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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

ADIDAS AG EUR 22492 669 209 2 0 0 3 22.60 20123 19843 19872 21355 1969 2019 723 723 3.41 3.56 5.63 6.87 40.88 40.88 25.82 21.18 15.84 8.71 28.03 6.12 13.75 - - - -

ADVA OPTICAL NETWORKING SE EUR 303 114 48 0 0 0 0 0.25 446 430 440 474 61 50 17 17 0.47 0.23 0.20 0.29 36.47 34.48 43.22 29.21 8.32 11.74 27.17 7.30 15.85 - - - -

CARL ZEISS MEDITEC AG - BR EUR 2446 36 81 0 0 0 0 2.51 1165 1190 1207 1291 190 194 57 57 1.19 1.41 1.48 1.56 28.93 28.93 27.50 26.02 18.37 9.80 20.18 15.41 22.10 - - - -

AIXTRON SE EUR 1798 284 101 0 0 0 0 1.51 308 305 306 505 -147 -225 -3 -3 -1.95 -2.80 -1.03 0.38 - - 61.91 -84.79 38.10 - - -99.79 - - - -

ALLIANZ SE-REG EUR 72745 1035 453 26 0 4 17 83.54 129827 131187 138510 142326 - - - - 15.72 32.71 17.69 18.21 6.59 12.33 12.19 11.84 13.36 4.48 - - - AA 27.01.2012 Aa3 03.05.2004

AAREAL BANK AG EUR 1779 107 60 39 0 0 5 25.15 1601 1470 904 956 923 - - - 2.37 2.31 2.23 2.83 17.38 17.38 18.06 14.22 -16.36 -16.34 -17.87 -24.98 - - - WR 26.03.2012

BASF SE EUR 89600 1467 918 17 0 1 2 107.75 97524 101517 100259 96009 13073 13327 3021 3021 7.10 6.67 7.24 7.95 19.79 19.79 18.21 16.60 -2.52 5.34 -24.93 -2.16 17.75 A+ 10.05.2011 A1 17.11.2010

BAYER AG-REG EUR 96615 998 827 13 0 0 3 108.69 53759 54290 55228 58268 12170 12569 2499 2499 7.56 4.75 7.77 8.77 33.29 23.57 20.33 18.02 11.96 5.76 0.57 8.37 31.30 A- 30.04.2008 A3 17.07.2006

BB BIOTECH AG-REG EUR 1828 12 2.43 - - - - - - - - - - - - - - - - -

BECHTLE AG EUR 1071 6 21 0 0 0 0 1.06 2835 2902 2985 3146 138 135 - - 3.64 3.47 3.89 4.41 19.84 19.84 17.71 15.64 6.91 12.12 2.61 10.05 6.27 - - - -

BEIERSDORF AG EUR 22341 275 227 0 0 0 2 20.20 8167 8303 8423 8889 1272 1352 339 339 2.76 2.87 3.14 3.58 41.82 41.82 38.16 33.48 9.77 0.37 16.44 4.43 22.02 - - - -

BAYERISCHE MOTOREN WERKE AG EUR 69715 818 656 94 0 0 18 147.43 103905 103368 106075 111608 21975 21677 - - 10.50 10.65 10.69 11.04 13.82 13.82 13.78 13.34 15.77 8.97 7.05 21.79 28.35 A 16.04.2012 A2 22.07.2011

BRENNTAG AG EUR 8586 30 52 2 0 0 0 10.73 13102 13221 13513 14207 951 921 253 253 8.77 8.25 8.82 10.09 27.33 27.33 25.55 22.33 15.74 - 9.46 15.70 9.42 BBB- 09.06.2011 - -

HUGO BOSS AG -ORD EUR 9113 42 69 1 0 0 0 9.45 3172 3217 3377 3671 712 718 260 260 6.17 6.02 6.73 7.71 29.09 28.35 26.00 22.69 18.85 15.04 16.77 17.39 30.18 - - - -

COMMERZBANK AG EUR 13523 28880 779 318 3 1 65 27044 25795 12930 13404 - - - - -0.01 -1.55 0.48 1.11 - - 33.37 14.50 -9.20 -7.68 - - - A- 28.05.2013 Baa1 23.04.2013

CELESIO AG EUR 3828 238 170 3 0 0 1 6.04 30112 29411 28973 29387 828 874 196 196 1.18 1.27 1.46 1.75 23.94 18.67 20.79 17.43 0.72 0.39 6.40 -9.49 4.02 - - - -

CANCOM SE EUR 342 60 11 0 0 0 0 0.35 755 764 785 820 38 40 41 41 1.55 1.62 1.78 2.05 24.90 24.90 22.76 19.75 3.40 18.11 16.54 43.42 7.04 - - - -

CONTINENTAL AG EUR 34060 210 200 13 0 1 4 44.66 44262 44354 45920 48784 6666 6739 1735 1735 12.99 13.68 14.34 16.43 16.83 16.53 16.05 14.02 9.89 10.27 20.65 19.16 20.54 BB 24.05.2013 Baa3 19.09.2013

COMPUGROUP MEDICAL AG EUR 1328 4 50 0 0 0 0 1.65 609 609 623 659 148 137 - - 0.91 0.80 1.34 1.71 42.29 42.29 25.15 19.69 18.12 27.82 68.77 23.16 30.43 - - - -

DAIMLER AG-REGISTERED SHARES EUR 83837 1787 1068 114 0 2 20 178.32 154539 154402 158756 169596 16412 14676 - - 7.67 8.48 6.49 7.49 12.50 25.40 16.33 14.14 9.84 6.13 -0.86 -7.01 12.85 A- 23.02.2012 A3 01.10.2007

DEUTSCHE BOERSE AG EUR 14514 282 184 2 0 0 1 15.97 2971 2948 2835 2999 1460 1342 370 370 4.64 4.42 4.90 5.54 23.00 23.07 20.76 18.34 -6.51 -4.91 -17.52 -5.18 61.58 AA 13.02.2012 WR 17.05.2006

DEUTSCHE BANK AG-REGISTERED EUR 47419 8609 929 377 0 1 199 70713 66671 45052 45880 - - - - 4.18 0.24 4.95 6.10 258.40 26.24 12.71 10.31 -0.93 -9.09 - - - A 02.07.2013 A2 21.06.2012

DEUTSCHE EUROSHOP AG EUR 2358 38 54 2 0 0 0 4.36 292 271 265 277 247 228 57 57 3.02 3.39 2.67 2.72 17.42 18.49 22.11 21.75 16.08 13.71 12.23 23.85 114.06 - - - -

DIALOG SEMICONDUCTOR PLC EUR 1387 480 65 0 0 0 0 1.22 1046 1054 1166 1401 169 169 - - 1.28 1.18 1.40 2.01 31.66 31.41 26.59 18.50 63.17 49.99 60.06 - 21.71 - - - -

DEUTSCHE POST AG-REG EUR 39331 4050 1209 7 0 0 4 43.69 75057 75053 77110 80392 5326 5489 1355 1355 1.98 2.06 2.04 2.19 21.40 23.14 21.57 20.06 6.87 1.25 10.03 -3.26 9.89 NR 27.11.2012 WR 31.07.2006

DRILLISCH AG EUR 1271 188 49 0 0 0 0 1.33 438 410 403 412 84 85 95 95 0.62 4.37 2.56 1.54 7.40 7.40 12.62 21.04 -9.84 -5.00 27.49 12.49 28.03 - - - -

DRAEGERWERK AG - PREF EUR 1931 7 17 1 0 0 0 2.18 3209 3247 3283 3401 405 390 387 387 10.32 9.78 9.89 10.98 18.03 18.31 17.81 16.05 7.05 6.20 11.46 14.47 16.23 - - - -

DEUTSCHE TELEKOM AG-REG EUR 63734 10287 4319 60 0 6 8 131.39 78649 78826 80111 81121 23970 23659 6082 6082 1.36 -1.60 0.86 0.94 - 13.85 22.58 20.69 -1.12 0.26 -16.56 2.01 40.58 BBB+ 19.05.2008 Baa1 22.12.2011

DUERR AG EUR 2529 39 35 0 0 0 0 2.55 3245 3202 3387 3503 278 293 80 80 4.20 4.57 4.94 5.15 21.63 21.57 19.99 19.17 33.62 17.06 55.64 32.40 12.35 NR 01.11.2010 - -

DEUTSCHE WOHNEN AG-BR EUR 2997 276 146 4 0 0 0 7.02 611 681 528 558 252 321 88 88 1.55 1.30 1.06 1.16 18.47 18.47 22.65 20.67 22.33 10.70 41.09 14.84 63.62 - - - -

EADS NV EUR 49616 90 6 0 0 15 47.71 76366 78256 79243 84362 5310 5896 1742 1742 - - 3.65 4.92 - - 23.34 17.32 20.23 9.98 32.18 31.24 10.19 A 06.09.2013 (P)A2 06.12.2012

E.ON SE EUR 36497 5180 1907 35 0 5 8 64.89 178601 177574 161688 164496 11416 13475 - - 2.45 1.66 1.68 1.61 14.83 9.60 14.69 15.33 22.91 13.33 132.20 -7.11 10.26 A- 27.07.2012 A3 05.10.2011

EVONIK INDUSTRIES AG EUR 17563 18 466 4 0 0 1 20.40 18428 17875 17469 18353 3637 3194 687 687 3.41 3.06 2.47 2.83 16.68 16.84 20.62 18.03 -8.47 -4.08 2.25 7.87 24.16 BBB+ 09.05.2012 Baa2 20.03.2013

EVOTEC AG EUR 517 293 119 0 0 0 0 0.46 118 111 131 149 8 2 21 21 0.06 -0.03 0.08 0.13 - - 76.38 45.35 12.04 32.50 -57.80 - 1.97 - - - -

FIELMANN AG EUR 4424 17 42 0 0 0 0 3.97 1497 1525 1573 1654 291 295 - - 4.07 4.14 4.35 4.67 34.42 34.42 32.75 30.51 6.88 6.48 4.26 7.28 26.15 - - - -

FRESENIUS MEDICAL CARE AG & EUR 20409 691 307 11 0 1 1 29.04 18659 19200 19722 20591 3815 3802 952 952 5.23 4.49 4.86 5.11 26.69 26.85 24.63 23.42 13.23 8.50 9.72 10.47 26.77 BB+ 19.09.2012 - -

FREENET AG EUR 3135 382 128 1 0 0 0 3.87 4177 4310 4366 4399 476 478 120 120 1.83 2.18 2.48 2.61 15.20 15.20 13.34 12.66 -7.35 37.19 6.34 13.88 14.99 - - - -

FUCHS PETROLUB SE -PREF EUR 5580 38 71 0 0 0 0 5.47 2460 2460 2532 2651 417 429 123 123 3.95 4.03 4.19 4.46 28.34 28.34 27.26 25.60 13.72 8.40 10.70 9.86 23.59 - - - -

FRAPORT AG FRANKFURT AIRPORT EUR 6416 28 92 6 0 0 1 11.80 3302 3381 3491 3591 1153 1165 - - 3.53 3.42 3.30 3.86 27.48 23.03 28.47 24.33 4.04 7.12 7.67 9.25 46.59 - - - -

FRESENIUS SE & CO KGAA EUR 22344 354 178 16 0 7 1 44.48 26082 27097 27857 30222 5082 5128 1317 1317 6.54 7.25 7.91 8.99 23.38 23.62 21.42 18.85 24.21 16.37 21.80 17.73 25.59 BB+ 19.09.2012 WR 30.04.2006

GEA GROUP AG EUR 7964 154 192 2 0 0 1 8.59 7734 7761 7974 8340 860 916 - - 2.30 2.50 2.71 3.08 22.36 22.73 20.66 18.16 7.58 4.09 9.37 11.81 15.96 - - - -

BILFINGER SE EUR 4794 109 44 2 0 0 1 5.13 11505 11505 11733 12275 935 935 - - 8.66 8.42 7.45 8.41 16.72 16.26 18.90 16.74 4.95 0.88 48.82 22.12 10.99 BBB+ 23.10.2012 - -

GAGFAH SA EUR 2809 140 195 7 0 0 0 9.55 1435 1436 1103 1116 484 457 - - 0.38 0.13 0.60 0.91 131.92 104.24 29.23 19.33 -25.60 3.50 -4.98 29.29 43.07 - - - -

GSW IMMOBILIEN AG EUR 2206 29 51 3 0 0 0 4.63 431 479 322 344 220 236 - - 2.37 4.33 2.61 2.65 13.65 24.24 22.61 22.31 -3.48 - 0.72 -0.22 66.71 - - - -

GILDEMEISTER AG EUR 2158 687 62 0 0 0 0 2.15 2755 2833 2825 2994 224 245 - - 1.73 1.76 1.75 2.02 20.99 20.99 21.18 18.29 28.02 7.56 23.41 1.36 11.67 NR 23.09.2009 - -

GERRY WEBER INTL AG EUR 1893 60 46 0 0 0 0 1.91 1085 1137 1161 1274 182 177 68 68 2.34 2.22 2.22 2.70 25.14 24.99 25.16 20.67 19.16 13.31 23.52 22.81 21.04 - - - -

GERRESHEIMER AG EUR 1901 257 31 1 0 0 0 2.64 1648 1704 1741 1854 309 316 84 84 2.60 2.51 3.66 4.40 32.55 32.55 22.38 18.62 15.36 4.80 11.86 4.21 25.08 BBB- 23.02.2011 Ba1 17.05.2011

HEIDELBERGCEMENT AG EUR 14879 450 188 11 0 1 2 25.86 18956 18929 19407 20400 3410 3757 1193 1193 1.61 2.29 4.74 6.18 46.95 46.95 22.61 17.36 11.72 0.60 8.74 1.61 26.84 NR 22.11.2012 (P)Ba2 31.05.2011

HENKEL AG & CO KGAA VORZUG EUR 41097 487 434 5 0 0 5 41.46 22323 22465 22759 23858 3761 3798 1018 1018 4.96 4.81 5.45 5.98 28.74 27.00 25.39 23.14 7.84 4.48 18.70 12.97 22.86 A 18.05.2011 A2 01.06.2011

HANNOVER RUECK SE EUR 8984 76 121 3 0 1 1 12.48 18604 19185 19210 19848 - - - - 9.63 9.65 9.30 9.26 10.43 10.43 10.83 10.88 18.22 18.46 - - - AA- 10.06.2006 - -

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


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.


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



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


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

HOCHTIEF AG EUR 6766 98 74 6 0 2 4 11.75 34516 35323 34898 35392 1997 2439 - - 1.90 6.12 4.50 4.92 19.40 19.40 26.39 24.13 13.04 8.94 -15.90 44.19 9.34 - - - -

INFINEON TECHNOLOGIES AG EUR 11079 3277 1080 0 0 0 3 8.60 5279 5101 5190 5687 1191 982 349 349 0.53 0.34 0.32 0.54 41.00 41.00 42.70 25.75 -3.15 1.69 -26.72 3.55 26.02 - - - -

JENOPTIK AG EUR 864 30 57 0 0 0 0 0.97 791 791 821 883 114 110 - - 1.10 1.04 0.85 1.09 19.61 19.61 23.97 18.74 10.38 3.93 -12.74 3.69 18.84 NR 04.06.2008 WR 15.11.2007

KONTRON AG EUR 350 96 56 0 0 0 0 0.36 740 729 737 781 16 1 22 22 -0.80 -1.04 -0.23 0.20 - - 43.11 -9.77 3.76 -106.93 -35.31 0.21 - - - -

KLOECKNER & CO SE EUR 1387 287 100 1 0 0 1 2.06 9989 9196 9130 9509 81 73 47 47 -2.65 -2.26 -0.45 0.43 - - 43.32 5.58 5.76 -94.58 -39.67 1.08 B+ 27.03.2013 - -

KABEL DEUTSCHLAND HOLDING AG EUR 11239 26 89 5 0 0 1 15.10 2474 2502 2657 2872 1064 1041 311 311 3.77 3.22 3.99 4.73 53.34 53.34 43.04 36.28 10.36 9.67 3.18 17.12 56.27 BB *+ 02.08.2013 B1 *+ 25.07.2013

KRONES AG EUR 2671 56 32 0 0 0 0 2.52 3602 3721 3765 3962 243 265 72 72 2.99 3.46 5.06 5.77 33.03 33.03 22.60 19.80 10.02 5.94 40.45 -0.94 9.62 - - - -

KUKA AG EUR 1461 75 34 0 0 0 0 1.36 2352 2429 2508 2623 177 191 58 58 2.22 2.29 2.60 2.95 25.49 25.49 22.42 19.72 28.59 14.52 61.24 7.68 10.63 BB- 31.07.2013 - -

LEG IMMOBILIEN AG EUR 3002 26 53 3 0 0 0 6.22 700 700 652 690 256 256 - - 0.78 7.03 3.65 4.27 10.90 98.23 21.01 17.97 0.67 - 24.30 - 49.41 - - - -

LEONI AG EUR 1944 157 33 1 0 0 0 2.45 5150 5195 5178 5576 484 402 - - 6.75 4.25 4.36 6.11 18.95 18.99 18.45 13.17 3.93 10.52 1.65 14.37 10.45 - - - -

DEUTSCHE LUFTHANSA-REG EUR 9036 3667 460 10 0 0 7 10.97 40745 40684 41540 42951 3337 3396 1755 1755 1.34 2.80 1.49 2.33 9.49 20.05 17.84 11.39 6.59 7.04 -16.75 -3.14 11.29 BBB- 27.08.2009 Ba1 03.09.2009

LINDE AG EUR 37353 306 185 14 0 1 3 50.67 20660 22057 23106 24627 4655 5118 1375 1375 9.36 9.65 11.26 12.68 28.24 28.62 24.22 21.51 14.64 7.42 14.91 10.85 31.37 A 25.05.2012 A3 28.04.2010

LPKF LASER & ELECTRONICS EUR 408 43 22 0 0 0 0 0.43 156 182 164 181 38 49 39 39 0.82 1.14 0.90 0.98 21.69 21.69 27.69 25.21 35.57 37.54 57.32 38.59 36.07 - - - -

LANXESS AG EUR 5541 586 83 3 0 0 1 8.34 12296 11517 11321 12197 1705 1199 255 255 8.86 2.92 2.18 5.39 30.83 30.83 41.34 16.70 4.92 9.98 19.93 17.91 14.08 BBB 31.07.2007 - -

MAN SE EUR 17425 39 147 7 0 0 2 24.01 21325 21115 21306 22337 2011 1183 - - 2.78 -2.22 1.53 5.73 - - 104.73 27.99 -5.75 2.11 -50.12 -7.55 7.58 NR 20.12.2012 A3 30.04.2009

METRO AG EUR 13164 460 327 12 0 0 7 21.72 90237 89274 69582 88256 4478 4588 - - 0.87 0.50 0.07 2.87 108.93 100.73 789.78 18.97 1.67 -1.11 -14.28 1.56 6.95 BBB- 11.10.2012 Baa3 09.10.2012

MORPHOSYS AG EUR 1967 76 23 0 0 0 0 1.77 70 109 105 99 11 36 14 14 0.14 0.93 0.45 -0.03 111.03 112.66 230.06 -49.68 34.74 -63.13 -7.90 44.97 - - - -

MERCK KGAA EUR 33772 141 217 6 0 0 3 35.62 14522 14654 15182 15292 3945 4155 1047 1047 6.12 6.45 11.72 12.25 32.46 26.25 17.86 17.09 11.40 11.96 11.46 12.02 38.34 A 29.05.2013 A3 04.07.2013

MTU AERO ENGINES AG EUR 4917 166 51 1 0 0 0 5.61 4568 4965 5053 5437 664 663 - - 4.64 3.52 5.84 6.73 36.37 36.37 21.87 18.98 20.59 11.02 22.52 6.19 18.04 NR 11.05.2010 Baa3 08.06.2012

MUENCHENER RUECKVER AG-REG EUR 34772 461 179 8 0 0 4 37.21 89097 88606 73672 75241 - - - - 24.31 23.55 22.57 22.63 11.13 11.13 11.61 11.59 11.07 9.16 - - - AA- 22.12.2006 - -

AURUBIS AG EUR 2747 102 45 1 0 0 1 3.05 18644 17827 17416 17535 1007 602 104 104 10.86 -3.87 4.15 5.71 - - 19.88 14.47 4.60 9.31 38.71 20.08 4.40 - - - -

NORDEX SE EUR 1022 213 74 0 0 0 0 1.03 1454 1778 1766 1848 30 73 99 99 -1.68 -1.28 0.21 0.45 - - 87.42 41.99 23.37 18.40 - -20.89 5.58 - - - -

NEMETSCHEK AG EUR 587 0 10 0 0 0 0 0.53 237 242 253 273 54 57 - - 2.65 2.89 3.28 4.01 28.50 28.50 25.14 20.54 9.13 5.99 6.94 4.54 31.58 - - - -

NORMA GROUP SE EUR 1469 31 32 0 0 0 0 1.70 817 824 868 925 174 163 44 44 2.42 2.33 2.74 3.10 26.81 26.81 22.73 20.10 5.41 - 22.96 - 26.70 - - - -

XING AG EUR 570 8 5 0 0 0 0 0.48 98 104 113 128 34 36 32 32 1.93 2.08 2.55 3.61 66.29 68.05 54.18 38.19 14.58 26.96 -74.23 37.19 46.84 - - - -

TELEFONICA DEUTSCHLAND HOLDI EUR 8960 1173 1117 2 0 0 0 10.43 7048 7048 6777 6759 1733 1733 452 452 0.38 0.38 0.09 0.14 28.65 28.65 125.34 80.22 4.76 - 14.95 - 33.24 - - - -

OSRAM LICHT AG EUR 5002 98 0 0 0 0 4.97 7301 7301 7177 7417 535 535 99 99 - - 1.97 3.01 - - 32.86 21.47 9.91 - -55.45 - 9.90 - - - -

PFEIFFER VACUUM TECHNOLOGY EUR 1227 17 10 0 0 0 0 1.19 624 566 586 636 118 99 24 24 6.21 4.92 5.26 7.01 34.15 34.15 31.95 23.99 -15.14 42.86 6.76 12.57 23.54 - - - -

PSI AG EUR 244 123 16 0 0 0 0 0.21 245 247 258 280 23 23 23 23 0.81 0.59 0.74 1.13 35.47 35.47 28.30 18.52 9.05 10.09 20.98 26.00 12.34 - - - -

PROSIEBEN SAT.1 MEDIA AG-REG EUR 9351 382 212 4 0 0 1 10.52 3186 2955 3480 3684 927 896 195 195 2.08 2.15 2.50 2.75 26.88 27.05 23.10 21.01 9.65 -5.65 -0.45 7.55 40.99 - - WR 01.08.2007

QIAGEN N.V. EUR 4982 154 236 1 0 0 1 5.48 1696 1717 1770 1866 546 416 133 133 0.93 0.99 1.53 1.64 39.34 39.34 25.42 23.66 9.79 10.41 50.69 23.83 32.80 - - - -

QSC AG EUR 628 630 124 0 0 0 0 0.70 651 643 616 635 105 108 107 107 0.19 0.26 0.24 0.31 26.69 26.69 29.14 22.24 0.97 3.72 -4.94 24.29 22.77 - - - -

RATIONAL AG EUR 3431 3 11 0 0 0 0 3.29 588 597 618 678 176 - - - 11.09 10.78 11.15 12.65 37.86 37.86 36.59 32.26 14.94 6.02 27.58 7.69 - - - - -

RHOEN-KLINIKUM AG EUR 3495 255 138 1 0 0 0 4.61 3874 4031 4103 3764 394 450 115 115 0.88 0.88 1.10 1.27 38.90 38.69 31.10 26.93 12.12 9.99 -25.23 4.24 15.09 - - Baa3 03.12.2012

RHEINMETALL AG EUR 2263 91 38 1 0 0 1 2.82 6360 6102 6371 6620 648 437 54 54 6.82 2.87 2.35 5.25 26.96 26.96 32.86 14.73 7.59 4.73 -10.90 4.61 9.68 NR 12.12.2008 Baa3 *- 01.08.2013

RTL GROUP EUR 15487 2 0 0 1 1 16.35 8110 8061 8061 8280 1673 1736 1712 1712 - - 6.17 6.39 - - 21.92 21.18 5.46 -0.65 -2.99 10.37 29.12 BBB+ 23.05.2011 WR 31.08.2005

RWE AG EUR 20713 1943 615 27 4 2 7 48.69 68647 70383 72705 72014 12243 14331 - - 2.63 1.65 5.28 3.92 27.75 14.23 8.67 11.69 4.45 2.88 41.92 4.14 27.53 BBB+ 27.07.2012 Baa1 21.06.2013

SMA SOLAR TECHNOLOGY AG EUR 1164 22 35 0 0 0 1 0.80 1979 1475 1440 1497 234 150 - - 2.92 0.03 -0.89 0.11 1677.93 1677.93 394.81 -17.18 36.58 -54.25 24.54 13.75 - - - -

SAP AG EUR 93018 1833 1192 7 0 0 4 95.12 21935 22496 23334 25416 6763 6931 2018 2018 3.22 3.38 4.59 5.14 30.29 30.10 22.28 19.92 18.90 10.48 9.83 14.94 41.66 - - - -

STADA ARZNEIMITTEL AG EUR 2959 124 59 2 0 0 0 4.92 2485 2605 2713 2940 433 467 124 124 1.95 2.39 3.79 4.63 28.11 27.95 17.67 14.47 9.63 4.82 59.60 0.27 24.23 - - - -

STRATEC BIOMEDICAL AG EUR 491 6 12 0 0 0 0 0.48 166 167 179 203 28 28 33 33 1.61 1.54 1.81 2.19 36.67 36.35 31.20 25.85 6.80 17.91 -20.37 6.72 22.49 - - - -

K+S AG-REG EUR 5099 3998 191 2 0 0 1 5.59 5321 4943 5330 4988 1460 1375 222 222 4.06 3.65 3.22 1.56 9.87 9.79 11.20 23.11 -2.08 -3.68 -5.13 28.22 37.61 BBB+ *- 05.08.2013 Baa2 *- 07.08.2013

SIEMENS AG-REG EUR 107469 1267 856 30 0 1 15 125.54 105863 104232 103545 106699 13052 11766 2231 2231 7.57 7.37 7.40 9.44 22.38 22.59 22.29 17.46 9.26 0.28 -10.81 1.13 15.26 A+ 05.06.2009 - -

SKY DEUTSCHLAND AG EUR 8037 640 779 1 0 0 0 8.50 1803 1930 2106 2454 -69 12 16 16 -0.34 -0.23 -0.18 -0.03 - - 23.09 11.90 90.66 - 0.85 - - - -

SOFTWARE AG EUR 3061 101 87 0 0 0 0 3.18 1416 1348 1352 1422 394 361 - - 2.56 2.31 2.58 2.86 20.60 20.60 18.46 16.68 -6.28 12.11 -5.88 17.81 36.17 - - - -

AXEL SPRINGER AG EUR 5396 37 99 1 0 0 0 6.47 4476 4485 4576 4214 825 803 214 214 3.26 3.16 3.58 3.50 23.31 22.86 20.61 21.06 5.32 4.85 9.48 11.09 24.22 - - - -

SARTORIUS AG-VORZUG EUR 2008 3 17 0 0 0 2.57 1143 1169 1221 1301 243 261 234 234 3.20 4.20 5.40 6.19 34.75 34.75 27.06 23.59 20.77 11.03 29.28 24.17 30.12 - - - -

SYMRISE AG EUR 5177 102 118 1 0 0 0 5.93 2346 2431 2492 2625 458 481 134 134 1.80 1.92 2.21 2.44 30.85 31.07 26.74 24.30 12.92 10.07 9.81 6.07 26.77 - - - -

SALZGITTER AG EUR 2542 150 54 1 0 0 1 2.47 14058 13515 13361 13764 563 501 69 69 -2.08 -9.87 -7.18 1.53 - - 37.30 7.66 -3.32 -41.87 -30.39 5.02 - - - -

SUEDZUCKER AG EUR 5984 731 204 2 0 1 1 9.01 10653 10847 10773 10791 1688 1646 - - 4.02 3.52 3.01 2.96 11.27 11.82 13.16 13.38 17.15 9.27 29.20 29.39 20.52 BBB+ 05.06.2012 - -




Currency

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USD)

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Volume (M)

Total

Common

Shares (M)

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Interest

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Cash and

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Enterprise

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LFY

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12M

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Rev. - 2013

Est. Tot.


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Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

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Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

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12M

Est. P/E

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Growth - 5Y

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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



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


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

TAG IMMOBILIEN AG EUR 1619 297 131 3 0 0 0 4.69 535 444 361 377 388 289 - - 1.93 1.07 0.75 0.93 15.68 20.37 22.19 18.00 127.45 43.00 192.65 79.37 88.11 - - - -

THYSSENKRUPP AG EUR 12654 6134 514 10 0 1 3 18.21 54251 49144 50192 52007 3483 3015 695 695 -0.51 -0.72 -0.21 1.49 - - 22.28 -8.23 -7.72 -49.06 -17.60 8.30 BB 06.06.2012 Ba1 24.01.2013

TALANX AG EUR 8502 132 208 5 0 6 3 16.96 35746 37600 37243 38720 - - - - 3.88 3.95 3.84 4.04 11.53 12.11 11.84 11.25 17.41 - - - - A- 20.06.2006 - -

TUI AG EUR 3100 385 252 3 0 0 3 3.51 24784 24870 24707 25453 1296 1146 1577 1577 -0.16 -0.72 0.37 0.81 - - 44.51 20.54 6.57 - 25.68 - 6.23 B 23.08.2013 Caa1 14.01.2011

UNITED INTERNET AG-REG SHARE EUR 7093 146 194 0 0 0 0 7.46 3240 3402 3578 3917 527 563 135 135 0.98 1.23 1.41 1.82 40.18 40.62 34.99 27.16 19.54 13.14 6.92 6.46 22.38 - - - -

VOLKSWAGEN AG-PREF EUR 108527 498 465 159 0 6 35 236.42 260514 264988 271085 284555 33023 33548 - - 62.58 51.08 28.57 33.04 6.29 6.31 11.25 9.72 28.29 17.14 19.36 13.58 17.12 A- 31.08.2009 A3 17.08.2009

WACKER CHEMIE AG EUR 5189 111 50 2 0 0 1 6.40 6267 6010 6171 6581 1167 1050 235 235 2.96 0.81 0.60 2.66 165.83 165.83 223.09 50.58 -7.57 2.40 -32.32 -3.81 23.63 - - - -

WIRECARD AG EUR 3779 107 112 0 0 0 1 3.40 534 585 641 757 148 157 46 46 0.89 0.92 1.02 1.30 49.53 49.53 44.55 34.97 29.06 26.24 39.81 29.72 36.25 - - - -

WINCOR NIXDORF AG EUR 2133 69 30 0 0 0 0 2.30 3168 3353 3334 3467 224 251 104 104 2.84 3.72 3.96 4.89 23.45 23.45 22.00 17.82 0.86 1.21 -32.18 -6.71 10.13 - - - -

ELRINGKLINGER AG EUR 2774 22 63 0 0 0 0 3.22 1524 1551 1613 1718 291 284 - - 1.80 1.85 2.14 2.50 31.96 31.96 27.71 23.68 12.35 17.37 -7.14 5.90 24.78 - - - -




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%

ADIDAS AG 2.86 2.83 2.53 2.25 1.77 1.11 1.13 1.05 0.99 0.93 17.63 14.93 13.04 10.98 9.39 11.43 10.63 8.92 7.70 6.88 20.98 19.10 15.66 13.15 11.93 1.53 2.00 2.50 3.05 3.27 91.46 15.0%

ADVA OPTICAL NETWORKING SE 1.49 1.36 1.28 1.19 0.68 0.69 0.64 0.60 0.13 6.41 16.67 8.14 9.33 4.49 4.74 4.11 3.73 14.95 31.97 21.61 18.82 0.00 4.43 -5.1%

CARL ZEISS MEDITEC AG - BR 2.83 2.54 2.38 2.22 2.06 2.10 2.03 1.89 1.80 1.73 20.17 20.38 17.14 15.89 13.91 13.00 12.46 11.36 10.49 10.11 24.45 20.34 19.25 17.63 16.12 1.56 2.31 2.19 2.42 2.47 23.81 7.0%

AIXTRON SE 2.64 3.49 3.27 2.83 2.64 6.04 5.87 3.56 2.66 2.29 59.11 18.66 14.95 22.04 10.20 9.56 45.79 19.07 19.70 0.32 0.00 0.58 1.59 1.38 11.52 -11.4%

ALLIANZ SE-REG 1.04 1.03 0.97 0.91 1.10 0.52 0.53 0.51 0.50 0.48 10.47 9.02 8.76 8.41 8.33 3.89 4.37 4.55 4.76 5.04 132.57 12.3%

AAREAL BANK AG 0.73 0.70 0.67 0.65 0.64 2.06 1.97 1.86 1.78 1.71 0.65 3.50 1.10 0.95 14.47 13.36 10.52 9.36 7.33 0.26 1.96 3.45 5.65 9.10 23.02 4.7%

BASF SE 2.55 2.48 2.34 2.13 1.85 0.85 0.89 0.93 0.89 0.86 8.24 8.75 8.07 7.86 6.47 6.43 7.84 7.32 6.81 6.22 13.29 13.47 12.27 11.16 9.86 3.58 3.72 3.91 4.14 4.40 74.75 3.6%

BAYER AG-REG 3.58 3.48 3.09 2.72 2.46 1.80 1.75 1.66 1.58 1.50 12.80 11.65 10.44 9.57 8.86 9.71 9.42 8.56 7.89 7.32 15.95 15.04 13.33 11.97 10.87 2.10 2.40 2.69 2.97 3.26 92.40 6.9%

BB BIOTECH AG-REG 116.49 12.0%

BECHTLE AG 1.76 1.60 1.48 1.35 1.20 0.38 0.36 0.34 0.32 0.31 10.82 10.63 10.09 9.23 7.33 7.85 7.53 6.83 6.39 5.65 13.84 13.10 11.57 10.54 9.24 2.44 2.68 2.97 3.22 3.67 40.63 7.7%

BEIERSDORF AG 4.64 4.21 3.76 3.40 3.08 2.74 2.65 2.52 2.37 2.24 24.87 21.99 20.44 19.04 17.21 17.03 15.62 14.13 12.88 11.98 30.77 28.25 24.78 22.32 19.85 1.20 1.22 1.36 1.48 1.66 68.77 4.9%

BAYERISCHE MOTOREN WERKE AG 1.70 1.57 1.42 1.29 1.15 0.67 0.66 0.62 0.60 0.57 6.24 5.23 5.05 4.67 3.73 8.31 8.58 8.29 7.80 6.90 10.37 10.19 9.87 9.45 8.89 3.24 3.35 3.62 3.90 4.23 81.79 1.5%

BRENNTAG AG 3.29 2.95 2.66 2.40 2.12 0.66 0.64 0.60 0.57 0.55 15.43 14.30 13.24 12.11 11.02 11.13 11.07 10.18 9.45 9.09 18.97 18.89 16.52 14.87 13.84 1.88 1.94 2.20 2.42 2.58 124.47 0.9%

HUGO BOSS AG -ORD 10.81 8.75 7.16 6.00 4.61 2.92 2.70 2.48 2.30 2.19 17.65 15.17 13.63 12.13 10.97 13.41 12.21 10.83 9.72 8.96 21.06 19.23 16.78 14.83 13.51 3.36 3.69 4.22 4.78 5.45 98.36 2.7%

COMMERZBANK AG 0.29 0.38 0.37 0.36 0.35 1.00 1.05 1.01 0.98 0.96 9.87 9.06 7.26 10.36 24.69 10.73 7.18 4.81 0.00 0.00 0.67 2.56 7.00 8.70 -1.0%

CELESIO AG 1.14 1.23 1.16 1.08 0.90 0.13 0.13 0.13 0.13 0.12 11.94 8.54 7.49 7.20 7.06 7.80 8.00 7.39 6.96 6.70 13.98 15.37 12.88 11.31 10.82 1.98 2.07 2.49 2.85 2.90 16.48 -1.0%

CANCOM SE 3.14 2.90 2.53 2.20 0.45 0.44 0.42 0.40 0.40 13.79 14.08 11.97 10.63 9.48 8.53 7.70 6.94 19.96 16.83 14.61 12.83 1.43 1.73 1.89 2.04 27.50 24.4%

CONTINENTAL AG 2.91 2.61 2.20 1.87 1.63 0.77 0.74 0.70 0.66 0.63 7.64 7.64 6.58 5.93 5.51 6.88 6.50 5.95 5.48 5.33 11.69 11.88 10.37 9.20 8.94 1.58 1.98 2.38 2.78 3.10 123.96 -1.6%

COMPUGROUP MEDICAL AG 4.72 4.59 3.86 3.32 2.17 2.13 2.02 1.93 1.83 12.68 11.34 10.92 10.24 9.92 11.61 12.39 10.64 9.79 9.26 25.81 18.60 14.57 12.67 10.67 1.86 1.88 2.12 2.33 3.03 18.80 1.9%

DAIMLER AG-REGISTERED SHARES 1.44 1.34 1.26 1.16 1.05 0.55 0.53 0.49 0.47 0.51 7.03 6.91 5.81 5.14 3.65 10.30 9.45 9.33 8.31 6.40 12.54 12.08 10.46 8.97 8.24 3.69 3.78 3.87 4.32 4.31 57.03 -1.6%

DEUTSCHE BOERSE AG 3.32 3.13 2.81 2.48 2.19 5.12 5.12 4.84 4.59 4.35 13.50 12.00 11.51 10.50 9.99 10.67 10.98 9.75 9.04 7.79 15.61 15.35 13.56 12.26 10.52 4.01 3.82 4.11 4.37 4.58 54.88 -1.3%

DEUTSCHE BANK AG-REGISTERED 0.57 0.60 0.58 0.54 1.04 1.05 1.03 1.01 0.95 6.07 7.71 6.12 4.54 9.61 9.40 7.63 6.21 5.88 2.19 2.39 3.00 4.39 3.27 40.45 17.6%

DEUTSCHE EUROSHOP AG 1.23 1.25 1.20 1.18 1.19 8.30 8.91 8.53 8.58 8.25 16.71 15.67 14.29 13.92 15.89 17.55 18.70 18.01 17.63 17.66 19.37 16.35 16.08 15.53 14.43 3.56 3.89 4.09 4.28 4.48 33.37 3.2%

DIALOG SEMICONDUCTOR PLC 3.81 3.06 2.55 2.05 1.85 1.81 1.61 1.34 1.18 1.11 20.68 16.47 11.52 8.85 7.46 10.91 9.15 6.87 5.62 5.45 17.72 19.67 13.68 10.65 9.77 0.00 0.00 0.00 0.00 15.79 4.8%

DEUTSCHE POST AG-REG 2.61 2.77 2.51 2.30 1.75 0.52 0.51 0.49 0.47 0.45 15.28 9.77 9.11 8.29 6.97 8.20 7.62 7.07 6.49 6.03 18.66 15.95 14.83 13.26 11.87 3.07 3.18 3.43 3.76 4.09 23.50 -2.3%

DRILLISCH AG 6.89 4.18 4.09 3.99 2.83 3.16 3.09 2.98 2.93 44.41 24.72 13.53 12.46 10.52 16.34 14.03 12.06 11.07 12.30 39.45 9.34 15.56 14.03 11.98 5.23 7.36 7.46 7.24 6.99 18.40 4.1%

DRAEGERWERK AG - PREF 2.12 1.94 1.67 1.46 1.49 0.60 0.59 0.57 0.55 0.52 9.16 12.21 8.98 8.67 8.19 5.60 5.64 5.11 4.69 4.19 12.32 13.17 11.87 10.54 9.03 0.91 0.95 2.08 2.30 2.52 103.45 7.3%

DEUTSCHE TELEKOM AG-REG 1.61 1.66 1.58 1.52 1.65 0.81 0.80 0.79 0.78 0.79 3.43 3.37 3.32 3.34 3.31 5.39 5.65 5.51 5.39 5.25 16.50 16.70 15.30 14.37 11.83 6.60 4.99 4.81 4.97 5.49 10.08 -4.8%

DUERR AG 4.25 3.67 3.14 2.73 2.30 0.78 0.75 0.72 0.70 0.70 23.27 12.01 11.54 11.24 11.54 9.74 8.40 7.95 7.63 7.47 18.17 14.79 14.18 13.56 12.60 1.76 2.39 2.57 2.61 2.90 54.97 1.7%

DEUTSCHE WOHNEN AG-BR 1.14 1.08 1.02 0.97 0.98 5.44 5.68 5.37 4.99 5.74 23.42 19.57 17.82 17.94 21.26 26.58 18.90 17.17 16.66 18.78 20.59 16.75 15.29 15.02 16.81 1.94 2.49 2.91 3.12 3.07 14.86 13.3%

EADS NV 3.87 3.73 3.02 2.43 2.02 0.67 0.63 0.59 0.55 0.54 12.64 11.86 8.89 6.26 6.66 8.00 6.36 5.39 4.82 4.83 24.15 17.26 12.81 10.73 10.33 1.32 2.06 2.79 3.38 3.34 50.52 8.4%

E.ON SE 0.68 0.71 0.69 0.67 0.64 0.24 0.23 0.22 0.22 0.21 3.30 3.81 4.11 4.07 4.34 4.45 5.13 5.25 5.31 5.44 6.02 10.86 11.33 11.30 12.16 8.10 5.09 4.81 4.83 4.43 12.66 -6.2%

EVONIK INDUSTRIES AG 1.92 1.79 1.66 1.51 1.01 0.96 0.90 0.83 6.81 8.79 7.94 6.93 7.54 6.97 6.33 5.49 15.25 13.34 11.92 9.60 3.26 3.43 3.70 4.11 29.82 7.0%

EVOTEC AG 2.44 2.41 2.25 2.01 1.87 4.29 3.95 3.47 2.95 2.77 23.33 30.09 21.90 17.13 12.63 29.40 22.46 16.42 11.11 8.45 41.28 56.49 33.54 19.17 18.61 0.00 0.00 0.00 3.60 11.8%

FIELMANN AG 5.91 5.53 5.32 5.13 4.72 2.94 2.81 2.67 2.54 2.43 20.11 18.78 18.51 17.64 15.69 13.51 12.86 12.12 11.49 10.62 25.78 24.22 22.57 21.23 19.01 3.44 3.67 3.90 4.16 4.50 74.70 -4.1%

FRESENIUS MEDICAL CARE AG & 2.28 2.06 1.90 1.77 1.56 1.49 1.40 1.34 1.26 1.18 11.49 11.61 10.68 9.79 9.06 9.88 9.92 9.58 8.83 7.90 17.65 18.22 17.32 15.34 13.35 1.37 1.45 1.49 1.62 1.79 52.33 7.9%

FREENET AG 2.01 1.83 1.73 1.65 1.57 0.76 0.72 0.71 0.71 0.72 8.64 8.86 8.57 8.79 8.68 8.22 8.01 7.86 7.83 7.88 12.71 9.87 9.36 9.08 8.73 6.51 7.87 8.31 8.58 9.35 19.49 7.6%

FUCHS PETROLUB SE -PREF 5.75 5.00 4.45 3.97 2.26 2.20 2.10 2.01 1.96 21.39 19.52 18.34 16.79 18.64 12.66 11.96 11.30 10.69 10.32 21.53 20.16 18.94 17.86 17.98 1.82 2.29 2.52 2.71 3.03 59.26 -5.1%

FRAPORT AG FRANKFURT AIRPORT 1.60 1.56 1.48 1.40 1.30 1.92 1.84 1.79 1.71 1.64 8.11 8.00 7.47 6.92 6.32 10.26 9.82 9.41 8.75 8.07 19.44 21.06 18.00 15.45 13.34 2.44 2.44 2.55 2.78 3.03 52.10 1.3%

FRESENIUS SE & CO KGAA 2.11 1.93 1.82 1.65 1.41 0.86 0.80 0.74 0.69 0.65 8.66 7.87 6.80 6.25 6.78 8.66 8.29 7.67 7.08 6.63 17.18 15.84 13.94 12.25 10.91 1.15 1.29 1.43 1.62 1.83 106.40 14.8%

GEA GROUP AG 2.47 2.38 2.12 1.93 1.68 1.03 1.00 0.95 0.91 0.89 13.69 12.17 10.44 9.80 8.68 9.98 9.08 8.18 7.68 7.32 16.58 15.28 13.43 12.28 11.60 1.87 2.09 2.38 2.55 2.97 32.98 7.8%

BILFINGER SE 1.72 1.65 1.56 1.48 1.32 0.42 0.41 0.39 0.37 0.35 9.60 8.61 8.00 7.50 6.46 6.58 6.83 6.14 5.71 4.83 13.61 13.98 12.38 11.14 9.30 3.75 3.74 4.04 4.42 4.41 83.23 8.0%

GAGFAH SA 0.89 0.88 0.85 0.81 0.75 2.50 2.55 2.52 2.48 2.49 20.34 24.85 16.87 15.42 13.74 20.34 20.75 19.69 18.92 19.79 23.69 21.61 14.29 13.45 10.99 0.00 0.09 2.15 3.98 3.61 11.13 15.7%

GSW IMMOBILIEN AG 1.14 1.05 0.99 0.95 0.89 7.34 6.85 6.41 6.30 6.72 26.76 23.25 20.69 19.20 19.03 25.72 21.25 20.17 19.51 20.32 25.31 16.72 16.50 15.52 18.80 2.67 2.99 3.24 3.40 3.38 34.74 7.6%

GILDEMEISTER AG 1.69 1.45 1.45 1.34 1.27 0.79 0.76 0.72 0.68 0.68 11.31 9.43 9.56 8.43 9.83 8.85 8.35 7.00 6.24 7.94 15.01 15.66 13.53 12.09 16.46 1.82 1.99 2.23 2.53 1.95 21.48 6.1%

GERRY WEBER INTL AG 3.99 3.50 3.07 2.71 2.40 1.74 1.63 1.49 1.37 1.25 16.00 14.79 12.98 11.29 10.35 10.70 10.76 9.01 7.96 7.26 17.96 18.61 15.29 13.25 11.55 2.48 2.60 3.07 3.47 3.85 35.01 14.8%

GERRESHEIMER AG 2.54 2.40 2.15 1.89 1.74 1.16 1.09 1.03 0.97 0.92 9.13 8.43 7.15 6.46 5.91 8.35 7.93 7.07 6.45 5.89 18.10 16.55 13.77 11.87 10.25 1.49 1.56 1.87 2.14 2.41 49.87 11.4%

HEIDELBERGCEMENT AG 0.84 0.84 0.80 0.75 0.70 0.79 0.77 0.73 0.68 0.64 6.85 6.81 6.04 5.05 4.08 7.82 7.42 6.69 5.99 5.26 21.91 16.72 12.84 10.07 8.13 0.85 1.39 2.10 2.80 3.88 61.04 4.0%

HENKEL AG & CO KGAA VORZUG 3.37 3.11 2.77 2.46 2.16 1.84 1.81 1.72 1.64 1.57 16.28 15.16 13.88 12.88 12.06 11.35 10.62 9.90 9.18 8.53 20.39 18.78 17.12 15.60 14.32 1.22 1.38 1.53 1.66 1.83 79.94 5.6%

HANNOVER RUECK SE 1.12 1.07 1.00 0.94 1.02 0.49 0.47 0.45 0.45 0.44 8.10 8.02 8.04 8.01 8.20 5.27 5.09 5.17 5.27 4.99 62.84 14.0%

Price to Earnings Ratio

Valuation Measures II/II

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


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%



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%

HOCHTIEF AG 1.79 1.66 1.61 1.53 0.20 0.19 0.19 0.19 0.18 5.61 4.20 3.80 3.45 5.88 4.94 4.96 4.77 26.44 19.52 17.84 15.65 10.35 1.94 2.72 2.93 3.29 62.73 -3.5%

INFINEON TECHNOLOGIES AG 2.31 2.24 2.08 1.87 1.62 2.11 2.13 1.95 1.81 1.67 15.66 13.56 10.01 7.95 7.22 6.91 8.03 6.17 5.38 5.02 21.00 31.58 19.05 14.92 11.66 1.58 1.57 1.75 1.97 1.58 7.61 0.4%

JENOPTIK AG 1.88 1.79 1.62 1.46 1.37 1.10 1.05 0.98 0.93 0.90 10.58 10.43 10.22 9.21 7.60 9.03 9.37 8.15 7.45 7.06 16.43 17.73 13.86 12.47 12.01 1.48 1.57 1.84 1.98 1.07 10.92 -2.2%

KONTRON AG 0.88 0.95 1.01 0.93 0.93 0.47 0.48 0.45 0.43 0.40 26.91 13.73 14.41 7.18 4.39 28.97 16.12 8.00 4.78 3.80 31.88 13.49 9.70 2.36 1.37 1.91 2.86 6.44 4.12 -11.5%

KLOECKNER & CO SE 0.60 0.67 0.67 0.65 0.61 0.14 0.15 0.15 0.14 0.13 31.74 9.95 7.82 7.55 5.25 20.65 11.39 7.30 6.39 5.27 32.04 18.27 15.82 0.00 0.04 0.77 1.44 1.82 10.53 2.4%

KABEL DEUTSCHLAND HOLDING AG 4.53 4.23 3.91 3.66 3.41 15.47 12.42 11.04 10.68 12.98 11.92 10.76 9.89 9.14 28.87 31.83 26.84 24.43 20.96 2.73 3.37 3.89 3.85 4.32 84.03 -10.5%

KRONES AG 2.28 2.06 1.88 1.71 1.65 0.77 0.71 0.67 0.64 0.62 18.57 10.84 9.47 8.93 8.93 10.43 7.71 6.93 6.33 6.55 25.06 16.71 14.65 13.09 13.22 1.07 1.55 1.83 1.95 67.97 8.7%

KUKA AG 3.50 3.03 2.57 2.22 1.96 0.62 0.58 0.56 0.54 0.52 11.78 11.62 10.18 9.46 8.19 7.18 6.62 6.07 5.71 5.74 18.74 16.59 14.59 12.56 12.14 0.90 1.23 1.50 1.98 1.85 34.50 8.3%

LEG IMMOBILIEN AG 1.01 0.99 0.95 0.92 0.85 4.74 4.61 4.35 4.09 3.81 16.84 15.50 13.82 14.21 12.21 19.61 19.96 18.30 17.09 15.39 20.22 15.54 13.29 13.25 12.10 0.97 4.15 4.53 4.78 5.38 45.44 8.4%

LEONI AG 1.73 1.66 1.48 1.31 1.13 0.38 0.38 0.35 0.32 0.30 7.35 7.02 5.91 4.86 3.82 5.19 6.09 5.04 4.39 3.89 9.88 13.64 9.74 7.89 6.82 3.29 3.10 3.42 3.93 4.33 45.55 3.5%

DEUTSCHE LUFTHANSA-REG 0.82 0.96 0.90 0.78 0.66 0.22 0.22 0.21 0.20 0.19 2.70 2.74 2.46 2.10 2.23 3.35 2.82 2.49 2.12 2.03 28.38 13.20 8.42 5.63 5.42 1.57 2.09 4.54 6.46 6.45 17.48 20.3%

LINDE AG 2.00 2.02 1.89 1.75 1.61 1.81 1.62 1.52 1.41 1.35 9.93 8.67 8.17 7.56 6.73 10.71 9.27 8.58 7.93 7.40 19.12 17.91 15.91 14.12 12.61 1.78 1.96 2.19 2.42 2.73 162.33 8.8%

LPKF LASER & ELECTRONICS 5.54 4.69 4.07 3.54 3.05 2.77 2.49 2.26 2.04 1.84 20.63 13.87 11.44 12.95 8.86 12.81 10.81 9.54 8.22 7.13 25.20 20.48 18.65 16.18 14.58 1.76 2.03 2.29 2.60 3.10 13.27 -2.1%

LANXESS AG 1.64 1.74 1.59 1.41 1.29 0.45 0.49 0.45 0.43 0.40 4.88 7.71 5.86 4.71 3.78 5.17 8.40 6.12 5.26 4.69 7.43 30.57 12.35 8.90 7.47 1.94 1.79 2.21 2.56 2.62 52.72 7.0%

MAN SE 2.38 2.19 2.20 2.13 2.13 0.82 0.82 0.78 0.75 0.70 24.24 25.12 11.85 9.57 7.16 13.73 16.41 10.80 9.31 7.31 32.72 77.46 20.70 17.10 9.54 1.63 2.95 3.47 3.35 3.22 82.53 -6.0%

METRO AG 1.55 1.74 1.65 1.53 1.28 0.15 0.19 0.15 0.15 0.14 4.96 5.18 5.38 4.80 4.98 8.44 5.22 4.99 4.94 12.32 584.51 14.04 12.41 10.58 4.45 0.19 3.49 3.80 4.19 26.24 -12.0%

MORPHOSYS AG 6.47 4.49 4.44 4.15 4.32 27.89 18.71 19.82 16.49 15.38 193.38 25.24 92.13 515.09 169.72 125.51 8128.66 466.73 75.47 745.53 170.15 101.91 0.00 0.00 62.57 10.4%

MERCK KGAA 2.31 2.29 2.14 1.98 1.83 2.25 2.22 2.21 2.18 2.18 11.25 10.04 9.47 9.05 7.85 8.95 8.39 8.08 7.81 7.53 15.15 13.21 12.64 12.20 11.62 1.40 1.65 1.78 1.90 2.29 116.67 1.9%

MTU AERO ENGINES AG 3.39 2.90 2.56 2.29 2.05 1.07 0.97 0.90 0.84 0.79 10.90 13.19 11.57 9.10 7.38 8.53 8.38 7.60 6.85 6.34 15.27 16.18 14.04 12.45 11.35 1.98 2.08 2.28 2.56 3.63 72.57 3.8%

MUENCHENER RUECKVER AG-REG 0.96 0.94 0.90 0.85 0.89 0.47 0.47 0.46 0.46 0.42 8.11 8.59 8.57 8.24 8.64 4.75 5.00 5.17 5.33 5.64 154.48 7.7%

AURUBIS AG 1.02 0.93 0.88 0.84 0.83 0.15 0.16 0.16 0.15 0.15 6.33 8.63 6.75 6.68 5.38 3.95 6.58 5.23 4.92 4.61 7.80 14.70 10.70 9.71 8.94 2.66 2.79 2.94 3.05 3.28 50.08 10.8%

NORDEX SE 2.25 2.60 2.39 2.14 0.73 0.58 0.55 0.52 0.49 16.32 114.22 13.74 11.74 18.48 10.38 8.08 6.77 5.30 64.65 31.06 21.92 0.00 0.29 8.93 -13.1%

NEMETSCHEK AG 3.93 3.61 3.13 2.75 2.46 2.32 2.15 2.01 1.87 13.08 15.72 12.09 11.11 9.79 8.92 7.97 7.36 20.82 18.59 15.19 13.82 2.37 2.66 2.90 3.14 48.83 8.3%

NORMA GROUP SE 3.69 3.31 2.90 2.58 2.24 1.80 1.69 1.59 1.50 1.45 12.95 11.91 11.10 10.26 9.27 10.39 9.66 8.92 8.39 7.77 17.68 16.81 14.86 13.50 12.94 1.85 2.10 2.33 2.54 2.49 32.73 -4.0%

XING AG 8.13 7.06 6.01 5.05 5.78 5.05 4.45 3.98 3.57 22.86 21.78 18.08 15.13 9.64 16.96 15.13 11.85 9.96 8.16 44.33 40.07 28.25 22.32 16.48 0.82 0.88 1.10 1.56 2.45 66.33 -12.1%

TELEFONICA DEUTSCHLAND HOLDI 1.21 1.09 1.16 1.22 1.30 1.27 1.32 1.33 1.33 1.30 4.97 5.49 5.43 5.30 5.03 6.06 6.19 6.11 6.00 5.83 41.49 92.70 59.33 46.35 22.39 7.58 7.72 8.06 7.97 8.23 6.23 5.0%

OSRAM LICHT AG 1.92 1.71 1.58 1.41 0.69 0.70 0.67 0.64 0.62 10.05 9.88 8.04 6.32 8.04 7.75 5.88 4.90 4.22 24.30 15.88 11.96 10.53 0.00 0.00 1.92 3.05 35.23 -0.3%

PFEIFFER VACUUM TECHNOLOGY 3.18 3.20 2.98 2.80 2.35 1.93 2.09 1.93 1.81 1.66 13.25 14.91 13.64 12.30 9.81 10.02 12.15 9.63 8.35 6.97 19.45 23.63 17.74 14.94 12.88 3.82 3.16 4.14 4.92 5.68 82.79 -10.0%

PSI AG 2.30 2.29 2.06 1.79 1.56 1.00 0.95 0.87 0.81 0.74 15.89 11.76 10.35 8.33 6.11 9.00 9.18 6.89 5.65 4.43 19.21 20.93 13.69 10.64 7.37 2.55 2.51 3.58 4.48 6.79 14.32 24.7%

PROSIEBEN SAT.1 MEDIA AG-REG 4.44 8.38 7.11 6.27 6.27 2.38 2.69 2.54 2.41 2.36 5.61 7.80 7.23 6.42 6.47 9.06 9.95 9.29 8.82 8.73 17.15 17.09 15.54 14.32 14.55 17.74 4.61 5.19 5.56 5.30 33.04 4.5%

QIAGEN N.V. 1.86 1.83 1.70 1.59 1.54 4.02 3.81 3.61 3.39 3.23 16.52 16.40 13.08 12.47 10.85 13.46 12.45 11.35 10.61 10.33 21.05 18.80 17.50 15.96 13.91 0.00 0.00 0.00 0.00 0.00 15.76 0.2%

QSC AG 2.51 2.45 2.22 2.01 0.97 1.02 0.99 0.95 0.95 8.72 9.01 7.04 6.49 13.39 6.62 6.51 6.04 5.55 5.71 26.98 21.55 16.45 12.58 11.83 2.35 2.72 3.20 3.63 3.73 3.59 -4.3%

RATIONAL AG 10.45 9.51 8.74 7.84 7.92 5.72 5.56 5.06 4.60 4.24 25.07 25.70 22.68 20.41 18.18 17.90 18.65 16.53 14.89 13.42 25.91 27.09 23.86 21.44 19.41 3.10 3.08 3.30 3.68 4.14 212.75 -4.7%

RHOEN-KLINIKUM AG 1.62 1.55 1.46 1.37 1.27 0.91 0.85 0.93 0.90 0.88 11.40 10.33 10.17 8.83 9.03 11.51 10.41 10.58 9.67 9.64 26.23 23.00 19.91 16.94 14.59 1.86 1.81 6.38 2.47 2.35 20.54 9.8%

RHEINMETALL AG 1.06 1.17 1.09 1.00 0.91 0.35 0.36 0.34 0.33 0.31 4.05 6.61 4.97 4.16 3.39 4.26 6.44 4.49 3.82 3.35 8.90 24.30 10.89 7.97 6.40 4.02 2.31 3.62 4.45 6.09 41.67 -1.4%

RTL GROUP 2.57 3.58 3.67 3.54 2.83 1.97 1.92 1.87 1.81 1.78 11.92 12.15 11.47 11.06 13.10 9.89 9.58 9.15 8.65 8.48 16.09 16.21 15.66 14.73 17.13 6.88 7.85 6.20 6.31 4.73 78.47 6.0%

RWE AG 0.96 1.05 0.98 0.93 0.96 0.30 0.28 0.29 0.28 0.27 2.57 2.72 2.99 3.05 3.44 4.11 4.06 4.58 4.74 4.95 6.15 6.41 8.64 9.74 10.78 8.07 5.99 5.11 4.81 4.24 22.35 -10.7%

SMA SOLAR TECHNOLOGY AG 1.04 1.10 1.10 1.06 0.59 0.81 0.78 0.72 0.67 8.02 15.64 10.42 10.10 3.28 16.58 7.96 5.72 10.28 292.00 34.91 2.53 0.04 0.30 0.97 21.52 -13.3%

SAP AG 4.73 4.02 3.45 2.94 2.43 4.22 3.99 3.66 3.35 3.10 17.36 14.90 13.00 11.68 9.66 12.72 11.25 10.14 9.17 8.35 18.14 16.48 14.73 13.00 11.58 1.50 1.66 1.91 2.15 2.14 64.97 16.0%

STADA ARZNEIMITTEL AG 2.34 2.13 1.85 1.64 1.39 1.19 1.09 1.01 0.95 0.89 11.07 9.09 7.60 6.42 5.84 10.18 9.15 8.15 7.60 6.97 14.47 13.07 10.70 9.63 8.54 1.49 1.92 2.30 2.45 2.92 38.06 3.8%

STRATEC BIOMEDICAL AG 4.01 3.57 3.19 2.87 2.60 2.97 2.74 2.42 2.19 2.00 22.45 24.78 21.58 16.10 14.97 15.82 14.72 12.39 11.25 9.99 24.74 23.07 19.12 16.45 15.36 1.78 1.78 2.05 2.37 2.75 27.92 -9.7%

K+S AG-REG 1.12 1.04 1.01 0.97 0.93 0.94 0.96 1.02 0.99 0.91 4.66 5.10 8.53 9.46 6.55 3.89 4.42 6.48 6.34 5.28 7.08 8.29 17.09 17.22 12.94 6.97 5.36 2.52 2.44 4.48 17.62 -10.6%

SIEMENS AG-REG 2.42 2.55 2.33 2.13 1.66 1.02 1.04 1.01 0.97 0.93 10.78 13.00 10.23 8.78 8.69 9.36 10.76 8.55 7.84 7.19 14.70 16.49 12.92 11.60 10.09 3.40 3.44 3.64 3.87 3.93 90.34 0.1%

SKY DEUTSCHLAND AG 36.83 18.62 19.76 13.06 8.07 4.45 3.82 3.27 2.87 2.67 61.60 22.51 17.83 172.30 44.57 20.38 14.23 44.29 25.10 0.00 0.00 0.00 0.12 2.95 6.61 -2.4%

SOFTWARE AG 2.10 2.08 1.87 1.70 1.52 2.14 2.26 2.15 2.03 1.87 10.88 11.87 11.05 10.11 7.98 7.73 8.81 8.24 7.57 7.82 11.62 13.65 12.33 11.04 9.51 1.80 1.74 1.81 1.91 2.35 29.04 11.5%

AXEL SPRINGER AG 2.28 2.08 1.91 1.83 1.55 1.21 1.18 1.28 1.26 1.27 8.98 9.51 9.47 9.45 10.29 7.78 8.15 8.34 7.94 7.98 13.93 15.25 15.58 14.43 14.34 4.40 4.24 4.33 4.56 5.70 43.72 8.4%

SARTORIUS AG-VORZUG 4.06 3.62 3.22 2.82 1.74 1.64 1.54 1.46 1.38 19.03 11.13 10.04 9.29 8.98 11.86 11.01 9.97 9.20 8.31 21.66 20.01 17.45 15.66 13.46 1.23 1.42 1.67 1.87 2.06 86.71 8.5%

SYMRISE AG 3.95 3.97 3.58 3.24 2.79 2.23 2.08 1.97 1.88 1.80 16.08 14.65 13.37 12.58 10.80 12.94 11.66 10.91 10.26 9.70 22.95 19.77 17.96 16.73 15.53 2.12 2.32 2.53 2.77 2.99 32.58 0.6%

SALZGITTER AG 0.44 0.50 0.50 0.48 0.51 0.18 0.19 0.18 0.18 0.17 6.03 7.10 4.68 3.89 3.06 4.38 7.00 3.56 3.00 2.78 27.59 12.68 13.13 0.98 0.67 0.94 1.34 1.84 29.34 -6.2%

