Fundamental Equity Analysis & Analyst Recommendations - Australia's S&P ASX 200 Index components

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Australia's S&P/ASX 200 Index
March 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. 27.02.2013
BHP Billiton Ltd
BHP Billiton Limited is an international resources company. The Company's Price/Volume
principal business lines are mineral exploration and production, including coal,
45 35.0 M
iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as 40 30.0 M
petroleum exploration, production, and refining. Dually-listed company with 35
BLT LN. 25.0 M
30
25 20.0 M
Valuation Analysis 20 15.0 M
Latest Fiscal Year: 06/2012 15
10.0 M
10
LTM as of: 01/yy 5.0 M
5
52-Week High (20.02.2013) 39.34
0 .0 M
52-Week Low (12.07.2012) 30.09 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 8'741'304.00
Current Price (2/dd/yy) 36.69 Market Data
52-Week High % Change -6.74% Dividend Yield 3.05
52-Week Low % Change 21.93% Beta 1.19
% 52 Week Price Range High/Low 67.68% Equity Float 3'193.77
Shares Out 30.06.2012 3'211.7 Short Int -
Market Capitalization 182'807.81 1 Yr Total Return 4.24%
Total Debt 28'330.00 YTD Return -1.11%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 1'215.0 Analyst Recs 19
Cash and Equivalents 4'781.00 Consensus Rating 3.842
Enterprise Value 217'850.03 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 12'325'000
BHP AT EQUITY YTD Change - Average Volume 30 Day 8'111'171
BHP AT EQUITY YTD % CHANGE - Average Volume 3 Month 7'972'941
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -
Total Revenue 59'473.0 50'211.0 52'798.0 71'739.0 72'226.0 - - 68'522.1 75'406.9 - -
TEV/Revenue 3.93x 2.99x 3.44x 3.56x 2.70x - - 3.14x 2.82x - -
EBITDA 27'892.0 17'311.0 24'106.0 38'030.0 33'421.0 - - 29'030.4 34'724.0 - -
TEV/EBITDA 8.39x 8.67x 7.53x 6.71x 5.84x - - 7.50x 6.27x - -
Net Income 15'390.0 5'877.0 13'034.0 23'648.0 15'417.0 - - 13'408.5 16'808.3 - -
P/E 15.19x 26.55x 13.95x 10.93x 11.12x - - 14.60x 12.00x - -
Profitability S&P Issuer Ratings
EBITDA 33'421.00 Long-Term Rating Date 15.11.2010
EBIT 27'013.00 Long-Term Rating A+
Operating Margin 37.40% Long-Term Outlook STABLE
Pretax Margin 31.87% Short-Term Rating Date 06.02.2008
Return on Assets 7.60% Short-Term Rating A-1
Return on Common Equity 14.89% Credit Ratios
Return on Capital 10.48% EBITDA/Interest Exp. 44.27
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 18.79
Margin Analysis Net Debt/EBITDA 1.37
Gross Margin - Total Debt/EBITDA 1.60
EBITDA Margin 33.2% Reference
EBIT Margin 23.2% Total Debt/Equity 43.0%
Net Income Margin 21.3% Total Debt/Capital 29.7%
Structure Asset Turnover 0.52
Current Ratio 0.93 Net Fixed Asset Turnover 0.72
Quick Ratio 0.43 Accounts receivable turnover-days 43.13
Debt to Assets 21.91% Inventory Days -
Tot Debt to Common Equity 43.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.49 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
20.00 80'000.0
18.00
70'000.0
16.00
60'000.0
14.00
12.00
50'000.0
10.00 40'000.0
8.00 30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
0.0
03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 27.02.2013
BHP Billiton Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 156'919'245 4.89 - 25.02.2013 Investment Advisor
NORGES BANK n/a EXCH 63'635'068 1.98 - 05.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 57'591'844 1.79 1'165'265 31.12.2012 Investment Advisor
AMP LIFE LTD n/a 20F 28'294'856 0.88 - 24.08.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17'009'446 0.53 379'792 30.09.2012 Mutual Fund Manager
AUSTRALIAN FOUNDATIO n/a 20F 13'990'941 0.44 - 24.08.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 10'617'239 0.33 874'883 31.12.2012 Investment Advisor
ARGO INVESTMENTS LTD n/a 20F 8'024'309 0.25 - 24.08.2012 Investment Advisor
PERPETUAL TRUSTEE CO n/a 20F 7'569'447 0.24 - 24.08.2012 Corporation
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'057'193 0.22 (1'110'028) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'995'213 0.22 (596'155) 31.12.2012 Investment Advisor
QUEENSLAND INVESTMEN n/a 20F 6'532'033 0.2 - 24.08.2012 Investment Advisor
NAVIGATOR AUSTRALIA n/a 20F 5'536'830 0.17 - 24.08.2012 Corporation
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'046'713 0.16 65'063 28.12.2012 Mutual Fund Manager
CI INVESTMENTS INC Multiple Portfolios MF-AGG 5'000'000 0.16 - 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 4'617'865 0.14 (930'416) 26.02.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'171'450 0.13 (350'650) 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'126'849 0.13 (1'011'479) 31.12.2012 Investment Advisor
DJERRIWARRH INVESTME n/a Co File 2'303'000 0.07 - 30.06.2011 Investment Advisor
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 2'044'017 0.06 171'652 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 38 12 month 26.02.2013
Commonwealth Bank ANDREW HINES neutral 3 M 41 12 month 22.02.2013
Deutsche Bank PAUL-D YOUNG buy 5 M 43 12 month 21.02.2013
Nomura DAVID RADCLYFFE buy 5 M 41 Not Provided 21.02.2013
Morgan Stanley BRENDAN FITZPATRICK Overwt/In-Line 5 M 40 12 month 20.02.2013
Investec TIM GERRARD hold 3 M 37 12 month 20.02.2013
Credit Suisse PAUL MCTAGGART neutral 3 M 40 Not Provided 20.02.2013
JPMorgan LYNDON FAGAN neutral 3 M 40 9 month 20.02.2013
CIMB PHILLIP CHIPPINDALE neutral 3 M 37 12 month 20.02.2013
RBC Capital Markets DES KILALEA outperform 5 M 34 12 month 14.02.2013
HSBC ANDREW KEEN neutral 3 M 39 Not Provided 08.02.2013
Macquarie ADRIAN WOOD neutral 3 M 39 12 month 23.01.2013
Goldman Sachs CRAIG SAINSBURY buy/attractive 5 M 42 12 month 16.01.2013
Barclays EPHREM RAVI overweight 5 M 45 Not Provided 15.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
BMO Capital Markets TONY ROBSON outperform 5 M 42 Not Provided 23.02.2010
Wise-owl.com JOSH TERLICH long-term buy 5 N #N/A N/A Not Provided 28.11.2008
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 27.02.2013
Commonwealth Bank of Australia
Commonwealth Bank of Australia provides banking, life insurance and related Price/Volume
services for individuals, small businesses and medium sized commercial
80 40.0 M
enterprises. The Bank provides corporate and general banking, international
70 35.0 M
financing, institutional banking and stock broking and funds management such as
60 30.0 M
superannuation product.
