Fundamental Equity Analysis & Analyst Recommendations - STOXX Large 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
STOXX Europe Large 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. 28.02.2013
ABB Ltd
ABB Limited provides power and automation technologies. The Company operates Price/Volume
under segments that include power products, power systems, automation products,
25 35.0 M
process automation and robotics.
30.0 M
20
25.0 M
15 20.0 M
Valuation Analysis 10 15.0 M
Latest Fiscal Year: 12/2012 10.0 M
LTM as of: 12/yy 5
5.0 M
52-Week High (25.02.2013) 21.60
0 .0 M
52-Week Low (15.06.2012) 14.45 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 1'257'514.00
Current Price (2/dd/yy) 21.38 Market Data
52-Week High % Change -1.06% Dividend Yield -
52-Week Low % Change 47.96% Beta 1.28
% 52 Week Price Range High/Low 93.85% Equity Float 2'145.77
Shares Out 31.12.2012 2'314.7 Short Int -
Market Capitalization 49'489.21 1 Yr Total Return 19.98%
Total Debt 10'071.00 YTD Return 14.03%
Preferred Stock 0.0 Adjusted BETA 1.278
Minority Interest 540.0 Analyst Recs 41
Cash and Equivalents 8'481.00 Consensus Rating 3.805
Enterprise Value 55'299.32 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 6'918'902
ABBN VX EQUITY YTD Change - Average Volume 30 Day 6'780'230
ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'981'187
Fiscal Year Ended 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 37'990.0 39'336.0 41'566.0 43'746.9 9'585.5 10'338.2
TEV/Revenue 0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.30x 1.19x 5.73x 5.43x
EBITDA 5'259.0 4'892.0 4'733.0 5'688.0 5'240.0 5'688.0 5'420.0 6'298.4 6'953.3 1'413.7 1'587.3
TEV/EBITDA 5.48x 7.67x 9.49x 7.37x 9.40x 7.37x 9.09x 8.78x 7.95x 8.74x -
Net Income 3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'168.0 2'704.0 3'455.2 3'961.8 737.8 849.5
P/E 10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 15.07x 13.30x 15.30x -
Profitability S&P Issuer Ratings
EBITDA 5'240.00 Long-Term Rating Date 08.06.2010
EBIT 4'058.00 Long-Term Rating A
Operating Margin 10.32% Long-Term Outlook STABLE
Pretax Margin 9.76% Short-Term Rating Date 08.06.2010
Return on Assets 6.10% Short-Term Rating A-1
Return on Common Equity 16.55% Credit Ratios
Return on Capital 12.65% EBITDA/Interest Exp. 17.88
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.47
Margin Analysis Net Debt/EBITDA 0.29
Gross Margin 28.9% Total Debt/EBITDA 1.86
EBITDA Margin 13.8% Reference
EBIT Margin 10.8% Total Debt/Equity 59.6%
Net Income Margin 6.9% Total Debt/Capital 36.6%
Structure Asset Turnover 0.89
Current Ratio 1.48 Net Fixed Asset Turnover 7.24
Quick Ratio 1.06 Accounts receivable turnover-days 89.90
Debt to Assets 20.52% Inventory Days 78.02
Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 63.02
Accounts Receivable Turnover 4.07 Cash Conversion Cycle 104.90
Inventory Turnover 4.69
Price/ Cash Flow Sales/Revenue/Turnover
25.00 45'000.0
40'000.0
20.00 35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
5'000.0
0.00
0.0
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 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. 28.02.2013
ABB Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 88'383'685 3.82 641'066 26.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 46'622'931 2.01 107'985 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'969'759 1.55 (250'775) 28.12.2012 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'404'999 1.05 742'517 31.01.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21'512'467 0.93 (228'817) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'688'361 0.63 1'127'411 30.11.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 12'616'326 0.55 442'829 25.02.2013 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 31.01.2013 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 8'568'106 0.37 (2'579'835) 27.02.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'070'678 0.35 4'651 28.12.2012 Mutual Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'074'030 0.31 559'620 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'861'907 0.3 5'064'054 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'040'300 0.26 (135'000) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'600'000 0.24 - 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'823'948 0.17 (15'000) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HEINZ STEFFEN reduce 2 M 21 6 month 28.02.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 26.02.2013
Credit Suisse SIMON TOENNESSEN outperform 5 N 26 Not Provided 20.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 21 12 month 19.02.2013
Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013
Kepler Capital Markets CHRISTOPH LADNER hold 3 D 21 Not Provided 18.02.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013
Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013
Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 15.02.2013
Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 15.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013
Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 15.02.2013
Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013
Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 14.02.2013
ABG Sundal Collier ANDERS IDBORG buy 5 U 24 6 month 14.02.2013
JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 14.02.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 14.02.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013
Nomura DANIEL CUNLIFFE neutral 3 M 19 12 month 14.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
CA Cheuvreux ALFRED GLASER underperform 1 M 14 Not Provided 23.01.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 21 Not Provided 08.01.2013
Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012
Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012
HSBC COLIN GIBSON neutral 3 M 18 Not Provided 29.11.2012
Espirito Santo Investment Bank Research VIRDEE
ROB buy 5 M 21 Not Provided 30.10.2012
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012
Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012
Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 28.02.2013
Adidas AG
Adidas AG manufactures sports shoes and sports equipment. The Company produces Price/Volume
products that include footwear, sports apparel, and golf clubs and balls. Adidas
80 3.0 M
sells its products worldwide.