SUEDZUCKER AG 1.13 1.11 1.04 0.98 0.57 0.56 0.55 0.55 0.52 5.31 5.64 5.96 5.68 5.36 6.18 6.27 6.24 6.09 7.55 9.74 9.90 9.79 4.01 4.07 4.10 4.18 25.20 16.3%





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%



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%

TAG IMMOBILIEN AG 1.11 1.02 0.99 0.97 0.93 6.02 4.48 4.30 4.17 4.17 20.96 14.31 12.94 15.58 15.66 13.83 19.21 17.94 17.28 18.35 7.34 16.41 13.31 15.11 15.79 2.59 3.62 4.28 4.51 2.65 9.73 6.2%

THYSSENKRUPP AG 1.15 3.41 2.94 2.43 2.39 0.23 0.25 0.24 0.23 0.22 13.01 9.63 5.92 5.17 3.81 6.93 7.21 5.51 4.63 3.77 16.48 10.56 8.52 2.06 0.67 1.59 2.73 4.95 17.92 -1.5%

TALANX AG 0.87 0.87 0.82 0.76 0.24 0.23 0.22 0.21 0.21 9.21 8.76 8.32 7.89 8.06 4.46 4.69 4.99 5.24 26.28 5.6%

TUI AG 0.93 1.09 1.01 0.93 0.71 0.13 0.13 0.12 0.12 0.12 3.22 4.50 3.91 3.60 3.21 2.67 2.47 2.24 2.04 1.95 22.83 32.92 15.19 11.46 11.12 0.29 0.23 0.98 2.14 3.85 11.05 21.6%

UNITED INTERNET AG-REG SHARE 27.65 19.26 11.99 8.52 5.66 2.20 1.98 1.81 1.70 1.61 20.39 18.11 15.13 13.76 12.86 16.36 13.71 11.51 9.97 8.89 33.42 25.88 20.09 16.86 13.96 0.98 1.28 1.63 2.06 2.64 26.40 -2.4%

VOLKSWAGEN AG-PREF 1.06 1.00 0.88 0.79 0.74 0.42 0.40 0.38 0.36 0.35 3.69 3.85 3.47 3.40 3.02 8.01 7.37 6.60 6.13 5.52 8.19 8.32 7.19 6.47 5.75 2.20 2.40 3.10 3.74 4.96 205.35 16.8%

WACKER CHEMIE AG 1.43 1.60 1.53 1.46 1.49 0.83 0.84 0.79 0.74 0.71 5.78 8.28 5.94 5.12 4.03 6.28 7.04 5.89 5.17 4.54 45.91 165.00 37.41 23.16 17.53 0.77 0.26 0.81 1.31 1.58 64.78 -12.0%

WIRECARD AG 5.04 4.51 3.91 3.37 2.90 7.11 5.89 4.99 4.28 3.70 31.94 27.80 22.30 19.06 15.28 23.01 19.96 16.40 13.82 11.28 36.15 32.95 25.87 21.55 17.48 0.47 0.49 0.58 0.67 1.02 26.07 4.7%

WINCOR NIXDORF AG 4.33 3.71 3.13 2.70 2.48 0.68 0.64 0.62 0.59 0.58 12.45 10.20 9.42 8.25 7.16 10.05 8.66 7.42 6.89 7.01 22.22 16.26 13.18 11.86 11.96 2.15 2.98 3.79 4.20 3.93 48.29 1.3%

ELRINGKLINGER AG 3.21 3.01 2.68 2.40 2.07 1.85 1.72 1.62 1.52 1.41 13.85 12.44 10.99 10.00 8.22 10.16 9.97 9.01 8.27 7.51 21.62 20.49 17.51 15.57 13.63 1.71 1.63 1.89 2.15 2.08 26.91 -16.9%





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

ADIDAS AG EUR 2.7 1 1 0 1 0 1 1 1 1 7 8552 2503 4454 1185 14087 6360 14883 5291 4.90 1.00 26.7 1 1 1 3 1 14 0 2.005 0 3 0 0 0 1 1 1 1 4

ADVA OPTICAL NETWORKING SE EUR 1.2 1 1 0 1 1 1 0 1 0 6 213 83 -201 19 190 130 330 154 1.71 1.00 11.4 1 1 1 1 1 4 1 0 0 4 - 1 0 1 1 1 0 4

CARL ZEISS MEDITEC AG - BR EUR 2.5 1 1 1 1 1 0 1 0 1 7 807 495 260 123 1613 267 862 696 8.41 1.00 22.5 1 2 1 2 1 18 0 1.5121 0 3 0 0 0 1 1 1 1 4

AIXTRON SE EUR 1.9 0 0 0 1 0 1 0 0 0 2 491 299 90 -125 896 90 228 470 6.54 1.00 - - 4 1 2 1 - - 0 0 2 - - - 1 - 1 1 3

ALLIANZ SE-REG EUR 0.9 1 1 1 1 1 - 0 - 1 6 681531 - 24738 10190 47492 638403 96020 56218 - - 4.6 1 0 1 1 1 5 1 4.2939 0 4 1 1 1 1 - 1 1 6

AAREAL BANK AG EUR 0.6 1 1 0 1 1 - 1 - 0 5 45698 - 800 176 940 43490 1184 2244 - - 9.0 1 1 1 1 1 0 1 0 0 4 - 1 0 1 - 1 1 4

BASF SE EUR 2.7 1 1 0 1 1 0 1 0 0 5 50533 10757 20247 6381 65350 37105 72129 25621 3.64 1.00 13.6 1 1 1 3 1 10 1 3.6543 0 4 0 1 0 1 1 1 1 5

BAYER AG-REG EUR 3.2 1 1 0 1 1 0 1 1 1 7 32579 5887 10185 6041 59449 32767 39760 18569 3.69 1.00 24.3 1 1 1 3 1 14 0 2.6429 0 3 0 0 0 1 1 1 1 4

BB BIOTECH AG-REG EUR - - - - - - - - - - 0 - - - - - - - - - - - - - - - - - - - - 0 - - - 1 - 1 1 3

BECHTLE AG EUR 1.4 1 1 0 0 0 1 1 1 0 5 687 258 292 81 644 387 2097 458 6.11 1.00 11.4 1 0 1 1 1 11 0 3.2626 0 3 0 1 0 1 1 1 0 4

BEIERSDORF AG EUR 4.3 1 1 1 1 0 1 1 1 1 8 5390 2047 2976 789 14036 2288 6040 3287 6.74 1.00 31.7 1 2 1 4 1 26 0 1.1312 0 3 0 0 1 1 1 1 1 5

BAYERISCHE MOTOREN WERKE AG EUR 1.6 1 1 0 0 1 1 0 0 1 5 126643 2046 27666 8298 47841 101448 76848 30402 1.42 1.00 9.4 1 1 1 2 1 10 1 3.4279 0 4 0 1 0 1 1 1 1 5

BRENNTAG AG EUR 2.6 1 1 1 1 1 0 1 0 1 7 3540 932 351 570 5121 3719 9690 1991 4.42 1.00 15.2 1 1 1 3 1 12 0 2.4138 0 3 0 1 1 1 1 1 1 6

HUGO BOSS AG -ORD EUR 9.0 1 1 0 1 1 0 1 1 1 7 1442 204 543 435 5507 947 2346 638 7.74 1.00 17.9 1 2 1 9 1 14 0 3.9098 0 3 0 1 0 1 1 1 1 5

COMMERZBANK AG EUR 0.4 1 0 0 0 1 - 0 - 1 3 632827 - 6261 1170 8358 608844 20002 27034 - - - - 0 1 0 1 - - 0 0 2 - - - 1 - 1 1 3

CELESIO AG EUR 1.0 0 1 0 1 0 1 1 1 1 6 5632 1395 758 440 2219 5733 22271 2196 5.04 1.00 21.7 1 0 1 1 1 7 1 2.2997 0 4 0 0 1 1 0 1 1 4

CANCOM SE EUR 1.9 1 1 0 1 1 1 0 - 0 5 160 40 18 21 154 128 558 81 6.38 1.00 11.7 1 0 1 2 1 9 1 2.5945 0 4 - 1 0 1 1 1 0 4

CONTINENTAL AG EUR 2.0 1 1 1 1 1 0 1 1 1 8 20771 -122 4100 3149 17519 18193 32736 9145 2.87 1.00 9.3 1 1 1 2 1 5 1 2.5688 0 4 1 1 1 1 1 1 1 7

COMPUGROUP MEDICAL AG EUR 4.0 1 1 1 1 1 0 1 - 1 7 195 -66 126 69 723 472 451 179 4.69 1.00 23.5 1 2 1 4 1 11 0 2.4022 0 3 0 0 1 1 - 1 0 3

DAIMLER AG-REGISTERED SHARES EUR 1.0 1 0 0 0 0 1 0 0 0 2 154093 8013 28790 8071 44130 117468 114297 45510 1.39 1.00 7.2 1 0 1 1 1 - - 5.3243 0 3 0 1 0 1 1 1 1 5

DEUTSCHE BOERSE AG EUR 2.9 1 1 0 1 1 0 0 - 0 4 213349 -328 1505 975 8505 213358 2197 3170 0.05 0.00 13.4 1 4 1 3 1 12 0 4.5445 0 3 0 1 0 1 - 1 1 4

DEUTSCHE BANK AG-REGISTERED EUR 0.6 1 0 0 0 0 - 0 - 0 1 1998110 - 27845 2905 30617 1957919 52299 54410 - - 131.8 1 1 1 1 1 - - 2.2762 0 3 0 0 0 1 - 1 1 3

DEUTSCHE EUROSHOP AG EUR 1.3 1 1 1 1 1 - 0 - 1 6 3549 - 306 111 1707 2227 216 1322 - - 13.4 1 8 1 1 1 13 0 3.7927 0 3 - 1 1 1 - 1 1 5

DIALOG SEMICONDUCTOR PLC EUR 3.0 1 1 0 0 0 1 0 0 0 3 656 421 126 93 1149 326 774 383 5.21 1.00 18.1 1 1 1 3 1 22 0 0 0 3 - 1 0 1 1 1 0 4

DEUTSCHE POST AG-REG EUR 1.7 1 0 1 0 0 1 1 - 1 5 21970 -336 8488 2895 20070 21957 55512 12164 3.92 1.00 12.1 1 0 1 2 1 - - 4.2169 0 3 0 1 1 1 1 1 1 6

DRILLISCH AG EUR 4.5 1 1 0 1 0 1 1 - 0 5 374 65 -25 55 543 402 324 120 5.50 1.00 24.2 1 2 1 5 1 9 1 11.664 1 5 0 0 0 1 - 1 0 2

DRAEGERWERK AG - PREF EUR 1.8 1 1 1 1 1 0 1 1 1 8 1819 631 520 234 1263 1374 2373 727 3.58 1.00 10.0 1 1 1 2 1 7 1 1.1239 0 4 0 1 0 1 1 1 1 5

DEUTSCHE TELEKOM AG-REG EUR 1.4 0 1 0 1 0 1 1 0 1 5 66210 -7989 -36649 6720 37125 77399 58169 30543 0.56 0.00 - - 1 1 1 1 3 1 8.1443 1 4 - - - 1 - 1 1 3

DUERR AG EUR 2.8 1 1 1 0 1 1 1 1 1 8 1481 283 179 177 1168 1376 2400 432 3.03 1.00 10.9 1 0 1 3 1 12 0 3.3333 0 3 - 1 1 1 1 1 1 6

DEUTSCHE WOHNEN AG-BR EUR 1.3 1 1 1 0 0 - 0 - 0 3 4905 - 604 74 2046 3298 452 1610 - - 12.2 1 4 1 1 1 30 0 1.5 0 3 0 1 1 1 - 1 1 5

EADS NV EUR - 1 1 1 1 1 1 - 1 1 8 78680 -3319 2329 1890 - 81668 56480 10434 1.17 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5

E.ON SE EUR 0.8 1 1 1 1 1 1 0 - 1 7 120117 7257 19216 4940 26866 101607 132093 38819 1.77 1.00 12.4 1 0 1 1 1 3 1 7.807 1 5 - 1 - 1 0 1 1 4

EVONIK INDUSTRIES AG EUR - 1 1 1 1 1 0 1 0 1 7 13473 1495 5087 1890 - 9834 13629 6829 2.53 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5

EVOTEC AG EUR 2.0 1 1 0 1 0 1 0 0 1 5 118 54 -632 -3 311 73 87 153 -4.32 0.00 131.3 1 4 1 2 1 26 0 0 0 3 - 0 0 1 - 1 0 2

FIELMANN AG EUR 5.4 1 1 0 1 1 1 1 - 1 7 694 309 424 180 3066 182 1107 571 13.54 1.00 24.3 1 3 1 5 1 10 0 3.6986 0 3 0 0 0 1 1 1 1 4

FRESENIUS MEDICAL CARE AG & EUR 2.4 1 1 0 1 0 1 0 1 0 5 10194 2957 5072 2219 21214 12595 13800 9731 4.71 1.00 17.8 1 2 1 2 1 10 0 - - 3 0 1 0 1 1 1 1 5

FREENET AG EUR 1.5 1 1 1 1 0 1 0 - 0 5 1000 33 325 204 1793 1283 3089 1191 5.67 1.00 10.4 1 1 1 2 1 7 1 9.6429 1 5 1 1 1 1 - 1 1 6

FUCHS PETROLUB SE -PREF EUR 4.8 1 1 1 1 0 1 1 1 0 7 996 396 709 281 3875 327 1819 782 11.52 1.00 18.3 1 2 1 5 1 18 0 2.4151 0 3 0 1 0 1 1 1 1 5

FRAPORT AG FRANKFURT AIRPORT EUR 1.4 1 1 0 1 0 1 0 - 1 5 8527 620 1401 500 4048 6695 2442 2946 1.16 1.00 17.0 1 2 1 1 1 7 1 2.8451 0 4 0 1 0 1 0 1 1 4

FRESENIUS SE & CO KGAA EUR 2.0 1 1 1 1 0 1 0 0 1 6 14366 2915 4230 2983 15520 17508 19290 13156 3.25 1.00 16.3 1 1 1 2 1 6 1 1.2629 0 4 0 1 1 1 1 1 1 6

GEA GROUP AG EUR 2.2 1 1 0 1 0 1 0 1 0 5 4208 690 426 493 4710 4263 5720 2166 2.97 1.00 14.5 1 1 1 2 1 11 0 2.2477 0 3 0 1 0 1 1 1 1 5

BILFINGER SE EUR 1.6 1 1 0 0 0 1 1 1 1 6 4960 266 1131 504 3222 4813 8509 2037 2.92 1.00 11.7 1 0 1 2 1 14 0 4.1096 0 3 0 1 1 1 1 1 1 6

GAGFAH SA EUR 0.8 1 1 1 1 1 - 1 - 0 6 8094 - 826 105 1730 6011 1062 2100 - - 40.3 1 2 1 1 1 28 0 0 0 3 - 0 - 1 - 1 1 3

GSW IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 0 4 3569 - 1061 64 1617 2129 319 1441 - - 10.6 1 5 1 1 1 60 0 2.8125 0 3 0 1 1 1 - 1 1 5

GILDEMEISTER AG EUR 1.3 1 1 1 1 1 0 0 - 1 6 1431 292 294 125 918 827 2037 788 3.01 1.00 11.6 1 0 1 1 1 5 1 2.2951 0 4 0 1 1 1 1 1 1 6

GERRY WEBER INTL AG EUR 4.4 1 1 0 1 1 0 1 - 0 5 435 147 215 118 1610 121 802 363 12.50 1.00 20.4 1 2 1 4 1 20 0 2.1389 0 3 0 0 1 1 1 1 1 5

GERRESHEIMER AG EUR 2.3 1 1 1 1 1 0 1 0 1 7 1028 120 -10 128 1238 978 1219 580 2.35 1.00 20.5 1 1 1 2 1 7 1 1.6483 0 4 0 0 1 1 - 1 1 4

HEIDELBERGCEMENT AG EUR 0.7 1 1 0 1 1 0 1 - 1 6 17098 784 6513 1654 8593 14292 14020 13713 2.07 1.00 40.6 1 1 1 1 1 6 1 1.0255 0 4 0 0 0 1 0 1 1 3

HENKEL AG & CO KGAA VORZUG EUR 2.9 1 1 1 1 1 0 1 1 1 8 10880 1746 8286 2373 27012 10014 16510 9511 5.39 1.00 17.9 1 2 1 3 1 11 0 - - 3 0 1 1 1 1 1 1 6

HANNOVER RUECK SE EUR 1.2 1 1 1 1 0 - 1 - 1 6 54753 - 5211 1396 7110 48071 13760 6740 - - 8.3 1 1 1 1 1 3 1 4.4098 0 4 - 1 1 1 - 1 1 5

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

HOCHTIEF AG EUR 1.2 1 1 1 1 0 1 0 - 1 6 16249 3144 1659 527 3234 12719 25528 4244 2.44 1.00 20.4 1 0 1 1 1 3 1 2.2763 0 4 0 0 - 1 1 1 1 4

INFINEON TECHNOLOGIES AG EUR 1.5 1 1 0 1 0 1 1 0 0 5 5752 1832 -4259 453 5365 2323 3904 3575 2.22 1.00 12.4 1 1 1 2 1 8 1 2.4155 0 4 0 1 0 1 - 1 1 4

JENOPTIK AG EUR 1.3 1 1 1 1 1 1 1 1 1 9 599 174 -13 62 423 339 585 330 2.65 1.00 9.2 1 1 1 1 1 7 1 2.4384 0 4 0 1 1 1 - 1 0 4

KONTRON AG EUR 0.8 0 1 0 1 0 0 1 0 0 3 298 126 -6 -32 229 174 547 287 2.46 1.00 - - 0 1 1 1 5 1 0.9723 0 3 - - - 1 - 1 0 2

KLOECKNER & CO SE EUR 0.6 0 1 0 1 0 1 1 0 0 4 3444 1779 462 -104 895 2270 7388 1635 2.82 1.00 - - 0 1 1 1 9 1 0 0 3 - - - 1 - 1 1 3

KABEL DEUTSCHLAND HOLDING AG EUR - 1 1 1 1 1 1 1 1 0 8 2221 82 -1638 426 6359 4344 1830 -1481 1.47 1.00 25.7 1 3 1 - - 12 0 3.4804 0 2 0 0 1 1 - 1 1 4

KRONES AG EUR 1.8 1 1 1 1 1 1 1 - 1 8 1950 366 729 103 1485 1233 2664 836 3.36 1.00 21.2 1 1 1 2 1 10 0 1.5957 0 3 0 0 1 1 0 1 1 4

KUKA AG EUR 3.2 1 1 1 1 1 1 1 1 1 9 1055 314 140 103 938 840 1739 298 3.12 1.00 16.9 1 1 1 3 1 8 1 0.7228 0 4 0 1 1 1 1 1 1 6

LEG IMMOBILIEN AG EUR - 1 1 1 1 0 - 1 - 0 5 5232 - 1572 -11 - 3152 518 2086 - - - - - - - - - - - - 0 - - - 1 - 1 1 3

LEONI AG EUR 1.1 1 1 0 1 1 0 1 0 0 5 2144 243 520 242 933 1539 3809 845 2.98 1.00 6.0 1 0 1 1 1 4 1 5.2539 0 4 1 1 0 1 1 1 1 6

DEUTSCHE LUFTHANSA-REG EUR 0.8 1 1 1 1 0 1 0 - 1 6 25901 1 5679 543 6550 20121 30135 8298 1.40 1.00 6.8 1 0 1 1 1 2 1 0 0 4 - 1 1 1 0 1 1 5

LINDE AG EUR 1.9 1 1 0 1 0 1 0 0 0 4 18897 -129 5922 1905 24445 19819 15280 13658 2.31 1.00 18.8 1 2 1 2 1 11 0 2.0455 0 3 0 1 0 1 1 1 1 5

LPKF LASER & ELECTRONICS EUR 3.1 1 1 1 1 1 0 0 - 1 6 93 30 40 21 175 43 115 59 6.33 1.00 12.9 1 2 1 3 1 11 0 3.1746 0 3 0 1 1 1 1 1 0 5

LANXESS AG EUR 2.4 1 1 0 1 0 1 1 1 0 6 7129 2107 1426 883 5514 5188 9094 2331 2.43 1.00 10.7 1 1 1 2 1 8 1 1.509 0 4 0 1 0 1 1 1 1 5

MAN SE EUR 2.1 1 0 0 0 0 1 1 0 0 3 17778 172 4379 781 11842 14299 15772 5619 1.79 1.00 67.3 1 1 1 2 1 - - 1.2384 0 3 0 0 0 1 0 1 1 3

METRO AG EUR 1.1 1 1 0 1 0 1 1 0 1 6 30579 -2593 2645 1689 6863 28665 66739 6101 3.02 1.00 2100.0 1 0 1 1 1 4 1 4.7619 0 4 0 0 0 1 0 1 1 3

MORPHOSYS AG EUR 3.4 1 1 0 0 0 1 0 - 0 3 189 168 3 2 677 22 52 202 26.20 1.00 293.0 1 13 0 3 1 377 0 0 0 2 - 0 0 1 0 1 1 3

MERCK KGAA EUR 2.1 1 1 0 1 1 0 1 0 1 6 10699 2065 5983 1521 21702 11229 10741 10415 3.90 1.00 38.2 1 2 1 2 1 9 1 1.7029 0 4 0 0 0 1 1 1 1 4

MTU AERO ENGINES AG EUR 3.2 1 1 0 1 0 1 0 0 1 5 2488 173 654 287 3491 3173 3379 1089 2.89 1.00 20.1 1 1 1 3 1 15 0 1.9622 0 3 0 0 0 1 1 1 1 4

MUENCHENER RUECKVER AG-REG EUR 0.9 1 1 1 1 0 - 0 - 1 5 253466 - 19791 4374 24390 230937 65896 27423 - - 7.6 1 0 1 1 1 4 1 5.1471 0 4 - 1 1 1 - 1 1 5

AURUBIS AG EUR 0.9 1 1 0 0 1 1 1 - 0 5 4798 1911 1736 583 2045 2691 13789 2197 4.61 1.00 5.7 1 0 1 1 1 6 1 2.968 0 4 - 1 0 1 1 1 1 5

NORDEX SE EUR 0.8 0 1 0 1 0 1 1 - 1 5 973 259 26 -47 220 787 1075 279 2.06 1.00 - - 0 1 1 1 2 1 0 0 3 - - 0 1 - 1 0 2

NEMETSCHEK AG EUR 2.9 1 1 0 1 1 1 1 - 1 7 81 27 60 28 320 53 175 112 9.27 1.00 16.9 1 2 1 3 1 9 1 3.4639 0 4 - 1 0 1 1 1 0 4

NORMA GROUP SE EUR 2.3 1 1 1 1 1 0 1 - 0 6 364 112 42 102 669 404 605 288 4.29 1.00 11.8 1 1 1 2 1 8 1 3.0952 0 4 0 1 1 1 1 1 1 6

XING AG EUR 4.4 1 1 1 1 0 1 0 - 1 6 72 32 29 17 229 40 72 52 5.72 1.00 29.1 1 3 1 4 1 12 0 1.3375 0 3 0 0 - 1 1 1 0 3

TELEFONICA DEUTSCHLAND HOLDI EUR 1.0 1 1 1 1 0 0 1 - 1 6 5792 -132 5311 146 6449 2641 5213 6429 3.82 1.00 20.6 1 1 1 1 1 4 1 7.7936 1 5 1 0 1 1 - 1 1 5

OSRAM LICHT AG EUR - 0 0 0 1 1 1 - 0 1 4 4818 563 1930 -260 - 3122 5400 1946 - - - - - - - - - - - - 0 - - - 1 - 1 1 3

PFEIFFER VACUUM TECHNOLOGY EUR 3.1 1 1 1 1 1 1 1 1 0 8 358 166 172 68 904 152 461 293 5.61 1.00 19.9 1 2 1 3 1 14 0 3.7676 0 3 0 1 0 1 1 1 0 4

PSI AG EUR 3.3 1 1 1 0 0 1 1 - 1 6 139 50 -2 13 242 113 181 74 3.19 1.00 25.7 1 1 1 3 1 230 0 1.9474 0 3 0 0 1 1 1 1 0 4

PROSIEBEN SAT.1 MEDIA AG-REG EUR 3.0 1 1 0 1 1 1 0 1 1 7 4350 1782 695 606 4522 3912 2356 1501 3.56 1.00 14.0 1 2 1 3 1 3 1 26.432 1 5 1 1 1 1 1 1 1 7

QIAGEN N.V. EUR 1.6 1 1 1 1 0 1 0 1 1 7 1474 722 994 206 4292 1363 1254 2724 4.54 1.00 26.4 1 3 1 2 1 17 0 0 0 3 - 0 1 1 1 1 1 5

QSC AG EUR 1.4 1 1 0 1 0 1 1 1 0 6 251 -3 -98 25 260 207 481 180 2.64 1.00 15.0 1 1 1 1 1 5 1 4.2735 0 4 1 1 0 1 1 1 0 5

RATIONAL AG EUR 10.4 1 1 1 1 0 1 1 1 1 8 325 202 198 123 2479 89 435 237 24.50 1.00 26.6 1 6 1 10 0 22 0 2.6147 0 2 0 0 1 1 1 1 1 5

RHOEN-KLINIKUM AG EUR 1.3 1 1 0 1 1 0 1 - 1 6 2753 67 840 151 2117 1577 2865 1607 2.86 1.00 23.6 1 1 1 1 1 15 0 1.6324 0 3 0 0 0 1 0 1 1 3

RHEINMETALL AG EUR 1.0 1 1 0 1 1 0 1 - 1 6 4555 741 942 285 1373 3438 4704 1461 1.98 1.00 7.3 1 0 1 1 1 4 1 4.9451 0 4 1 1 0 1 1 1 1 6

RTL GROUP EUR - 1 1 0 1 0 0 - - 1 4 4893 1208 -2280 1051 - 3040 5998 4858 3.97 1.00 - - - - - - - - - - 0 - - 0 1 1 1 1 4

RWE AG EUR 1.6 1 1 0 1 0 1 0 - 1 5 72185 596 8163 3699 19205 71765 50771 16437 1.23 1.00 14.7 1 0 1 2 1 4 1 6.402 0 4 - 1 0 1 0 1 1 4

SMA SOLAR TECHNOLOGY AG EUR 0.8 1 1 0 1 0 1 1 0 0 5 1262 564 667 103 660 508 1463 821 3.02 1.00 8.8 1 0 1 1 1 6 1 3.1562 0 4 - 1 0 1 0 1 0 3

SAP AG EUR 5.1 1 1 0 1 0 0 0 0 1 4 10327 -31 12442 4139 72342 12664 16223 14171 7.33 1.00 25.6 1 4 1 5 1 19 0 1.4006 0 3 0 0 0 1 1 1 1 4

STADA ARZNEIMITTEL AG EUR 1.6 1 1 1 1 1 0 0 1 0 6 1565 211 275 202 1446 2070 1838 912 2.62 1.00 16.7 1 1 1 2 1 7 1 2.0483 0 4 0 1 1 1 1 1 1 6

STRATEC BIOMEDICAL AG EUR 4.8 1 1 0 0 1 0 0 0 0 3 111 72 64 17 441 30 122 92 11.48 1.00 31.6 1 4 1 5 1 162 0 1.3282 0 3 0 0 0 1 1 1 0 3

K+S AG-REG EUR 1.9 1 1 1 0 0 1 1 0 0 5 5638 1801 2635 851 6699 3162 3935 3477 3.22 1.00 11.8 1 2 1 2 1 12 0 4 0 3 - 1 0 1 1 1 1 5

SIEMENS AG-REG EUR 2.2 1 1 0 1 0 1 1 0 1 6 86618 9492 21917 6909 66721 76980 78296 31302 2.14 1.00 13.5 1 1 1 2 1 11 0 3.8501 0 3 0 1 0 1 1 1 1 5

SKY DEUTSCHLAND AG EUR 76.5 0 0 1 1 1 0 0 1 1 5 441 -583 -2333 -125 3219 1106 1333 42 -0.26 0.00 - - 2 1 77 0 - - 0 0 1 - - 1 1 - 1 1 4

SOFTWARE AG EUR 2.6 1 1 0 1 1 1 0 1 0 6 801 274 930 240 2789 712 1047 1060 5.40 1.00 16.9 1 3 1 3 1 15 0 1.4328 0 3 0 1 0 1 1 1 1 5

AXEL SPRINGER AG EUR 1.7 1 1 0 1 1 1 0 - 0 5 2353 14 1745 444 3189 2555 3310 2253 4.06 1.00 13.4 1 1 1 2 1 7 1 5.2656 0 4 - 1 0 1 1 1 1 5

SARTORIUS AG-VORZUG EUR 3.3 1 1 1 0 1 0 1 1 1 7 478 36 230 139 1113 667 846 404 4.42 1.00 27.6 1 1 1 3 1 25 0 1.4395 0 3 0 0 0 1 1 1 1 4

SYMRISE AG EUR 3.7 1 1 1 1 1 1 1 0 1 8 1347 458 -212 253 3205 1275 1735 877 3.74 1.00 20.4 1 2 1 4 1 16 0 2.3968 0 3 0 0 0 1 1 1 1 4

SALZGITTER AG EUR 0.6 0 1 0 1 0 0 1 - 1 4 8817 3190 3235 61 2132 5286 10397 3644 2.19 1.00 - - 0 1 1 1 5 1 0.6341 0 3 - - - 1 - 1 1 3

SUEDZUCKER AG EUR 2.1 1 1 1 1 1 1 0 - 1 7 7615 2263 1445 971 6821 4757 7879 4047 2.93 1.00 10.8 1 1 1 2 1 8 1 2.6942 0 4 - 1 1 1 1 1 1 6


FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

TAG IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 1 5 3798 - 265 188 1241 2644 396 1156 - - 5.1 1 2 1 1 1 52 0 2.633 0 3 - 1 1 1 - 1 1 5

THYSSENKRUPP AG EUR 2.4 0 0 0 1 1 0 1 0 1 4 33993 5266 -2442 1115 8571 33758 40124 4526 1.36 1.00 - - 0 1 2 1 - - 0 0 2 - - - 1 0 1 1 3

TALANX AG EUR 0.6 1 1 1 1 1 - 1 - 1 7 127461 - 5787 1760 4468 118611 26438 11643 - - 7.5 1 0 1 1 1 1 1 4.8883 0 4 - 1 0 1 - 1 1 4

TUI AG EUR 0.8 0 1 0 1 1 0 0 1 1 5 9275 -2937 480 560 1700 11146 18330 2067 1.77 1.00 - - 0 1 1 1 3 1 0 0 3 - - 0 1 - 1 1 3

UNITED INTERNET AG-REG SHARE EUR 16.8 1 1 0 1 1 0 0 0 1 5 600 -379 -52 251 3170 910 2397 198 7.80 1.00 29.1 1 1 1 17 0 12 0 1.8394 0 2 0 0 0 1 - 1 1 3

VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7

WACKER CHEMIE AG EUR 0.9 1 1 0 1 0 0 1 0 0 4 6304 764 2181 335 2466 3712 4635 2618 1.76 1.00 21.9 1 1 1 1 1 7 1 1.2086 0 4 0 0 0 1 0 1 1 3

WIRECARD AG EUR 3.9 1 1 0 1 1 0 0 - 0 4 780 187 289 94 2087 586 395 542 4.01 1.00 27.8 1 5 1 4 1 22 0 0.5914 0 3 0 0 0 1 1 1 1 4

WINCOR NIXDORF AG EUR 2.8 1 1 0 1 0 1 1 0 0 5 1056 19 291 100 910 1074 2343 329 3.84 1.00 14.5 1 0 1 3 1 10 0 3.437 0 3 1 1 0 1 1 1 1 6

ELRINGKLINGER AG EUR 2.7 1 1 0 1 1 0 1 0 0 5 1133 190 428 136 1616 628 1127 640 3.46 1.00 18.8 1 1 1 3 1 14 0 1.7647 0 3 0 1 0 1 1 1 1 5


FUNDAMENTAL SCORING

Pitroski F Score


27.09.2013

Adidas AG manufactures sports shoes and sports equipment. The Company produces

products that include footwear, sports apparel, and golf clubs and balls. Adidas

sells its products worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (06.08.2013) 88.50

52-Week Low (16.11.2012) 62.60

Daily Volume

79.51

52-Week High % Change -10.16% Dividend Yield -

52-Week Low % Change 27.01% Beta 0.84

% 52 Week Price Range High/Low 64.13% Equity Float 209.22

Shares Out 30.06.2013 209.2 Short Int -

16'634.78 1 Yr Total Return 22.72%

Total Debt 1'487.00 YTD Return 20.00%

Preferred Stock 0.0 Adjusted BETA 0.837

Minority Interest (13.0) Analyst Recs 44

Cash and Equivalents 1'935.00 Consensus Rating 4.114

Enterprise Value 16'716.78

Average Volume 5 Day 1'630'456

ADS GY EQUITY YTD Change - Average Volume 30 Day 888'534

ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 829'117

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

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

10'799.0 10'381.0 11'990.0 13'322.0 14'883.0 14'326 14'676 14'698 15'794 4'000 3'480

0.69x 0.85x 0.87x 0.78x 0.92x 3.20x 4.23x 1.09x 0.99x - -

1'310.0 823.0 1'174.0 1'206.0 1'456.0 1'350.0 1'493.0 1'574.2 1'875.2 534.5 296.0

5.69x 10.72x 8.91x 8.64x 9.36x 9.02x 11.74x 10.63x 8.92x 9.36x 8.91x

642.0 245.0 567.0 613.0 526.0 718.0 552.0 871.1 1'074.4 340.8 50.9

8.35x 30.22x 18.04x 17.15x 26.72x 16.54x 31.71x 19.10x 15.66x 17.26x 16.22x

EBITDA 1'456.00 Long-Term Rating Date -

EBIT 1'185.00 Long-Term Rating -

Operating Margin 7.96% Long-Term Outlook -

Pretax Margin 5.72% Short-Term Rating Date -

Return on Assets 4.67% Short-Term Rating -

Return on Common Equity 10.06%

Return on Capital - EBITDA/Interest Exp. 15.01

Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.13

Net Debt/EBITDA 0.06

Gross Margin 49.5% Total Debt/EBITDA 0.88

EBITDA Margin 10.2%

EBIT Margin 6.5% Total Debt/Equity 28.0%

Net Income Margin 3.5% Total Debt/Capital 21.9%

Asset Turnover 1.24

Current Ratio 1.57 Net Fixed Asset Turnover 13.81

Quick Ratio 0.83 Accounts receivable turnover-days 51.57

Debt to Assets 12.76% Inventory Days 129.40

Tot Debt to Common Equity 28.04% Accounts Payable Turnover Day 89.16

Accounts Receivable Turnover 7.08 Cash Conversion Cycle 72.10

Inventory Turnover 2.82

Fiscal Year Ended

Adidas AGPrice/Volume

Valuation Analysis

669'047.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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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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27.09.2013

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

CAPITAL GROUP COMPAN n/a ULT-AGG 14'632'128 6.99 - 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 14'411'293 6.89 52'988 23.09.2013 Investment Advisor

THORNBURG INVESTMENT n/a Research 10'057'706 4.81 - 10.05.2013 Investment Advisor

ROYAL BANK OF SCOTLA n/a Research 9'347'766 4.47 - 23.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 4'886'922 2.34 - 31.12.2012 Government

DEUTSCHE BANK AG n/a ULT-AGG 3'827'742 1.83 9'596 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 3'592'510 1.72 (359'040) 30.06.2013 Unclassified

FMR LLC n/a ULT-AGG 3'542'843 1.69 144'194 31.07.2013 Investment Advisor

UBS AG n/a ULT-AGG 3'121'077 1.49 11'113 28.06.2013 Unclassified

INVESCO LTD n/a ULT-AGG 2'725'139 1.3 30'371 24.09.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'769'586 0.85 24'436 28.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'667'034 0.8 75'000 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'453'723 0.69 18'626 31.07.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'175'770 0.56 (69'440) 30.04.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'154'890 0.55 1'154'890 30.06.2013 Investment Advisor

LANSDOWNE PARTNERS n/a Short (1'025'159) -0.49 41'844 02.09.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 840'376 0.4 (140'000) 30.04.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 758'189 0.36 658'995 31.07.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 636'863 0.3 - 24.09.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Equinet Institutional Services(ESN) INGBERT FAUST accumulate 4 M 85 12 month 25.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 92 Not Provided 24.09.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 77 Not Provided 23.09.2013

Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 100 12 month 23.09.2013

Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 23.09.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 83 6 month 23.09.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 96 6 month 20.09.2013

Deutsche Bank MICHAEL KUHN hold 3 M 82 12 month 20.09.2013

Nord/LB JULIA SIEKMANN buy 5 M 92 12 month 20.09.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 104 12 month 20.09.2013

Baader Bank VOLKER BOSSE buy 5 M 95 12 month 20.09.2013

UBS FRED SPEIRS buy 5 M 90 12 month 20.09.2013

JPMorgan CHIARA BATTISTINI overweight 5 M 90 15 month 20.09.2013

Raymond James CEDRIC LECASBLE outperform 5 M 87 12 month 20.09.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 85 12 month 20.09.2013

Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 103 12 month 20.09.2013

National Bank AG MARKUS GLOCKENMEIER sell 1 M #N/A N/A Not Provided 20.09.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 85 12 month 20.09.2013

Kepler Cheuvreux JUERGEN KOLB buy 5 M 91 Not Provided 20.09.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 93 6 month 20.09.2013

Nomura CHRISTOPHER WALKER buy 5 M 95 12 month 20.09.2013

S&P Capital IQ WILLIAM MACK strong buy 5 M 98 12 month 20.09.2013

DZ Bank AG HERBERT STURM buy 5 M 87 Not Provided 20.09.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 105 12 month 20.09.2013

Exane BNP Paribas ANDREAS INDERST outperform 5 M 96 Not Provided 20.09.2013

Barclays JULIAN EASTHOPE overweight 5 M 95 Not Provided 20.09.2013

Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 90 Not Provided 20.09.2013

Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 90 12 month 19.09.2013

Berenberg Bank JOHN GUY buy 5 M 96 Not Provided 16.09.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013

Equita SIM SpA FABIO FAZZARI hold 3 M 80 Not Provided 13.09.2013

HSBC ERWAN RAMBOURG overweight 5 M 95 Not Provided 12.09.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 13.08.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 96 Not Provided 12.08.2013

ISI Group OMAR SAAD neutral 3 M 90 Not Provided 10.08.2013

Bankhaus Lampe MICHAEL GORNY hold 3 M 84 Not Provided 09.08.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 91 12 month 09.08.2013

SRH AlsterResearch NEIL SCHMODDE buy 5 M 108 12 month 09.08.2013

Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 73 12 month 08.08.2013

KochBank Research MARK JOSEFSON buy 5 N 94 Not Provided 25.06.2013

Hammer Partners SA STEPHAN SEIP buy 5 M 104 Not Provided 17.06.2013

Bank of Valletta TEAM COVERAGE overweight 5 N 97 Not Provided 16.04.2013

Holdings By:

Adidas AG ee


27.09.2013

ADVA AG Optical Networking designs, develops, and manufactures optical

networking products. The Company's products include wave length division

multiplexing (WDM) communications systems, high-speed fiber optic converters,

EDFA modules, and all-optical switches. ADVA's products are used in high-speed

centralized data storage and disaster recovery.


LTM as of: 06/yy

52-Week High (17.10.2012) 5.42

52-Week Low (29.04.2013) 3.45

Daily Volume

4.667





223.84 1 Yr Total Return -8.40%

Total Debt 29.03 YTD Return 17.26%


Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 70.27 Consensus Rating 3.000

Enterprise Value 183.53

Average Volume 5 Day 226'289

ADV GY EQUITY YTD Change - Average Volume 30 Day 154'744

ADV GY EQUITY YTD % CHANGE - Average Volume 3 Month 132'053


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

217.7 232.8 291.7 310.9 330.1 330.3 317.9 325.3 350.3 88.8 -

0.18x 0.40x 0.86x 0.46x 0.45x 1.96x 1.97x 0.57x 0.50x - -

12.3 20.3 30.0 37.6 45.1 45.6 37.3 38.7 44.6 12.8 -

3.17x 4.64x 8.40x 3.77x 3.30x 3.36x 3.88x 4.74x 4.11x - -

(8.9) 1.3 7.0 16.9 16.7 27.6 8.5 6.3 10.1 - -

- 84.33x 39.07x 10.07x 11.37x 6.90x 22.29x 31.97x 21.61x - -

EBITDA 45.12 Long-Term Rating Date -

EBIT 18.83 Long-Term Rating -





Return on Capital 5.11% EBITDA/Interest Exp. 34.15


Net Debt/EBITDA -1.08


EBITDA Margin 11.7%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ADVA Optical Networking SEPrice/Volume

Valuation Analysis

113'926.00


'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

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27.09.2013


EGORA GROUP n/a Co File 8'655'909 18.05 - 31.12.2012 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 3'775'000 7.87 (225'000) 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 1'049'478 2.19 (33) 31.07.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 876'948 1.83 876'948 28.03.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 761'697 1.59 34'662 31.05.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 482'788 1.01 (431) 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.94 - 28.03.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 395'500 0.82 (4'200) 28.06.2013 Investment Advisor

PROTIVA ERIC V n/a Co File 320'000 0.67 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 298'620 0.62 (5'063) 23.09.2013 Investment Advisor

PROTIVA BRIAN n/a Co File 294'030 0.61 - 31.12.2012 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 186'356 0.39 93 28.03.2013 Investment Advisor

DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 135'747 0.28 15'169 31.05.2013 Investment Advisor

UBS AG n/a ULT-AGG 109'745 0.23 (50'000) 31.05.2013 Unclassified

SKANDIA FONDER AB Multiple Portfolios MF-AGG 106'169 0.22 12'553 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 82'567 0.17 - 30.04.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'037 0.17 (63'310) 30.04.2013 Investment Advisor

KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 66'118 0.14 2'666 28.03.2013 Investment Advisor

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 62'600 0.13 10'500 30.04.2012 Investment Advisor

ACOMEA SGR Multiple Portfolios MF-AGG 50'500 0.11 - 31.07.2013 Investment Advisor


Berenberg Bank ALI FARID KHWAJA hold 3 D 5 Not Provided 24.09.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 4 Not Provided 20.09.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 20.09.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.08.2013

Deutsche Bank BENJAMIN KOHNKE hold 3 M 5 12 month 22.07.2013

Close Brothers Equity Markets VEYSEL TAZE buy 5 M 5 12 month 18.07.2013

WestLB Equity Markets THOMAS LANGER neutral 3 M #N/A N/A Not Provided 25.04.2012

Holdings By:

ADVA Optical Networking SE ee


27.09.2013

Carl Zeiss Meditec AG provides complete system solutions in the field of

medical technology for ophthalmology. The Company's products include screening,

diagnostic, and therapeutic systems for the treatment of vision defects,

cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates

worldwide with subsidiaries in the USA and Japan.


LTM as of: 06/yy

52-Week High (15.07.2013) 26.89

52-Week Low (26.09.2012) 18.84

Daily Volume

22.25





1'809.14 1 Yr Total Return 19.72%







AFX GY EQUITY YTD Change - Average Volume 30 Day 48'861

AFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 41'660


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

600.2 640.1 676.7 758.8 861.9 834.1 880.1 892.7 954.7 234.5 -

1.13x 1.17x 1.00x 1.26x 1.94x 5.93x 8.72x 1.77x 1.61x - -

80.9 92.4 107.7 122.5 140.8 135.4 143.8 149.3 163.7 42.0 -

8.40x 8.13x 6.29x 7.81x 11.90x 10.50x 14.73x 12.46x 11.36x - -

54.0 50.5 54.9 66.9 71.9 70.8 85.2 89.2 93.8 23.3 -

15.30x 17.74x 16.88x 16.27x 22.55x 21.61x 24.46x 20.34x 19.25x - -











EBITDA Margin 16.3%



Asset Turnover 0.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Carl Zeiss Meditec AGPrice/Volume

Valuation Analysis

36'147.00


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100.0

200.0

300.0

400.0

500.0

600.0

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27.09.2013


CARL ZEISS AG n/a Co File 52'851'241 65 - 30.09.2012 Corporation


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'500'000 1.84 (600'000) 31.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 662'129 0.81 7'400 30.06.2013 Investment Advisor

ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 576'659 0.71 - 30.09.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 471'552 0.58 - 31.12.2012 Government

SEB n/a ULT-AGG 461'827 0.57 5'829 28.03.2013 Unclassified

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.37 - 28.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 269'630 0.33 269'630 31.12.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 235'266 0.29 35'435 30.08.2013 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 207'008 0.25 (10'000) 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 174'805 0.21 - 30.06.2013 Unclassified

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 163'830 0.2 - 28.03.2013 Investment Advisor


ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 150'000 0.18 - 31.07.2013 Insurance Company

GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 145'234 0.18 10'984 28.03.2013 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 130'150 0.16 (437'918) 30.06.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 122'190 0.15 - 30.06.2013 Investment Advisor

BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 79'145 0.1 (35'070) 30.03.2012 Investment Advisor

SEBINVEST A/S Multiple Portfolios MF-AGG 78'959 0.1 - 30.06.2013 Investment Advisor


Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 30.08.2013

Nord/LB HOLGER FECHNER buy 5 M 28 12 month 27.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 26.08.2013

DZ Bank AG SVEN OLAF KUERTEN sell 1 M 19 Not Provided 20.08.2013

Jefferies INGEBORG OIE underperform 1 D 20 12 month 16.08.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 27 12 month 15.08.2013

Kepler Cheuvreux OLIVER REINBERG reduce 2 M 21 Not Provided 15.08.2013

Montega THOMAS RAU buy 5 M 29 12 month 15.08.2013

Deutsche Bank GUNNAR ROMER hold 3 M 23 12 month 14.08.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 24 9 month 14.08.2013

HSBC HENDRIK LOFRUTHE underweight 1 M 22 Not Provided 14.08.2013

Berenberg Bank SCOTT BARDO buy 5 M 26 Not Provided 14.08.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 24 Not Provided 14.05.2013

Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 25 6 month 07.05.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 16 12 month 09.12.2011

GSC Research MATTHIAS WAHLER sell 1 M #N/A N/A Not Provided 22.04.2010

Holdings By:

Carl Zeiss Meditec AG ee


27.09.2013

Aixtron SE engineers and manufactures metal organic chemical vapor deposition

(MOCVD) equipment for the semiconductor industry. The Company's customers use

its equipment to produce compound semiconductor layer structures for use in

LED, laser, solar cell, transistor, telecommunications, and other applications.

Aixtron markets its products worldwide.


LTM as of: 06/yy

52-Week High (31.05.2013) 13.89

52-Week Low (12.12.2012) 8.38

Daily Volume

13.005





1'329.52 1 Yr Total Return 20.19%







AIXA GY EQUITY YTD Change - Average Volume 30 Day 380'821

AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 426'185


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

274.4 302.9 783.8 611.0 227.8 318.1 225.3 226.3 373.4 57.4 71.1

1.30x 6.73x 3.03x 1.14x 3.01x 10.73x 15.69x 5.09x 3.07x 19.43x 15.61x

43.2 75.3 288.9 127.3 (108.6) (36.4) (166.2) (69.0) 50.3 (2.2) 2.4

8.24x 27.09x 8.23x 5.47x - 0.00x 0.00x - 22.04x 78.55x 36.01x

23.0 44.8 192.5 79.5 (145.4) (34.8) (209.3) (83.7) 27.5 (5.6) (0.6)

18.31x 47.96x 14.30x 12.47x - 0.00x 0.00x - 45.79x 684.47x 120.42x

EBITDA -108.64 Long-Term Rating Date -

EBIT -125.28 Long-Term Rating -

Operating Margin -54.99% Long-Term Outlook -

Pretax Margin -57.03% Short-Term Rating Date -

Return on Assets -34.88% Short-Term Rating -

Return on Common Equity -43.16%

Return on Capital - EBITDA/Interest Exp. -3746.07

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4289.79

Net Debt/EBITDA -


EBITDA Margin -73.8%

EBIT Margin -81.5% Total Debt/Equity 0.0%

Net Income Margin -63.8% Total Debt/Capital 0.0%

Asset Turnover 0.38







Fiscal Year Ended

Aixtron SEPrice/Volume

Valuation Analysis

283'523.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-3

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



27.09.2013


CAMMA GMBH n/a 20F 7'650'000 7.48 - 28.02.2013 Corporation

ALLIANZ GLOBAL INVES n/a Research 5'102'037 4.99 - 17.07.2013 Investment Advisor

BAILLIE GIFFORD AND n/a Research 5'093'343 4.98 - 29.04.2013 Investment Advisor


VANGUARD GROUP INC n/a ULT-AGG 3'970'269 3.88 (486) 30.06.2013 Unclassified

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'460'000 3.38 (10'000) 31.05.2013 Investment Advisor

GENERATION INVESTMEN n/a 20F 3'089'151 3.02 - 31.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'818'556 2.76 - 31.05.2013 Investment Advisor


UBS AG n/a ULT-AGG 2'157'086 2.11 - 16.08.2013 Unclassified

AQR CAPITAL MANAGEME n/a Short (1'921'736) -1.88 112'442 23.09.2013 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'037'338 1.01 (142'747) 30.06.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'007'257 0.99 (116'049) 28.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 963'786 0.94 (76'512) 31.07.2013 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (909'758) -0.89 91'998 16.09.2013 Hedge Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 895'479 0.88 (290'555) 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 873'820 0.85 (29'879) 31.08.2013 Investment Advisor

SCHINDELHAUER KIM n/a 20F 766'500 0.75 - 31.01.2013 n/a

SAEMOR CAPITAL BV n/a Short (643'986) -0.63 161'616 18.09.2013 Investment Advisor

BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 608'594 0.6 608'594 30.06.2013 Investment Advisor


Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 23.09.2013

Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 17 12 month 11.09.2013

Exane BNP Paribas GERHARD ORGONAS outperform 5 M 15 Not Provided 10.09.2013

Natixis MAXIME MALLET buy 5 M 15 Not Provided 02.09.2013

Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 12 6 month 29.08.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 28.08.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 10 12 month 31.07.2013

Equinet Institutional Services(ESN) ADRIAN PEHL sell 1 M 7 12 month 30.07.2013

Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 29.07.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 29.07.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 29.07.2013

Societe Generale PETER KNOX sell 1 M 9 12 month 26.07.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 13 12 month 26.07.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 3 month 26.07.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 26.07.2013

Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 26.07.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 26.07.2013

Barclays ANDREW M GARDINER equalweight 3 M 12 Not Provided 26.07.2013

SRH AlsterResearch DANIEL PAWLOWSKI sell 1 M 10 12 month 26.07.2013

HSBC CHRISTIAN DOMINIK RATH neutral 3 M 13 Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER sell 1 M 11 Not Provided 25.07.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 25.07.2013

M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 25.07.2013

Berenberg Bank ALI FARID KHWAJA hold 3 M 9 Not Provided 25.07.2013

Kepler Cheuvreux BERND LAUX hold 3 U 12 Not Provided 25.07.2013

DZ Bank AG HARALD SCHNITZER sell 1 M 10 Not Provided 25.07.2013

UBS DAVID MULHOLLAND neutral 3 M 13 12 month 22.07.2013

Close Brothers Equity Markets VEYSEL TAZE sell 1 M 10 12 month 15.07.2013

Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 13.05.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011

Holdings By:

Aixtron SE ee


27.09.2013

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

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

travel insurance, and fund management services.


LTM as of: 06/yy

52-Week High (22.05.2013) 122.10

52-Week Low (11.10.2012) 90.36

Daily Volume

118





53'802.10 1 Yr Total Return 28.40%



Minority Interest 2'665.0 Analyst Recs 39




ALV GY EQUITY YTD Change - Average Volume 30 Day 1'676'291

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'680'870


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

76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0

0.62x 0.64x 0.57x 0.50x 0.60x 2.07x 2.31x 0.67x 0.65x - -

- - - - - 0.0 0.0 - - - -

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

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'867.7 6'016.0 1'230.5 1'430.5

8.51x 8.37x 7.94x 13.13x 4.62x 10.58x 4.64x 9.02x 8.76x - -

EBITDA - Long-Term Rating Date 27.01.2012

EBIT - Long-Term Rating AA

Operating Margin 10.61% Long-Term Outlook STABLE

Pretax Margin 8.95% Short-Term Rating Date 23.03.2009

Return on Assets 0.86% Short-Term Rating A-1+


Return on Capital 10.33% EBITDA/Interest Exp. -

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

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 36.6%


Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 2.82% Inventory Days -

Tot Debt to Common Equity 36.55% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

1'034'967.00


'

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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

'!''

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27.09.2013


BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 23.09.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 30.06.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 5'480'394 1.2 122'040 30.06.2013 Unclassified

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'802'438 1.05 4'701'470 24.09.2013 Investment Advisor


SOCIETE GENERALE SA n/a Research 4'300'429 0.94 - 16.05.2013 Unclassified


MORGAN STANLEY n/a ULT-AGG 3'878'270 0.85 (1'408) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'687'392 0.81 (372'988) 31.07.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'208'800 0.7 159'500 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'513 0.58 (1'139'274) 31.07.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'237'563 0.49 95'282 31.08.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'169'864 0.48 107'355 31.08.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'123'409 0.47 135'080 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'054'950 0.45 (153'200) 30.06.2013 Investment Advisor


FIL LIMITED n/a ULT-AGG 1'816'092 0.4 (2'277'427) 30.04.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'718'151 0.38 12'000 31.05.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'589'980 0.35 - 31.07.2013 Investment Advisor


JPMorgan MICHAEL HUTTNER overweight 5 M 140 3 month 24.09.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 23.09.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 20.09.2013


AlphaValue DIETER HEIN add 4 M 132 6 month 19.09.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 118 12 month 18.09.2013

Oddo & Cie NICOLAS JACOB buy 5 M 130 12 month 18.09.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 151 12 month 17.09.2013

Nomura MICHAEL KLIEN buy 5 M 140 12 month 13.09.2013

Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 09.09.2013

Helvea DANIEL BISCHOF buy 5 M 128 12 month 09.09.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 110 12 month 03.09.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 140 Not Provided 03.09.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 22.08.2013

Societe Generale NICK HOLMES hold 3 M 125 12 month 09.08.2013

Berenberg Bank PETER ELIOT buy 5 M 144 Not Provided 06.08.2013

Credit Suisse RICHARD BURDEN neutral 3 M 132 Not Provided 05.08.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 140 12 month 05.08.2013

HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 05.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 05.08.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 110 12 month 05.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 05.08.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 130 12 month 05.08.2013


RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 02.08.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 02.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 125 Not Provided 02.08.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 145 12 month 02.08.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 02.08.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 134 Not Provided 02.08.2013

Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013

Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013

Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013

Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013

Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013

Holdings By:

Allianz SE ee


27.09.2013

Aareal Bank AG offers structured real estate financing, property management,

and information technology consulting services for the real estate industry.

Aareal operates in Europe and North America.


LTM as of: 06/yy

52-Week High (19.09.2013) 23.33

52-Week Low (16.11.2012) 15.21

Daily Volume

21.985





1'315.96 1 Yr Total Return 30.75%







ARL GY EQUITY YTD Change - Average Volume 30 Day 164'956

ARL GY EQUITY YTD % CHANGE - Average Volume 3 Month 172'555


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

2'239.0 1'398.0 1'105.0 1'347.0 1'184.0 1'330.0 1'087.0 668.7 707.0 141.0 147.0

13.32x 19.92x 25.94x 21.00x 22.37x 86.25x 88.60x - - - -

1'787.0 815.0 588.0 787.0 683.0 0.0 0.0 - - - -

16.69x 34.18x 48.75x 35.94x 38.77x 0.00x 0.00x - - - -

47.0 49.0 76.0 114.0 105.0 113.0 103.0 97.5 121.2 26.0 31.0

5.23x 11.63x 12.81x 6.63x 8.98x 6.43x 10.45x 13.36x 10.52x - -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02

Current Ratio - Net Fixed Asset Turnover 10.66






Fiscal Year Ended

Aareal Bank AGPrice/Volume

Valuation Analysis

106'831.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

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27.09.2013


AAREAL HOLDING VERWA n/a Co File 17'298'731 28.9 - 31.12.2012 Holding Company


DIMENSIONAL FUND ADV n/a ULT-AGG 1'851'808 3.09 - 30.04.2013 Investment Advisor

NORGES BANK n/a Research 1'820'551 3.04 - 14.02.2013 Government

FMR LLC n/a ULT-AGG 1'801'832 3.01 - 30.07.2013 Investment Advisor


DWS INVESTMENT GMBH n/a Research 1'729'068 2.89 - 27.02.2012 Investment Advisor



FIL LIMITED n/a ULT-AGG 1'246'763 2.08 (279'431) 31.12.2012 Investment Advisor

UNIVERSAL INVESTMENT n/a Research 1'184'258 1.98 - 17.12.2012 Investment Advisor


MAINFIRST SICAV Multiple Portfolios MF-AGG 961'233 1.61 5'000 28.02.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 392'000 0.65 316'567 31.05.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 329'891 0.55 - 30.06.2013 Investment Advisor

LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 308'000 0.51 - 31.05.2013 Investment Advisor

MARSHALL WACE LLP n/a Short (293'300) -0.49 23'943 18.02.2013 Hedge Fund Manager

VANGUARD GROUP INC n/a ULT-AGG 284'993 0.48 19'238 30.06.2013 Unclassified

ACTIVEST MUNICH Multiple Portfolios MF-AGG 280'359 0.47 8'665 30.04.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 251'860 0.42 - 28.03.2013 Investment Advisor


Societe Generale PHILIP RICHARDS hold 3 M 20 12 month 17.09.2013

EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 27.08.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 26 12 month 20.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 24 6 month 14.08.2013

Independent Research GmbH STEFAN BONGARDT hold 3 D 23 12 month 14.08.2013

Deutsche Bank BENJAMIN GOY buy 5 M 25 12 month 13.08.2013

Nord/LB MICHAEL SEUFERT hold 3 D 23 12 month 13.08.2013

HSBC JOHANNES THORMANN neutral 3 M 23 Not Provided 13.08.2013

Landesbank Baden-Wuerttemberg MARTIN PETER hold 3 D 22 Not Provided 13.08.2013

M.M. Warburg Investment Research ANDREAS PLAESIER hold 3 M 22 12 month 13.08.2013

Kepler Cheuvreux DIRK BECKER buy 5 M 28 Not Provided 13.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 D 21 Not Provided 13.08.2013

DZ Bank AG CHRISTOPH BAST hold 3 M 21 Not Provided 13.08.2013

Holdings By:

Aareal Bank AG ee


27.09.2013

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

Plastics, Performance Products, Functional Solutions, Agricultural Solutions

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

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

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


LTM as of: 06/yy

52-Week High (04.06.2013) 76.39

52-Week Low (24.10.2012) 62.05

Daily Volume

72.15





66'268.24 1 Yr Total Return 10.17%







BAS GY EQUITY YTD Change - Average Volume 30 Day 2'627'891

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'878'870


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

62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 75'082.0 74'151.8 71'008.5 17'801.3 18'402.5

0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.02x 1.07x 1.09x 4.50x 4.29x

10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 9'857.0 10'139.1 10'866.0 2'234.0 2'311.7

3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 7.79x 7.84x 7.32x - -

2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'532.0 4'787.6 5'244.7 1'013.0 1'145.0

8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.00x 13.47x 12.27x - -

EBITDA 9'669.00 Long-Term Rating Date 10.05.2011

EBIT 6'381.00 Long-Term Rating A+



Return on Assets 7.13% Short-Term Rating A-1






EBITDA Margin 13.1%



Asset Turnover 1.18







Fiscal Year Ended

BASF SEPrice/Volume

Valuation Analysis

1'466'911.00


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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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!''

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27.09.2013




CAPITAL GROUP COMPAN n/a ULT-AGG 16'676'000 1.82 3'046'200 30.06.2013 Investment Advisor

SEB AG n/a Research 12'879'295 1.4 - 29.04.2013 Unclassified




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'248'759 0.79 (222'398) 24.09.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'377'307 0.69 (439'057) 31.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'258'389 0.68 (27'981) 31.08.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 3'224'267 0.35 (3'152'762) 31.08.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'179'430 0.35 45'000 31.05.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 3'111'311 0.34 (637'860) 31.08.2013 Unclassified


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'812'432 0.31 (569) 23.09.2013 Investment Advisor

UBS AG n/a ULT-AGG 2'770'972 0.3 (32'869) 24.09.2013 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'458'610 0.27 23'000 31.05.2013 Investment Advisor

SEB n/a ULT-AGG 2'086'640 0.23 248'150 30.04.2013 Unclassified

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 2'024'615 0.22 196'938 31.07.2013 Insurance Company


UBS THOMAS GILBERT neutral 3 M 75 12 month 23.09.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 75 12 month 23.09.2013

Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 20.09.2013

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 19.09.2013

AlphaValue MARTIN SCHNEE reduce 2 M 70 6 month 19.09.2013

Baader Bank NORBERT BARTH buy 5 M 75 12 month 16.09.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 75 Not Provided 16.09.2013

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 15.09.2013

Morgan Stanley PAUL RICHARD WALSH Overwt/In-Line 5 M 78 12 month 13.09.2013

JPMorgan MARTIN EVANS underweight 1 M 54 15 month 13.09.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 13.09.2013

HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 11.09.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 10.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 U 75 12 month 04.09.2013

Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 68 12 month 30.08.2013

Day by Day VALERIE GASTALDY buy 5 U 77 3 month 23.08.2013

Exane BNP Paribas JAMES KNIGHT outperform 5 M 73 Not Provided 22.08.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 15.08.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 80 Not Provided 13.08.2013

Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 78 6 month 29.07.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 78 Not Provided 29.07.2013

DZ Bank AG PETER SPENGLER buy 5 M 81 Not Provided 29.07.2013

Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 26.07.2013

Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013

Nord/LB THORSTEN STRAUSS hold 3 M 70 12 month 25.07.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013

S&P Capital IQ JACOB THRANE hold 3 M 72 12 month 25.07.2013

Main First Bank AG RONALD KOEHLER outperform 5 U 75 12 month 01.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013

Gilford Securities PAUL C CHRISTOPHERSON neutral 3 U #N/A N/A Not Provided 08.04.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013

National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012

Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

BASF SE ee


27.09.2013

Bayer AG produces and markets healthcare and agricultural products, and

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

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

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

protection products, plastics, and polyurethanes.


LTM as of: 06/yy

52-Week High (06.08.2013) 91.03

52-Week Low (15.11.2012) 64.65

Daily Volume

86.41





71'456.56 1 Yr Total Return 29.44%







BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'852'729

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'911'962


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

32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 40'846.7 43'095.1 9'972.8 10'369.0

1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.91x 1.75x - -

6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 9'296.0 8'519.5 9'378.8 1'848.0 2'050.5

6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.24x 9.42x 8.56x - -

1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'587.0 5'221.9 847.5 1'094.0

18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 15.04x 13.33x - -


EBIT 6'041.00 Long-Term Rating A-

Operating Margin 15.19% Long-Term Outlook POS








EBITDA Margin 23.2%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bayer AGPrice/Volume

Valuation Analysis

997'536.00


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

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2!' F

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4!' F

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




SEB n/a ULT-AGG 41'431'997 5.01 (196'834) 26.04.2013 Unclassified


CREDIT SUISSE GROUP n/a Research 20'623'972 2.49 - 15.05.2013 Unclassified




DODGE & COX Multiple Portfolios MF-AGG 10'591'070 1.28 (288'800) 30.06.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 10'532'903 1.27 372'207 31.07.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'636'225 0.8 (16'489) 24.09.2013 Investment Advisor






T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'999'285 0.48 80'895 30.06.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'467'578 0.42 (737'769) 24.09.2013 Investment Advisor


Helvea ODILE RUNDQUIST hold 3 M 90 12 month 23.09.2013

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 78 12 month 19.09.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 94 Not Provided 19.09.2013


Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 94 Not Provided 16.09.2013

Barclays MARK PURCELL equalweight 3 M 85 Not Provided 16.09.2013

Bryan Garnier & Cie MARTIAL DESCOUTURES buy 5 M 98 6 month 12.09.2013

Jefferies JEFFREY HOLFORD buy 5 M 98 12 month 10.09.2013

Deutsche Bank TIM RACE buy 5 M 99 12 month 04.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 98 12 month 04.09.2013

Societe Generale STEPHEN MCGARRY sell 1 M 79 12 month 27.08.2013




Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 95 12 month 14.08.2013


Berenberg Bank ALISTAIR CAMPBELL hold 3 D 97 Not Provided 06.08.2013

Kepler Cheuvreux FABIAN WENNER hold 3 M 84 Not Provided 03.08.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 97 6 month 02.08.2013

Goldman Sachs STEVE CHESNEY Buy/Neutral 5 M 105 12 month 02.08.2013

Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 01.08.2013

JPMorgan RICHARD VOSSER overweight 5 M 100 9 month 01.08.2013


Natixis BEATRICE MUZARD buy 5 M 98 Not Provided 01.08.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 01.08.2013

Nord/LB THORSTEN STRAUSS sell 1 M 69 12 month 31.07.2013

M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 31.07.2013


S&P Capital IQ SHO MATSUBARA buy 5 M 96 12 month 31.07.2013

Main First Bank AG RONALD KOEHLER outperform 5 M 90 12 month 01.07.2013

Ahorro Corporacion Financiera SA JOSE VALLE buy 5 M 91 Not Provided 24.06.2013

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

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

Nomura JEAN DE WATTEVILLE not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013


UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013

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

Holdings By:

Bayer AG ee


27.09.2013

BB Biotech AG is an investment company. The Company invests in biotech companies

that operate in areas that include oncology, cardiovascular diseases,

infectious diseases and autoimmune diseases.

Latest Fiscal Year: -

LTM as of: 03/yy

52-Week High (19.09.2013) 104.80

52-Week Low (09.11.2012) 66.85

Daily Volume

104



% 52 Week Price Range High/Low 96.84% Equity Float -


1'352.00 1 Yr Total Return 38.06%

Total Debt - YTD Return 49.34%

Preferred Stock - Adjusted BETA 0.683

Minority Interest - Analyst Recs 5

Cash and Equivalents - Consensus Rating 4.600



BBZA GY EQUITY YTD Change - Average Volume 30 Day 16'981

BBZA GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'732


31.12.2003 31.12.2004 31.12.2005 31.12.2006 31.12.2007 03/yy 03/yy 12/08 Y 12/09 Y - -

192.6 215.8 332.2 317.6 (211.4) 0.0 43.7 - - - -

8.65x 7.62x 6.74x 7.24x - #DIV/0! 30.50x - - - -

- - - - - 0.0 0.0 - - - -

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

179.3 202.8 318.0 297.4 (265.4) 0.0 39.6 - - - -

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

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets - Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. -

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

Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin - Total Debt/Equity -

Net Income Margin - Total Debt/Capital -

Asset Turnover -



Debt to Assets - Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BB Biotech AGPrice/Volume

Valuation Analysis

12'395.00


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-400.0

-200.0

0.0

200.0

400.0

600.0

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1'400.0

1'600.0

1'800.0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

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27.09.2013


BANK OF NEW YORK MEL n/a EXCH 1'247'797 9.6 (26'265) 19.06.2013 Investment Advisor

NEWTON INVESTMENT MA n/a EXCH 1'179'207 9.07 - 30.08.2013 Investment Advisor

BIOTECH TARGET NV #N/A N/A EXCH 342'246 2.63 (99'999) 20.09.2013 Other

DEUTSCHE BANK AG n/a ULT-AGG 190'000 1.46 - 31.05.2013 Investment Advisor



FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 64'000 0.49 - 31.05.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 54'781 0.42 2'145 31.08.2013 Unclassified

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 42'504 0.33 31'715 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 36'490 0.28 32'729 30.04.2013 Investment Advisor

OFI ASSET MGMT Multiple Portfolios MF-AGG 21'250 0.16 (8'750) 31.05.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 15'260 0.12 - 31.07.2013 Investment Advisor

HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 12'500 0.1 500 31.07.2013 Investment Advisor

HANSAINVEST GMBH Multiple Portfolios MF-AGG 10'549 0.08 7'999 31.05.2013 Investment Advisor

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 10'500 0.08 10'500 30.06.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 10'000 0.08 - 28.03.2013 Investment Advisor

HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 10'000 0.08 - 29.06.2012 Investment Advisor

BAYERNINVEST LUXEMBO Multiple Portfolios MF-AGG 9'764 0.08 3'964 28.03.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 5'916 0.05 369 31.07.2013 Investment Advisor

BNY MELLON SERVICE K Multiple Portfolios MF-AGG 5'798 0.04 - 30.08.2013 Investment Advisor


Deutsche Bank HOLGER BLUM buy 5 M 133 12 month 13.08.2013

Equinet Institutional Services(ESN) MARIETTA MIEMIETZ buy 5 M 115 12 month 22.07.2013

Close Brothers Equity Markets IVO VISIC buy 5 M 111 12 month 19.07.2013


Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 108 12 month 25.03.2013

Holdings By:

BB Biotech AG ee


27.09.2013

Bechtle AG retails computer and office supplies. The Company markets personal

computers, workstations, computer peripherals, mobile devices, computer

software, computer networking products, presentation equipment, paper, computer

consumables, office furniture, and telecommunications equipment. Bechtle sells

its products through its catalog and Internet website.


LTM as of: 06/yy

52-Week High (06.03.2013) 39.30

52-Week Low (16.11.2012) 26.75

Daily Volume

37.705





791.81 1 Yr Total Return 26.44%







BC8 GY EQUITY YTD Change - Average Volume 30 Day 19'191

BC8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 17'013


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

1'431.5 1'379.3 1'722.9 1'994.9 2'096.8 2'064.7 2'146.4 2'207.9 2'327.0 527.0 642.0

0.16x 0.23x 0.31x 0.25x 0.29x 1.11x 1.26x 0.33x 0.29x - -

72.8 56.2 74.0 100.3 102.3 102.6 99.5 104.7 115.4 - -

3.09x 5.55x 7.12x 5.04x 5.90x 6.01x 7.35x 7.53x 6.83x - -

45.4 34.3 46.4 62.7 56.6 58.1 53.9 59.6 67.5 12.6 23.7

6.37x 11.46x 13.12x 8.76x 11.39x 10.50x 13.62x 13.10x 11.57x - -











EBITDA Margin 4.6%



Asset Turnover 2.75







Fiscal Year Ended

Bechtle AGPrice/Volume

Valuation Analysis

5'619.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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!' F

!' F

!- F

!- F

!- F

!- F

!- F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

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27.09.2013


SCHICK KARIN n/a Co File 7'353'287 35.02 - 31.12.2012 n/a

FLOSSBACH VON STORCH n/a Research 2'114'862 10.07 - 01.01.2013 Investment Advisor


GOVERNMENT OF NORWAY n/a Research 905'807 4.31 - 03.07.2013 Government

DEUTSCHE BANK AG n/a ULT-AGG 830'500 3.95 (107'203) 31.07.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 628'440 2.99 23'599 30.04.2013 Unclassified


MORGAN STANLEY n/a ULT-AGG 523'586 2.49 - 20.06.2013 Investment Advisor



DIMENSIONAL FUND ADV n/a ULT-AGG 114'011 0.54 483 30.04.2013 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 101'428 0.48 36'428 30.06.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 86'937 0.41 (182) 30.06.2013 Unclassified

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 73'900 0.35 - 28.06.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 64'422 0.31 15'075 31.05.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 50'000 0.24 - 31.05.2013 Investment Advisor

DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 42'000 0.2 - 28.12.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 41'000 0.2 - 28.02.2013 Investment Advisor


M.M. Warburg Investment Research ANDREAS WOLF buy 5 U 43 12 month 29.08.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 39 6 month 28.08.2013

Deutsche Bank UWE SCHUPP hold 3 M 35 12 month 15.08.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 39 12 month 15.08.2013

DZ Bank AG JASKO TERZIC buy 5 M 45 Not Provided 15.08.2013

Landesbank Baden-Wuerttemberg THOMAS HOFMANN buy 5 M 40 Not Provided 14.08.2013


Bankhaus Metzler ULRICH TRABERT sell 1 M 33 12 month 14.08.2013

Berenberg Bank BJOERN LIPPE buy 5 M 49 Not Provided 14.08.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.03.2013

GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 16.06.2011

Holdings By:

Bechtle AG ee


27.09.2013

Beiersdorf AG develops, manufactures, and markets personal care, disposable

medical, and adhesive products. The Company produces skin and hair care

products, bandages, surgical gloves, compression stockings, sun block lotion,

fastening systems, masking products, and packaging systems.


LTM as of: 06/yy

52-Week High (02.04.2013) 73.45

52-Week Low (24.10.2012) 55.62

Daily Volume

65.57





16'523.64 1 Yr Total Return 16.52%







BEI GY EQUITY YTD Change - Average Volume 30 Day 392'581

BEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 404'062


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

5'971.0 5'748.0 5'571.0 5'633.0 6'040.0 5'794.0 6'141.0 6'229.9 6'574.4 1'529.4 1'538.6

1.39x 1.54x 1.42x 1.50x 2.05x 6.30x 8.72x 2.32x 2.14x - -

815.0 788.0 876.0 839.0 941.0 860.0 1'000.0 956.1 1'056.8 251.0 218.0

10.15x 11.26x 9.02x 10.10x 13.17x 12.87x 15.35x 15.62x 14.13x 14.54x 14.15x

562.0 374.0 318.0 250.0 442.0 240.0 481.0 526.1 604.8 123.0 121.0

16.94x 27.84x 29.66x 39.84x 31.73x 48.14x 31.71x 28.25x 24.78x 28.81x 27.95x











EBITDA Margin 16.3%



Asset Turnover 1.09







Fiscal Year Ended

Beiersdorf AGPrice/Volume

Valuation Analysis

274'784.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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.!2 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

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27.09.2013


MAXINGVEST AG n/a Co File 127'184'400 50.47 - 31.12.2012 Unclassified

BEIERSDORF AG n/a Co File 25'174'800 9.99 - 31.12.2012 Corporation


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'261'385 0.9 67'456 31.03.2013 Investment Advisor



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'427'260 0.57 500 31.12.2012 Investment Advisor



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 669'621 0.27 80'171 28.03.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 643'097 0.26 19'350 31.05.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 491'959 0.2 (112'631) 31.05.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 422'658 0.17 6'163 31.07.2013 Investment Advisor

FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 386'500 0.15 200'000 31.05.2013 Investment Advisor


FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 333'775 0.13 20'000 31.05.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 315'704 0.13 22'583 30.04.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 303'228 0.12 5'516 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 300'757 0.12 (8'000) 30.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 274'298 0.11 (51'009) 28.06.2013 Investment Advisor


Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 62 12 month 25.09.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 78 Not Provided 25.09.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M #N/A N/A Not Provided 20.09.2013

AlphaValue MARTIN SCHNEE sell 1 M 55 6 month 19.09.2013

Day by Day VALERIE GASTALDY buy 5 M 73 3 month 16.09.2013

Goldman Sachs ROSIE EDWARDS neutral/attractive 3 U 65 12 month 12.09.2013

Natixis PIERRE TEGNER reduce 2 M 61 Not Provided 12.09.2013

Baader Bank CHRISTIAN WEIZ hold 3 M 71 12 month 10.09.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 55 12 month 05.09.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN add 4 M 77 6 month 30.08.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 68 Not Provided 22.08.2013

Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 78 12 month 14.08.2013

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

Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 68 Not Provided 09.08.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 09.08.2013

DZ Bank AG THOMAS MAUL sell 1 M 56 Not Provided 09.08.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 70 12 month 08.08.2013

Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 08.08.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 85 12 month 08.08.2013

Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 52 12 month 08.08.2013

Kepler Cheuvreux CATHERINE ROLLAND hold 3 M 70 Not Provided 08.08.2013

Bryan Garnier & Cie LOIC MORVAN sell 1 M 65 6 month 08.08.2013

Nomura GUILLAUME DELMAS buy 5 M 72 12 month 08.08.2013


Deutsche Bank HAROLD THOMPSON buy 5 M 85 12 month 07.08.2013

Nord/LB JULIA SIEKMANN hold 3 M 68 12 month 07.08.2013

JPMorgan CELINE PANNUTI underweight 1 M 63 15 month 07.08.2013

Independent Research GmbH LARS LUSEBRINK sell 1 D 65 12 month 07.08.2013

Bankhaus Lampe MICHAEL GORNY hold 3 M 71 Not Provided 07.08.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 52 12 month 07.08.2013

S&P Capital IQ CARL SHORT strong buy 5 U 79 12 month 07.08.2013

Barclays IAIN SIMPSON underweight 1 M 58 Not Provided 07.08.2013

Berenberg Bank BASSEL CHOUGHARI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013

HSBC CEDRIC BESNARD underweight 1 M 60 Not Provided 12.07.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 80 12 month 14.06.2013

UBS EVA QUIROGA buy 5 M 75 12 month 19.04.2013

Redburn Partners WILLIAM HOUSTON neutral 3 M #N/A N/A Not Provided 05.12.2012

Holdings By:

Beiersdorf AG ee


27.09.2013

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

motorcycles worldwide. The Company produces everything from convertible sports

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


LTM as of: 06/yy

52-Week High (19.09.2013) 82.44

52-Week Low (01.10.2012) 56.51

Daily Volume

80.55





51'561.33 1 Yr Total Return 41.73%







BMW GY EQUITY YTD Change - Average Volume 30 Day 1'458'080

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'524'828


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

53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 72'391.0 76'451.0 78'452.7 82'545.0 20'993.0 22'876.7

1.19x 1.40x 1.49x 1.31x 1.36x 5.07x 5.27x 0.50x 0.46x - -

4'468.0 9'311.0 12'905.0 15'447.0 16'253.0 16'348.0 16'032.0 12'707.7 13'157.8 - -

14.18x 7.59x 6.99x 5.86x 6.43x 5.77x 6.34x 8.58x 8.29x - -

324.0 204.0 3'227.0 4'881.0 5'096.0 4'596.0 5'173.0 5'234.4 5'359.3 1'396.0 1'530.5

44.10x 102.58x 11.94x 6.95x 9.39x 8.11x 8.54x 10.19x 9.87x - -


EBIT 8'298.00 Long-Term Rating A









EBITDA Margin 21.0%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

818'110.00


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

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!2 F-!' F-!2 F.!' F.!2 F0!' F0!2 F1!' F1!2 F2!' F

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

'!''

.!''

1!''

3!''

5!''

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27.09.2013


QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a

QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2012 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a



CAPITAL GROUP COMPAN n/a ULT-AGG 13'010'155 2.16 (1'906'900) 31.07.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 4'993'700 0.83 4'993'700 30.06.2013 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'045'326 0.67 541'749 30.06.2013 Investment Advisor

WADDELL & REED FINAN n/a ULT-AGG 3'907'100 0.65 (4'537'600) 30.06.2013 Investment Advisor

BESTINVER GESTION SG Multiple Portfolios MF-AGG 3'773'414 0.63 45'105 31.07.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 3'637'639 0.6 27'106 30.04.2013 Investment Advisor








Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 24.09.2013

Barclays KRISTINA CHURCH overweight 5 M 92 Not Provided 23.09.2013

National Bank AG EKKEHARD D LINK buy 5 M 85 Not Provided 20.09.2013


AlphaValue HANS-PETER WODNIOK add 4 M 93 6 month 19.09.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 17.09.2013

Natixis GEORGES DIENG neutral 3 M 77 Not Provided 13.09.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 11.09.2013

Oddo & Cie FRANCOIS MAURY reduce 2 M 63 Not Provided 11.09.2013

Calamatta Cuschieri TEAM COVERAGE overweight 5 M 94 12 month 10.09.2013

JPMorgan JOSE ASUMENDI neutral 3 M 78 15 month 06.09.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 76 Not Provided 06.09.2013

Nomura HARALD C HENDRIKSE buy 5 N 85 Not Provided 05.09.2013

ISI Group ARNDT ELLINGHORST strong buy 5 N 90 12 month 02.09.2013

DZ Bank AG MICHAEL PUNZET buy 5 M 80 Not Provided 27.08.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.08.2013

Baader Bank KLAUS BREITENBACH buy 5 M 80 12 month 08.08.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 08.08.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013

Nord/LB FRANK SCHWOPE sell 1 M 64 12 month 05.08.2013

Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 02.08.2013

Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 02.08.2013

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 01.08.2013

Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 79 12 month 01.08.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 01.08.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 01.08.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 D 68 12 month 01.08.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 01.08.2013

S&P Capital IQ RODERICK BRIDGE buy 5 D 80 12 month 01.08.2013

HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013

Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 83 Not Provided 09.04.2013


Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013

UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Holdings By:

Bayerische Motoren Werke AG ee


27.09.2013

Brenntag AG sells and distributes industrial and specialty chemicals. The

Company also develops and prepares specific chemical compounds and offers

analysis services. Brenntag's customers include oil and gas, paint, cosmetic,

pharmaceutical, and water treatment companies.


LTM as of: 06/yy

52-Week High (07.05.2013) 132.30

52-Week Low (07.11.2012) 90.26

Daily Volume

123.3





6'349.95 1 Yr Total Return 27.09%







BNR GY EQUITY YTD Change - Average Volume 30 Day 75'198

BNR GY EQUITY YTD % CHANGE - Average Volume 3 Month 95'242


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

7'379.6 6'364.6 7'649.1 8'679.3 9'689.9 9'254.5 9'778.0 9'994.3 10'507.8 2'596.0 2'596.0

- - 0.70x 0.60x 0.68x 2.41x 2.93x 0.77x 0.72x - -

481.0 476.8 596.6 657.3 703.3 688.5 681.1 717.0 779.8 187.0 191.0

- - 8.97x 7.92x 9.41x 8.86x 11.13x 11.07x 10.18x - -

(42.1) (0.1) 143.6 277.4 336.2 304.8 314.5 334.8 380.4 87.5 88.9

- - 26.04x 13.35x 15.23x 14.76x 19.08x 18.89x 16.52x - -

EBITDA 703.30 Long-Term Rating Date 09.06.2011

EBIT 570.20 Long-Term Rating BBB-









EBITDA Margin 7.0%



Asset Turnover 1.69







Fiscal Year Ended

Brenntag AGPrice/Volume

Valuation Analysis

29'652.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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-1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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27.09.2013


BLACKROCK n/a ULT-AGG 4'232'259 8.22 (12'936) 23.09.2013 Investment Advisor

THREADNEEDLE n/a ULT-AGG 3'510'607 6.82 270'387 30.06.2013 Unclassified

AMERIPRISE FINANCIAL n/a Co File 2'763'932 5.37 - 01.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a Co File 2'590'260 5.03 - 01.03.2013 Investment Advisor

BANKHAUS LAMPE n/a Research 2'093'922 4.07 - 18.06.2013 Unclassified


UBS AG n/a ULT-AGG 1'654'277 3.21 733 28.06.2013 Unclassified

LONGVIEW PARTNERS (G n/a Co File 1'597'984 3.1 - 01.03.2013 Investment Advisor

MANNING & NAPIER ADV n/a Research 1'552'555 3.01 - 12.06.2013 Investment Advisor

PAULSON & CO n/a Research 1'539'263 2.99 - 21.07.2011 Hedge Fund Manager

ARTISAN PARTNERS HOL n/a Research 1'523'469 2.96 - 05.04.2013 Investment Advisor

T ROWE PRICE ASSOCIA n/a Research 1'508'609 2.93 - 02.04.2013 Investment Advisor

BANK OF NEW YORK MEL n/a Research 1'506'085 2.92 - 24.05.2013 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 867'209 1.68 (48'017) 30.06.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 703'939 1.37 (5'372) 30.06.2013 Investment Advisor




Hauck & Aufhaeuser THOMAS WISSLER hold 3 M 117 12 month 25.09.2013

Credit Suisse ANDY GROBLER outperform 5 M 130 Not Provided 03.09.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN hold 3 M 126 6 month 30.08.2013


EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 15.08.2013




DZ Bank AG THOMAS MAUL sell 1 M 105 Not Provided 09.08.2013

Deutsche Bank ANDY CHU buy 5 M 130 12 month 08.08.2013

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 153 12 month 08.08.2013

UBS RORY MCKENZIE buy 5 M 135 12 month 08.08.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 135 Not Provided 08.08.2013

M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 106 12 month 08.08.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 121 Not Provided 08.08.2013

JPMorgan ROBERT PLANT overweight 5 M 147 6 month 07.08.2013

Main First Bank AG CHRISTIAN KORTH underperform 1 D 112 12 month 07.08.2013

HSBC JESKO MAYER-WEGELIN neutral 3 D 132 Not Provided 01.08.2013

Holdings By:

Brenntag AG ee


27.09.2013

Hugo Boss AG designs, produces, and markets brand name clothing. The Company's

products, which are marketed under branded names are sold through subsidiaries,

franchises, and retail outlets throughout the world. Hugo Boss licenses its

name for eyeglass frames, fragrances, watches, shoes, and leather goods.


LTM as of: 06/yy

52-Week High (19.09.2013) 97.20

52-Week Low (26.09.2012) 65.00

Daily Volume

95.74





6'740.10 1 Yr Total Return 50.89%







BOSS GY EQUITY YTD Change - Average Volume 30 Day 106'175

BOSS GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'544


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

1'686.1 1'561.9 1'729.4 2'058.8 2'345.9 2'206.3 2'379.0 2'497.4 2'714.9 703.5 685.8

1.07x 1.15x 2.10x 1.94x 2.41x 9.05x 9.63x 2.73x 2.49x - -

251.1 227.6 334.9 468.7 526.8 500.0 531.0 571.5 644.7 192.0 157.0

7.16x 7.92x 10.84x 8.54x 10.72x 11.41x 11.44x 12.21x 10.83x - -

112.1 104.0 185.9 284.9 307.4 305.9 307.1 344.7 395.2 116.0 93.2

10.68x 13.48x 18.23x 13.40x 17.93x 17.56x 18.97x 19.23x 16.78x - -











EBITDA Margin 22.3%



Asset Turnover 1.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hugo Boss AGPrice/Volume

Valuation Analysis

42'015.00


'

.'

1'

3'

5'

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n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

-!3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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27.09.2013


RED & BLACK LUX SARL n/a Research 39'424'001 56 - 03.05.2013 Private Equity

HUGO BOSS AG n/a Co File 1'386'880 1.97 - 31.12.2012 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 999'750 1.42 128'019 30.06.2013 Investment Advisor





DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 429'402 0.61 (48'650) 30.04.2013 Investment Advisor


MEDITOR CAPITAL MANA n/a Short (344'960) -0.49 49'280 19.04.2013 Investment Advisor


JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 308'345 0.44 42'457 31.12.2012 Investment Advisor

PICTET FUNDS n/a ULT-AGG 287'884 0.41 1'725 31.05.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 277'642 0.39 68'867 28.06.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 244'529 0.35 37'178 31.05.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 236'225 0.34 1'688 24.09.2013 Investment Advisor



FIDELITY INVESTMENT Multiple Portfolios MF-AGG 159'903 0.23 - 31.12.2012 Investment Advisor


Morgan Stanley TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 24.09.2013

Independent Research GmbH LARS LUSEBRINK hold 3 D 103 12 month 20.09.2013

Societe Generale VISHNU REDDY buy 5 M 110 12 month 18.09.2013

Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER hold 3 D 95 12 month 18.09.2013

Nomura FRASER RAMZAN neutral 3 M 100 12 month 17.09.2013



Deutsche Bank WARWICK OKINES hold 3 M 96 12 month 02.09.2013

Bankhaus Lampe MICHAEL GORNY hold 3 M 92 12 month 27.08.2013



Landesbank Baden-Wuerttemberg Fabian Suessenguth buy 5 M 102 Not Provided 02.08.2013


Berenberg Bank ANNA PATRICE buy 5 M 102 Not Provided 01.08.2013

Close Brothers Equity Markets MARTIN DECOT hold 3 M 94 12 month 01.08.2013

Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 88 12 month 01.08.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 86 6 month 31.07.2013

Nord/LB WOLFGANG VASTERLING buy 5 M 98 12 month 31.07.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 88 Not Provided 31.07.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 93 15 month 31.07.2013


Main First Bank AG MATTHIAS EIFERT outperform 5 M 100 12 month 31.07.2013

Exane BNP Paribas ANDREAS INDERST outperform 5 M 97 Not Provided 31.07.2013

Barclays JULIAN EASTHOPE underweight 1 M 89 Not Provided 31.07.2013

SRH AlsterResearch NEIL SCHMODDE buy 5 N 105 12 month 31.07.2013


BHF-Bank PETER STEINER market weight 3 M 93 12 month 07.05.2013

HSBC ANTOINE BELGE overweight 5 M 110 Not Provided 08.03.2013

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 107 12 month 27.02.2013

UBS FRED SPEIRS buy 5 M 96 12 month 07.02.2013

Hammer Partners SA STEPHAN SEIP sell 1 N 65 Not Provided 02.10.2012

Holdings By:

Hugo Boss AG ee


27.09.2013

Commerzbank AG attracts deposits and offers retail and commercial banking

services. The Bank offers mortgage loans, securities brokerage and asset

management services, private banking, foreign exchange, and treasury services

worldwide.


LTM as of: 06/yy

52-Week High (11.01.2013) 12.96

52-Week Low (04.07.2013) 5.56

Daily Volume

8.785




Shares Out 30.06.2013 1'138.5 Short Int -

10'001.78 1 Yr Total Return -22.11%

Total Debt 235'484.00 YTD Return -18.09%

Preferred Stock 2'376.0 Adjusted BETA 1.284



Enterprise Value -


CBK GY EQUITY YTD Change - Average Volume 30 Day 12'553'700

CBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 13'361'060


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

24'181.0 25'393.0 25'027.0 21'462.0 20'002.0 20'588.0 19'078.0 9'563.4 9'913.6 2'464.7 2'967.0

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

- - - - - 0.0 0.0 - - - -

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

3.0 (4'537.0) 1'430.0 638.0 6.0 254.0 (689.0) 380.6 911.6 214.7 111.3

1870.42x - 4.59x 7.24x - 0.00x 0.00x 24.69x 10.73x 22.13x 17.33x


EBIT - Long-Term Rating A-

Operating Margin 10.65% Long-Term Outlook NEG


Return on Assets -0.11% Short-Term Rating A-2


Return on Capital -0.21% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Commerzbank AGPrice/Volume

Valuation Analysis

28'880'409.00


'

.

1

3

5

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-.

-1

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-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

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'

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27.09.2013


FEDERAL REPUBLIC OF n/a Research 193'546'183 17 - 29.05.2013 Government



VANGUARD GROUP INC n/a ULT-AGG 10'803'690 0.95 6'232'942 30.06.2013 Unclassified


MARSHALL WACE LLP n/a Short (3'643'222) -0.32 2'277'014 08.08.2013 Hedge Fund Manager


ADIG INVESTMENT Multiple Portfolios MF-AGG 1'906'385 0.17 1'826'285 31.05.2013 Investment Advisor

SAC GLOBAL INVESTORS n/a Short (1'480'059) -0.13 3'766'504 15.05.2013 Investment Advisor

STATE STREET CORP n/a ULT-AGG 1'274'912 0.11 (4'757) 26.09.2013 Investment Advisor

CITIGROUP INCORPORAT n/a ULT-AGG 1'252'507 0.11 - 29.05.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'237'970 0.11 - 27.09.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 1'116'347 0.1 508'999 31.05.2013 Investment Advisor

UBS INVEST KAG Multiple Portfolios MF-AGG 1'092'000 0.1 1'092'000 31.05.2013 Investment Advisor


PRUDENTIAL OF AMERIC n/a ULT-AGG 934'131 0.08 934'131 30.06.2013 Insurance Company

DEKA INVESTMENT GMBH DEKA DAX(R) UCITS ET ETF 831'819 0.07 - 27.09.2013 Investment Advisor

BNY MELLON SERVICE K Multiple Portfolios MF-AGG 778'100 0.07 (3'185) 30.08.2013 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 700'513 0.06 374'049 21.08.2013 Investment Advisor

UBS AG n/a ULT-AGG 674'200 0.06 426'310 28.06.2013 Unclassified


Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 9 Not Provided 27.09.2013

Nomura OMAR KEENAN reduce 2 M 7 12 month 26.09.2013

AlphaValue DIETER HEIN reduce 2 U 8 6 month 26.09.2013

Keefe, Bruyette & Woods RONNY REHN market perform 3 M 9 12 month 24.09.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 D 10 Not Provided 24.09.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 10 Not Provided 18.09.2013

Main First Bank AG KILIAN MAIER outperform 5 M 9 12 month 18.09.2013

Macquarie THOMAS STOEGNER neutral 3 M 9 12 month 12.09.2013

JPMorgan JAIME BECERRIL neutral 3 M 9 15 month 11.09.2013

HSBC JOHANNES THORMANN neutral 3 D 10 Not Provided 10.09.2013

Oddo & Cie JEAN SASSUS reduce 2 M 6 Not Provided 06.09.2013

Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 02.09.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 7 12 month 30.08.2013

Bankhaus Lampe NEIL SMITH buy 5 M 11 12 month 26.08.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 U 14 12 month 23.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 20.08.2013

Barclays KIRI VIJAYARAJAH underweight 1 M 8 Not Provided 14.08.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 14.08.2013

Societe Generale PHILIP RICHARDS sell 1 M 7 12 month 09.08.2013

Mediobanca SpA RICCARDO ROVERE neutral 3 M 8 Not Provided 09.08.2013

RBC Capital Markets ANKE REINGEN sector perform 3 M 9 12 month 09.08.2013

Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 9 Not Provided 09.08.2013

Deutsche Bank MATT SPICK hold 3 M 9 12 month 08.08.2013

Nord/LB MICHAEL SEUFERT hold 3 M 8 12 month 08.08.2013

S&P Capital IQ FRANK BRADEN hold 3 M 8 12 month 08.08.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 4 Not Provided 08.08.2013

UBS MATTEO RAMENGHI neutral 3 N 7 12 month 24.07.2013

Grupo Santander TANIA GOLD hold 3 M 7 Not Provided 22.07.2013

Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 10 12 month 19.07.2013

Makor Capital ALBERT SAPORTA buy 5 M 13 Not Provided 04.07.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 8 12 month 17.05.2013


Kepler Cheuvreux DIRK BECKER reduce 2 M 5 Not Provided 14.05.2013

Holdings By:

Commerzbank AG ee


27.09.2013

Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The

Company wholesales pharmaceuticals, operates retail pharmacies, and provides

logistics and transportation services for pharmaceuticals at local, national and

European level.


LTM as of: 06/yy

52-Week High (01.07.2013) 18.00

52-Week Low (28.11.2012) 12.81

Daily Volume

16.645





2'831.31 1 Yr Total Return 20.07%







CLS1 GY EQUITY YTD Change - Average Volume 30 Day 315'348

CLS1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 448'266


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

21'166.6 21'497.2 23'277.6 22'152.9 22'270.8 22'347.4 21'752.7 21'428.8 21'734.9 5'207.5 5'398.5

0.26x 0.24x 0.21x 0.17x 0.17x 0.68x 0.76x 0.21x 0.20x - -

657.4 595.9 664.7 584.9 612.6 524.5 646.1 557.8 604.2 145.0 154.0

8.32x 8.50x 7.37x 6.38x 6.22x 7.82x 6.92x 8.00x 7.39x - -

(21.0) 3.4 259.2 1.9 (156.1) (144.8) 110.6 183.0 222.9 51.1 54.1

- 885.00x 12.24x 28.47x 21.74x 30.63x 17.73x 15.37x 12.88x - -











EBITDA Margin 3.0%



Asset Turnover 2.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Celesio AGPrice/Volume

Valuation Analysis

237'975.00


'.135

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n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

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


FRANZ HANIEL & CIE G n/a Co File 85'067'013 50.01 - 31.12.2012 Holding Company


FRANKLIN RESOURCES n/a ULT-AGG 4'509'586 2.65 748'296 28.06.2013 Investment Advisor


AKO CAPITAL LLP n/a Short (4'218'480) -2.48 102'060 09.09.2013 Investment Advisor


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'007'217 0.59 (14'636) 30.08.2013 Investment Advisor


VANGUARD GROUP INC n/a ULT-AGG 962'756 0.57 (52'031) 30.06.2013 Unclassified



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 613'710 0.36 - 31.07.2013 Investment Advisor

ADELPHI CAPITAL LLP n/a Short (612'360) -0.36 119'070 23.07.2013 Investment Advisor


STATE STREET CORP n/a ULT-AGG 466'591 0.27 211'052 26.09.2013 Investment Advisor



DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 400'000 0.24 - 28.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 382'285 0.22 71'000 31.07.2013 Investment Advisor



M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 20 12 month 24.09.2013

AlphaValue EILEEN RYAN reduce 2 M 16 6 month 19.09.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 13 12 month 16.09.2013

Exane BNP Paribas ANDREAS INDERST neutral 3 M 18 Not Provided 16.09.2013

Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 U 18 Not Provided 29.08.2013


Jefferies JAMES VANE-TEMPEST hold 3 M 15 12 month 20.08.2013

Berenberg Bank SCOTT BARDO hold 3 M 15 Not Provided 19.08.2013

Main First Bank AG MARCUS WIEPRECHT underperform 1 M 14 12 month 16.08.2013


DZ Bank AG THOMAS MAUL buy 5 M 19 Not Provided 15.08.2013

Deutsche Bank HOLGER BLUM hold 3 M 14 12 month 14.08.2013

Independent Research GmbH LARS LUSEBRINK hold 3 D 17 12 month 14.08.2013

Kepler Cheuvreux OLIVER REINBERG buy 5 M 19 Not Provided 14.08.2013

Bankhaus Metzler STEFAN WIMMER buy 5 M 18 12 month 05.08.2013


Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 20.06.2013

UBS IAN DOUGLAS-PENNANT sell 1 D 14 12 month 23.05.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 20 12 month 02.04.2013

Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 N 16 12 month 30.01.2013

Holdings By:

Celesio AG ee


27.09.2013

CANCOM SE is an integrated information technology (IT) services provider. The

Company provides IT products and services. CANCOM's products and services

include security, network and system solutions, communication, storage, backup

and archive services, and IT management.


LTM as of: 06/yy

52-Week High (05.08.2013) 26.00

52-Week Low (22.10.2012) 10.60

Daily Volume

22.1












COK GY EQUITY YTD Change - Average Volume 30 Day 99'519

COK GY EQUITY YTD % CHANGE - Average Volume 3 Month 111'769


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

364.1 422.5 474.6 544.4 558.1 560.9 565.2 580.3 606.3 - -

0.07x 0.08x 0.19x 0.13x 0.22x 0.77x 1.09x 0.37x 0.34x - -

8.8 10.4 19.0 25.0 28.1 27.6 29.4 30.2 33.5 - -

2.71x 3.20x 4.81x 2.83x 4.34x 5.43x 7.10x 8.53x 7.70x - -

2.7 5.1 7.8 11.5 11.5 12.1 13.3 15.0 17.3 - -

8.41x 7.96x 10.16x 7.73x 11.73x 10.50x 14.83x 16.83x 14.61x - -










Gross Margin - Total Debt/EBITDA 0.39

EBITDA Margin 5.2%



Asset Turnover 3.28





Accounts Receivable Turnover 6.71 Cash Conversion Cycle -


Fiscal Year Ended

CANCOM SEPrice/Volume

Valuation Analysis

60'108.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!- F!. F!0 F!1 F!2 F!3 F!4 F!5 F!6 F-!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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27.09.2013


ALLIANZ GLOBAL INVES n/a Research 608'060 5.32 - 12.08.2013 Investment Advisor

SCHRODERS PLC n/a Research 327'130 2.86 - 08.04.2013 Investment Advisor

UBS AG n/a ULT-AGG 280'181 2.45 - 28.06.2013 Unclassified

SCHICK KARIN n/a Research 270'000 2.36 - 16.08.2013 n/a

KOBER STEFAN n/a Co File 261'289 2.29 - 31.12.2011 n/a

KOBER RAYMOND n/a Co File 260'891 2.28 - 31.12.2011 n/a

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 260'000 2.27 130'000 30.06.2013 Investment Advisor

WEINMANN KLAUS n/a Co File 209'864 1.84 - 31.12.2011 n/a

AXXION SA n/a Research 162'500 1.42 - 04.04.2013 Investment Advisor



DWS INVESTMENTS Multiple Portfolios MF-AGG 96'900 0.85 - 28.03.2013 Investment Advisor


COMINVEST ASSET MANA Multiple Portfolios MF-AGG 80'000 0.7 - 31.05.2013 Unclassified

OXFORD ASSET MANAGEM n/a Short (57'149) -0.5 - 25.09.2013 Hedge Fund Manager

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 50'557 0.44 (4'443) 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 47'451 0.42 - 25.09.2013 Investment Advisor

AMPEGAGERLING INVEST Multiple Portfolios MF-AGG 28'500 0.25 - 28.06.2013 Investment Advisor

SOCIETE DE GESTION P Multiple Portfolios MF-AGG 24'250 0.21 (3'400) 25.04.2013 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 21'500 0.19 2'500 30.08.2013 Investment Advisor



M.M. Warburg Investment Research ANDREAS WOLF buy 5 U 26 12 month 29.08.2013



Holdings By:

CANCOM SE ee


27.09.2013

Continental AG manufactures tires, automotive parts and industrial products.

The Company produces passenger car, truck, commercial vehicle, and bicycle

tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting,

transmission products, and sealing systems. Continental markets its products

under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.


LTM as of: 06/yy

52-Week High (11.09.2013) 128.60

52-Week Low (13.11.2012) 74.02

Daily Volume

125.95





25'190.75 1 Yr Total Return 64.74%







CON GY EQUITY YTD Change - Average Volume 30 Day 428'990

CON GY EQUITY YTD % CHANGE - Average Volume 3 Month 423'867


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

24'238.7 20'095.7 26'046.9 30'504.9 32'736.2 32'132.9 32'804.3 33'962.3 36'080.3 8'571.0 8'621.0

0.68x 0.77x 0.75x 0.60x 0.76x 2.46x 3.07x 0.91x 0.83x - -

3'042.6 2'246.6 3'709.8 4'277.0 4'930.1 4'700.7 4'984.3 5'081.4 5'559.4 1'283.0 1'310.0

5.41x 6.89x 5.25x 4.25x 5.04x 4.64x 5.69x 6.50x 5.95x - -

(1'123.5) (1'649.2) 576.0 1'242.2 1'883.5 1'562.4 2'022.2 2'111.9 2'415.7 480.0 520.0

- - 20.53x 7.74x 9.30x 8.36x 10.15x 11.88x 10.37x - -


EBIT 3'148.90 Long-Term Rating BB



Return on Assets 7.34% Short-Term Rating B






EBITDA Margin 15.2%



Asset Turnover 1.19







Fiscal Year Ended

Continental AGPrice/Volume

Valuation Analysis

210'423.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

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-!2 F

.!' F

.!2 F

0!' F

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

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27.09.2013


SCHAEFFLER GROUP n/a Research 92'002'751 46 (7'800'241) 17.09.2013 Other


PRINCIPAL FINANCIAL n/a ULT-AGG 7'331'954 3.67 7'211'097 31.07.2013 Investment Advisor

GIC PRIVATE LIMITED n/a ULT-AGG 5'808'371 2.9 - 16.03.2012 Government








ONTARIO TEACHERS PEN n/a Research 1'100'000 0.55 - 31.12.2012 Pension Fund (ERISA)

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 994'246 0.5 99'616 31.07.2013 Insurance Company

PIONEER n/a ULT-AGG 900'209 0.45 178'014 30.04.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 862'569 0.43 (60'060) 30.06.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 837'422 0.42 188'502 31.03.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 803'980 0.4 (17'118) 31.05.2013 Unclassified


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 664'505 0.33 (469'705) 31.07.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 653'141 0.33 206'150 28.06.2013 Investment Advisor


Oddo & Cie FRANCOIS MAURY neutral 3 M 105 Not Provided 26.09.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 94 6 month 26.09.2013

UBS DAVID LESNE neutral 3 M 120 12 month 19.09.2013


Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 105 12 month 17.09.2013

Natixis MICHAEL FOUNDOUKIDIS neutral 3 M 116 Not Provided 13.09.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 144 12 month 11.09.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 118 Not Provided 06.09.2013

Deutsche Bank GAETAN TOULEMONDE buy 5 M 140 12 month 03.09.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 135 6 month 02.09.2013


Main First Bank AG LOTHAR LUBINETZKI underperform 1 M 118 12 month 20.08.2013

Barclays KRISTINA CHURCH overweight 5 M 124 Not Provided 16.08.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 15.08.2013

Societe Generale PHILIPPE BARRIER hold 3 M 119 12 month 09.08.2013

Kepler Cheuvreux THOMAS BESSON buy 5 M 130 Not Provided 09.08.2013

DZ Bank AG MICHAEL PUNZET buy 5 M 122 Not Provided 09.08.2013

Goldman Sachs STEPHAN PUETTER neutral/attractive 3 M 145 12 month 07.08.2013

JPMorgan JOSE ASUMENDI overweight 5 M 130 15 month 02.08.2013

Macquarie JENS SCHATTNER outperform 5 M 138 12 month 02.08.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 D 127 Not Provided 02.08.2013

Independent Research GmbH ZAFER RUZGAR hold 3 D 130 12 month 02.08.2013

Nord/LB FRANK SCHWOPE hold 3 M 110 12 month 01.08.2013

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 124 12 month 26.07.2013

Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 110 12 month 25.07.2013


HSBC HORST SCHNEIDER overweight 5 M 123 Not Provided 04.06.2013

Steubing AG TOBIAS SCHMIDT buy 5 N 110 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Continental AG ee


27.09.2013

CompuGroup Medical AG provides information systems and data processing services

to dental offices, physicians offices, hospitals and clinics. Its computer

systems are involved in the management and administration of office records,

bills and invoices. The Company's information systems are also used for the

organization and controll of medical documentation and archives.


LTM as of: 06/yy

52-Week High (11.07.2013) 20.00

52-Week Low (08.11.2012) 12.57

Daily Volume

18.455












COP GY EQUITY YTD Change - Average Volume 30 Day 40'011

COP GY EQUITY YTD % CHANGE - Average Volume 3 Month 44'899


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

229.2 293.4 312.4 397.3 450.6 443.5 450.1 460.7 487.2 114.0 122.0

1.17x 1.68x 2.33x 1.71x 2.16x 6.49x 9.16x 2.64x 2.41x - -

50.2 59.3 67.0 72.5 109.4 102.9 101.3 98.7 114.8 - -

5.32x 8.29x 10.89x 9.39x 8.90x 7.42x 11.23x 12.39x 10.64x - -

1.7 12.0 16.6 9.6 30.7 32.2 21.5 37.5 49.6 8.2 9.7

100.67x 31.04x 33.45x 45.79x 23.50x 16.90x 30.65x 18.60x 14.57x - -











EBITDA Margin 22.5%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CompuGroup Medical AGPrice/Volume

Valuation Analysis

3'897.00


'

2

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!- F

!- F

!. F

!. F

!0 F

!0 F

!1 F

!1 F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


GOTTHARDT FRANK n/a Research 17'855'075 33.55 - 31.08.2012 n/a

GOTTHARDT DANIEL n/a Research 3'624'234 6.81 - 31.08.2012 n/a

COMPUGROUP HOLDING A n/a Research 3'453'933 6.49 - 31.08.2012 Other

GOTTHARDT BRIGITTE n/a Research 3'368'782 6.33 - 31.08.2012 n/a


KOOP REINHARD n/a Research 2'043'621 3.84 - 31.08.2012 n/a


DWS INVESTMENTS Multiple Portfolios MF-AGG 1'029'682 1.93 (2'232) 31.05.2013 Investment Advisor



KEMPEN CAPITAL MANAG n/a ULT-AGG 510'635 0.96 165'325 30.06.2013 Unclassified

DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 448'700 0.84 - 28.12.2012 Investment Advisor



KBC GROUP NV Multiple Portfolios MF-AGG 160'317 0.3 (2'937) 31.07.2013 Investment Advisor

DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 158'531 0.3 120'000 28.12.2012 Investment Advisor

GRANDEUR PEAK GLOBAL Multiple Portfolios MF-AGG 158'465 0.3 11'500 30.04.2013 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 95'000 0.18 - 31.05.2013 Investment Advisor


Commerzbank Corporates & Markets FLORIAN TREISCH buy 5 M 20 6 month 29.08.2013

Hauck & Aufhaeuser LARS DANNENBERG buy 5 M 20 12 month 27.08.2013


EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 09.08.2013

Berenberg Bank GUNNAR COHRS hold 3 M 17 Not Provided 06.08.2013

HSBC HENDRIK LOFRUTHE overweight 5 M 18 Not Provided 05.08.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 19 12 month 05.08.2013

Holdings By:

CompuGroup Medical AG ee


27.09.2013

Daimler AG develops, manufactures, distributes, and sells a wide range of

automotive products, mainly passenger cars, trucks, vans and buses. The Company

also provides financial and other services relating to its automotive

businesses.


LTM as of: 06/yy

52-Week High (20.09.2013) 59.56

52-Week Low (16.11.2012) 35.15

Daily Volume

57.98





62'005.90 1 Yr Total Return 54.77%







DAI GY EQUITY YTD Change - Average Volume 30 Day 3'132'799

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'544'685


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

95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'415.9 125'433.5 29'639.3 32'565.7

0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.67x 0.63x - -

11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'317.0 10'854.0 13'943.5 14'111.9 - -

7.14x 29.84x 10.26x 8.09x 9.50x 8.78x 11.01x 9.45x 9.33x - -

1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'457.6 5'923.3 1'283.5 1'390.5

15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 12.08x 10.46x - -











EBITDA Margin 9.5%



Asset Turnover 0.70







Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

1'787'084.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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3!' F

5!' F

-'!' F

-.!' F

-1!' F

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

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27.09.2013




KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.88 - 06.02.2012 Government


COMMERZBANK AKTIENGE n/a Research 38'268'282 3.58 - 11.04.2013 Bank

AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.09 - 06.02.2012 Government


NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2013 Corporation





FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'356'137 0.59 (34'395) 31.07.2013 Hedge Fund Manager

CREDIT SUISSE GROUP n/a Research 4'071'305 0.38 - 16.04.2013 Unclassified

DIMENSIONAL FUND ADV n/a ULT-AGG 3'437'987 0.32 8'169 31.07.2013 Investment Advisor


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'007'528 0.28 (609) 23.09.2013 Investment Advisor





Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 24.09.2013


Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 23.09.2013


UBS PHILIPPE HOUCHOIS buy 5 M 62 12 month 23.09.2013


Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 23.09.2013

Oddo & Cie FRANCOIS MAURY buy 5 M 68 Not Provided 23.09.2013



Kepler Cheuvreux MICHAEL RAAB reduce 2 M 52 Not Provided 23.09.2013

Natixis GEORGES DIENG buy 5 M 65 Not Provided 23.09.2013

Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.09.2013


ISI Group ARNDT ELLINGHORST buy 5 M 60 12 month 20.09.2013

Nomura HARALD C HENDRIKSE neutral 3 M 55 12 month 20.09.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 63 Not Provided 06.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 29.08.2013


Baader Bank KLAUS BREITENBACH hold 3 M 55 12 month 12.08.2013


DZ Bank AG MICHAEL PUNZET sell 1 M 43 Not Provided 09.08.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 72 12 month 07.08.2013

Nord/LB FRANK SCHWOPE buy 5 M 59 12 month 02.08.2013




Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013

S&P Capital IQ RODERICK BRIDGE hold 3 U 56 12 month 25.07.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 47 12 month 24.07.2013


Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 58 Not Provided 23.07.2013

Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 02.05.2013

Creative Global Investments CARLO R BESENIUS buy 5 M 52 Not Provided 16.04.2013

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013

Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012

Holdings By:

Daimler AG ee


27.09.2013

Deutsche Boerse AG provides a variety of stock exchange introduction, trading,

and operational services to institutions and private investors. The Company

offers electronic trading systems for buying and selling of securities on stock

exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX,

and XTF, as well as trading in options and futures.


LTM as of: 06/yy

52-Week High (06.08.2013) 57.54

52-Week Low (01.11.2012) 40.93

Daily Volume

55.62





10'734.66 1 Yr Total Return 30.73%







DB1 GY EQUITY YTD Change - Average Volume 30 Day 483'475

DB1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 613'853


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

2'947.0 2'267.9 2'165.7 2'308.4 2'197.3 2'308.3 2'180.2 2'096.9 2'218.2 508.0 499.5

4.70x 3.62x 4.20x 15.31x 17.37x 5.63x 5.31x 24.06x 24.35x

1'627.6 1'133.7 1'090.6 1'240.5 1'079.8 1'200.9 992.9 1'075.0 1'210.6 273.5 253.0

9.34x 6.74x 8.54x 7.45x 10.40x 10.98x 9.75x 10.46x 10.28x

1'033.3 496.1 417.8 855.2 645.0 796.0 604.8 660.5 752.9 166.0 157.0

23.02x 9.37x 13.43x 9.99x 15.37x 15.35x 13.56x 14.94x 14.45x


EBIT 974.80 Long-Term Rating AA









EBITDA Margin 45.5%



Asset Turnover 0.01


Quick Ratio 0.00 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Boerse AGPrice/Volume

Valuation Analysis

281'557.00


'

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-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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27.09.2013



DEUTSCHE BOERSE AG n/a Research 9'533'068 4.94 - 17.02.2012 Corporation


INVESCO LTD n/a ULT-AGG 5'952'862 3.08 - 24.09.2013 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 4'742'000 2.46 - 30.06.2013 Investment Advisor



WARBURG INVEST n/a Research 3'108'037 1.61 - 21.05.2012 Investment Advisor





BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'671'000 0.87 777'000 30.04.2013 Investment Advisor


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'509'172 0.78 (300'000) 31.07.2013 Unclassified



SUN LIFE FINANCIAL I n/a ULT-AGG 1'178'529 0.61 (131'120) 31.07.2013 Investment Advisor



Bankhaus Metzler JOCHEN SCHMITT buy 5 M 66 12 month 25.09.2013

HSBC JOHANNES THORMANN overweight 5 M 64 Not Provided 23.09.2013

AlphaValue DIETER HEIN reduce 2 M 56 6 month 19.09.2013

RBC Capital Markets PETER K LENARDOS sector perform 3 M 60 12 month 11.09.2013

Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 55 12 month 04.09.2013


BMO Capital Markets JILLIAN MILLER market perform 3 M 58 Not Provided 03.09.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER sell 1 M 48 12 month 27.08.2013


Deutsche Bank BENJAMIN GOY hold 3 M 51 12 month 29.07.2013

Credit Suisse GURJIT KAMBO neutral 3 M 51 Not Provided 29.07.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 52 12 month 29.07.2013


Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 54 Not Provided 26.07.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 58 12 month 26.07.2013



S&P Capital IQ FRANK BRADEN hold 3 M 54 12 month 26.07.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 56 Not Provided 26.07.2013

JPMorgan RAE MAILE neutral 3 M 51 15 month 25.07.2013

Keefe, Bruyette & Woods TOM MILLS outperform 5 M 57 12 month 25.07.2013

Barclays DANIEL R GARROD underweight 1 M 47 Not Provided 19.07.2013

Macquarie NEIL WELCH neutral 3 M 48 12 month 02.07.2013

UBS ARNAUD GIBLAT buy 5 M 60 12 month 19.06.2013

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

Berenberg Bank PRAS JEYANANDHAN buy 5 M 54 Not Provided 04.03.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 53 12 month 24.01.2013

Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2012

Banco Sabadell MARIO LODOS buy 5 M 70 Not Provided 23.02.2012

Holdings By:

Deutsche Boerse AG ee


27.09.2013

Deutsche Bank AG is a global financial service provider delivering commercial,

investment, private and retail banking. The Bank offers debt, foreign exchange,

derivatives, commodities, money markets, repo and securitization, cash equities,

research, equity prime services, loans, convertibles, advice on M&A and IPO's,

trade finance, retail banking, asset management and corporate investments.


LTM as of: 06/yy

52-Week High (01.02.2013) 38.73

52-Week Low (18.04.2013) 29.41

Daily Volume

34.4



% 52 Week Price Range High/Low 64.91% Equity Float 1'013.93


35'070.79 1 Yr Total Return 7.15%





Enterprise Value -


DBK GY EQUITY YTD Change - Average Volume 30 Day 5'292'410

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'727'339


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

58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'320.2 33'933.1 7'756.6 7'824.4

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

- - - - - 0.0 0.0 - - - -

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

(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 3'853.3 4'528.0 749.8 780.8

- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 9.40x 7.63x 8.32x -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Bank AGPrice/Volume

Valuation Analysis

8'609'246.00


'

2

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-2

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02

1'

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.09.2013




DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 23'529'706 2.31 (982'040) 30.06.2013 Bank


COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'790'330 1.94 (195'485) 30.06.2013 Bank


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 15'521'141 1.52 (891'299) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 14'939'396 1.47 (8'703'861) 31.07.2013 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 10'724'776 1.05 5'157'052 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 9'222'003 0.9 6'873'841 30.06.2013 Investment Advisor


FMR LLC n/a ULT-AGG 7'023'986 0.69 5'835'740 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'738'764 0.66 2'080'863 30.06.2013 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 5'363'452 0.53 1'496'235 30.06.2013 Investment Advisor



UBS AG n/a ULT-AGG 5'206'110 0.51 (2'647'720) 24.09.2013 Unclassified



HSBC ROBERT MURPHY overweight 5 M 49 Not Provided 25.09.2013

Credit Suisse AMIT GOEL outperform 5 M 41 Not Provided 24.09.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 24.09.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 40 15 month 23.09.2013

Macquarie PIERS BROWN neutral 3 M 34 12 month 19.09.2013


Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 18.09.2013

Main First Bank AG KILIAN MAIER outperform 5 M 42 12 month 18.09.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 17.09.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 39 12 month 16.09.2013

UBS DANIELE BRUPBACHER buy 5 U 47 12 month 16.09.2013

Oddo & Cie JEAN SASSUS neutral 3 M 40 Not Provided 06.09.2013


Berenberg Bank JAMES CHAPPELL sell 1 M 26 Not Provided 02.09.2013


Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.08.2013


M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 15.08.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 D 36 12 month 14.08.2013

Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 14.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 13.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 44 6 month 01.08.2013

Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 36 12 month 01.08.2013

Bankhaus Lampe NEIL SMITH buy 5 M 42 12 month 31.07.2013

Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 31.07.2013

Nomura JON PEACE neutral 3 M 38 Not Provided 31.07.2013

Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013


Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 D 40 Not Provided 30.07.2013

S&P Capital IQ FRANK BRADEN buy 5 M 40 12 month 30.07.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013

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

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

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013

Societe Generale GEOFF DAWES buy 5 M 43 12 month 29.05.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013

Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013

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

National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012

SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee


27.09.2013

Deutsche Euroshop AG invests in shopping centers. The Company owns shopping

centers in locations throughout Europe. The properties are primarily in city

centers.


LTM as of: 06/yy

52-Week High (28.05.2013) 34.55

52-Week Low (01.10.2012) 28.88

Daily Volume

32.33





1'744.06 1 Yr Total Return 12.88%







DEQ GY EQUITY YTD Change - Average Volume 30 Day 101'896

DEQ GY EQUITY YTD % CHANGE - Average Volume 3 Month 102'817


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

120.2 130.8 147.6 193.1 216.1 180.2 200.2 195.7 204.5 48.6 49.7

15.07x 14.30x 20.30x 15.37x 14.79x 63.51x 60.51x 16.39x 15.58x 65.20x 63.31x

102.2 113.0 126.5 167.8 183.0 156.3 168.9 172.3 178.9 42.3 43.3

17.72x 16.55x 23.69x 17.69x 17.47x 18.34x 18.51x 18.70x 18.01x 18.81x 18.76x

68.9 34.4 81.8 99.0 122.5 104.4 131.7 108.9 107.5 26.6 27.7

12.15x 25.45x 16.10x 12.92x 13.41x 13.82x 12.16x 16.35x 16.08x 15.85x 15.62x











EBITDA Margin 84.4%



Asset Turnover 0.06







Fiscal Year Ended

Deutsche Euroshop AGPrice/Volume

Valuation Analysis

38'331.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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0'

02

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!- F!. F!0 F!1 F!2 F!3 F!4 F!5 F!6 F

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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27.09.2013


OTTO ALEXANDER n/a Co File 5'162'584 9.57 - 31.12.2012 n/a

OTTO BENJAMIN n/a Co File 4'175'382 7.74 - 31.12.2012 n/a


HERTIE FOUNDATION n/a Co File 1'629'154 3.02 - 31.12.2012 Other

SOCIETE FEDERALE n/a Research 1'579'737 2.93 - 08.04.2013 n/a



WELLINGTON MANAGEMEN n/a Short (1'014'176) -1.88 26'973 24.09.2013 Investment Advisor

BAY POND PARTNERS LP n/a Short (681'534) -1.26 (51'631) 27.07.2012 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 650'587 1.21 - 30.06.2013 Investment Advisor

BAY POND INVESTORS B n/a Short (423'377) -0.78 (41'305) 30.07.2012 Investment Advisor



NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'881 0.6 436 31.05.2013 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios MF-AGG 324'689 0.6 (15'136) 31.08.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 307'007 0.57 (13'584) 31.05.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 263'480 0.49 (45'873) 28.02.2013 Unclassified


HIGHBRIDGE CAPITAL M n/a Short (258'938) -0.48 26'973 06.06.2013 Hedge Fund Manager

CQS UK LLP n/a Short (253'544) -0.47 59'340 10.04.2013 Investment Advisor


Oddo & Cie MARINE LAFITTE reduce 2 M 29 Not Provided 12.09.2013

JPMorgan ANNELIES J VERMEULEN neutral 3 M 36 12 month 02.09.2013


Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 33 12 month 26.08.2013

DZ Bank AG KARSTEN OBLINGER buy 5 U 34 Not Provided 26.08.2013


Close Brothers Equity Markets MANUEL MARTIN hold 3 M 32 12 month 21.08.2013


Societe Generale MICHEL VARALDO buy 5 M 39 12 month 16.08.2013

Baader Bank ANDRE REMKE hold 3 M 33 12 month 16.08.2013

Natixis SERGE DEMIRDJIAN reduce 2 M 29 6 month 16.08.2013

LFG Kronos Investment Services GmbH THOMAS ANEY buy 5 M 37 6 month 16.08.2013

Deutsche Bank MARKUS SCHEUFLER hold 3 M 33 12 month 15.08.2013

Bankhaus Lampe GEORG KANDERS hold 3 M 33 12 month 15.08.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 35 Not Provided 15.08.2013


Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 32 12 month 15.08.2013

Commerzbank Corporates & Markets THOMAS ROTHAEUSLER hold 3 M 31 6 month 12.08.2013

HSBC THOMAS MARTIN neutral 3 M 33 Not Provided 06.08.2013

Petercam CELINE DONNET reduce 2 M 29 Not Provided 01.08.2013

ABN Amro Bank N.V. MICHIEL DE JONGE reduce 2 M 27 Not Provided 09.07.2013



UBS KRISTIAN BANDY neutral 3 M 31 12 month 11.01.2013

GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 21.12.2012

Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 U 34 Not Provided 15.11.2012

Holdings By:

Deutsche Euroshop AG ee


27.09.2013

Dialog Semiconductor PLC manufactures electronic products. The Company provides

mixed-signal circuits optimised for smartphones, tablets, ultrabooks, and other

portable devices. Dialog Semiconductor markets its products worldwide.


LTM as of: 06/yy

52-Week High (25.09.2012) 16.75

52-Week Low (18.04.2013) 8.44

Daily Volume

15.07





1'025.80 1 Yr Total Return -6.92%







DLG GY EQUITY YTD Change - Average Volume 30 Day 736'890

DLG GY EQUITY YTD % CHANGE - Average Volume 3 Month 703'770


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

161.8 217.6 296.6 527.3 773.6 638.6 779.3 862.2 1'035.9 220.6 306.3

0.05x 2.55x 4.12x 1.77x 1.31x 7.19x 4.78x 1.65x 1.32x - -

13.5 35.3 52.9 86.5 124.9 99.2 125.1 133.4 177.8 - -

0.54x 15.70x 23.10x 10.80x 8.13x 10.90x 5.55x 9.15x 6.87x - -

6.8 32.7 42.5 57.4 62.5 57.6 56.8 69.9 99.8 17.8 39.5

6.40x 16.31x 32.27x 17.92x 18.12x 19.90x 14.50x 19.67x 13.68x 14.83x 13.72x











EBITDA Margin 16.1%



Asset Turnover 1.26







Fiscal Year Ended

Dialog Semiconductor PLCPrice/Volume

Valuation Analysis

479'540.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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27.09.2013


RHJ INTERNATIONAL SA n/a Research 4'739'691 6.96 - 23.07.2013 Investment Advisor

BLACK CREEK INVESTME n/a Research 3'488'384 5.12 - 08.07.2013 Investment Advisor



KLEINWORT BENSON TRU n/a Research 2'719'002 3.99 - 12.11.2012 Unclassified


DIALOG SEMICONDUCTOR n/a Research 1'927'224 2.83 - 01.08.2011 Other


BNP PARIBAS n/a ULT-AGG 1'681'579 2.47 212'978 30.04.2013 Unclassified

WADDELL & REED FINAN n/a ULT-AGG 1'243'784 1.83 (150'000) 30.06.2013 Investment Advisor



AKO CAPITAL LLP n/a Short (878'089) -1.29 54'455 06.09.2013 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 725'675 1.07 - 28.06.2013 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 696'699 1.02 233'927 28.06.2013 Investment Advisor

TREMBLANT CAPITAL LP n/a Short (687'496) -1.01 (40'841) 11.09.2013 Other

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 594'208 0.87 1'202 30.08.2013 Investment Advisor

PIONEER n/a ULT-AGG 535'874 0.79 (10'720) 30.04.2013 Unclassified

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 509'930 0.75 18'605 31.07.2013 Investment Advisor




Exane BNP Paribas JEROME RAMEL outperform 5 M 17 Not Provided 20.09.2013

Close Brothers Equity Markets VEYSEL TAZE buy 5 M 20 12 month 16.09.2013

Commerzbank Corporates & Markets THOMAS M BECKER buy 5 M 16 6 month 13.09.2013


Jefferies LEE SIMPSON buy 5 M 15 12 month 13.09.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 18 Not Provided 13.09.2013

Natixis STEPHANE HOURI buy 5 M 18 Not Provided 13.09.2013


DZ Bank AG HARALD SCHNITZER buy 5 M 18 Not Provided 09.09.2013

Kepler Cheuvreux BERND LAUX buy 5 M 19 Not Provided 06.09.2013

Barclays ANDREW M GARDINER overweight 5 M 18 Not Provided 06.09.2013

Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 11 12 month 24.07.2013

JPMorgan CHETAN UDESHI neutral 3 M 12 3 month 24.07.2013

Main First Bank AG JUERGEN WAGNER outperform 5 M 16 12 month 24.07.2013

Credit Suisse ACHAL SULTANIA neutral 3 M 11 Not Provided 23.07.2013

Berenberg Bank ALI FARID KHWAJA buy 5 M 15 Not Provided 23.07.2013

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

National Bank AG STEFFEN MANSKE sell 1 D 18 Not Provided 16.03.2012

Holdings By:

Dialog Semiconductor PLC ee


27.09.2013

Deutsche Post AG provides mail delivery and other services to the public and

businesses. The Company offers domestic mail delivery, international parcel

and mail delivery services, and freight delivery and logistics services.

Deutsche Post also provides a variety of financial services including standard

banking services, retail and commercial lending, and brokerage services.


LTM as of: 06/yy

52-Week High (20.09.2013) 24.82

52-Week Low (08.11.2012) 14.40

Daily Volume

24.06





29'088.92 1 Yr Total Return 59.75%







DPW GY EQUITY YTD Change - Average Volume 30 Day 5'749'860

DPW GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'650'401


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

54'474.0 46'201.0 51'481.0 52'829.0 55'512.0 54'315.0 55'509.0 57'030.7 59'458.1 14'371.8 15'426.0

0.37x 0.45x 0.36x 0.30x 0.40x 1.19x 1.68x 0.56x 0.53x 2.24x 2.06x

2'052.0 2'047.0 3'495.0 3'667.0 3'939.0 4'061.0 4'060.0 4'243.5 4'576.9 1'002.0 1'167.0

9.72x 10.15x 5.29x 4.35x 5.70x 4.48x 6.49x 7.62x 7.07x 7.41x 7.26x

(1'688.0) 644.0 2'541.0 1'163.0 1'658.0 1'285.0 1'844.0 1'842.3 2'007.9 441.0 562.3

- 79.32x 6.05x 12.38x 12.12x 13.10x 12.58x 15.95x 14.83x 15.52x 15.44x


EBIT 2'895.00 Long-Term Rating NR



Return on Assets 5.40% Short-Term Rating NR






EBITDA Margin 7.3%



Asset Turnover 1.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Post AGPrice/Volume

Valuation Analysis

4'049'618.00


'

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1'!' F

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3'!' F

4'!' F

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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0''!''

1''!''

2''!''

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27.09.2013


KREDITANSTALT FUER W n/a Research 254'100'000 21.02 - 19.07.2013 Government

BLACKROCK n/a ULT-AGG 72'183'559 5.97 3'295'405 23.09.2013 Investment Advisor



VANGUARD GROUP INC n/a ULT-AGG 12'112'601 1 (666'347) 30.06.2013 Unclassified

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 10'193'761 0.84 1'427'231 31.03.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 9'448'034 0.78 1'225'625 31.03.2013 Investment Advisor



DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'519'419 0.54 2'703'143 31.07.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'656'891 0.47 301'405 24.09.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'646'936 0.47 265'000 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'920'600 0.41 (60'000) 31.05.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 4'441'844 0.37 3'521'139 24.09.2013 Investment Advisor


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 4'023'554 0.33 (20'439) 30.08.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 3'315'674 0.27 21'426 28.02.2013 Investment Advisor


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'731'776 0.23 42'948 23.09.2013 Investment Advisor


JPMorgan CHRISTOPHER G COMBE overweight 5 M 27 15 month 25.09.2013

Cantor Fitzgerald ROBIN BYDE hold 3 M 23 Not Provided 23.09.2013

AlphaValue HEINZ STEFFEN reduce 2 M 24 6 month 19.09.2013


Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 24 Not Provided 17.09.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.09.2013


RBC Capital Markets DAMIAN BREWER outperform 5 M 24 12 month 13.09.2013

Credit Suisse NEIL GLYNN outperform 5 M 24 Not Provided 13.09.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 D 24 Not Provided 13.09.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 26 12 month 11.09.2013


Deutsche Bank ANDY CHU buy 5 M 25 12 month 05.09.2013

National Bank AG MARKUS GLOCKENMEIER buy 5 M 26 Not Provided 02.09.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 23 Not Provided 02.09.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 25 6 month 30.08.2013


HSBC JULIA WINARSO underweight 1 M 20 Not Provided 08.08.2013

Nord/LB VOLKER SACK buy 5 M 24 12 month 07.08.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 24 Not Provided 07.08.2013

Nomura MARK MCVICAR buy 5 M 24 Not Provided 07.08.2013

DZ Bank AG DIRK SCHLAMP buy 5 M 23 Not Provided 07.08.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 21 Not Provided 07.08.2013


S&P Capital IQ JAWAHAR HINGORANI buy 5 U 24 12 month 06.08.2013

Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 06.08.2013

UBS DOMINIC EDRIDGE neutral 3 M 21 12 month 05.08.2013

Macquarie ROBERT JOYNSON underperform 1 M 15 12 month 30.07.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 26.07.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 21 Not Provided 17.05.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 23 12 month 15.05.2013

Kepler Cheuvreux ANDRE MULDER buy 5 M 21 Not Provided 03.04.2013

Davy STEPHEN FURLONG outperform 5 M #N/A N/A Not Provided 10.11.2011

Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 19 12 month 13.09.2010

Holdings By:

Deutsche Post AG ee


27.09.2013

Drillisch AG wholesales mobile telephone user equipment and provides mobile

telephone services. The Company operates T-Mobile, Vodafone-D2, and E-Plus

mobile networks.


LTM as of: 06/yy

52-Week High (19.09.2013) 17.70

52-Week Low (25.09.2012) 9.18

Daily Volume

17.675












DRI GY EQUITY YTD Change - Average Volume 30 Day 384'483

DRI GY EQUITY YTD % CHANGE - Average Volume 3 Month 306'820


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

350.1 344.5 362.5 349.1 323.7 356.3 303.1 297.8 304.6 - -

0.53x 0.94x 0.98x 1.48x 2.47x 6.54x 9.95x 3.24x 3.16x - -

40.6 50.7 46.1 51.4 61.9 59.0 62.8 69.9 81.3 - -

4.54x 6.36x 7.70x 10.04x 12.91x 11.06x 10.47x 14.03x 12.06x - -

(184.1) 101.1 31.0 41.0 23.5 30.1 156.0 126.0 54.7 - -

- 2.55x 10.52x 9.24x 24.23x 13.22x 3.96x 9.34x 15.56x - -











EBITDA Margin 20.7%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Drillisch AGPrice/Volume

Valuation Analysis

187'986.00


'.135

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

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0'!''

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27.09.2013


DRILLISCH AG n/a Co File 5'189'015 9.76 - 31.12.2012 Corporation

BRUCHERSEIFER MARC n/a Co File 3'719'295 6.99 - 31.12.2012 n/a

CHOULIDIS PASCHALIS n/a Co File 2'000'000 3.76 - 31.12.2012 n/a

CHOULIDIS VLASIOS n/a Co File 1'895'000 3.56 - 31.12.2012 n/a

ALLIANZ GLOBAL INVES n/a Research 1'807'852 3.4 - 27.03.2013 Other

FIL LIMITED n/a ULT-AGG 1'574'232 2.96 - 14.12.2012 Investment Advisor

JP MORGAN INVESTMENT n/a Research 1'564'194 2.94 - 10.08.2011 Investment Advisor


FLOSSBACH VON STORCH n/a Research 1'440'000 2.71 - 25.03.2013 Investment Advisor


HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 568'841 1.07 - 28.08.2013 Investment Advisor


HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 430'000 0.81 52'634 29.06.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 280'376 0.53 19'288 24.09.2013 Investment Advisor


OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 221'493 0.42 1'850 28.06.2013 Investment Advisor



JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 155'000 0.29 - 30.04.2013 Investment Advisor


Berenberg Bank USMAN GHAZI buy 5 M 20 Not Provided 24.09.2013

Bankhaus Lampe WOLFGANG SPECHT buy 5 M 20 12 month 18.09.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 17 12 month 16.09.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 D 17 Not Provided 05.09.2013

Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 19 12 month 04.09.2013

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 14 6 month 09.08.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.05.2013

Kepler Cheuvreux THOMAS KARLOVITS buy 5 M 16 Not Provided 15.05.2013

Holdings By:

Drillisch AG ee


27.09.2013

Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace

equipment. The Company produces ventilators, monitoring equipment, transport

incubators, anesthesia machines, surgical lights, ward equipment, home care

equipment, systems for safe breathing in industry, mining and fire fighting,

and airplane crew and passenger oxygen systems.


LTM as of: 06/yy

52-Week High (01.07.2013) 107.45

52-Week Low (16.11.2012) 68.80

Daily Volume

96.4





1'427.85 1 Yr Total Return 26.04%







DRW3 GY EQUITY YTD Change - Average Volume 30 Day 20'939

DRW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 22'573


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

1'924.5 1'911.1 2'177.3 2'255.8 2'373.5 2'295.2 2'401.4 2'428.4 2'515.6 - -

0.45x 0.32x 0.55x 0.50x 0.57x 2.49x 2.75x 0.66x 0.59x - -

175.6 149.9 257.4 276.2 299.6 280.4 288.2 286.0 316.1 - -

4.88x 4.09x 4.65x 4.07x 4.53x 5.40x 6.70x 5.64x 5.11x - -

31.8 14.9 90.7 120.7 126.4 124.7 119.7 125.6 140.0 - -

10.47x 25.48x 9.92x 8.60x 10.03x 10.34x 14.61x 13.17x 11.87x - -











EBITDA Margin 12.0%



Asset Turnover 1.19







Fiscal Year Ended

Draegerwerk AG & Co KGaAPrice/Volume

Valuation Analysis

6'580.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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!0 F

!0 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


DRAEGER FAMILY n/a Co File 4'531'360 71.36 - 31.12.2012 n/a




T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 172'259 2.71 (7'881) 30.06.2013 Investment Advisor

LAZARD FRERES GESTIO Multiple Portfolios MF-AGG 157'529 2.48 (37'471) 30.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 148'400 2.34 148'400 28.06.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 135'000 2.13 (2'722) 31.05.2013 Investment Advisor


FIL LIMITED n/a ULT-AGG 95'823 1.51 (3'639) 30.04.2013 Investment Advisor



HEALTHINVEST PARTNER Multiple Portfolios MF-AGG 62'972 0.99 5'344 28.06.2013 Investment Advisor


D E SHAW & CO UK LTD n/a Short (61'595) -0.97 - 02.11.2012 Other

ARROWGRASS CAPITAL P n/a Short (57'150) -0.9 (3'175) 08.02.2013 Hedge Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 53'300 0.84 (20'000) 28.03.2013 Investment Advisor


PARVEST INVESTMENT M Multiple Portfolios MF-AGG 49'134 0.77 4'434 30.04.2013 Investment Advisor



Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 110 Not Provided 13.08.2013


DZ Bank AG SVEN OLAF KUERTEN buy 5 M 106 Not Provided 06.08.2013




HSBC JAN KEPPELER overweight 5 M 115 Not Provided 02.08.2013

M.M. Warburg Investment Research EGGERT KULS hold 3 D 103 12 month 02.08.2013

Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 D 109 6 month 01.08.2013

Deutsche Bank GUNNAR ROMER hold 3 D 100 12 month 01.08.2013

Hauck & Aufhaeuser TORBEN TEICHLER sell 1 M 73 12 month 01.08.2013

Close Brothers Equity Markets IGOR KIM hold 3 D 104 12 month 01.08.2013

Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 105 12 month 01.08.2013

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

Montega THOMAS RAU buy 5 N 135 12 month 16.05.2013


Holdings By:

Draegerwerk AG & Co KGaA ee


27.09.2013

Deutsche Telekom AG offers telecommunications services. The Company offers a

full range of fixed-line telephone services, mobile communications services,

Internet access, and combined information technology and telecommunications

services for businesses.


LTM as of: 06/yy

52-Week High (25.09.2013) 10.61

52-Week Low (21.02.2013) 7.98

Daily Volume

10.59





47'137.35 1 Yr Total Return 16.66%







DTE GY EQUITY YTD Change - Average Volume 30 Day 12'344'800

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'452'250


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

61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'392.0 58'300.0 59'250.2 59'997.2 14'894.7 15'444.3

1.49x 1.46x 1.48x 1.45x 1.38x 5.86x 5.76x 1.55x 1.50x 6.26x 5.99x

17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'592.0 17'498.0 17'202.2 17'636.1 4'498.0 4'268.0

5.24x 5.46x 5.20x 4.22x 4.53x 4.31x 5.13x 5.65x 5.51x - -

1'483.0 353.0 1'695.0 557.0 (5'255.0) 756.0 (5'013.0) 2'771.0 3'047.8 590.5 500.0

31.62x 128.63x 24.76x 68.19x - 47.97x 0.00x 16.70x 15.30x - -


EBIT 6'720.00 Long-Term Rating BBB+


Pretax Margin -10.71% Short-Term Rating Date 08.04.2002

Return on Assets -4.23% Short-Term Rating A-2






EBITDA Margin 30.0%



Asset Turnover 0.49





Accounts Receivable Turnover - Cash Conversion Cycle -16.66



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

10'287'142.00


'

.

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

'!''

'!2'

-!''

-!2'

.!''

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27.09.2013


KREDITANSTALT FUER W n/a Research 774'494'730 17.4 - 30.06.2013 Government

FEDERAL REPUBLIC OF n/a Research 645'412'275 14.5 - 30.06.2013 Government

BLACKROCK n/a ULT-AGG 222'502'020 5 - 23.09.2013 Investment Advisor

BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'195'871 0.59 (322'815) 24.09.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'537'470 0.35 2'371'042 06.09.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 13'921'182 0.31 6'672'723 30.04.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 13'370'877 0.3 11'676'421 31.05.2013 Investment Advisor



PIONEER n/a ULT-AGG 9'833'493 0.22 986'203 30.04.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'303'981 0.21 932 23.09.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 8'327'504 0.19 1'309'266 31.08.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'795'757 0.18 1'144'699 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'870'673 0.15 - 25.09.2013 Investment Advisor


Independent Research GmbH MARKUS FRIEBEL hold 3 D 11 12 month 25.09.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 24.09.2013

Morgan Stanley RYAN FOX Underwt/In-Line 1 M 9 12 month 20.09.2013

Bankhaus Lampe WOLFGANG SPECHT hold 3 M 10 12 month 18.09.2013

Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 12.09.2013

AlphaValue HEINZ STEFFEN add 4 M 11 6 month 12.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 10.09.2013

Nomura FREDERIC BOULAN buy 5 M 11 12 month 10.09.2013

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 06.09.2013

Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 05.09.2013



Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 23.08.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 21.08.2013

Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 15.08.2013

JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 13.08.2013

Jefferies ULRICH RATHE buy 5 M 11 12 month 13.08.2013

Nord/LB WOLFGANG DONIE buy 5 M 12 12 month 12.08.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 12.08.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 12.08.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 12 12 month 09.08.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 10 12 month 09.08.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 9 Not Provided 09.08.2013

Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 09.08.2013

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 08.08.2013

Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 08.08.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.08.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 08.08.2013

New Street Research CHARLES GAYNOR reduce 2 M 8 Not Provided 08.08.2013

Macquarie GUY R PEDDY underperform 1 M 8 12 month 05.08.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013


Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013

HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013

UBS POLO TANG neutral 3 M 9 12 month 01.04.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Deutsche Telekom AG ee


27.09.2013

Duerr AG engineers and builds plants and manufactures machinery for the

automotive industry in Europe, North and South America, and Asia. Duerr designs

and constructs fully automatic paint finishing plants, final assembly systems,

and air purifier. Duerr also offers balancing and diagnostic systems and

produces cleaning filtration and automation equipment.


LTM as of: 06/yy

52-Week High (06.08.2013) 56.12

52-Week Low (26.09.2012) 25.05

Daily Volume

54.06





1'870.53 1 Yr Total Return 113.35%







DUE GY EQUITY YTD Change - Average Volume 30 Day 113'817

DUE GY EQUITY YTD % CHANGE - Average Volume 3 Month 110'803


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

1'602.8 1'077.6 1'261.4 1'922.0 2'399.8 2'301.8 2'368.2 2'504.9 2'590.6 623.0 834.0

0.16x 0.28x 0.32x 0.30x 0.46x 1.18x 2.17x 0.71x 0.66x 2.92x 2.07x

134.4 84.2 85.5 145.7 205.6 207.5 216.3 224.3 236.9 59.2 82.4

1.91x 3.57x 4.67x 3.99x 5.41x 4.33x 7.49x 8.40x 7.95x - -

42.4 (26.9) 6.3 61.9 107.2 89.3 116.8 125.3 130.6 33.5 51.0

6.77x - 64.51x 9.50x 10.89x 9.40x 13.74x 14.79x 14.18x - -


EBIT 177.09 Long-Term Rating NR









EBITDA Margin 9.1%



Asset Turnover 1.32





Accounts Receivable Turnover 3.11 Cash Conversion Cycle -6.77


Fiscal Year Ended

Duerr AGPrice/Volume

Valuation Analysis

38'732.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

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!. F

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!1 F

!2 F

!3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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



27.09.2013


HEINZ DUERR GMBH n/a Research 8'684'861 25.1 - 27.02.2013 Corporation


HEINZ UND DUERR STIF n/a Research 1'200'000 3.47 - 01.07.2013 n/a

COLUMBIA WANGER ASSE n/a Research 1'034'330 2.99 - 01.11.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Research 1'026'340 2.97 - 05.11.2012 Investment Advisor

HARRIS ASSOCIATES LP n/a Research 1'009'374 2.92 - 05.04.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 446'965 1.29 (32'919) 30.06.2013 Investment Advisor



DIMENSIONAL FUND ADV n/a ULT-AGG 312'640 0.9 1'548 30.04.2013 Investment Advisor

LANDESBANK BADEN WUR n/a Research 298'080 0.86 - 05.03.2012 Bank

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 285'614 0.83 - 31.03.2013 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 211'230 0.61 (20'350) 31.05.2013 Investment Advisor

HEUWING RALPH n/a Co File 207'606 0.6 - 31.12.2012 n/a



GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 197'066 0.57 - 31.07.2013 Investment Advisor




M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 60 12 month 05.09.2013

Main First Bank AG CHLOE LEMARIE outperform 5 N 64 12 month 03.09.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL buy 5 M 56 6 month 30.08.2013


Bankhaus Lampe GORDON SCHOENELL buy 5 M 60 Not Provided 05.08.2013

Close Brothers Equity Markets RALF MARINONI buy 5 M 57 12 month 05.08.2013

Deutsche Bank TIM ROKOSSA buy 5 M 58 12 month 01.08.2013

BHF-Bank HERMANN REITH market weight 3 M 48 12 month 01.08.2013

Baader Bank PETER ROTHENAICHER hold 3 M 53 12 month 01.08.2013

UBS SVEN WEIER buy 5 M 59 12 month 01.08.2013

HSBC RICHARD SCHRAMM neutral 3 M 50 Not Provided 01.08.2013

Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 46 Not Provided 01.08.2013

Hauck & Aufhaeuser PHILIPPE LORRAIN hold 3 M 47 12 month 01.08.2013


Kepler Cheuvreux STEFAN AUGUSTIN buy 5 M 54 Not Provided 24.07.2013


Bankhaus Metzler HELENA WUESTENFELD buy 5 M 54 12 month 05.07.2013


Berenberg Bank BENJAMIN GLAESER hold 3 M 43 Not Provided 01.05.2013

Solventis WPH-Bank GmbH KLAUS SOER hold 3 M 37 12 month 24.01.2013

Holdings By:

Duerr AG ee


27.09.2013

Deutsche Wohnen AG develops, rents and sells residential properties.


LTM as of: 06/yy

52-Week High (21.05.2013) 15.80

52-Week Low (24.06.2013) 12.36

Daily Volume

13.115





2'216.37 1 Yr Total Return -4.70%







DWNI GY EQUITY YTD Change - Average Volume 30 Day 425'437

DWNI GY EQUITY YTD % CHANGE - Average Volume 3 Month 363'014


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

417.0 404.4 479.7 387.6 451.6 382.2 504.0 390.4 412.6 89.9 88.9

5.57x 5.74x 5.42x 7.01x 10.46x 29.77x 38.38x 13.39x 13.08x 57.05x 58.98x

102.4 133.4 137.3 142.8 186.3 153.8 237.2 274.6 302.2 65.2 59.7

22.69x 17.40x 18.92x 19.02x 25.37x 20.51x 21.80x 18.90x 17.17x 19.23x 19.17x

(255.9) (13.3) 23.8 50.6 145.5 70.6 158.8 129.6 146.3 28.2 34.7

- - 36.21x 16.83x 12.17x 17.81x 13.55x 16.75x 15.29x 15.86x 16.46x











EBITDA Margin 47.1%



Asset Turnover 0.11







Fiscal Year Ended

Deutsche Wohnen AGPrice/Volume

Valuation Analysis

276'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

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



27.09.2013



NORGES BANK #N/A N/A Research 8'693'809 5.15 - 18.09.2013 Government

SUN LIFE FINANCIAL I #N/A N/A Research 8'491'235 5.03 - 18.09.2013 Investment Advisor

BLACKSTONE n/a ULT-AGG 8'153'611 4.83 - 18.09.2013 Unclassified

FIRST EAGLE INVESTME #N/A N/A Research 7'967'918 4.72 - 18.09.2013 Hedge Fund Manager


INTL KAPITALANAGEGES n/a Research 6'802'161 4.03 - 16.08.2012 Unclassified

AERZTEVERSORGUNG WES #N/A N/A Research 5'621'434 3.33 - 18.09.2013 Other



APG ALGEMENE PENSIOE #N/A N/A Research 5'283'810 3.13 - 18.09.2013 Pension Fund (ERISA)

MFS INTERNATIONAL LT #N/A N/A Research 5'199'404 3.08 - 18.09.2013 Investment Advisor

WILLIAM BLAIR & COMP #N/A N/A Research 5'148'761 3.05 (420'955) 18.09.2013 Investment Advisor


ZURICH DEUTSCHE HERO n/a Research 4'882'360 2.89 - 21.06.2013 Insurance Company


COHEN & STEERS CAPIT n/a Research 4'391'101 2.6 - 19.09.2012 Investment Advisor

AXA n/a ULT-AGG 3'815'480 2.26 - 26.09.2012 Investment Advisor

ASSET VALUE INVESTOR n/a Research 2'953'855 1.75 - 12.03.2012 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 2'504'060 1.48 2'504'060 31.12.2012 Investment Advisor


Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 17 6 month 12.09.2013

JPMorgan NEIL GREEN neutral 3 M 16 12 month 02.09.2013

Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 17 12 month 28.08.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH not rated #N/A N/A M #N/A N/A Not Provided 27.08.2013

M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 17 12 month 22.08.2013

HSBC THOMAS MARTIN neutral 3 M 14 Not Provided 21.08.2013



Kepler Cheuvreux THOMAS NEUHOLD hold 3 M 15 Not Provided 21.08.2013

Deutsche Bank MARKUS SCHEUFLER restricted #N/A N/A M #N/A N/A Not Provided 20.08.2013

Nord/LB MICHAEL SEUFERT buy 5 U 16 12 month 20.08.2013

Independent Research GmbH STEFAN BONGARDT sell 1 D 13 12 month 20.08.2013

Bankhaus Lampe GEORG KANDERS buy 5 M 15 12 month 20.08.2013

Close Brothers Equity Markets MANUEL MARTIN hold 3 M 14 12 month 20.08.2013


DZ Bank AG KARSTEN OBLINGER buy 5 M 16 Not Provided 13.08.2013

ABN Amro Bank N.V. MICHIEL DE JONGE sell 1 M 13 Not Provided 13.08.2013

UBS HOWARD LESSER buy 5 U 14 12 month 26.07.2013

Barclays AARON GUY overweight 5 M 16 Not Provided 11.07.2013


Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 15 Not Provided 25.04.2013

Holdings By:

Deutsche Wohnen AG ee


27.09.2013

European Aeronautic Defence and Space Company manufactures airplanes and

military equipment. The Company produces commercial aircraft including the

Airbus, military fighter aircraft, military and commercial helicopters,

missiles, satellites, and telecommunications and defense systems, and offers

military and commercial aircraft conversion and maintenance services.


LTM as of: 06/yy

52-Week High (20.09.2013) 47.69

52-Week Low (23.11.2012) 24.24

Daily Volume

46.61



% 52 Week Price Range High/Low 93.39% Equity Float -


36'695.73 1 Yr Total Return 87.46%







EAD GY EQUITY YTD Change - Average Volume 30 Day 121'726

EAD GY EQUITY YTD % CHANGE - Average Volume 3 Month 121'706


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

43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'608.1 62'394.3 13'318.7 17'854.3

0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.68x 0.56x 0.53x 2.38x 1.53x

4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'881.0 4'361.0 5'531.4 6'531.0 1'288.5 1'835.0

0.89x 4.62x 3.02x 4.81x 4.58x 5.08x 7.33x 6.36x 5.39x - -

1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'503.0 1'393.0 2'077.1 2'674.7 454.0 761.0

- - - - - 0.00x 0.00x 17.26x 12.81x 18.39x 19.30x











EBITDA Margin 7.5%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

European Aeronautic Defence and Space Co NVPrice/Volume

Valuation Analysis

89'751.00


'2

-'-2.'.20'021'122'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



27.09.2013


FRENCH STATE n/a Research 112'072'054 14.24 (12'977'088) 16.04.2013 Government

FEDERAL REPUBLIC OF n/a Research 83'837'750 10.65 61'112'568 02.04.2013 Government

EUROPEAN AERONAUTIC n/a Research 49'001'830 6.22 - 17.04.2013 Corporation


SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.41 (53'355) 04.04.2013 Government


VNESHECONOMBANK n/a Research 22'614'753 2.87 - 26.07.2013 Government

CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.98 - 25.09.2012 Government

AMUNDI SA n/a RNS-RUL8 15'385'347 1.95 (2'721) 10.10.2012 Other


VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.52 (1'079'438) 10.10.2012 Hedge Fund Manager

STATE STREET CORP n/a ULT-AGG 9'563'259 1.21 36'287 24.09.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 9'409'523 1.2 (18'074) 31.08.2013 Unclassified

OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor



NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'343'217 0.42 (81'263) 31.05.2013 Investment Advisor





AlphaValue THOMAS PICHERIT buy 5 U 60 6 month 24.09.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 53 12 month 23.09.2013

Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 57 Not Provided 20.09.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 19.09.2013

Investec ANDREW GOLLAN buy 5 M 50 12 month 18.09.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 46 12 month 16.09.2013

Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 12.09.2013

Jefferies SANDY MORRIS buy 5 M 45 12 month 11.09.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 64 Not Provided 03.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 31 Not Provided 02.09.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 29.08.2013

Day by Day VALERIE GASTALDY sell 1 D 36 3 month 20.08.2013

Deutsche Bank BEN FIDLER buy 5 M 55 12 month 19.08.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 12.08.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 54 12 month 06.08.2013

Nord/LB WOLFGANG DONIE buy 5 U 53 12 month 05.08.2013

Societe Generale ZAFAR KHAN buy 5 M 53 12 month 01.08.2013

Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 53 6 month 01.08.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 34 12 month 01.08.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 51 Not Provided 01.08.2013

JPMorgan DAVID H PERRY overweight 5 M 67 15 month 31.07.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 31.07.2013


S&P Capital IQ UNAI FRANCO strong buy 5 M 53 12 month 31.07.2013


Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013

UBS CHARLES ARMITAGE buy 5 M 49 12 month 08.03.2013

Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011

Holdings By:

European Aeronautic Defence and Space Co NV ee


27.09.2013

E.ON SE operates in power generation and gas production businesses. The

Company's operations include electric generation at conventional, nuclear, and

renewable-source facilities, electric transmission via high-voltage wires

network, regional distribution of electricity, gas, and heat, power trading and

electricity, gas, and heat sales.


LTM as of: 06/yy

52-Week High (25.09.2012) 19.19

52-Week Low (08.07.2013) 11.82

Daily Volume

13.49





26'993.49 1 Yr Total Return -23.52%







EOAN GY EQUITY YTD Change - Average Volume 30 Day 10'661'160

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 9'707'990


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

86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 100'850.0 103'107.0 119'584.2 121'661.5 - -

1.08x 1.11x 0.78x 0.52x 0.38x 2.38x 1.94x 0.40x 0.39x - -

5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'407.0 7'043.0 9'353.1 9'140.6 - -

17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 5.13x 5.25x - -

1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (190.0) 2'559.0 2'391.4 2'313.3 - -

37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.86x 11.33x - -











EBITDA Margin 7.6%



Asset Turnover 0.93







Fiscal Year Ended

E.ON SEPrice/Volume

Valuation Analysis

5'179'722.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

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!''

3!''

4!''

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



27.09.2013



E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation

GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government

CREDIT SUISSE AG n/a ULT-AGG 47'239'166 2.36 - 31.05.2013 Investment Advisor



MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor



PICTET FUNDS n/a ULT-AGG 11'926'783 0.6 166'783 31.05.2013 Investment Advisor



DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'094'187 0.35 (1'000'703) 30.04.2013 Investment Advisor

PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 7'002'471 0.35 - 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'981'054 0.35 1'357'797 30.06.2013 Investment Advisor


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'763'980 0.29 (1'241) 23.09.2013 Investment Advisor



GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor


Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 13 6 month 24.09.2013

RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 20.09.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 13 Not Provided 20.09.2013

Societe Generale ALBERTO PONTI sell 1 M 12 12 month 19.09.2013


AlphaValue EILEEN RYAN buy 5 M 17 6 month 12.09.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 16 12 month 11.09.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 09.09.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 17 12 month 09.09.2013

HSBC ADAM DICKENS underweight 1 M 10 Not Provided 09.09.2013

JPMorgan NATHALIE F CASALI underweight 1 M 11 9 month 04.09.2013

Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 04.09.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 02.09.2013

Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 02.09.2013

Kepler Cheuvreux INGO BECKER hold 3 M 12 Not Provided 30.08.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 12 Not Provided 27.08.2013

Deutsche Bank ALEXANDER KARNICK hold 3 M 12 12 month 19.08.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 16.08.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 11 12 month 15.08.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 15.08.2013

Nord/LB HEINO HAMMANN hold 3 M 14 12 month 14.08.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 14.08.2013

Barclays PETER BISZTYGA overweight 5 M 15 Not Provided 14.08.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.08.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.08.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 14 12 month 13.08.2013


Investec HAROLD HUTCHINSON reduce 2 M 12 Not Provided 07.08.2013

UBS PATRICK HUMMEL neutral 3 M 12 12 month 07.08.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013

Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013

National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013

Holdings By:

E.ON SE ee


27.09.2013

Evonik Industries AG manufactures specialty chemicals. The Company

offers different products in the field of consumer goods, animal nutrition, and

pharmaceuticals. Evonik Industries serves customers worldwide.


LTM as of: 06/yy

52-Week High (25.04.2013) 33.20

52-Week Low (08.07.2013) 23.97

Daily Volume

27.875


52-Week Low % Change 16.32% Beta -



12'989.75 1 Yr Total Return -

Total Debt 2'947.00 YTD Return -

Preferred Stock 0.0 Adjusted BETA -





EVK GY EQUITY YTD Change - Average Volume 30 Day 225'682

EVK GY EQUITY YTD % CHANGE - Average Volume 3 Month 180'233


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

15'873.0 10'518.0 13'300.0 14'540.0 13'629.0 13'798.0 13'220.0 12'919.8 13'574.1 3'241.4 3'190.4

- - - - - 0.00x 1.12x 1.08x 1.07x - -

1'565.0 1'354.0 2'143.0 2'646.0 2'690.0 2'448.0 2'362.4 2'000.6 2'164.0 508.4 443.8

- - - - - 0.00x 6.27x 7.54x 6.97x - -

281.0 240.0 734.0 1'011.0 1'164.0 1'019.0 1'111.0 854.8 966.8 195.5 170.5

- - - - - 0.00x 12.08x 15.25x 13.34x 14.84x 14.53x











EBITDA Margin 17.9%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evonik Industries AGPrice/Volume

Valuation Analysis

18'444.00


'

2

-'

-2

.'

.2

0'

02

Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

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!''

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



27.09.2013


RAG-STIFTUNG n/a Research 316'880'000 68 - 25.04.2013 Corporation

GABRIEL ACQUISITIONS n/a Research 83'880'000 18 - 25.04.2013 Private Equity

TEMASEK HOLDINGS PRI n/a ULT-AGG 21'630'616 4.64 - 24.04.2013 Government

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'375'423 0.3 (109'808) 31.07.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 1'342'000 0.29 1'342'000 28.02.2013 Investment Advisor



UBI PRAMERICA SGR Multiple Portfolios MF-AGG 762'288 0.16 9'000 31.08.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 725'000 0.16 (139'405) 30.08.2013 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 651'800 0.14 - 28.06.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 646'779 0.14 646'779 28.06.2013 Investment Advisor


ADIG INVESTMENT Multiple Portfolios MF-AGG 443'740 0.1 - 31.05.2013 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 191'500 0.04 191'500 31.07.2013 Investment Advisor

LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 180'200 0.04 50'200 28.06.2013 Investment Advisor

DEKA INTERNATIONAL S DEKALUX DEUTSCHLAND MF-LUX 160'000 0.03 - 28.03.2013 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 160'000 0.03 - 28.03.2013 Investment Advisor



UBI MANAGEMENT CO SA Multiple Portfolios MF-AGG 88'191 0.02 191 30.08.2013 Investment Advisor


Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 26 12 month 24.09.2013

Kepler Cheuvreux MARTIN ROEDIGER hold 3 M 31 Not Provided 24.09.2013


Deutsche Bank TIMOTHY JONES hold 3 M 29 12 month 23.09.2013

HSBC GEOFF HAIRE neutral 3 N 32 Not Provided 23.09.2013




JPMorgan MARTIN EVANS overweight 5 M 32 15 month 04.09.2013


Goldman Sachs RAKESH PATEL neutral/neutral 3 M 33 12 month 30.08.2013

Barclays ANDREAS HEINE overweight 5 M 33 Not Provided 02.08.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 26 Not Provided 01.08.2013

Commerzbank Corporates & Markets LUTZ GRUETEN add 4 M 28 6 month 24.07.2013

Holdings By:

Evonik Industries AG ee


27.09.2013

Evotec AG offers drug research, development, and manufacturing services. The

Company offers assay development and screening and compound optimization

services to pharmaceutical companies. Evotec also develops drugs on its own

for out-licensing.


LTM as of: 06/yy

52-Week High (16.09.2013) 3.42

52-Week Low (19.04.2013) 2.06

Daily Volume

3.22












EVT GY EQUITY YTD Change - Average Volume 30 Day 1'007'558

EVT GY EQUITY YTD % CHANGE - Average Volume 3 Month 637'143


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

39.6 42.7 55.3 80.1 87.3 88.8 81.9 96.8 110.1 - -

0.27x 4.37x 5.10x 2.86x 3.02x 10.85x 12.86x 3.41x 2.90x - -

(47.7) (14.7) 7.2 10.3 5.9 2.0 1.2 15.3 20.9 - -

- - 39.01x 22.24x 44.59x 0.00x 235.05x 22.46x 16.42x - -

(78.3) (45.5) 3.3 6.7 2.5 7.6 (3.8) 5.5 11.8 - -

- - 97.33x 38.95x 131.30x 33.90x 0.00x 56.49x 33.54x - -











EBITDA Margin 1.5%



Asset Turnover 0.38







Fiscal Year Ended

Evotec AGPrice/Volume

Valuation Analysis

292'675.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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0

1

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0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

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

'!''

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27.09.2013


OETKER ROLAND n/a Co File 17'429'685 14.69 - 31.12.2012 n/a

TVM V LIFE SCIENCE V n/a Research 17'104'439 14.42 - 30.08.2013 Venture Capital

BVF INC n/a Research 11'400'584 9.61 - 30.08.2013 Hedge Fund Manager


DEUTSCHE ASSET MGMT n/a Research 3'628'164 3.06 - 12.09.2013 Investment Advisor

LBBW ASSET MANAGEMEN n/a Research 3'360'000 2.83 - 20.08.2012 Unclassified


BLACKROCK ADVISORS U n/a Short (569'025) -0.48 130'401 16.05.2013 Investment Advisor

BLACKROCK INV MGMT U n/a Short (545'315) -0.46 142'256 15.05.2013 Investment Advisor

LANTHALER WERNER n/a Co File 516'494 0.44 - 31.12.2012 n/a




ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 350'000 0.3 - 31.03.2013 Investment Advisor


DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 180'600 0.15 - 28.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG (177'488) -0.15 94'455 23.09.2013 Investment Advisor


MMA FINANCE Multiple Portfolios MF-AGG 130'000 0.11 130'000 29.06.2012 Investment Advisor

VOLKSBANKEN KAPITALA Multiple Portfolios MF-AGG 130'000 0.11 - 28.03.2013 Investment Advisor


Close Brothers Equity Markets IGOR KIM buy 5 M 4 12 month 02.09.2013

Montega STEFAN SCHROEDER buy 5 M 4 12 month 02.09.2013


Berenberg Bank ALISTAIR CAMPBELL buy 5 M 4 Not Provided 28.08.2013


EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

DZ Bank AG HEINZ MUELLER buy 5 M 4 Not Provided 17.05.2013

Kempen & Co MARK POSPISILIK buy 5 M 4 12 month 15.01.2013

Holdings By:

Evotec AG ee


27.09.2013

Fielmann AG produces and markets prescription eyeglasses, specialty glasses,

sunglasses, contact lenses, and optical supplies. The Company retails its

products through Fielmann stores in Europe.


LTM as of: 06/yy

52-Week High (09.07.2013) 82.99

52-Week Low (18.03.2013) 69.51

Daily Volume

77.9





3'271.80 1 Yr Total Return 8.84%







FIE GY EQUITY YTD Change - Average Volume 30 Day 22'690

FIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 29'137


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

902.7 952.5 993.7 1'053.4 1'107.1 1'080.9 1'127.9 1'163.1 1'223.5 300.0 288.0

1.96x 2.08x 2.80x 2.75x 2.51x 10.59x 10.04x 2.57x 2.43x - -

190.5 192.3 200.4 208.3 214.9 211.2 218.2 228.6 242.5 - -

9.27x 10.29x 13.90x 13.92x 12.95x 13.26x 13.88x 12.86x 12.12x - -

110.6 111.1 117.8 122.2 126.4 124.2 128.6 133.8 144.0 43.0 34.0

17.68x 19.45x 25.41x 25.24x 24.25x 24.76x 26.16x 24.22x 22.57x - -











EBITDA Margin 19.3%



Asset Turnover 1.38







Fiscal Year Ended

Fielmann AGPrice/Volume

Valuation Analysis

17'114.00


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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!' F

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!- F

!- F

!- F

!- F

!- F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

-'!''

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0'!''

1'!''

2'!''

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27.09.2013


FIELMANN FAMILIENSTI n/a Research 30'090'422 71.64 - 09.04.2013 Other

CREDIT SUISSE GROUP n/a Research 1'200'937 2.86 - 26.06.2013 Investment Advisor






UNION INVESTMENT GMB Multiple Portfolios MF-AGG 285'300 0.68 - 28.03.2013 Investment Advisor


FMR LLC n/a ULT-AGG 232'811 0.55 16'800 31.07.2013 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 168'000 0.4 - 31.05.2013 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 134'201 0.32 - 31.05.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 123'707 0.29 - 31.05.2013 Investment Advisor



BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 99'922 0.24 - 30.04.2013 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 91'583 0.22 - 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 63'000 0.15 63'000 30.04.2013 Unclassified


Berenberg Bank ANNA PATRICE hold 3 M 82 Not Provided 16.09.2013

M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 77 12 month 05.09.2013


HSBC THOMAS TEETZ underweight 1 M 70 Not Provided 03.09.2013


Nord/LB WOLFGANG VASTERLING hold 3 M 72 12 month 02.09.2013

Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER sell 1 M 64 12 month 02.09.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 74 12 month 02.09.2013



Exane BNP Paribas ANDREAS INDERST underperform 1 M 69 Not Provided 02.09.2013

Deutsche Bank BENJAMIN GOY sell 1 M 67 12 month 30.08.2013

Landesbank Baden-Wuerttemberg JUERGEN GRAF hold 3 M 79 Not Provided 29.08.2013

SRH AlsterResearch CARSTEN MAINITZ sell 1 M 64 12 month 29.08.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN hold 3 M 70 6 month 28.08.2013

Baader Bank VOLKER BOSSE sell 1 M 65 12 month 22.08.2013


Kepler Cheuvreux CRAIG ABBOTT reduce 2 M 67 Not Provided 14.05.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 02.05.2013

BHF-Bank PETER STEINER overweight 5 U 80 12 month 06.02.2013

Silvia Quandt Research KLAUS KRAENZLE neutral 3 M 77 12 month 08.11.2012

Hammer Partners SA STEPHAN SEIP sell 1 M 66 Not Provided 23.08.2012


Holdings By:

Fielmann AG ee


27.09.2013

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and

manufactures and distributes equipment and products used in the treatment of

dialysis patients. The Company also offers clinical laboratory testing and

diagnostic testing services and provides home infusion, respiratory therapy,

ultrasound, and echo-cardiography. Fresenius operates worldwide.


LTM as of: 06/yy

52-Week High (19.10.2012) 59.58

52-Week Low (31.07.2013) 46.52

Daily Volume

48.475





15'094.85 1 Yr Total Return -11.12%







FME GY EQUITY YTD Change - Average Volume 30 Day 599'888

FME GY EQUITY YTD % CHANGE - Average Volume 3 Month 830'987


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

10'612.3 11'247.5 12'053.5 12'570.5 13'800.3 13'016.8 14'200.0 14'586.5 15'228.8 3'658.0 3'846.7

1.81x 1.84x 1.88x 2.22x 2.15x 8.90x 8.40x 1.97x 1.86x 7.63x 7.20x

2'088.1 2'212.7 2'427.0 2'632.2 2'821.5 2'766.3 2'811.9 2'893.7 2'995.3 703.8 770.0

9.19x 9.33x 9.36x 10.62x 10.50x 10.89x 10.70x 9.92x 9.58x 10.00x 9.90x

817.6 891.1 978.5 1'071.2 1'186.8 1'249.5 1'015.0 1'104.3 1'148.3 275.8 323.8

17.10x 17.72x 17.64x 19.22x 17.78x 17.12x 21.35x 18.22x 17.32x 18.65x 18.22x


EBIT 2'218.57 Long-Term Rating BB+









EBITDA Margin 19.8%



Asset Turnover 0.64

Current Ratio 1.93 Net Fixed Asset Turnover -




Accounts Receivable Turnover - Cash Conversion Cycle 15.56


Fiscal Year Ended

Fresenius Medical Care AG & Co KGaAPrice/Volume

Valuation Analysis

691'187.00


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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-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

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27.09.2013


FRESENIUS SE & CO KG n/a 20F 94'380'382 30.69 - 18.02.2013 Corporation


THORNBURG INVESTMENT n/a Research 15'147'822 4.93 - 06.02.2013 Investment Advisor





HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'007'418 0.98 313'212 30.06.2013 Investment Advisor





SARASIN n/a ULT-AGG 1'289'311 0.42 103'289 31.07.2013 Unclassified

INVESCO LTD n/a ULT-AGG 1'234'051 0.4 (11'363) 24.09.2013 Investment Advisor



FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 1'100'490 0.36 - 31.07.2013 Unclassified


RUFFER LLP Multiple Portfolios MF-AGG 1'077'120 0.35 - 28.02.2013 Investment Advisor



AlphaValue MARTIN SCHNEE add 4 M 59 6 month 19.09.2013

Redburn Partners ANITA VASU neutral 3 N #N/A N/A Not Provided 17.09.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 45 9 month 16.09.2013


Main First Bank AG MARCUS WIEPRECHT outperform 5 U 53 12 month 16.09.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 57 12 month 04.09.2013

Commerzbank Corporates & Markets VOLKER BRAUN add 4 M 61 6 month 28.08.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 46 12 month 19.08.2013

Helvea OLAV ZILIAN hold 3 M 55 12 month 15.08.2013

Societe Generale JUSTIN SMITH hold 3 D 53 12 month 06.08.2013


Jefferies INGEBORG OIE hold 3 M 49 12 month 01.08.2013

DZ Bank AG SVEN OLAF KUERTEN hold 3 M 48 Not Provided 01.08.2013


Nord/LB HOLGER FECHNER hold 3 M 50 12 month 31.07.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 46 Not Provided 31.07.2013

HSBC JAN KEPPELER neutral 3 M 51 Not Provided 31.07.2013


Berenberg Bank TOM JONES buy 5 M 58 Not Provided 31.07.2013

Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 54 6 month 31.07.2013

Barclays SALLY TAYLOR overweight 5 M 59 Not Provided 31.07.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/In-Line 5 M 53 12 month 30.07.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 58 Not Provided 30.07.2013



S&P Capital IQ SHO MATSUBARA sell 1 D 44 12 month 30.07.2013

Exane BNP Paribas JULIEN DORMOIS neutral 3 M 53 Not Provided 30.07.2013


UBS MARTIN WALES buy 5 M 54 12 month 02.07.2013

Kepler Cheuvreux OLIVER REINBERG hold 3 M 47 Not Provided 02.07.2013

Erste Group HANS ENGEL hold 3 M #N/A N/A Not Provided 01.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

National Bank AG STEFFEN MANSKE hold 3 M 57 Not Provided 31.10.2012

SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 63 12 month 02.11.2011

Holdings By:

Fresenius Medical Care AG & Co KGaA ee


27.09.2013

Freenet AG provides internet and telecommunications services in Germany. The

company offers mobile and fixed line telephone, internet access services,

information and news services, its own internet catalog, DINO-Online, e-mail

accounts, e-commerce services and and set-up of homepages. Through its

subsidiary mobilcom is also the franchiser of the MobilCom retail shops.


LTM as of: 06/yy

52-Week High (11.09.2013) 18.73

52-Week Low (26.09.2012) 11.67

Daily Volume

18.105





2'318.54 1 Yr Total Return 53.69%







FNTN GY EQUITY YTD Change - Average Volume 30 Day 400'104

FNTN GY EQUITY YTD % CHANGE - Average Volume 3 Month 480'970


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

2'776.5 3'601.8 3'339.5 3'266.6 3'089.0 3'233.4 3'187.5 3'229.2 3'253.8 775.0 774.0

0.66x 0.55x 0.49x 0.55x 0.73x 2.34x 3.11x 0.85x 0.82x - -

187.7 347.8 335.8 336.3 352.1 344.6 353.3 356.9 363.4 88.7 87.7

9.78x 5.73x 4.88x 5.38x 6.38x 5.93x 7.63x 8.01x 7.86x - -

112.2 256.5 112.4 143.8 173.1 179.2 206.3 229.8 245.3 - -

3.61x 67.07x 8.49x 8.93x 10.37x 8.24x 10.46x 9.87x 9.36x - -











EBITDA Margin 11.1%



Asset Turnover 1.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Freenet AGPrice/Volume

Valuation Analysis

381'841.00


'.135

-'-.-1-3-5.'


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013



DRILLISCH AG n/a Research 5'766'540 4.5 - 24.06.2013 Corporation

MPS HOLDING GMBH n/a Research 4'494'941 3.51 - 20.03.2013 n/a

POLARIS CAPITAL MANA n/a Research 3'921'847 3.06 - 09.08.2013 Investment Advisor


FLOSSBACH VON STORCH n/a Research 3'841'524 3 - 09.08.2013 Investment Advisor



DWS INVESTMENTS Multiple Portfolios MF-AGG 1'498'075 1.17 601'675 31.05.2013 Investment Advisor


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'208'581 0.94 28'320 28.06.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 1'045'339 0.82 - 30.06.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'013'936 0.79 - 31.05.2013 Investment Advisor




PRINCIPAL FINANCIAL n/a ULT-AGG 879'457 0.69 323'890 31.07.2013 Investment Advisor

ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 873'375 0.68 32'058 30.06.2013 Government

PRUDENTIAL FINANCIAL n/a ULT-AGG 821'874 0.64 (101'350) 31.07.2013 Investment Advisor






Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 22 6 month 28.08.2013

Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 12.08.2013




Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 20 12 month 07.08.2013


Berenberg Bank USMAN GHAZI hold 3 M 18 Not Provided 07.08.2013

Close Brothers Equity Markets MARCUS SILBE hold 3 M 18 12 month 07.08.2013

HSBC DOMINIK KLARMANN overweight 5 M 20 Not Provided 06.08.2013

DZ Bank AG KARSTEN OBLINGER buy 5 M 20 Not Provided 15.07.2013

UBS VIKRAM KARNANY buy 5 M 20 12 month 09.07.2013

Kepler Cheuvreux THOMAS KARLOVITS reduce 2 M 18 Not Provided 15.05.2013

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

Nomura HENRIK NYBLOM neutral 3 M 9 Not Provided 17.12.2010

Holdings By:

Freenet AG ee


27.09.2013

Fuchs Petrolub SE refines and produces industrial and automotive lubricants,

hydraulic oils, and polishing products. The Company also produces

biodegradable oils. Fuchs manufactures and markets its products worldwide.


LTM as of: 06/yy

52-Week High (03.04.2013) 68.62

52-Week Low (26.09.2012) 47.96

Daily Volume

62.47





4'127.13 1 Yr Total Return 30.21%







FPE3 GY EQUITY YTD Change - Average Volume 30 Day 86'706

FPE3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 105'377


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

1'393.7 1'178.1 1'458.6 1'651.5 1'819.1 1'743.1 1'819.4 1'872.8 1'960.9 475.0 450.0

0.74x 1.19x 1.55x 1.26x 2.06x 5.57x 8.01x 2.09x 1.95x - -

193.5 202.2 266.0 285.7 308.3 293.4 317.4 337.9 357.6 91.1 85.8

5.34x 6.95x 8.51x 7.26x 12.14x 9.58x 11.40x 11.96x 11.30x - -

109.4 120.8 170.7 182.4 206.6 192.6 212.4 218.4 231.5 58.9 54.9

8.71x 11.89x 13.75x 11.76x 18.28x 14.87x 17.50x 20.16x 18.94x - -











EBITDA Margin 17.4%



Asset Turnover 1.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fuchs Petrolub SEPrice/Volume

Valuation Analysis

37'892.00


'

-'

.'

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1'

2'

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.!2 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

2!''

-'!''

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27.09.2013




MAWER INVESTMENT MAN n/a Research 1'060'114 2.99 - 09.05.2013 Investment Advisor


NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 841'280 2.37 991 31.07.2013 Insurance Company

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 741'142 2.09 - 28.06.2013 Investment Advisor

THREADNEEDLE n/a ULT-AGG 698'594 1.97 (204'136) 31.05.2013 Unclassified

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 582'152 1.64 304'152 31.12.2012 Investment Advisor


DWS INVESTMENTS Multiple Portfolios MF-AGG 346'361 0.98 843 31.05.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 259'969 0.73 (29'998) 31.07.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 146'800 0.41 (242'000) 30.06.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 130'700 0.37 - 30.06.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 110'000 0.31 (5'000) 28.02.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 93'575 0.26 27'701 31.07.2013 Investment Advisor

MCINROY & WOOD LIMIT Multiple Portfolios MF-AGG 86'440 0.24 - 30.06.2013 Unclassified

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 82'000 0.23 (4'800) 31.05.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 80'043 0.23 - 31.05.2013 Investment Advisor


Bankhaus Metzler LARS HETTCHE buy 5 M 65 12 month 16.09.2013

Hauck & Aufhaeuser THOMAS WISSLER sell 1 M 49 12 month 13.09.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 64 12 month 13.09.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 48 12 month 13.09.2013

Macquarie CHRISTIAN FAITZ underperform 1 D 44 12 month 04.09.2013

Commerzbank Corporates & Markets LUTZ GRUETEN hold 3 M 56 6 month 28.08.2013

Main First Bank AG HOLGER OCHS outperform 5 U 70 12 month 16.08.2013

Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 62 Not Provided 12.08.2013


Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 69 6 month 08.08.2013

DZ Bank AG HEINZ MUELLER buy 5 U 67 Not Provided 06.08.2013




Bankhaus Lampe HEIKO FEBER sell 1 M 50 12 month 02.08.2013

Steubing AG TOBIAS SCHMIDT hold 3 M 56 12 month 02.08.2013

Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 68 Not Provided 29.07.2013

Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 54 Not Provided 25.07.2013


HSBC JESKO MAYER-WEGELIN underweight 1 M 48 Not Provided 14.01.2013


Holdings By:

Fuchs Petrolub SE ee


27.09.2013

Fraport AG Frankfurt Airport Services Worldwide offers airport services. The

Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports,

the airport in Lima, Peru, and the international terminal in Antalya, Turkey.

Fraport also provides services to domestic and international carriers including

traffic, facility and terminal management, ground handling, and security.


LTM as of: 06/yy

52-Week High (16.09.2013) 53.00

52-Week Low (16.11.2012) 41.51

Daily Volume

51.42





4'745.21 1 Yr Total Return 13.15%







FRA GY EQUITY YTD Change - Average Volume 30 Day 88'086

FRA GY EQUITY YTD % CHANGE - Average Volume 3 Month 102'221


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

2'101.6 1'972.6 2'194.6 2'371.2 2'442.0 2'399.2 2'500.8 2'582.2 2'655.7 777.0 619.0

1.89x 2.94x 3.17x 2.89x 3.22x 12.40x 12.77x 3.28x 3.18x - -

613.0 567.5 719.8 807.1 852.9 806.4 861.8 887.8 926.2 - -

6.49x 10.23x 9.65x 8.49x 9.21x 9.60x 9.58x 9.82x 9.41x - -

189.7 150.0 262.9 240.4 238.3 215.2 232.9 227.5 265.6 133.0 12.3

14.93x 22.12x 16.49x 14.50x 16.96x 18.14x 18.33x 21.06x 18.00x 19.40x 21.79x











EBITDA Margin 34.5%



Asset Turnover 0.26







Fiscal Year Ended

Fraport AG Frankfurt Airport Services WorldwidePrice/Volume

Valuation Analysis

28'020.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!- F!- F!. F!. F!0 F!0 F!1 F!1 F!2 F!2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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27.09.2013


STATE OF HESSEN n/a Co File 28'954'491 31.38 - 31.12.2012 Other

CITY OF FRANKFURT n/a Co File 18'488'457 20.03 - 31.12.2012 Unclassified

DEUTSCHE LUFTHANSA A n/a Co File 9'119'742 9.88 - 31.12.2012 Corporation

ARTIO GLOBAL INVESTO n/a Research 4'509'210 4.89 - 29.02.2012 Investment Advisor

TREASURY GROUP INV S Multiple Portfolios MF-AGG 3'483'913 3.78 9'188 30.04.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 2'913'891 3.16 - 31.12.2012 Unclassified

RARE INFRASTRUCTURE n/a Co File 2'821'680 3.06 - 31.12.2012 Investment Advisor



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'014'217 1.1 - 30.06.2013 Hedge Fund Manager

SPARINVEST n/a ULT-AGG 672'427 0.73 - 31.07.2013 Investment Advisor


TAUBE HODSON STONEX Multiple Portfolios MF-AGG 480'501 0.52 (16'320) 31.07.2013 Investment Advisor

LANSDOWNE PARTNERS L n/a Short (461'083) -0.5 - 12.03.2013 Hedge Fund Manager


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 420'813 0.46 (12'660) 30.08.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 329'602 0.36 167'618 30.06.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 293'416 0.32 60'443 31.05.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 261'488 0.28 42'698 30.06.2013 Investment Advisor



Raymond James ARNAUD PALLIEZ outperform 5 M 53 12 month 20.09.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 46 6 month 19.09.2013


Natixis GREGOIRE THIBAULT reduce 2 M 42 6 month 11.09.2013

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER buy 5 M 56 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 57 6 month 30.08.2013

Macquarie SAM DOBSON outperform 5 M 59 12 month 21.08.2013

M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 55 12 month 15.08.2013


RBC Capital Markets DAMIAN BREWER outperform 5 M 60 12 month 13.08.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 44 12 month 13.08.2013

JPMorgan ELODIE RALL underweight 1 D 50 9 month 09.08.2013

Nomura PETER LARKIN buy 5 M 52 12 month 09.08.2013

Exane BNP Paribas NICOLAS MORA neutral 3 M 53 Not Provided 09.08.2013

HSBC JOSEPH P THOMAS neutral 3 M 51 Not Provided 08.08.2013



Deutsche Bank MICHAEL KUHN buy 5 M 53 12 month 07.08.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN buy 5 M 54 Not Provided 07.08.2013

S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 55 12 month 07.08.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 53 12 month 02.08.2013

Morgan Stanley DANIEL RUIVO Equalwt/In-Line 3 M 54 12 month 16.07.2013

Kepler Cheuvreux RUXANDRA HARADAU-DOESER reduce 2 M 39 Not Provided 11.07.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 56 12 month 10.06.2013


UBS ALEX BRIGNALL neutral 3 M 46 12 month 14.03.2013

Grupo Santander JOAQUIN FERRER buy 5 M 56 Not Provided 12.03.2013

Barclays SUSANNA INVERNIZZI overweight 5 U 52 Not Provided 23.01.2013

Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M 46 Not Provided 10.09.2010

Holdings By:

Fraport AG Frankfurt Airport Services Worldwide ee


27.09.2013

Fresenius SE & Co KGaA i s a global health care group with products and services

for dialysis, the hospital and the medical care of patients at home. The

Company sells dialysis, infusion, transfusion, and diagnostics equipment and

systems, blood separators and plasma and hemofilters, nutritional liquids, and

solid and liquid pharmaceuticals.


LTM as of: 06/yy

52-Week High (19.07.2013) 100.10

52-Week Low (11.01.2013) 81.83

Daily Volume

92.7





16'525.73 1 Yr Total Return 5.15%







FRE GY EQUITY YTD Change - Average Volume 30 Day 412'422

FRE GY EQUITY YTD % CHANGE - Average Volume 3 Month 412'709


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

12'336.0 14'164.0 15'972.0 16'361.0 19'290.0 17'593.0 20'041.0 20'603.0 22'352.1 5'091.5 5'488.8

1.43x 1.32x 1.40x 1.60x 1.64x 6.23x 6.51x 1.57x 1.44x - -

2'260.0 2'616.0 3'057.0 3'237.0 3'759.0 3'510.0 3'793.0 3'967.3 4'286.2 974.0 1'051.0

7.82x 7.17x 7.31x 8.08x 8.41x 8.79x 8.76x 8.29x 7.67x - -

270.0 494.0 622.0 690.0 926.0 875.0 946.0 1'029.6 1'168.2 254.5 302.0

21.19x 14.20x 16.30x 16.86x 16.28x 15.34x 17.63x 15.84x 13.94x - -


EBIT 2'983.00 Long-Term Rating BB+









EBITDA Margin 18.9%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fresenius SE & Co KGaAPrice/Volume

Valuation Analysis

354'311.00


'

.'

1'

3'

5'

-''

-.'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

-!3 F

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!''

6!''

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27.09.2013


ELSE KRONER FOUNDATI n/a Co File 48'231'698 27.06 - 31.12.2012 Other







HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'060'272 1.16 526'497 30.06.2013 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'816'577 1.02 (18'494) 31.07.2013 Investment Advisor


ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'378'159 0.77 20'332 31.08.2013 Investment Advisor




UMB BANK N A Multiple Portfolios MF-AGG 773'703 0.43 - 31.07.2013 Investment Advisor

FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 686'797 0.39 51'401 30.08.2013 Unclassified

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 662'333 0.37 (2'550) 30.08.2013 Investment Advisor




AlphaValue MARTIN SCHNEE add 4 M 108 6 month 19.09.2013



Societe Generale JUSTIN SMITH buy 5 M 126 12 month 17.09.2013


Barclays SALLY TAYLOR equalweight 3 M 97 Not Provided 17.09.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 109 Not Provided 16.09.2013



Exane BNP Paribas JULIEN DORMOIS outperform 5 M 115 Not Provided 16.09.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 104 12 month 13.09.2013


Jefferies INGEBORG OIE buy 5 M 111 12 month 13.09.2013




S&P Capital IQ SHO MATSUBARA hold 3 U 99 12 month 13.09.2013

Berenberg Bank TOM JONES buy 5 M 112 Not Provided 07.08.2013

DZ Bank AG SVEN OLAF KUERTEN buy 5 M 102 Not Provided 02.08.2013






UBS MARTIN WALES buy 5 M 103 12 month 04.07.2013



Commerzbank Corporates & Markets VOLKER BRAUN add 4 M 97 6 month 26.04.2013

Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 M 109 12 month 27.02.2013

Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A D 57 Not Provided 02.03.2010

Holdings By:

Fresenius SE & Co KGaA ee


27.09.2013

GEA Group AG offers engineering services. The Company designs and constructs

factories that refine metals, produce hydrocarbon products and chemicals, and

treat sewage. GEA designs production lines for food processors, beverage

bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.


LTM as of: 06/yy

52-Week High (19.08.2013) 32.64

52-Week Low (15.11.2012) 22.94

Daily Volume

30.6





5'890.36 1 Yr Total Return 31.41%







G1A GY EQUITY YTD Change - Average Volume 30 Day 373'273

G1A GY EQUITY YTD % CHANGE - Average Volume 3 Month 376'713


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

5'179.0 4'411.2 4'418.4 5'416.5 5'720.1 5'684.5 5'739.9 5'897.3 6'168.3 1'515.0 1'727.0

0.42x 0.62x 0.86x 0.79x 0.86x 3.12x 3.64x 1.06x 0.98x - -

542.3 382.8 371.9 594.7 635.9 596.8 677.4 698.3 775.2 - -

4.06x 7.09x 10.28x 7.21x 7.77x 7.46x 8.41x 9.08x 8.18x - -

99.6 160.6 129.3 312.0 314.4 305.2 345.2 381.7 440.6 106.0 178.0

6.43x 17.89x 30.90x 12.85x 14.48x 12.64x 14.69x 15.28x 13.43x - -











EBITDA Margin 11.8%



Asset Turnover 0.92







Fiscal Year Ended

GEA Group AGPrice/Volume

Valuation Analysis

153'764.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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27.09.2013


KUWAIT INVESTMENT AU n/a Co File 14'841'667 7.71 - 31.12.2012 Government


SCHRODERS PLC n/a Research 5'845'491 3.04 - 09.08.2013 Investment Advisor

FMR LLC n/a Research 5'787'350 3.01 - 07.06.2013 Investment Advisor

AMUNDI n/a Research 5'765'163 2.99 - 15.03.2013 Investment Advisor


VANGUARD GROUP INC n/a ULT-AGG 4'666'371 2.42 (1'265'420) 30.06.2013 Unclassified





ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'434'860 1.26 11'662 31.08.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2'131'994 1.11 89'220 28.06.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'097'235 1.09 61'717 30.06.2013 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 1'290'838 0.67 36'267 30.04.2013 Bank





Bankhaus Lampe GORDON SCHOENELL buy 5 M 38 12 month 23.09.2013


Nomura KLAS BERGELIND buy 5 M 40 12 month 16.09.2013

Berenberg Bank BENJAMIN GLAESER hold 3 D 32 Not Provided 12.09.2013

Exane BNP Paribas ALEXIS DENAUD outperform 5 M 35 Not Provided 09.09.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 06.09.2013

Hauck & Aufhaeuser FINN HENNING BREITER hold 3 M 32 12 month 05.09.2013

Barclays ALLAN SMYLIE equalweight 3 D 34 Not Provided 05.09.2013

Commerzbank Corporates & Markets SEBASTIAN GROWE add 4 M 32 6 month 02.09.2013

Deutsche Bank PETER REILLY buy 5 M 34 12 month 02.09.2013

HSBC JUERGEN SIEBRECHT overweight 5 M 38 Not Provided 28.08.2013


Equita SIM SpA GIANMARCO BONACINA buy 5 M 36 12 month 13.08.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 D 23 12 month 07.08.2013

Baader Bank PETER ROTHENAICHER buy 5 M 36 12 month 06.08.2013


M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 33 12 month 31.07.2013

Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 33 Not Provided 31.07.2013


Main First Bank AG CHRISTOPHER YOUL underperform 1 M 27 12 month 31.07.2013

Nord/LB HEINO HAMMANN buy 5 M 32 12 month 30.07.2013

UBS SVEN WEIER neutral 3 M 31 12 month 30.07.2013

JPMorgan GLEN H LIDDY neutral 3 M 30 15 month 30.07.2013


Equinet Institutional Services(ESN) HOLGER SCHMIDT buy 5 M 32 12 month 30.07.2013

S&P Capital IQ UNAI FRANCO buy 5 U 36 12 month 30.07.2013

Montega THOMAS RAU hold 3 M 29 12 month 30.07.2013


Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 29 12 month 08.05.2013



Holdings By:

GEA Group AG ee


27.09.2013

Bilfinger SE provides industrial services, power services, building and

facility services, construction, and concessions. The Company's industrial

services include repairs, maintenance, and modernization. Bilfinger also

provides power services which include maintenance, service, and efficiency

enhancements as well as building and facility services for real estate.


LTM as of: 06/yy

52-Week High (20.03.2013) 82.98

52-Week Low (28.09.2012) 68.25

Daily Volume

77.04

52-Week High % Change -7.16% Dividend Yield 3.89




3'545.70 1 Yr Total Return 13.87%







GBF GY EQUITY YTD Change - Average Volume 30 Day 126'577

GBF GY EQUITY YTD % CHANGE - Average Volume 3 Month 129'994


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

9'757.1 7'381.5 8'006.7 8'208.5 8'508.8 8'350.5 8'493.8 8'677.8 9'078.6 2'273.7 2'333.3

0.26x 0.54x 0.54x 0.33x 0.39x 1.31x 1.67x 0.41x 0.38x - -

577.1 280.0 481.8 508.2 691.7 708.2 609.7 554.6 617.4 - -

4.39x 14.15x 8.92x 5.36x 4.81x 4.25x 5.53x 6.83x 6.14x - -

200.4 140.2 284.0 394.1 274.9 291.1 181.9 242.1 270.1 80.2 88.3

6.65x 24.85x 13.59x 13.20x 11.72x 9.33x 17.09x 13.98x 12.38x - -


EBIT 503.80 Long-Term Rating BBB+









EBITDA Margin 8.1%



Asset Turnover 1.17







Fiscal Year Ended

Bilfinger SEPrice/Volume

Valuation Analysis

109'090.00


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

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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27.09.2013


CEVIAN CAPITAL AB n/a Research 6'990'563 15.19 - 15.01.2013 Venture Capital


BILFINGER BERGER AG n/a Research 1'840'965 4 - 24.01.2013 Corporation




DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'211'051 2.63 45'329 31.08.2013 Investment Advisor

CREDIT SUISSE GROUP n/a Research 944'428 2.05 - 11.04.2013 Unclassified


NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 894'012 1.94 4'113 31.07.2013 Insurance Company





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 684'799 1.49 (14'974) 24.09.2013 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 623'540 1.35 339'540 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 612'300 1.33 (65'000) 31.05.2013 Investment Advisor



DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 475'300 1.03 (19'861) 31.05.2013 Investment Advisor



Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 90 Not Provided 23.09.2013

M.M. Warburg Investment Research FRANK LASER buy 5 M 92 12 month 23.09.2013


Bankhaus Lampe MARC GABRIEL buy 5 M 83 Not Provided 20.09.2013

Goldman Sachs JAMES RUTLAND Buy/Neutral 5 U 99 12 month 17.09.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 U 86 12 month 03.09.2013

Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 84 6 month 30.08.2013

Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 30.08.2013

Credit Suisse EUGENE KLERK neutral 3 M 74 Not Provided 13.08.2013

Natixis ABDELKADER BENCHIHA buy 5 M 84 Not Provided 13.08.2013


HSBC TOBIAS LOSKAMP underweight 1 M 67 Not Provided 12.08.2013

Bankhaus Metzler STEPHAN BAUER buy 5 M 84 12 month 12.08.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 D 79 12 month 12.08.2013

Exane BNP Paribas GERHARD ORGONAS neutral 3 M 77 Not Provided 12.08.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 84 Not Provided 06.08.2013

UBS GREGOR KUGLITSCH buy 5 U 82 12 month 01.08.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 88 12 month 23.07.2013


Kepler Cheuvreux CRAIG ABBOTT buy 5 U 84 Not Provided 14.05.2013


SRH AlsterResearch CARSTEN MAINITZ buy 5 N 96 12 month 14.05.2013


BHF-Bank JENS JUNG overweight 5 M 79 12 month 13.02.2012

National Bank AG STEFFEN MANSKE buy 5 M 60 12 month 04.01.2010

Holdings By:

Bilfinger SE ee


27.09.2013

GAGFAH SA acquires, owns and manages residential properties throughout Germany.


LTM as of: 06/yy

52-Week High (20.05.2013) 10.48

52-Week Low (01.10.2012) 7.67

Daily Volume

9.62





2'077.46 1 Yr Total Return 22.97%







GFJ GY EQUITY YTD Change - Average Volume 30 Day 297'124

GFJ GY EQUITY YTD % CHANGE - Average Volume 3 Month 335'543


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

1'249.4 1'279.3 1'485.0 1'309.6 1'061.6 1'130.5 1'062.1 816.0 825.6 217.0 194.0

6.01x 5.89x 4.71x 4.67x 6.42x 22.38x 25.67x 8.56x 8.33x - -

454.0 448.0 435.6 371.9 358.2 361.3 338.3 340.1 358.4 - -

16.53x 16.83x 16.07x 16.46x 19.03x 18.46x 20.19x 20.75x 19.69x - -

41.2 (71.1) 7.7 (16.4) 43.2 5.4 18.8 89.3 143.2 - -

22.33x - 223.77x - 40.28x 213.31x 95.92x 21.61x 14.29x - -











EBITDA Margin 31.9%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GAGFAH SAPrice/Volume

Valuation Analysis

139'571.00


'

.

1

3

5

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-.

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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27.09.2013


FORTRESS INVESTMENT n/a Research 104'140'013 48.22 - 12.07.2013 Hedge Fund Manager


GOLDMAN SACHS GROUP n/a ULT-AGG 13'638'253 6.32 - 17.07.2013 Investment Advisor


TAUBE HODSON STONEX Multiple Portfolios MF-AGG 2'399'085 1.11 20'739 31.07.2013 Investment Advisor


KEMPEN CAPITAL MANAG n/a ULT-AGG 1'071'026 0.5 (175'996) 30.06.2013 Unclassified

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'030'776 0.48 - 25.09.2013 Investment Advisor



GAGFAH SA n/a Research 648'507 0.3 - 12.07.2013 Corporation

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 641'000 0.3 - 28.03.2013 Investment Advisor


LEGG MASON INC Multiple Portfolios MF-AGG 303'846 0.14 - 30.06.2013 Investment Advisor

CARVETIAN CAPITAL MA Multiple Portfolios MF-AGG 291'418 0.13 - 31.08.2013 Investment Advisor

PARWORLD Multiple Portfolios MF-AGG 243'859 0.11 - 31.03.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 225'000 0.1 225'000 28.03.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 214'111 0.1 - 31.07.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 199'716 0.09 4'019 31.07.2013 Investment Advisor

CCR GESTION Multiple Portfolios MF-AGG 165'937 0.08 (35'000) 28.09.2012 Investment Advisor


Deutsche Bank MARKUS SCHEUFLER buy 5 U 12 12 month 19.09.2013



Baader Bank ANDRE REMKE buy 5 M 12 12 month 10.09.2013

Kepler Cheuvreux THOMAS NEUHOLD buy 5 M 12 Not Provided 05.09.2013

JPMorgan HARM M MEIJER overweight 5 M 12 12 month 02.09.2013


HSBC THOMAS MARTIN overweight 5 M 12 Not Provided 16.08.2013



Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 11 12 month 14.08.2013


ABN Amro Bank N.V. MICHIEL DE JONGE buy 5 M 12 Not Provided 14.08.2013

Kempen & Co THOMAS VAN DER MEIJ underweight 1 M 8 Not Provided 10.07.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Holdings By:

GAGFAH SA ee


27.09.2013

GSW Immobilien AG owns and operates real estate. The Company owns apartment

buildings and manages apartment buildings owned by others.


LTM as of: 06/yy

52-Week High (20.08.2013) 34.64

52-Week Low (24.06.2013) 27.88

Daily Volume

32.295





1'631.75 1 Yr Total Return 12.82%







GIB GY EQUITY YTD Change - Average Volume 30 Day 165'882

GIB GY EQUITY YTD % CHANGE - Average Volume 3 Month 135'860


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

224.3 176.4 199.2 326.9 318.5 392.5 354.0 238.3 254.4 62.2 58.4

- - - 8.04x 10.73x 26.86x 36.74x 15.22x 14.22x - -

194.4 136.7 116.1 161.8 162.7 180.3 174.6 161.1 169.6 - -

- - - 16.24x 21.00x 15.91x 18.83x 21.25x 20.17x - -

107.7 172.1 49.3 105.1 143.3 93.2 160.7 107.3 102.8 - 17.3

- - - 8.39x 10.60x 12.16x 9.27x 16.72x 16.50x - -











EBITDA Margin 49.3%



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GSW Immobilien AGPrice/Volume

Valuation Analysis

28'969.00


'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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



27.09.2013


SUN LIFE FINANCIAL I n/a Co File 5'052'630 10 - 28.02.2013 Investment Advisor



GIC PRIVATE LIMITED n/a ULT-AGG 3'132'631 6.2 - 28.02.2013 Government


CREDIT SUISSE GROUP n/a Research 1'515'530 3 - 27.06.2013 Investment Advisor

PGGM VERMOGENSBEHEER n/a Research 1'506'102 2.98 - 08.10.2012 Investment Advisor

CBRE CLARION SECURIT n/a Research 1'505'943 2.98 - 08.04.2013 n/a

WELLINGTON MANAGEMEN n/a Research 1'497'459 2.96 - 08.10.2012 Investment Advisor

APG ALGEMENE PENSIOE n/a Research 1'424'494 2.82 - 28.08.2013 Pension Fund (ERISA)

F&C ASSET MANAGEMENT n/a Research 1'329'407 2.63 - 17.01.2012 Investment Advisor

THAMES RIVER CAPITAL n/a Research 1'170'946 2.32 - 16.02.2012 Investment Advisor



AXA n/a ULT-AGG 911'491 1.8 - 22.02.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 534'975 1.06 (14'000) 30.08.2013 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 502'555 0.99 (28'545) 28.02.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 454'466 0.9 - 28.02.2013 Investment Advisor



Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 35 6 month 12.09.2013


JPMorgan NEIL GREEN overweight 5 M 35 12 month 02.09.2013

Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 41 12 month 28.08.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH not rated #N/A N/A M #N/A N/A Not Provided 27.08.2013


ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 32 Not Provided 26.08.2013

Societe Generale MARC MOZZI buy 5 M 36 12 month 22.08.2013

Nord/LB MICHAEL SEUFERT swap 1 M 35 12 month 22.08.2013

HSBC THOMAS MARTIN underweight 1 D 32 Not Provided 22.08.2013


Deutsche Bank MARKUS SCHEUFLER restricted #N/A N/A M #N/A N/A Not Provided 20.08.2013

M.M. Warburg Investment Research TORSTEN KLINGNER hold 3 D 35 12 month 20.08.2013

Close Brothers Equity Markets MANUEL MARTIN buy 5 M 36 12 month 20.08.2013

Kepler Cheuvreux THOMAS NEUHOLD hold 3 D 34 Not Provided 20.08.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 36 12 month 20.08.2013

Baader Bank ANDRE REMKE buy 5 M 35 12 month 16.08.2013

DZ Bank AG KARSTEN OBLINGER hold 3 M 35 Not Provided 16.08.2013



Holdings By:

GSW Immobilien AG ee


27.09.2013

Gildemeister AG manufactures and markets machine tools including automatic

lathes, milling, turning, laser, and ultrasonic machines. The Company's

products are sold throughout Germany, the United States, Russia, and Europe.


LTM as of: 06/yy

52-Week High (24.09.2013) 21.20

52-Week Low (25.09.2012) 12.54

Daily Volume

20.25





1'596.06 1 Yr Total Return 58.80%







GIL GY EQUITY YTD Change - Average Volume 30 Day 752'109

GIL GY EQUITY YTD % CHANGE - Average Volume 3 Month 457'783


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

1'904.0 1'181.2 1'376.8 1'687.7 2'037.4 1'829.8 2'095.6 2'089.5 2'214.6 547.0 585.0

0.24x 0.64x 0.71x 0.25x 0.41x 1.51x 1.72x 0.65x 0.60x - -

194.7 59.7 67.9 141.1 165.5 163.2 180.9 190.5 227.2 - -

2.36x 12.74x 14.37x 3.05x 5.08x 4.96x 5.66x 8.35x 7.00x - -

81.1 4.7 4.2 46.8 77.3 71.8 78.2 86.7 102.7 50.3 31.1

4.20x 113.30x 185.56x 11.47x 11.55x 9.61x 12.78x 15.66x 13.53x - -











EBITDA Margin 8.6%



Asset Turnover 1.31







Fiscal Year Ended

Gildemeister AGPrice/Volume

Valuation Analysis

687'261.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013


DMG MORI SEIKI CO LT #N/A N/A Co File 12'093'808 15.34 - 31.12.2012 Corporation

GOLDMAN SACHS GROUP n/a ULT-AGG 6'642'974 8.43 (2'110) 30.08.2013 Investment Advisor


GILDEMEISTER AG n/a Research 1'805'048 2.29 - 20.08.2013 Corporation



ACTIVEST MUNICH Multiple Portfolios MF-AGG 741'627 0.94 - 30.04.2013 Investment Advisor



PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 310'723 0.39 87'757 30.06.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 242'104 0.31 71'800 31.07.2013 Investment Advisor



WELLS FARGO & COMPAN n/a ULT-AGG 156'264 0.2 149'001 31.07.2013 Investment Advisor

LA FINANCIERE RESPON Multiple Portfolios MF-AGG 131'541 0.17 - 28.06.2013 Investment Advisor


IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 114'870 0.15 3'869 26.08.2013 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 105'578 0.13 (10'000) 31.07.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 97'424 0.12 7'750 30.08.2013 Investment Advisor




Equinet Institutional Services(ESN) HOLGER SCHMIDT accumulate 4 M 22 12 month 24.09.2013


EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 23.09.2013

Deutsche Bank FELICITAS VON BISMARCK buy 5 M 22 12 month 19.09.2013



Kepler Cheuvreux STEFAN AUGUSTIN buy 5 U 24 Not Provided 19.09.2013


Independent Research GmbH ZAFER RUZGAR hold 3 D 20 12 month 17.09.2013


DZ Bank AG JASKO TERZIC sell 1 M 13 Not Provided 04.09.2013

Commerzbank Corporates & Markets STEPHAN BOEHM hold 3 M 18 6 month 30.08.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL hold 3 M 18 Not Provided 29.08.2013

Berenberg Bank FELIX WIENEN hold 3 M 15 Not Provided 29.08.2013

Nord/LB HEINO HAMMANN buy 5 U 19 12 month 25.07.2013

BHF-Bank HERMANN REITH overweight 5 M 23 12 month 07.05.2013


Holdings By:

Gildemeister AG ee


27.09.2013

Gerry Weber International AG operates as a fashion and lifestyle company in

Germany and internationally. The company engages in the production, wholesale,

and retail of women's clothing and accessories under various brand names.


LTM as of: 07/yy

52-Week High (11.12.2012) 39.42

52-Week Low (13.09.2013) 28.15

Daily Volume

30.495





1'399.90 1 Yr Total Return -5.73%

Total Debt 15.27 YTD Return -14.42%






GWI1 GY EQUITY YTD Change - Average Volume 30 Day 137'118

GWI1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 98'668


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

570.0 594.1 621.9 702.7 802.3 770.4 840.7 858.4 942.6 265.5 -

0.67x 0.87x 1.26x 1.37x 1.96x 6.59x 7.45x 1.57x 1.40x - -

74.7 85.2 101.1 114.5 134.5 129.5 130.8 131.1 156.6 50.6 -

5.09x 6.05x 7.76x 8.42x 11.72x 11.98x 11.85x 10.76x 9.01x - -

39.4 43.0 54.0 67.0 78.8 75.5 75.2 75.0 90.1 31.4 -

8.49x 10.68x 13.42x 15.21x 20.39x 18.03x 20.45x 18.61x 15.29x - -











EBITDA Margin 15.6%



Asset Turnover 1.85







Fiscal Year Ended

Gerry Weber International AGPrice/Volume

Valuation Analysis

60'389.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'3!--!.''6 '3!'2!.'-' '3!--!.'-' '3!'2!.'-- '3!--!.'-- '3!'2!.'-. '3!--!.'-. '3!'2!.'-0



27.09.2013


WEBER GERHARD n/a Co File 13'262'974 28.89 - 31.10.2012 n/a

HARDIECK UDO n/a Co File 7'994'845 17.42 - 31.10.2012 n/a

WEBER RALF n/a Co File 1'372'352 2.99 - 31.10.2012 n/a

WILLIAM BLAIR & COMP n/a Co File 1'367'949 2.98 - 31.10.2012 Investment Advisor



BLACKROCK n/a ULT-AGG 646'026 1.41 73'900 23.09.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 598'603 1.3 11'654 31.07.2013 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 450'151 0.98 10'000 31.05.2013 Investment Advisor

SAEMOR CAPITAL BV n/a Short (229'530) -0.5 - 20.08.2013 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 141'713 0.31 - 24.09.2013 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 130'000 0.28 - 28.06.2013 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 128'853 0.28 38'565 28.06.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 107'117 0.23 - 30.06.2013 Investment Advisor


Close Brothers Equity Markets MARTIN DECOT buy 5 M 35 12 month 17.09.2013


Baader Bank VOLKER BOSSE hold 3 M 36 12 month 16.09.2013

Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 35 12 month 16.09.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 40 12 month 16.09.2013

Equinet Institutional Services(ESN) PHILIPP RIGTERS accumulate 4 U 34 Not Provided 16.09.2013

Montega TIM KRUSE buy 5 M 35 12 month 16.09.2013


Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 32 6 month 13.09.2013

Landesbank Baden-Wuerttemberg Fabian Suessenguth buy 5 M 37 Not Provided 13.09.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 13.09.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP buy 5 M 40 12 month 13.09.2013

Berenberg Bank ANNA PATRICE hold 3 D 34 Not Provided 13.09.2013

DZ Bank AG HERBERT STURM hold 3 M 30 Not Provided 13.09.2013

Exane BNP Paribas ANDREAS INDERST neutral 3 M 34 Not Provided 13.09.2013



EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 05.09.2013

HSBC THOMAS TEETZ underweight 1 M 31 Not Provided 04.09.2013

BHF-Bank PETER STEINER overweight 5 M 38 12 month 18.06.2013


Kepler Cheuvreux JUERGEN KOLB reduce 2 N 31 Not Provided 14.05.2013

National Bank AG STEFFEN MANSKE buy 5 M 40 Not Provided 23.01.2013

Solventis WPH-Bank GmbH ULF VON LENGERICH hold 3 D 28 12 month 27.02.2012

Holdings By:

Gerry Weber International AG ee


27.09.2013

Gerresheimer AG develops and produces specialty products made of glass and

plastic. The Company produces containers for a variety of substances and

medicines.


LTM as of: 05/yy

52-Week High (28.05.2013) 47.99

52-Week Low (09.10.2012) 36.40

Daily Volume

44.78





1'406.09 1 Yr Total Return 12.25%







GXI GY EQUITY YTD Change - Average Volume 30 Day 80'144

GXI GY EQUITY YTD % CHANGE - Average Volume 3 Month 92'146


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 05/yy 05/yy 11/13 Y 11/14 Y 08/13 Q3 11/13 Q4

1'060.1 1'000.2 1'024.8 1'094.7 1'219.1 1'156.3 1'260.1 1'287.6 1'371.3 320.5 342.7

1.24x 1.15x 1.21x 1.27x 1.36x 5.11x 5.79x 1.47x 1.35x - -

171.2 179.9 204.3 209.8 228.2 214.7 233.7 246.3 276.5 62.1 78.1

7.70x 6.37x 6.07x 6.62x 7.25x 7.43x 8.55x 7.93x 7.07x - -

0.7 5.8 43.2 50.5 60.2 54.2 58.5 78.8 96.9 21.4 31.7

1349.00x 128.06x 20.38x 19.30x 20.54x 20.46x 24.84x 16.55x 13.77x - -











EBITDA Margin 18.5%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gerresheimer AGPrice/Volume

Valuation Analysis

257'394.00


'2

-'-2.'.20'021'122'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'1!-.!.''6 '1!'3!.'-' '1!-.!.'-' '1!'3!.'-- '1!-.!.'-- '1!'3!.'-. '1!-.!.'-. '1!'3!.'-0



27.09.2013


AMERIPRISE FINANCIAL n/a Co File 1'582'560 5.04 - 30.11.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 1'569'340 5 - 24.01.2013 Investment Advisor

ETON PARK CAPITAL MA n/a Co File 1'544'880 4.92 - 30.11.2012 Hedge Fund Manager


HOUND PARTNERS LLC n/a Research 1'333'222 4.25 - 04.01.2013 Hedge Fund Manager


EDINBURGH PARTNERS L n/a Co File 976'540 3.11 - 30.11.2012 Investment Advisor

BERG GILCHRIST B n/a Co File 973'400 3.1 - 30.11.2012 n/a

ALLIANZ GLOBAL INVES n/a Co File 957'700 3.05 - 30.11.2012 Other

FRANKLIN RESOURCES n/a ULT-AGG 948'376 3.02 - 28.06.2013 Investment Advisor

GOVERNANCE FOR OWNER n/a Research 939'380 2.99 - 24.11.2011 Other


TREMBLANT HOLDINGS L n/a Research 932'893 2.97 - 14.10.2011 Other

EDGEPOINT INVESTMENT n/a Research 842'679 2.68 - 17.10.2012 Hedge Fund Manager

BLUE HARBOUR GROUP L n/a Research 839'697 2.67 - 05.07.2012 Hedge Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 717'957 2.29 198'923 30.06.2013 Investment Advisor


MORGAN STANLEY n/a Research 494'999 1.58 - 06.09.2013 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 436'935 1.39 (25'800) 28.06.2013 Investment Advisor



Commerzbank Corporates & Markets DANIEL WENDORFF add 4 D 50 6 month 25.09.2013


Main First Bank AG MARCUS WIEPRECHT outperform 5 M 50 12 month 24.09.2013



DZ Bank AG SVEN OLAF KUERTEN buy 5 U 56 Not Provided 02.09.2013


Montega Robert-Jan van der Horst buy 5 N 56 12 month 29.07.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 56 6 month 16.07.2013

SRH AlsterResearch ALEXANDER ZIENKOWICZ buy 5 N 55 12 month 16.07.2013

Jefferies INGEBORG OIE buy 5 M 51 12 month 12.07.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 46 Not Provided 11.07.2013



Equinet Institutional Services(ESN) KONRAD LIEDER hold 3 M 45 12 month 11.07.2013

Hauck & Aufhaeuser THOMAS WISSLER hold 3 M 46 12 month 10.07.2013



Holdings By:

Gerresheimer AG ee


27.09.2013

HeidelbergCement AG produces and markets aggregates. The Company also

manufactures building materials including cement and concrete in Europe, North

America, Asia, Australia and Africa.


LTM as of: 06/yy

52-Week High (16.05.2013) 60.89

52-Week Low (16.11.2012) 38.41

Daily Volume

58.69





11'004.38 1 Yr Total Return 36.51%







HEI GY EQUITY YTD Change - Average Volume 30 Day 721'976

HEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 734'152


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

14'187.1 11'117.0 11'761.8 12'901.9 14'020.2 13'486.2 13'999.7 14'353.7 15'087.9 3'963.3 3'632.0

1.11x 1.58x 1.45x 1.12x 1.17x 4.51x 4.92x 1.33x 1.23x - -

2'945.6 1'953.3 2'025.2 2'368.8 2'521.9 2'407.6 2'778.7 2'574.8 2'856.0 882.5 728.5

5.33x 8.97x 8.43x 6.12x 6.51x 6.43x 6.41x 7.42x 6.69x - -

1'808.2 42.6 342.7 348.1 301.2 322.3 495.9 667.0 871.6 361.7 205.0

7.04x 133.97x 23.69x 16.64x 40.56x 19.08x 30.59x 16.72x 12.84x 15.95x -


EBIT 1'654.30 Long-Term Rating NR









EBITDA Margin 19.8%



Asset Turnover 0.49







Fiscal Year Ended

HeidelbergCement AGPrice/Volume

Valuation Analysis

450'208.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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



27.09.2013


MERCKLE LUDWIG n/a Co File 47'081'250 25.11 - 31.12.2011 n/a


FIRST EAGLE INVESTME n/a Co File 9'600'000 5.12 - 31.12.2011 Hedge Fund Manager





SKAGEN AS Multiple Portfolios MF-AGG 1'255'040 0.67 19'800 30.08.2013 Investment Advisor

METROPOLE GESTION Multiple Portfolios MF-AGG 1'094'773 0.58 - 28.06.2013 Investment Advisor



INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 980'843 0.52 (11'875) 31.05.2013 Investment Advisor


AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 763'937 0.41 51'800 30.04.2013 Investment Advisor


MANDARINE GESTION Multiple Portfolios MF-AGG 697'009 0.37 (16'252) 30.08.2013 Investment Advisor




ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 519'000 0.28 5'000 31.01.2013 Investment Advisor


UBS GREGOR KUGLITSCH neutral 3 M 62 12 month 24.09.2013

Natixis RAFIC EL HADDAD neutral 3 M 55 6 month 23.09.2013

Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 74 6 month 20.09.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 66 12 month 20.09.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 65 Not Provided 20.09.2013

Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 54 Not Provided 20.09.2013

Helvea PATRICK APPENZELLER buy 5 M 66 12 month 20.09.2013

Deutsche Bank LUIS PRIETO buy 5 M 65 12 month 19.09.2013

Jefferies MICHAEL F BETTS buy 5 M 66 12 month 19.09.2013

AlphaValue GAETAN DUPONT reduce 2 D 59 6 month 19.09.2013

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 66 12 month 18.09.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 U 64 12 month 17.09.2013

Baader Bank VOLKER BOSSE not rated #N/A N/A M #N/A N/A Not Provided 17.09.2013

Exane BNP Paribas YASSINE TOUAHRI neutral 3 M 54 Not Provided 12.09.2013

Davy ROBERT GARDINER outperform 5 U #N/A N/A Not Provided 03.09.2013


Cantor Fitzgerald IAN OSBURN buy 5 M 62 Not Provided 21.08.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 15.08.2013

Berenberg Bank ROBERT MUIR hold 3 M 50 Not Provided 12.08.2013

JPMorgan RAJESH PATKI overweight 5 M 63 9 month 09.08.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 67 12 month 06.08.2013


Societe Generale MURIEL FELLOUS buy 5 M 64 12 month 01.08.2013

Nord/LB HEINO HAMMANN buy 5 M 62 12 month 31.07.2013


Bankhaus Lampe MARC GABRIEL buy 5 M 60 12 month 31.07.2013

Kepler Cheuvreux JOSEP PUJAL reduce 2 D 52 Not Provided 31.07.2013

Bryan Garnier & Cie SVEN EDELFELT sell 1 M 44 6 month 31.07.2013

S&P Capital IQ JAWAHAR HINGORANI buy 5 M 64 12 month 31.07.2013

SRH AlsterResearch ALEXANDER ZIENKOWICZ buy 5 N 65 12 month 31.07.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 58 12 month 10.07.2013

HSBC JOHN FRASER-ANDREWS overweight 5 M 64 Not Provided 02.07.2013


Credit Suisse HARRY GOAD neutral 3 M 58 Not Provided 20.05.2013

BHF-Bank JENS JUNG underweight 1 M 47 12 month 13.05.2013

Redburn Partners JOHN MESSENGER sell 1 D #N/A N/A Not Provided 12.04.2013

National Bank AG EKKEHARD D LINK hold 3 D 48 Not Provided 14.03.2013


Holdings By:

HeidelbergCement AG ee


27.09.2013

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical

products. The Company produces reactive polyurethane and laminating adhesives,

labeling for glass and PET plastic bottles, corrosion inhibitors and surface

treatments, soaps, skin care products, hair dye, perfumes, detergents,

dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.


LTM as of: 06/yy

52-Week High (28.05.2013) 78.77

52-Week Low (16.11.2012) 57.85

Daily Volume

75.67





30'395.41 1 Yr Total Return 21.24%







HEN3 GY EQUITY YTD Change - Average Volume 30 Day 432'129

HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 471'972


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

14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 16'043.0 16'615.0 16'832.5 17'645.1 4'361.0 4'204.8

1.00x 1.40x 1.37x 1.34x 1.66x 5.53x 6.99x 1.76x 1.61x - -

2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'470.0 2'809.0 2'888.1 3'096.8 753.0 778.0

6.87x 9.84x 8.43x 8.55x 9.84x 9.65x 11.20x 10.62x 9.90x 9.94x 9.86x

1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'265.0 1'551.0 1'740.1 1'913.3 463.3 439.3

54.66x 26.40x 18.11x 16.70x 17.93x 17.95x 20.36x 18.78x 17.12x - -











EBITDA Margin 16.9%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henkel AG & Co KGaAPrice/Volume

Valuation Analysis

487'119.00


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

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

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!''

-'!''

-.!''

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-5!''

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27.09.2013




HENKEL KGAA n/a n/a 4'541'372 2.55 - 05.08.2011 Corporation


DEUTSCHE BANK AG n/a ULT-AGG 3'741'114 2.1 1'242'671 31.07.2013 Investment Advisor







ROYAL BANK OF CANADA n/a ULT-AGG 1'232'318 0.69 (46'516) 30.04.2013 Bank

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'228'092 0.69 80'667 30.08.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'151'163 0.65 - 31.12.2012 Investment Advisor



TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 838'342 0.47 (65'859) 31.07.2013 Investment Advisor


UBS AG n/a ULT-AGG 656'422 0.37 128 28.06.2013 Unclassified



Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 85 12 month 25.09.2013

Exane BNP Paribas EAMONN FERRY neutral 3 M 75 Not Provided 25.09.2013


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


Raymond James HERMINE DE BENTZMANN outperform 5 M 86 12 month 16.09.2013

Nomura GUILLAUME DELMAS buy 5 M 79 12 month 09.09.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 84 12 month 05.09.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 90 6 month 20.08.2013



Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 82 12 month 12.08.2013

Baader Bank CHRISTIAN WEIZ hold 3 M 79 12 month 12.08.2013

Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 73 Not Provided 12.08.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 87 12 month 09.08.2013

UBS EVA QUIROGA neutral 3 M 75 12 month 09.08.2013




Deutsche Bank HAROLD THOMPSON buy 5 M 80 12 month 08.08.2013

Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 83 12 month 08.08.2013

JPMorgan CELINE PANNUTI underweight 1 M 65 15 month 08.08.2013

HSBC CEDRIC BESNARD underweight 1 M 63 Not Provided 08.08.2013


Bankhaus Lampe MICHAEL GORNY hold 3 M 73 12 month 08.08.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 56 12 month 08.08.2013

S&P Capital IQ CARL SHORT hold 3 M 81 12 month 08.08.2013

Barclays IAIN SIMPSON overweight 5 M 83 Not Provided 08.08.2013

Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013


Kepler Cheuvreux MARKUS MAYER hold 3 M 78 Not Provided 13.06.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.05.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 81 Not Provided 08.05.2013

Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013


Holdings By:

Henkel AG & Co KGaA ee


27.09.2013

Hannover Rueck SE provides reinsurance services. The Company offers

life, health, accident, damage, property, and high risk specialty reinsurance.


LTM as of: 06/yy

52-Week High (30.04.2013) 64.85

52-Week Low (28.09.2012) 49.58

Daily Volume

55.1





6'644.90 1 Yr Total Return 14.55%







HNR1 GY EQUITY YTD Change - Average Volume 30 Day 211'973

HNR1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 201'417


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

7'343.2 10'569.4 11'418.9 12'125.7 13'759.6 12'723.1 14'189.4 14'207.9 14'679.5 - -

0.57x 0.52x 0.62x 0.55x 0.70x 2.19x 2.58x 0.68x 0.61x - -

- - - - - 0.0 0.0 - - - -

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

(127.0) 733.7 748.9 606.0 858.3 792.8 860.8 835.2 828.3 165.0 235.0

- 5.38x 6.46x 7.63x 8.28x 7.11x 7.74x 8.02x 8.04x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hannover Rueck SEPrice/Volume

Valuation Analysis

75'923.00


'

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1'

2'

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4'

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!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

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



27.09.2013


TALANX AG n/a Co File 60'539'744 50.2 - 31.12.2012 Insurance Company










AGF INVESTMENTS INC Multiple Portfolios MF-AGG 538'060 0.45 79'600 28.03.2013 Investment Advisor


WS MANAGEMENT LLLP n/a Short (434'150) -0.36 - 01.11.2012 Other

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 370'606 0.31 (2'456) 31.07.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 276'100 0.23 - 30.06.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 274'894 0.23 2'776 31.05.2013 Investment Advisor



ACATIS Multiple Portfolios MF-AGG 138'737 0.12 44'000 28.03.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 131'601 0.11 (5'384) 28.02.2013 Investment Advisor


Exane BNP Paribas THOMAS JACQUET neutral 3 M 62 Not Provided 23.09.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 62 12 month 20.09.2013


Morgan Stanley MACIEJ WASILEWICZ Underwt/In-Line 1 M 58 12 month 18.09.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 62 12 month 13.09.2013

JPMorgan MICHAEL HUTTNER underweight 1 M 52 3 month 13.09.2013

Mediobanca SpA MARC THIELE neutral 3 M 65 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK KOPFINGER hold 3 M 58 6 month 11.09.2013


Main First Bank AG MICHAEL HAID outperform 5 M 65 12 month 09.09.2013

Helvea DANIEL BISCHOF hold 3 M 57 12 month 09.09.2013


Kepler Cheuvreux FABRIZIO CROCE hold 3 M 63 Not Provided 26.08.2013


EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 20.08.2013

Credit Suisse ADAM MCINALLY outperform 5 M 68 Not Provided 14.08.2013


Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.08.2013

HSBC THOMAS FOSSARD overweight 5 M 72 Not Provided 08.08.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 64 Not Provided 08.08.2013


Oddo & Cie NICOLAS JACOB neutral 3 M 55 Not Provided 08.08.2013



Berenberg Bank TOM CARSTAIRS buy 5 M 63 Not Provided 07.08.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 60 6 month 07.08.2013

Nomura MICHAEL KLIEN reduce 2 M 55 12 month 07.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 70 12 month 07.08.2013

SRC Research STEFAN SCHARFF buy 5 U 67 Not Provided 07.08.2013

Barclays ANDREW BROADFIELD equalweight 3 M 61 Not Provided 22.07.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 58 12 month 07.03.2013

Holdings By:

Hannover Rueck SE ee


27.09.2013

Hochtief AG provides construction and construction related services worldwide.

The Company finances, designs, builds, constructs and operates a wide variety

of facilities through its five divisions, Airport, Development, Construction

Services Americas, Construction Services Asia Pacific, and Construction

Services Europe.


LTM as of: 06/yy

52-Week High (25.09.2013) 64.99

52-Week Low (16.11.2012) 35.94

Daily Volume

64.99

52-Week High % Change 0.00% Dividend Yield -




5'004.23 1 Yr Total Return 76.43%







HOT GY EQUITY YTD Change - Average Volume 30 Day 182'097

HOT GY EQUITY YTD % CHANGE - Average Volume 3 Month 186'882


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

18'703.1 18'166.1 20'159.3 23'282.2 25'527.7 24'920.4 26'124.8 25'810.8 26'175.7 6'683.0 6'700.5

0.19x 0.28x 0.29x 0.26x 0.24x 1.01x 1.07x 0.27x 0.27x - -

622.0 1'029.1 1'480.3 1'674.2 1'477.3 1'591.5 1'803.8 1'756.6 1'750.6 - -

5.79x 4.97x 3.92x 3.55x 4.16x 4.01x 4.09x 4.94x 4.96x - -

156.7 191.7 288.0 (160.3) 158.1 (55.2) 333.5 235.2 267.7 75.7 30.9

15.81x 18.59x 14.74x - 20.43x 0.00x 11.14x 19.52x 17.84x - -











EBITDA Margin 6.9%



Asset Turnover 1.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hochtief AGPrice/Volume

Valuation Analysis

97'627.00


'

-'

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0'

1'

2'

3'

4'

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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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


ACS ACTIVIDADES CONS n/a Research 38'423'000 49.9 - 31.12.2012 Corporation

QATAR INVESTMENT AUT n/a Co File 7'700'000 10 - 31.12.2011 Government

SOUTHEASTERN ASSET M n/a Research 3'980'943 5.17 - 20.04.2012 Investment Advisor

HOCHTIEF AG n/a ULT-AGG 3'883'553 5.04 - 03.07.2013 Corporation




LANSDOWNE PARTNERS L n/a Short (385'000) -0.5 - 05.06.2013 Hedge Fund Manager


LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 325'700 0.42 - 31.07.2013 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 186'984 0.24 - 30.11.2012 Investment Advisor


WITAN INVESTMENT TRU Multiple Portfolios MF-AGG 138'000 0.18 - 30.04.2013 Investment Advisor

AGICAM Multiple Portfolios MF-AGG 120'000 0.16 - 01.07.2013 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 105'799 0.14 7'375 31.03.2013 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 93'000 0.12 - 31.03.2013 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 74'572 0.1 19'456 28.03.2013 Investment Advisor



Societe Generale VICTOR ACITORES buy 5 M 73 12 month 25.09.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 D 68 12 month 17.09.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 D 67 12 month 12.09.2013

UBS GREGOR KUGLITSCH neutral 3 M 56 12 month 10.09.2013

Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 69 12 month 10.09.2013

National Bank AG EKKEHARD D LINK hold 3 M 56 12 month 03.09.2013


Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 58 Not Provided 19.08.2013

Bankhaus Lampe MARC GABRIEL sell 1 M 55 12 month 19.08.2013

Nord/LB HEINO HAMMANN hold 3 D 62 12 month 16.08.2013

Natixis ABDELKADER BENCHIHA buy 5 M 63 Not Provided 16.08.2013

M.M. Warburg Investment Research FRANK LASER buy 5 M 65 12 month 14.08.2013


S&P Capital IQ JAWAHAR HINGORANI buy 5 M 64 12 month 14.08.2013

Commerzbank Corporates & Markets NORBERT KRETLOW hold 3 M 51 6 month 05.08.2013

HSBC TOBIAS LOSKAMP overweight 5 M 67 Not Provided 31.07.2013

Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 51 12 month 14.06.2013

Kepler Cheuvreux BORJA CASTRO PEREZ MANZUCO buy 5 M 57 Not Provided 13.06.2013

Berenberg Bank CHRIS MOORE hold 3 D 59 Not Provided 06.06.2013


Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 M 69 Not Provided 15.05.2013


Main First Bank AG CHRISTIAN KORTH underperform 1 D 44 12 month 01.03.2013

Deutsche Bank MICHAEL KUHN restricted #N/A N/A M #N/A N/A Not Provided 27.09.2010

Holdings By:

Hochtief AG ee


27.09.2013

Infineon Technologies AG designs, manufactures, and markets semiconductors and

related products. The Company's products include microprocessors, memory

components, microcontrollers, integrated circuits, digital and analog sensors,

and fiber optics. Infineon markets its products to the communications,

automotive, industrial, and consumer electronics sectors.


LTM as of: 06/yy

52-Week High (19.09.2013) 7.72

52-Week Low (28.09.2012) 4.87

Daily Volume

7.58





8'194.10 1 Yr Total Return 51.18%







IFX GY EQUITY YTD Change - Average Volume 30 Day 6'153'938

IFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'192'639


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

3'903.0 2'184.0 3'295.0 3'997.0 3'904.0 3'960.0 3'773.0 3'838.5 4'206.4 1'056.0 961.0

0.85x 1.66x 1.27x 0.91x 0.88x 4.58x 4.86x 1.62x 1.43x 5.84x 6.35x

702.0 292.0 687.0 1'098.0 881.0 958.0 726.0 791.1 1'029.9 258.0 217.0

4.73x 12.43x 6.07x 3.33x 3.89x 3.99x 7.00x 8.03x 6.17x 6.49x 6.36x

(2'935.0) (626.0) 659.0 1'119.0 427.0 414.0 267.0 258.9 439.3 113.0 90.3

- - 17.47x 8.17x 12.42x 10.62x 25.74x 31.58x 19.05x 18.90x 17.47x











EBITDA Margin 19.2%



Asset Turnover 0.67







Fiscal Year Ended

Infineon Technologies AGPrice/Volume

Valuation Analysis

3'276'589.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

4

5

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0'!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


BLACKROCK n/a ULT-AGG 120'786'574 11.17 (2'545'211) 23.09.2013 Investment Advisor

DODGE & COX n/a Co File 108'178'569 10.01 - 30.09.2012 Investment Advisor



ODEY ASSET MANAGEMEN n/a Research 31'138'315 2.88 - 04.04.2012 Investment Advisor

SUSQUEHANNA INTERNAT n/a Short (26'482'703) -2.45 (7'037'190) 04.09.2013 Other


VANGUARD GROUP INC n/a ULT-AGG 23'400'319 2.16 (2'713'840) 30.06.2013 Unclassified

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 11'352'777 1.05 10'936'220 31.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'657'123 0.99 2'439'755 30.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'970'072 0.83 2'987'928 30.06.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 8'912'009 0.82 1'032'356 31.07.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 8'188'770 0.76 (3'080'757) 28.06.2013 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 6'915'466 0.64 233'320 31.07.2013 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 4'831'695 0.45 841'695 31.05.2013 Investment Advisor




Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 M 7 12 month 24.09.2013

M.M. Warburg Investment Research MALTE SCHAUMANN hold 3 D 8 12 month 24.09.2013


Exane BNP Paribas JEROME RAMEL outperform 5 M 10 Not Provided 23.09.2013

Societe Generale PETER KNOX hold 3 M 7 12 month 19.09.2013

Jefferies LEE SIMPSON buy 5 M 8 12 month 19.09.2013

AlphaValue LIONEL PELLICER add 4 M 8 6 month 19.09.2013

Bankhaus Lampe KARSTEN ILTGEN sell 1 M 6 12 month 18.09.2013

Natixis STEPHANE HOURI neutral 3 M 8 6 month 17.09.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 10 12 month 11.09.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 8 12 month 11.09.2013

Berenberg Bank ADNAAN AHMAD hold 3 M 7 Not Provided 11.09.2013

Deutsche Bank KAI KORSCHELT hold 3 M 7 12 month 04.09.2013


HSBC CHRISTIAN DOMINIK RATH neutral 3 M 8 Not Provided 16.08.2013

Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 7 Not Provided 16.08.2013


Kepler Cheuvreux BERND LAUX hold 3 M 7 Not Provided 01.08.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 01.08.2013


JPMorgan SANDEEP S DESHPANDE overweight 5 M 9 3 month 31.07.2013


Barclays ANDREW M GARDINER overweight 5 M 9 Not Provided 31.07.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 6 Not Provided 30.07.2013

Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 6 12 month 30.07.2013

S&P Capital IQ JAMES CRAWSHAW sell 1 M 5 12 month 30.07.2013


ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 8 12 month 30.07.2013

UBS GARETH JENKINS buy 5 M 8 12 month 03.05.2013

Liberum Capital Ltd JANARDAN MENON buy 5 U 9 Not Provided 14.03.2013


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

CM - CIC Securities(ESN) FRANCOIS GOBRON suspended coverage #N/A N/A M #N/A N/A Not Provided 23.09.2008

Holdings By:

Infineon Technologies AG ee


27.09.2013

Jenoptik AG is an optoelectronics group that offers optical systems, lasers and

material processing. The Company also provides industrial metrology, Traffic

solutions, and defense & civil systems services.


LTM as of: 06/yy

52-Week High (11.09.2013) 11.32

52-Week Low (28.09.2012) 5.75

Daily Volume

11.17












JEN GY EQUITY YTD Change - Average Volume 30 Day 88'955

JEN GY EQUITY YTD % CHANGE - Average Volume 3 Month 89'344


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

548.3 441.3 478.8 543.3 585.0 570.8 584.8 607.0 653.0 - -

0.87x 0.81x 0.81x 0.62x 0.85x 2.56x 3.53x 1.18x 1.10x - -

70.5 9.9 56.1 93.1 84.4 91.2 81.5 76.8 88.3 - -

6.75x 36.09x 6.93x 3.64x 5.90x 4.18x 7.62x 9.37x 8.15x - -

11.8 (37.9) 36.6 35.3 50.2 40.4 49.1 35.9 46.7 - -

21.74x - 33.74x 7.87x 9.23x 8.20x 12.24x 17.73x 13.86x - -











EBITDA Margin 13.9%



Asset Turnover 0.89







Fiscal Year Ended

Jenoptik AGPrice/Volume

Valuation Analysis

30'397.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!- F!- F!. F!. F!0 F!0 F!1 F!1 F!2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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



27.09.2013


ECE INDUSTRIEBETEILI n/a Co File 8'019'058 14.01 - 28.02.2013 Corporation

THUERINGER INDUSTRIE n/a Co File 6'296'191 11 - 28.02.2013 Other


ODDO ASSET MANAGEMEN n/a Research 1'747'653 3.05 - 24.01.2013 Investment Advisor

BT PENSION SCHEME n/a Research 1'608'393 2.81 - 16.01.2012 Pension Fund (ERISA)




STANDARD LIFE INVEST Multiple Portfolios MF-AGG 402'630 0.7 - 31.07.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 245'000 0.43 (5'000) 31.12.2012 Investment Advisor


STATE STREET CORP n/a ULT-AGG 189'818 0.33 - 24.09.2013 Investment Advisor


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 181'837 0.32 181'837 28.06.2013 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 165'000 0.29 165'000 30.04.2013 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 136'797 0.24 17'576 30.04.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 90'000 0.16 - 28.03.2013 Investment Advisor

BAYERNINVEST LUXEMBO Multiple Portfolios MF-AGG 71'890 0.13 - 28.03.2013 Investment Advisor


M.M. Warburg Investment Research MALTE SCHAUMANN buy 5 M 14 12 month 20.09.2013

Bankhaus Lampe KARSTEN ILTGEN hold 3 M 10 12 month 18.09.2013

Montega Robert-Jan van der Horst buy 5 N 13 12 month 12.09.2013

Commerzbank Corporates & Markets DENNIS SCHMITT hold 3 M 8 6 month 02.09.2013

Close Brothers Equity Markets IGOR KIM hold 3 M 11 12 month 20.08.2013



Berenberg Bank ALI FARID KHWAJA buy 5 M 9 Not Provided 13.08.2013



HSBC RICHARD SCHRAMM neutral 3 D 11 Not Provided 21.06.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.06.2013

Kepler Cheuvreux ULRICH SCHOLZ hold 3 D 9 Not Provided 29.01.2013

Holdings By:

Jenoptik AG ee


27.09.2013

Kontron AG develops, produces and markets embedded computer boards. The Company

provides its products to original equipment manufacturers, systems integrators,

and other end-users in high-tech industries such as telecommunications,

industrial automation, mobile computing, and the Internet.


LTM as of: 06/yy

52-Week High (14.01.2013) 4.78

52-Week Low (14.11.2012) 3.11

Daily Volume

4.655












KBC GY EQUITY YTD Change - Average Volume 30 Day 146'634

KBC GY EQUITY YTD % CHANGE - Average Volume 3 Month 125'295


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

496.7 468.9 509.5 589.6 547.0 584.0 539.1 545.3 577.3 - -

0.68x 0.83x 0.86x 0.48x 0.40x 2.05x 1.54x 0.47x 0.45x - -

57.5 42.3 46.1 55.3 11.6 44.8 0.8 16.2 32.6 - -

5.86x 9.22x 9.50x 5.17x 18.94x 5.85x 238.56x 16.12x 8.00x - -

33.8 21.6 (13.5) 21.9 (32.8) 14.5 (42.3) (13.1) 5.8 - -

10.85x 19.44x - 12.98x - 18.70x 0.00x - 31.88x - -











EBITDA Margin 0.2%



Asset Turnover 1.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kontron AGPrice/Volume

Valuation Analysis

95'698.00


'--..001122


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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



27.09.2013


WARBURG PINCUS LLC n/a Co File 10'579'770 19 - 31.12.2012 Private Equity

TRITON III HOLDING n/a Research 7'166'500 12.87 - 20.03.2013 Other

SEB n/a ULT-AGG 3'337'400 5.99 - 05.06.2012 Unclassified


ALKEN FUND SICAV n/a Research 1'591'133 2.86 - 24.02.2012 n/a


BNY MELLON SERVICE K Multiple Portfolios MF-AGG 980'521 1.76 349'010 30.08.2013 Investment Advisor



NMAS1 ASSET MANAGEME Multiple Portfolios MF-AGG 690'369 1.24 - 31.07.2012 Investment Advisor



GEHRMANN ULRICH n/a Co File 280'000 0.5 - 31.12.2012 n/a



BANKINVEST ASSET MAN Multiple Portfolios MF-AGG 200'000 0.36 - 31.07.2013 Investment Advisor

NEVIN HUGH n/a Co File 189'366 0.34 - 31.12.2012 n/a


STATE STREET CORP n/a ULT-AGG 90'934 0.16 - 24.09.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 82'291 0.15 - 30.06.2013 Investment Advisor



Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 23.08.2013

Kepler Cheuvreux BERND LAUX buy 5 M 7 Not Provided 22.08.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 25.07.2013

M.M. Warburg Investment Research MALTE SCHAUMANN hold 3 M 4 12 month 25.07.2013

DZ Bank AG MARKUS TURNWALD sell 1 M 3 Not Provided 25.07.2013


Berenberg Bank ALI FARID KHWAJA hold 3 M 4 Not Provided 24.07.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 U 5 12 month 24.07.2013




Close Brothers Equity Markets VEYSEL TAZE sell 1 N 4 12 month 10.04.2013

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

Holdings By:

Kontron AG ee


27.09.2013

Kloeckner & Co SE distributes a wide range of steel and metal products.


LTM as of: 06/yy

52-Week High (06.03.2013) 11.98

52-Week Low (29.10.2012) 6.93

Daily Volume

10.285





1'025.93 1 Yr Total Return 27.76%







KCO GY EQUITY YTD Change - Average Volume 30 Day 462'525

KCO GY EQUITY YTD % CHANGE - Average Volume 3 Month 519'366


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

6'749.6 3'860.5 5'198.2 7'095.4 7'388.0 7'532.2 6'801.7 6'752.4 7'032.5 1'702.8 1'718.8

0.17x 0.27x 0.30x 0.21x 0.18x 0.81x 0.82x 0.22x 0.21x 0.97x 0.88x

596.3 (76.3) 233.4 199.9 60.1 110.2 54.2 134.5 209.7 34.9 37.2

1.93x - 6.59x 7.38x 22.16x 12.67x 24.28x 11.39x 7.30x - -

398.3 (188.5) 77.5 11.6 (194.9) (87.4) (166.5) (34.0) 32.5 (4.4) (0.3)

1.44x - 17.95x 70.86x - 0.00x 0.00x - 32.04x - -


EBIT -104.43 Long-Term Rating B+

Operating Margin -1.41% Long-Term Outlook NEG








EBITDA Margin 0.8%



Asset Turnover 1.54







Fiscal Year Ended

Kloeckner & Co SEPrice/Volume

Valuation Analysis

286'933.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.09.2013


INTERFER HOLDING n/a Research 7'800'000 7.82 - 18.02.2013 n/a


FRANKLIN RESOURCES n/a ULT-AGG 3'185'285 3.19 - 28.06.2013 Investment Advisor



UBS AG n/a ULT-AGG 2'389'100 2.4 - 31.05.2013 Unclassified


FEDERATED INVESTORS Multiple Portfolios MF-AGG 977'668 0.98 - 30.06.2013 Investment Advisor








AQR CAPITAL MANAGEME n/a Short (488'775) -0.49 89'775 17.09.2013 Hedge Fund Manager

SAEMOR CAPITAL BV n/a Short (478'800) -0.48 19'950 27.08.2013 Investment Advisor

MILLENNIUM PARTNERS n/a Short (458'850) -0.46 39'900 25.10.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 457'329 0.46 141'937 28.06.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 377'256 0.38 - 25.09.2013 Investment Advisor


Nomura NEIL SAMPAT reduce 2 M 7 12 month 23.09.2013

Exane BNP Paribas ROMY KRUGER neutral 3 M 9 Not Provided 23.09.2013

Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 8 12 month 15.09.2013

Baader Bank CHRISTIAN OBST hold 3 D 12 12 month 12.09.2013

Jefferies SETH ROSENFELD hold 3 U 10 12 month 10.09.2013

JPMorgan BENJAMIN DEFAY overweight 5 M 13 9 month 06.09.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 9 6 month 02.09.2013


DZ Bank AG DIRK SCHLAMP hold 3 M 10 Not Provided 21.08.2013

Morgan Stanley ALEXANDER HAISSL Underwt/Cautious 1 M 8 12 month 20.08.2013

M.M. Warburg Investment Research BJOERN VOSS buy 5 M 12 12 month 15.08.2013



Macquarie DANIEL LURCH outperform 5 M 11 12 month 08.08.2013

Bankhaus Lampe MARC GABRIEL hold 3 M 11 12 month 08.08.2013

Berenberg Bank BJOERN LIPPE hold 3 M 9 Not Provided 08.08.2013

Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 13 12 month 08.08.2013

Deutsche Bank MATTHIAS PFEIFENBERGER hold 3 M 9 12 month 07.08.2013


Credit Suisse MICHAEL SHILLAKER outperform 5 M 13 Not Provided 07.08.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 12 Not Provided 07.08.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 10 12 month 07.08.2013


Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 M 12 Not Provided 07.08.2013

Steubing AG MICHAEL BROEKER hold 3 M 11 12 month 07.08.2013


Montega WAIS SAMADZADA hold 3 U 10 Not Provided 31.05.2013

UBS CARSTEN RIEK sell 1 M 7 12 month 21.05.2013

Holdings By:

Kloeckner & Co SE ee


27.09.2013

Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The

Company offers its customers analog and digital TV, broadband Internet and

fixed line phone services via cable as well mobile services in cooperation with

an industry partner.


LTM as of: 06/yy

52-Week High (23.09.2013) 94.80

52-Week Low (13.11.2012) 52.80

Daily Volume

93.9





8'312.30 1 Yr Total Return 72.84%







KD8 GY EQUITY YTD Change - Average Volume 30 Day 372'234

KD8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 481'689


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'370.3 1'501.6 1'598.9 1'699.7 1'829.9 1'731.6 1'850.4 1'964.9 2'123.8 476.0 489.0

- 3.15x 3.80x 4.01x 5.01x 15.53x 19.05x 5.74x 5.39x - -

539.3 651.5 697.1 768.8 786.9 784.4 770.1 936.9 1'038.2 230.0 238.0

- 7.26x 8.71x 8.87x 11.66x 9.11x 13.40x 11.92x 10.76x - -

(145.2) (40.1) (45.3) 159.4 246.8 216.7 210.4 262.7 308.3 65.9 69.5

- - - 25.98x 25.75x 20.23x 35.41x 31.83x 26.84x 28.20x 27.14x


EBIT 425.96 Long-Term Rating BB *+




Return on Common Equity -





EBITDA Margin 41.6%

EBIT Margin 21.4% Total Debt/Equity -


Asset Turnover 0.72




Tot Debt to Common Equity - Accounts Payable Turnover Day 115.88




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kabel Deutschland Holding AGPrice/Volume

Valuation Analysis

25'738.00


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

-''

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



27.09.2013


ELLIOTT CAPITAL ADVI n/a ULT-AGG 9'819'736 11.09 - 11.09.2013 Investment Advisor


VODAFONE GROUP PLC n/a Research 3'033'861 3.43 - 19.07.2013 Corporation

DAVIDSON KEMPNER CAP n/a Research 3'016'084 3.41 - 06.09.2013 Hedge Fund Manager

ZIEGLER CARLENE MURP n/a Research 2'823'982 3.19 - 10.01.2013 n/a

SCOUT CAPITAL MANAGE n/a Co File 2'725'000 3.08 - 31.03.2012 Hedge Fund Manager


STANDARD LIFE INVEST n/a Research 2'668'411 3.01 - 14.06.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 2'287'491 2.58 (13'343) 09.09.2013 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 926'378 1.05 (42'021) 30.04.2013 Bank


SARASIN n/a ULT-AGG 773'576 0.87 (282'898) 31.07.2013 Unclassified




FIL LIMITED n/a ULT-AGG 503'192 0.57 (1'102'818) 30.04.2013 Investment Advisor


Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 87 12 month 23.09.2013

Nord/LB HOLGER FECHNER sell 1 U 87 12 month 19.09.2013


Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 87 Not Provided 13.09.2013

M.M. Warburg Investment Research MALTE RAETHER hold 3 M 65 12 month 13.09.2013

New Street Research FRANK KNOWLES neutral 3 M 87 Not Provided 10.09.2013

Main First Bank AG STEPHAN VOLLERT underperform 1 D 87 12 month 10.09.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 85 12 month 06.09.2013

Macquarie ALEX GRANT neutral 3 M 87 12 month 03.09.2013

Grupo Santander JOHN DAVIES hold 3 U 84 Not Provided 23.08.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.08.2013

Barclays JONATHAN DANN equalweight 3 D 87 Not Provided 16.08.2013

Commerzbank Corporates & Markets HEIKE PAULS reduce 2 M 87 6 month 14.08.2013

Jefferies ULRICH RATHE hold 3 M 82 12 month 14.08.2013

Makor Capital ALBERT SAPORTA hold 3 D 85 Not Provided 13.08.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK sell 1 M 87 12 month 08.08.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 90 Not Provided 15.07.2013

HSBC DOMINIK KLARMANN neutral 3 D 87 Not Provided 12.07.2013

Deutsche Bank DAVID A WRIGHT restricted #N/A N/A M #N/A N/A Not Provided 09.07.2013

Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 90 12 month 03.07.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 87 Not Provided 26.06.2013


Equita SIM SpA GIANMARCO BONACINA hold 3 D 87 12 month 24.06.2013

UBS POLO TANG restricted #N/A N/A M #N/A N/A Not Provided 18.06.2013

Berenberg Bank STUART GORDON hold 3 M 85 Not Provided 18.06.2013

Morgan Stanley SAROOP PUREWAL restricted #N/A N/A M #N/A N/A Not Provided 13.06.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 70 Not Provided 01.05.2013

JPMorgan HANNES C WITTIG overweight 5 M 70 6 month 22.02.2013

Nomura HENRIK NYBLOM neutral 3 M 54 12 month 20.02.2013

Holdings By:

Kabel Deutschland Holding AG ee


27.09.2013

Krones AG designs and manufactures production machinery and packaging robots for

breweries, soft drink and water bottlers, chemical manufacturers, and food

processors. The Company produces cleaning, filling, labeling, sorting, and

packaging production systems for the handling of plastic and glass containers.

Krones operates worldwide.


LTM as of: 06/yy

52-Week High (12.09.2013) 68.00

52-Week Low (27.09.2012) 39.74

Daily Volume

62.53





1'975.51 1 Yr Total Return 53.90%







KRN GY EQUITY YTD Change - Average Volume 30 Day 49'441

KRN GY EQUITY YTD % CHANGE - Average Volume 3 Month 48'516


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

2'381.4 1'864.9 2'173.3 2'480.3 2'664.2 2'512.5 2'752.0 2'784.5 2'930.5 645.0 748.0

0.39x 0.53x 0.62x 0.43x 0.51x 1.87x 2.15x 0.65x 0.60x - 2.31x

224.7 46.4 139.1 138.3 179.7 135.7 195.8 241.0 268.1 53.0 71.7

4.09x 21.44x 9.72x 7.79x 7.62x 9.29x 8.21x 7.71x 6.93x - -

107.0 (34.7) 50.8 43.7 67.0 38.9 78.4 115.4 132.3 24.5 35.2

9.17x - 27.95x 25.36x 21.17x 30.85x 21.29x 16.71x 14.65x - -











EBITDA Margin 7.1%



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Krones AGPrice/Volume

Valuation Analysis

55'943.00


'

-'

.'

0'

1'

2'

3'

4'

5'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!- F

!- F

!. F

!. F

!0 F

!0 F

!1 F

!1 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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



27.09.2013


KRONSEDER FAMILY n/a Research 2'796'120 8.85 - 17.09.2013 n/a

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 969'077 3.07 - 31.03.2012 Investment Advisor




FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 224'907 0.71 (32'315) 31.07.2013 Unclassified


SARASIN n/a ULT-AGG 210'858 0.67 75'272 30.04.2013 Unclassified




SOCIETE GENERALE Multiple Portfolios MF-AGG 94'519 0.3 94'519 30.04.2013 Bank

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 84'000 0.27 - 31.07.2013 Investment Advisor


KEMPEN CAPITAL MANAG n/a ULT-AGG 77'133 0.24 - 30.06.2013 Unclassified

AMUNDI Multiple Portfolios MF-AGG 75'051 0.24 75'051 30.04.2013 Investment Advisor


PICTET FUNDS n/a ULT-AGG 68'962 0.22 - 31.05.2013 Investment Advisor




Commerzbank Corporates & Markets YASMIN MOSCHITZ buy 5 M 71 6 month 20.09.2013


Hauck & Aufhaeuser TORBEN TEICHLER buy 5 M 73 12 month 20.09.2013

Bankhaus Lampe GORDON SCHOENELL sell 1 M 52 Not Provided 20.09.2013

M.M. Warburg Investment Research EGGERT KULS hold 3 M 68 12 month 20.09.2013




Deutsche Bank FELICITAS VON BISMARCK buy 5 M 72 12 month 10.09.2013

Independent Research GmbH LARS LUSEBRINK buy 5 U 74 12 month 29.07.2013

Nord/LB HEINO HAMMANN buy 5 U 70 12 month 26.07.2013


Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 D 63 Not Provided 26.07.2013

Kepler Cheuvreux STEFAN AUGUSTIN buy 5 M 67 Not Provided 26.07.2013


S&P Capital IQ UNAI FRANCO buy 5 U 72 12 month 25.07.2013






Steubing AG MICHAEL BROEKER buy 5 M 68 12 month 18.05.2011


Holdings By:

Krones AG ee


27.09.2013

KUKA AG manufactures production machinery and equipment, and offers production

engineering services. The Company designs and builds automobile factories, and

produces welding and assembly systems, industrial robots, turning machines,

packaging machinery, and measuring and control instruments for water and gas

suppliers. KUKA operates in Europe, the Americas, and Asia.


LTM as of: 06/yy

52-Week High (16.05.2013) 38.50

52-Week Low (26.09.2012) 21.95

Daily Volume

31.86





1'080.55 1 Yr Total Return 42.13%







KU2 GY EQUITY YTD Change - Average Volume 30 Day 106'683

KU2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 114'960


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

1'266.1 902.1 1'078.6 1'435.6 1'739.2 1'588.2 1'796.7 1'855.2 1'939.9 494.5 488.5

0.30x 0.43x 0.56x 0.36x 0.52x 1.44x 2.14x 0.56x 0.52x 1.99x 2.00x

78.0 (29.8) 39.8 90.3 131.2 111.2 141.3 151.9 165.6 42.8 45.5

4.81x - 15.13x 5.69x 6.84x 5.83x 7.26x 6.62x 6.07x 5.70x 5.63x

30.5 (75.7) (8.6) 29.8 55.6 44.2 57.0 64.9 73.1 20.5 20.3

10.74x - - 15.88x 16.87x 13.65x 19.20x 16.59x 14.59x 12.67x 12.30x


EBIT 102.50 Long-Term Rating BB-









EBITDA Margin 7.9%



Asset Turnover 1.48







Fiscal Year Ended

KUKA AGPrice/Volume

Valuation Analysis

75'337.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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



27.09.2013


GRENZEBACH GROUP n/a Co File 8'275'358 24.4 - 08.02.2013 Corporation

OPPENHEIMER ASSET MA n/a Co File 1'763'601 5.2 - 08.02.2013 Hedge Fund Manager


AXA SA n/a Co File 1'088'684 3.21 - 08.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'017'462 3 - 28.06.2013 Investment Advisor


WYSER-PRATTE GUY PAT n/a Research 862'758 2.54 - 23.05.2013 n/a


RINVEST AG n/a Research 600'000 1.77 - 01.09.2011 Other






CITADEL EUROPE LLP n/a Short (166'186) -0.49 13'566 09.08.2013 Investment Advisor

MYRIAD OPP MASTER FU n/a Short (166'186) -0.49 78'005 11.09.2013 Investment Advisor




B & G FUND PLC n/a Short (152'619) -0.45 33'916 24.06.2013 Unclassified


Canaccord Genuity Corp ANDREW BELL buy 5 M 38 12 month 23.09.2013





M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 30 12 month 13.08.2013

DZ Bank AG JASKO TERZIC sell 1 M 27 Not Provided 13.08.2013


Morgan Stanley LUCIE CARRIER Equalwt/Cautious 3 M 37 12 month 08.08.2013

Deutsche Bank TIM ROKOSSA hold 3 M 33 12 month 07.08.2013


Landesbank Baden-Wuerttemberg HARALD REHMET sell 1 M 28 Not Provided 07.08.2013

Bankhaus Lampe GORDON SCHOENELL hold 3 M 36 Not Provided 07.08.2013


EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 21.06.2013

UBS SEBASTIAN UBERT buy 5 M 41 12 month 24.05.2013


HSBC RICHARD SCHRAMM underweight 1 M 30 Not Provided 10.05.2013


Goldman Sachs BENJAMIN MOORE neutral/neutral 3 D 38 6 month 03.04.2013

Kepler Cheuvreux STEFAN AUGUSTIN hold 3 M 34 Not Provided 27.03.2013

BHF-Bank HERMANN REITH market weight 3 D 33 12 month 05.02.2013

Holdings By:

KUKA AG ee


27.09.2013

LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia,

Germany.


LTM as of: 06/yy

52-Week High (22.05.2013) 46.19

52-Week Low (31.07.2013) 37.67

Daily Volume

41.925






Total Debt 2'499.70 YTD Return -






LEG GY EQUITY YTD Change - Average Volume 30 Day 68'965

LEG GY EQUITY YTD % CHANGE - Average Volume 3 Month 69'895


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

- - 503.8 515.1 517.7 0.0 265.9 482.1 510.3 138.0 138.0

- - - - - #DIV/0! 34.24x 9.90x 9.59x - -

- - 142.8 160.4 189.2 0.0 101.6 230.6 251.3 - -

- - - - - 0.00x 0.00x 19.96x 18.30x - -

- - 24.2 (11.5) 94.4 0.0 34.2 147.5 170.4 - -

- - - - - 0.00x 0.00x 15.54x 13.29x 14.46x -











EBITDA Margin 36.5%



Asset Turnover 0.10







Fiscal Year Ended

LEG Immobilien AGPrice/Volume

Valuation Analysis

26'134.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.09.2013


SATUREA BV n/a Research 21'635'567 40.85 - 30.08.2013 Corporation

PERRY CAPITAL UK LLP n/a Research 4'846'155 9.15 - 30.08.2013 Investment Advisor

CBRE GROUP INC n/a ULT-AGG 2'113'241 3.99 - 30.08.2013 Corporation


RUFFER LLP Multiple Portfolios MF-AGG 633'000 1.2 633'000 28.02.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 563'900 1.06 - 30.06.2013 Investment Advisor


PETERCAM SA Multiple Portfolios MF-AGG 493'100 0.93 - 30.04.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 440'822 0.83 108'787 30.06.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 283'369 0.54 (608) 31.07.2013 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 228'420 0.43 - 30.08.2013 Investment Advisor




GENERALI INVESTMENTS Multiple Portfolios MF-AGG 194'455 0.37 - 31.05.2013 Investment Advisor




Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 46 6 month 12.09.2013


Deutsche Bank MARKUS SCHEUFLER buy 5 M 49 12 month 03.09.2013

JPMorgan NEIL GREEN overweight 5 M 48 12 month 02.09.2013



Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 43 12 month 30.08.2013



Kepler Cheuvreux THOMAS NEUHOLD buy 5 N 48 Not Provided 24.06.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 52 12 month 09.05.2013

Kempen & Co THOMAS VAN DER MEIJ overweight 5 N 48 Not Provided 19.03.2013

Erste Group GUENTHER ARTNER buy 5 N 51 12 month 14.03.2013

Holdings By:

LEG Immobilien AG ee


27.09.2013

Leoni AG manufactures and sells electric cables, wires, flexible cords, light

wave conductors, co-axial cables, high-tension wires and customized cable wiring

systems. The Company markets its products to the tool-machinery,

telecommunication, computer, automotive, electronic and appliance manufacturing

industries. Leoni operates in Europe, Asia and the United States.


LTM as of: 06/yy

52-Week High (19.09.2013) 46.37

52-Week Low (16.11.2012) 23.41

Daily Volume

44





1'437.44 1 Yr Total Return 50.01%







LEO GY EQUITY YTD Change - Average Volume 30 Day 198'680

LEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 186'053


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

2'912.0 2'160.1 2'955.7 3'701.5 3'809.0 3'783.8 3'842.4 3'829.6 4'123.9 935.5 938.0

0.31x 0.46x 0.49x 0.29x 0.31x 1.36x 1.42x 0.45x 0.42x - -

170.1 51.9 255.1 353.9 358.2 367.9 297.1 298.0 360.2 - -

5.25x 19.23x 5.65x 3.08x 3.32x 3.59x 5.46x 6.09x 5.04x - -

5.1 (138.1) 67.1 155.7 155.7 173.1 102.6 105.7 149.2 21.5 32.5

76.41x - 14.58x 5.16x 6.00x 5.60x 12.14x 13.64x 9.74x - -











EBITDA Margin 7.7%



Asset Turnover 1.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Leoni AGPrice/Volume

Valuation Analysis

156'508.00


'2

-'-2.'.20'021'122'


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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



27.09.2013





NUERNBERGER LEBENSVE n/a Co File 888'000 2.72 - 31.12.2011 n/a



ODIN FORVALTNING AS Multiple Portfolios MF-AGG 495'689 1.52 35'984 30.08.2013 Investment Advisor

THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 356'447 1.09 204'490 30.04.2013 Hedge Fund Manager


CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 288'431 0.88 288'431 30.06.2013 Investment Advisor

KEMPEN CAPITAL MANAG n/a ULT-AGG 250'489 0.77 (29'381) 30.06.2013 Unclassified


LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 229'787 0.7 (41'515) 30.08.2013 Investment Advisor

LIONTRUST n/a ULT-AGG 195'908 0.6 - 28.02.2013 Unclassified


GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 162'235 0.5 (32'903) 31.05.2012 Investment Advisor




DIMENSIONAL FUND ADV n/a ULT-AGG 140'149 0.43 787 30.04.2013 Investment Advisor



Commerzbank Corporates & Markets DANIEL SCHWARZ hold 3 M 41 6 month 12.09.2013

Baader Bank KLAUS BREITENBACH buy 5 N 51 12 month 11.09.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 50 12 month 10.09.2013

Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 M 56 12 month 30.08.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 50 Not Provided 21.08.2013



EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.08.2013

DZ Bank AG MICHAEL PUNZET sell 1 M 37 Not Provided 16.08.2013

Montega HENDRIK EMRICH buy 5 M 50 12 month 16.08.2013



Goldman Sachs STEPHAN PUETTER buy/attractive 5 M 51 12 month 13.08.2013




Close Brothers Equity Markets DANIEL KUKALJ buy 5 M 44 12 month 13.08.2013


Steubing AG TOBIAS SCHMIDT hold 3 D 41 12 month 13.08.2013


HSBC NIELS FEHRE overweight 5 M 43 Not Provided 01.08.2013

Deutsche Bank TIM ROKOSSA hold 3 D 40 12 month 22.07.2013

LFG Kronos Investment Services GmbH THOMAS ANEY neutral 3 M 35 6 month 14.02.2013


Holdings By:

Leoni AG ee


27.09.2013

Deutsche Lufthansa AG provides passenger and cargo air transportation services

worldwide. The Company offers flight and connection programs in cooperation

with Star Alliance airline partners from North America, Scandinavia, and Asia.

Lufthansa also provides travel agency, catering, and aircraft maintenance

services.


LTM as of: 06/yy

52-Week High (04.06.2013) 17.28

52-Week Low (28.09.2012) 10.47

Daily Volume

14.53





6'683.03 1 Yr Total Return 32.94%







LHA GY EQUITY YTD Change - Average Volume 30 Day 3'701'467

LHA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'130'408


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

24'842.0 22'283.0 26'459.0 28'734.0 30'135.0 28'930.0 30'090.0 30'723.3 31'766.3 8'664.0 7'476.5

0.22x 0.36x 0.36x 0.24x 0.29x 0.94x 1.11x 0.29x 0.29x - -

2'810.0 1'696.0 2'928.0 2'817.0 2'468.0 2'969.0 2'512.0 2'874.0 3'250.6 1'298.0 621.0

1.97x 4.68x 3.25x 2.43x 3.55x 2.25x 3.42x 2.82x 2.49x - -

542.0 (34.0) 1'131.0 (13.0) 990.0 243.0 954.0 502.9 823.2 620.7 92.0

9.48x - 5.84x 15.57x 6.85x 7.91x 7.53x 13.20x 8.42x - -











EBITDA Margin 8.3%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Lufthansa AGPrice/Volume

Valuation Analysis

3'667'157.00


'.135

-'-.-1-3-5

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

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



27.09.2013



FRANKLIN RESOURCES n/a ULT-AGG 22'997'350 5 - 31.08.2013 Investment Advisor


GLEISS LUTZ HOOTZ HI n/a Research 14'234'585 3.09 - 01.11.2012 n/a

MACKENZIE FINANCIAL n/a Research 13'379'136 2.91 - 19.07.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 6'754'830 1.47 14'044 30.06.2013 Investment Advisor




WADDELL & REED FINAN n/a ULT-AGG 2'299'926 0.5 875'610 30.06.2013 Investment Advisor



ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 1'727'530 0.38 (45'964) 30.06.2013 Government



PRUDENTIAL FINANCIAL n/a ULT-AGG 1'334'352 0.29 30'329 31.07.2013 Investment Advisor

FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'068'012 0.23 (536'742) 31.05.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 880'000 0.19 (445'048) 24.09.2013 Investment Advisor


Natixis SARAH EMSELLEM buy 5 M 18 Not Provided 24.09.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 21 Not Provided 20.09.2013

Credit Suisse NEIL GLYNN outperform 5 M 20 Not Provided 19.09.2013

HSBC ANDREW DAVID LOBBENBERG overweight 5 M 20 Not Provided 19.09.2013



Oddo & Cie YAN DEROCLES neutral 3 M 17 Not Provided 17.09.2013


Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 21 12 month 16.09.2013

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 15 12 month 16.09.2013

Main First Bank AG LOIC SABATIER outperform 5 M 16 12 month 16.09.2013

Kepler Cheuvreux RUXANDRA HARADAU-DOESER hold 3 U 13 Not Provided 11.09.2013



UBS JARROD CASTLE buy 5 M 16 12 month 04.09.2013

Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 18 6 month 30.08.2013

Jefferies MARK IRVINE-FORTESCUE buy 5 M 20 12 month 29.08.2013


RBC Capital Markets DAMIAN BREWER sector perform 3 M 17 12 month 22.08.2013

Morgan Stanley PENNY BUTCHER Equalwt/Attractive 3 D 18 12 month 15.08.2013

Nomura ANDREW EVANS buy 5 M 19 12 month 14.08.2013





Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 M 16 Not Provided 02.08.2013

S&P Capital IQ JAWAHAR HINGORANI buy 5 U 17 12 month 02.08.2013

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 23.07.2013

JPMorgan JAMIE N BAKER neutral 3 D 16 3 month 17.07.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 U 17 12 month 15.07.2013

Raymond James JULIEN RICHER outperform 5 M 13 Not Provided 05.07.2013


Macquarie SAM DOBSON outperform 5 M 20 12 month 04.06.2013

Barclays DAVID E FINTZEN equalweight 3 M 17 Not Provided 05.04.2013

Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 25.03.2013

Investec ANDREW FITCHIE hold 3 N 17 12 month 22.11.2010

Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 04.01.2010

Holdings By:

Deutsche Lufthansa AG ee


27.09.2013

Linde AG is a gases and engineering company. The Gases Division offers a wide

range of industrial and medical gases mainly used in energy sector, steel

production, chemical processing, as well as in food processing. The Engineering

Division develops olefin plants, natural gas plants and air separation plants,

as well as hydrogen and synthesis gas plants.


LTM as of: 06/yy

52-Week High (28.05.2013) 154.80

52-Week Low (16.11.2012) 125.00

Daily Volume

149.15





27'626.36 1 Yr Total Return 13.36%







LIN GY EQUITY YTD Change - Average Volume 30 Day 380'571

LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 397'103


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

12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 14'438.0 16'313.0 17'089.2 18'213.9 4'259.5 4'458.3

1.34x 1.86x 1.97x 1.88x 2.17x 7.44x 8.62x 2.11x 1.94x 8.67x 8.22x

2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'299.0 3'785.0 4'037.3 4'361.9 1'016.8 1'036.6

6.86x 8.97x 8.92x 8.37x 9.63x 8.66x 9.64x 9.27x 8.58x - -

717.0 591.0 1'005.0 1'174.0 1'250.0 1'194.0 1'319.0 1'480.2 1'681.6 364.5 369.0

14.02x 23.98x 19.12x 16.71x 18.78x 17.54x 20.10x 17.91x 15.91x - -











EBITDA Margin 23.2%



Asset Turnover 0.51







Fiscal Year Ended

Linde AGPrice/Volume

Valuation Analysis

306'026.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

-1'

-3'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!. F!1 F!3 F!5 F-!' F-!. F-!1 F-!3 F-!5 F.!' F

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!''

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



27.09.2013













ALLIANZ ASSET MANAGE n/a ULT-AGG 1'848'155 1 3'038 31.07.2013 Investment Advisor





MORGAN STANLEY n/a ULT-AGG 832'256 0.45 (248) 30.06.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 30.06.2013 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 716'288 0.39 65 30.06.2013 Investment Advisor



Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 185 12 month 19.09.2013

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 141 12 month 13.09.2013


Societe Generale PETER CLARK buy 5 M 165 12 month 11.09.2013

Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 11.09.2013


JPMorgan MARCUS DIEBEL neutral 3 M 177 15 month 04.09.2013


Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 187 12 month 30.08.2013

Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 174 6 month 28.08.2013


Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 22.08.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 160 12 month 22.08.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 143 Not Provided 22.08.2013




Jefferies LAURENCE ALEXANDER buy 5 M 164 12 month 06.08.2013



HSBC SEBASTIAN SATZ overweight 5 M 166 Not Provided 31.07.2013


M.M. Warburg Investment Research EGGERT KULS buy 5 M 170 12 month 31.07.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 147 6 month 31.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 155 Not Provided 31.07.2013

SRH AlsterResearch CARSTEN MAINITZ buy 5 M 180 12 month 31.07.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 155 12 month 30.07.2013

Nord/LB THORSTEN STRAUSS buy 5 M 170 12 month 30.07.2013

Credit Suisse CHRIS COUNIHAN underperform 1 M 140 Not Provided 30.07.2013


S&P Capital IQ JOHNSON IMODE buy 5 M 160 12 month 30.07.2013


Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 175 Not Provided 23.07.2013

Barclays GUNTHER ZECHMANN equalweight 3 M 150 Not Provided 17.07.2013



Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 23.04.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013


Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012

Holdings By:

Linde AG ee


27.09.2013

LPKF Laser & Electronics develops systems and process solutions for demanding

tasks in printed circuit board technology and microelectronics. The Company

develops and distributes systems used in electronics production, the automotive

industry, and in the manufacture of solar cells.


LTM as of: 06/yy

52-Week High (02.08.2013) 14.90

52-Week Low (16.11.2012) 6.66

Daily Volume

13.555












LPK GY EQUITY YTD Change - Average Volume 30 Day 188'207

LPK GY EQUITY YTD % CHANGE - Average Volume 3 Month 160'378


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

45.4 50.7 81.2 91.1 115.1 103.8 134.7 121.4 133.9 - -

0.57x 1.02x 1.53x 1.27x 1.66x 5.10x 6.58x 2.60x 2.36x - -

5.6 9.8 20.9 19.6 28.0 22.9 35.9 29.2 33.1 - -

4.58x 5.29x 5.95x 5.89x 6.81x 6.78x 7.74x 10.81x 9.54x - -

1.8 4.7 12.1 9.9 13.5 11.1 18.7 13.8 15.6 - -

11.76x 11.74x 10.95x 10.54x 12.91x 12.36x 14.04x 20.48x 18.65x - -











EBITDA Margin 26.7%



Asset Turnover 1.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LPKF Laser & Electronics AGPrice/Volume

Valuation Analysis

42'891.00


'

.

1

3

5

-'

-.

-1

-3


0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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



27.09.2013



WASATCH ADVISORS INC n/a Research 691'853 3.11 - 23.07.2013 Investment Advisor

HILDEBRANDT BERND n/a Research 602'354 2.7 - 15.08.2012 n/a



UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 377'194 1.69 (23'600) 28.03.2013 Investment Advisor


CLARIDEN SICAV Multiple Portfolios MF-AGG 252'218 1.13 32'218 30.03.2012 Investment Advisor


LAZARD FRERES GESTIO Multiple Portfolios MF-AGG 181'954 0.82 - 30.06.2013 Investment Advisor


HACKMANN BERND n/a Co File 125'600 0.56 - 31.12.2012 n/a



LANGE BERND n/a Co File 95'020 0.43 - 31.12.2012 n/a

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 92'000 0.41 58'000 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 90'506 0.41 - 30.04.2013 Investment Advisor

MW GESTION SA Multiple Portfolios MF-AGG 70'000 0.31 - 29.06.2012 Investment Advisor

THREADNEEDLE n/a ULT-AGG 56'890 0.26 16'324 31.05.2013 Unclassified

BRETTHAUER INGO n/a Co File 50'000 0.22 - 31.12.2012 n/a



Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 U 12 12 month 29.08.2013


Solventis WPH-Bank GmbH KLAUS SOER sell 1 D 11 12 month 13.08.2013


Close Brothers Equity Markets VEYSEL TAZE hold 3 D 14 12 month 05.08.2013

Bankhaus Metzler STEPHAN BAUER sell 1 D 13 12 month 02.08.2013


Equinet Institutional Services(ESN) TIM SCHULDT hold 3 D 7 Not Provided 27.10.2010

GSC Research MATTHIAS WAHLER sell 1 D #N/A N/A Not Provided 21.10.2009

Holdings By:

LPKF Laser & Electronics AG ee


27.09.2013

LANXESS AG is a specialty chemicals company. The Company's core business is the

development, manufacturing, and marketing of plastics, rubber, intermediates,

and specialty chemicals.


LTM as of: 06/yy

52-Week High (20.02.2013) 69.99

52-Week Low (08.07.2013) 42.45

Daily Volume

49.255





4'098.15 1 Yr Total Return -25.24%







LXS GY EQUITY YTD Change - Average Volume 30 Day 745'024

LXS GY EQUITY YTD % CHANGE - Average Volume 3 Month 943'321


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

6'576.0 5'057.0 7'120.0 8'775.0 9'094.0 9'271.0 8'518.0 8'372.8 9'020.8 2'091.0 2'137.7

0.29x 0.57x 0.82x 0.56x 0.78x 2.36x 3.11x 0.71x 0.65x - -

635.0 417.0 910.0 1'099.0 1'261.0 1'156.0 887.0 734.0 1'008.5 188.6 190.0

3.01x 6.95x 6.40x 4.45x 5.60x 5.08x 6.68x 8.40x 6.12x - -

183.0 40.0 379.0 506.0 514.0 525.0 179.0 127.8 321.8 27.3 32.5

6.24x 54.88x 12.96x 6.58x 10.72x 7.82x 21.46x 30.57x 12.35x 10.12x 8.65x


EBIT 883.00 Long-Term Rating BBB









EBITDA Margin 10.4%



Asset Turnover 1.19







Fiscal Year Ended

LANXESS AGPrice/Volume

Valuation Analysis

585'964.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0!2 F

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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

8'000.0

9'000.0

10'000.0

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

'!''

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27.09.2013




DODGE & COX n/a Research 3'741'980 4.5 - 11.03.2013 Investment Advisor









CITADEL EUROPE LLP n/a Short (765'465) -0.92 (83'203) 12.08.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 643'280 0.77 (19'280) 28.06.2013 Investment Advisor



BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 557'340 0.67 9'600 31.07.2013 Investment Advisor




HARTFORD INVESTMENT Multiple Portfolios MF-AGG 416'485 0.5 91'606 31.07.2013 Investment Advisor



Nord/LB THORSTEN STRAUSS buy 5 U 54 12 month 23.09.2013


Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 45 Not Provided 23.09.2013

Baader Bank NORBERT BARTH sell 1 M 43 12 month 20.09.2013

Credit Suisse CHRIS COUNIHAN underperform 1 M 39 Not Provided 20.09.2013

HSBC JESKO MAYER-WEGELIN neutral 3 M 50 Not Provided 20.09.2013

Hauck & Aufhaeuser NILS-PETER FITZL hold 3 M 47 12 month 20.09.2013

M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 64 12 month 20.09.2013


Nomura PATRICK LAMBERT neutral 3 M 48 12 month 20.09.2013


Exane BNP Paribas JAMES KNIGHT neutral 3 M 49 Not Provided 20.09.2013

Deutsche Bank MARTIN DUNWOODIE buy 5 M 58 12 month 19.09.2013



Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 50 12 month 18.09.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 52 12 month 18.09.2013


JPMorgan MARTIN EVANS underweight 1 M 36 15 month 04.09.2013



Commerzbank Corporates & Markets STEPHAN KIPPE reduce 2 M 39 6 month 28.08.2013



Barclays ANDREAS HEINE equalweight 3 M 55 Not Provided 12.08.2013


SRH AlsterResearch DANIEL PAWLOWSKI buy 5 M 54 12 month 06.08.2013

Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 56 Not Provided 05.08.2013

Steubing AG MICHAEL BROEKER buy 5 M 70 Not Provided 29.07.2013

UBS JOE DEWHURST buy 5 M 62 12 month 09.07.2013



Berenberg Bank JAIDEEP PANDYA hold 3 D 59 Not Provided 15.04.2013

Bank of Valletta TEAM COVERAGE overweight 5 M 75 Not Provided 18.03.2013

National Bank AG STEFFEN MANSKE hold 3 M 66 Not Provided 07.11.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE dropped coverage #N/A N/A M #N/A N/A Not Provided 17.09.2007

Holdings By:

LANXESS AG ee


27.09.2013

MAN SE manufactures vehicles, engines, turbines and defense products, and offers

engineering services. The Company manufactures trucks, buses, diesel engines,

compressors, turbines, and aerospace and defense systems, and offers industrial

plant design and project management services.


LTM as of: 06/yy

52-Week High (10.01.2013) 90.00

52-Week Low (26.09.2012) 70.80

Daily Volume

87.76





12'887.82 1 Yr Total Return 22.81%







MAN GY EQUITY YTD Change - Average Volume 30 Day 101'077

MAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 122'784


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

14'945.0 12'026.0 14'675.0 16'472.0 15'772.0 16'200.0 15'617.0 15'757.8 16'520.5 3'945.0 4'193.0

0.49x 0.89x 1.02x 0.75x 1.00x 3.50x 4.13x 1.01x 0.97x - -

1'803.0 974.0 1'194.0 2'363.0 1'487.0 2'308.0 875.0 1'082.4 1'644.4 - -

4.09x 10.97x 12.50x 5.24x 10.65x 6.83x 19.66x 16.41x 10.80x - -

1'233.0 (270.0) 713.0 238.0 177.0 (575.0) (241.0) 86.2 628.6 121.0 155.0

4.99x - 16.79x 14.87x 67.29x 0.00x 0.00x 77.46x 20.70x - -





Return on Assets -1.28% Short-Term Rating NR


Return on Capital -8.33% EBITDA/Interest Exp. 3.87




EBITDA Margin 5.6%



Asset Turnover 0.83







Fiscal Year Ended

MAN SEPrice/Volume

Valuation Analysis

38'791.00


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

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


VOLKSWAGEN AG n/a Research 105'922'516 75.14 - 11.09.2013 Corporation






MAINFIRST SICAV Multiple Portfolios MF-AGG 166'299 0.12 800 28.02.2013 Investment Advisor




DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 80'767 0.06 (45'063) 28.03.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 59'140 0.04 (107) 31.05.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 55'516 0.04 - 31.12.2012 Investment Advisor

STATE STREET CORP n/a ULT-AGG 54'190 0.04 478 24.09.2013 Investment Advisor

PRUDENTIAL OF AMERIC n/a ULT-AGG 51'884 0.04 51'884 30.06.2013 Insurance Company



FMR LLC n/a ULT-AGG 41'828 0.03 - 31.07.2013 Investment Advisor

UBS AG n/a ULT-AGG 40'974 0.03 1'039 28.06.2013 Unclassified



Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 85 6 month 02.09.2013


Barclays MICHAEL TYNDALL equalweight 3 M 81 Not Provided 13.08.2013

DZ Bank AG MICHAEL PUNZET hold 3 M 81 Not Provided 09.08.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013



Natixis KATHLEEN GAILLIOT neutral 3 M 81 Not Provided 31.07.2013


Landesbank Baden-Wuerttemberg FRANK BILLER sell 1 M 81 Not Provided 30.07.2013


S&P Capital IQ RODERICK BRIDGE sell 1 M 81 12 month 30.07.2013

Berenberg Bank FREDERIK BITTER sell 1 M 81 Not Provided 26.07.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 95 Not Provided 23.07.2013

JPMorgan ALEXANDER WHIGHT neutral 3 M 79 3 month 09.07.2013

Deutsche Bank JOCHEN GEHRKE hold 3 M 82 12 month 05.07.2013


UBS FREDRIC STAHL neutral 3 M 85 12 month 01.05.2013

Makor Capital ALBERT SAPORTA sell 1 M 85 Not Provided 30.04.2013


Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 85 12 month 22.03.2013


Bankhaus Metzler JUERGEN PIEPER sell 1 M 66 12 month 31.07.2012

Holdings By:

MAN SE ee


27.09.2013

Metro AG operates retail stores and markets products over the Internet. The

Company operates cash and carry stores, supermarkets and hypermarkets, consumer

electronics stores, department stores, theme stores, and online sales services.


LTM as of: 06/yy

52-Week High (16.09.2013) 30.46

52-Week Low (10.10.2012) 20.13

Daily Volume

29.81





9'735.73 1 Yr Total Return 24.50%







MEO GY EQUITY YTD Change - Average Volume 30 Day 821'573

MEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 918'794


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

67'955.0 65'529.0 67'258.0 65'926.0 66'739.0 66'164.0 66'027.0 51'462.8 65'274.4 15'259.6 15'521.7

0.21x 0.28x 0.32x 0.20x 0.15x 0.97x 0.81x 0.31x 0.23x - -

3'246.0 3'005.0 3'333.0 3'703.0 3'312.0 3'529.0 3'393.0 1'902.9 3'078.4 - 563.0

4.37x 6.10x 6.36x 3.58x 3.07x 4.42x 4.18x 8.44x 5.22x - -

401.0 383.0 850.0 631.0 3.0 496.0 122.0 104.4 698.9 13.2 -

11.25x 36.38x 20.72x 14.61x 2100.00x 15.24x 65.61x 584.51x 14.04x - -


EBIT 1'689.00 Long-Term Rating BBB-









EBITDA Margin 5.1%



Asset Turnover 2.16







Fiscal Year Ended

Metro AGPrice/Volume

Valuation Analysis

460'420.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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2!' F

3!' F

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


FRANZ HANIEL & CIE G n/a Research 97'265'288 30.01 (13'709'836) 06.02.2013 Holding Company

SCHMIDT-RUTHENBECK n/a Research 51'112'077 15.77 - 08.02.2013 n/a

BEISHEIM OTTO n/a Research 29'493'970 9.1 - 08.08.2013 n/a



AKO CAPITAL LLP n/a Short (3'856'904) -1.19 324'109 02.09.2013 Investment Advisor




DWS INVESTMENTS Multiple Portfolios MF-AGG 1'581'404 0.49 (1'449'495) 31.05.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'151'814 0.36 127'170 28.03.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'131'707 0.35 (60'462) 30.08.2013 Investment Advisor


DNCA FINANCE Multiple Portfolios MF-AGG 980'000 0.3 880'000 28.03.2013 Investment Advisor



MASON STREET ADVISOR Multiple Portfolios MF-AGG 569'720 0.18 569'720 30.06.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 544'796 0.17 (14'777) 31.07.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 541'466 0.17 41'583 31.05.2013 Investment Advisor




AlphaValue EILEEN RYAN sell 1 M 26 6 month 19.09.2013

Nomura DAVID PAYNE neutral 3 M 26 12 month 18.09.2013

Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 26 6 month 17.09.2013

Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 33 12 month 12.09.2013

M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 27 12 month 12.09.2013

Exane BNP Paribas JOHN KERSHAW underperform 1 M 25 Not Provided 10.09.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 30 Not Provided 27.08.2013

Kepler Cheuvreux FABIENNE CARON hold 3 M 29 Not Provided 16.08.2013

Credit Suisse ANDREW KASOULIS underperform 1 M 20 Not Provided 14.08.2013



UBS BENJAMIN PETERS buy 5 M 33 12 month 06.08.2013

DZ Bank AG HERBERT STURM sell 1 D 28 Not Provided 06.08.2013


Deutsche Bank JAMES G COLLINS hold 3 M 27 12 month 02.08.2013

JPMorgan JAIME VAZQUEZ underweight 1 M 23 3 month 02.08.2013

Macquarie SREEDHAR MAHAMKALI neutral 3 M 22 12 month 02.08.2013

Independent Research GmbH ZAFER RUZGAR sell 1 D 27 12 month 02.08.2013

Societe Generale ARNAUD JOLY hold 3 M 26 12 month 01.08.2013

Jefferies JAMES GRZINIC hold 3 M 22 12 month 01.08.2013

Raymond James CEDRIC LECASBLE underperform 1 M 21 Not Provided 01.08.2013

HSBC JEROME SAMUEL underweight 1 M 22 Not Provided 01.08.2013



Bankhaus Metzler STEFAN WIMMER sell 1 M 22 12 month 01.08.2013

Barclays JAMES ANSTEAD equalweight 3 M 27 Not Provided 01.08.2013


Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 04.07.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013

Oddo & Cie LAURENCE HOFMANN reduce 2 M 22 Not Provided 03.05.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 30 12 month 16.04.2013

BHF-Bank PETER STEINER market weight 3 M 22 12 month 01.03.2013


Goldman Sachs FRANKLIN WALDING not rated #N/A N/A M #N/A N/A Not Provided 03.12.2012


Holdings By:

Metro AG ee


27.09.2013

MorphoSys AG is a biotechnology company. The Company uses proprietary

technology to develop human antibodies tailored to treat specific diseases.

MorphoSys is developing medicines to treat cancer and inflammation.


LTM as of: 06/yy

52-Week High (23.08.2013) 60.00

52-Week Low (25.09.2012) 22.90

Daily Volume

56.66





1'454.43 1 Yr Total Return 137.67%







MOR GY EQUITY YTD Change - Average Volume 30 Day 113'855

MOR GY EQUITY YTD % CHANGE - Average Volume 3 Month 123'802


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

71.6 81.0 87.0 82.1 51.9 41.5 80.6 77.8 73.4 - -

3.95x 3.09x 3.62x 3.28x 10.74x 27.97x 29.65x 14.99x 16.22x - -

21.7 16.8 16.0 15.9 8.5 (8.5) 26.8 10.4 0.2 - -

13.07x 14.96x 19.75x 16.87x 65.59x 0.00x 30.98x 125.51x 8128.66x - -

13.2 9.0 9.2 8.2 1.9 (7.8) 21.9 9.3 0.3 - -

31.78x 42.60x 45.20x 48.69x 293.00x 0.00x 61.40x 170.15x - - -











EBITDA Margin 33.3%



Asset Turnover 0.34




Tot Debt to Common Equity 0.04% Accounts Payable Turnover Day -4172.58




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Morphosys AGPrice/Volume

Valuation Analysis

75'559.00


'

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!2 F

!3 F

!4 F

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

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

'!''

2'!''

-''!''

-2'!''

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27.09.2013


MASSACHUSETTS MUTUAL n/a Research 1'697'540 6.61 - 27.08.2012 Insurance Company

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'526'167 5.95 - 31.07.2013 Investment Advisor

NOVARTIS PHARMA AG n/a Research 1'399'788 5.45 - 31.12.2012 Corporation




MORONEY SIMON E n/a Co File 419'885 1.64 - 31.12.2012 n/a


MORPHOSYS AG n/a Co File 255'415 1 - 31.12.2012 Corporation


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 158'664 0.62 16'983 28.06.2013 Investment Advisor







HARTFORD INVESTMENT Multiple Portfolios MF-AGG 82'190 0.32 - 31.07.2013 Investment Advisor


DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 68'139 0.27 - 31.07.2013 Investment Advisor




Helvea OLAV ZILIAN buy 5 M 72 12 month 19.09.2013


Nomura Code Securities GARY WAANDERS buy 5 M 60 6 month 20.08.2013


Deutsche Bank GUNNAR ROMER buy 5 M 61 12 month 12.08.2013



Kempen & Co SACHIN SONI buy 5 M 60 12 month 18.07.2013

Vara Research THOMAS J SCHIESSLE buy 5 M 48 12 month 14.06.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY buy 5 M 30 12 month 27.02.2013

Holdings By:

Morphosys AG ee


27.09.2013

Merck KGaA is a global pharmaceutical and chemicals company. The Company

researches drugs in the areas oncology and neurodegenerative as well as

autoimmune and inflammatory diseases. Also, it markets cardiovascular,

fertility, endocrinology, and over-the-counter products as well as products for

flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.


LTM as of: 06/yy

52-Week High (06.08.2013) 128.50

52-Week Low (26.09.2012) 94.01

Daily Volume

114.5





24'977.99 1 Yr Total Return 23.03%







MRK GY EQUITY YTD Change - Average Volume 30 Day 196'797

MRK GY EQUITY YTD % CHANGE - Average Volume 3 Month 220'512


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

7'201.6 7'377.7 8'928.9 9'905.9 10'740.8 10'265.8 10'838.1 11'228.5 11'309.8 2'777.2 2'788.2

2.02x 1.96x 1.96x 2.05x 2.20x 7.52x 9.30x 2.35x 2.21x - -

2'436.5 1'675.8 2'497.0 2'689.8 2'917.8 2'394.1 3'073.1 3'140.6 3'258.6 774.3 777.3

5.98x 8.64x 7.02x 7.54x 8.12x 8.40x 8.74x 8.39x 8.08x - -

367.1 366.3 632.1 606.5 566.7 463.6 1'039.3 1'888.4 1'967.6 464.5 458.5

38.17x 38.79x 20.57x 27.61x 38.25x 36.97x 24.58x 13.21x 12.64x - -











EBITDA Margin 28.4%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Merck KGaAPrice/Volume

Valuation Analysis

140'698.00


'

.'

1'

3'

5'

-''

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-1'


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



SUN LIFE FINANCIAL I n/a Co File 6'175'369 9.56 - 31.12.2011 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 2'838'695 4.39 13'924 30.06.2013 Investment Advisor

MFS INSTITUTIONAL AD n/a Research 1'884'389 2.92 - 12.03.2012 Investment Advisor







MORGAN STANLEY n/a ULT-AGG 495'844 0.77 (158) 30.06.2013 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 483'289 0.75 472'289 31.12.2012 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 375'267 0.58 (28'691) 30.06.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 368'739 0.57 14'602 31.05.2013 Investment Advisor




PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 228'148 0.35 14'221 31.08.2013 Insurance Company


Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 110 6 month 25.09.2013

Helvea ODILE RUNDQUIST hold 3 M 119 12 month 25.09.2013

Sanford C. Bernstein & Co AARON GAL market perform 3 M 125 12 month 23.09.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 118 Not Provided 19.09.2013


Barclays MICHAEL LEUCHTEN underweight 1 M 89 Not Provided 16.09.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 U 71 12 month 29.08.2013

Societe Generale STEPHEN MCGARRY sell 1 M 103 12 month 27.08.2013

Morgan Stanley AMY WALKER Overwt/Attractive 5 M 142 12 month 14.08.2013



Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 133 12 month 08.08.2013

Credit Suisse MATTHEW WESTON neutral 3 M 126 Not Provided 07.08.2013

JPMorgan RICHARD VOSSER neutral 3 M 125 9 month 07.08.2013





Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 118 Not Provided 06.08.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 92 Not Provided 06.08.2013

S&P Capital IQ JACOB THRANE sell 1 M 106 12 month 06.08.2013

Commerzbank Corporates & Markets DANIEL WENDORFF reduce 2 M 105 6 month 01.08.2013

Goldman Sachs STEVE CHESNEY Sell/Neutral 1 N 114 12 month 20.06.2013

Main First Bank AG MARCUS WIEPRECHT underperform 1 M 100 12 month 17.06.2013

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

UBS ANDREW WHITNEY buy 5 M 131 12 month 16.05.2013

Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 12.04.2013

Mirabaud Securities NICHOLAS TURNER reduce 2 D 89 Not Provided 24.12.2012


Jefferies JEFFREY HOLFORD hold 3 M 88 12 month 10.10.2012

Cyrrus TOMAS MENCIK sell 1 M 77 Not Provided 05.04.2012

Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M #N/A N/A Not Provided 23.02.2010

Holdings By:

Merck KGaA ee


27.09.2013

MTU Aero Engines AG develops and manufactures engines and offers

commercial engine services and support. The Company sells to manufacturers and

operators of engines and industrial gas turbines across the world.


LTM as of: 06/yy

52-Week High (22.05.2013) 79.61

52-Week Low (27.09.2012) 60.25

Daily Volume

69.93





3'636.36 1 Yr Total Return 16.67%







MTX GY EQUITY YTD Change - Average Volume 30 Day 133'182

MTX GY EQUITY YTD % CHANGE - Average Volume 3 Month 165'762


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

2'724.3 2'610.8 2'707.4 2'932.1 3'378.6 3'144.6 3'671.8 3'737.4 4'021.4 - -

0.45x 0.77x 0.95x 0.83x 1.16x 3.49x 4.36x 1.11x 1.02x - -

407.5 368.3 398.9 420.8 490.9 405.0 490.0 493.9 545.0 - -

2.99x 5.48x 6.43x 5.78x 7.97x 8.42x 8.73x 8.38x 7.60x - -

179.7 141.0 142.2 159.2 173.9 196.3 132.2 219.1 248.1 61.0 55.6

5.38x 13.21x 17.39x 15.17x 20.06x 14.72x 28.50x 16.18x 14.04x - -











EBITDA Margin 13.3%



Asset Turnover 0.86







Fiscal Year Ended

MTU Aero Engines AGPrice/Volume

Valuation Analysis

165'883.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

-!3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013









GRYPHON INTERNATIONA n/a Co File 1'570'400 3.02 - 31.12.2011 Investment Advisor


INVESTEC ASSET MANAG n/a Research 1'557'292 2.99 - 15.05.2013 Investment Advisor




MTU AERO ENGINES HOL n/a Research 1'367'315 2.63 (285) 23.01.2012 Other









Societe Generale ZAFAR KHAN buy 5 M 80 12 month 20.09.2013


Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 82 12 month 30.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 72 Not Provided 09.08.2013

UBS RAMI MYERSON neutral 3 M 70 12 month 02.08.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 78 Not Provided 31.07.2013


Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 63 12 month 25.07.2013



Bankhaus Lampe SEBASTIAN HEIN hold 3 M 69 12 month 25.07.2013

Oddo & Cie YAN DEROCLES neutral 3 M 70 Not Provided 25.07.2013


Kepler Cheuvreux CHRISTOPHE MENARD hold 3 D 68 Not Provided 25.07.2013


Deutsche Bank BEN FIDLER buy 5 M 72 12 month 24.07.2013


JPMorgan DAVID H PERRY neutral 3 D 79 15 month 24.07.2013

Exane BNP Paribas OLIVIER BROCHET underperform 1 M 71 Not Provided 16.07.2013

Main First Bank AG CHLOE LEMARIE underperform 1 M 61 12 month 25.06.2013

Cantor Fitzgerald ANDREW CHAMBERS hold 3 N 82 Not Provided 06.06.2013


Holdings By:

MTU Aero Engines AG ee


27.09.2013

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 06/yy

52-Week High (25.04.2013) 158.65

52-Week Low (01.10.2012) 121.20

Daily Volume

143.4





25'717.53 1 Yr Total Return 20.16%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 647'304

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 619'329


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

47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 64'012.0 65'533.0 54'487.5 55'648.3 - -

0.56x 0.44x 0.42x 0.33x 0.43x 1.33x 1.67x 0.57x 0.55x - -

- - - - - 0.0 0.0 - - - -

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

1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'501.0 3'108.0 2'995.0 2'953.9 649.5 682.5

14.34x 8.39x 8.69x 24.03x 7.56x 7.88x 8.08x 8.59x 8.57x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

461'171.00


'.'1'3'5'

-''-.'-1'-3'-5'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.09.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor


PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified

CREDIT SUISSE AG n/a ULT-AGG 5'357'374 2.99 238 31.05.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 2'269'183 1.27 (305'246) 31.08.2013 Investment Advisor






AMUNDI Multiple Portfolios MF-AGG 1'469'607 0.82 1'149'463 31.08.2013 Investment Advisor



TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 835'251 0.47 763 28.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 741'768 0.41 (139'206) 30.06.2013 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 629'490 0.35 10'227 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 23.09.2013


Exane BNP Paribas THOMAS JACQUET underperform 1 M 143 Not Provided 23.09.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 162 12 month 20.09.2013


Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 155 12 month 18.09.2013


JPMorgan MICHAEL HUTTNER overweight 5 U 161 15 month 13.09.2013


Mediobanca SpA MARC THIELE outperform 5 M 167 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK KOPFINGER add 4 M 158 6 month 11.09.2013

RBC Capital Markets KAMRAN HOSSAIN sector perform 3 M 142 12 month 10.09.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 155 12 month 10.09.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 165 12 month 09.09.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 09.09.2013

Main First Bank AG MICHAEL HAID outperform 5 U 155 12 month 09.09.2013

Helvea DANIEL BISCHOF hold 3 M 150 12 month 09.09.2013


Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 06.09.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 05.09.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 26.08.2013

Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 13.08.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 142 12 month 07.08.2013

HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 07.08.2013


Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 07.08.2013


Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 06.08.2013


Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 06.08.2013

Nomura MICHAEL KLIEN reduce 2 M 140 12 month 06.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 06.08.2013

Barclays ANDREW BROADFIELD overweight 5 M 159 Not Provided 22.07.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013

Holdings By:

Muenchener Rueckversicherungs AG ee


27.09.2013

Aurubis AG operates copper smelting and refining facilities. The Company

primarily produces copper rod used in the manufacture of power cables, building

wires and other wiring used in electrical applications. Aurubis also produces

copper cakes, cathodes, billets and bars and markets precious metals, chemicals

and other metals produced as by-products of copper smelting.


LTM as of: 06/yy

52-Week High (04.02.2013) 57.79

52-Week Low (05.07.2013) 38.55

Daily Volume

45.185












NDA GY EQUITY YTD Change - Average Volume 30 Day 165'489

NDA GY EQUITY YTD % CHANGE - Average Volume 3 Month 191'336


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

8'384.6 6'686.9 9'865.4 13'335.8 13'789.2 13'808.4 13'185.0 12'880.9 12'968.6 2'928.0 -

0.24x 0.23x 0.19x 0.15x 0.16x 0.58x 0.54x 0.17x 0.17x - -

374.8 77.3 581.4 579.0 744.7 639.0 296.6 341.3 429.8 77.0 -

5.28x 19.89x 3.28x 3.40x 2.89x 2.95x 0.00x 6.58x 5.23x - -

169.0 (47.1) 324.2 320.8 361.1 304.8 (128.4) 138.1 187.2 30.0 -

7.20x - 4.41x 5.23x 5.66x 5.62x 0.00x 14.70x 10.70x - -











EBITDA Margin 3.3%



Asset Turnover 2.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aurubis AGPrice/Volume

Valuation Analysis

102'030.00


'

-'

.'

0'

1'

2'

3'


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



27.09.2013


SALZGITTER AG n/a Research 11'240'000 25 - 29.08.2011 Corporation



DJE INVESTMENT SA n/a Research 1'325'794 2.95 - 19.08.2011 Investment Advisor



DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 508'501 1.13 - 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 450'000 1 - 31.05.2013 Investment Advisor





LBPAM Multiple Portfolios MF-AGG 193'957 0.43 19'131 28.03.2013 Investment Advisor


ACATIS Multiple Portfolios MF-AGG 149'000 0.33 - 28.03.2013 Investment Advisor








Societe Generale AMIT PANSARI buy 5 M 51 12 month 11.09.2013


Bankhaus Lampe MARC GABRIEL buy 5 U 53 12 month 04.09.2013



Baader Bank CHRISTIAN OBST buy 5 M 55 12 month 26.08.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 50 Not Provided 26.08.2013





HSBC THORSTEN ZIMMERMANN neutral 3 M 45 Not Provided 14.08.2013


SRH AlsterResearch OLIVER DREBING sell 1 M 38 12 month 13.08.2013


Steubing AG MICHAEL BROEKER buy 5 M 67 Not Provided 29.07.2013

Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 38 12 month 24.06.2013


Solventis WPH-Bank GmbH KLAUS SOER buy 5 U 49 12 month 25.01.2012

Holdings By:

Aurubis AG ee


27.09.2013

Nordex SE develops, produces, installs, and maintains electricity-generating

wind turbines. The Company also designs and produces blades and control

systems.


LTM as of: 06/yy

52-Week High (11.09.2013) 10.45

52-Week Low (30.10.2012) 2.57

Daily Volume

10.28












NDX1 GY EQUITY YTD Change - Average Volume 30 Day 1'129'750

NDX1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 848'239


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

1'135.7 1'182.8 972.0 916.8 1'075.3 934.6 1'314.8 1'306.3 1'366.6 - -

0.49x 0.54x 0.38x 0.35x 0.16x 1.33x 1.24x 0.54x 0.52x - -

68.3 68.2 61.7 (8.6) 22.4 (21.5) 54.2 73.5 94.5 - -

8.13x 9.37x 5.92x - 7.60x 0.00x 7.40x 10.38x 8.08x - -

47.6 24.3 20.9 (48.5) (93.9) (68.1) (69.8) 12.9 22.8 - -

14.04x 29.11x 17.76x - - 0.00x 0.00x 64.65x 31.06x - -











EBITDA Margin 4.1%



Asset Turnover 1.29







Fiscal Year Ended

Nordex SEPrice/Volume

Valuation Analysis

212'694.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

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27.09.2013


SKION MOMENTUM CAPIT n/a Co File 18'375'023 24.99 - 31.12.2012 Unclassified

JP MORGAN n/a ULT-AGG 2'259'643 3.07 - 23.08.2013 Investment Advisor





HABBEL, POHLIG & PAR Multiple Portfolios MF-AGG 662'779 0.9 262'779 28.03.2013 Investment Advisor

FIRST TRUST n/a ULT-AGG 395'661 0.54 10'059 24.09.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 384'346 0.52 - 25.09.2013 Investment Advisor

ENNISMORE FUND MANAG n/a Short (360'295) -0.49 44'117 01.08.2013 Investment Advisor


PASSPORT CAPITAL LLC n/a Short (264'706) -0.36 169'118 25.04.2013 Hedge Fund Manager

HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 250'000 0.34 - 29.06.2012 Investment Advisor

DIGITAL FUNDS Multiple Portfolios MF-AGG 241'609 0.33 129'548 31.05.2013 Investment Advisor

HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 193'089 0.26 (4'363) 28.08.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 123'845 0.17 - 24.09.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 100'000 0.14 100'000 28.06.2013 Investment Advisor

GUINNESS ATKINSON AS Multiple Portfolios MF-AGG 70'100 0.1 - 31.07.2013 Investment Advisor

MEAG LUXEMBOURG SARL Multiple Portfolios MF-AGG 41'400 0.06 - 30.12.2011 Investment Advisor



AlphaValue HEINZ STEFFEN add 4 U 12 6 month 19.09.2013

Commerzbank Corporates & Markets SEBASTIAN GROWE hold 3 M 9 6 month 18.09.2013


M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 D 9 12 month 18.09.2013

Montega WAIS SAMADZADA buy 5 U 13 12 month 11.09.2013

HSBC SEAN D MCLOUGHLIN neutral 3 M 9 Not Provided 06.09.2013


Nord/LB HOLGER FECHNER sell 1 M 7 12 month 19.08.2013

Deutsche Bank ALEXANDER KARNICK hold 3 M 6 12 month 15.08.2013

Macquarie SHAI HILL underperform 1 M 3 12 month 16.05.2013

UBS JEAN-FRANCOIS MEYMANDI neutral 3 N 3 12 month 09.10.2012

Holdings By:

Nordex SE ee


27.09.2013

Nemetschek AG provides standard software for designing, constructing and manag-

ing buildings and real estate. The Company's software offers cost estimation,

design, planning, account calculation, cost management, facilities management,

document management and B2B e-commerce capabilities. Nemetschek's software is

sold in approximately 52 countries and 13 languages.


LTM as of: 06/yy

52-Week High (12.06.2013) 52.52

52-Week Low (13.11.2012) 31.90

Daily Volume

45.11












NEM GY EQUITY YTD Change - Average Volume 30 Day 8'693

NEM GY EQUITY YTD % CHANGE - Average Volume 3 Month 8'075


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

150.4 135.6 149.7 164.0 175.1 169.3 179.1 187.0 201.6 44.8 49.4

0.86x 1.25x 2.01x 1.37x 1.59x 5.96x 7.73x 2.02x 1.77x - -

31.8 29.6 35.9 37.7 39.6 37.5 41.8 43.6 48.8 - -

4.07x 5.72x 8.37x 5.95x 7.05x 6.91x 10.06x 8.92x 7.97x - -

10.4 12.2 18.9 20.8 18.9 20.1 20.6 22.1 28.5 - -

9.61x 12.71x 16.18x 11.94x 16.94x 14.24x 22.64x 18.59x 15.19x - -











EBITDA Margin 23.4%



Asset Turnover 1.09







Fiscal Year Ended

Nemetschek AGPrice/Volume

Valuation Analysis

354.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!' F!' F!' F!' F!- F!- F!- F!- F!- F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.09.2013


NEMETSCHEK ALEXANDER n/a Research 2'739'410 28.46 - 31.07.2012 n/a

NEMETSCHEK GEORG n/a Co File 2'416'838 25.11 - 31.12.2011 n/a


UNIVERSAL INVESTMENT n/a Research 289'062 3 - 21.11.2012 Investment Advisor

FINANCIERE DE L'ECHI n/a Research 286'845 2.98 - 29.08.2012 Investment Advisor

AXXION SA n/a Research 271'652 2.82 - 06.05.2013 Investment Advisor

ODDO ET CIE n/a Research 254'701 2.65 - 15.11.2012 n/a

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 199'294 2.07 3'800 31.07.2013 Investment Advisor



EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 73'063 0.76 73'063 28.06.2013 Investment Advisor


MANDARINE FUNDS Multiple Portfolios MF-AGG 50'062 0.52 50'062 30.08.2013 Investment Advisor



IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 39'216 0.41 (116) 31.05.2013 Investment Advisor

FINANCIERE DE L'OXER Multiple Portfolios MF-AGG 35'340 0.37 35'340 30.06.2013 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 30'200 0.31 4'951 31.01.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 27'500 0.29 - 28.06.2013 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 27'000 0.28 (3'000) 29.03.2013 Investment Advisor


Goldman Sachs MOHAMMED MOAWALLA sell/attractive 1 M 44 12 month 11.09.2013

M.M. Warburg Investment Research ANDREAS WOLF hold 3 M 50 12 month 15.08.2013


Berenberg Bank SEBASTIAN GRABERT buy 5 M 57 Not Provided 01.08.2013

Close Brothers Equity Markets FELIX PARMANTIER hold 3 M 48 12 month 01.08.2013

Baader Bank KNUT WOLLER hold 3 M 48 12 month 31.07.2013

Montega ALEXANDER DREWS hold 3 M 46 12 month 31.07.2013


GSC Research MATTHIAS SCHRADE hold 3 D #N/A N/A Not Provided 22.06.2012

Holdings By:

Nemetschek AG ee


27.09.2013

Norma Group SE develops and manufactures plastic and metal-based components and

systems in the field of connecting technology. The Company develops engineered

joining technology components for various applications, including cooling

system, air intake and induction, emission control, ancillary system and

infrastructure. NORMA Group operates worldwide.


LTM as of: 06/yy

52-Week High (19.09.2013) 35.00

52-Week Low (12.11.2012) 17.49

Daily Volume

34.11





1'086.83 1 Yr Total Return 67.22%







NOEJ GY EQUITY YTD Change - Average Volume 30 Day 59'892

NOEJ GY EQUITY YTD % CHANGE - Average Volume 3 Month 69'020


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

457.6 329.8 490.4 581.4 604.6 603.2 609.7 642.1 684.1 160.0 158.0

- - - 1.18x 1.40x 4.63x 6.09x 1.93x 1.75x - -

63.0 33.8 90.6 110.1 128.8 122.1 120.4 130.3 141.1 32.2 32.2

- - - 6.24x 6.56x 6.12x 8.78x 9.66x 8.92x - -

(29.6) (18.2) 30.2 35.7 56.6 62.0 54.6 63.6 71.8 - -

- - - 13.45x 11.80x 8.71x 16.14x 16.81x 14.86x - -











EBITDA Margin 19.8%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Norma Group SEPrice/Volume

Valuation Analysis

30'798.00


'

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!1 F

!2 F

!3 F

!4 F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

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.!''

1!''

3!''

5!''

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27.09.2013




THREADNEEDLE n/a ULT-AGG 1'944'873 6.1 (47'827) 31.05.2013 Unclassified

ALLIANZ GLOBAL INVES n/a Research 1'832'961 5.75 - 14.01.2013 Other


MONDRIAN INVESTMENT n/a Research 1'700'937 5.34 - 15.06.2012 Hedge Fund Manager


ODDO & CIE n/a Research 1'081'190 3.39 - 05.09.2012 Bank

T ROWE PRICE ASSOCIA n/a Co File 964'148 3.03 - 13.03.2012 Investment Advisor


CONNECTING CAPITAL H n/a Research 800'595 2.51 - 01.10.2012 Corporation

OZ MANAGEMENT LP n/a Research 789'223 2.48 - 01.02.2012 Hedge Fund Manager

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 755'780 2.37 210 31.07.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 624'748 1.96 (23'341) 31.05.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 516'300 1.62 - 30.06.2013 Investment Advisor






HSBC JOERG-ANDRE FINKE neutral 3 M 34 Not Provided 11.09.2013

Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 M 39 12 month 09.09.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 32 6 month 30.08.2013


Deutsche Bank TIM ROKOSSA buy 5 M 35 12 month 09.08.2013

DZ Bank AG JASKO TERZIC hold 3 M 32 Not Provided 09.08.2013


M.M. Warburg Investment Research CHRISTIAN COHRS hold 3 M 30 12 month 08.08.2013



LFG Kronos Investment Services GmbH THOMAS ANEY buy 5 M 35 12 month 08.08.2013


Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 30 12 month 07.08.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 35 6 month 23.07.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 36 Not Provided 16.07.2013


Holdings By:

Norma Group SE ee


27.09.2013

XING AG provides an online community for professional networking. The Company's

web site allows business professionals to search for contacts in multiple

languages.


LTM as of: 06/yy

52-Week High (23.08.2013) 78.40

52-Week Low (26.09.2012) 36.05

Daily Volume

75.5












O1BC GY EQUITY YTD Change - Average Volume 30 Day 11'731

O1BC GY EQUITY YTD % CHANGE - Average Volume 3 Month 10'282


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

34.9 44.0 53.5 65.1 72.1 68.7 76.6 83.4 94.6 - -

2.79x 2.78x 2.55x 2.37x 2.37x 11.93x 9.24x 4.27x 3.63x - -

12.5 17.1 20.7 56.1 25.3 54.6 26.6 23.6 30.2 - -

7.83x 7.13x 6.59x 2.76x 6.75x 3.60x 8.38x 15.13x 11.85x - -

7.3 (1.7) 7.2 (4.6) 7.7 (5.7) 8.4 10.4 14.8 - -

19.15x - 26.53x - 29.08x 0.00x 33.38x 40.07x 28.25x - -











EBITDA Margin 34.6%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

XING AGPrice/Volume

Valuation Analysis

8'328.00


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

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!- F

!- F

!- F

!- F

!. F

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

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

'!''

2!''

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-2!''

.'!''

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0'!''

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27.09.2013


BURDA DIGITAL VENTUR n/a Co File 2'943'726 52.75 - 13.03.2013 Corporation


SCHRODERS PLC n/a Co File 277'710 4.98 - 12.03.2013 Investment Advisor

ENNISMORE FUND MANAG n/a Research 276'438 4.95 - 26.08.2013 Investment Advisor

RUANE CUNNIFF & GOLD n/a Co File 166'626 2.99 - 12.03.2013 Investment Advisor

BAILLIE GIFFORD AND n/a Research 161'344 2.89 - 31.08.2012 Investment Advisor



INVESTOREN TGV n/a Research 155'720 2.79 - 05.07.2012 Investment Advisor

WHALE ROCK CAPITAL M n/a Research 97'778 1.75 - 18.12.2012 Hedge Fund Manager

NOMURA n/a ULT-AGG 92'000 1.65 - 13.08.2012 Unclassified

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 57'000 1.02 - 30.06.2013 Investment Advisor

XING AG n/a Co File 55'542 1 - 12.03.2013 Corporation



INVESTORS TFI SA Multiple Portfolios MF-AGG 14'290 0.26 14'290 31.12.2012 Investment Advisor

HANSAINVEST GMBH Multiple Portfolios MF-AGG 11'400 0.2 (7'450) 28.03.2013 Investment Advisor





Berenberg Bank SARAH SIMON buy 5 M 82 Not Provided 24.09.2013

JPMorgan NICOLAS J DUBOURG neutral 3 M 74 15 month 10.09.2013

Hauck & Aufhaeuser SASCHA BERRESCH sell 1 D 60 12 month 02.09.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.08.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 D 68 12 month 13.08.2013

Montega ALEXANDER BRAUN sell 1 D 50 12 month 07.08.2013

Deutsche Bank BENJAMIN KOHNKE buy 5 M 73 12 month 06.08.2013

Close Brothers Equity Markets MARCUS SILBE buy 5 M 65 12 month 06.08.2013

Jefferies DAVID REYNOLDS underperform 1 M 32 12 month 14.08.2012

GSC Research MATTHIAS SCHRADE hold 3 M #N/A N/A Not Provided 17.03.2011

Holdings By:

XING AG ee


27.09.2013

Telefonica Deutschland Holding AG provides telecommunications services mainly

to countries in Europe and Latin America. The Company offers fixed-line and

mobile telephone, Internet, and data transmission services to residential and

corporate customers.


LTM as of: 06/yy

52-Week High (04.02.2013) 6.51

52-Week Low (30.07.2013) 4.90

Daily Volume

5.933












O2D GY EQUITY YTD Change - Average Volume 30 Day 1'084'882

O2D GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'470'658


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

- 3'745.5 4'826.3 5'035.6 5'212.8 0.0 5'104.0 5'012.6 4'998.9 1'267.0 1'328.0

- - - - 1.42x #DIV/0! 4.36x 1.49x 1.48x 5.22x 4.98x

- 891.5 892.7 1'154.0 1'281.6 0.0 1'254.0 1'243.1 1'260.1 334.5 344.5

- - - - 5.76x 0.00x 5.82x 6.19x 6.11x - -

- (33.6) (102.5) 553.9 1'334.6 0.0 734.0 78.5 119.3 30.6 33.4

- - - - 20.62x 0.00x 24.94x 92.70x 59.33x - -











EBITDA Margin 24.6%



Asset Turnover 0.46







Fiscal Year Ended

Telefonica Deutschland Holding AGPrice/Volume

Valuation Analysis

1'172'850.00


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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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'

.!''

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27.09.2013


TELEFONICA SA n/a ULT-AGG 858'195'400 76.83 - 31.12.2012 Corporation



CI INVESTMENTS INC Multiple Portfolios MF-AGG 8'292'150 0.74 700'950 28.06.2013 Investment Advisor




UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'292'869 0.29 3'292'869 28.03.2013 Investment Advisor





BARING FUND MANAGERS Multiple Portfolios MF-AGG 2'038'469 0.18 - 31.05.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 1'683'750 0.15 196'363 28.03.2013 Investment Advisor


JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1'601'940 0.14 1'601'940 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 1'495'440 0.13 385 31.07.2013 Investment Advisor

FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'280'800 0.11 773'400 31.05.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 1'223'976 0.11 144'270 30.04.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'223'940 0.11 (5'055) 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 U 7 12 month 24.09.2013


Hauck & Aufhaeuser LEONHARD BAYER buy 5 N 7 12 month 17.09.2013

Credit Suisse JUSTIN FUNNELL outperform 5 N 7 Not Provided 13.09.2013

M.M. Warburg Investment Research MALTE RAETHER hold 3 M 6 12 month 12.09.2013

Jefferies GILES THORNE hold 3 M 5 12 month 02.09.2013

UBS POLO TANG buy 5 M 7 12 month 30.08.2013


Barclays JONATHAN DANN overweight 5 M 7 Not Provided 23.08.2013

Nomura FREDERIC BOULAN neutral 3 M 6 12 month 22.08.2013

Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 6 Not Provided 16.08.2013

Makor Capital ALBERT SAPORTA buy 5 M #N/A N/A Not Provided 12.08.2013


Societe Generale OTTAVIO ADORISIO hold 3 D 6 12 month 24.07.2013

Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013

JPMorgan HANNES C WITTIG restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013

New Street Research JAMES RATZER neutral 3 M #N/A N/A Not Provided 23.07.2013

Morgan Stanley RYAN FOX restricted #N/A N/A M #N/A N/A Not Provided 22.07.2013



Gabelli & Co EVAN D MILLER hold 3 N #N/A N/A Not Provided 07.11.2012

Holdings By:

Telefonica Deutschland Holding AG ee


27.09.2013

Osram Licht AG manufactures lights. The Company produces lamps, light-emitting

diodes (LEDs), light engines, lighting management systems, specialty lighting,

indoor and outdoor LED luminaires, dimmers, and other related lighting

products. Osram Licht offers its products to customers around the world.


LTM as of: 06/yy

52-Week High (27.09.2013) 35.75

52-Week Low (08.07.2013) 23.00

Daily Volume

35.335






Total Debt 48.50 YTD Return -






OSR GY EQUITY YTD Change - Average Volume 30 Day 367'191

OSR GY EQUITY YTD % CHANGE - Average Volume 3 Month -


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

- - 4'679.7 5'031.0 5'399.8 0.0 1'278.4 5'308.2 5'485.6 1'350.5 1'354.0

- - - - - #DIV/0! 0.00x 0.72x 0.67x - -

- - 812.1 670.3 395.4 0.0 111.8 477.6 630.2 73.1 121.0

- - - - - 0.00x 0.00x 7.75x 5.88x 6.50x 5.24x

- - 328.2 243.0 (379.2) 0.0 11.7 132.0 225.3 (1.5) 8.4

- - - - - 0.00x 0.00x 24.30x 15.88x 31.05x 20.76x











EBITDA Margin 7.3%



Asset Turnover 1.06







Fiscal Year Ended

OSRAM Licht AGPrice/Volume

Valuation Analysis

97'667.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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0'

02

1'

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2!' F

-'!' F

-2!' F

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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'!''

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'!1'

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27.09.2013


SIEMENS AG n/a n/a 20'414'433 19.5 - 05.07.2013 Corporation


DIC COMPANY LTD n/a n/a 3'286'039 3.14 - 05.07.2013 n/a


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 869'139 0.83 864'688 31.07.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 171'006 0.16 171'006 31.07.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 158'873 0.15 108'421 30.08.2013 Investment Advisor

INTERFUND ADVISORY C Multiple Portfolios MF-AGG 112'000 0.11 87'000 30.08.2013 Investment Advisor

EDINBURGH PARTNERS L Multiple Portfolios MF-AGG 111'569 0.11 - 30.08.2013 Investment Advisor



SKAGEN AS Multiple Portfolios MF-AGG 81'516 0.08 - 30.08.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 63'297 0.06 61'784 31.07.2013 Investment Advisor



LEGAL & GENERAL n/a ULT-AGG 43'158 0.04 43'158 31.07.2013 Unclassified

RBC REGENT FUND MANA Multiple Portfolios MF-AGG 42'314 0.04 - 31.08.2013 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 32'209 0.03 - 31.08.2013 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 29'276 0.03 - 02.09.2013 Investment Advisor


Nord/LB WOLFGANG DONIE hold 3 N 36 12 month 23.09.2013


Commerzbank Corporates & Markets SEBASTIAN GROWE buy 5 M 34 6 month 02.09.2013


HSBC MICHAEL HAGMANN overweight 5 M 40 Not Provided 09.08.2013

Morgan Stanley LUCIE CARRIER Equalwt/Cautious 3 M 30 12 month 05.08.2013

Societe Generale ALOK KATRE sell 1 M 26 12 month 02.08.2013

Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 02.08.2013

JPMorgan ANDREAS WILLI underweight 1 M 30 15 month 01.08.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER buy 5 M 34 Not Provided 01.08.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 37 Not Provided 01.08.2013

Spin-Off Research TEAM COVERAGE buy 5 M 34 Not Provided 01.08.2013


Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 48 12 month 31.07.2013

UBS FREDRIC STAHL buy 5 N 38 12 month 09.07.2013

Holdings By:

OSRAM Licht AG ee


27.09.2013

Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The

Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps,

customized vacuum systems, helium leak detection systems, gas analyzers, and

mass spectrometers. The Company markets and services its products in Europe,

the United States, and Asia.


LTM as of: 06/yy

52-Week High (28.05.2013) 98.82

52-Week Low (25.10.2012) 74.40

Daily Volume

91.94












PFV GY EQUITY YTD Change - Average Volume 30 Day 18'460

PFV GY EQUITY YTD % CHANGE - Average Volume 3 Month 21'136


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

198.1 182.0 220.5 519.5 461.3 476.8 419.0 433.3 470.2 113.0 119.0

1.66x 2.39x 3.44x 1.22x 1.85x 5.97x 7.62x 1.97x 1.76x - -

55.0 41.5 57.2 83.4 87.5 79.5 72.9 72.3 91.3 17.8 23.8

5.98x 10.48x 13.26x 7.63x 9.75x 9.62x 10.35x 12.15x 9.63x - -

38.0 27.6 38.1 41.4 45.3 34.3 35.9 39.2 50.4 9.8 12.2

10.76x 18.06x 20.00x 16.14x 19.95x 23.11x 21.85x 23.63x 17.74x - -











EBITDA Margin 17.4%



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pfeiffer Vacuum Technology AGPrice/Volume

Valuation Analysis

16'568.00


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

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!- F

!- F

!. F

!. F

!0 F

!0 F

!1 F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

2!''

-'!''

-2!''

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27.09.2013



AMERIPRISE FINANCIAL n/a Research 458'418 4.65 154'851 12.07.2013 Investment Advisor

HAKUTO CO LTD n/a Co File 311'899 3.16 (31'497) 31.03.2013 Corporation

BANKHAUS LAMPE n/a Research 303'680 3.08 - 23.05.2012 Unclassified

HIGHCLERE INTL INVES n/a Research 297'972 3.02 - 31.05.2013 Investment Advisor

FIERA CAPITAL CORPOR n/a Research 297'856 3.02 - 08.04.2013 Investment Advisor

MONTANARO ASSET MGMT n/a Research 296'244 3 - 10.06.2013 Investment Advisor

ROYCE AND ASSOCIATES n/a Research 294'140 2.98 - 15.06.2012 Investment Advisor

FIRST EAGLE FUNDS n/a Research 291'897 2.96 - 30.03.2012 Investment Advisor

ARNHOLD & S BLEICHRO n/a Research 291'897 2.96 - 30.03.2012 Investment Advisor


WILLIAM BLAIR & COMP n/a Research 268'020 2.72 - 12.09.2012 Investment Advisor

SUN LIFE ASSURANCE C n/a ULT-AGG 262'301 2.66 - 11.05.2012 Insurance Company










Bankhaus Lampe KARSTEN ILTGEN hold 3 M 80 12 month 18.09.2013



Commerzbank Corporates & Markets NORBERT KRETLOW add 4 M 90 6 month 29.08.2013

DZ Bank AG HARALD SCHNITZER buy 5 U 95 Not Provided 23.08.2013



HSBC CHRISTIAN DOMINIK RATH overweight 5 U 96 Not Provided 07.08.2013

Deutsche Bank UWE SCHUPP sell 1 M 60 12 month 06.08.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 100 6 month 06.08.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 81 Not Provided 06.08.2013


Close Brothers Equity Markets VEYSEL TAZE sell 1 M 73 12 month 06.08.2013

Equinet Institutional Services(ESN) ADRIAN PEHL reduce 2 M 78 12 month 06.08.2013

Kepler Cheuvreux CRAIG ABBOTT hold 3 D 80 Not Provided 29.05.2013

Nord/LB WOLFGANG DONIE hold 3 M 95 12 month 07.05.2013

Berenberg Bank BENJAMIN GLAESER buy 5 U 107 Not Provided 01.05.2013

GSC Research THORSTEN RENNER hold 3 M #N/A N/A Not Provided 21.09.2012

Solventis WPH-Bank GmbH ULF VON LENGERICH hold 3 M 83 12 month 26.03.2012

National Bank AG STEFFEN MANSKE sell 1 D 80 Not Provided 17.02.2012

Holdings By:

Pfeiffer Vacuum Technology AG ee


27.09.2013

PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer

software. The Company produces software that helps manage large networks used

in the electricity, gas, oil, telecommunications, and public transportation

industries, production management for the steel, chemicals and automobile

industries and mechanical engineering, and information management.


LTM as of: 06/yy

52-Week High (01.02.2013) 17.48

52-Week Low (24.09.2013) 11.38

Daily Volume

11.49












PSAN GY EQUITY YTD Change - Average Volume 30 Day 32'289

PSAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 25'840


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

128.9 147.0 158.7 169.5 180.9 179.0 182.9 190.5 207.0 - -

0.16x 0.82x 1.64x 1.18x 1.20x 5.19x 3.68x 0.96x 0.86x - -

8.8 11.4 13.9 14.6 16.9 16.0 12.8 16.7 22.2 - -

2.30x 10.53x 18.62x 13.68x 12.87x 14.22x 0.00x 9.18x 6.89x - -

4.1 6.6 7.0 7.4 9.4 9.7 6.9 8.7 13.2 - -

10.59x 19.24x 39.67x 31.32x 25.68x 26.02x 33.98x 20.93x 13.69x - -











EBITDA Margin 9.1%



Asset Turnover 0.98







Fiscal Year Ended

PSI AG Gesellschaft Fuer Produkte und Systeme der InformationstechnologiePrice/Volume

Valuation Analysis

122'740.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

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!- F

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!0 F

!0 F

!1 F

!1 F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

'!''

2'!''

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-2'!''

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27.09.2013


RWE AG n/a Research 2'794'131 17.8 - 25.01.2013 Corporation

SINGH HARVINDER n/a Research 1'271'487 8.1 - 25.01.2013 n/a

ALLIANZ GLOBAL INVES n/a Research 470'641 3 - 18.05.2012 Investment Advisor



HANSAINVEST GMBH Multiple Portfolios MF-AGG 210'386 1.34 14'222 28.03.2013 Investment Advisor

ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 135'000 0.86 - 31.05.2013 Investment Advisor


TRIPPEL KARSTEN n/a Co File 109'750 0.7 - 31.12.2012 n/a


CALVERT INVESTMENT C Multiple Portfolios MF-AGG 95'171 0.61 - 31.08.2013 Investment Advisor



KBC GROUP NV Multiple Portfolios MF-AGG 79'693 0.51 - 31.07.2013 Investment Advisor


SCHRIMPF HARALD n/a Co File 60'000 0.38 - 31.12.2012 n/a

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 55'000 0.35 10'000 30.06.2013 Investment Advisor

GOETZE WILFRIED n/a Co File 54'683 0.35 - 31.12.2012 n/a

GAMCO n/a ULT-AGG 54'300 0.35 (25'700) 28.06.2013 Unclassified



DZ Bank AG JASKO TERZIC buy 5 U 13 Not Provided 26.09.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 U 12 Not Provided 25.09.2013

WGZ Bank FRANK WOHLGEMUTH hold 3 M 16 12 month 24.09.2013


Montega ALEXANDER DREWS sell 1 D 10 12 month 24.09.2013

Commerzbank Corporates & Markets FLORIAN TREISCH add 4 M 16 6 month 30.08.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 07.08.2013

Dr. Kalliwoda Equity Research NORBERT KALLIWODA accumulate 4 D 14 12 month 06.08.2013

First Berlin Equity Research Group SIMON SCHOLES add 4 M 15 12 month 01.08.2013

Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 M 17 12 month 01.08.2013

Berenberg Bank MAGGIE PAXTON hold 3 M 17 Not Provided 20.05.2013

Deutsche Bank ALEXANDER KARNICK buy 5 M 18 12 month 30.04.2013

Holdings By:

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie ee


27.09.2013

ProSiebenSat.1 Media AG operates as european broadcasting group. The Company

produces and broadcasts television programming. ProSiebenSat.1 provides TV

station brands to online video store, digital pay-TV programs, and mobile

services. ProSiebenSat.1 Media serves customers in Europe.


LTM as of: 06/yy

52-Week High (19.07.2013) 35.92

52-Week Low (28.09.2012) 19.40

Daily Volume

31.61





6'916.18 1 Yr Total Return 85.27%







PSM GY EQUITY YTD Change - Average Volume 30 Day 763'062

PSM GY EQUITY YTD % CHANGE - Average Volume 3 Month 730'809


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

3'054.2 2'760.8 2'601.0 2'199.2 2'356.2 1'971.6 2'185.7 2'573.7 2'724.9 556.3 758.0

1.44x 1.97x 3.16x 2.43x 2.87x 11.64x 13.50x 3.23x 3.00x - -

833.8 652.5 684.9 688.1 685.8 628.2 662.6 781.9 836.7 144.0 298.0

5.29x 8.34x 11.99x 7.75x 9.84x 9.73x 12.04x 9.95x 9.29x - -

(129.1) 146.6 312.7 637.5 295.0 604.9 352.5 394.5 434.3 86.0 124.4

- - 20.64x 11.38x 14.01x 14.21x 20.99x 17.09x 15.54x 20.93x 20.01x











EBITDA Margin 30.3%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ProSiebenSat.1 Media AGPrice/Volume

Valuation Analysis

381'942.00


'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

2!''

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



27.09.2013


LAVENA HOLDING 1 GMB n/a Research 90'154'500 41.2 - 06.09.2013 n/a




HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'233'371 1.93 1'636'290 31.08.2013 Investment Advisor




CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'639'350 0.75 1'462'991 28.06.2013 Investment Advisor


CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 943'782 0.43 3'082 28.02.2013 Investment Advisor



STATE STREET CORP n/a ULT-AGG 732'131 0.33 (30'924) 26.09.2013 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 587'669 0.27 (45'345) 28.06.2013 Investment Advisor


ETOILE GESTION Multiple Portfolios MF-AGG 428'231 0.2 (171'506) 30.04.2013 Unclassified


HENDERSON GLOBAL INV HENDERSON EUROPEAN F MF-USA 400'000 0.18 400'000 31.03.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 400'000 0.18 400'000 31.03.2013 Investment Advisor


AlphaValue VERONIQUE CABIOC'H reduce 2 M 30 6 month 26.09.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 33 Not Provided 25.09.2013

Barclays JULIEN ROCH overweight 5 M 35 Not Provided 19.09.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 32 Not Provided 18.09.2013

Nomura WILLIAM MAIRS buy 5 M 35 12 month 13.09.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 36 9 month 10.09.2013

Goldman Sachs LISA YANG Buy/Neutral 5 M 37 12 month 09.09.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 09.09.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 30 Not Provided 04.09.2013

Natixis JEROME BODIN neutral 3 M 27 Not Provided 04.09.2013

Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 30 6 month 29.08.2013


Berenberg Bank SARAH SIMON sell 1 M 28 Not Provided 19.08.2013

HSBC CHRISTOPHER JOHNEN neutral 3 D 35 Not Provided 12.08.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 U 35 Not Provided 05.08.2013

DZ Bank AG HARALD HEIDER sell 1 M 29 Not Provided 04.08.2013

Societe Generale CHRISTOPHE CHERBLANC hold 3 M 32 12 month 02.08.2013

Kepler Cheuvreux CONOR O'SHEA hold 3 U 32 Not Provided 02.08.2013

Deutsche Bank LAURIE DAVISON buy 5 M 33 12 month 01.08.2013

Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 M 32 12 month 01.08.2013

UBS TAMSIN GARRITY buy 5 M 32 12 month 12.07.2013

Main First Bank AG STEPHAN VOLLERT outperform 5 M 38 12 month 03.07.2013


Macquarie ANGUS TWEEDIE neutral 3 N 24 12 month 16.05.2013

Credit Suisse OMAR SHEIKH outperform 5 M 35 Not Provided 08.05.2013

Jefferies WILL SMITH hold 3 M 23 12 month 03.04.2013

Hammer Partners SA STEPHAN SEIP sell 1 M 19 Not Provided 18.12.2012


Holdings By:

ProSiebenSat.1 Media AG ee


27.09.2013

QIAGEN N.V. provides sample and assay technologies. The Company's technologies

(in the format of consumables and automated solutions) are used to process

biological samples and to analyze analytes contained therein, such as DNA and

RNA. QIAGEN provides these technologies to customers conducting molecular

diagnostics, applied testing, pharmaceutical R&D and academic research.


LTM as of: 06/yy

52-Week High (02.04.2013) 16.77

52-Week Low (22.10.2012) 13.12

Daily Volume

15.725












QIA GY EQUITY YTD Change - Average Volume 30 Day 318'058

QIA GY EQUITY YTD % CHANGE - Average Volume 3 Month 350'815


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

893.0 1'009.8 1'087.4 1'169.7 1'254.5 1'226.9 1'269.6 1'309.2 1'380.0 321.1 365.9

4.61x 5.22x 4.13x 3.04x 3.72x 12.62x 15.74x 4.07x 3.68x 17.11x 14.88x

266.7 318.8 354.8 293.7 403.8 311.8 307.9 438.3 480.5 98.7 126.9

15.44x 16.52x 12.67x 12.12x 11.55x 13.93x 16.72x 12.45x 11.35x 12.81x 12.55x

89.0 137.8 144.3 96.0 129.5 96.7 35.8 267.2 286.2 62.5 84.6

22.81x 32.92x 29.99x 20.34x 26.39x 23.68x 27.25x 18.80x 17.50x 19.15x 18.81x











EBITDA Margin 24.3%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QIAGEN NVPrice/Volume

Valuation Analysis

154'070.00


'.135

-'-.-1-3-5


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013



PRIMECAP MANAGEMENT n/a 13G 13'416'761 5.73 2'263'886 31.07.2013 Investment Advisor


PLATINUM INVESTMENT n/a Research 10'104'502 4.31 7'745'526 01.07.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 9'606'384 4.1 (21'586) 30.06.2013 Investment Advisor

AMUNDI n/a Research 9'568'279 4.08 - 01.07.2013 Investment Advisor

GENERATION INVESTMEN n/a Research 9'567'367 4.08 - 01.07.2013 Investment Advisor


HARDING LOEVNER LP HARDING LOEVNER LP 13F 6'388'752 2.73 (4'736) 30.06.2013 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'303'028 2.69 133'480 30.06.2013 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'872'700 2.08 77'800 30.06.2013 Investment Advisor

JOHNSTON ASSET MANAG JOHNSTON ASSET MANAG 13F 4'715'543 2.01 123'629 30.06.2013 Investment Advisor


COLPAN METIN n/a Research 4'192'553 1.79 767 30.04.2013 n/a


ARROWGRASS CAPITAL P n/a Short (2'624'608) -1.12 2'985 30.08.2013 Hedge Fund Manager


SWISS NATIONAL BANK SWISS NATIONAL BANK 13F 2'491'193 1.06 2'491'193 30.06.2013 Bank

PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'358'976 1.01 - 30.06.2013 Investment Advisor



Jefferies PETER WELFORD hold 3 M 14 12 month 25.09.2013

ISI Group ROSS MUKEN neutral 3 M 17 12 month 25.09.2013

DZ Bank AG SVEN OLAF KUERTEN sell 1 D 15 Not Provided 19.09.2013

AlphaValue KAMLA SINGH reduce 2 M 16 6 month 19.09.2013

UBS MARTIN WALES neutral 3 M 17 12 month 17.09.2013

Cowen and Company DOUG SCHENKEL underperform 1 M 12 12 month 16.09.2013

Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 N #N/A N/A Not Provided 06.09.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M 17 12 month 29.08.2013



Janney Montgomery Scott LLC PAUL R KNIGHT neutral 3 M 18 12 month 26.08.2013

Wedbush ZARAK KHURSHID neutral 3 M 14 12 month 16.08.2013


Credit Suisse VAMIL DIVAN neutral 3 M 16 Not Provided 07.08.2013


Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 20 12 month 01.08.2013

William Blair & Co BRIAN WEINSTEIN market perform 3 M #N/A N/A Not Provided 01.08.2013

Macquarie JONATHAN P GROBERG neutral 3 M 16 12 month 01.08.2013


Kempen & Co SACHIN SONI hold 3 M 16 12 month 31.07.2013

JPMorgan TYCHO W PETERSON overweight 5 M 18 15 month 31.07.2013



S&P Capital IQ SHO MATSUBARA buy 5 M 19 12 month 31.07.2013

Piper Jaffray WILLIAM R QUIRK neutral 3 M 16 12 month 31.07.2013

Exane BNP Paribas ROMAIN ZANA neutral 3 M 15 Not Provided 31.07.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 14 Not Provided 31.07.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 16 12 month 30.07.2013

HSBC JAN KEPPELER underweight 1 M 14 Not Provided 21.06.2013


Kepler Cheuvreux OLIVER REINBERG reduce 2 D 14 Not Provided 14.05.2013


Goldman Sachs ISAAC RO neutral/neutral 3 M 15 6 month 18.11.2012

Credit Suisse RAVI MEHROTRA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2011

Holdings By:

QIAGEN NV ee


27.09.2013

QSC AG offers small and mid-size enterprises a range of ICT services from

telephony, data transfer, housing and hosting right through to IT outsourcing

and IT consulting. The Company offers its services on the basis of its own Next

Generation Networks (NGN) and operates an open access platform, which unites a

range of broadband technologies.


LTM as of: 06/yy

52-Week High (25.09.2013) 3.75

52-Week Low (02.11.2012) 1.99

Daily Volume

3.75

52-Week High % Change 0.00% Dividend Yield -











QSC GY EQUITY YTD Change - Average Volume 30 Day 400'449

QSC GY EQUITY YTD % CHANGE - Average Volume 3 Month 410'848


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

413.3 420.5 422.1 478.1 481.5 483.8 475.3 455.7 470.0 - -

0.41x 0.54x 1.00x 0.67x 0.65x 2.67x 2.88x 1.12x 1.04x - -

65.7 67.9 70.7 80.5 77.5 76.1 80.0 79.2 85.3 - -

2.60x 3.36x 5.96x 3.96x 4.04x 4.43x 4.47x 6.51x 6.04x - -

0.8 5.5 24.2 27.6 18.9 22.7 24.1 21.0 27.2 - -

124.00x 42.50x 18.33x 10.45x 15.04x 13.66x 14.58x 21.55x 16.45x - -











EBITDA Margin 16.8%



Asset Turnover 1.23







Fiscal Year Ended

QSC AGPrice/Volume

Valuation Analysis

629'543.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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27.09.2013


EICKERS GERD n/a Research 31'045'856 25.07 - 10.06.2013 n/a

SCHLOBOHM BERND n/a Co File 15'459'650 12.48 - 30.01.2013 n/a

QSC AG n/a Co File 13'593'413 10.98 - 31.12.2012 Corporation


JO HAMBRO CAPITAL MA n/a Research 6'603'303 5.33 - 11.01.2013 Unclassified

KEMPEN CAPITAL MANAG n/a ULT-AGG 6'313'800 5.1 - 05.09.2013 Unclassified



TEACHERS INS & ANNUI TEACHERS INSURANCE & Sch-D 1'792'679 1.45 - 30.06.2013 Insurance Company

BNY MELLON SERVICE K Multiple Portfolios MF-AGG 1'130'328 0.91 - 31.03.2013 Investment Advisor



VANGUARD GROUP INC n/a ULT-AGG 517'111 0.42 - 30.06.2013 Unclassified

FLEMING FAMILY & PAR Multiple Portfolios MF-AGG 478'487 0.39 - 31.01.2012 Investment Advisor

MMA FINANCE Multiple Portfolios MF-AGG 340'000 0.27 340'000 29.06.2012 Investment Advisor


3 BANKEN-GENERALI IN Multiple Portfolios MF-AGG 235'880 0.19 235'880 28.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 232'627 0.19 2'802 26.09.2013 Investment Advisor

HERMANN JURGEN n/a Co File 225'000 0.18 - 31.12.2012 n/a

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 220'821 0.18 220'821 30.06.2013 Investment Advisor




Commerzbank Corporates & Markets HEIKE PAULS add 4 M 3 6 month 28.08.2013

Hauck & Aufhaeuser LEONHARD BAYER buy 5 M 5 12 month 20.08.2013


M.M. Warburg Investment Research MALTE RAETHER buy 5 M 4 12 month 12.08.2013


Close Brothers Equity Markets MARCUS SILBE buy 5 M 3 12 month 12.08.2013




Kepler Cheuvreux THOMAS KARLOVITS buy 5 M 4 Not Provided 19.02.2013

Exane BNP Paribas MICHAEL ZORKO underperform 1 M 2 Not Provided 14.03.2012

Holdings By:

QSC AG ee


27.09.2013

Rational AG manufactures and markets food preparation appliances/processors and

kitchen accessories for caterers and canteen kitchens. The Company's products

cook and reheat food. Rational sells primarily to hotels, restaurants,

canteens and caterers in Europe, the United States, and Asia.


LTM as of: 06/yy

52-Week High (19.03.2013) 269.15

52-Week Low (12.10.2012) 186.05

Daily Volume

223.15





2'537.22 1 Yr Total Return 13.95%







RAA GY EQUITY YTD Change - Average Volume 30 Day 5'979

RAA GY EQUITY YTD % CHANGE - Average Volume 3 Month 8'594


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

343.0 314.4 350.1 391.7 435.0 415.9 441.4 457.1 501.4 - -

2.71x 3.97x 4.97x 4.62x 5.37x 18.23x 22.13x 5.21x 4.71x - -

92.0 96.8 110.6 107.9 129.9 0.0 0.0 130.3 147.0 - -

10.10x 12.89x 15.72x 16.78x 17.99x 0.00x 0.00x 18.65x 16.53x - -

61.7 67.3 79.8 78.7 93.3 85.2 90.6 94.1 105.3 - -

15.57x 20.02x 23.56x 24.27x 26.59x 25.13x 32.22x 27.09x 23.86x - -









Net Debt/EBITDA -

Gross Margin 60.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rational AGPrice/Volume

Valuation Analysis

3'078.00


'

2'

-''

-2'

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0''

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!' F

!' F

!- F

!- F

!- F

!- F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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27.09.2013


MEISTER SIEGFRIED n/a Co File 7'161'411 62.99 - 31.12.2012 n/a

KURTZ WALTER n/a EXCH 887'997 7.81 - 23.06.2011 n/a


MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 192'473 1.69 4'001 31.07.2013 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 162'855 1.43 30 31.07.2013 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 135'811 1.19 (61'960) 30.06.2013 Investment Advisor




AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 36'779 0.32 - 31.07.2013 Investment Advisor







WASATCH ADVISORS INC Multiple Portfolios MF-AGG 18'520 0.16 18'520 30.06.2013 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 16'430 0.14 16'430 31.05.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 15'881 0.14 1'440 31.05.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 12'276 0.11 1'560 26.09.2013 Investment Advisor


Deutsche Bank FELICITAS VON BISMARCK hold 3 M 220 12 month 11.09.2013

Kepler Cheuvreux CRAIG ABBOTT reduce 2 D 205 Not Provided 27.08.2013

Baader Bank CHRISTIAN WEIZ sell 1 D 208 12 month 12.08.2013


Nord/LB WOLFGANG VASTERLING hold 3 U 206 12 month 07.08.2013

Independent Research GmbH LARS LUSEBRINK sell 1 M 200 12 month 07.08.2013

M.M. Warburg Investment Research ROLAND RAPELIUS hold 3 M 229 12 month 07.08.2013

DZ Bank AG MARKUS TURNWALD sell 1 M 183 Not Provided 17.07.2013




Hauck & Aufhaeuser FINN HENNING BREITER hold 3 U 205 12 month 10.07.2013

Bankhaus Lampe GORDON SCHOENELL hold 3 U 200 12 month 10.07.2013




GSC Research MATTHIAS SCHRADE hold 3 M #N/A N/A Not Provided 24.05.2012

Holdings By:

Rational AG ee


27.09.2013

Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care

facilities which offer inpatient and outpatient medical care to various

communities in Germany. These clinics and hospitals offer cardiological,

surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction

treatment, and physical therapy services.


LTM as of: 06/yy

52-Week High (13.09.2013) 19.72

52-Week Low (08.11.2012) 14.49

Daily Volume

18.7





2'584.94 1 Yr Total Return 26.26%







RHK GY EQUITY YTD Change - Average Volume 30 Day 619'232

RHK GY EQUITY YTD % CHANGE - Average Volume 3 Month 492'639


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

2'130.3 2'320.1 2'550.4 2'629.1 2'864.9 2'721.2 2'981.4 3'034.3 2'784.2 755.0 774.0

1.14x 1.22x 1.13x 1.01x 1.03x 4.28x 4.11x 1.10x 1.06x - -

264.4 284.6 310.2 357.9 291.1 354.5 332.7 327.3 321.9 85.3 94.0

9.20x 9.95x 9.31x 7.45x 10.10x 9.69x 9.81x 10.41x 10.58x - -

117.3 125.7 139.7 156.1 89.7 123.2 89.8 113.5 147.7 31.3 34.1

15.11x 16.00x 16.31x 13.03x 23.56x 20.97x 27.18x 23.00x 19.91x - -











EBITDA Margin 11.2%



Asset Turnover 0.93







Fiscal Year Ended

Rhoen Klinikum AGPrice/Volume

Valuation Analysis

255'317.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013


MUENCH FAMILY n/a Co File 17'278'999 12.5 - 31.12.2012 n/a

ALECTA PENSIONSFORSA n/a Co File 13'684'967 9.9 - 31.12.2012 Pension Fund (ERISA)

BRAUN LUDWIG GEORG n/a Co File 6'911'600 5 - 31.12.2012 n/a

ASKLEPIOS KLINIKEN G n/a Co File 6'911'600 5 - 31.12.2012 Corporation

FRESENIUS SE & CO KG n/a Co File 6'911'600 5 - 31.12.2012 Corporation

PAULSON & CO n/a Co File 5'114'584 3.7 - 31.12.2012 Hedge Fund Manager


JP MORGAN n/a ULT-AGG 4'563'552 3.3 - 18.09.2013 Investment Advisor





SUN LIFE FINANCIAL I n/a Research 1'819'760 1.32 - 30.04.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'251'267 0.91 - 31.07.2013 Investment Advisor

UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 820'000 0.59 - 28.03.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 797'284 0.58 (256'510) 28.06.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 680'879 0.49 - 26.09.2013 Investment Advisor





Equinet Institutional Services(ESN) KONRAD LIEDER buy 5 M 24 12 month 17.09.2013

UBS MARTIN WALES neutral 3 M 21 12 month 16.09.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 D 21 Not Provided 16.09.2013

Berenberg Bank TOM JONES buy 5 U 23 Not Provided 16.09.2013

Close Brothers Equity Markets IGOR KIM hold 3 M 21 12 month 16.09.2013

Exane BNP Paribas JULIEN DORMOIS neutral 3 M 22 Not Provided 16.09.2013


Nord/LB HOLGER FECHNER hold 3 D 20 12 month 13.09.2013


Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 22 12 month 13.09.2013

Kepler Cheuvreux OLIVER REINBERG buy 5 U 21 Not Provided 12.09.2013


Bankhaus Lampe THERESA DICK hold 3 M 19 12 month 12.08.2013



Jefferies INGEBORG OIE hold 3 M 18 12 month 08.08.2013

DZ Bank AG SVEN OLAF KUERTEN buy 5 M 18 12 month 27.06.2013




GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 20.07.2012

Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 15 12 month 26.04.2012

Holdings By:

Rhoen Klinikum AG ee


27.09.2013

Rheinmetall AG is an automotive, electronics, defense, and engineering group.

The Company produces automotive pumps and components to supply air, reduce

emissions, and supply fuel, pistons for gasoline and diesel vehicle and

stationary engines, bearings for engines and other applications and aluminum

engine blocks, and offers aftermarket service to engine repair shops.


LTM as of: 06/yy

52-Week High (19.02.2013) 43.75

52-Week Low (15.11.2012) 31.20

Daily Volume

42.265





1'673.65 1 Yr Total Return 15.79%







RHM GY EQUITY YTD Change - Average Volume 30 Day 170'760

RHM GY EQUITY YTD % CHANGE - Average Volume 3 Month 193'558


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

3'869.0 3'420.0 3'989.0 4'454.0 4'704.0 4'632.0 4'513.0 4'712.2 4'896.3 1'070.0 1'618.0

0.27x 0.51x 0.62x 0.35x 0.34x 1.72x 1.60x 0.47x 0.43x - -

407.0 178.0 445.0 521.0 479.0 525.0 323.0 323.0 463.3 40.0 337.0

2.58x 9.83x 5.55x 3.03x 3.30x 3.99x 5.47x 6.44x 4.49x - -

134.0 (58.0) 162.0 213.0 190.0 214.0 81.0 71.4 146.6 18.2 111.0

5.89x - 14.22x 6.17x 7.28x 6.87x 16.85x 24.30x 10.89x - -











EBITDA Margin 7.2%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rheinmetall AGPrice/Volume

Valuation Analysis

91'303.00


'2

-'-2.'.20'021'12


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



27.09.2013


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'435'334 6.15 (951) 30.08.2013 Investment Advisor

RHEINMETALL AG n/a Co File 1'881'647 4.75 - 22.02.2013 Corporation





DIMENSIONAL FUND ADV n/a ULT-AGG 547'601 1.38 1'174 30.04.2013 Investment Advisor


FEDERATED INVESTORS Multiple Portfolios MF-AGG 349'087 0.88 - 30.06.2013 Investment Advisor




DEKA INVESTMENT GMBH DEKA DAXPLUS(R) MAXI MF-DEU 258'407 0.65 - 27.09.2013 Investment Advisor


NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 245'500 0.62 22'200 28.03.2013 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 227'400 0.57 - 31.05.2013 Investment Advisor






Hauck & Aufhaeuser PHILIPPE LORRAIN hold 3 M 43 12 month 26.09.2013


Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 D 45 Not Provided 26.09.2013


Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 U 49 6 month 17.09.2013



M.M. Warburg Investment Research CHRISTIAN COHRS hold 3 M 37 12 month 16.09.2013

Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 40 12 month 16.09.2013



JPMorgan GLEN H LIDDY neutral 3 M 38 15 month 12.08.2013


Main First Bank AG CHRISTOPHER YOUL outperform 5 M 47 12 month 12.08.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL sell 1 M 34 Not Provided 09.08.2013

Steubing AG TOBIAS SCHMIDT buy 5 U 43 12 month 09.08.2013

S&P Capital IQ RODERICK BRIDGE buy 5 U 44 12 month 09.08.2013


Kepler Cheuvreux MICHAEL RAAB hold 3 D 38 Not Provided 31.07.2013

HSBC RICHARD SCHRAMM overweight 5 M 47 Not Provided 30.07.2013


LFG Kronos Investment Services GmbH THOMAS ANEY hold 3 M 43 12 month 30.07.2013



Holdings By:

Rheinmetall AG ee


27.09.2013

RTL Group S.A. is a multimedia company. The Company operates television and

radio stations throughout Europe, produces programming, and operates websites.

RTL distributes movies on CD, co-produces feature films, markets broadcast

rights to sporting events, and offers entertainment over the Internet.


LTM as of: 06/yy

52-Week High (02.09.2013) 75.69

52-Week Low (02.05.2013) 51.90

Daily Volume

74






Total Debt 29.00 YTD Return -






RRTL GY EQUITY YTD Change - Average Volume 30 Day 78'143

RRTL GY EQUITY YTD % CHANGE - Average Volume 3 Month 53'532


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

5'774.0 5'156.0 5'532.0 5'765.0 5'998.0 5'476.0 8'777.0 5'961.9 6'124.1 - -

1.15x 1.46x 2.20x 1.97x 1.91x 0.00x 1.18x 2.04x 1.99x - -

639.0 966.0 1'285.0 1'265.0 1'237.0 0.0 376.0 1'265.9 1'325.9 - -

10.42x 7.80x 9.49x 8.99x 9.27x 0.00x 0.00x 9.58x 9.15x - -

194.0 205.0 611.0 696.0 597.0 0.0 418.0 707.1 728.9 - -

- - - - - 0.00x 0.00x 16.21x 15.66x - -











EBITDA Margin 21.5%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RTL Group SAPrice/Volume

Valuation Analysis

2'325.00


'

-'

.'

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1'

2'

3'

4'

5'

Q -0 i -0 e -0 e -0 Q -0!' F!2 F-!' F-!2 F.!' F.!2 F0!' F0!2 F1!' F1!2 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

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'!1'

'!3'

'!5'

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-!.'



27.09.2013


BERTELSMANN SE & CO n/a Research 116'245'486 75.1 (26'623'467) 30.04.2013 Corporation


FRANKLIN RESOURCES n/a ULT-AGG 1'451'767 0.94 1'451'767 28.06.2013 Investment Advisor


RTL GROUP SA n/a Co File 1'168'701 0.76 - 31.12.2012 Corporation

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 960'000 0.62 - 31.07.2013 Unclassified



JENNISON ASSOCIATES Multiple Portfolios MF-AGG 343'727 0.22 (101'307) 31.07.2013 Investment Advisor

BANQUE ET CAISSE D'E Multiple Portfolios MF-AGG 310'000 0.2 40'000 28.06.2013 Investment Advisor


PETERCAM SA Multiple Portfolios MF-AGG 203'610 0.13 97'000 31.08.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 169'077 0.11 4'860 31.08.2013 Unclassified


DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 111'050 0.07 - 31.07.2013 Investment Advisor


CULLEN CAPITAL MANAG CULLEN CAPITAL MANAG 13F 99'365 0.06 99'365 30.06.2013 Investment Advisor

AMERICAN BEACON ADVI Multiple Portfolios MF-AGG 99'047 0.06 2'568 31.07.2013 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 98'219 0.06 (67'387) 29.03.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 93'384 0.06 (1'000) 30.04.2013 Investment Advisor


JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 84 9 month 26.09.2013

DZ Bank AG HARALD HEIDER sell 1 N 68 Not Provided 26.09.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 82 Not Provided 25.09.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 82 Not Provided 23.09.2013

Societe Generale LAURENT PICARD hold 3 M 70 12 month 20.09.2013

Morgan Stanley JULIEN ROSSI Overwt/Attractive 5 M 83 12 month 19.09.2013

Barclays JULIEN ROCH overweight 5 M 82 Not Provided 19.09.2013

Nomura WILLIAM MAIRS buy 5 U 82 Not Provided 13.09.2013

Petercam KRIS KIPPERS add 4 M 75 Not Provided 10.09.2013

Goldman Sachs LISA YANG Buy/Neutral 5 M 88 12 month 09.09.2013

KBC Securities MARGO JORIS accumulate 4 M 73 Not Provided 05.09.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.08.2013

Kepler Cheuvreux CONOR O'SHEA buy 5 M 80 Not Provided 27.08.2013

Commerzbank Corporates & Markets SONIA RABUSSIER add 4 M 77 6 month 23.08.2013

Deutsche Bank LAURIE DAVISON buy 5 M 80 12 month 22.08.2013

Credit Suisse NICK BERTOLOTTI outperform 5 N 77 Not Provided 02.08.2013

Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX suspended coverage #N/A N/A M #N/A N/A Not Provided 03.12.2012

Holdings By:

RTL Group SA ee


27.09.2013

RWE AG generates, distributes, and trades electricity to municipal, industrial,

commercial, and residential customers. The Company produces natural gas and oil,

mines coal, delivers and distributes gas, and supplies drinking water.

RWE AG operates mainly in Europe.


LTM as of: 06/yy

52-Week High (04.10.2012) 36.07

52-Week Low (15.08.2013) 20.48

Daily Volume

25.04





15'319.10 1 Yr Total Return -24.05%


Preferred Stock 2'702.0 Adjusted BETA 1.008





RWE GY EQUITY YTD Change - Average Volume 30 Day 4'609'155

RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'003'639


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

47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 48'857.0 52'055.0 53'772.8 53'261.6 - -

0.88x 1.10x 0.89x 0.69x 0.75x 3.02x 2.93x 0.69x 0.65x - -

7'903.0 9'655.0 9'230.0 6'912.0 9'055.0 7'464.0 10'599.0 8'879.1 7'865.6 - -

5.30x 5.28x 4.87x 4.91x 4.22x 5.37x 3.38x 4.06x 4.58x - -

2'558.0 3'571.0 3'323.0 1'865.0 1'402.0 1'872.0 923.0 2'344.5 1'753.9 - -

10.69x 10.33x 8.05x 8.10x 14.67x 10.68x 20.12x 6.41x 8.64x - -











EBITDA Margin 20.4%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RWE AGPrice/Volume

Valuation Analysis

1'942'693.00


'

2

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02

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-3!' F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.09.2013


RW ENERGIE-BETEILIGU n/a Research 93'299'812 16.21 - 27.08.2013 Other


MORGAN STANLEY #N/A N/A Research 27'450'078 4.77 - 18.09.2013 Investment Advisor

MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 31.12.2012 Hedge Fund Manager



CAPITAL GROUP COMPAN n/a ULT-AGG 5'831'000 1.01 105'000 30.06.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 3'751'229 0.65 578'976 26.09.2013 Investment Advisor

CQS UK LLP n/a Short (3'109'026) -0.54 - 05.07.2013 Investment Advisor


PICTET FUNDS n/a ULT-AGG 2'873'145 0.5 39'303 31.05.2013 Investment Advisor


MARSHALL WACE LLP n/a Short (2'533'280) -0.44 - 06.09.2013 Hedge Fund Manager


DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 1'900'000 0.33 (350'000) 28.12.2012 Investment Advisor

FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'733'929 0.3 54'506 30.08.2013 Investment Advisor


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'409'997 0.24 - 25.09.2013 Investment Advisor



Commerzbank Corporates & Markets TANJA MARKLOFF reduce 2 M 20 6 month 27.09.2013

AlphaValue EILEEN RYAN buy 5 M 32 6 month 26.09.2013

Grupo Santander OSCAR NAJAR RIOS underweight 1 M 26 Not Provided 20.09.2013

Societe Generale ALBERTO PONTI sell 1 M 21 12 month 20.09.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 20 12 month 20.09.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 26 12 month 20.09.2013


RBC Capital Markets JOHN MUSK underperform 1 M 20 12 month 20.09.2013

Credit Suisse VINCENT GILLES neutral 3 M 22 Not Provided 20.09.2013

Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 20.09.2013



National Bank AG MARKUS GLOCKENMEIER hold 3 M 25 Not Provided 20.09.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 22 12 month 20.09.2013

Kepler Cheuvreux INGO BECKER reduce 2 M 18 Not Provided 20.09.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 23 Not Provided 20.09.2013

S&P Capital IQ CLIVE ROBERTS sell 1 D 22 12 month 20.09.2013

Main First Bank AG ANDREAS THIELEN underperform 1 M 26 12 month 20.09.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 28 12 month 11.09.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 29 12 month 09.09.2013

HSBC ADAM DICKENS underweight 1 M 18 Not Provided 09.09.2013

EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 09.09.2013

JPMorgan NATHALIE F CASALI neutral 3 U 22 9 month 04.09.2013

Exane BNP Paribas BENJAMIN LEYRE underperform 1 D 19 Not Provided 04.09.2013

Redburn Partners AHMED FARMAN sell 1 M #N/A N/A Not Provided 29.08.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 16.08.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 19 12 month 15.08.2013

UBS PATRICK HUMMEL sell 1 M 19 12 month 05.08.2013


Barclays PETER BISZTYGA underweight 1 M 23 Not Provided 21.06.2013

Berenberg Bank TEAM COVERAGE sell 1 M 21 Not Provided 24.05.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 15.05.2013


Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013

Holdings By:

RWE AG ee


27.09.2013

SMA Solar Technology AG manufactures solar inverters, alternating current

converters for solar generated electricity.


LTM as of: 06/yy

52-Week High (27.09.2012) 29.07

52-Week Low (16.11.2012) 15.61

Daily Volume

24.82












S92 GY EQUITY YTD Change - Average Volume 30 Day 46'289

S92 GY EQUITY YTD % CHANGE - Average Volume 3 Month 50'417


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

681.6 934.3 1'920.1 1'676.3 1'463.4 1'795.1 1'091.2 1'064.8 1'107.1 - -

1.64x 3.17x 1.05x 0.69x 0.21x 2.11x 1.71x 0.57x 0.53x - -

174.8 243.4 547.2 289.4 173.3 277.7 111.0 35.6 74.0 - -

6.39x 12.16x 3.68x 3.98x 1.79x 2.40x 4.69x 16.58x 7.96x - -

119.5 161.1 365.0 166.1 75.1 152.0 0.7 (23.3) 4.6 - -

10.90x 20.10x 6.61x 9.01x 8.80x 6.15x 1137.75x - 292.00x - -











EBITDA Margin 10.2%



Asset Turnover 0.80







Fiscal Year Ended

SMA Solar Technology AGPrice/Volume

Valuation Analysis

21'682.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

-!3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


POOL SMA SOLAR TECH n/a Co File 8'744'400 25.2 - 31.12.2011 Corporation

KLEINKAUF WERNER n/a Co File 2'512'280 7.24 - 31.12.2011 n/a

WETTLAUFER REINER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a

DREWS PETER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a

CRAMER GUENTHER n/a EXCH 2'439'410 7.03 - 05.08.2011 n/a

GUENTHER CRAMER FOUN n/a Co File 1'998'720 5.76 - 31.12.2011 n/a

PETER DREWS FOUNDATI n/a Co File 1'998'720 5.76 - 31.12.2011 Other

REINER WETTLAUFER FO n/a Co File 1'998'720 5.76 - 31.12.2011 Other

BAILLIE GIFFORD AND n/a Research 1'040'852 3 - 28.08.2013 Investment Advisor

RUANE CUNNIFF & GOLD n/a Research 1'002'885 2.89 - 12.07.2011 Investment Advisor




SOTHIC CAPITAL MANAG n/a Short (294'950) -0.85 41'640 11.09.2013 Investment Advisor


CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 205'040 0.59 - 26.09.2013 Investment Advisor

DELTA LLOYD NV n/a ULT-AGG 188'970 0.54 50'000 31.05.2013 Bank

BARRINGTON WILSHIRE n/a Short (163'090) -0.47 34'700 12.08.2013 Hedge Fund Manager




Deutsche Bank ALEXANDER KARNICK buy 5 M 28 12 month 10.09.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 20.08.2013

Kempen & Co SERENA ZUIDEMA hold 3 M 22 12 month 13.08.2013


Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 15 12 month 09.08.2013

Equinet Institutional Services(ESN) STEFAN FREUDENREICH sell 1 M 19 12 month 09.08.2013

HSBC CHRISTIAN DOMINIK RATH neutral 3 D 25 Not Provided 08.08.2013


M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 M 24 12 month 08.08.2013

Montega ALEXANDER DREWS sell 1 M 19 12 month 08.08.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN sell 1 M 16 6 month 31.07.2013

Natureo Finance INGO QUEISER buy 5 M 23 12 month 11.07.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 M 21 12 month 25.06.2013

Main First Bank AG ANDREAS THIELEN underperform 1 M 15 12 month 09.11.2012

Holdings By:

SMA Solar Technology AG ee


27.09.2013

SAP AG is a multinational software company. The Company develops business

software, including e-business and enterprise management software, consults on

organizational usage of its applications software, and provides training

services. SAP markets its products and services worldwide.


LTM as of: 06/yy

52-Week High (15.03.2013) 65.00

52-Week Low (23.10.2012) 52.62

Daily Volume

56





68'796.23 1 Yr Total Return 0.25%







SAP GY EQUITY YTD Change - Average Volume 30 Day 2'691'774

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'931'640


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

11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'258.0 18'797.3 4'216.7 5'404.6

2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.96x 3.48x 16.61x 12.78x

3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 5'126.0 6'239.0 6'921.6 1'492.5 2'324.5

9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.37x 11.25x 10.14x 10.98x 10.61x

1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'921.3 4'394.6 958.5 1'547.1

16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 16.48x 14.73x 15.66x 15.22x


EBIT 4'139.00 Long-Term Rating -









EBITDA Margin 30.8%



Asset Turnover 0.64







Fiscal Year Ended

SAP AGPrice/Volume

Valuation Analysis

1'832'827.00


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

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

'!''

2!''

-'!''

-2!''

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.2!''

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



27.09.2013


PLATTNER HASSO n/a 20F 120'857'498 9.84 - 07.03.2013 n/a

TSCHIRA KLAUS n/a 20F 92'079'595 7.5 - 07.03.2013 n/a


HOPP DIETMAR n/a 20F 65'273'200 5.31 - 07.03.2013 n/a

SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation

MORGAN STANLEY n/a ULT-AGG 23'436'828 1.91 1'118'820 30.06.2013 Investment Advisor










OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'538'742 0.53 (4'744) 31.07.2013 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'573'465 0.45 (1'507'903) 31.07.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 5'180'145 0.42 (9'477) 31.05.2013 Investment Advisor


Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 20.09.2013

Baader Bank KNUT WOLLER buy 5 M 65 12 month 19.09.2013

Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 M 68 12 month 19.09.2013

AlphaValue HEINZ STEFFEN buy 5 M 73 6 month 19.09.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 62 6 month 18.09.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 18.09.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 U 61 Not Provided 11.09.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 90 12 month 11.09.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 11.09.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.09.2013

Exane BNP Paribas BRICE PRUNAS neutral 3 M 54 Not Provided 06.09.2013

Redburn Partners NEIL STEER sell 1 D #N/A N/A Not Provided 03.09.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 29.08.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 U 65 Not Provided 15.08.2013


Jyske Bank ROBERT JAKOBSEN reduce 2 M 62 Not Provided 09.08.2013

UBS MICHAEL BRIEST neutral 3 M 62 12 month 09.08.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 31.07.2013


HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 25.07.2013

Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013

Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 22.07.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 64 12 month 22.07.2013

Cross Research RICHARD T WILLIAMS hold 3 M 59 12 month 22.07.2013

Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013

JPMorgan STACY E POLLARD neutral 3 D 62 6 month 19.07.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013


Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013

Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013




Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 65 12 month 18.07.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 17.07.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013

National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012

Holdings By:

SAP AG ee


27.09.2013

Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces

generics (products whose patents have expired), brand-name products, and cancer

therapy and other special pharmaceuticals. Stada avoids cost-intensive

research on active ingredients and concentrates on multi-source products. The

Company markets its products worldwide.


LTM as of: 06/yy

52-Week High (23.08.2013) 38.30

52-Week Low (20.11.2012) 21.91

Daily Volume

36.67





2'188.34 1 Yr Total Return 61.39%







SAZ GY EQUITY YTD Change - Average Volume 30 Day 259'522

SAZ GY EQUITY YTD % CHANGE - Average Volume 3 Month 255'459


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

1'646.2 1'568.8 1'627.0 1'715.4 1'837.5 1'770.9 1'926.6 2'006.6 2'174.3 482.0 563.0

1.35x 1.48x 1.44x 1.17x 1.41x 5.12x 6.18x 1.75x 1.57x 5.34x 6.20x

256.0 278.7 268.5 222.1 320.0 227.2 345.2 397.6 446.1 91.7 102.0

8.71x 8.36x 8.75x 9.05x 8.12x 11.73x 9.93x 9.15x 8.15x - -

76.2 100.4 68.4 22.0 86.5 14.1 104.9 166.2 204.7 42.3 47.7

15.77x 14.15x 21.88x 52.03x 16.72x 104.96x 18.84x 13.07x 10.70x - -











EBITDA Margin 17.9%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Stada Arzneimittel AGPrice/Volume

Valuation Analysis

123'622.00


'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.09.2013


MORGAN STANLEY n/a ULT-AGG 2'030'577 3.4 - 01.07.2013 Investment Advisor

GRYPHON INTERNATIONA n/a Co File 1'898'634 3.18 - 31.12.2012 Investment Advisor



DEUTSCHE BANK AG/LON n/a Research 1'802'000 3.02 - 16.05.2013 Investment Advisor





AQR CAPITAL MANAGEME n/a Short (470'214) -0.79 59'521 16.09.2013 Hedge Fund Manager



SKAGEN AS n/a Research 349'622 0.59 - 24.08.2012 Investment Advisor

UBS INVEST KAG Multiple Portfolios MF-AGG 300'500 0.5 (20'000) 31.05.2013 Investment Advisor

TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 296'807 0.5 117 31.07.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 295'388 0.49 10'679 31.07.2013 Investment Advisor


KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 224'400 0.38 - 28.02.2013 Investment Advisor


UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 216'606 0.36 216'606 28.06.2013 Unclassified


AlphaValue FABRICE FARIGOULE add 4 M 39 6 month 26.09.2013

Bankhaus Lampe THERESA DICK buy 5 M 41 12 month 23.09.2013

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 38 Not Provided 19.09.2013


Helvea ODILE RUNDQUIST buy 5 M 42 12 month 10.09.2013

Barclays SIMON MATHER underweight 1 N 28 Not Provided 05.09.2013

UBS GUILLAUME VAN RENTERGHEM buy 5 N 43 12 month 02.09.2013

Jefferies JAMES VANE-TEMPEST underperform 1 M 27 12 month 23.08.2013










Natixis PHILIPPE LANONE buy 5 M 42 Not Provided 09.08.2013


JPMorgan DAVID J ADLINGTON overweight 5 M 42 15 month 08.08.2013




S&P Capital IQ JACOB THRANE strong buy 5 M 42 12 month 08.08.2013


Equinet Institutional Services(ESN) MARTIN POSSIENKE hold 3 M 20 12 month 22.09.2011

KD Banka d.d. BOJAN IVANC buy 5 U 28 12 month 29.09.2010

Holdings By:

Stada Arzneimittel AG ee


27.09.2013

STRATEC Biomedical AG develops, manufactures and markets automated equipment and

systems for the analysis of chemical and biological compounds. The Company's

systems are used primarily for the analysis of blood and other fluids and

include luminometers, fluorometers and pipette systems. Stratec markets its

products worldwide.


LTM as of: 06/yy

52-Week High (25.02.2013) 40.00

52-Week Low (17.07.2013) 25.30

Daily Volume

30.92












SBS GY EQUITY YTD Change - Average Volume 30 Day 9'162

SBS GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'035


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

61.0 79.6 102.0 116.6 122.4 126.2 123.6 132.4 150.0 - -

2.29x 3.60x 3.56x 3.09x 3.57x 11.43x 13.30x 2.66x 2.31x - -

13.1 16.9 20.9 24.6 20.9 26.2 20.6 24.3 28.8 - -

10.66x 16.96x 17.37x 14.66x 20.89x 15.23x 19.13x 14.72x 12.39x - -

6.1 11.7 13.0 15.3 14.0 15.6 13.4 15.6 18.9 - -

25.09x 25.81x 27.99x 24.05x 31.63x 26.04x 29.86x 23.07x 19.12x - -











EBITDA Margin 16.6%



Asset Turnover 1.04







Fiscal Year Ended

STRATEC Biomedical AGPrice/Volume

Valuation Analysis

5'561.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!' F

!' F

!- F

!- F

!- F

!- F

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

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



27.09.2013


LEISTNER HERMANN n/a Co File 4'925'139 41.92 - 31.12.2012 n/a


MONTANARO ASSET MGMT n/a Research 588'192 5.01 - 17.05.2013 Investment Advisor


FINANCIERE DE L'ECHI n/a Research 354'900 3.02 - 11.03.2013 Investment Advisor


BNP PARIBAS n/a ULT-AGG 341'290 2.91 - 30.04.2013 Unclassified



SEB n/a ULT-AGG 92'899 0.79 (89'680) 28.03.2013 Unclassified





HARTFORD INVESTMENT Multiple Portfolios MF-AGG 45'128 0.38 (19'832) 31.08.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 39'888 0.34 (992) 31.05.2013 Unclassified

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 35'000 0.3 - 30.06.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'079 0.27 26'079 30.06.2013 Investment Advisor

ETOILE GESTION Multiple Portfolios MF-AGG 30'000 0.26 - 30.04.2013 Unclassified

COGEFI GESTION Multiple Portfolios MF-AGG 29'000 0.25 - 28.03.2013 Investment Advisor


Bryan Garnier & Cie MATHIEU CHABERT neutral 3 M 30 6 month 26.09.2013

Commerzbank Corporates & Markets DANIEL WENDORFF hold 3 M 26 6 month 28.08.2013



Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 30 Not Provided 23.07.2013

DZ Bank AG SVEN OLAF KUERTEN sell 1 D 26 Not Provided 16.07.2013


Kepler Cheuvreux OLIVER REINBERG hold 3 D 29 Not Provided 15.07.2013


Holdings By:

STRATEC Biomedical AG ee


27.09.2013

K+S AG manufactures and markets within the fertilizer division standard and

speciality fertilizers to the agricultural and industrial industries worldwide.

In its salt business, the company produces de-icing salt, food grade salt,

industrial salt and salt for chemical use.


LTM as of: 06/yy

52-Week High (02.10.2012) 39.80

52-Week Low (06.08.2013) 15.02

Daily Volume

19.705





3'771.54 1 Yr Total Return -46.03%







SDF GY EQUITY YTD Change - Average Volume 30 Day 3'997'039

SDF GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'721'902


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

4'794.4 3'573.8 4'632.7 3'996.8 3'935.3 3'625.3 3'655.5 3'942.4 3'689.4 834.4 993.2

1.40x 2.35x 2.34x 1.68x 1.82x 8.05x 7.68x 1.11x 1.35x 5.81x 4.80x

1'464.3 460.2 972.2 1'122.5 1'079.9 1'055.8 1'016.9 931.0 635.3 164.5 217.3

4.57x 18.24x 11.14x 5.97x 6.65x 6.78x 5.75x 4.42x 6.48x 5.37x 5.27x

870.9 96.4 448.6 564.3 667.6 590.9 606.8 453.9 228.3 51.4 108.4

7.57x 68.95x 23.58x 10.98x 11.78x 13.22x 10.61x 8.29x 17.09x 12.55x 12.77x


EBIT 850.90 Long-Term Rating BBB+ *-



Return on Assets 9.13% Short-Term Rating A-2 *-






EBITDA Margin 27.8%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

K+S AGPrice/Volume

Valuation Analysis

3'998'063.00


'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F2!' F-'!' F-2!' F.'!' F.2!' F0'!' F02!' F1'!' F12!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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



27.09.2013


MERITUS TRUST CO LTD n/a Co File 19'139'999 10 - 31.12.2012 Other


VIKING GLOBAL INVEST n/a Short (7'866'540) -4.11 (248'820) 13.09.2013 Hedge Fund Manager


PRUDENTIAL PLC n/a Research 5'726'980 2.99 - 29.05.2013 Investment Advisor


BLUE RIDGE CAPITAL L n/a Short (3'272'940) -1.71 (153'120) 10.09.2013 Hedge Fund Manager


VAN ECK ASSOCIATES C n/a ULT-AGG 2'430'229 1.27 - 26.09.2013 Investment Advisor

ADAGE CAPITAL MANAGE n/a Short (2'335'080) -1.22 - 23.09.2013 Investment Advisor

CITADEL EUROPE LLP n/a Short (2'277'660) -1.19 95'700 24.09.2013 Investment Advisor



POINTSTATE CAPITAL n/a Short (1'914'000) -1 (574'200) 24.09.2013 Hedge Fund Manager

PENNANT CAPITAL MANA n/a Short (1'703'460) -0.89 38'280 13.09.2013 Hedge Fund Manager

BOCAGE CAPITAL LLC n/a Short (1'263'240) -0.66 114'840 17.09.2013 Hedge Fund Manager


SOUTHPOINT CAPITAL A n/a Short (1'205'820) -0.63 (210'540) 16.08.2013 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (1'148'400) -0.6 (114'840) 23.09.2013 Hedge Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'118'064 0.58 - 28.03.2013 Investment Advisor


Exane BNP Paribas HEIDI VESTERINEN underperform 1 M 13 Not Provided 27.09.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 25 12 month 26.09.2013

AlphaValue EILEEN RYAN add 4 M 24 6 month 26.09.2013

BMO Capital Markets JOEL JACKSON underperform 1 M 16 Not Provided 25.09.2013

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 15 12 month 24.09.2013

DZ Bank AG HEINZ MUELLER buy 5 M 27 Not Provided 17.09.2013

Hauck & Aufhaeuser NILS-PETER FITZL sell 1 M 15 12 month 11.09.2013

Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 11 12 month 06.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 U 24 12 month 05.09.2013

JPMorgan BEN SCARLETT underweight 1 M 12 15 month 04.09.2013

Scotia Capital BEN ISAACSON sector underperform 1 M 16 12 month 30.08.2013

Commerzbank Corporates & Markets LUTZ GRUETEN reduce 2 M 14 6 month 28.08.2013

M.M. Warburg Investment Research OLIVER SCHWARZ sell 1 M 15 12 month 28.08.2013


Nomura PATRICK LAMBERT reduce 2 M 18 12 month 27.08.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE sell 1 M 13 12 month 22.08.2013

HSBC JESKO MAYER-WEGELIN underweight 1 D 17 Not Provided 20.08.2013

Main First Bank AG THOMAS SWOBODA underperform 1 M 20 12 month 20.08.2013

Kepler Cheuvreux MARTIN ROEDIGER reduce 2 M 18 Not Provided 14.08.2013


Baader Bank NORBERT BARTH sell 1 M 15 12 month 13.08.2013


Equita SIM SpA MASSIMO BONISOLI hold 3 M 19 12 month 13.08.2013


Liberum Capital Ltd SOPHIE JOURDIER sell 1 M 15 Not Provided 13.08.2013

Barclays ANDREAS HEINE underweight 1 M 17 Not Provided 13.08.2013


Berenberg Bank JOHN PHILIPP KLEIN sell 1 M 14 Not Provided 09.08.2013

Redburn Partners NEIL TYLER sell 1 D #N/A N/A Not Provided 06.08.2013

UBS JOE DEWHURST sell 1 M 16 12 month 31.07.2013


Bankhaus Metzler LARS HETTCHE sell 1 D 17 12 month 30.07.2013


Equinet Institutional Services(ESN) MICHAEL SCHAEFER buy 5 M 47 12 month 23.05.2013


Societe Generale PETER CLARK hold 3 M 41 12 month 12.11.2012

Solventis WPH-Bank GmbH KLAUS SOER sell 1 M 25 12 month 19.03.2010

Holdings By:

K+S AG ee


27.09.2013

Siemens AG is an engineering and manufacturing company. The Company focuses on

four major business sectors including infrastructure and cities, healthcare,

industry and energy. Siemens AG also provides engineering solutions in

automation and control, power, transportation, and medical.


LTM as of: 06/yy

52-Week High (19.09.2013) 91.33

52-Week Low (24.06.2013) 73.08

Daily Volume

90.22





79'483.82 1 Yr Total Return 21.77%







SIE GY EQUITY YTD Change - Average Volume 30 Day 1'990'623

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'374'445


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

77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'581.6 78'914.6 20'662.4 18'579.5

0.82x 0.81x 1.09x 0.92x 1.00x 3.69x 4.24x 1.22x 1.15x 4.61x 5.22x

8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'726.0 8'702.0 8'617.6 10'841.9 1'650.0 2'418.0

7.77x 6.77x 7.87x 6.40x 8.08x 6.83x 9.39x 10.76x 8.55x 9.55x 8.63x

5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'185.0 4'491.0 4'432.2 5'928.5 1'103.8 1'397.0

34.66x 24.49x 16.42x 8.24x 13.50x 12.03x 14.30x 16.49x 12.92x 12.93x 12.16x


EBIT 6'909.00 Long-Term Rating A+









EBITDA Margin 11.3%



Asset Turnover 0.72







Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

1'267'398.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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27.09.2013



SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a

QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government

SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation









DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'140'852 0.47 (693) 31.08.2013 Investment Advisor





MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'546'129 0.29 765 25.09.2013 Investment Advisor




RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 26.09.2013

Nomura DANIEL CUNLIFFE buy 5 M 102 Not Provided 24.09.2013

JPMorgan ANDREAS WILLI neutral 3 M 98 15 month 23.09.2013

National Bank AG EKKEHARD D LINK hold 3 M 82 12 month 20.09.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 97 12 month 19.09.2013



Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 11.09.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 90 Not Provided 09.09.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 102 Not Provided 09.09.2013

Societe Generale GAEL DE BRAY buy 5 M 100 12 month 06.09.2013

Deutsche Bank PETER REILLY buy 5 M 95 12 month 05.09.2013

Barclays JAMES STETTLER overweight 5 U 100 Not Provided 05.09.2013

HSBC MICHAEL HAGMANN neutral 3 M 90 Not Provided 28.08.2013

Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 100 Not Provided 28.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.08.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 21.08.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 83 12 month 09.08.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 05.08.2013

DZ Bank AG JASKO TERZIC hold 3 M 83 Not Provided 05.08.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 02.08.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 90 Not Provided 02.08.2013

Nord/LB WOLFGANG DONIE hold 3 M 85 12 month 01.08.2013


Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 01.08.2013

S&P Capital IQ UNAI FRANCO hold 3 M 88 12 month 01.08.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 01.08.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 93 12 month 01.08.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 80 12 month 31.07.2013


Berenberg Bank WILLIAM MACKIE buy 5 M 95 Not Provided 30.07.2013

Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013

Spin-Off Research TEAM COVERAGE hold 3 M 83 Not Provided 09.07.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 87 12 month 15.02.2013

UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013


Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 97 Not Provided 12.10.2012

Holdings By:

Siemens AG ee


27.09.2013

Sky Deutschland AG offers pay television subscription services in Germany. The

Company offers wide range of programming, including feature films, new series

and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions

League in Germany and Austria. Sky Deutschland distributes its pay-TV channel

bouquet primarily via cable and satellite.


LTM as of: 06/yy

52-Week High (11.09.2013) 7.00

52-Week Low (25.09.2012) 2.92

Daily Volume

6.776





5'943.91 1 Yr Total Return 125.99%







SKYD GY EQUITY YTD Change - Average Volume 30 Day 1'460'183

SKYD GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'892'383


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

941.1 902.1 977.8 1'138.7 1'333.2 1'237.6 1'427.5 1'557.3 1'815.2 385.3 426.3

0.82x 1.48x 1.66x 1.41x 2.93x 6.81x 11.25x 4.05x 3.49x - -

(77.2) (311.4) (317.7) (155.1) (51.1) (94.3) 9.0 36.5 140.9 12.2 (22.4)

- - - - - 0.00x 560.95x 172.30x 44.57x - -

(269.3) (676.2) (407.5) (277.5) (195.2) (224.0) (146.9) (116.4) (22.1) (19.0) (65.1)

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

EBITDA -51.10 Long-Term Rating Date -






Return on Capital - EBITDA/Interest Exp. -0.39




EBITDA Margin 0.6%



Asset Turnover 1.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sky Deutschland AGPrice/Volume

Valuation Analysis

639'631.00


'

-

.

0

1

2

3

4

5

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

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



27.09.2013


TWENTY-FIRST CENTURY n/a ULT-AGG 466'566'947 53.19 - 15.01.2013 Corporation

ODEY ASSET MANAGEMEN n/a Research 88'360'698 10.07 - 26.07.2013 Investment Advisor

BAILLIE GIFFORD AND n/a Research 26'548'275 3.03 - 06.09.2013 Investment Advisor

TAUBE HODSON STONEX n/a Research 26'065'457 2.97 - 20.03.2013 Investment Advisor



CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 12'924'590 1.47 (319'152) 28.02.2013 Investment Advisor


PENNANT CAPITAL MANA n/a Short (6'842'166) -0.78 - 09.08.2013 Hedge Fund Manager

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 6'782'390 0.77 (1'862'000) 30.06.2013 Investment Advisor


PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 4'715'678 0.54 (105'851) 31.08.2013 Insurance Company

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 4'603'737 0.52 1'367'198 30.06.2013 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'637'302 0.41 (261'030) 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'797'000 0.32 - 31.05.2013 Investment Advisor



SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'290'751 0.26 (352'574) 28.06.2013 Investment Advisor

ROBECO n/a ULT-AGG 2'200'000 0.25 200'000 30.04.2013 Unclassified


Nomura MATTHEW WALKER buy 5 M 8 12 month 26.09.2013

Barclays NATASHA BRILLIANT equalweight 3 M 7 Not Provided 19.09.2013

AlphaValue VERONIQUE CABIOC'H sell 1 M 4 6 month 19.09.2013


Kepler Cheuvreux CONOR O'SHEA hold 3 M 7 Not Provided 13.09.2013

JPMorgan MARK O'DONNELL overweight 5 M 7 15 month 10.09.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 9 12 month 09.09.2013


Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 D 5 Not Provided 13.08.2013


Credit Suisse OMAR SHEIKH outperform 5 N 9 Not Provided 09.08.2013

UBS POLO TANG buy 5 M 7 12 month 09.08.2013

Macquarie ANGUS TWEEDIE outperform 5 M 8 12 month 08.08.2013

Main First Bank AG STEPHAN VOLLERT outperform 5 M 7 12 month 08.08.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 8 12 month 07.08.2013

HSBC CHRISTOPHER JOHNEN overweight 5 M 8 Not Provided 07.08.2013

Independent Research GmbH LARS LUSEBRINK sell 1 M 6 12 month 07.08.2013

Equita SIM SpA STEFANO GAMBERINI hold 3 M 6 12 month 07.08.2013

Bankhaus Metzler STEFAN WIMMER sell 1 M 4 12 month 07.08.2013

Berenberg Bank SARAH SIMON buy 5 M 8 Not Provided 07.08.2013

DZ Bank AG HARALD HEIDER buy 5 M 7 Not Provided 07.08.2013

Deutsche Bank LAURIE DAVISON hold 3 M 6 12 month 06.08.2013

Hauck & Aufhaeuser SASCHA BERRESCH sell 1 M 2 12 month 06.08.2013


Close Brothers Equity Markets MARCUS SILBE hold 3 D 6 12 month 06.08.2013

Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 6 Not Provided 06.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Silvia Quandt Research KLAUS KRAENZLE avoid 1 M 2 12 month 14.11.2012

Sphene Capital SUSANNE HASLER sell 1 M 1 12 month 23.04.2012

Holdings By:

Sky Deutschland AG ee


27.09.2013

Software AG provides business infrastructure software solutions. The Company's

products include solutions for managing data, enabling Service-Oriented

Architecture (SOA) and improving business processes.


LTM as of: 06/yy

52-Week High (28.01.2013) 35.45

52-Week Low (24.06.2013) 22.34

Daily Volume

26.05





2'264.20 1 Yr Total Return -9.20%







SOW GY EQUITY YTD Change - Average Volume 30 Day 248'977

SOW GY EQUITY YTD % CHANGE - Average Volume 3 Month 290'055


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

720.6 847.4 1'119.5 1'098.3 1'047.3 1'081.8 996.8 999.8 1'051.5 253.0 283.0

1.69x 2.93x 2.94x 2.31x 2.62x 8.61x 9.68x 2.27x 2.04x - -

190.0 240.6 312.9 304.5 291.3 300.8 266.7 266.1 284.3 - -

6.40x 10.33x 10.52x 8.33x 9.41x 7.09x 7.46x 8.81x 8.24x - -

115.9 141.0 175.4 177.0 164.5 171.5 147.3 158.4 171.4 38.6 49.0

9.88x 15.53x 17.77x 13.93x 16.90x 12.38x 13.42x 13.65x 12.33x 14.12x 14.01x











EBITDA Margin 26.8%



Asset Turnover 0.57







Fiscal Year Ended

Software AGPrice/Volume

Valuation Analysis

101'067.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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



27.09.2013


SOFTWARE AG STIFTUNG n/a Co File 24'980'060 28.74 - 28.02.2013 Other

DEKA INVESTMENT GMBH n/a Research 4'337'659 4.99 - 24.04.2013 Investment Advisor




ALKEN LUXEMBOURG SAR n/a Research 2'677'591 3.08 - 02.08.2013 Investment Advisor

SOFTWARE AG n/a Research 2'648'095 3.05 - 09.04.2013 Corporation

T ROWE PRICE ASSOCIA n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'607'522 3 - 31.05.2013 Investment Advisor

ALLIANZ GLOBAL INVES n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

AIKEN ASSET MGMT LLP n/a Research 2'591'127 2.98 - 14.05.2013 Other

UNIVERSAL INVESTMENT #N/A N/A Research 2'459'651 2.83 - 17.09.2013 Investment Advisor




ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 959'791 1.1 (41) 30.08.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 891'850 1.03 (12'600) 28.03.2013 Investment Advisor

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 816'423 0.94 - 30.06.2013 Investment Advisor




Societe Generale DERRIC MARCON buy 5 M 34 12 month 20.09.2013


Natixis GWENAEL GIARD reduce 2 M 26 Not Provided 20.09.2013


Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 31 12 month 11.09.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 30 6 month 11.09.2013


Main First Bank AG CHANDRAMOULI SRIRAMAN underperform 1 N 23 12 month 28.08.2013

Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 25 12 month 20.08.2013

Exane BNP Paribas BRICE PRUNAS outperform 5 M 31 Not Provided 16.08.2013

Matelan Research GmbH ADRIAN HOPKINSON neutral 3 M 39 12 month 15.08.2013

Credit Suisse CHARLES BRENNAN underperform 1 M 23 Not Provided 13.08.2013

Mirabaud Securities SUSAN ANTHONY buy 5 M 35 12 month 07.08.2013

Berenberg Bank DAUD KHAN sell 1 M 21 Not Provided 05.08.2013

JPMorgan STACY E POLLARD underweight 1 M 27 6 month 29.07.2013


UBS MICHAEL BRIEST buy 5 M 28 12 month 26.07.2013

Barclays GERARDUS VOS overweight 5 M 28 Not Provided 26.07.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 33 Not Provided 25.07.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 30 12 month 25.07.2013

M.M. Warburg Investment Research ANDREAS WOLF hold 3 D 26 12 month 25.07.2013

Kepler Cheuvreux SEBASTIEN SZTABOWICZ reduce 2 M 27 Not Provided 25.07.2013




HSBC ANTONIN BAUDRY neutral 3 D 33 Not Provided 30.01.2013


Holdings By:

Software AG ee


27.09.2013

Axel Springer AG is a publisher. The Company publishes daily and weekly

newspapers, books, and magazines for young adults, families, and men and women.

Springer produces television and radio programming, holds interests in

television and radio stations, and offers electronic media on-line business

services. The Company also offers commercial printing services.


LTM as of: 06/yy

52-Week High (25.07.2013) 43.25

52-Week Low (24.06.2013) 30.90

Daily Volume

40.34





3'991.24 1 Yr Total Return 19.43%







SPR GY EQUITY YTD Change - Average Volume 30 Day 171'850

SPR GY EQUITY YTD % CHANGE - Average Volume 3 Month 228'497


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

2'728.5 2'611.6 2'893.9 3'184.9 3'310.3 3'279.8 3'317.2 3'384.1 3'116.9 793.0 912.0

0.71x 0.95x 1.43x 1.25x 1.21x 4.78x 4.83x 1.40x 1.43x - -

458.7 290.2 536.4 570.5 610.5 603.3 594.1 586.1 573.3 158.0 166.0

4.22x 8.56x 7.72x 7.00x 6.56x 6.74x 6.79x 8.15x 8.34x 8.11x 8.11x

560.1 303.5 252.7 257.8 238.1 264.7 231.6 249.8 251.5 - -

2.77x 7.36x 14.88x 12.67x 13.40x 12.15x 13.98x 15.25x 15.58x - -











EBITDA Margin 17.9%



Asset Turnover 0.73







Fiscal Year Ended

Axel Springer AGPrice/Volume

Valuation Analysis

37'133.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.09.2013


AXEL SPRINGER GESELL n/a Co File 50'954'101 51.5 - 31.12.2012 Corporation

SPRINGER FRIEDE n/a Co File 5'441'700 5.5 - 31.12.2012 n/a

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 4'295'627 4.34 228'109 31.03.2012 Investment Advisor

DOEPFNER MATHIAS n/a Co File 3'265'020 3.3 - 31.12.2012 n/a

COLMAR INVESTMENT HO n/a Research 2'948'924 2.98 - 05.03.2013 Other


CADIAN CAPITAL MANAG n/a Short (1'246'644) -1.26 49'470 20.08.2013 Hedge Fund Manager




BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 500'000 0.51 - 31.07.2013 Unclassified


MAVERICK CAPITAL LTD n/a Short (465'018) -0.47 79'152 06.11.2012 Hedge Fund Manager


LUXOR CAPITAL GROUP n/a Short (455'124) -0.46 118'728 06.02.2013 Hedge Fund Manager

TWEEDY BROWNE CO LLC Multiple Portfolios MF-AGG 343'829 0.35 - 31.07.2013 Unclassified



CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 278'850 0.28 3'000 30.08.2013 Investment Advisor

EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 255'294 0.26 66'908 28.06.2013 Investment Advisor


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.09.2013

HSBC CHRISTOPHER JOHNEN overweight 5 M 47 Not Provided 19.09.2013

Barclays NICK DEMPSEY overweight 5 U 46 Not Provided 19.09.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 41 6 month 12.09.2013

JPMorgan NICOLAS J DUBOURG neutral 3 M 40 15 month 10.09.2013

Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 45 12 month 09.09.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP buy 5 M 45 Not Provided 06.09.2013

Kepler Cheuvreux ANDREA BENEVENTI hold 3 U 40 Not Provided 05.09.2013


M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 43 12 month 29.08.2013

Morgan Stanley CHRISTOPHER SELLERS Underwt/Attractive 1 M 36 12 month 20.08.2013

Nord/LB HOLGER FECHNER buy 5 U 45 12 month 14.08.2013


Societe Generale LAURENT PICARD hold 3 M 39 12 month 08.08.2013


Berenberg Bank SARAH SIMON hold 3 M 42 Not Provided 08.08.2013

Deutsche Bank MARK BRALEY buy 5 M 46 12 month 07.08.2013


DZ Bank AG HARALD HEIDER buy 5 M 46 Not Provided 30.07.2013


Equinet Institutional Services(ESN) MARTIN POSSIENKE buy 5 M 45 12 month 02.05.2011

Holdings By:

Axel Springer AG ee


27.09.2013

Sartorius AG manufactures and markets precision electronic equipment and

components. The Company produces precision scales for laboratory and industrial

uses and electrochemistry. Sartorius manufactures equipment for biomolecular

and microbial separations, cell culture, concentration, fermentation, and

purification. The Company markets its products worldwide.


LTM as of: 06/yy

52-Week High (01.03.2013) 91.25

52-Week Low (25.09.2012) 58.43

Daily Volume

79.93





1'485.15 1 Yr Total Return 35.40%


Preferred Stock - Adjusted BETA 0.631





SRT3 GY EQUITY YTD Change - Average Volume 30 Day 12'134

SRT3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 11'487


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

611.6 602.1 659.3 733.1 845.7 801.5 864.8 903.3 962.6 - -

0.71x 0.88x 1.11x 1.17x 1.76x 5.11x 7.99x 2.05x 1.88x - -

78.9 72.0 101.6 147.9 180.0 160.5 192.7 172.9 190.9 - -

5.48x 7.36x 7.19x 5.80x 8.26x 7.82x 10.52x 11.01x 9.97x - -

12.4 (7.3) 31.0 41.6 48.5 45.0 53.3 65.9 75.8 - -

13.77x - 15.57x 12.83x 27.55x 17.53x 27.65x 20.01x 17.45x - -











EBITDA Margin 22.3%



Asset Turnover 0.82







Fiscal Year Ended

Sartorius AGPrice/Volume

Valuation Analysis

2'876.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!' F

!' F

!' F

!' F

!- F

!- F

!- F

!- F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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



27.09.2013


SARTORIUS AG n/a Co File 840'983 8.98 - 31.12.2010 Corporation



DEUTSCHE BANK AG n/a ULT-AGG 230'000 2.46 (500) 31.07.2013 Investment Advisor



DWS INVESTMENTS Multiple Portfolios MF-AGG 95'320 1.02 (5) 31.05.2013 Investment Advisor





SUN LIFE FINANCIAL I n/a ULT-AGG 55'488 0.59 - 31.07.2013 Investment Advisor



MANDARINE FUNDS Multiple Portfolios MF-AGG 41'864 0.45 19'578 30.08.2013 Investment Advisor


WASATCH ADVISORS INC Multiple Portfolios MF-AGG 40'806 0.44 8'300 30.06.2013 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 40'200 0.43 (2'000) 31.01.2013 Investment Advisor

MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 37'228 0.4 1'455 31.08.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35'500 0.38 - 31.05.2013 Investment Advisor


Bankhaus Lampe THERESA DICK buy 5 M 100 12 month 23.09.2013


Commerzbank Corporates & Markets DANIEL WENDORFF reduce 2 M 79 6 month 28.08.2013

Kepler Cheuvreux OLIVER REINBERG hold 3 M 80 Not Provided 06.08.2013

Nord/LB VOLKER SACK hold 3 M 80 12 month 30.07.2013

Deutsche Bank BENJAMIN GOY hold 3 M 77 12 month 23.07.2013

HSBC HENDRIK LOFRUTHE neutral 3 M 90 Not Provided 23.07.2013

DZ Bank AG SVEN OLAF KUERTEN buy 5 M 88 12 month 01.07.2013



Holdings By:

Sartorius AG ee


27.09.2013

Symrise AG is a diversified chemical manufacturer. The Company produces perfume

oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts,

aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers

manufacture fragrances, cosmetics, soaps, hair care products, detergents,

household products, foods, beverages, and pharmaceuticals.


LTM as of: 06/yy

52-Week High (13.08.2013) 35.73

52-Week Low (19.11.2012) 25.51

Daily Volume

32.4





3'828.82 1 Yr Total Return 23.99%







SY1 GY EQUITY YTD Change - Average Volume 30 Day 138'301

SY1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 160'884


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

1'319.9 1'362.0 1'571.9 1'583.6 1'734.9 1'643.4 1'798.1 1'843.4 1'941.1 473.0 435.2

1.38x 1.74x 1.87x 1.84x 2.10x 7.25x 8.71x 2.35x 2.19x - -

262.1 269.5 337.0 315.9 338.9 332.6 356.1 377.8 403.8 98.8 86.8

6.95x 8.77x 8.74x 9.24x 10.77x 10.11x 11.88x 11.66x 10.91x - -

90.4 84.3 133.5 146.5 157.5 155.8 167.4 190.3 211.1 51.4 39.8

13.13x 21.10x 18.16x 16.63x 20.39x 18.15x 21.87x 19.77x 17.96x 18.67x 18.30x











EBITDA Margin 19.8%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Symrise AGPrice/Volume

Valuation Analysis

102'294.00


'

2

-'

-2

.'

.2

0'

02

1'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013


PRUDENTIAL PLC n/a ULT-AGG 17'700'530 14.98 - 03.09.2012 Unclassified

GERBERDING VERMOGENS n/a Research 6'924'955 5.86 - 30.11.2012 n/a

SUN LIFE FINANCIAL I n/a ULT-AGG 5'929'174 5.02 - 01.04.2012 Investment Advisor


MONDRIAN INVESTMENT n/a Research 3'727'760 3.15 - 01.04.2012 Hedge Fund Manager


JAHR GMBH n/a Research 3'600'000 3.05 - 01.04.2012 Other

STANDARD LIFE INVEST n/a Research 3'544'740 3 - 25.01.2013 Investment Advisor








DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'270'707 1.08 (25'000) 31.05.2013 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 895'769 0.76 67'834 31.08.2013 Insurance Company






JPMorgan MARTIN EVANS neutral 3 M 32 15 month 04.09.2013



Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 33 12 month 22.08.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 37 Not Provided 22.08.2013


Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 D 26 Not Provided 13.08.2013



Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 32 12 month 09.08.2013

Baader Bank NORBERT BARTH hold 3 M 34 12 month 09.08.2013

UBS THOMAS GILBERT sell 1 M 27 12 month 09.08.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 09.08.2013

Bankhaus Lampe HEIKO FEBER hold 3 M 35 Not Provided 08.08.2013

Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 35 Not Provided 08.08.2013

Main First Bank AG THOMAS SWOBODA underperform 1 M 34 12 month 08.08.2013



Nomura PATRICK LAMBERT neutral 3 M 34 12 month 07.08.2013

HSBC JESKO MAYER-WEGELIN underweight 1 M 25 Not Provided 11.07.2013


Liberum Capital Ltd ADAM COLLINS hold 3 M 33 Not Provided 08.05.2013

Berenberg Bank JAIDEEP PANDYA hold 3 M 32 Not Provided 15.04.2013

Davy JACK GORMAN outperform 5 N #N/A N/A Not Provided 21.06.2012

National Bank AG STEFFEN MANSKE buy 5 M 25 12 month 09.11.2010

Holdings By:

Symrise AG ee


27.09.2013

Salzgitter AG produces and trades a wide range of steel products and tubes.

The product spectrum includes flat rolled steel products, beams, plates and

tubes, both seamless and welded, as well as processed steel products. The

Company also provides industrial services such as research and development,

information technology and other services to group companies and third parties.


LTM as of: 06/yy

52-Week High (03.01.2013) 41.56

52-Week Low (07.08.2013) 24.54

Daily Volume

31.285





1'880.13 1 Yr Total Return -0.16%







SZG GY EQUITY YTD Change - Average Volume 30 Day 276'327

SZG GY EQUITY YTD % CHANGE - Average Volume 3 Month 314'848


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

12'499.2 7'818.0 8'304.6 9'839.5 10'397.2 10'444.5 9'996.0 9'882.1 10'179.9 2'347.7 2'427.6

0.20x 0.28x 0.23x 0.19x 0.18x 0.64x 0.61x 0.22x 0.22x 1.14x 1.18x

1'297.7 97.2 121.3 602.9 416.2 474.1 370.9 260.5 512.6 50.8 96.2

1.97x 22.27x 15.69x 3.02x 4.56x 2.96x 3.54x 7.00x 3.56x - -

674.3 (383.7) (331.9) 233.0 (102.0) 115.4 (394.4) (294.1) 51.3 (46.1) 15.1

4.54x - 105.04x 8.96x - 15.33x 0.00x - 27.59x - -











EBITDA Margin 3.7%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Salzgitter AGPrice/Volume

Valuation Analysis

149'770.00


'2

-'-2.'.20'021'12

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' F

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

'!''

2'!''

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27.09.2013


STATE OF LOWER SAXON n/a Co File 15'925'705 26.5 - 31.12.2012 Government

SALZGITTER AG n/a Co File 6'009'700 10 - 31.12.2012 Corporation








TT INTERNATIONAL INV n/a Short (318'514) -0.53 - 04.04.2013 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (300'485) -0.5 - 13.08.2013 Hedge Fund Manager











Credit Suisse JAMES GURRY outperform 5 M 42 Not Provided 24.09.2013

Nomura NEIL SAMPAT reduce 2 M 26 12 month 23.09.2013


Equinet Institutional Services(ESN) STEFAN FREUDENREICH buy 5 M 36 12 month 17.09.2013

Goldman Sachs STEPHEN BENSON Buy/Neutral 5 M 35 12 month 15.09.2013


Jefferies SETH ROSENFELD hold 3 M 28 12 month 10.09.2013

Exane BNP Paribas SYLVAIN BRUNET underperform 1 M 26 Not Provided 10.09.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL reduce 2 M 24 6 month 02.09.2013



Morgan Stanley ALEXANDER HAISSL Underwt/Cautious 1 D 26 12 month 20.08.2013

Macquarie DANIEL LURCH underperform 1 M 24 12 month 16.08.2013


M.M. Warburg Investment Research BJOERN VOSS hold 3 M 29 12 month 16.08.2013

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 32 12 month 15.08.2013


UBS CARSTEN RIEK neutral 3 M 31 12 month 15.08.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 28 Not Provided 15.08.2013

DZ Bank AG DIRK SCHLAMP sell 1 M 24 Not Provided 07.08.2013

Societe Generale ABHISHEK SHUKLA sell 1 D 24 12 month 06.08.2013

Baader Bank CHRISTIAN OBST hold 3 M 30 12 month 06.08.2013

HSBC THORSTEN ZIMMERMANN underweight 1 M 25 Not Provided 06.08.2013



Steubing AG MICHAEL BROEKER sell 1 N 31 12 month 06.08.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 24 12 month 06.08.2013

JPMorgan ALESSANDRO ABATE neutral 3 D 32 9 month 05.08.2013


Davy TIM CAHILL underperform 1 M #N/A N/A Not Provided 10.07.2013


Cyrrus JIRI SIMARA buy 5 M 57 12 month 30.01.2012

Holdings By:

Salzgitter AG ee


27.09.2013

Suedzucker AG operates in the traditional sugar industry in Eastern and Western

Europe. The Company, through its subsidiaries, produces functional food,

chilled frozen and starch and fruit concentrates. Suedzucker's other business

includes bioethanol activities.


LTM as of: 05/yy

52-Week High (01.03.2013) 34.34

52-Week Low (24.09.2013) 20.54

Daily Volume

21.675





4'425.67 1 Yr Total Return -21.18%







SZU GY EQUITY YTD Change - Average Volume 30 Day 546'403

SZU GY EQUITY YTD % CHANGE - Average Volume 3 Month 511'425


28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 05/yy 05/yy 02/14 Y 02/15 Y 08/13 Q2 11/13 Q3

5'871.3 5'718.2 6'160.8 6'991.9 7'878.8 7'239.5 8'022.5 7'968.1 7'981.1 - 2'072.0

0.94x 0.99x 0.98x 0.91x 1.12x 3.75x 3.98x 0.75x 0.72x - -

470.2 658.5 782.0 1'026.5 1'248.2 1'107.0 1'217.5 1'077.5 1'062.5 - -

11.73x 8.62x 7.73x 6.20x 7.05x 6.64x 6.21x 6.18x 6.27x - -

162.2 200.1 250.4 376.3 593.1 505.2 504.1 447.9 441.8 - -

15.93x 16.13x 15.23x 10.95x 10.85x 9.18x 10.03x 9.74x 9.90x - -


EBIT 971.20 Long-Term Rating BBB+









EBITDA Margin 15.2%



Asset Turnover 0.98







Fiscal Year Ended

Suedzucker AGPrice/Volume

Valuation Analysis

730'520.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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02

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-!2 F

.!' F

.!2 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

.!''

1!''

3!''

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27.09.2013


ZUCKERRUBENVERWERTUN #N/A N/A Research 106'175'310 52 - 24.09.2013 Corporation

ZUCKER INVEST GMBH #N/A N/A Research 20'418'329 10 - 24.09.2013 Investment Advisor


OVERLAND ADVISORS LL n/a Short (1'893'536) -0.93 - 07.11.2012 Hedge Fund Manager



CREDIT SUISSE AG n/a ULT-AGG 776'513 0.38 84'621 31.05.2013 Investment Advisor


BANQUE DEGROOF Multiple Portfolios MF-AGG 396'009 0.19 23'100 02.09.2013 Investment Advisor



FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 294'853 0.14 14'830 31.05.2013 Investment Advisor



DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 263'645 0.13 (111'359) 31.07.2013 Investment Advisor


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 254'152 0.12 - 28.06.2013 Investment Advisor

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 249'289 0.12 227'100 30.08.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 233'409 0.11 37'229 30.04.2013 Investment Advisor




M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 28 12 month 25.09.2013

Exane BNP Paribas JEFF STENT underperform 1 M 15 Not Provided 25.09.2013

HSBC JESKO MAYER-WEGELIN overweight 5 M 29 Not Provided 24.09.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER buy 5 M 33 Not Provided 24.09.2013


Berenberg Bank JAMES TARGETT hold 3 M 23 Not Provided 24.09.2013

AlphaValue EILEEN RYAN add 4 N 23 6 month 24.09.2013

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 16.09.2013

Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 18 12 month 12.09.2013


Mirabaud Securities JULIAN LAKIN hold 3 M 27 12 month 31.07.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 33 12 month 12.07.2013

Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 33 6 month 11.07.2013

DZ Bank AG HEINZ MUELLER buy 5 M 33 12 month 11.07.2013

Barclays LIAM ROWLEY underweight 1 M 25 Not Provided 11.07.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 06.06.2013

Kepler Cheuvreux KLAUS RINGEL buy 5 M 33 Not Provided 20.05.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 24 12 month 17.05.2013

Silvia Quandt Research KLAUS KRAENZLE buy 5 M 40 12 month 19.11.2012

Holdings By:

Suedzucker AG ee


27.09.2013

TAG Immobilien AG develops, sells, and rents commercial and residential

buildings and special-purpose properties.


LTM as of: 06/yy

52-Week High (02.01.2013) 9.70

52-Week Low (25.09.2012) 8.03

Daily Volume

9.159





1'197.68 1 Yr Total Return 15.41%







TEG GY EQUITY YTD Change - Average Volume 30 Day 319'128

TEG GY EQUITY YTD % CHANGE - Average Volume 3 Month 322'270


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

123.3 96.0 93.1 203.9 396.0 310.8 328.5 267.1 278.7 66.5 67.2

5.05x 6.93x 9.52x 8.70x 9.08x 29.18x 40.60x 13.29x 12.71x - -

36.8 21.7 34.7 118.4 287.2 212.1 214.1 180.6 193.3 - -

16.91x 30.58x 25.52x 14.98x 12.52x 13.48x 15.72x 19.21x 17.94x - -

(30.6) (29.2) 18.5 66.9 179.1 153.4 89.1 77.3 94.4 15.0 31.5

- - 13.25x 5.87x 5.05x 3.85x 10.58x 16.41x 13.31x - -











EBITDA Margin 65.2%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TAG Immobilien AGPrice/Volume

Valuation Analysis

297'031.00


'-.0123456

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

.'!''

1'!''

3'!''

5'!''

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27.09.2013



RUFFER LLP n/a Co File 19'610'701 15 - 31.12.2012 Investment Advisor

FLOSSBACH VON STORCH Multiple Portfolios MF-AGG 9'639'712 7.37 (23'270) 31.08.2013 Investment Advisor



VERSORGUNGSANSTALT D n/a Research 7'079'834 5.41 - 21.08.2013 n/a

TAUBE HODSON STONEX n/a Research 6'960'665 5.32 - 24.06.2013 Investment Advisor



THREADNEEDLE n/a ULT-AGG 5'408'685 4.14 (1'010'827) 31.05.2013 Unclassified

DEUTSCHE ASSET MGMT n/a Research 3'956'100 3.03 - 04.09.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 2'817'627 2.15 - 31.05.2013 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'353'880 1.8 4'210 31.07.2013 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 1'854'901 1.42 267'994 28.02.2013 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 1'747'351 1.34 (1'090) 30.04.2013 Bank

DWS INVESTMENTS Multiple Portfolios MF-AGG 1'291'408 0.99 - 31.05.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 1'184'631 0.91 - 30.04.2013 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (1'058'979) -0.81 (65'369) 29.08.2013 Hedge Fund Manager



Morgan Stanley BIANCA RIEMER Underwt/Attractive 1 M 7 12 month 28.08.2013


M.M. Warburg Investment Research TORSTEN KLINGNER hold 3 M 9 12 month 16.08.2013




Close Brothers Equity Markets MANUEL MARTIN buy 5 M 11 12 month 08.08.2013

S&P Capital IQ WILLIAM HOWLETT buy 5 M 10 12 month 08.08.2013

ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 10 Not Provided 08.08.2013



Kepler Cheuvreux THOMAS NEUHOLD buy 5 M 11 Not Provided 06.05.2013

DZ Bank AG KARSTEN OBLINGER sell 1 M 9 Not Provided 19.04.2013

Solventis WPH-Bank GmbH ULF VON LENGERICH buy 5 N 10 12 month 18.04.2013


Holdings By:

TAG Immobilien AG ee


27.09.2013

ThyssenKrupp AG manufactures industrial components. The Company produces flat

rolled and cast steel, automobile parts, elevators and escalators, machine

tools, bearings, nonferrous metals and plastics, develops and manages real

estate, and designs and constructs factories.


LTM as of: 06/yy

52-Week High (10.01.2013) 19.25

52-Week Low (23.04.2013) 13.11

Daily Volume

18.19












TKA GY EQUITY YTD Change - Average Volume 30 Day 3'231'440

TKA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'365'580


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

53'426.0 40'563.0 37'711.0 42'725.0 40'124.0 40'672.0 36'347.0 37'122.1 38'464.7 9'547.2 9'299.7

0.21x 0.34x 0.44x 0.32x 0.35x 1.47x 1.45x 0.41x 0.41x 1.59x 1.70x

4'842.0 876.0 2'412.0 4'043.0 2'576.0 3'803.0 2'230.0 1'863.9 2'438.1 514.2 600.0

2.31x 15.54x 6.80x 3.41x 5.52x 3.48x 5.34x 7.21x 5.51x 5.81x 5.60x

2'195.0 (1'857.0) 824.0 (1'291.0) (4'668.0) (2'855.0) (4'713.0) (371.5) 542.2 80.6 91.5

4.66x - 12.19x 5.15x - 4.49x 0.00x - 16.48x 16.84x 14.72x


EBIT 1'115.00 Long-Term Rating BB



Return on Assets -11.80% Short-Term Rating B






EBITDA Margin 6.1%



Asset Turnover 0.91







Fiscal Year Ended

ThyssenKrupp AGPrice/Volume

Valuation Analysis

6'133'779.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

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.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

-3!' F

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'!''

-''!''

-2'!''

.''!''

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0''!''

02'!''

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27.09.2013


ALFRIED KRUPP VON BO n/a Co File 130'320'067 25.33 - 30.09.2012 n/a


CEVIAN CAPITAL AB #N/A N/A Research 26'753'429 5.2 - 25.09.2013 Venture Capital






MARSHALL WACE LLP n/a Short (3'601'423) -0.7 (463'040) 03.09.2013 Hedge Fund Manager

ROYAL BANK OF CANADA n/a ULT-AGG 2'282'600 0.44 2'282'600 31.07.2013 Bank

JANUS CAPITAL MANAGE n/a ULT-AGG 2'029'994 0.39 (6'926'210) 30.06.2013 Investment Advisor

OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 1'709'400 0.33 160'000 28.02.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 1'026'242 0.2 (3'157) 31.05.2013 Investment Advisor



INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 819'430 0.16 (183'200) 31.07.2013 Investment Advisor


FORTIS INVESTMENT MG Multiple Portfolios MF-AGG 790'686 0.15 - 30.04.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 693'496 0.13 (542'135) 30.06.2013 Investment Advisor



Nomura NEIL SAMPAT neutral 3 M 16 12 month 23.09.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 15 Not Provided 23.09.2013



Jefferies SETH ROSENFELD buy 5 M 21 12 month 10.09.2013

National Bank AG EKKEHARD D LINK hold 3 D 17 12 month 05.09.2013

Equinet Institutional Services(ESN) STEFAN FREUDENREICH hold 3 M 18 12 month 05.09.2013





DZ Bank AG DIRK SCHLAMP sell 1 D 15 Not Provided 15.08.2013

Societe Generale ALAIN WILLIAM hold 3 M 19 12 month 14.08.2013

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 18 12 month 14.08.2013


RBC Capital Markets TIMOTHY HUFF sector perform 3 M 17 12 month 14.08.2013

Credit Suisse MICHAEL SHILLAKER outperform 5 M 24 Not Provided 14.08.2013

JPMorgan ALESSANDRO ABATE overweight 5 M 19 Not Provided 14.08.2013

HSBC THORSTEN ZIMMERMANN overweight 5 M 20 Not Provided 14.08.2013

Macquarie JEFFREY LARGEY outperform 5 M 22 12 month 14.08.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 15 Not Provided 14.08.2013

M.M. Warburg Investment Research BJOERN VOSS hold 3 M 17 12 month 14.08.2013

Kepler Cheuvreux ROCHUS BRAUNEISER reduce 2 D 14 Not Provided 14.08.2013


S&P Capital IQ JOHNSON IMODE hold 3 M 17 12 month 14.08.2013

VTB Capital WIKTOR BIELSKI hold 3 M 18 12 month 05.08.2013

UBS CARSTEN RIEK sell 1 D 16 12 month 31.07.2013

Baader Bank CHRISTIAN OBST buy 5 M 25 12 month 16.07.2013


Davy TIM CAHILL outperform 5 M #N/A N/A Not Provided 10.07.2013



Goldman Sachs STEPHEN BENSON not rated #N/A N/A M #N/A N/A Not Provided 09.09.2012

Cyrrus JIRI SIMARA accumulate 4 M 24 12 month 30.01.2012

Holdings By:

ThyssenKrupp AG ee


27.09.2013

Talanx AG operates as a holding company. The Company, through its subsidiaries,

provides insurance and financial services. Talanx offers retail, commercial,

private, and industrial insurance, reinsurance, and other related services.

Talanx operates worldwide.


LTM as of: 06/yy

52-Week High (31.05.2013) 26.20

52-Week Low (03.10.2012) 18.39

Daily Volume

24.89












TLX GY EQUITY YTD Change - Average Volume 30 Day 152'888

TLX GY EQUITY YTD % CHANGE - Average Volume 3 Month 214'696


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

17'523.0 19'943.0 22'846.0 23'422.0 26'438.0 12'369.0 27'809.0 27'544.8 28'637.6 - -

- - - - 0.39x 0.00x 1.23x - - - -

- - - - - 0.0 0.0 - - - -

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

187.0 485.0 216.0 520.0 630.0 354.0 684.0 708.9 740.4 110.0 182.0

- - - - 7.48x 0.00x 8.29x 8.76x 8.32x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Talanx AGPrice/Volume

Valuation Analysis

132'013.00


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2

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2!' F

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4!' F

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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27.09.2013


HDI VAG n/a Research 199'801'656 79.09 (8'198'344) 02.07.2013 Insurance Company

MEIJI YASUDA LIFE IN n/a Research 16'393'443 6.49 - 02.07.2013 Insurance Company


ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 3'945'663 1.56 977'963 31.07.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 1'040'457 0.41 (39'886) 30.08.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 445'800 0.18 - 30.04.2013 Investment Advisor


ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 412'390 0.16 26'898 28.03.2013 Investment Advisor




FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 194'210 0.08 (30'000) 31.05.2013 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 193'374 0.08 55'764 31.05.2013 Investment Advisor

PIONEER n/a ULT-AGG 177'992 0.07 22'756 30.04.2013 Unclassified


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 164'188 0.06 (212'214) 30.08.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 145'000 0.06 - 30.04.2013 Investment Advisor

METZLER INVESTMENT G Multiple Portfolios MF-AGG 134'000 0.05 - 28.02.2013 Investment Advisor

UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 110'600 0.04 110'600 31.12.2012 Unclassified





Main First Bank AG MICHAEL HAID underperform 1 M 22 12 month 09.09.2013

Berenberg Bank PETER ELIOT buy 5 M 28 Not Provided 20.08.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 27 12 month 16.08.2013



Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 27 12 month 15.08.2013

Deutsche Bank OLIVIA BRINDLE hold 3 M 25 12 month 14.08.2013


Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 27 Not Provided 14.08.2013


Barclays ANDREW BROADFIELD equalweight 3 M 24 Not Provided 22.07.2013

Mediobanca SpA MARC THIELE neutral 3 M 27 6 month 28.06.2013

EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 27.06.2013

HSBC KAILESH MISTRY neutral 3 M 26 Not Provided 31.05.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 23 3 month 24.04.2013

Holdings By:

Talanx AG ee


27.09.2013

TUI AG offers tourism and logistic services, and manufactures building

materials. The Company operates airlines, travel agencies, cruise ships,

resorts, and hotels. TUI provides maritime and inland container shipping,

freight forwarding and storage services around the world, and leases and sells

mobile buildings.


LTM as of: 06/yy

52-Week High (06.08.2013) 9.92

52-Week Low (01.10.2012) 6.63

Daily Volume

9.086





2'293.08 1 Yr Total Return 30.36%







TUI1 GY EQUITY YTD Change - Average Volume 30 Day 589'868

TUI1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 613'012


31.12.2008 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

18'714.3 - 16'350.1 17'480.3 18'330.3 18'183.7 18'393.5 18'273.4 18'824.9 6'416.0 -

0.30x - 0.28x 0.11x 0.10x 0.56x 0.63x 0.14x 0.13x - -

852.2 - 860.1 805.6 958.6 (104.9) 847.5 1'049.1 1'157.4 1'166.0 -

6.51x - 5.34x 2.33x 1.94x 0.00x 3.07x 2.47x 2.24x - -

(121.3) - 101.8 23.9 (15.1) (21.3) (109.1) 49.0 163.9 380.0 -

- - 29.93x - - 0.00x 0.00x 32.92x 15.19x - -


EBIT 559.90 Long-Term Rating B









EBITDA Margin 4.6%



Asset Turnover 1.34





Accounts Receivable Turnover - Cash Conversion Cycle -24.91


Fiscal Year Ended

TUI AGPrice/Volume

Valuation Analysis

384'720.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0 '.!'4!.'-0



27.09.2013


S GROUP TRAVEL HOLDI n/a Co File 63'068'424 24.99 - 30.09.2012 Holding Company

FREDRIKSEN JOHN n/a Co File 37'841'055 14.99 - 30.09.2012 n/a

RIU HOTELS SA n/a Co File 12'613'685 5 - 30.09.2012 Corporation



BAILLIE GIFFORD OVER n/a Research 7'261'186 2.88 - 24.05.2012 Investment Advisor


SUSQUEHANNA INTERNAT n/a Short (4'997'034) -1.98 - 30.08.2013 Other

MARATHON ASSET MANAG n/a RNS-RUL8 4'904'640 1.94 - 21.01.2013 Investment Advisor

NORGES BANK n/a RNS-RUL8 4'766'186 1.89 - 16.01.2013 Government

WOLVERINE ASSET MANA n/a Short (3'331'356) -1.32 (75'712) 09.07.2013 Hedge Fund Manager

CQS UK LLP n/a Short (3'028'505) -1.2 (201'900) 13.08.2013 Investment Advisor

PENNANT CAPITAL MANA n/a Short (2'270'466) -0.9 - 01.11.2012 Hedge Fund Manager

SOCIETE GENERALE SA n/a RNS-RUL8 2'105'036 0.83 (13'226) 22.01.2013 Unclassified

PINE RIVER CAPITAL M n/a Short (1'993'766) -0.79 25'238 15.08.2013 Hedge Fund Manager

BARCLAYS CAPITAL SEC n/a RNS-RUL8 1'690'782 0.67 8'429 22.01.2013 Investment Advisor


PENNANT WINDWARD MAS n/a Short (1'536'427) -0.61 - 27.04.2012 Investment Advisor


STATE STREET CORP n/a ULT-AGG 1'478'319 0.59 - 24.09.2013 Investment Advisor



Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 10 6 month 05.09.2013

Kepler Cheuvreux JUERGEN KOLB buy 5 M 11 Not Provided 04.09.2013

S&P Capital IQ WILLIAM MACK strong sell 1 D 8 12 month 23.08.2013

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER buy 5 M 12 12 month 19.08.2013

JPMorgan JAAFAR MESTARI neutral 3 M 10 12 month 15.08.2013



Deutsche Bank GEOF COLLYER buy 5 M 11 12 month 12.08.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 12 12 month 09.08.2013

UBS ALEX BRIGNALL buy 5 M 13 12 month 09.08.2013


Bankhaus Lampe SEBASTIAN HEIN buy 5 M 12 Not Provided 09.08.2013

Natixis GEOFFREY D'HALLUIN buy 5 M 11 Not Provided 09.08.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 11 Not Provided 09.08.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 M 10 Not Provided 08.08.2013

KochBank Research STEFAN KICK buy 5 N 13 Not Provided 03.06.2013


Main First Bank AG TOBIAS SITTIG outperform 5 M 10 12 month 10.05.2013

Goldman Sachs NICK EDELMAN not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013

Berenberg Bank ALEXANDRA SCHLEGEL buy 5 M 9 Not Provided 13.02.2013


Fearnley Fonds RIKARD VABO sell 1 D 5 6 month 14.08.2012

Holdings By:

TUI AG ee


27.09.2013

United Internet AG offers Internet access services. The Company serves home

users, small offices and home offices, and small-to medium-sized companies.

United Internet also offers hotline and help desk services to international

corporations.


LTM as of: 06/yy

52-Week High (16.09.2013) 27.05

52-Week Low (14.11.2012) 14.75

Daily Volume

27.04





5'245.76 1 Yr Total Return 68.70%







UTDI GY EQUITY YTD Change - Average Volume 30 Day 307'693

UTDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 329'342


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

1'570.4 1'658.9 1'907.1 2'094.1 2'396.6 2'248.2 2'516.1 2'646.4 2'896.8 698.0 724.0

1.24x 1.45x 1.55x 1.50x 1.43x 5.51x 6.06x 2.06x 1.83x - -

359.6 420.3 371.6 371.1 390.0 318.8 416.5 401.9 478.7 100.0 145.0

5.40x 5.74x 7.95x 8.47x 8.81x 9.63x 10.73x 13.71x 11.51x - -

(120.2) 279.9 129.1 162.3 107.8 101.0 175.3 203.5 252.6 27.5 84.7

- 7.56x 20.97x 17.47x 29.13x 27.71x 23.84x 25.88x 20.09x - -











EBITDA Margin 16.6%



Asset Turnover 2.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Internet AGPrice/Volume

Valuation Analysis

146'118.00


'

2

-'

-2

.'

.2

0'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.09.2013


DOMMERMUTH RALPH n/a Research 88'000'000 45.36 - 21.03.2013 n/a




OPPENHEIMERFUNDS INC n/a Research 5'873'094 3.03 - 12.02.2013 Investment Advisor



MORGAN STANLEY n/a Research 2'439'828 1.26 - 05.08.2013 Other




MARBLE ARCH INVESTME n/a Short (892'400) -0.46 252'200 11.07.2013 Hedge Fund Manager


SCHEEREN MICHAEL n/a Co File 600'000 0.31 - 31.12.2012 n/a

LANG NORBERT n/a Co File 524'232 0.27 - 31.12.2012 n/a

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 461'500 0.24 (23'850) 28.02.2013 Investment Advisor



DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 396'236 0.2 (39'209) 30.04.2013 Investment Advisor

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 394'927 0.2 (212'112) 31.03.2012 Insurance Company



AlphaValue HEINZ STEFFEN sell 1 M 17 6 month 19.09.2013


Deutsche Bank BENJAMIN KOHNKE buy 5 M 27 12 month 05.09.2013


Hauck & Aufhaeuser LEONHARD BAYER sell 1 M 17 12 month 26.08.2013




Morgan Stanley RYAN FOX Overwt/In-Line 5 M 29 12 month 19.08.2013

UBS VIKRAM KARNANY neutral 3 M 25 12 month 19.08.2013



Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 27 12 month 19.08.2013

Macquarie ALEX GRANT outperform 5 M 30 12 month 16.08.2013



Matelan Research GmbH ADRIAN HOPKINSON buy 5 M 29 12 month 15.08.2013

Equita SIM SpA GIANMARCO BONACINA hold 3 M 27 12 month 14.08.2013


DZ Bank AG KARSTEN OBLINGER buy 5 M 24 12 month 27.05.2013

Goldman Sachs SIVA KRISHNA PRASAD BORRA Sell/Neutral 1 M 19 12 month 21.05.2013

Kepler Cheuvreux THOMAS KARLOVITS hold 3 M 22 Not Provided 15.05.2013

Exane BNP Paribas MICHAEL ZORKO neutral 3 M 19 Not Provided 19.04.2013

Nomura HENRIK NYBLOM neutral 3 M 11 12 month 22.11.2012


Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 M 17 12 month 22.03.2011

Holdings By:

United Internet AG ee


27.09.2013

Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,

and commercial vehicles for sale worldwide. The Company produces the Passat,

Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,

Seat and Skoda, which manufacture and sell cars in Spain and in southern and

eastern Europe, and Lamborghini, which makes sports cars in Italy.


LTM as of: 06/yy

52-Week High (28.01.2013) 187.40

52-Week Low (18.04.2013) 136.60

Daily Volume

175.8





80'266.33 1 Yr Total Return 18.24%







VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'009'653

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 976'809


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

113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'494.4 210'456.9 49'458.8 50'520.0

1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 3.35x 0.38x 0.36x - -

14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 23'081.0 24'812.0 23'721.3 26'502.5 - -

9.34x 9.35x 6.29x 5.76x 7.10x 5.98x 6.62x 7.37x 6.60x - -

4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'936.0 17'801.0 10'114.9 11'672.1 - -

20.97x 32.35x 6.98x 3.13x 3.51x 3.06x 3.97x 8.32x 7.19x - -











EBITDA Margin 12.7%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Volkswagen AGPrice/Volume

Valuation Analysis

497'904.00


'.'1'3'5'

-''-.'-1'-3'-5'.''

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!2 F-!' F-!2 F.!' F.!2 F0!' F0!2 F1!' F1!2 F2!' F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.09.2013






CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor




BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor









MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 414'370 0.24 (90) 23.09.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 373'977 0.22 (83'819) 30.06.2013 Investment Advisor




Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 24.09.2013


Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.09.2013

Berenberg Bank ADAM HULL buy 5 M 240 Not Provided 20.09.2013

Natixis GEORGES DIENG buy 5 M 208 Not Provided 13.09.2013



Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 10.09.2013


Oddo & Cie FRANCOIS MAURY neutral 3 M 170 Not Provided 10.09.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 10.09.2013

Nomura HARALD C HENDRIKSE neutral 3 M 170 12 month 09.09.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 12 month 09.09.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 06.09.2013


Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 04.09.2013

ISI Group ARNDT ELLINGHORST neutral 3 N 180 12 month 02.09.2013



Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 220 12 month 09.08.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 238 12 month 07.08.2013


Societe Generale STEPHEN REITMAN buy 5 M 220 12 month 01.08.2013



Kepler Cheuvreux MICHAEL RAAB buy 5 M 210 Not Provided 01.08.2013


S&P Capital IQ RODERICK BRIDGE buy 5 M 192 12 month 31.07.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013



UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013

Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Holdings By:

Volkswagen AG ee


27.09.2013

Wacker Chemie AG is a globally active chemical company with a wide range of

specialty chemical products. The Company's products include hyperpure

polysilicon for the electronics and solar industries, semiconductor wafers, a

broad range of silicones, vinyl acetate based polymers, and biotech products.


LTM as of: 06/yy

52-Week High (23.08.2013) 79.07

52-Week Low (16.11.2012) 40.48

Daily Volume

73.59





3'837.91 1 Yr Total Return 44.50%







WCH GY EQUITY YTD Change - Average Volume 30 Day 88'039

WCH GY EQUITY YTD % CHANGE - Average Volume 3 Month 114'091


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

4'298.1 3'719.3 4'748.4 4'909.7 4'634.9 4'709.0 4'444.7 4'563.9 4'867.6 1'194.2 1'111.8

0.86x 1.66x 1.36x 0.65x 0.70x 2.81x 3.14x 1.12x 1.05x - -

1'106.8 917.8 1'250.1 1'134.6 863.4 882.1 776.7 672.5 803.5 173.5 129.8

3.34x 6.71x 5.17x 2.80x 3.76x 3.70x 5.04x 7.04x 5.89x - -

439.4 (70.8) 490.7 352.6 112.8 144.3 30.2 19.2 83.6 12.7 (10.9)

8.45x - 13.22x 8.75x 21.87x 18.78x 96.53x 165.00x 37.41x - -











EBITDA Margin 17.5%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wacker Chemie AGPrice/Volume

Valuation Analysis

111'051.00


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

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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



27.09.2013


DR ALEXANDER WACKER n/a Co File 26'076'300 50 - 31.12.2012 n/a

BLUE ELEPHANT HOLDIN n/a Co File 5'215'260 10 - 31.12.2012 Unclassified

WACKER CHEMIE AG n/a Co File 2'474'617 4.74 - 31.12.2012 Corporation


DISCOVERY CAPITAL MA n/a Short (996'115) -1.91 (31'292) 14.02.2013 Hedge Fund Manager

DISCOVERY GLOBAL OPP n/a Short (824'011) -1.58 52'153 16.10.2012 Investment Advisor

SAMANA CAPITAL LP n/a Short (526'741) -1.01 93'875 26.06.2012 Hedge Fund Manager

ZBI EQUITIES LLC n/a Short (526'741) -1.01 - 06.02.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 228'000 0.44 - 30.06.2013 Investment Advisor





ING INTERNATIONAL AD Multiple Portfolios MF-AGG 145'720 0.28 (36'911) 28.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 125'069 0.24 112'400 31.07.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 92'956 0.18 - 31.07.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 79'793 0.15 - 31.05.2013 Investment Advisor




Bankhaus Lampe HEIKO FEBER sell 1 M 60 12 month 18.09.2013


JPMorgan MARCUS DIEBEL neutral 3 U 72 15 month 04.09.2013


Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 67 Not Provided 02.09.2013

DZ Bank AG PETER SPENGLER sell 1 M 50 Not Provided 16.08.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN buy 5 U 84 6 month 09.08.2013


Equinet Institutional Services(ESN) STEFAN FREUDENREICH sell 1 M 58 12 month 01.08.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 39 12 month 30.07.2013

Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 53 12 month 30.07.2013

Credit Suisse MATHEW WAUGH underperform 1 M 55 Not Provided 30.07.2013

HSBC CHRISTIAN DOMINIK RATH neutral 3 U 73 Not Provided 30.07.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 78 12 month 30.07.2013

Steubing AG TOBIAS SCHMIDT hold 3 D 68 12 month 30.07.2013

Main First Bank AG THOMAS SWOBODA outperform 5 U 85 12 month 29.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 70 Not Provided 18.07.2013

Natureo Finance INGO QUEISER sell 1 M 55 12 month 11.07.2013

UBS JEAN-FRANCOIS MEYMANDI buy 5 U 80 12 month 09.07.2013

Macquarie ROBERT SCHRAMM-FUCHS outperform 5 M 65 12 month 02.07.2013



Holdings By:

Wacker Chemie AG ee


27.09.2013

Wirecard AG offers Internet payment and processing services. The Company

provides software and systems for online payment, electronic funds transfer,

fraud protection and enterprise solutions. Wirecard also offers call center

services.


LTM as of: 06/yy

52-Week High (05.09.2013) 25.73

52-Week Low (31.01.2013) 16.73

Daily Volume

24.91





2'794.71 1 Yr Total Return 44.65%







WDI GY EQUITY YTD Change - Average Volume 30 Day 285'703

WDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 278'708


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

196.8 228.5 271.6 324.8 394.6 354.8 432.9 474.4 559.9 123.5 134.0

1.19x 3.13x 3.20x 3.47x 4.41x 13.77x 17.46x 5.43x 4.48x - -

52.4 60.3 73.1 84.4 109.3 98.5 116.0 125.6 152.8 34.2 37.2

4.46x 11.86x 11.90x 13.37x 15.92x 14.47x 17.74x 19.96x 16.40x - -

42.3 45.5 54.0 61.2 73.3 68.1 76.3 83.0 106.2 24.2 27.7

9.83x 21.44x 19.34x 20.70x 27.76x 23.35x 30.70x 32.95x 25.87x - -











EBITDA Margin 26.8%



Asset Turnover 0.42







Fiscal Year Ended

Wirecard AGPrice/Volume

Valuation Analysis

107'130.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

n -. l -. j -. S -. e -0 a -0 i -0 Q -0 i -0 e -0 e -0 Q -0 n -0!' F!. F!1 F!3 F!5 F-!' F-!. F-!1 F-!3 F-!5 F.!' F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

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



27.09.2013


JUPITER ASSET MANAGE n/a Co File 6'731'532 6 - 31.12.2012 Investment Advisor

MB BETEILGUNGSGESELL n/a Co File 6'619'340 5.9 - 31.12.2012 Unclassified


ARTISAN PARTNERS HOL n/a Co File 4'252'084 3.79 - 13.03.2013 Investment Advisor


WASATCH ADVISORS INC n/a Research 3'374'948 3.01 - 14.05.2013 Investment Advisor




COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'141'532 1.91 (204'710) 31.07.2013 Investment Advisor



JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 1'087'181 0.97 - 31.05.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'075'952 0.96 34'434 31.08.2013 Investment Advisor

MONTPENSIER FINANCE Multiple Portfolios MF-AGG 1'047'193 0.93 - 28.06.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'025'723 0.91 101'353 31.07.2013 Investment Advisor



COMGEST GROWTH PLC Multiple Portfolios MF-AGG 979'257 0.87 134'257 31.05.2013 Investment Advisor




Berenberg Bank BJOERN LIPPE buy 5 M 28 Not Provided 16.09.2013



Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 U 38 12 month 04.09.2013

Natixis MAXIME MALLET buy 5 M 27 Not Provided 02.09.2013


Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 21 Not Provided 21.08.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 28 12 month 16.08.2013


Barclays GERARDUS VOS overweight 5 M 25 Not Provided 15.08.2013

Matelan Research GmbH ADRIAN HOPKINSON buy 5 M 29 12 month 15.08.2013


Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 20 12 month 14.08.2013




Holdings By:

Wirecard AG ee


27.09.2013

Wincor Nixdorf AG manufactures banking machines and cash registers.

The Company's products include ATMs, cash deposit systems, and Automated Teller

Safes.


LTM as of: 06/yy

52-Week High (14.08.2013) 51.15

52-Week Low (04.10.2012) 29.50

Daily Volume

47.69





1'577.82 1 Yr Total Return 50.73%







WIN GY EQUITY YTD Change - Average Volume 30 Day 83'088

WIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 93'676


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

2'318.6 2'250.2 2'239.5 2'328.2 2'343.0 2'288.0 2'480.1 2'465.7 2'563.9 626.7 678.0

0.65x 0.69x 0.73x 0.51x 0.48x 1.97x 1.93x 0.71x 0.66x - -

240.4 224.7 214.5 217.0 165.3 168.7 185.8 196.3 229.1 76.7 57.0

6.31x 6.90x 7.63x 5.48x 6.73x 6.11x 7.32x 8.66x 7.42x 7.16x 5.48x

126.6 113.6 106.2 107.1 62.6 71.9 81.4 85.6 107.8 26.8 31.3

10.44x 12.26x 14.24x 9.71x 14.55x 11.84x 15.11x 16.26x 13.18x 13.30x 10.18x











EBITDA Margin 7.5%



Asset Turnover 1.76







Fiscal Year Ended

Wincor Nixdorf AGPrice/Volume

Valuation Analysis

68'799.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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27.09.2013


WINCOR NIXDORF AG n/a Co File 3'308'500 10 - 30.09.2012 Corporation



WILLIAM BLAIR & COMP n/a Research 1'636'175 4.95 (110'339) 01.08.2013 Investment Advisor



ARTISAN PARTNERS HOL n/a Research 964'009 2.91 - 23.08.2013 Investment Advisor

AMUNDI n/a Research 961'330 2.91 - 24.04.2013 Investment Advisor

POLARIS CAPITAL MANA #N/A N/A Research 807'556 2.44 - 11.09.2013 Investment Advisor


CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 666'660 2.01 30'000 30.06.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 448'050 1.35 - 30.06.2013 Investment Advisor




INTERNATIONAL VALUE Multiple Portfolios MF-AGG 337'840 1.02 - 31.03.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 329'277 1 - 31.05.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 311'300 0.94 2'500 30.04.2013 Investment Advisor

TREMBLANT CAPITAL LP n/a Short (267'988) -0.81 (36'393) 02.04.2013 Other

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 262'563 0.79 (59'700) 30.06.2013 Investment Advisor


Main First Bank AG JUERGEN WAGNER underperform 1 M 42 12 month 23.09.2013

Bankhaus Lampe HEIKO FEBER hold 3 M 49 12 month 18.09.2013



HSBC JOERG-ANDRE FINKE overweight 5 M 60 Not Provided 28.08.2013

Matelan Research GmbH ADRIAN HOPKINSON neutral 3 M 47 12 month 15.08.2013




Hauck & Aufhaeuser TORBEN TEICHLER buy 5 M 53 12 month 26.07.2013


Kepler Cheuvreux STEFAN AUGUSTIN hold 3 M 49 Not Provided 26.07.2013

Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 D 49 12 month 26.07.2013

DZ Bank AG HARALD SCHNITZER hold 3 U 46 Not Provided 26.07.2013

UBS SVEN WEIER buy 5 M 52 12 month 25.07.2013

Wedbush GIL B LURIA neutral 3 M 50 12 month 25.07.2013


M.M. Warburg Investment Research BJOERN VOSS hold 3 D 47 12 month 25.07.2013

Berenberg Bank ALI FARID KHWAJA sell 1 M 30 Not Provided 08.07.2013


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Wincor Nixdorf AG ee


27.09.2013

ElringKlinger AG manufactures and distributes original equipment and replacement

parts for automobiles. The Company makes cylinder-head gaskets, seals, modules,

and elastomer gasket systems, and shielding systems. ElringKlinger offers

engine testing services. The Company owns real estate properties such as

industrial parks and warehouses.


LTM as of: 06/yy

52-Week High (24.09.2013) 32.93

52-Week Low (02.10.2012) 20.27

Daily Volume

32.38





2'051.60 1 Yr Total Return 48.85%







ZIL2 GY EQUITY YTD Change - Average Volume 30 Day 66'340

ZIL2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 68'305


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

657.8 579.3 795.7 1'032.8 1'127.2 1'103.8 1'147.5 1'193.0 1'270.3 300.5 302.0

0.99x 1.97x 2.25x 1.42x 1.69x 5.37x 6.33x 1.95x 1.80x - -

138.8 135.6 199.8 227.5 215.5 233.9 210.3 238.7 264.2 - -

4.71x 8.42x 8.97x 6.45x 8.85x 6.40x 9.25x 9.97x 9.01x - -

39.8 33.2 65.6 94.9 85.9 104.8 86.4 99.3 116.6 25.2 25.7

10.07x 27.93x 23.87x 12.79x 18.75x 11.36x 18.65x 20.49x 17.51x - -











EBITDA Margin 18.3%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ElringKlinger AGPrice/Volume

Valuation Analysis

22'021.00


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400.0

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27.09.2013


LECHLER FAMILY n/a Research 32'947'194 52 - 25.01.2013 n/a






MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 1'104'277 1.74 533'277 31.12.2012 Investment Advisor






COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 525'330 0.83 3'330 31.07.2013 Investment Advisor






AVIVA PLC Multiple Portfolios MF-AGG 192'793 0.3 17 31.05.2013 Investment Advisor



Steubing AG TOBIAS SCHMIDT hold 3 M 31 12 month 24.09.2013


Commerzbank Corporates & Markets DANIEL SCHWARZ reduce 2 M 23 6 month 12.09.2013


Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 U 33 12 month 04.09.2013

DZ Bank AG MICHAEL PUNZET hold 3 M 28 Not Provided 16.08.2013

Goldman Sachs STEPHAN PUETTER sell/attractive 1 M 21 12 month 14.08.2013


Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 28 Not Provided 12.08.2013





Independent Research GmbH ZAFER RUZGAR sell 1 D 25 12 month 09.08.2013





Montega HENDRIK EMRICH sell 1 M 22 12 month 09.08.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 05.08.2013

HSBC NIELS FEHRE neutral 3 M 28 Not Provided 23.07.2013


LFG Kronos Investment Services GmbH THOMAS ANEY hold 3 M 26 Not Provided 11.03.2013


Holdings By:

ElringKlinger AG ee


fundamental equity analysis - qms advisors hdax flexindex 110

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