50 25.0 M
40 20.0 M
Valuation Analysis
30 15.0 M
Latest Fiscal Year: 06/2012
20 10.0 M
LTM as of: 01/yy
10 5.0 M
52-Week High (15.02.2013) 67.74
0 .0 M
52-Week Low (08.03.2012) 47.50 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 2'175'774.00
Current Price (2/dd/yy) 66.01 Market Data
52-Week High % Change -2.55% Dividend Yield 5.47
52-Week Low % Change 38.97% Beta 0.96
% 52 Week Price Range High/Low 88.78% Equity Float 1'558.53
Shares Out 31.12.2012 1'609.2 Short Int -
Market Capitalization 106'222.03 1 Yr Total Return 41.68%
Total Debt 168'660.00 YTD Return 8.81%
Preferred Stock 0.0 Adjusted BETA 0.957
Minority Interest 531.0 Analyst Recs 17
Cash and Equivalents 30'552.00 Consensus Rating 2.353
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 4'627'061
CBA AT EQUITY YTD Change - Average Volume 30 Day 4'880'606
CBA AT EQUITY YTD % CHANGE - Average Volume 3 Month 4'334'893
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -
Total Revenue 35'969.0 37'721.0 39'647.0 44'286.0 45'481.0 - - 21'476.5 22'213.8 - -
TEV/Revenue - - - - - - - - - - -
EBITDA - - - - - - - - - - -
TEV/EBITDA - - - - - - - - - - -
Net Income 4'791.0 4'723.0 5'664.0 6'394.0 7'090.0 - - 7'445.9 7'752.9 - -
P/E 11.07x 11.85x 13.22x 12.72x 11.83x - - 14.44x 13.92x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 49.15% Long-Term Outlook STABLE
Pretax Margin 48.98% Short-Term Rating Date 13.06.1996
Return on Assets 1.00% Short-Term Rating A-1+
Return on Common Equity 17.47% Credit Ratios
Return on Capital 3.51% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 411.0%
Net Income Margin 34.8% Total Debt/Capital 80.2%
Structure Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 17.47
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 23.48% Inventory Days -
Tot Debt to Common Equity 410.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
18.00 50'000.0
16.00 45'000.0
14.00 40'000.0
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00 15'000.0
4.00 10'000.0
2.00 5'000.0
0.00
0.0
03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 27.02.2013
Commonwealth Bank of Australia
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMMONWEALTH BANK OF n/a EXCH 41'822'942 2.6 - 24.08.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'733'995 1.72 60'280 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'526'606 1.15 84'696 25.02.2013 Investment Advisor
AMP LIFE LTD n/a Co File 13'795'362 0.86 895'434 03.08.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'243'764 0.57 327'234 30.09.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 8'704'067 0.54 (423'702) 31.12.2012 Investment Advisor
AUSTRALIAN FOUNDATIO n/a Co File 8'527'900 0.53 - 03.08.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 3'922'878 0.24 173'914 31.08.2011 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'878'234 0.24 2'847'414 31.12.2012 Investment Advisor
AUSTRALIAN REWARD IN n/a Co File 3'619'024 0.22 - 05.08.2011 Investment Advisor
MILTON CORP LTD n/a Co File 3'013'225 0.19 - 03.08.2012 Investment Advisor
QUEENSLAND INVESTMEN n/a Co File 2'998'879 0.19 - 03.08.2012 Investment Advisor
ARGO INVESTMENTS LTD n/a Co File 2'777'895 0.17 70'000 03.08.2012 Investment Advisor
NAVIGATOR AUSTRALIA n/a Co File 2'647'807 0.16 - 03.08.2012 Corporation
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'473'457 0.15 39'522 28.12.2012 Mutual Fund Manager
PERPETUAL TRUSTEE CO n/a Co File 2'453'418 0.15 - 05.08.2011 Corporation
QUESTOR FINANCIAL SE n/a Co File 2'200'705 0.14 - 03.08.2012 Private Equity
SUNCORP CUSTODIAN SE n/a Co File 1'969'648 0.12 - 05.08.2011 Holding Company
DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1'247'000 0.08 - 30.06.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'034'187 0.06 (30'418) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN neutral 3 U 63 Not Provided 27.02.2013
Evans & Partners Pty Ltd GEORGE GABRIEL negative 2 D #N/A N/A Not Provided 21.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 18.02.2013
Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 61 12 month 14.02.2013
Macquarie MICHAEL WIBLIN neutral 3 M 64 12 month 14.02.2013
Deutsche Bank JAMES FREEMAN hold 3 M 66 12 month 13.02.2013
Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 52 12 month 13.02.2013
Credit Suisse JARROD MARTIN underperform 1 M 60 Not Provided 13.02.2013
JPMorgan SCOTT MANNING underweight 1 M 59 3 month 13.02.2013
CIMB JOHN BUONACCORSI underperform 1 D 57 12 month 13.02.2013
BBY Limited BRETT LE MESURIER buy 5 M 70 12 month 13.02.2013
Bell Potter T S LIM buy 5 M 70 12 month 13.02.2013
Shaw Stockbroking TIM BUCKLEY accumulate 4 M #N/A N/A Not Provided 18.01.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 27.02.2013
Westpac Banking Corp
Westpac Banking Corporation offers general and savings banking services. The Price/Volume
Company provides investment portfolio management and advice, insurance services,
35 60.0 M
consumer finance, and money market services among other services. Westpac
30 50.0 M
Banking Corp. serves individuals, businesses, and corporations worldwide.