70
2.5 M
60
2.0 M
50
40 1.5 M
Valuation Analysis
30
Latest Fiscal Year: 12/2011 1.0 M
20
LTM as of: 09/yy .5 M
10
52-Week High (20.02.2013) 72.64
0 .0 M
52-Week Low (29.06.2012) 54.75 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 129'500.00
Current Price (2/dd/yy) 69.56 Market Data
52-Week High % Change -4.38% Dividend Yield -
52-Week Low % Change 27.05% Beta 0.77
% 52 Week Price Range High/Low 81.61% Equity Float 209.22
Shares Out 30.09.2012 209.2 Short Int -
Market Capitalization 14'553.08 1 Yr Total Return 19.87%
Total Debt 1'280.00 YTD Return 3.31%
Preferred Stock 0.0 Adjusted BETA 0.773
Minority Interest 4.0 Analyst Recs 40
Cash and Equivalents 1'371.00 Consensus Rating 3.950
Enterprise Value 14'891.08 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 960'899
ADS GY EQUITY YTD Change - Average Volume 30 Day 831'914
ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 755'077
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 10'299.0 10'799.0 10'381.0 11'990.0 13'344.0 12'922.0 14'777.0 14'934.2 15'751.7 3'433.6 3'994.5
TEV/Revenue 1.18x 0.69x 0.85x 0.87x 0.78x 3.36x 3.33x 0.97x 0.90x - -
EBITDA 1'167.0 1'310.0 823.0 1'174.0 1'264.0 1'262.0 1'468.0 1'468.7 1'699.3 93.5 503.0
TEV/EBITDA 10.41x 5.69x 10.72x 8.91x 8.25x 8.22x 9.35x 10.13x 8.75x 9.26x 9.01x
Net Income 551.0 642.0 245.0 567.0 671.0 659.0 817.0 801.2 949.2 (14.9) 308.5
P/E 18.79x 8.35x 30.22x 18.04x 15.71x 14.58x 16.45x 18.23x 15.47x 16.33x 15.53x
Profitability S&P Issuer Ratings
EBITDA 1'264.00 Long-Term Rating Date -
EBIT 1'011.00 Long-Term Rating -
Operating Margin 7.58% Long-Term Outlook -
Pretax Margin 6.95% Short-Term Rating Date -
Return on Assets 7.16% Short-Term Rating -
Return on Common Equity 14.84% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 11.70
Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 8.76
Margin Analysis Net Debt/EBITDA 0.23
Gross Margin 47.5% Total Debt/EBITDA 1.13
EBITDA Margin 9.9% Reference
EBIT Margin 8.1% Total Debt/Equity 24.0%
Net Income Margin 5.0% Total Debt/Capital 19.4%
Structure Asset Turnover 1.30
Current Ratio 1.50 Net Fixed Asset Turnover 15.45
Quick Ratio 0.72 Accounts receivable turnover-days 57.44
Debt to Assets 11.25% Inventory Days 109.25
Tot Debt to Common Equity 24.03% Accounts Payable Turnover Day 63.25
Accounts Receivable Turnover 6.37 Cash Conversion Cycle 77.37
Inventory Turnover 3.35
Price/ Cash Flow Sales/Revenue/Turnover
600.00 16'000.0
14'000.0
500.00
12'000.0
400.00
10'000.0
300.00 8'000.0
6'000.0
200.00
4'000.0
100.00 2'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 28.02.2013
Adidas AG
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 24'832'306 11.87 (190'000) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'092'430 6.26 (131'765) 26.02.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'035'046 3.36 (787'289) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'079'560 2.43 (630'886) 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'875'195 2.33 1'800'000 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'020'990 1.92 (4'077) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'695'238 1.29 (5'477) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'395'061 1.14 (84'641) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'745'150 0.83 7'200 28.09.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'563'123 0.75 - 31.08.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'556'158 0.74 8'590 27.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor
BROOKSIDE CAPITAL TR n/a Short (1'234'376) -0.59 (104'609) 02.11.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'162'385 0.56 (54'247) 28.12.2012 Mutual Fund Manager
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'126'329 0.54 - 30.09.2012 Unclassified
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 980'376 0.47 219'000 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 757'244 0.36 146'586 31.01.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 651'800 0.31 - 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 647'738 0.31 75'000 31.10.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 627'633 0.3 395'273 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG MATTHIAS EIFERT outperform 5 M 85 12 month 28.02.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 72 6 month 28.02.2013
Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 80 12 month 27.02.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 78 12 month 25.02.2013
Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 62 12 month 22.02.2013
JPMorgan CHIARA BATTISTINI neutral 3 M 65 9 month 22.02.2013
Deutsche Bank MICHAEL KUHN buy 5 M 81 12 month 20.02.2013
Cantor Fitzgerald ALLEGRA PERRY sell 1 M 62 Not Provided 20.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
Barclays JULIAN EASTHOPE equalweight 3 M 74 Not Provided 18.02.2013
Baader Bank VOLKER BOSSE buy 5 M 80 12 month 14.02.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 83 Not Provided 13.02.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 74 Not Provided 10.02.2013
Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 01.02.2013
DZ Bank AG HERBERT STURM buy 5 M 72 12 month 23.01.2013
National Bank AG MANFRED JAISFELD hold 3 D 72 Not Provided 18.01.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 63 6 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Bryan Garnier & Cie PETER FARREN buy 5 M 82 6 month 16.01.2013
Nomura CHRISTOPHER WALKER buy 5 M 85 Not Provided 16.01.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 70 12 month 11.01.2013
Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 82 12 month 08.01.2013
ISI Group OMAR SAAD neutral 3 D 70 Not Provided 04.01.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 97 12 month 04.12.2012
HSBC ERWAN RAMBOURG overweight 5 M 77 Not Provided 28.11.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.11.2012
Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 76 Not Provided 13.11.2012
Nord/LB VOLKER SACK hold 3 M 60 12 month 09.11.2012
Credit Suisse ROGERIO FUJIMORI outperform 5 M 61 Not Provided 09.11.2012
Independent Research GmbH ZAFER RUZGAR hold 3 M 70 12 month 09.11.2012
M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 82 12 month 08.11.2012
S&P Capital IQ WILLIAM MACK hold 3 M 68 12 month 08.11.2012
Silvia Quandt Research MARK JOSEFSON buy 5 M 75 12 month 08.11.2012
Raymond James CEDRIC LECASBLE outperform 5 M 84 Not Provided 25.09.2012
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 66 12 month 24.09.2012
CA Cheuvreux JUERGEN KOLB outperform 5 M 74 Not Provided 14.09.2012
Hammer Partners SA STEPHAN SEIP buy 5 M 70 Not Provided 02.08.2012
Equita SIM SpA FABIO FAZZARI hold 3 M 60 12 month 24.05.2012
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 28.02.2013
Aegon NV
AEGON N.V. offers life and health insurance, and related pension, savings, and Price/Volume
investment products in Europe and North America. The Company also offers
6 40.0 M
property and casualty insurance in the Netherlands, Spain, and Hungary, and
35.0 M
financial services including banking, equipment lease financing, and mortgage 5
30.0 M
lending. 4
25.0 M
3 20.0 M
Valuation Analysis
15.0 M
Latest Fiscal Year: 12/2012 2
10.0 M
LTM as of: 12/yy 1
5.0 M
52-Week High (15.02.2013) 5.26
0 .0 M
52-Week Low (04.06.2012) 3.12 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 2'055'856.00
Current Price (2/dd/yy) 4.563 Market Data
52-Week High % Change -13.05% Dividend Yield -
52-Week Low % Change 46.30% Beta 1.64
% 52 Week Price Range High/Low 66.50% Equity Float 1'971.57
Shares Out 31.12.2012 1'972.0 Short Int -
Market Capitalization 8'998.37 1 Yr Total Return 22.48%
Total Debt 12'974.00 YTD Return -5.00%
Preferred Stock 6'853.0 Adjusted BETA 1.641
Minority Interest 13.0 Analyst Recs 36
Cash and Equivalents 9'653.00 Consensus Rating 3.528
Enterprise Value 12'332.37 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 12'265'640
AGN NA EQUITY YTD Change - Average Volume 30 Day 8'723'121
AGN NA EQUITY YTD % CHANGE - Average Volume 3 Month 7'793'220
Fiscal Year Ended 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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 3'208.0 41'592.0 44'750.0 25'121.0 42'930.0 25'121.0 40'160.0 30'120.0 28'295.0 - -
TEV/Revenue 3.74x 0.48x 0.44x 0.59x 0.30x 2.66x 1.48x 0.63x 0.67x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income (1'082.0) 204.0 1'759.0 869.0 1'570.0 869.0 1'570.0 1'324.0 1'392.0 - -
P/E - - 6.05x - 6.96x 0.00x 6.96x 7.31x 6.92x 8.15x -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 31.03.2009
EBIT - Long-Term Rating A-
Operating Margin 5.46% Long-Term Outlook STABLE
Pretax Margin 4.44% Short-Term Rating Date 31.03.2009
Return on Assets 0.44% Short-Term Rating A-2
Return on Common Equity 5.42% Credit Ratios
Return on Capital 4.97% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 43.7%
Net Income Margin 3.7% Total Debt/Capital 30.4%
Structure Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.54% Inventory Days -
Tot Debt to Common Equity 43.70% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
9.00 50'000.0
8.00 45'000.0
7.00 40'000.0
35'000.0
6.00
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00 15'000.0
2.00 10'000.0
1.00 5'000.0
0.00
0.0
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 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 |

7. 28.02.2013
Aegon NV
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX n/a Co File 145'133'708 7.36 - 10.02.2012 Investment Advisor
FMR LLC n/a ULT-AGG 96'406'786 4.89 9'558'140 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'464'728 1.65 1'133'247 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'465'793 0.83 266'744 26.02.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 10'982'748 0.56 1'359 31.12.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'093'254 0.36 1'033'941 28.09.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'579'517 0.33 (340'436) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'805'289 0.29 1'988 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5'182'047 0.26 (19'659) 31.12.2012 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 5'083'550 0.26 1'290'650 31.10.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4'802'291 0.24 39'363 31.12.2012 Investment Advisor
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 3'919'013 0.2 (215'630) 30.11.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'704'372 0.19 - 30.11.2012 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 3'640'000 0.18 - 29.06.2012 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 3'455'894 0.18 (173'700) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'243'816 0.16 - 31.07.2012 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 3'091'098 0.16 - 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'999'325 0.15 716'574 31.12.2012 Unclassified
STATE STREET BANQUE Multiple Portfolios MF-AGG 2'948'624 0.15 (43'457) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'822'679 0.14 1'923'228 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE add 4 M 5 6 month 28.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 6 Not Provided 22.02.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 5 12 month 21.02.2013
HSBC KAILESH MISTRY overweight 5 M 6 Not Provided 20.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.02.2013
Barclays CLAUDIA GASPARI overweight 5 M 6 Not Provided 20.02.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA sell 1 D 5 12 month 20.02.2013
Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 6 12 month 19.02.2013
JPMorgan ASHIK MUSADDI overweight 5 M 6 9 month 19.02.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 6 12 month 19.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 6 12 month 18.02.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 5 Not Provided 18.02.2013
Oddo & Cie NICOLAS JACOB buy 5 M 6 Not Provided 18.02.2013
Exane BNP Paribas FRANCOIS BOISSIN underperform 1 M 4 Not Provided 18.02.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 15.02.2013
SNS Securities(ESN) LEMER SALAH reduce 2 M 4 12 month 15.02.2013
Petercam MATTHIAS DE WIT reduce 2 M 5 Not Provided 15.02.2013
Rabobank International COR KLUIS buy 5 M 6 12 month 15.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 5 6 month 15.02.2013
ING Bank ALBERT PLOEGH hold 3 M 5 12 month 15.02.2013
Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 11.02.2013
Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 6 12 month 07.02.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 6 12 month 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 N 6 12 month 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 5 12 month 01.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Mediobanca SpA MARC THIELE neutral 3 M 6 6 month 30.01.2013
Macquarie NEIL WELCH neutral 3 M 5 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 8 Not Provided 15.01.2013
CA Cheuvreux HANS PLUIJGERS outperform 5 D 6 Not Provided 10.01.2013
Natixis BENOIT VALLEAUX buy 5 M 6 Not Provided 10.01.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 5 12 month 08.11.2012
Nomura FAHAD CHANGAZI neutral 3 M 5 Not Provided 08.10.2012
Kepler Capital Markets BENOIT PETRARQUE hold 3 M 4 Not Provided 17.02.2012
DZ Bank AG WERNER EISENMANN hold 3 M 4 12 month 24.01.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 5 12 month 22.06.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 28.02.2013
Aggreko PLC
Aggreko plc provides specialist power and temperature control rental services in Price/Volume
two main product areas, mobile electricity generators and temperature control
3000 7.0 M
equipment. Aggreko also supplies oil-free diesel compressors used to eliminate
2500 6.0 M
oil based contaminants in the food, pharmaceutical and textile industries. The
Group operates through approximately 118 depots in 23 countries worldwide. 5.0 M
2000
4.0 M
1500
Valuation Analysis 3.0 M
Latest Fiscal Year: 12/2011 1000
2.0 M
LTM as of: 01/yy 500 1.0 M
52-Week High (17.09.2012) 2'415.00
0 .0 M
52-Week Low (31.01.2013) 1'548.00 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 88'623.00
Current Price (2/dd/yy) 1666 Market Data
52-Week High % Change -31.01% Dividend Yield 1.31
52-Week Low % Change 7.62% Beta 1.01
% 52 Week Price Range High/Low 14.99% Equity Float 257.86
Shares Out 01.02.2013 268.6 Short Int -
Market Capitalization 4'474.35 1 Yr Total Return -23.99%
Total Debt 417.70 YTD Return -4.25%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 53.20 Consensus Rating 3.667
Enterprise Value 5'152.65 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 794'832
AGK LN EQUITY YTD Change - Average Volume 30 Day 1'091'881
AGK LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'038'844
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
Total Revenue 693.2 946.6 1'023.9 1'229.9 1'396.1 - - 1'590.8 1'608.5 - -
TEV/Revenue 2.38x 1.65x 2.62x 3.34x 4.05x - - 3.19x 3.06x - -
EBITDA 227.3 318.4 403.4 472.9 526.9 - - 624.8 628.8 - -
TEV/EBITDA 7.24x 4.90x 6.64x 8.69x 10.72x - - 8.25x 8.20x - -
Net Income 80.7 122.7 168.4 213.1 260.1 - - 269.5 253.3 - -
P/E 17.58x 9.74x 14.84x 18.67x 20.60x - - 16.37x 17.39x - -
Profitability S&P Issuer Ratings
EBITDA 526.90 Long-Term Rating Date -
EBIT 337.80 Long-Term Rating -
Operating Margin 24.20% Long-Term Outlook -
Pretax Margin 23.19% Short-Term Rating Date -
Return on Assets 14.91% Short-Term Rating -
Return on Common Equity 31.46% Credit Ratios
Return on Capital 21.41% EBITDA/Interest Exp. 26.75
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 5.52
Margin Analysis Net Debt/EBITDA 1.17
Gross Margin 58.7% Total Debt/EBITDA 1.20
EBITDA Margin 39.0% Reference
EBIT Margin 24.7% Total Debt/Equity 47.4%
Net Income Margin 18.6% Total Debt/Capital 32.2%
Structure Asset Turnover 0.79
Current Ratio 1.22 Net Fixed Asset Turnover 1.37
Quick Ratio 0.66 Accounts receivable turnover-days 75.00
Debt to Assets 23.57% Inventory Days 98.42
Tot Debt to Common Equity 47.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.88 Cash Conversion Cycle 66.20
Inventory Turnover 3.72
Price/ Cash Flow Sales/Revenue/Turnover
18.00 1'600.0
16.00 1'400.0
14.00 1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 28.02.2013
Aggreko PLC
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
M&G INVESTMENT MANAG Multiple Portfolios REG 16'146'748 6.01 (619'982) 01.11.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 13'384'025 4.98 (351'722) 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'600'810 4.69 - 26.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'091'039 4.5 (3'930'510) 11.02.2013 Investment Advisor
SALVESEN ALASTAIR ER n/a RNS-MAJ 9'995'283 3.72 (894'717) 27.12.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 9'932'162 3.7 (54'102) 31.01.2013 Unclassified
PRIVATE INDIVIDUALS Multiple Portfolios REG 8'517'852 3.17 (169'268) 01.11.2012 Other
FMR LLC n/a ULT-AGG 7'802'230 2.91 (634'391) 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS n/a Short (7'727'861) -2.88 (348'827) 02.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'806'019 2.53 1'888'342 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 6'195'331 2.31 143'820 01.11.2012 Government
UBS n/a ULT-AGG 6'128'812 2.28 (1'503'178) 28.12.2012 Unclassified
SPEIRS & JEFFERY STO Multiple Portfolios REG 5'695'595 2.12 (44'566) 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 4'943'653 1.84 775'291 30.11.2012 Unclassified
KIMBERLEY GRANGE INV Multiple Portfolios REG 4'862'100 1.81 - 01.11.2012 Unclassified
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 4'287'117 1.6 4'049'575 01.11.2012 Unclassified
INVESTEC BANK (UK) L Multiple Portfolios REG 3'981'801 1.48 14'000 01.11.2012 Unclassified
GE ASSET MANAGEMENT Multiple Portfolios REG 3'904'273 1.45 601'072 01.11.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 3'872'491 1.44 222'636 01.11.2012 Government
AEGON n/a ULT-AGG 3'297'588 1.23 (3'732'303) 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ANDREW BROOKE outperform 5 M 2'100 12 month 27.02.2013
Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'742 Not Provided 27.02.2013
Berenberg Bank SIMON MEZZANOTTE hold 3 M 1'720 Not Provided 26.02.2013
AlphaValue LIONEL PELLICER buy 5 M 2'400 6 month 21.02.2013
Jefferies JUSTIN JORDAN buy 5 M 2'000 12 month 20.02.2013
HSBC ALEX MAGNI neutral 3 U 1'650 Not Provided 08.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan Nicholas de la Grense neutral 3 M 1'845 9 month 04.01.2013
Peel Hunt ANDREW NUSSEY hold 3 M 1'800 Not Provided 02.01.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.12.2012
Deutsche Bank ANDY CHU hold 3 M 1'813 12 month 19.12.2012
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 2'530 12 month 18.12.2012
Credit Suisse DAVID RIGBY neutral 3 M 1'850 Not Provided 18.12.2012
Espirito Santo Investment Bank Research
DAVID BROCKTON neutral 3 D 1'700 Not Provided 18.12.2012
Oriel Securities Ltd HECTOR FORSYTHE buy 5 M #N/A N/A Not Provided 18.12.2012
Investec JOHN LAWSON hold 3 M #N/A N/A Not Provided 17.12.2012
S&P Capital IQ CLIVE ROBERTS hold 3 M 2'300 12 month 17.12.2012
Numis Securities Ltd MIKE MURPHY hold 3 M 1'680 Not Provided 17.12.2012
WH Ireland Ltd NICK SPOLIAR buy 5 M 2'500 12 month 23.10.2012
Barclays PAUL CHECKETTS overweight 5 M 2'360 Not Provided 22.10.2012
Canaccord Genuity Corp JULIAN CATER hold 3 M 1'450 12 month 27.03.2012
Arden Partners Ltd GEOFF ALLUM neutral 3 M 1'450 12 month 30.09.2011
McCall Aitken McKenzie & Co TEAM COVERAGE sell 1 N #N/A N/A Not Provided 16.10.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |