30x 14.76x 3.54x 3.51x 11.25x 15.93x

5'210.0 5'258.0 5'633.0 6'279.0 6'589.0 6'232.0 6'730.0 6'089.3 6'728.1 2'242.7 1'190.3

9.18x 9.05x 9.52x 9.72x 9.11x 10.09x 9.34x 9.93x 8.99x 9.67x 9.57x

1'807.0 1'708.0 2'040.0 2'268.0 2'415.0 2'233.0 1'802.0 2'254.3 2'524.3 1'002.8 378.8

15.68x 14.44x 16.20x 18.15x 16.18x 19.29x 16.37x 15.11x 14.56x 14.97x 14.72x











EBITDA Margin 39.8%



Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Southern Co/ThePrice/Volume

Valuation Analysis

141'681.00


'2

-'-2.'.20'021'122'

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

&2 E

-&' E

-&2 E

.&' E

.&2 E

0&' E

0&2 E

1&' 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

'&''

-&''

.&''

0&''

1&''

2&''

3&''

4&''

5&''

6&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0 '-&'4&.'-0



27.09.2013







CAPITAL GROUP COMPAN n/a ULT-AGG 11'169'700 1.28 - 30.06.2013 Investment Advisor


FEDERATED INVESTORS FEDERATED INVESTORS 13F 9'185'766 1.05 1'224'622 30.06.2013 Investment Advisor




PICTET FUNDS n/a ULT-AGG 5'409'501 0.62 (379) 16.07.2013 Investment Advisor





APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 4'076'127 0.47 859'343 30.06.2013 Investment Advisor


CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 3'759'800 0.43 815'600 30.06.2013 Investment Advisor



SunTrust Robinson Humphrey ALI AGHA neutral 3 M 43 12 month 23.09.2013

ISI Group GREG GORDON neutral 3 M 45 12 month 19.09.2013

Edward Jones ANDREW PUSATERI sell 1 M #N/A N/A Not Provided 16.09.2013

BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 16.09.2013


RBC Capital Markets SHELBY G TUCKER outperform 5 M 49 12 month 30.08.2013

Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 26.08.2013


Credit Suisse DANIEL EGGERS underperform 1 M 48 Not Provided 13.08.2013

Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 07.08.2013




Goldman Sachs MICHAEL J LAPIDES Sell/Neutral 1 M 41 12 month 01.08.2013

Hilliard Lyons DAVID B BURKS neutral 3 M #N/A N/A Not Provided 01.08.2013

Jefferies PAUL B FREMONT hold 3 M 47 12 month 01.08.2013

Barclays DANIEL F FORD equalweight 3 M 49 Not Provided 01.08.2013

Drexel Hamilton LLC ANDREW L SMITH hold 3 M 46 12 month 01.08.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 31.07.2013

Atlantic Equities LLP NATHAN JUDGE underweight 1 M 41 12 month 31.07.2013

Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 47 12 month 31.07.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Southern Co/The ee


27.09.2013

Simon Property Group, Inc. is a self-administered and self-managed,

real estate investment trust. The Company owns, develops, and manages retail

real estate properties including regional malls, outlet centers,

community/lifestyle centers, and international properties.


LTM as of: 06/yy

52-Week High (22.05.2013) 182.45

52-Week Low (05.09.2013) 142.48

Daily Volume

150.25





46'585.29 1 Yr Total Return 1.73%







SPG UN EQUITY YTD Change - Average Volume 30 Day 504'327

SPG UN EQUITY YTD % CHANGE - Average Volume 3 Month 456'251


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

3'783.2 3'775.2 3'957.6 4'306.4 4'880.1 4'552.7 5'024.7 5'185.4 5'435.7 1'301.4 1'405.8

8.13x 10.16x 11.81x 13.18x 14.78x 54.07x 57.25x 13.79x 13.15x 57.53x 51.61x

2'553.0 2'630.0 2'799.2 3'015.6 3'491.0 3'207.6 3'601.8 3'904.4 4'131.0 976.3 1'065.1

12.04x 14.59x 16.70x 18.82x 20.66x 22.17x 20.09x 17.79x 16.81x 17.18x 16.82x

463.6 309.4 617.0 1'024.8 1'434.5 1'501.1 1'196.7 1'262.8 1'383.8 289.5 352.0

25.92x 40.60x 27.89x 37.05x 33.49x 30.76x 40.91x 37.26x 35.01x 37.82x 35.99x











EBITDA Margin 71.7%



Asset Turnover 0.16







Fiscal Year Ended

Simon Property Group IncPrice/Volume

Valuation Analysis

50'381.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.'1'3'5'

-''-.'-1'-3'-5'.''

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E&. E&1 E&3 E&5 E-&' E-&. E-&1 E-&3 E-&5 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




COHEN & STEERS CAPIT COHEN & STEERS CAPIT 13F 21'988'540 7.09 (416'167) 30.06.2013 Investment Advisor





DAIWA SECURITIES GRO DAIWA SECURITIES GRO 13F 9'409'894 3.03 (366'566) 30.06.2013 Holding Company

APG ASSET MANAGEMENT APG ASSET MANAGEMENT 13F 6'624'030 2.13 (237'106) 30.06.2013 Pension Fund (ERISA)

CBRE GROUP INC n/a ULT-AGG 6'053'287 1.95 (222'454) 30.08.2013 Corporation


LASALLE INVESTMENT M LASALLE INVESTMENT M 13F 5'943'715 1.92 44'894 30.06.2013 Investment Advisor



PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 5'202'903 1.68 (400'000) 30.06.2013 Investment Advisor


MIZUHO FINANCIAL GRO n/a ULT-AGG 4'481'279 1.44 1'016'273 30.08.2013 Bank


PRINCIPAL FINANCIAL n/a ULT-AGG 3'485'803 1.12 (297'964) 31.07.2013 Investment Advisor

NUVEEN ASSET MANAGEM NUVEEN ASSET MANAGEM 13F 3'215'991 1.04 (42'014) 30.06.2013 Investment Advisor


Cowen and Company JAMES W SULLIVAN outperform 5 M 177 12 month 27.09.2013

Stifel NATHAN ISBEE buy 5 M 175 12 month 25.09.2013

Credit Suisse DAN OPPENHEIM neutral 3 N 165 Not Provided 19.09.2013

SunTrust Robinson Humphrey KI BIN KIM buy 5 M 185 12 month 19.09.2013

Janney Montgomery Scott LLC MICHAEL P GORMAN buy 5 M 165 12 month 19.09.2013

Jefferies OMOTAYO T OKUSANYA II buy 5 M 173 12 month 18.09.2013

Imperial Capital LLC DAVID HARRIS in-line 3 M 172 12 month 18.09.2013

Goldman Sachs ANDREW ROSIVACH Buy/Neutral 5 M 193 12 month 17.09.2013

UBS ROSS T NUSSBAUM buy 5 M 192 12 month 06.09.2013


ISI Group STEVE SAKWA buy 5 M 169 12 month 06.09.2013

BMO Capital Markets PAUL E ADORNATO outperform 5 U 175 Not Provided 23.08.2013

Deutsche Bank VINCENT CHAO buy 5 M 189 12 month 09.08.2013

Barclays ROSS L SMOTRICH overweight 5 M 167 Not Provided 01.08.2013

Argus Research Corp MICHAEL BURKE buy 5 M 190 Not Provided 30.07.2013

Raymond James RICHARD J MILLIGAN outperform 5 M 175 12 month 30.07.2013

Sandler O'Neill & Partners, LP ALEXANDER D GOLDFARB buy 5 M 198 Not Provided 30.07.2013

Wells Fargo Securities, LLC JEFFREY J DONNELLY outperform 5 M #N/A N/A Not Provided 30.07.2013


Morgan Stanley HAENDEL ST. JUSTE Equalwt/Attractive 3 M 180 12 month 29.07.2013

RBC Capital Markets RICHARD C MOORE outperform 5 M 200 12 month 29.07.2013

Hilliard Lyons CAROL L KEMPLE neutral 3 M #N/A N/A Not Provided 29.07.2013

JPMorgan MICHAEL W MUELLER overweight 5 M 190 3 month 29.07.2013

Evercore Partners BENJAMIN YANG equalweight 3 M 171 12 month 29.07.2013

S&P Capital IQ ROBERT MCMILLAN strong buy 5 U 194 Not Provided 29.07.2013

Holdings By:

Simon Property Group Inc ee


27.09.2013

AT&T Inc. is a communications holding company. The Company, through its

subsidiaries and affiliates, provides local and long-distance phone service,

wireless and data communications, Internet access and messaging, IP-based and

satellite television, security services, telecommunications equipment, and

directory advertising and publishing.


LTM as of: 06/yy

52-Week High (23.04.2013) 39.00

52-Week Low (09.11.2012) 32.71

Daily Volume

34.02





180'680.22 1 Yr Total Return -5.95%







T UN EQUITY YTD Change - Average Volume 30 Day 4'934'705

T UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'642'528


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

124'028.0 122'513.0 124'280.0 126'723.0 127'434.0 127'378.0 127'468.0 128'725.7 131'210.9 32'201.1 33'120.8

1.94x 1.91x 1.92x 1.82x 1.99x 7.67x 8.31x 1.98x 1.95x 7.83x 7.66x

42'946.0 40'515.0 39'037.0 30'505.0 31'140.0 31'323.0 30'316.0 41'180.2 42'984.9 10'653.5 9'364.7

5.62x 5.78x 6.11x 7.56x 8.14x 8.61x 8.57x 6.10x 5.85x 5.98x 5.92x

12'867.0 12'138.0 19'864.0 3'944.0 7'264.0 4'431.0 7'300.0 13'528.0 14'207.9 3'571.9 2'640.6

12.28x 13.18x 12.95x 12.39x 14.62x 13.85x 14.97x 13.72x 12.66x 13.24x 12.99x











EBITDA Margin 23.8%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AT&T IncPrice/Volume

Valuation Analysis

855'564.00


'2

-'-2.'.20'021'12

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

2&' E

-'&' E

-2&' E

.'&' E

.2&' E

0'&' E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

'&''

-&''

.&''

0&''

1&''

2&''

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27.09.2013











GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37'195'655 0.7 (28'021) 30.06.2013 Investment Advisor












Deutsche Bank BRETT FELDMAN hold 3 M 35 12 month 27.09.2013


Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 36 12 month 25.09.2013

S&P Capital IQ JAMES G MOORMAN hold 3 M 40 12 month 25.09.2013

Barclays AMIR ROZWADOWSKI equalweight 3 M 38 Not Provided 25.09.2013

Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 24.09.2013

Canaccord Genuity Corp GREGORY MILLER hold 3 M 35 12 month 24.09.2013


Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 24.09.2013

Cowen and Company COLBY SYNESAEL market perform 3 M 39 12 month 24.09.2013

Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 23.09.2013

Credit Suisse JOSEPH MASTROGIOVANNI outperform 5 M 38 Not Provided 23.09.2013

Pacific Crest Securities MICHAEL BOWEN sector perform 3 M #N/A N/A Not Provided 23.09.2013

Robert W. Baird & Co WILLIAM V POWER neutral 3 M 36 12 month 23.09.2013

Raymond James FRANK G LOUTHAN market perform 3 M #N/A N/A Not Provided 23.09.2013

Macquarie KEVIN SMITHEN neutral 3 M 36 12 month 23.09.2013

Nomura ADAM ILKOWITZ buy 5 M 38 12 month 23.09.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 32 Not Provided 23.09.2013

BMO Capital Markets KEVIN MANNING market perform 3 M 34 Not Provided 16.09.2013

FBR Capital Markets DAVID DIXON market perform 3 M 39 12 month 16.09.2013

JPMorgan PHILIP CUSICK overweight 5 M 38 15 month 12.09.2013

HSBC RICHARD DINEEN overweight 5 M 39 Not Provided 04.09.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 38 12 month 07.08.2013

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 05.08.2013



Independent Research GmbH MARKUS FRIEBEL sell 1 M 34 12 month 29.07.2013

Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 39 12 month 25.07.2013


Jefferies THOMAS O SEITZ hold 3 M 38 12 month 24.07.2013

Scotia Capital JEFFREY FAN sector underperform 1 M 36 12 month 24.07.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 24.07.2013

Goldman Sachs JASON ARMSTRONG neutral/neutral 3 M 38 12 month 19.07.2013

Gabelli & Co SERGEY DLUZHEVSKIY hold 3 M #N/A N/A Not Provided 11.06.2013

UBS JOHN C HODULIK neutral 3 M 36 12 month 07.06.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 42 12 month 14.05.2013



Janco Partners Inc GERARD HALLAREN buy 5 M 44 Not Provided 26.07.2012

Holdings By:

AT&T Inc ee


27.09.2013

Target Corporation operates general merchandise discount stores in the United

States. The Company's merchandising operations include general merchandise and

food discount stores and a fully integrated online business. Target also offers

credit to qualified applicants through its branded proprietary credit cards.


LTM as of: 08/yy

52-Week High (24.07.2013) 73.50

52-Week Low (02.01.2013) 58.01

Daily Volume

64.08





40'442.49 1 Yr Total Return 3.11%







TGT UN EQUITY YTD Change - Average Volume 30 Day 1'179'217

TGT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'042'954


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

64'948.0 65'357.0 67'390.0 69'865.0 73'301.0 71'336.0 73'478.0 73'737.2 77'793.5 17'451.6 22'479.7

0.64x 0.81x 0.78x 0.72x 0.77x 3.06x 3.15x 0.74x 0.71x 3.13x 2.40x

6'228.0 6'696.0 7'336.0 7'453.0 7'352.0 7'466.0 6'981.0 6'844.8 7'645.0 1'371.6 2'176.8

6.64x 7.88x 7.13x 6.73x 7.66x 7.67x 8.39x 7.86x 7.04x 7.51x 7.35x

2'214.0 2'488.0 2'920.0 2'929.0 2'999.0 2'937.0 2'707.0 2'517.5 3'044.6 411.1 924.8

10.91x 15.54x 14.08x 11.47x 14.02x 13.63x 19.86x 15.84x 12.87x 14.74x 14.35x











EBITDA Margin 9.5%



Asset Turnover 1.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Target CorpPrice/Volume

Valuation Analysis

228'848.00


'

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50'000.0

60'000.0

70'000.0

80'000.0

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

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27.09.2013


















MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 6'605'059 1.05 917'090 30.06.2013 Hedge Fund Manager








Robert W. Baird & Co PETER S BENEDICT neutral 3 M 68 12 month 13.09.2013

Credit Suisse MICHAEL B EXSTEIN neutral 3 M 62 Not Provided 11.09.2013



Piper Jaffray SEAN NAUGHTON overweight 5 M 73 12 month 09.09.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 N 71 12 month 08.09.2013



Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 28.08.2013


BMO Capital Markets WAYNE HOOD outperform 5 M 80 Not Provided 22.08.2013

UBS JASON DERISE neutral 3 M 66 12 month 22.08.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 72 3 month 22.08.2013


William Blair & Co MARK R MILLER underperform 1 D #N/A N/A Not Provided 22.08.2013

Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 61 12 month 22.08.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 74 12 month 22.08.2013


Deutsche Bank PAUL TRUSSELL hold 3 M 69 12 month 21.08.2013


Susquehanna Financial Group ROBERT SUMMERS neutral 3 M 71 12 month 21.08.2013



S&P Capital IQ IAN GORDON strong buy 5 M 81 Not Provided 22.05.2013

Fincorp SAOG GAURAV RAMAIYA hold 3 M 55 Not Provided 17.11.2011

Gilford Securities BERNARD SOSNICK hold 3 M #N/A N/A Not Provided 31.05.2011

Holdings By:

Target Corp ee


27.09.2013

Time Warner Inc. is a media and entertainment company. The Company's businesses

include cable television networks that provide programming, feature films,

television and home video production and distribution, and magazine publishing.


LTM as of: 06/yy

52-Week High (07.08.2013) 66.01

52-Week Low (05.11.2012) 42.61

Daily Volume

65.85





60'582.41 1 Yr Total Return 48.12%







TWX UN EQUITY YTD Change - Average Volume 30 Day 955'418

TWX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'000'035


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

26'516.0 25'388.0 26'888.0 28'974.0 28'729.0 28'984.0 29'380.0 29'794.3 30'814.7 6'933.6 8'497.6

2.27x 1.78x 1.79x 1.77x 2.14x 7.04x 8.95x 2.58x 2.47x 10.96x 8.89x

5'541.0 5'748.0 6'413.0 6'877.0 7'106.0 6'836.0 7'589.0 7'580.8 8'156.1 1'827.8 2'345.2

10.88x 7.86x 7.52x 7.45x 8.67x 7.90x 9.32x 10.29x 9.56x 9.97x 9.72x

(13'402.0) 2'477.0 2'578.0 2'886.0 3'019.0 2'591.0 3'497.0 3'519.8 3'905.0 828.2 1'174.0

18.98x 15.02x 12.97x 12.37x 14.24x 13.11x 15.18x 17.57x 15.30x 16.51x 15.81x











EBITDA Margin 25.8%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Time Warner IncPrice/Volume

Valuation Analysis

397'416.00


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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

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27.09.2013














INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 13'532'684 1.47 (926'970) 30.06.2013 Investment Advisor


COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 11'874'982 1.29 (27'293) 30.06.2013 Hedge Fund Manager





LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 8'020'132 0.87 (796'829) 30.06.2013 Investment Advisor




Sanford C. Bernstein & Co TODD JUENGER market perform 3 M 67 12 month 20.09.2013

Stifel DREW E CRUM buy 5 M 72 12 month 20.09.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 U 72 12 month 19.09.2013

S&P Capital IQ TUNA AMOBI buy 5 M 70 Not Provided 12.09.2013


Sterne, Agee & Leach VASILY KARASYOV buy 5 M 73 12 month 10.09.2013

ISI Group VIJAY JAYANT buy 5 N 71 12 month 10.09.2013


Cowen and Company DOUGLAS CREUTZ outperform 5 M 72 12 month 29.08.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 28.08.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 73 12 month 22.08.2013

Edward Jones ROBIN DIEDRICH buy 5 U #N/A N/A Not Provided 21.08.2013


Wedbush JAMES G DIX outperform 5 M 69 12 month 19.08.2013


Argus Research Corp JOSEPH F BONNER buy 5 M 77 Not Provided 09.08.2013



B Riley & Co DAVID W MILLER neutral 3 M 67 Not Provided 08.08.2013

Barrington Research JAMES C GOSS outperform 5 M 73 12 month 08.08.2013

Evercore Partners ALAN GOULD overweight 5 M 70 12 month 08.08.2013


Goldman Sachs DREW BORST buy/attractive 5 M 71 12 month 07.08.2013

UBS JOHN JANEDIS buy 5 M 72 12 month 07.08.2013

JPMorgan ALEXIA S QUADRANI overweight 5 M 75 15 month 07.08.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 70 12 month 07.08.2013



Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 08.03.2013

Holdings By:

Time Warner Inc ee


27.09.2013

Texas Instruments Incorporated is a global semiconductor company that designs

and supplies analog technologies, digital signal processing (DSP) and

microcontroller (MCU) semiconductors. The Company also operates materials and

controls, and educational and productivity solutions businesses. Texas

Instruments has manufacturing or sales operations in countries around the world.


LTM as of: 06/yy

52-Week High (19.09.2013) 40.93

52-Week Low (11.10.2012) 27.00

Daily Volume

40.17





44'234.11 1 Yr Total Return 48.38%







TXN UW EQUITY YTD Change - Average Volume 30 Day 1'738'021

TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'991'105


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

12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'342.0 12'301.0 12'256.3 12'973.0 3'224.9 3'111.5

1.38x 2.82x 2.50x 2.61x 2.80x 10.90x 12.22x 3.67x 3.39x 13.90x 14.27x

3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'079.0 3'883.0 3'969.6 4'575.3 1'129.6 1'081.4

4.61x 9.40x 6.56x 8.08x 9.02x 8.58x 10.38x 11.61x 10.08x 10.58x 10.24x

1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'610.0 2'070.0 2'154.3 2'607.3 631.0 601.8

9.82x 20.71x 12.69x 13.09x 17.29x 15.85x 19.28x 21.12x 17.50x 18.48x 17.64x











EBITDA Margin 31.6%



Asset Turnover 0.63







Fiscal Year Ended

Texas Instruments IncPrice/Volume

Valuation Analysis

466'248.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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2&' E

3&' E

4&' E

5&' 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

'&''

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1&''

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27.09.2013










HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 19'841'822 1.8 (2'573'094) 30.06.2013 Investment Advisor




DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'150'387 1.38 (467'255) 30.06.2013 Investment Advisor




BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 9'823'378 0.89 (861'707) 30.06.2013 Investment Advisor


WADDELL & REED FINAN n/a ULT-AGG 7'897'310 0.72 3'889'095 30.06.2013 Investment Advisor



JPMorgan CHRISTOPHER DANELY overweight 5 M 45 3 month 25.09.2013

B Riley & Co CRAIG ELLIS buy 5 M 44 Not Provided 25.09.2013

Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 23.09.2013

FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 36 12 month 20.09.2013

S&P Capital IQ CHRISTIN ARMACOST buy 5 M 44 Not Provided 20.09.2013

Exane BNP Paribas JEROME RAMEL underperform 1 M 35 Not Provided 20.09.2013


Robert W. Baird & Co TRISTAN GERRA neutral 3 M 40 12 month 19.09.2013

Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 19.09.2013

Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 19.09.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 43 Not Provided 18.09.2013


Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 13.09.2013

Williams Financial Group CODY G ACREE buy 5 M 46 Not Provided 13.09.2013

MKM Partners ADA MENAKER neutral 3 M 31 12 month 12.09.2013

Deutsche Bank ROSS C SEYMORE hold 3 M 35 12 month 11.09.2013

Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 11.09.2013

SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 40 12 month 11.09.2013

Wedbush BETSY VAN HEES outperform 5 M 42 12 month 11.09.2013

Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 33 12 month 11.09.2013

Cowen and Company TIMOTHY M ARCURI market perform 3 M 40 12 month 11.09.2013

Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 11.09.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 35 12 month 11.09.2013

Barclays BLAYNE CURTIS equalweight 3 M 31 Not Provided 11.09.2013

Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 40 12 month 10.09.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 10.09.2013

Credit Suisse JOHN W PITZER neutral 3 M 40 Not Provided 10.09.2013

Jefferies MARK J LIPACIS buy 5 M 48 12 month 10.09.2013

Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 10.09.2013

Evercore Partners PATRICK WANG equalweight 3 M 38 12 month 10.09.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 10.09.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 21.08.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 39 Not Provided 02.08.2013

Macquarie DEEPON NAG neutral 3 M 38 12 month 25.07.2013

UBS STEPHEN CHIN neutral 3 M 38 12 month 23.07.2013

Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 23.07.2013

Nomura ROMIT SHAH neutral 3 M 33 12 month 23.07.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 37 Not Provided 22.07.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 07.06.2013


Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013

JMP Securities ALEX GAUNA market outperform 4 M 33 12 month 17.10.2012

Holdings By:

Texas Instruments Inc ee


27.09.2013

UnitedHealth Group Incorporated owns and manages organized health systems in the

United States and internationally. The Company provides employers products and

resources to plan and administer employee benefit programs. UnitedHealth also

serves the health needs of older Americans, provides specialized care services,

and provides health care information and research to providers and payers.


LTM as of: 06/yy

52-Week High (16.09.2013) 75.88

52-Week Low (15.11.2012) 51.09

Daily Volume

71.76





72'958.38 1 Yr Total Return 29.64%







UNH UN EQUITY YTD Change - Average Volume 30 Day 1'083'434

UNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'116'593


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

81'186.0 87'138.0 94'155.0 101'862.0 110'618.0 105'743.0 116'819.0 122'799.7 134'107.7 30'919.0 31'263.0

0.45x 0.40x 0.42x 0.51x 0.57x 2.02x 2.21x 0.67x 0.60x 2.63x 2.58x

6'244.0 7'350.0 8'928.0 9'588.0 10'563.0 9'893.0 10'614.0 10'754.6 11'363.4 2'936.8 2'769.8

5.85x 4.77x 4.39x 5.45x 5.94x 5.87x 6.89x 7.47x 7.07x 7.32x 7.25x

2'977.0 3'822.0 4'634.0 5'142.0 5'526.0 5'254.0 5'429.0 5'627.1 5'871.1 1'540.8 1'442.4

9.02x 9.41x 8.57x 10.71x 10.27x 11.89x 12.45x 13.04x 12.29x 12.83x 12.58x











EBITDA Margin 9.1%



Asset Turnover 1.52







Fiscal Year Ended

UnitedHealth Group IncPrice/Volume

Valuation Analysis

106'943.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'


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

'&''

2&''

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27.09.2013










CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 25'086'466 2.47 2'706'176 30.06.2013 Investment Advisor



DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 14'750'586 1.45 6'588'559 30.06.2013 Investment Advisor


HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 12'591'400 1.24 (2'037'400) 30.06.2013 Investment Advisor



CREDIT SUISSE AG n/a ULT-AGG 10'887'126 1.07 (16'080) 30.06.2013 Investment Advisor


UNITED HEALTHCARE IN UNITED HEALTHCARE IN Sch-D 9'668'800 0.95 - 30.06.2013 Insurance Company



Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 26.09.2013

Cowen and Company CHRISTINE ARNOLD outperform 5 M 75 12 month 25.09.2013

Raymond James MICHAEL J BAKER strong buy 5 M 82 12 month 24.09.2013

JPMorgan JUSTIN LAKE overweight 5 M 80 3 month 23.09.2013

Lazard Capital Markets STEVEN P HALPER buy 5 M 81 12 month 23.09.2013

Oppenheimer & Co MICHAEL WIEDERHORN outperform 5 M 78 18 month 20.09.2013

BMO Capital Markets JENNIFER LYNCH outperform 5 M 79 Not Provided 15.09.2013

CRT Capital Group SHERYL R SKOLNICK buy 5 M 80 12 month 10.09.2013

Jefferies DAVID H WINDLEY buy 5 M 82 12 month 09.09.2013

Stifel THOMAS A CARROLL buy 5 M 80 12 month 09.09.2013

Susquehanna Financial Group CHRIS RIGG Positive 4 M 81 12 month 05.09.2013

Wedbush SARAH JAMES outperform 5 M 70 12 month 15.08.2013

Barclays JOSHUA R RASKIN overweight 5 M 82 Not Provided 06.08.2013


UBS A J RICE buy 5 M 81 12 month 19.07.2013


Cantor Fitzgerald JOSEPH D FRANCE buy 5 M 75 12 month 19.07.2013

Deutsche Bank SCOTT J FIDEL hold 3 M 68 12 month 18.07.2013

Goldman Sachs MATTHEW BORSCH Buy/Neutral 5 M 80 12 month 18.07.2013

Credit Suisse RALPH GIACOBBE outperform 5 M 77 Not Provided 18.07.2013

S&P Capital IQ PHILLIP SELIGMAN buy 5 M 76 Not Provided 18.07.2013

Monness, Crespi, Hardt & Co BRIAN M WRIGHT buy 5 M 75 12 month 16.07.2013


Holdings By:

UnitedHealth Group Inc ee


27.09.2013

Union Pacific Corporation is a rail transportation company. The Company's

railroad hauls a variety of goods, including agricultural, automotive, and

chemical products. Union Pacific offersslong-haul routes from all major West

Coast and Gulf Coast ports to eastern gateways as well as connects with

Canada's rail systems and serves the major gateways to Mexico.


LTM as of: 06/yy

52-Week High (22.07.2013) 165.18

52-Week Low (16.11.2012) 116.08

Daily Volume

156.56





72'619.47 1 Yr Total Return 34.81%







UNP UN EQUITY YTD Change - Average Volume 30 Day 441'258

UNP UN EQUITY YTD % CHANGE - Average Volume 3 Month 429'375


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

17'970.0 14'143.0 16'965.0 19'557.0 20'926.0 20'542.0 21'353.0 22'176.2 23'835.4 5'706.3 5'704.1

1.77x 2.85x 3.17x 2.99x 3.20x 11.18x 13.36x 3.63x 3.36x - -

5'462.0 4'806.0 6'468.0 7'341.0 8'505.0 8'110.0 8'794.0 9'343.4 10'303.1 2'467.3 2'468.9

5.81x 8.38x 8.30x 7.97x 7.87x 7.98x 9.05x 8.62x 7.82x 8.24x 8.05x

2'338.0 1'890.0 2'780.0 3'292.0 3'943.0 3'733.0 4'141.0 4'435.3 4'977.3 1'183.4 1'184.4

10.53x 17.98x 16.59x 15.88x 15.26x 15.55x 17.62x 16.44x 14.31x 15.40x 14.87x











EBITDA Margin 41.2%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Union Pacific CorpPrice/Volume

Valuation Analysis

88'872.00


'.'1'3'5'

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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

'&''

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3&''

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27.09.2013




















WADDELL & REED FINAN n/a ULT-AGG 3'874'520 0.84 245'806 30.06.2013 Investment Advisor





TD Securities CHERILYN RADBOURNE hold 3 M 174 12 month 26.09.2013

Wolfe Research SCOTT H GROUP outperform 5 M 178 12 month 26.09.2013


Cowen and Company JASON H SEIDL outperform 5 M 174 12 month 23.09.2013

Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 175 12 month 18.09.2013

Barclays BRANDON OGLENSKI overweight 5 M 191 Not Provided 16.09.2013

Wells Fargo Securities, LLC ANTHONY P GALLO outperform 5 M #N/A N/A Not Provided 11.09.2013

Susquehanna Financial Group MATTHEW TROY Positive 4 M 185 12 month 08.09.2013

Atlantic Equities LLP RORRIE MARS neutral 3 M 164 12 month 04.09.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 30.08.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 177 12 month 27.08.2013

BMO Capital Markets FADI CHAMOUN outperform 5 M 176 Not Provided 15.08.2013

Stifel JOHN G LARKIN hold 3 M #N/A N/A Not Provided 13.08.2013

Jefferies H PETER NESVOLD buy 5 M 183 12 month 26.07.2013

FBR Capital Markets JOHN R MIMS outperform 5 M 180 12 month 26.07.2013


RBC Capital Markets WALTER SPRACKLIN sector perform 3 M 160 12 month 22.07.2013


Stephens Inc JUSTIN LONG equalweight 3 M 155 12 month 19.07.2013

BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 19.07.2013



JPMorgan THOMAS R WADEWITZ overweight 5 M 167 3 month 18.07.2013

Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 18.07.2013

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

Holdings By:

Union Pacific Corp ee


27.09.2013

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the

United States and in other countries and territories. The Company also provides

global supply chain services and less-than-truckload transportation, primarily

in the U.S. UPS's business consists of integrated air and ground pick-up and

delivery network


LTM as of: 06/yy

52-Week High (20.09.2013) 92.10

52-Week Low (15.11.2012) 69.56

Daily Volume

90.92





85'859.52 1 Yr Total Return 30.05%







UPS UN EQUITY YTD Change - Average Volume 30 Day 779'581

UPS UN EQUITY YTD % CHANGE - Average Volume 3 Month 820'413


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

51'486.0 45'297.0 49'545.0 53'105.0 54'127.0 53'817.0 54'583.0 55'694.0 58'842.8 13'613.8 15'153.3

1.24x 1.42x 1.59x 1.46x 1.39x 5.76x 5.92x 1.67x 1.59x 6.85x 6.16x

7'196.0 5'548.0 7'433.0 7'862.0 3'201.0 8'038.0 3'186.0 9'167.8 10'047.5 2'227.5 2'621.3

8.86x 11.63x 10.60x 9.85x 23.53x 10.11x 27.26x 10.00x 9.12x 9.71x 9.51x

3'003.0 2'152.0 3'338.0 3'804.0 807.0 3'883.0 829.0 4'504.6 5'031.5 1'087.6 1'338.4

15.76x 25.73x 20.99x 16.56x 16.41x 17.29x 19.16x 19.14x 16.61x 17.94x 17.34x











EBITDA Margin 5.8%



Asset Turnover 1.48







Fiscal Year Ended

United Parcel Service IncPrice/Volume

Valuation Analysis

135'419.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

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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

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27.09.2013
















PRUDENTIAL PLC n/a ULT-AGG 6'501'942 0.9 1'394'245 30.06.2013 Unclassified


BANK OF NOVA SCOTIA n/a ULT-AGG 6'168'518 0.85 1'113'552 31.07.2013 Bank

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'133'040 0.85 (24'820) 30.06.2013 Investment Advisor





Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 98 12 month 27.09.2013


Cowen and Company HELANE R BECKER market perform 3 M 88 12 month 23.09.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 105 12 month 23.09.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 20.09.2013




Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 97 12 month 16.09.2013

Barclays BRANDON OGLENSKI overweight 5 U 106 Not Provided 16.09.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 13.09.2013

Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 13.09.2013


Buckingham Research Group JEFFREY KAUFFMAN buy 5 M 115 12 month 16.08.2013


Accountability Research Corp MARK SUAREZ buy 5 M 100 Not Provided 30.07.2013

RBC Capital Markets JOHN L BARNES III outperform 5 M 100 12 month 29.07.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 93 12 month 29.07.2013


Nomura MARK MCVICAR neutral 3 M 90 12 month 25.07.2013



Macquarie KELLY A DOUGHERTY outperform 5 M 91 12 month 24.07.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 97 12 month 24.07.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 99 Not Provided 24.07.2013

Stephens Inc JACK ATKINS equalweight 3 M 90 12 month 23.07.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 23.07.2013

Raymond James ARTHUR W HATFIELD outperform 5 M 94 12 month 23.07.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 23.07.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 100 12 month 12.07.2013

Holdings By:

United Parcel Service Inc ee


27.09.2013

U.S. Bancorp is a diversified financial services company that provides lending

and depository services, cash management, foreign exchange and trust and

investment management services. The Company also provides credit card

services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp

operates in the Midwest and Western United States.


LTM as of: 06/yy

52-Week High (18.09.2013) 38.22

52-Week Low (15.11.2012) 30.96

Daily Volume

36.53





67'188.39 1 Yr Total Return 9.59%





Enterprise Value -


USB UN EQUITY YTD Change - Average Volume 30 Day 1'858'875

USB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'903'938


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

19'229.0 19'490.0 20'518.0 21'399.0 22'202.0 22'076.0 21'738.0 19'679.8 20'276.3 4'935.2 4'956.4

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

- - - - - 0.0 0.0 - - - -

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

2'946.0 2'205.0 3'317.0 4'872.0 5'647.0 5'376.0 5'806.0 5'602.0 5'792.7 1'404.6 1'422.6

15.34x 21.44x 15.78x 11.27x 11.14x 12.07x 12.15x 12.14x 11.41x 11.93x 11.69x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

US Bancorp/MNPrice/Volume

Valuation Analysis

329'135.00


'

2

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0'

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4&' E

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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

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3&''

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27.09.2013















GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 17'488'343 0.95 (3'100) 30.06.2013 Insurance Company



GENERAL REINSURANCE GENERAL REINSURANCE Sch-D 14'559'100 0.79 - 30.06.2013 Insurance Company

YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 12'779'292 0.69 101'160 30.06.2013 Investment Advisor




Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 38 12 month 27.09.2013










FBR Capital Markets PAUL J MILLER JR outperform 5 M 42 12 month 17.09.2013

Raymond James DAVID J LONG strong buy 5 M 42 12 month 16.09.2013

BMO Capital Markets PETER J WINTER market perform 3 M 40 Not Provided 13.09.2013

Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 41 12 month 13.09.2013


Portales Partners JENNIFER A THOMPSON sector perform 3 M #N/A N/A Not Provided 13.09.2013

Susquehanna Financial Group JACK MICENKO Positive 4 M 43 12 month 13.09.2013




RBC Capital Markets JON G ARFSTROM outperform 5 M 40 12 month 12.09.2013


UBS STEPHEN SCINICARIELLO buy 5 M 42 12 month 12.09.2013

Jefferies KENNETH M USDIN hold 3 M 39 12 month 12.09.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 39 12 month 12.09.2013

Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 36 12 month 12.09.2013

Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 28.08.2013




Hilliard Lyons ROSS A DEMMERLE buy 5 M 43 12 month 18.07.2013


Rafferty Capital Markets RICHARD X BOVE SR buy 5 U 40 Not Provided 18.07.2013

Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 42 12 month 17.07.2013


S&P Capital IQ ERIK M OJA hold 3 D 34 Not Provided 16.01.2013


Holdings By:

US Bancorp/MN ee


27.09.2013

United Technologies Corporation provides technology products and support

services to customers in the aerospace and building industries worldwide. The

Company's products include aircraft engines, elevators and escalators, heating

and air conditioning equipment, helicopters, aerospace systems, fuel cell

systems, and fire and safety equipment.


LTM as of: 06/yy

52-Week High (19.09.2013) 112.42

52-Week Low (14.11.2012) 74.45

Daily Volume

108.98





99'990.17 1 Yr Total Return 42.44%







UTX UN EQUITY YTD Change - Average Volume 30 Day 838'194

UTX UN EQUITY YTD % CHANGE - Average Volume 3 Month 859'123


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

59'757.0 52'920.0 54'326.0 55'754.0 57'708.0 54'835.0 61'890.0 63'889.9 67'128.8 16'197.1 17'304.1

0.98x 1.35x 1.47x 1.29x 1.65x 5.61x 6.46x 1.82x 1.70x 7.25x 6.75x

8'946.0 7'723.0 8'542.0 9'109.0 9'208.0 9'136.0 10'087.0 10'806.8 11'875.5 2'787.4 2'772.0

6.54x 9.28x 9.36x 7.89x 10.33x 9.30x 10.27x 10.93x 9.95x 10.41x 10.14x

4'689.0 3'829.0 4'373.0 4'979.0 5'130.0 4'307.0 6'298.0 5'632.2 6'315.1 1'409.1 1'422.5

10.78x 14.64x 16.22x 13.45x 15.13x 13.32x 15.61x 17.71x 15.65x 17.19x 16.44x











EBITDA Margin 16.3%



Asset Turnover 0.76







Fiscal Year Ended

United Technologies CorpPrice/Volume

Valuation Analysis

128'655.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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27.09.2013



























Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 117 12 month 12.09.2013

Nomura SHANNON O'CALLAGHAN buy 5 M 120 12 month 06.09.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 28.08.2013


William Blair & Co NICHOLAS P HEYMANN outperform 5 M 123 12 month 15.08.2013

Goldman Sachs NOAH POPONAK neutral/attractive 3 M 110 12 month 12.08.2013

UBS DAVID E STRAUSS buy 5 M 122 12 month 02.08.2013








Morgan Stanley NIGEL COE Overwt/In-Line 5 M 110 12 month 23.07.2013



Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 115 Not Provided 23.07.2013


S&P Capital IQ RICHARD TORTORIELLO buy 5 M 98 Not Provided 23.01.2013

Holdings By:

United Technologies Corp ee


27.09.2013

Visa Inc. operates a retail electronic payments network and manages global

financial services. The Company also offers global commerce through the

transfer of value and information among financial institutions, merchants,

consumers, businesses and government entities.


LTM as of: 06/yy

52-Week High (23.09.2013) 200.83

52-Week Low (27.09.2012) 132.53

Daily Volume

192.74





124'321.96 1 Yr Total Return 45.11%







V UN EQUITY YTD Change - Average Volume 30 Day 1'049'030

V UN EQUITY YTD % CHANGE - Average Volume 3 Month 965'457


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

6'263.0 6'911.0 8'065.0 9'188.0 10'421.0 10'073.0 11'536.0 11'824.9 13'173.7 3'020.4 3'180.7

7.60x 7.98x 7.19x 7.13x 9.86x 32.83x 40.38x 10.21x 8.97x 39.71x 37.17x

2'939.0 3'766.0 4'809.0 5'751.0 6'572.0 6'399.0 7'395.0 7'627.4 8'673.0 1'850.4 2'143.1

16.20x 14.64x 12.06x 11.39x 15.64x 14.83x 18.56x 15.40x 13.54x 14.07x 13.56x

804.0 2'353.0 2'966.0 3'650.0 2'144.0 1'362.0 5'450.0 4'976.9 5'672.7 1'193.4 1'386.7

26.24x 21.88x 18.70x 16.59x 18.94x 19.82x 22.27x 25.42x 21.59x 22.49x 21.47x











EBITDA Margin 64.1%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Visa IncPrice/Volume

Valuation Analysis

138'004.00


'

2'

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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

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27.09.2013























RBC Capital Markets DANIEL R PERLIN outperform 5 M 244 12 month 26.09.2013

Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 175 12 month 26.09.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 181 12 month 25.09.2013




EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 23.09.2013

Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 19.09.2013

Jefferies JASON KUPFERBERG buy 5 M 220 12 month 18.09.2013



Robert W. Baird & Co DAVID J KONING neutral 3 M 200 12 month 11.09.2013



FBR Capital Markets SCOTT VALENTIN market perform 3 M 190 12 month 09.09.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 06.09.2013



SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 235 12 month 23.08.2013


Oppenheimer & Co GLENN GREENE outperform 5 M 205 18 month 20.08.2013



Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 M 220 12 month 12.08.2013


Guggenheim Securities LLC DAVID W DARST buy 5 M 220 12 month 01.08.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 31.07.2013


Macquarie KEVIN MCVEIGH outperform 5 M 225 12 month 25.07.2013



Barclays DARRIN D PELLER overweight 5 M 215 Not Provided 25.07.2013


UBS JOHN T WILLIAMS neutral 3 M 202 12 month 24.07.2013

Wedbush GIL B LURIA neutral 3 M 180 12 month 24.07.2013

Raymond James WAYNE JOHNSON strong buy 5 M 220 12 month 24.07.2013

Goldman Sachs JULIO C QUINTEROS JR buy/attractive 5 M 215 12 month 07.07.2013

S&P Capital IQ SONIA PARECHANIAN hold 3 M 169 Not Provided 07.02.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 134 12 month 25.07.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 N 105 Not Provided 27.10.2011

Lazard Capital Markets JENNIFER DUGAN buy 5 M 105 12 month 10.06.2011

Holdings By:

Visa Inc ee


27.09.2013

Verizon Communications Inc. is an integrated telecommunications company that

provides wire line voice and data services, wireless services, Internet

services, and published directory information. The Company also provides network

services for the federal government including business phone lines, data

services, telecommunications equipment and payphones.


LTM as of: 06/yy

52-Week High (30.04.2013) 54.30

52-Week Low (16.11.2012) 40.51

Daily Volume

47.04





134'611.84 1 Yr Total Return 7.33%







VZ UN EQUITY YTD Change - Average Volume 30 Day 2'761'392

VZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'407'999


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

97'354.0 107'808.0 106'565.0 110'875.0 115'846.0 113'143.0 118'258.0 120'372.5 125'095.7 30'182.7 30'977.6

1.80x 1.82x 1.83x 1.85x 1.94x 7.32x 7.93x 1.92x 2.16x 7.70x 7.48x

32'830.0 32'512.0 31'050.0 29'376.0 29'620.0 30'896.0 31'664.0 41'706.3 44'459.1 10'774.5 10'008.7

5.34x 6.04x 6.28x 6.98x 7.58x 7.17x 7.72x 5.64x 5.29x 5.44x 5.35x

6'428.0 4'894.0 2'549.0 2'404.0 875.0 2'867.0 1'562.0 8'033.1 12'574.0 2'150.7 1'806.5

13.35x 11.16x 18.52x 18.66x 19.32x 19.30x 20.67x 16.97x 13.44x 15.17x 14.36x











EBITDA Margin 26.8%



Asset Turnover 0.53







Fiscal Year Ended

Verizon Communications IncPrice/Volume

Valuation Analysis

495'491.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

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3&' E

5&' E

-'&' E

-.&' E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

'&''

'&2'

-&''

-&2'

.&''

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0&''

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27.09.2013























Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 53 12 month 25.09.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 M 55 12 month 24.09.2013


Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 24.09.2013

Cowen and Company COLBY SYNESAEL market perform 3 M 49 12 month 24.09.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 U 54 12 month 17.09.2013

Credit Suisse JOSEPH MASTROGIOVANNI neutral 3 N 52 Not Provided 17.09.2013

BMO Capital Markets KEVIN MANNING outperform 5 M 55 Not Provided 16.09.2013

FBR Capital Markets DAVID DIXON market perform 3 M 53 12 month 16.09.2013


Pacific Crest Securities MICHAEL BOWEN outperform 5 M 58 12 month 13.09.2013

Nomura ADAM ILKOWITZ buy 5 M 55 12 month 11.09.2013

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 10.09.2013

JPMorgan PHILIP CUSICK restricted #N/A N/A M #N/A N/A Not Provided 06.09.2013

Macquarie KEVIN SMITHEN neutral 3 M 51 12 month 06.09.2013

Morgan Stanley SIMON FLANNERY restricted #N/A N/A M #N/A N/A Not Provided 05.09.2013

Deutsche Bank BRETT FELDMAN hold 3 M 49 12 month 04.09.2013


Jefferies THOMAS O SEITZ buy 5 M 56 12 month 04.09.2013

Robert W. Baird & Co WILLIAM V POWER outperform 5 U 53 12 month 04.09.2013

Raymond James FRANK G LOUTHAN outperform 5 M 54 12 month 04.09.2013

HSBC RICHARD DINEEN overweight 5 M 55 Not Provided 04.09.2013

Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 56 12 month 04.09.2013


Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 03.09.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 56 12 month 03.09.2013

S&P Capital IQ JAMES G MOORMAN hold 3 M 52 12 month 03.09.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 53 Not Provided 03.09.2013

Barclays AMIR ROZWADOWSKI suspended coverage #N/A N/A M #N/A N/A Not Provided 03.09.2013

Goldman Sachs JASON ARMSTRONG not rated #N/A N/A M #N/A N/A Not Provided 02.09.2013

UBS JOHN C HODULIK neutral 3 M 50 12 month 19.07.2013


William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 18.07.2013


Accountability Research Corp KEVIN CHU buy 5 M 57 Not Provided 22.04.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 56 12 month 19.04.2013

Janco Partners Inc GERARD HALLAREN strong buy 5 U #N/A N/A Not Provided 18.04.2013


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Verizon Communications Inc ee


27.09.2013

Walgreen Company operates retail drugstores that offer a wide variety of

prescription and non-prescription drugs as well as general goods. The Company

operates stores in the United States, the District of Columbia, Puerto Rico and

Guam. Walgreen's also offers health services, including primary and acute care,

wellness, pharmacy and disease management services and health and fitness.


LTM as of: 05/yy

52-Week High (23.09.2013) 56.83

52-Week Low (16.11.2012) 31.88

Daily Volume

54.67





51'663.35 1 Yr Total Return 53.42%







WAG UN EQUITY YTD Change - Average Volume 30 Day 1'172'719

WAG UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'269'319


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

59'034.0 63'335.0 67'420.0 72'184.0 71'633.0 72'527.0 71'349.0 72'229.3 75'709.9 17'955.7 18'263.6

0.63x 0.53x 0.38x 0.45x 0.53x 1.65x 2.32x 0.76x 0.71x 3.04x 3.03x

4'281.0 4'222.0 4'488.0 5'017.0 4'630.0 4'854.0 4'525.0 5'352.5 5'970.2 1'229.4 1'259.6

8.65x 7.88x 5.74x 6.41x 8.18x 5.48x 10.72x 10.27x 9.21x 9.73x 9.48x

2'157.0 2'006.0 2'091.0 2'714.0 2'127.0 2'566.0 2'146.0 2'982.6 3'274.6 694.5 701.2

17.20x 15.54x 11.72x 14.57x 13.89x 12.95x 19.00x 17.52x 15.41x 15.83x 15.31x











EBITDA Margin 6.3%



Asset Turnover 2.26







Fiscal Year Ended

Walgreen CoPrice/Volume

Valuation Analysis

151'202.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-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


PESSINA STEFANO n/a Form 4 72'959'594 7.72 34'439 12.07.2013 n/a












ALLIANZ ASSET MANAGE n/a ULT-AGG 10'964'036 1.16 286'489 31.08.2013 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 8'648'163 0.92 (1'683'654) 30.06.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'886'279 0.83 (130'137) 30.06.2013 Investment Advisor

GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 7'575'826 0.8 4'373'326 30.06.2013 Hedge Fund Manager



FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 6'671'818 0.71 2'702'535 30.06.2013 Investment Advisor

KOHLBERG KRAVIS ROBE KOHLBERG KRAVIS ROBE 13F 6'424'340 0.68 - 30.06.2013 Private Equity


Mizuho Securities USA Inc ANN HYNES buy 5 M 62 12 month 25.09.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 U 70 12 month 23.09.2013


Lazard Capital Markets THOMAS GALLUCCI neutral 3 M #N/A N/A Not Provided 23.09.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 67 12 month 23.09.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 66 12 month 20.09.2013

UBS STEVEN VALIQUETTE buy 5 M 62 12 month 19.09.2013

Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 19.09.2013

ISI Group ROSS MUKEN cautious 2 M 49 12 month 18.09.2013

Cowen and Company CHARLES RHYEE outperform 5 M 62 12 month 18.09.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 52 12 month 17.09.2013


Goldman Sachs ROBERT P JONES buy/attractive 5 M 60 12 month 11.09.2013

JPMorgan LISA C GILL overweight 5 M 55 3 month 10.09.2013

BB&T Capital Markets ANDREW P WOLF buy 5 M 59 12 month 10.09.2013

Credit Suisse EDWARD J KELLY neutral 3 M 45 Not Provided 06.09.2013

Raymond James JOHN W RANSOM outperform 5 M 55 12 month 05.09.2013

Scotia Capital PATRICIA A BAKER sector outperform 5 M 57 12 month 05.09.2013

Wolfe Research SCOTT A MUSHKIN underperform 1 M 43 12 month 02.08.2013


Macquarie DANE LEONE outperform 5 M 52 12 month 26.06.2013

Cantor Fitzgerald AJAY JAIN hold 3 M 45 12 month 26.06.2013

Barrington Research CHARLES R JONES market perform 3 D 45 12 month 20.05.2013


EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Walgreen Co ee


27.09.2013

Wells Fargo & Company is a diversified financial services company providing

banking, insurance, investments, mortgage, leasing, credit cards, and consumer

finance. The Company operates through physical stores, the Internet and other

distribution channels across North America and elsewhere internationally.


LTM as of: 06/yy

52-Week High (22.07.2013) 44.78

52-Week Low (14.11.2012) 31.25

Daily Volume

41.73





221'577.22 1 Yr Total Return 23.52%





Enterprise Value -


WFC UN EQUITY YTD Change - Average Volume 30 Day 4'631'392

WFC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'520'478


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

51'652.0 98'636.0 93'249.0 87'597.0 91'247.0 88'964.0 90'503.0 84'778.5 86'154.7 21'042.5 21'045.1

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

- - - - - 0.0 0.0 - - - -

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

2'655.0 12'275.0 12'362.0 15'869.0 18'897.0 17'032.0 20'717.0 20'824.2 21'503.7 5'276.9 5'311.2

17.14x 13.15x 12.68x 9.11x 9.97x 10.47x 10.98x 10.86x 10.38x 10.74x 10.58x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07







Fiscal Year Ended

Wells Fargo & CoPrice/Volume

Valuation Analysis

1'090'342.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'


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&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0 '-&'4&.'-0



27.09.2013























UBS DEREK DE VRIES neutral 3 M 45 12 month 27.09.2013



Buckingham Research Group JAMES F MITCHELL neutral 3 M 43 12 month 26.09.2013



Societe Generale MURALI GOPAL hold 3 M 45 12 month 23.09.2013





JPMorgan VIVEK JUNEJA overweight 5 M 45 15 month 18.09.2013


Miller Tabak + Co., LLC TOM MITCHELL hold 3 M 44 12 month 12.09.2013

Susquehanna Financial Group JACK MICENKO neutral 3 M 50 12 month 12.09.2013


Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 42 12 month 12.09.2013

BMO Capital Markets PETER J WINTER market perform 3 M 47 Not Provided 11.09.2013

Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 11.09.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 M 46 12 month 10.09.2013




RBC Capital Markets JOSEPH K MORFORD outperform 5 M 47 12 month 09.09.2013




Jefferies KENNETH M USDIN buy 5 M 48 12 month 06.08.2013




Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 17.07.2013

FBR Capital Markets PAUL J MILLER JR outperform 5 M 50 12 month 15.07.2013

Macquarie THOMAS ALONSO outperform 5 M 47 12 month 15.07.2013

Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 51 12 month 15.07.2013

Sandler O'Neill & Partners, LP R SCOTT SIEFERS hold 3 M 46 12 month 12.07.2013

S&P Capital IQ ERIK M OJA hold 3 M 43 Not Provided 12.07.2013

Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 37 12 month 27.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013


Holdings By:

Wells Fargo & Co ee


27.09.2013

The Williams Companies, Inc. is an energy infrastructure company focused on

connecting North America's hydrocarbon resource plays to growing markets for

natural gas, natural gas liquids (NGLs) and olefins. The Company owns and

operates midstream gathering and processing assets, and interstate natural gas

pipelines.


LTM as of: 06/yy

52-Week High (25.04.2013) 38.54

52-Week Low (15.11.2012) 30.56

Daily Volume

36.04





24'622.35 1 Yr Total Return 7.29%







WMB UN EQUITY YTD Change - Average Volume 30 Day 1'173'863

WMB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'215'562


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

11'890.0 8'255.0 6'638.0 7'930.0 7'486.0 7'940.0 7'229.0 7'080.5 8'391.9 1'646.0 1'709.9

1.28x 2.33x 3.64x 3.61x 4.66x 13.79x 19.61x 5.61x 5.10x 23.28x 22.88x

3'843.0 2'970.0 2'902.0 3'481.0 2'368.0 3'006.0 2'349.0 2'374.6 3'099.3 563.3 631.5

3.97x 6.49x 8.32x 8.23x 14.72x 9.67x 14.90x 15.76x 12.08x 13.63x 12.45x

1'418.0 285.0 (1'097.0) 376.0 859.0 383.0 607.0 544.2 868.5 119.9 136.8

6.55x 27.26x 29.54x 20.00x 26.96x 21.67x 35.18x 48.51x 29.88x 37.78x 32.04x











EBITDA Margin 32.5%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Williams Cos Inc/ThePrice/Volume

Valuation Analysis

99'728.00


'

2

-'

-2

.'

.2

0'

02

1'

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

.&' E

1&' E

3&' E

5&' E

-'&' E

-.&' E

-1&' 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

18'000.0

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








SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 15'523'717 2.27 3'175'861 30.06.2013 Hedge Fund Manager



CORVEX MANAGEMENT LP CORVEX MANAGEMENT LP 13F 12'153'266 1.78 6'320'800 30.06.2013 Hedge Fund Manager

FIR TREE INCORPORATE FIR TREE INCORPORATE 13F 11'131'529 1.63 4'896'730 30.06.2013 Hedge Fund Manager


KAYNE ANDERSON CAPIT KAYNE ANDERSON CAPIT 13F 9'435'336 1.38 (867'000) 30.06.2013 Hedge Fund Manager


PRINCIPAL FINANCIAL n/a ULT-AGG 8'140'122 1.19 2'096'348 31.07.2013 Investment Advisor


TORTOISE CAPITAL ADV TORTOISE CAPITAL ADV 13F 7'794'820 1.14 159'936 30.06.2013 Investment Advisor





UBS SHNEUR Z GERSHUNI buy 5 M 41 12 month 27.09.2013

JPMorgan JEREMY TONET overweight 5 M 43 12 month 24.09.2013

ISI Group TIMM SCHNEIDER buy 5 M 38 12 month 10.09.2013

Wells Fargo Securities, LLC SHARON LUI outperform 5 M #N/A N/A Not Provided 06.09.2013

Jefferies CHRISTOPHER P SIGHINOLFI buy 5 N 41 12 month 04.09.2013

Argus Research Corp MICHAEL BURKE buy 5 M 43 Not Provided 28.08.2013

Raymond James DARREN HOROWITZ outperform 5 M 38 12 month 22.08.2013

US Capital Advisors REBECCA G FOLLOWILL hold 3 M 35 Not Provided 16.08.2013

Credit Suisse JOHN EDWARDS outperform 5 M 49 Not Provided 02.08.2013

Howard Weil Inc HOLLY STEWART sector outperform 5 M 42 12 month 01.08.2013

BMO Capital Markets CARL L KIRST outperform 5 M 41 Not Provided 31.07.2013

Barclays RICHARD GROSS overweight 5 M 40 Not Provided 30.07.2013

Morgan Stanley STEPHEN J MARESCA Overwt/Attractive 5 M 42 12 month 12.07.2013

Tudor Pickering & Co BRADLEY OLSEN hold 3 U 37 Not Provided 26.06.2013

Deutsche Bank CURTIS N LAUNER hold 3 M 34 12 month 24.06.2013

Goldman Sachs THEODORE DURBIN buy/attractive 5 M 40 12 month 18.06.2013


Holdings By:

Williams Cos Inc/The ee


27.09.2013

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood

markets. The Company's discount stores and supercenters offer merchandise such

as apparel, housewares, small appliances, electronics, and hardware. Walmart's

markets offer a full-line supermarket and a limited assortment of general

merchandise. The Company operates nationally and internationally.


LTM as of: 07/yy

52-Week High (15.05.2013) 79.96

52-Week Low (31.12.2012) 67.37

Daily Volume

74.2





241'554.83 1 Yr Total Return 2.73%







WMT UN EQUITY YTD Change - Average Volume 30 Day 1'743'410

WMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'618'292


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 07/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

404'374.0 408'085.0 421'849.0 446'950.0 469'162.0 460'709.0 472'980.0 480'737.2 501'623.4 117'039.3 132'881.4

0.55x 0.58x 0.57x 0.58x 0.60x 2.31x 2.55x 0.61x 0.59x 2.52x 2.21x

29'537.0 31'159.0 33'183.0 34'688.0 36'302.0 35'700.0 36'650.0 37'488.1 39'138.6 8'527.0 11'319.7

7.52x 7.63x 7.30x 7.53x 7.81x 8.46x 8.40x 7.86x 7.53x 7.88x 7.76x

13'400.0 14'370.0 16'389.0 15'699.0 16'999.0 16'257.0 17'094.0 17'066.1 18'083.1 3'705.6 5'500.6

13.80x 14.44x 13.80x 13.67x 13.93x 15.83x 15.16x 14.24x 12.94x 13.68x 13.39x











EBITDA Margin 7.7%



Asset Turnover 2.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wal-Mart Stores IncPrice/Volume

Valuation Analysis

273'979.00


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

o!-. l!-. k!-. a!-. g!-0 c!-0 j!-0 S!-0 j!-0 g!-0 g!-0 S!-0 o!-0&' E

.&' E

1&' E

3&' E

5&' E

-'&' E

-.&' E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'2&'.&.'-' '2&'5&.'-' '2&'.&.'-- '2&'5&.'-- '2&'.&.'-. '2&'5&.'-. '2&'.&.'-0 '2&'5&.'-0



27.09.2013


WALTON ENTERPRISES L n/a Form 4 1'609'891'131 49.45 - 07.06.2013 Holding Company












DODGE & COX DODGE & COX 13F 13'931'834 0.43 147'490 30.06.2013 Investment Advisor



WALTON JIM C n/a Form 4 10'501'672 0.32 - 07.06.2013 n/a







Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 80 12 month 26.09.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 26.09.2013

Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 26.09.2013

S&P Capital IQ IAN GORDON buy 5 M 82 Not Provided 25.09.2013

Stifel DAVID A SCHICK buy 5 M 83 12 month 24.09.2013

Raymond James BUDD BUGATCH outperform 5 M 82 12 month 16.09.2013

Credit Suisse MICHAEL B EXSTEIN neutral 3 M 80 Not Provided 13.09.2013



Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 13.09.2013

ISI Group GREGORY MELICH neutral 3 M 75 12 month 11.09.2013

Jefferies DANIEL T BINDER buy 5 M 86 12 month 10.09.2013


Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 N 83 12 month 08.09.2013

MKM Partners PATRICK G MCKEEVER JR neutral 3 M 75 12 month 04.09.2013


Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 30.08.2013

Deutsche Bank PAUL TRUSSELL hold 3 M 76 12 month 29.08.2013


Susquehanna Financial Group ROBERT SUMMERS neutral 3 D 79 12 month 20.08.2013


UBS JASON DERISE buy 5 M 88 12 month 16.08.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 75 3 month 16.08.2013

Stephens Inc JOHN R LAWRENCE overweight 5 M 87 12 month 16.08.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 67 12 month 16.08.2013


Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 75 12 month 16.08.2013


William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 15.08.2013


Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 18.07.2013

HSBC FRANCISCO J CHEVEZ overweight 5 M 87 Not Provided 10.07.2013

Oracle Investment Research LAURENCE BALTER sell 1 D 60 Not Provided 18.02.2013

Holdings By:

Wal-Mart Stores Inc ee


27.09.2013

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a

worldwide basis. The Company's operations include exploration and production of

oil and gas, electric power generation, and coal and minerals operations.

Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.


LTM as of: 06/yy

52-Week High (23.07.2013) 95.49

52-Week Low (31.12.2012) 84.70

Daily Volume

86.79





382'017.63 1 Yr Total Return -2.90%







XOM UN EQUITY YTD Change - Average Volume 30 Day 3'113'921

XOM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'078'257


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

425'071.0 275'564.0 341'578.0 433'526.0 420'714.0 434'824.0 396'937.0 437'966.7 452'127.4 96'744.8 96'505.8

0.89x 1.18x 1.10x 0.95x 0.94x 3.63x 4.16x 0.92x 0.89x 4.15x 4.16x

78'669.0 38'156.0 54'882.0 69'687.0 65'769.0 65'402.0 62'482.0 78'699.5 82'736.5 18'788.7 18'921.3

4.82x 8.54x 6.87x 5.91x 6.04x 6.08x 6.70x 5.11x 4.86x 5.07x 4.94x

45'220.0 19'280.0 30'460.0 41'060.0 44'880.0 45'090.0 35'880.0 33'653.3 34'565.5 8'682.9 8'651.3

9.22x 17.01x 11.76x 10.07x 11.45x 10.83x 11.65x 11.43x 10.84x 10.97x 10.84x











EBITDA Margin 15.7%



Asset Turnover 1.18







Fiscal Year Ended

Exxon Mobil CorpPrice/Volume

Valuation Analysis

419'784.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0 '-&'4&.'-0



27.09.2013









BANK OF AMERICA CORP BANK OF AMERICA 13F 43'874'521 1 649'292 30.06.2013 Investment Advisor














Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 94 Not Provided 24.09.2013



Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 20.09.2013

Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 20.09.2013


ISI Group DOUGLAS T TERRESON neutral 3 M 95 12 month 16.09.2013



Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 03.09.2013

Barclays PAUL Y CHENG equalweight 3 M 102 Not Provided 03.09.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 29.08.2013

Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 21.08.2013


Canaccord Genuity Corp SAMUEL SIMON hold 3 M 95 12 month 15.08.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 94 12 month 07.08.2013

Morgan Stanley J EVAN CALIO Underwt/In-Line 1 M 85 12 month 05.08.2013

Jefferies IAIN REID hold 3 M 90 Not Provided 02.08.2013


Prime Executions CHRIS KETTENMANN hold 3 M 88 12 month 02.08.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 95 3 month 01.08.2013



VTB Capital COLIN SMITH hold 3 M 90 12 month 15.05.2013




Holdings By:

Exxon Mobil Corp ee


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