25
40.0 M
20
30.0 M
Valuation Analysis 15
Latest Fiscal Year: 09/2012 20.0 M
10
LTM as of: 01/yy 5 10.0 M
52-Week High (20.02.2013) 30.72
0 .0 M
52-Week Low (04.06.2012) 20.00 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 3'833'221.00
Current Price (2/dd/yy) 30.2 Market Data
52-Week High % Change -1.69% Dividend Yield 5.50
52-Week Low % Change 51.00% Beta 1.14
% 52 Week Price Range High/Low 95.43% Equity Float 3'040.12
Shares Out 20.12.2012 3'103.7 Short Int -
Market Capitalization 93'732.62 1 Yr Total Return 56.29%
Total Debt 174'646.00 YTD Return 15.98%
Preferred Stock 0.0 Adjusted BETA 1.142
Minority Interest 1'970.0 Analyst Recs 17
Cash and Equivalents 24'644.00 Consensus Rating 3.235
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 8'523'349
WBC AT EQUITY YTD Change - Average Volume 30 Day 6'573'229
WBC AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'004'784
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
Total Revenue 33'007.0 35'313.0 39'173.0 42'969.0 42'308.0 - - 18'772.0 19'489.5 - -
TEV/Revenue - - - - - - - 3.73x 3.54x - -
EBITDA - - - - - - - - - - -
TEV/EBITDA - - - - - - - - - - -
Net Income 3'859.0 3'446.0 6'346.0 6'991.0 5'970.0 - - 6'850.6 7'159.5 - -
P/E 10.43x 20.95x 10.85x 8.73x 12.69x - - 13.96x 13.49x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 50.04% Long-Term Outlook STABLE
Pretax Margin 49.41% Short-Term Rating Date 11.09.1996
Return on Assets 0.89% Short-Term Rating A-1+
Return on Common Equity 13.87% Credit Ratios
Return on Capital 2.61% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 394.7%
Net Income Margin 33.3% Total Debt/Capital 79.1%
Structure Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 36.87
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.87% Inventory Days -
Tot Debt to Common Equity 394.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
160.00 50'000.0
140.00 45'000.0
40'000.0
120.00
35'000.0
100.00 30'000.0
80.00 25'000.0
20'000.0
60.00
15'000.0
40.00 10'000.0
20.00 5'000.0
0.00
0.0
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 27.02.2013
Westpac Banking Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL AUSTRALIA B n/a ULT-AGG 97'603'344 3.14 (81'301'352) 18.05.2012 Bank
WESTPAC BANKING CORP n/a EXCH 60'312'493 1.94 4'631'708 22.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'653'139 1.73 123'107 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 35'260'451 1.14 21'804 25.02.2013 Investment Advisor
AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'476'000 0.6 - 29.06.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 17'867'376 0.58 621'056 30.09.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 10'176'077 0.33 - 31.12.2012 Investment Advisor
ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 9'146'851 0.29 - 30.06.2011 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 7'390'421 0.24 211'701 31.08.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'656'759 0.18 (118'442) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'105'285 0.16 (23'933) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'712'372 0.15 47'324 28.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'493'921 0.14 (613'642) 31.10.2012 Investment Advisor
DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 3'194'000 0.1 - 30.06.2011 Investment Advisor
SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'993'229 0.06 160'498 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 1'920'044 0.06 (97'327) 28.12.2012 Unclassified
STATE STREET n/a ULT-AGG 1'808'901 0.06 - 26.02.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'613'023 0.05 174'952 31.12.2012 Mutual Fund Manager
KELLY GAIL PATRICIA n/a EXCH 1'589'971 0.05 - 24.12.2012 n/a
NOMURA n/a ULT-AGG 1'533'082 0.05 (14'600) 12.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN neutral 3 M 28 Not Provided 27.02.2013
Goldman Sachs BENJAMIN KOO Sell/Neutral 1 M 24 12 month 26.02.2013
Deutsche Bank JAMES FREEMAN hold 3 M 29 12 month 25.02.2013
Commonwealth Bank ROSS CURRAN overweight 5 M 30 12 month 25.02.2013
Credit Suisse JARROD MARTIN neutral 3 M 30 Not Provided 15.02.2013
BBY Limited BRETT LE MESURIER buy 5 M 30 12 month 11.02.2013
JPMorgan SCOTT MANNING underweight 1 M 26 3 month 05.02.2013
Macquarie MICHAEL WIBLIN underperform 1 M 27 12 month 04.02.2013
Morgan Stanley RICHARD E WILES Overwt/In-Line 5 M 27 12 month 21.01.2013
CIMB JOHN BUONACCORSI neutral 3 M 26 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Bell Potter T S LIM buy 5 U 27 12 month 05.11.2012
Evans & Partners Pty Ltd GEORGE GABRIEL neutral 3 D #N/A N/A Not Provided 18.08.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 27.02.2013
Australia & New Zealand Banking Group Ltd
Australia and New Zealand Banking Group Limited is an international bank with Price/Volume
activities in general banking, mortgage and installment lending, life insurance,
35 40.0 M
leasing, hire purchase and general finance. ANZ also provides international and
30 35.0 M
investment banking, investment and portfolio management and advisory services,
25 30.0 M
nominee and custodian services, stock broking and executor and trustee services.
25.0 M
20
20.0 M
Valuation Analysis 15
15.0 M
Latest Fiscal Year: 09/2012 10 10.0 M
LTM as of: 06/yy 5 5.0 M
52-Week High (21.02.2013) 28.83
0 .0 M
52-Week Low (25.05.2012) 20.26 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 5'162'468.00
Current Price (2/dd/yy) 28.28 Market Data
52-Week High % Change -1.91% Dividend Yield 5.13
52-Week Low % Change 39.59% Beta 1.09
% 52 Week Price Range High/Low 92.18% Equity Float 2'670.91
Shares Out 11.02.2013 2'743.6 Short Int -
Market Capitalization 77'589.22 1 Yr Total Return 36.17%
Total Debt 118'987.00 YTD Return 12.89%
Preferred Stock 871.0 Adjusted BETA 1.091
Minority Interest 49.0 Analyst Recs 18
Cash and Equivalents 55'159.00 Consensus Rating 3.278
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 6'699'784
ANZ AT EQUITY YTD Change - Average Volume 30 Day 6'108'037
ANZ AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'687'383
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
Total Revenue 36'622.0 29'836.0 31'324.0 35'602.0 35'968.0 0.0 0.0 18'113.3 19'046.4 - -
TEV/Revenue - - - - - #DIV/0! #DIV/0! 1.13x 0.82x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income 3'319.0 2'943.0 4'501.0 5'355.0 5'661.0 1'416.8 0.0 6'277.9 6'652.9 - -
P/E 11.00x 18.62x 13.24x 9.38x 11.60x 0.00x 0.00x 12.56x 12.03x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 45.92% Long-Term Outlook STABLE
Pretax Margin 45.58% Short-Term Rating Date 11.09.1996
Return on Assets 0.91% Short-Term Rating A-1+
Return on Common Equity 14.61% Credit Ratios
Return on Capital 3.66% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 295.3%
Net Income Margin 32.3% Total Debt/Capital 74.3%
Structure Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 16.97
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 18.53% Inventory Days -
Tot Debt to Common Equity 295.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
25.00 40'000.0
35'000.0
20.00
30'000.0
25'000.0
15.00
20'000.0
10.00 15'000.0
10'000.0
5.00
5'000.0
0.00
0.0
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 27.02.2013
Australia & New Zealand Banking Group Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL AUSTRALIA B n/a ULT-AGG 79'043'517 2.88 (94'977'033) 14.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'960'984 1.78 202'631 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 33'382'219 1.22 (448'296) 25.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 28'623'138 1.04 (126'641) 31.12.2012 Investment Advisor
AMP LIFE LTD n/a Co File 26'021'302 0.95 - 12.10.2012 Investment Advisor
AUSTRALIA & NEW ZEAL n/a EXCH 22'272'100 0.81 240'948 14.02.2013 Bank
ANZEST PTY LTD n/a Co File 17'899'078 0.65 - 12.10.2012 Other
RANCHLAND HOLDINGS P n/a EXCH 17'051'442 0.62 - 31.01.2013 Holding Company
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 15'749'960 0.57 609'075 30.09.2012 Mutual Fund Manager
AUSTRALIAN FOUNDATIO n/a Co File 8'187'710 0.3 - 12.10.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'992'412 0.29 (114'910) 25.02.2013 Investment Advisor
ARGO INVESTMENTS LTD n/a Co File 7'902'915 0.29 - 12.10.2012 Investment Advisor
BLUEKNIGHT CORP PTY n/a EXCH 7'000'000 0.26 - 29.01.2013 Unclassified
PERPETUAL TRUSTEE CO n/a Co File 6'936'856 0.25 - 12.10.2012 Corporation
MACQUARIE GROUP LTD n/a ULT-AGG 6'637'141 0.24 142'437 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'287'331 0.23 1'670 31.12.2012 Investment Advisor
QUEENSLAND INVESTMEN n/a Co File 5'787'257 0.21 - 12.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'273'810 0.16 41'568 28.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'251'603 0.15 816'803 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'584'755 0.13 (356'616) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN neutral 3 M 27 Not Provided 27.02.2013
Deutsche Bank JAMES FREEMAN buy 5 M 31 12 month 15.02.2013
Morgan Stanley RICHARD E WILES Underwt/In-Line 1 M 23 12 month 15.02.2013
Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 26 12 month 15.02.2013
Credit Suisse JARROD MARTIN outperform 5 M 31 Not Provided 15.02.2013
JPMorgan SCOTT MANNING neutral 3 M 26 3 month 15.02.2013
Macquarie MICHAEL WIBLIN outperform 5 M 31 12 month 15.02.2013
CIMB JOHN BUONACCORSI neutral 3 M 25 12 month 15.02.2013
BBY Limited BRETT LE MESURIER buy 5 M 29 12 month 15.02.2013
Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 15.02.2013
Bell Potter T S LIM hold 3 D 29 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Evans & Partners Pty Ltd GEORGE GABRIEL negative 2 D #N/A N/A Not Provided 26.10.2012
Paterson Securities TONY FARNHAM hold 3 M #N/A N/A Not Provided 08.11.2011
Shaw Stockbroking TIM BUCKLEY hold 3 M #N/A N/A Not Provided 05.03.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 27.02.2013
National Australia Bank Ltd
National Australia Bank Limited is an international banking group which operates Price/Volume
in Australia, New Zealand, Europe, Asia and the United States. The Group offers
35 40.0 M
banking services, credit and access card facilities, leasing, housing and
30 35.0 M
general finance, international and investment banking, wealth and funds
25 30.0 M
management, life insurance and custodian, trustee and nominee services.
25.0 M
20
20.0 M
Valuation Analysis 15
15.0 M
Latest Fiscal Year: 09/2012 10 10.0 M
LTM as of: 06/yy 5 5.0 M
52-Week High (20.02.2013) 30.80
0 .0 M
52-Week Low (04.06.2012) 21.95 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 4'582'078.00
Current Price (2/dd/yy) 30.03 Market Data
52-Week High % Change -2.50% Dividend Yield 5.99
52-Week Low % Change 36.81% Beta 1.17
% 52 Week Price Range High/Low 90.40% Equity Float 2'283.85
Shares Out 24.01.2013 2'342.3 Short Int -
Market Capitalization 70'338.06 1 Yr Total Return 37.99%
Total Debt 166'809.00 YTD Return 20.12%
Preferred Stock 4'914.0 Adjusted BETA 1.165
Minority Interest 47.0 Analyst Recs 18
Cash and Equivalents 66'874.00 Consensus Rating 3.944
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 7'091'610
NAB AT EQUITY YTD Change - Average Volume 30 Day 6'792'626
NAB AT EQUITY YTD % CHANGE - Average Volume 3 Month 6'213'740
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2
Total Revenue 41'424.0 35'749.0 34'005.0 38'154.0 38'797.0 0.0 0.0 18'826.5 19'575.4 - 4'700.0
TEV/Revenue - - - - - #DIV/0! #DIV/0! 0.30x 0.15x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income 4'536.0 2'589.0 4'224.0 5'219.0 4'082.0 0.0 0.0 5'793.5 6'289.9 - 1'500.0
P/E 9.23x 24.93x 13.21x 9.58x 14.54x 0.00x 0.00x 12.09x 11.40x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 37.22% Long-Term Outlook STABLE
Pretax Margin 35.20% Short-Term Rating Date 21.07.1992
Return on Assets 0.54% Short-Term Rating A-1+
Return on Common Equity 10.08% Credit Ratios
Return on Capital 1.89% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 429.5%
Net Income Margin 23.3% Total Debt/Capital 79.2%
Structure Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 20.31
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.86% Inventory Days -
Tot Debt to Common Equity 429.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
45.00 45'000.0
40.00 40'000.0
35.00 35'000.0
30.00 30'000.0
25.00 25'000.0
20.00 20'000.0
15.00 15'000.0
10.00 10'000.0
5.00 5'000.0
0.00
0.0
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11. 27.02.2013
National Australia Bank Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL AUSTRALIA B n/a ULT-AGG 50'599'502 2.16 (7'148'665) 14.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'668'606 1.69 836'436 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 27'559'557 1.18 13'715 25.02.2013 Investment Advisor
AMP GROUP n/a Co File 17'565'667 0.75 - 31.10.2012 Other
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 13'185'793 0.56 535'152 30.09.2012 Mutual Fund Manager
AUSTRALIAN FOUNDATIO n/a Co File 9'342'065 0.4 - 31.10.2012 Investment Advisor
QUEENSLAND INVESTMEN n/a Co File 7'938'149 0.34 - 31.10.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 6'768'885 0.29 284'797 31.08.2011 Investment Advisor
ARGO INVESTMENTS LTD n/a Co File 5'156'609 0.22 - 31.10.2012 Investment Advisor
NAVIGATOR AUSTRALIA n/a Co File 5'094'181 0.22 - 19.11.2012 Corporation
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 4'517'157 0.19 - 14.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'742'463 0.16 (193'175) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'666'890 0.16 59'056 31.10.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3'589'212 0.15 67'687 28.12.2012 Mutual Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 3'171'323 0.14 (76'331) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'968'791 0.13 - 31.07.2012 Investment Advisor
DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 1'924'000 0.08 - 30.06.2011 Investment Advisor
UCA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'850'494 0.08 (313) 31.01.2013 Mutual Fund Manager
UBS n/a ULT-AGG 1'836'802 0.08 (216'958) 28.12.2012 Unclassified
STATE STREET n/a ULT-AGG 1'760'761 0.08 - 26.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN buy 5 M 33 Not Provided 27.02.2013
BBY Limited BRETT LE MESURIER buy 5 M 30 12 month 11.02.2013
Deutsche Bank JAMES FREEMAN buy 5 M 32 12 month 07.02.2013
Morgan Stanley RICHARD E WILES Equalwt/In-Line 3 M 27 12 month 07.02.2013
Credit Suisse JARROD MARTIN neutral 3 M 29 Not Provided 07.02.2013
JPMorgan SCOTT MANNING neutral 3 M 27 3 month 07.02.2013
Macquarie MICHAEL WIBLIN neutral 3 M 28 12 month 07.02.2013
CIMB JOHN BUONACCORSI outperform 5 M 31 12 month 07.02.2013
Commonwealth Bank ROSS CURRAN neutral 3 M 28 12 month 07.02.2013
Bell Potter T S LIM buy 5 M 31 12 month 07.02.2013
Evans & Partners Pty Ltd GEORGE GABRIEL Positive 4 U #N/A N/A Not Provided 07.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs BENJAMIN KOO neutral/neutral 3 M 26 12 month 31.10.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |