Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery

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March 2013

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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 14390791 1934.549 1119 1119 205 221 221 101.26 110.64 110.64 15.40 15.40 14.10 14.10 18.77

Euro Stoxx 50 Pr EUR 2642045 5674.976 4728 4728 772 800 800 200.68 312.97 312.97 23.11 16.49 14.82 14.82 19.96

NIKKEI 225 JPY 2555453 184.9733 185 185 19 19 19 5.21 5.46 5.46 0.26 0.26 0.25 0.25 0.12

FTSE 100 INDEX GBP 2744949 11849.45 9623 9623 1468 1684 1684 535.13 825.18 825.18 27.75 - 18.00 18.00 22.96

SWISS MARKET INDEX CHF 1052632 11145.75 4145 4145 854 848 848 412.02 557.89 557.89 21.53 19.15 15.90 15.90 22.19

S&P/TSX COMPOSITE INDEX CAD 1685770 17093.11 7888 7888 1848 2084 2084 795.93 890.15 890.15 15.46 15.46 13.83 13.83 24.32

S&P/ASX 200 INDEX AUD 1436679 6835.419 2859 2859 599 696 696 250.38 340.41 340.41 22.02 17.55 16.20 16.20 22.04

HANG SENG INDEX HKD 1699709 3318.738 1629 1629 360 409 409 259.40 265.67 265.67 1.44 1.54 1.41 1.41 3.07

MSCI EM USD 7865375 1554.869 1077 1077 200 216 216 87.10 95.63 95.63 12.03 13.69 10.96 10.96 20.04

ZOOMLION HEAVY INDUSTRY S-A CNY 10247 58511 7706 3 0 0 3 10.01 7451 7451 8192 9045 1643 1643 - - 0.17 0.17 0.18 0.20 1.30 1.28 1.23 1.11 7.19 9.54 10.36 11.82 3.55 BB+ 16.03.2012 - -

XCMG CONSTRUCTION MACHIN-A CNY 3789 8499 2063 2 0 0 1 5.38 5284 5211 5189 5692 691 - 0 0 0.26 0.20 0.22 0.24 1.51 - 1.37 1.23 4.51 14.46 3.30 16.70 - - - - -

KUNMING YUNNEI POWER CO-A CNY 555 5603 681 0 0 0 0 0.73 353 346 #VALUE! #VALUE! 17 - - - 0.00 0.02 #VALUE! #VALUE! 8.38 - #VALUE! #VALUE! -0.87 0.16 11.20 -1.85 - - - - -

DOOSAN INFRACORE CO LTD KRW 2315 1126 169 2 0 0 0 4.57 3820 3820 #VALUE! #VALUE! 411 411 - - 1.27 1.30 0.50 1.21 0.01 0.01 0.02 0.01 0.00 0.01 - 0.01 0.01 - - - -

STX ENGINE CO LTD KRW 212 147 29 1 0 0 0 0.79 968 968 #VALUE! #VALUE! 112 112 - - - 2.01 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! -0.02 0.00 - 0.02 0.01 - - - -

CHANGCHAI CO LTD-B HKD 523 529 561 0 0 0 0 0.38 404 385 #VALUE! #VALUE! 10 - - - 0.01 0.01 #VALUE! #VALUE! 4.99 - #VALUE! #VALUE! 1.32 0.98 -6.61 -1.48 - - - - -

SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -

DAIHATSU DIESEL MFG CO LTD JPY 164 98 32 0 0 0 0 0.12 604 588 #VALUE! #VALUE! 79 61 - - 0.80 0.78 #VALUE! #VALUE! 0.07 0.07 #VALUE! #VALUE! -0.01 0.00 -0.19 0.06 0.11 - - - -

KOMATSU LTD JPY 22782 7879 952 7 0 1 1 29.70 20751 20175 19997 21014 3628 3389 - - 1.81 1.52 1.54 1.92 0.16 - 0.16 0.13 0.08 0.02 0.11 0.02 0.18 A 26.10.2007 A2 01.10.2004

HITACHI CONSTRUCTION MACHINE JPY 4510 1795 212 4 0 0 1 8.48 8556 8682 8013 8301 989 978 - - 1.15 1.66 1.48 1.57 0.13 - 0.15 0.14 0.06 0.01 0.10 -0.02 0.12 - - - -

NITTAN VALVE CO LTD JPY 105 97 29 0 0 0 0 0.15 345 355 #VALUE! 419 35 41 - - -0.49 -0.12 #VALUE! 0.43 - - #VALUE! 0.09 0.02 0.02 -0.31 -0.13 0.12 - - - -

TOYO DENKI SEIZO -TOYO ELEC JPY 151 562 48 0 0 0 0 0.25 404 349 343 382 30 19 - - 0.17 0.02 0.07 0.15 1.85 1.84 0.50 0.22 0.02 -0.03 0.07 0.03 0.06 - - - -

ALTRA HOLDINGS INC USD 741 62 27 0 0 0 0 0.91 1 K 1 K 1 K 1 K 107 107 29 29 1.51 1.46 1.81 2.12 18.88 18.88 15.19 12.98 8.47 4.94 10.61 4.09 14.67 - - - -

ATLAS COPCO AB-A SHS SEK 34361 1447 1213 3 0 0 2 35.72 14156 14156 13964 14569 3423 3423 788 788 - 1.79 1.77 1.90 2.53 - 2.56 2.38 1.80 1.00 1.43 1.48 3.78 A 24.02.2011 A2 15.11.2012

BRIGGS & STRATTON USD 1197 134 48 0 0 0 0 1.43 2067 1969 2002 2080 155 146 94 94 1.24 1.08 1.42 1.65 23.01 23.01 17.56 15.06 -2.06 -1.13 -2.93 0.69 7.43 BB 20.10.2011 Ba3 04.03.2009

CATERPILLAR INC USD 58001 2997 655 10 0 0 3 65.23 65875 65875 63442 69087 11966 11966 2102 2102 8.62 8.63 8.04 9.42 10.26 10.26 11.02 9.40 9.54 11.51 23.62 12.24 18.16 A 24.06.2003 A2 15.06.1995

CUMMINS INC USD 22225 494 190 1 0 0 2 21.76 17334 17334 17251 18911 2225 2225 581 581 8.54 8.54 8.78 10.33 13.71 13.71 13.34 11.34 -3.96 4.95 -9.88 12.35 12.84 A 21.09.2011 Baa1 18.11.2011

CONCENTRIC AB SEK 493 15 44 0 0 0 0 0.48 333 333 338 366 55 55 14 14 - 0.55 0.74 0.85 3.17 - 2.36 2.05 -1.05 - -0.80 - 2.59 - - - -

CHINA YUCHAI INTL LTD USD 578 4 37 1 0 0 1 0.80 2140 2131 2265 2419 291 - 59 59 2.41 2.40 2.60 3.21 6.46 6.46 5.97 4.83 -12.69 - - - - - - - -

DEUTZ AG EUR 683 568 121 0 0 0 0 0.85 1995 1794 1717 1806 211 177 53 53 0.74 0.29 0.28 0.43 25.68 25.68 26.40 17.17 37.30 1.80 63.80 7.11 12.91 - - - -

FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -

JOY GLOBAL INC USD 6605 539 106 1 0 0 0 7.69 5661 5675 5084 5100 1325 1326 282 282 6.91 7.02 6.22 6.45 8.86 8.86 9.99 9.64 28.54 13.12 32.63 20.48 23.37 BBB 15.02.2011 Baa2 17.12.2010

METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009

MANITOWOC COMPANY INC USD 2735 912 133 2 0 0 0 4.46 3927 3952 4249 4607 400 477 92 92 0.77 0.75 1.28 1.75 27.47 27.47 16.14 11.77 8.50 8.39 16.80 -6.44 12.07 B+ 08.10.2010 B3 13.10.2010

OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -

ASTEC INDUSTRIES INC USD 822 59 23 0 0 0 0 0.74 936 975 1004 1082 73 75 23 23 1.45 1.51 1.93 2.41 23.87 23.87 18.64 14.98 3.04 1.88 -4.53 -6.40 7.73 - - - -

SANY HEAVY INDUSTRY CO LTD-A CNY 12986 27680 7594 3 0 0 2 16.33 8126 8044 7994 9087 1819 - 96 96 0.17 0.14 0.14 0.17 1.90 - 1.94 1.62 7.94 5.25 7.76 10.43 - - - - -

FLSMIDTH & CO A/S DKK 3408 211 52 1 0 0 0 3.91 4349 4349 4918 4885 477 483 97 97 4.34 4.26 5.39 6.23 2.63 2.60 2.08 1.80 3.67 0.65 1.45 0.93 1.94 - - - -

OUTOTEC OYJ EUR 2920 131 45 0 0 0 0 2.58 2724 2724 2858 2858 282 282 57 57 - 3.65 4.20 4.30 22.82 - 19.83 19.38 66.10 29.49 79.92 19.20 13.49 - - - -

METSO OYJ EUR 6320 295 150 2 0 0 1 7.07 9793 9793 9408 9342 997 997 220 220 - 3.25 3.54 3.64 16.87 - 15.48 15.06 16.85 5.05 3.33 1.37 13.29 BBB 15.05.2007 Baa2 16.11.2009

POWER SOLUTIONS INTERNATIONA USD 212 0 9 0 0 0 0 0.24 202 202 229 314 13 13 3 3 0.77 0.88 0.97 1.52 26.41 26.41 23.96 15.34 30.57 - 26.32 - 6.63 - - - -

SANDVIK AB SEK 20555 1583 1254 6 0 0 2 24.23 15406 15406 14715 15193 2785 2785 625 625 - 1.02 1.16 1.32 2.51 - 2.22 1.95 0.74 0.45 1.61 0.08 2.83 BBB+ 24.05.2011 - -

TEREX CORP USD 3787 456 110 2 0 0 1 5.48 7348 7348 8002 8674 552 664 129 129 1.83 1.95 2.62 3.44 17.54 17.54 13.07 9.94 12.97 -1.92 165.45 -11.87 9.03 BB- 22.05.2009 B3 07.11.2012

TOGNUM AG EUR 5353 4 131 0 0 0 0 5.29 3934 3934 #VALUE! #VALUE! 546 546 - - 1.80 1.80 #VALUE! #VALUE! 29.52 29.47 #VALUE! #VALUE! 1.86 4.39 1.80 -2.12 18.10 - - - -

TWIN DISC INC USD 284 18 11 0 0 0 0 0.30 356 333 279 294 59 43 5 5 2.61 1.64 0.67 0.94 15.38 15.38 37.66 26.98 14.65 0.20 32.14 4.81 13.03 - - - -

AMERCO USD 3256 24 20 1 0 0 1 3.18 2503 2509 #VALUE! #VALUE! 660 753 - - 11.70 12.72 12.85 14.00 13.06 13.06 12.92 11.86 11.66 5.01 10.02 9.38 30.01 NR 24.01.2012 WR 13.11.2003

WARTSILA OYJ ABP EUR 9176 270 197 1 0 0 0 9.95 6166 6165 6576 7050 800 796 191 191 - 2.24 2.62 3.01 27.15 - 23.16 20.14 16.00 6.34 16.82 7.89 16.85 - - - -

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] |

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 2.17 2.17 1.99 1.80 2.17 1.39 1.39 1.33 1.28 1.39 9.95 9.95 9.69 8.86 9.95 8.77 8.77 8.10 7.59 8.77 14.10 14.10 12.64 11.43 14.10 2.21 2.21 2.36 2.57 2.21 1674.5 7.4%

Euro Stoxx 50 Pr 1.17 1.17 1.11 1.04 1.17 0.75 0.75 0.73 0.70 0.75 5.48 5.48 5.10 4.87 5.48 7.10 7.10 6.72 6.36 7.10 11.36 11.36 10.18 9.31 11.36 4.22 4.22 4.54 4.84 4.22 2895.1 6.3%

NIKKEI 225 1.52 1.52 1.42 1.33 1.52 0.71 0.71 0.67 0.66 0.71 9.50 9.50 8.20 7.67 9.50 9.54 9.54 8.34 7.83 9.54 24.11 24.11 18.95 14.75 24.11 1.64 1.64 1.65 1.92 1.64 11810.1 -6.0%

FTSE 100 INDEX 1.69 1.69 1.57 1.26 1.69 1.02 1.02 0.98 1.01 1.02 7.95 7.95 7.32 5.32 7.95 7.04 7.04 6.60 6.30 7.04 11.90 11.90 10.81 9.89 11.90 3.85 3.85 4.15 4.60 3.85 6790.0 4.6%

SWISS MARKET INDEX 2.40 2.40 2.23 2.06 2.40 2.01 2.01 1.91 1.84 2.01 12.30 12.30 11.27 9.95 12.30 13.14 13.14 12.15 11.34 13.14 14.96 14.96 13.41 12.20 14.96 3.28 3.28 3.63 4.12 3.28 7996.8 1.8%

S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.43 1.59 8.47 8.47 7.62 7.15 8.47 8.20 8.20 7.26 6.87 8.20 14.12 14.12 12.45 11.47 14.12 3.09 3.09 3.24 3.43 3.09 14549.2 13.3%

S&P/ASX 200 INDEX 1.94 1.94 1.84 1.73 1.94 1.86 1.86 1.75 1.66 1.86 11.44 11.44 10.21 9.32 11.44 9.82 9.82 8.63 8.00 9.82 15.61 15.61 13.89 12.74 15.61 4.25 4.25 4.55 4.90 4.25 5136.0 0.3%

HANG SENG INDEX 1.35 1.35 1.25 1.18 1.35 1.78 1.78 1.64 1.52 1.78 7.12 7.12 6.59 6.20 7.12 8.11 8.11 7.36 6.86 8.11 10.93 10.93 10.00 9.20 10.93 3.52 3.52 3.82 4.54 3.52 25103.6 11.4%

MSCI EM 1.46 1.46 1.33 1.24 1.46 0.97 0.97 0.90 0.87 0.97 6.97 6.97 6.43 6.02 6.97 7.20 7.20 6.61 6.23 7.20 10.96 10.96 9.84 9.13 10.96 2.82 2.82 3.14 3.44 2.82 1193.8 13.9%

ZOOMLION HEAVY INDUSTRY S-A 1.88 1.55 1.32 1.12 1.38 1.25 1.13 0.98 26.97 8.26 5.16 7.54 6.51 5.43 5.26 4.40 8.63 7.65 6.91 5.87 5.84 2.35 3.16 3.40 3.96 11.08 30.8%

XCMG CONSTRUCTION MACHIN-A 1.45 1.39 1.21 1.05 0.74 0.73 0.67 0.61 5.60 8.65 7.27 6.14 7.04 10.19 8.31 7.11 6.66 8.54 7.65 7.24 0.60 0.96 1.14 1.40 14.09 23.4%

KUNMING YUNNEI POWER CO-A

DOOSAN INFRACORE CO LTD 11.39 27.39 11.35 0.00 0.04 0.05 0.00 0.00 19593.33 28.5%

STX ENGINE CO LTD 2.74 2.74 2.43

CHANGCHAI CO LTD-B

SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%

DAIHATSU DIESEL MFG CO LTD

KOMATSU LTD 2.06 1.95 1.75 1.59 1.07 1.14 1.08 1.04 8.16 9.26 8.33 7.67 7.83 8.75 7.42 6.92 11.85 15.06 12.07 10.80 10.26 1.90 2.13 2.27 2.41 2.26 2726.11 23.2%

HITACHI CONSTRUCTION MACHINE 1.32 1.23 1.16 1.10 0.53 0.56 0.54 0.52 6.62 6.01 6.19 6.80 8.28 9.18 7.73 6.93 17.51 14.13 13.35 11.56 1.49 1.97 2.08 2.26 2141.33 7.0%

NITTAN VALVE CO LTD 0.25 8.36

TOYO DENKI SEIZO -TOYO ELEC 0.97 0.93 0.91 0.87 0.37 0.44 0.39 0.36 7.33 5.38 9.22 7.51 8.61 13.98 9.51 7.54 20.99 47.36 21.14 14.65 2.03 2.03 2.03 2.03 230.00 -22.3%

ALTRA HOLDINGS INC 2.99 2.63 2.18 1.02 0.99 0.94 13.44 9.22 8.59 8.71 7.86 7.15 19.69 15.19 12.98 0.58 1.03 1.31 28.80 4.5%

ATLAS COPCO AB-A SHS 6.39 5.55 4.75 4.11 2.44 2.46 2.36 2.23 2.17 15.24 14.02 13.67 13.27 10.45 10.57 10.00 9.34 9.57 16.18 16.35 15.24 13.96 3.11 3.19 3.40 3.63 190.61 3.0%

BRIGGS & STRATTON 1.66 1.74 1.59 0.55 0.60 0.58 0.55 0.53 14.70 5.94 8.78 7.94 7.48 8.95 8.41 7.75 6.79 20.40 17.56 15.06 12.30 11.24 1.77 1.93 1.93 25.50 2.6%

CATERPILLAR INC 3.24 2.65 2.20 1.92 0.88 0.91 0.84 0.78 0.57 7.36 7.23 6.36 5.48 5.67 6.09 5.29 4.68 9.75 11.02 9.40 7.94 2.22 2.30 2.43 2.48 112.65 27.2%

CUMMINS INC 3.30 2.81 2.36 2.00 1.30 1.29 1.18 1.05 11.35 10.90 9.02 8.18 8.51 8.14 7.04 6.29 13.93 13.34 11.34 9.50 1.54 1.78 1.82 2.02 132.38 13.1%

CONCENTRIC AB 3.17 3.82 3.35 3.03 1.47 1.46 1.34 1.29 1.20 12.49 11.78 9.95 9.54 8.67 7.47 6.88 6.70 6.03 16.19 15.12 13.05 12.30 2.81 3.79 4.06 4.39 66.75 -6.3%

CHINA YUCHAI INTL LTD 0.26 0.26 0.24 3.09 3.07 2.77 5.97 4.83 16.00 3.2%

DEUTZ AG 1.18 1.10 1.01 0.93 0.82 0.35 0.40 0.38 0.35 0.35 4.47 5.24 4.65 4.22 3.27 4.06 5.33 4.80 4.25 3.59 8.02 20.23 13.16 10.09 7.73 0.25 0.00 4.16 1.27 1.73 4.13 -4.6%

FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%

JOY GLOBAL INC 2.52 2.14 1.80 1.49 1.20 1.30 1.30 1.19 0.97 8.22 8.03 8.20 6.86 5.79 6.72 6.59 5.96 8.76 9.99 9.64 8.39 1.13 1.13 1.15 1.17 76.40 22.8%

METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%

MANITOWOC COMPANY INC 4.61 3.57 2.94 2.37 0.70 0.64 0.59 0.57 12.40 9.92 8.34 7.83 11.00 8.91 7.73 6.87 28.05 16.14 11.77 10.14 0.39 0.39 0.40 0.44 22.00 6.8%

OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%

ASTEC INDUSTRIES INC 1.64 1.50 0.82 0.82 0.76 0.68 0.59 9.31 8.32 6.95 6.17 21.68 18.64 14.98 11.66 9.43 35.43 -1.7%

SANY HEAVY INDUSTRY CO LTD-A 3.97 3.43 2.68 2.01 1.55 1.62 1.43 1.21 34.42 9.83 8.92 7.71 8.12 9.29 8.02 7.34 8.89 12.07 10.07 8.35 1.31 1.43 1.62 1.87 12.67 19.5%

FLSMIDTH & CO A/S 2.00 1.86 1.68 1.52 0.78 0.69 0.70 0.68 0.68 11.79 9.47 8.15 8.56 8.04 7.69 6.83 6.42 12.16 11.89 10.28 9.53 2.72 2.84 3.22 3.27 431.50 17.9%

OUTOTEC OYJ 4.72 3.97 3.49 2.90 1.10 1.02 1.02 0.94 0.96 15.55 13.61 13.19 12.34 9.60 8.38 8.37 7.42 6.90 17.60 15.19 14.85 13.15 18.17 2.30 2.69 2.87 3.16 51.98 6.3%

METSO OYJ 2.15 2.08 1.96 1.83 0.65 0.67 0.68 0.64 0.63 10.70 9.83 9.24 9.98 6.77 6.84 6.73 6.15 5.98 11.27 11.86 11.54 10.12 5.50 5.68 5.82 6.04 35.43 10.0%

POWER SOLUTIONS INTERNATIONA 8.94 6.64 4.65 2.42 1.05 0.93 0.67 0.53 0.42 23.24 17.69 13.95 9.15 7.57 29.68 23.96 15.34 12.49 8.97 27.00 16.2%

SANDVIK AB 3.40 3.36 2.91 2.53 1.34 1.40 1.35 1.30 1.28 12.39 10.01 8.74 8.34 8.48 8.35 7.65 7.17 7.42 13.63 14.18 12.45 11.36 3.53 3.67 4.07 4.34 109.55 4.5%

TEREX CORP 1.59 1.53 1.31 1.11 0.51 0.47 0.44 0.40 9.67 8.02 6.48 5.44 8.35 7.02 5.93 5.00 16.87 13.07 9.94 7.81 38.15 11.5%

TOGNUM AG

TWIN DISC INC 2.05 1.99 1.80 0.80 1.02 0.97 0.87 4.84 12.29 10.11 6.25 9.08 37.66 26.98 14.42 1.35 1.43 1.43 23.00 -8.8%

AMERCO 15.10 12.92 11.86 167.00 0.6%

WARTSILA OYJ ABP 3.95 3.54 3.18 2.85 1.49 1.40 1.30 1.22 1.20 17.47 13.15 12.82 12.77 12.01 10.99 10.01 9.15 8.68 19.72 17.75 15.43 13.65 2.79 3.05 3.38 3.74 34.30 -3.8%

Price to Earnings Ratio

Valuation Measures II/II

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


15.03.2013

Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and

markets construction machinery. The Company's products include concrete

machinery, cranes, road machinery, drilling equipment, and other heavy

construction equipment. Zoomlion also produces environmental machinery and

satellite navigation products.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (29.05.2012) 11.28

52-Week Low (05.09.2012) 7.71

Daily Volume

8.47

52-Week High % Change -24.91% Dividend Yield 2.95

52-Week Low % Change 9.86% Beta 1.04

% 52 Week Price Range High/Low 18.77% Equity Float 3'237.84

Shares Out 30.09.2012 6'275.9 Short Int -

63'706.51 1 Yr Total Return -9.95%

Total Debt 18'105.00 YTD Return -8.03%

Preferred Stock 0.0 Adjusted BETA 1.037

Minority Interest 188.0 Analyst Recs 19

Cash and Equivalents 16'002.00 Consensus Rating 4.579

Enterprise Value 62'238.19

Average Volume 5 Day 43'815'290

000157 CH EQUITY YTD Change - Average Volume 30 Day 75'699'920

000157 CH EQUITY YTD % CHANGE - Average Volume 3 Month 73'325'140

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

8'973.0 13'548.0 20'654.2 32'015.5 46'323.0 41'271.0 51'964.5 50'929.0 56'235.0 11'695.5 -

5.00x 1.93x - 2.51x 1.30x 7.10x 4.31x 1.18x 1.11x 5.48x -

1'541.0 2'280.0 3'363.1 6'210.3 10'212.0 0.0 0.0 11'462.0 11'822.4 - -

29.12x 11.47x - 12.93x 5.90x 0.00x 0.00x 5.43x 5.26x - -

1'439.0 1'544.0 2'446.4 4'665.6 8'066.0 7'500.8 9'063.9 8'568.1 9'395.6 730.0 2'246.0

- - - 19.85x 6.46x 6.63x 6.10x 7.65x 6.91x 7.05x 5.84x

EBITDA 10'212.00 Long-Term Rating Date 16.03.2012

EBIT 9'756.00 Long-Term Rating BB+

Operating Margin 21.06% Long-Term Outlook STABLE

Pretax Margin 20.73% Short-Term Rating Date -

Return on Assets 11.98% Short-Term Rating -

Return on Common Equity 25.68%

Return on Capital 16.60% EBITDA/Interest Exp. 19.91

Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 17.04

Net Debt/EBITDA 0.21

Gross Margin 32.4% Total Debt/EBITDA 1.77

EBITDA Margin 22.0%

EBIT Margin 21.1% Total Debt/Equity 51.1%

Net Income Margin 17.4% Total Debt/Capital 33.7%

Asset Turnover 0.69

Current Ratio 1.80 Net Fixed Asset Turnover 8.03

Quick Ratio 1.04 Accounts receivable turnover-days 76.28

Debt to Assets 25.31% Inventory Days 106.85

Tot Debt to Common Equity 51.13% Accounts Payable Turnover Day 79.24

Accounts Receivable Turnover 4.78 Cash Conversion Cycle 103.89

Inventory Turnover 3.42

Fiscal Year Ended

Zoomlion Heavy Industry Science and Technology Co LtdPrice/Volume

Valuation Analysis

58'510'623.00

Current Price (3/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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1

3

5

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

&!&&

2&!&&

-&&!&&

-2&!&&

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


15.03.2013

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

HUNAN STE-OWNED ASSE n/a Co File 1'247'379'996 19.88 - 30.06.2011 Corporation

CHANGSHA HESHENG TEC n/a Co File 394'159'949 6.28 - 30.06.2011 Corporation

GOOD EXCEL GROUP LTD n/a EXCH 374'822'128 5.97 - 25.05.2012 Corporation

CHANGSHA YIFANG TECH n/a Co File 246'645'051 3.93 - 30.06.2011 Corporation

REAL SMART INTERNATI n/a EXCH 182'099'602 2.9 - 25.05.2012 Corporation

HONGYI INVESTMENT BJ n/a EXCH 171'047'500 2.73 - 25.05.2012 n/a

E FUND MANAGEMENT Multiple Portfolios MF-AGG 153'521'507 2.45 76'417'065 30.06.2012 Investment Advisor

CHINA CONSTRUCTION I n/a EXCH 151'164'554 2.41 - 30.06.2012 Government

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 150'569'738 2.4 56'672'629 30.06.2012 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 111'766'269 1.78 76'609'078 30.06.2012 Investment Advisor

YOUNGOR INVESTMENT C n/a Co File 97'500'000 1.55 - 30.06.2010 Investment Advisor

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 89'163'931 1.42 38'225'084 30.06.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 88'437'001 1.41 78'958'247 30.06.2012 Investment Advisor

XIANGJIANG INDUS INV n/a Co File 87'790'815 1.4 - 30.06.2011 Other

GUANGDONG HENGJIAN I n/a Co File 82'719'000 1.32 - 30.06.2011 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 50'951'711 0.81 33'231'800 30.06.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 45'094'113 0.72 22'304'456 30.06.2012 Investment Advisor

SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 35'449'870 0.56 13'230'082 30.06.2012 Investment Advisor

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 32'433'829 0.52 1'759'803 30.06.2012 Investment Advisor

CSOP ASSET MANAGEMEN Multiple Portfolios MF-AGG 30'991'430 0.49 - 15.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

PingAn Securities GUOJI YE buy 5 M #N/A N/A Not Provided 04.03.2013

Guotai Junan LU JUAN buy 5 M 13 12 month 26.02.2013

Everbright Securities Co., Ltd LU ZHOU buy 5 M 12 6 month 25.02.2013

Goldman Sachs TIAN LU Buy/Neutral 5 M 12 12 month 13.02.2013

Northeast Securities Co Ltd JIANGTAO WU buy 5 M 12 12 month 31.01.2013

Citic Securities Co., Ltd XIAOBO XUE buy 5 M 31 6 month 30.01.2013

SWS Research Co Ltd MILLER LI buy 5 M #N/A N/A Not Provided 24.01.2013

Jefferies JULIAN BU underperform 1 M 7 12 month 08.01.2013

HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012

Fortune CLSA Securities Limited YANG YAN buy 5 M 13 12 month 15.11.2012

Capital Securities Corp HAN WEIQI buy 5 M 10 Not Provided 01.11.2012

Bank of China International LEVI SHI hold 3 M 9 Not Provided 31.10.2012

Sinolink Securities Co Ltd DONGYA GUANG add 4 N #N/A N/A Not Provided 03.09.2012

China International Capital Corp WU HUIMIN buy 5 M #N/A N/A Not Provided 20.07.2012

China Securities Co., Ltd FUZHANG FENG add 4 M 13 Not Provided 25.06.2012

China Merchants Securities LIU RONG strong buy 5 M #N/A N/A Not Provided 27.04.2012

Industrial Securities WU HUA buy 5 M #N/A N/A Not Provided 26.04.2012

Central China Securities XU MINFENG buy 5 M #N/A N/A Not Provided 23.03.2012

Great Wall Securities YAN FUYIN buy 5 M #N/A N/A Not Provided 06.02.2012

China Investment Securities LI QIN neutral 3 D #N/A N/A Not Provided 02.06.2011

First Capital Securities Co GUO QIANG add 4 M #N/A N/A Not Provided 26.05.2011

Guodu Securities Co Ltd WEI JING buy 5 D #N/A N/A Not Provided 13.05.2011

Hong Yuan Securities XUN JIAN add 4 N #N/A N/A Not Provided 29.03.2011

China Galaxy Securities JU HOULIN buy 5 M #N/A N/A Not Provided 09.06.2010

China Minzu Securities Co Ltd CAIXIA FU buy 5 M #N/A N/A Not Provided 08.03.2010

Holdings By:

Zoomlion Heavy Industry Science and Technology Co Ltd ee


15.03.2013

XCMG Construction Machinery Co., Ltd. manufactures and markets a variety of

construction machinery including road construction machinery, scrapers, concrete

mixers and other related products.


LTM as of: 01/yy

52-Week High (29.05.2012) 16.06

52-Week Low (04.12.2012) 9.58

Daily Volume

11.42

52-Week High % Change -28.89% Dividend Yield -


% 52 Week Price Range High/Low 26.54% Equity Float 758.37


23'556.70 1 Yr Total Return -23.60%










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 12/12 Q4 03/13 Q1

3'255.9 15'840.3 20'617.9 25'662.3 32'850.4 0.0 0.0 32'258.3 35'385.0 7'888.5 -

3.92x 0.63x 1.49x 2.19x 1.01x #DIV/0! #DIV/0! 0.84x 0.82x 2.99x -

111.5 1'760.7 2'240.6 3'565.8 4'297.0 0.0 0.0 3'280.0 4'024.0 0.0 -

114.53x 5.69x 13.68x 15.74x 7.74x 0.00x 0.00x 10.19x 8.31x - -

24.7 1'495.7 1'741.3 2'934.9 3'378.6 0.0 0.0 2'413.0 2'852.0 347.0 -

445.00x 9.04x 17.47x 17.65x 8.67x 0.00x 0.00x 8.54x 7.65x - -

EBITDA 4'296.98 Long-Term Rating Date -

EBIT 3'976.15 Long-Term Rating -

Operating Margin 12.10% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. 21.95


Net Debt/EBITDA -

Gross Margin 20.4% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

XCMG Construction Machinery Co LtdPrice/Volume

Valuation Analysis

8'498'964.00


&&&&&------

h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

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15.03.2013


XUGONG GROUP MACHINE n/a Co File 1'014'941'488 49.2 - 30.06.2011 Corporation

YOUNGOR INVESTMENT C n/a Co File 78'600'000 3.81 - 30.06.2011 Investment Advisor

SH RURAL COMM BANK C n/a Co File 70'808'930 3.43 - 30.06.2011 Bank

ZHONGCAI MINGYUAN IN n/a Co File 65'600'000 3.18 - 30.06.2011 Other

SZ PINGAN VEN CAP n/a Co File 65'400'000 3.17 - 30.06.2011 n/a

SH ZHONGCHUANGXIN IN n/a Co File 32'800'000 1.59 - 30.06.2011 Other

JS HIGH HOPE INTL n/a Co File 26'000'000 1.26 - 30.07.2011 Corporation


AEROSPACE SCI & TECH n/a Co File 21'000'000 1.02 - 30.06.2011 Corporation



RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 14'397'800 0.7 2'203'428 30.06.2012 Investment Advisor

SWS MU FUND MANAGEME Multiple Portfolios MF-AGG 9'595'650 0.47 5'195'878 30.06.2012 Investment Advisor


BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 6'404'319 0.31 3'370'794 30.06.2012 Investment Advisor

CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 6'229'599 0.3 (1'432'744) 30.06.2012 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 5'742'763 0.28 5'473'545 30.06.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 5'250'976 0.25 387'623 30.06.2012 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 3'691'366 0.18 - 15.03.2013 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 3'538'411 0.17 3'538'211 30.06.2012 Investment Advisor


Jefferies JULIAN BU underperform 1 M 14 12 month 06.03.2013

Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013

Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013

Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012

Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012


Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011

Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011

Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011


Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011


China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011

China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010

Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010


China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010

Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010

ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010

Holdings By:

XCMG Construction Machinery Co Ltd ee


15.03.2013

Kunming Yunnei Power Co., Ltd. manufactures and markets a variety of diesel

engines and related parts. The Company also manufactures and sells light duty

trucks.


LTM as of: 09/yy

52-Week High (21.02.2013) 5.85

52-Week Low (09.07.2012) 4.00

Daily Volume

5.07




Shares Out 30.06.2012 680.8 Short Int -

3'451.45 1 Yr Total Return 10.95%

Total Debt 460.08 YTD Return 9.03%



Cash and Equivalents 602.22 Consensus Rating -






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

1'942.6 1'786.3 2'481.3 2'318.5 2'193.2 2'280.2 2'150.3 - - - -

3.14x 0.73x 1.87x 2.72x 1.19x 8.90x 5.60x - - - -

232.5 106.1 111.4 61.0 103.4 0.0 0.0 - - - -

26.21x 12.26x 41.58x 103.58x 25.30x 0.00x 0.00x - - - -

201.6 135.6 169.9 134.5 39.9 88.1 66.1 - - - -

27.89x 14.02x 30.36x 49.44x 68.47x 44.88x 42.66x - - - -

EBITDA 103.45 Long-Term Rating Date -

EBIT 5.31 Long-Term Rating -






Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -6.67

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kunming Yunnei Power Co LtdPrice/Volume

Valuation Analysis

5'603'114.00


&

-

.

0

1

2

3

4

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

-&!& 8

.&!& 8

0&!& 8

1&!& 8

2&!& 8

3&!& 8

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

&!&&

.&!&&

1&!&&

3&!&&

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15.03.2013


YUNNAN INTERNAL COMB n/a Co File 259'640'640 38.14 - 30.06.2012 Corporation

CHINA SECURITIES CO n/a Co File 13'556'624 1.99 - 30.06.2012 Corporation

HUANG ZHAO n/a Co File 2'258'487 0.33 - 30.06.2012 n/a

CHINA MERCHANTS SECU n/a Co File 1'860'000 0.27 - 30.06.2012 Corporation

HUANG MIN n/a Co File 1'676'359 0.25 - 30.06.2012 n/a

YANG MINGXIAO n/a Co File 1'535'299 0.23 - 30.06.2012 n/a

CHEN LILI n/a Co File 1'436'405 0.21 - 30.06.2012 n/a

WANG XUFEN n/a Co File 1'432'360 0.21 - 30.06.2012 n/a


CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'369'966 0.2 645'090 30.06.2012 Investment Advisor

XIONG YINHUA n/a Co File 1'269'900 0.19 - 30.06.2012 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 969'372 0.14 44'478 30.06.2012 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 277'081 0.04 (1'692) 30.06.2012 Investment Advisor

WANJIA ASSET MANAGEM Multiple Portfolios MF-AGG 261'161 0.04 49'731 30.06.2012 Investment Advisor

BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 91'307 0.01 (4'698) 30.06.2012 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 71'627 0.01 (42'100) 30.06.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 31'929 0 (26'573) 30.06.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'570 0 (1'167'100) 30.06.2012 Investment Advisor


Sealand Securities JULIAN BU underperform 1 M 14 12 month 06.03.2013

Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 30.01.2013

Everbright Securities Co., Ltd LU ZHOU buy 5 U 14 12 month 16.01.2013

Capital Securities Corp HAN WEIQI hold 3 M 14 Not Provided 31.10.2012

Sinolink Securities Co Ltd DONG YAGUANG add 4 N #N/A N/A Not Provided 31.10.2012


Industrial Securities WU HUA buy 5 D #N/A N/A Not Provided 02.11.2011

Chang Jiang Securities Co. Limited LIU YUANRUI add 4 M #N/A N/A Not Provided 11.08.2011

Northeast Securities Co Ltd LIU LIXI buy 5 M 31 12 month 27.07.2011


Guodu Securities Co Ltd WEI JING buy 5 M #N/A N/A Not Provided 13.05.2011


China Merchants Securities LIU RONG buy 5 D #N/A N/A Not Provided 05.01.2011

China Securities Co., Ltd GAO XIAOCHUN buy 5 N 30 Not Provided 08.12.2010

Bank of China International LEVI SHI buy 5 M 27 Not Provided 26.10.2010


China Minzu Securities Co Ltd GUAN JIANXIN buy 5 N #N/A N/A Not Provided 28.04.2010

Central China Securities LU YONGGUANG buy 5 M #N/A N/A Not Provided 09.02.2010

ZheShang Securities XU GUANGBING buy 5 N 23 6 month 09.02.2010

Holdings By:

Kunming Yunnei Power Co Ltd ee


15.03.2013

Doosan Infracore Co., Ltd. manufactures machinery for construction.

The Company's products include construction equipment, industrial vehicles,

diesel engines, power generators, machine tools, factory automation system, and

other products, such as armored vehicles for the defense industry.


LTM as of: 01/yy

52-Week High (15.03.2012) 23'850.00

52-Week Low (23.11.2012) 15'100.00

Daily Volume

15250





2'572'035.00 1 Yr Total Return -34.27%

Total Debt 2'651'171.22 YTD Return -10.29%




Enterprise Value 5'076'883.55

Average Volume 5 Day 882'759

042670 KS EQUITY YTD Change - Average Volume 30 Day 920'222

042670 KS EQUITY YTD % CHANGE - Average Volume 3 Month 956'040


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'963'379.0 2'663'206.1 3'879'948.0 4'426'917.0 4'243'618.7 0.0 0.0 - - - -

0.95x 1.97x 1.73x 1.24x - #DIV/0! #DIV/0! - - - -

418'027.2 298'457.3 613'796.0 456'701.0 - 0.0 0.0 - - - -

9.05x 17.60x 10.96x 11.99x - 0.00x 0.00x - - - -

(121'818.1) (311'103.7) 189'658.8 313'803.0 (121'315.6) 0.0 0.0 - - - -

- - 27.61x 12.35x - 0.00x 0.00x 27.39x 11.35x - -











EBITDA Margin 10.3%


Net Income Margin -2.9% Total Debt/Capital 61.1%

Asset Turnover 0.82







Fiscal Year Ended

Doosan Infracore Co LtdPrice/Volume

Valuation Analysis

1'125'923.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&&&&&------

h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001&!&&

&!.&

&!1&

&!3&

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15.03.2013


DOOSAN HEAVY INDUSTR n/a Co File 75'509'366 44.77 - 31.12.2011 Corporation

MIRAE ASSET GLOBAL I n/a EXCH 13'950'352 8.27 5'270'588 31.03.2010 Investment Advisor

NATIONAL PENSION SER n/a EXCH 6'345'610 3.76 (2'302'448) 10.04.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'176'490 3.07 (59'430) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'401'820 1.42 4'450 13.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'471'368 0.87 (3'202'660) 28.09.2012 Unclassified

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'441'520 0.85 (718'260) 28.09.2012 Mutual Fund Manager

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'175'487 0.7 (414'330) 28.09.2012 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'003'195 0.59 194'480 28.09.2012 Investment Advisor

TRUSTON ASSET MANAGE Multiple Portfolios MF-AGG 802'130 0.48 278'820 28.09.2012 Mutual Fund Manager

HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 564'228 0.33 561'868 28.09.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 554'919 0.33 545'445 28.09.2012 Investment Advisor

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 445'764 0.26 (168'806) 28.09.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 340'940 0.2 - 31.07.2012 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 314'440 0.19 25'320 31.10.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 241'654 0.14 126'812 28.09.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 207'180 0.12 20'970 31.12.2012 Investment Advisor

KTB ASSET MANAGEMENT Multiple Portfolios MF-AGG 200'926 0.12 178'084 28.09.2012 Mutual Fund Manager

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 194'090 0.12 (95'480) 28.09.2012 Mutual Fund Manager

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 165'432 0.1 36'600 28.09.2012 Investment Advisor


Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 21'000 6 month 14.03.2013

Shinyoung Securities Co., Ltd. JAE-SEUNG KIM buy 5 N 20'000 12 month 14.03.2013

HSBC PAUL CHOI overweight 5 M 23'000 Not Provided 12.03.2013

Hanwha Securities Co., Ltd DONG-IK JEONG outperform 5 M 18'000 6 month 11.03.2013

Woori Investment & Securities HAH SUK-WON PAUL buy 5 M 18'000 12 month 18.02.2013

KIWOOM Securities Co Ltd CHOI WON-KYUNG buy 5 M 20'000 6 month 18.02.2013

Daiwa Securities Co. Ltd. MIKE OH hold 3 M 16'500 Not Provided 15.02.2013

Morgan Stanley YOUNG SUK SHIN Underwt/In-Line 1 M 14'000 12 month 06.02.2013

HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 20'000 6 month 06.02.2013

Tong Yang Investment Bank LEE JAE-WON buy 5 M 21'000 12 month 06.02.2013

JPMorgan PARK WAN SUN overweight 5 M 19'000 9 month 06.02.2013

E*Trade Securities Korea PARK MOO-HYUN buy 5 M 21'000 12 month 06.02.2013

LIG Investment Securities CHOI GWANG-SHIK buy 5 M 21'000 12 month 06.02.2013

Samsung Securities YOUNGSOO HAN hold 3 M 17'400 12 month 05.02.2013

Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 23'000 12 month 30.01.2013

Daewoo Securities SUNG KI-JONG buy 5 M 22'000 12 month 29.01.2013

SK Securities Co Ltd LEE JI-HOON buy 5 M 21'000 6 month 29.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Nomura ANGELA HONG buy 5 M 23'000 Not Provided 10.01.2013

IBK Securities Co Ltd JIN-HO HONG buy 5 M 24'000 Not Provided 10.01.2013

Korea Investment & Securities RICHARD PARK hold 3 M #N/A N/A Not Provided 18.12.2012

Hana Daetoo Securities SANG-WOO LEE buy 5 M 21'300 12 month 05.11.2012

Hyundai Securities LEE SANG-HWA buy 5 M 20'000 Not Provided 26.10.2012

KTB Securities HYUN JIN KWON buy 5 M 27'000 12 month 30.07.2012

BS Securities Co Ltd KWAK MIN-JUNG buy 5 N 26'000 6 month 27.04.2012

Deutsche Bank CHANWOOK PARK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2011

Holdings By:

Doosan Infracore Co Ltd ee


15.03.2013

STX Engine Co., Ltd. develops and manufactures marine diesel engine and

engines and related parts. The Company also manufactures and sells light duty

trucks.


LTM as of: 12/yy

52-Week High (15.03.2012) 20'900.00

52-Week Low (16.11.2012) 7'320.00

Daily Volume

8220





235'723.56 1 Yr Total Return -59.90%







077970 KS EQUITY YTD Change - Average Volume 30 Day 81'876

077970 KS EQUITY YTD % CHANGE - Average Volume 3 Month 111'323


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'492'509.5 1'607'664.2 1'220'718.5 1'295'460.5 1'075'021.1 ######### ######### - - - -

0.29x 0.45x 1.10x 0.73x - 2.43x 2.65x - - - -

223'842.7 223'236.2 122'362.9 124'899.6 - 124'898.6 53'025.9 - - - -

1.93x 3.25x 10.93x 7.56x - 7.56x 0.00x - - - -

96'747.1 60'458.4 58'350.8 63'931.2 (58'633.3) 63'930.9 (58'633.3) - - - -

4.77x 9.08x 17.05x 6.08x - 6.08x 0.00x - - - -











EBITDA Margin 9.6%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

STX Engine Co LtdPrice/Volume

Valuation Analysis

147'217.00


&

2&&&

-&&&&

-2&&&

.&&&&

.2&&&

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8!. 8!1 8!3 8!5 8-!& 8-!. 8-!1 8-!3 8-!5 8

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

1'600'000.0

1'800'000.0

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

&!&&

&!2&

-!&&

-!2&

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



15.03.2013


STX CORP n/a Co File 259'640'640 38.14 - 30.06.2012 Corporation

CHINA SECURITIES CO n/a Co File 13'556'624 1.99 - 30.06.2012 Corporation

HUANG ZHAO n/a Co File 2'258'487 0.33 - 30.06.2012 n/a

CHINA MERCHANTS SECU n/a Co File 1'860'000 0.27 - 30.06.2012 Corporation

HUANG MIN n/a Co File 1'676'359 0.25 - 30.06.2012 n/a

YANG MINGXIAO n/a Co File 1'535'299 0.23 - 30.06.2012 n/a

CHEN LILI n/a Co File 1'436'405 0.21 - 30.06.2012 n/a

WANG XUFEN n/a Co File 1'432'360 0.21 - 30.06.2012 n/a


CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'369'966 0.2 645'090 30.06.2012 Investment Advisor

XIONG YINHUA n/a Co File 1'269'900 0.19 - 30.06.2012 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 969'372 0.14 44'478 30.06.2012 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 277'081 0.04 (1'692) 30.06.2012 Investment Advisor

WANJIA ASSET MANAGEM Multiple Portfolios MF-AGG 261'161 0.04 49'731 30.06.2012 Investment Advisor

BOSERA FUND MANAGEME Multiple Portfolios MF-AGG 91'307 0.01 (4'698) 30.06.2012 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 71'627 0.01 (42'100) 30.06.2012 Investment Advisor

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 31'929 0 (26'573) 30.06.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 25'570 0 (1'167'100) 30.06.2012 Investment Advisor


EVA Dimensions WANG QINGTAO neutral 3 N #N/A N/A Not Provided 10.05.2011

PingAn Securities YU BING neutral 3 N #N/A N/A Not Provided 07.01.2011

Central China Securities XU MINFENG add 4 M #N/A N/A Not Provided 17.12.2010

Chang Jiang Securities Co. Limited WENZHONG SHAO buy 5 U #N/A N/A Not Provided 08.06.2010

China Merchants Securities WANG LIUSHENG buy 5 M #N/A N/A Not Provided 29.03.2010

Pacific Securities Co Ltd TAN JIJIA add 4 N #N/A N/A Not Provided 13.08.2009

Holdings By:

STX Engine Co Ltd ee


15.03.2013

Changchai Co., Ltd. manufactures and markets diesel engines, related spare

parts, agricultural transport vehicles, and combine harvesters.


LTM as of: 09/yy

52-Week High (19.02.2013) 4.89

52-Week Low (31.07.2012) 2.42

Daily Volume

4.2





4'060.75 1 Yr Total Return 28.94%




Cash and Equivalents 553.74 Consensus Rating 1.000






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

2'040.5 1'907.7 2'410.6 2'845.5 3'137.0 3'127.4 2'987.8 - - - -

2.05x 0.46x 2.61x 1.57x 0.35x 3.76x 1.91x - - - -

59.5 (34.8) 139.6 164.9 80.3 0.0 0.0 - - - -

70.11x - 44.97x 27.09x 13.67x 0.00x 0.00x - - - -

168.1 (84.0) 229.0 120.5 52.9 80.3 47.2 - - - -

16.58x - 13.74x 23.74x 25.60x 18.25x 26.96x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.98







Fiscal Year Ended

Changchai Co LtdPrice/Volume

Valuation Analysis

528'620.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&--..001122

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8!2 8-!& 8-!2 8.!& 8.!2 80!& 80!2 81!& 81!2 8

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

&!&&

2&!&&

-&&!&&

-2&!&&

.&&!&&

.2&!&&

&.!&-!.&&6 &.!&4!.&&6 &.!&-!.&-& &.!&4!.&-& &.!&-!.&-- &.!&4!.&-- &.!&-!.&-. &.!&4!.&-. &.!&-!.&-0



15.03.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'374'000 0.92 - 31.12.2012 Investment Advisor

LI TAO n/a Co File 838'391 0.56 - 31.12.2011 n/a

SINOAUTO CO LTD n/a Co File 820'000 0.55 - 31.12.2011 Corporation

LIU GUOSHENG n/a Co File 803'583 0.54 - 31.12.2011 n/a

MA ZEQI n/a Co File 712'500 0.47 - 31.12.2011 n/a

SHANGHAI WANGUO SECU n/a Co File 551'550 0.37 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 54'400 0.04 - 13.03.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 15'000 0.01 - 31.08.2012 Investment Advisor


EVA Dimensions JEON JAE-CHEON buy 5 M 21'000 6 month 14.03.2013

Shinyoung Securities Co., Ltd. JAE-SEUNG KIM buy 5 N 20'000 12 month 14.03.2013

HSBC PAUL CHOI overweight 5 M 23'000 Not Provided 12.03.2013

Hanwha Securities Co., Ltd DONG-IK JEONG outperform 5 M 18'000 6 month 11.03.2013

Woori Investment & Securities HAH SUK-WON PAUL buy 5 M 18'000 12 month 18.02.2013

KIWOOM Securities Co Ltd CHOI WON-KYUNG buy 5 M 20'000 6 month 18.02.2013

Daiwa Securities Co. Ltd. MIKE OH hold 3 M 16'500 Not Provided 15.02.2013

Morgan Stanley YOUNG SUK SHIN Underwt/In-Line 1 M 14'000 12 month 06.02.2013

HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 20'000 6 month 06.02.2013

Tong Yang Investment Bank LEE JAE-WON buy 5 M 21'000 12 month 06.02.2013

JPMorgan PARK WAN SUN overweight 5 M 19'000 9 month 06.02.2013


LIG Investment Securities CHOI GWANG-SHIK buy 5 M 21'000 12 month 06.02.2013

Samsung Securities YOUNGSOO HAN hold 3 M 17'400 12 month 05.02.2013

Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 23'000 12 month 30.01.2013

Daewoo Securities SUNG KI-JONG buy 5 M 22'000 12 month 29.01.2013

SK Securities Co Ltd LEE JI-HOON buy 5 M 21'000 6 month 29.01.2013


Nomura ANGELA HONG buy 5 M 23'000 Not Provided 10.01.2013

IBK Securities Co Ltd JIN-HO HONG buy 5 M 24'000 Not Provided 10.01.2013

Korea Investment & Securities RICHARD PARK hold 3 M #N/A N/A Not Provided 18.12.2012

Hana Daetoo Securities SANG-WOO LEE buy 5 M 21'300 12 month 05.11.2012

Hyundai Securities LEE SANG-HWA buy 5 M 20'000 Not Provided 26.10.2012

KTB Securities HYUN JIN KWON buy 5 M 27'000 12 month 30.07.2012

BS Securities Co Ltd KWAK MIN-JUNG buy 5 N 26'000 6 month 27.04.2012

Deutsche Bank CHANWOOK PARK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2011

Holdings By:

Changchai Co Ltd ee


15.03.2013

Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery

and related parts. The Company's products include concrete pumps, concrete

pump vehicles, road rollers, pavers, and other related products. Sany Heavy

Industry sells its products under the "Sany" trade mark.


LTM as of: 01/yy

52-Week High (29.05.2012) 15.42

52-Week Low (04.12.2012) 7.59

Daily Volume

10.6





80'734.94 1 Yr Total Return -21.27%

Total Debt 20'774.33 YTD Return 0.09%


Minority Interest 1'090.9 Analyst Recs 24







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 12/12 Q4 03/13 Q1

9'138.0 13'727.5 18'917.0 33'823.7 50'516.8 0.0 0.0 49'699.8 56'495.9 11'678.0 -

6.28x 1.65x 3.00x 3.37x 2.11x #DIV/0! #DIV/0! 1.82x 1.61x 7.04x -

1'838.1 2'116.6 3'880.8 7'628.2 11'310.3 0.0 0.0 10'935.5 12'666.7 596.0 -

31.24x 10.71x 14.63x 14.95x 9.44x 0.00x 0.00x 9.29x 8.02x - -

1'606.2 1'232.2 2'639.9 5'615.5 8'648.9 0.0 0.0 6'504.4 7'502.6 378.0 2'594.0

34.57x 16.88x 20.80x 19.50x 11.01x 0.00x 0.00x 12.07x 10.07x 7.97x 6.20x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.83







Fiscal Year Ended

Sany Heavy Industry Co LtdPrice/Volume

Valuation Analysis

27'679'763.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&&&&&------

h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2000&!&&

&!.&

&!1&

&!3&

&!5&

-!&&

-!.&



15.03.2013


SANY GROUP CO LTD n/a Co File 4'281'311'012 56.21 - 31.12.2011 Corporation

WENGEN LIANG n/a Co File 286'575'517 3.76 - 31.12.2011 n/a

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 104'814'907 1.38 (52'970'003) 30.06.2012 Investment Advisor


DACHENG FUND MANAGME Multiple Portfolios MF-AGG 55'108'931 0.72 (24'815'213) 30.06.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 53'644'369 0.7 (2'101'690) 30.06.2012 Investment Advisor



XIUGUO TANG n/a Co File 47'284'115 0.62 - 31.12.2011 n/a

ZHONGWU MAO n/a Co File 43'231'190 0.57 - 31.12.2011 n/a

WENBO XIANG n/a Co File 43'231'189 0.57 - 31.12.2011 n/a


DI CHUN n/a Co File 37'436'485 0.49 - 31.12.2011 n/a

JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 32'309'678 0.42 14'661'349 30.06.2012 Investment Advisor

JINHUA YUAN n/a Co File 25'668'519 0.34 - 31.12.2011 n/a


LION FUND MANAGEMENT Multiple Portfolios MF-AGG 21'507'889 0.28 411'506 30.06.2012 Investment Advisor


FUGUI ZHOU n/a Co File 18'913'646 0.25 - 31.12.2011 n/a

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 18'201'141 0.24 4'466'769 30.06.2012 Investment Advisor


Nomura GE WENJIE neutral 3 M 14 Not Provided 14.03.2013

Guotai Junan LU JUAN buy 5 N 12 12 month 13.03.2013


PingAn Securities ZHANG WEI buy 5 M #N/A N/A Not Provided 04.03.2013


Goldman Sachs TIAN LU neutral/neutral 3 M 13 12 month 08.02.2013

Northeast Securities Co Ltd JIANGTAO WU buy 5 M #N/A N/A Not Provided 31.01.2013

Citic Securities Co., Ltd GUO YALING buy 5 M #N/A N/A Not Provided 30.01.2013

Bank of China International XU MINLE buy 5 U 13 12 month 28.01.2013

Jefferies JULIAN BU hold 3 M 14 12 month 23.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013


Credit Suisse YANG SONG underperform 1 M 9 Not Provided 17.12.2012


Hong Yuan Securities PANG LINLIN add 4 M #N/A N/A Not Provided 26.11.2012

Fortune CLSA Securities Limited YANG YAN outperform 5 M 10 12 month 15.11.2012

Sinolink Securities Co Ltd DONGYA GUANG add 4 M #N/A N/A Not Provided 07.11.2012


Morgan Stanley KATE ZHU restricted #N/A N/A M #N/A N/A Not Provided 27.06.2012

China Securities Co., Ltd FUZHANG FENG buy 5 M 16 Not Provided 25.06.2012

China Investment Securities OUYANG JUN buy 5 M #N/A N/A Not Provided 19.04.2012



China Merchants Securities LIU RONG strong buy 5 M 20 6 month 06.04.2012


Bohai Securities Co Ltd DU PU buy 5 M #N/A N/A Not Provided 23.09.2011

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 16.08.2011


Guodu Securities Co Ltd WEI JING strong buy 5 M #N/A N/A Not Provided 13.05.2011

ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 14.12.2010

China Galaxy Securities JU HOULIN speculative buy 4 M #N/A N/A Not Provided 27.01.2010

Sealand Securities LILI LIU buy 5 N #N/A N/A Not Provided 28.08.2009

Holdings By:

Sany Heavy Industry Co Ltd ee


15.03.2013

DAIHATSU DIESEL MFG, CO., LTD. manufactures marine-use propulsion and auxiliary

military engine. The Company also manufactures electronic communication

equipment.


LTM as of: 12/yy

52-Week High (08.03.2013) 546.00

52-Week Low (10.10.2012) 187.00

Daily Volume

491





15'638.35 1 Yr Total Return 23.60%




Cash and Equivalents 16'873.97 Consensus Rating -



6023 JP EQUITY YTD Change - Average Volume 30 Day 221'033

6023 JP EQUITY YTD % CHANGE - Average Volume 3 Month 227'897


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

60'677.7 71'351.6 63'783.0 58'108.3 57'728.2 58'558.9 54'692.5 - - - -

0.66x 0.39x 0.33x 0.28x 0.20x 0.99x 0.42x - - - -

7'504.6 9'497.0 8'299.5 9'205.5 7'534.0 8'747.9 5'642.5 - - - -

5.34x 2.92x 2.57x 1.78x 1.50x 1.13x 0.75x - - - -

2'393.9 3'747.8 3'475.3 3'528.6 2'387.9 3'126.3 2'559.5 - - - -

11.57x 4.82x 3.16x 3.82x 5.56x 3.39x 3.17x - - - -









Net Debt/EBITDA -0.96


EBITDA Margin 10.5%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daihatsu Diesel Manufacturing Co LtdPrice/Volume

Valuation Analysis

98'000.00


&

-&&

.&&

0&&

1&&

2&&

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!1 8

!3 8

!5 8

-!& 8

-!. 8

-!1 8

-!3 8

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

&!&&

&!2&

-!&&

-!2&

.!&&

.!2&

0!&&

0!2&

1!&&

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15.03.2013


TOYOTA MOTOR CORP n/a ULT-AGG 11'194'000 35.15 - 30.09.2012 Corporation

FMR LLC n/a ULT-AGG 2'202'000 6.91 319'000 15.02.2013 Investment Advisor

SEKISUI HOUSE LTD n/a Co File 2'000'000 6.28 - 30.09.2012 Corporation

MITSUBISHI UFJ FINAN n/a ULT-AGG 1'302'000 4.09 32'000 31.12.2012 Holding Company

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 829'000 2.6 - 29.10.2012 Mutual Fund Manager

JAPAN TRUSTEE SERVIC n/a Co File 724'000 2.27 - 30.09.2012 Bank

MASTER TRUST BANK OF n/a Co File 650'000 2.04 - 30.09.2012 Bank

MITSUI SUMITOMO INSU n/a Co File 640'000 2.01 - 30.09.2012 Insurance Company

RESONA HOLDINGS INC n/a ULT-AGG 590'000 1.85 - 30.09.2012 Holding Company

SHIGA BANK LTD/THE n/a Co File 300'000 0.94 - 30.09.2012 Bank

MITSUI & CO LTD n/a ULT-AGG 297'000 0.93 - 30.09.2012 Corporation

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 281'000 0.88 - 23.04.2012 Holding Company

AICHI ELECTRIC CO LT n/a Co File 110'000 0.35 - 31.03.2012 Corporation

DEUTSCHE BANK AG/LON n/a Short (78'966) -0.25 3'000 18.02.2013 Investment Advisor

TORISHIMA PUMP MANUF n/a Co File 55'000 0.17 - 31.03.2011 Corporation

DMW CORP n/a Co File 55'000 0.17 - 31.03.2012 Corporation

SJUNDE AP FONDEN Multiple Portfolios MF-AGG 52'000 0.16 (53'000) 31.12.2012 Investment Advisor

MU INVESTMENTS CO LT n/a MOF-JP 36'000 0.11 - 31.12.2012 Investment Advisor

T RAD CO LTD n/a Co File 33'000 0.1 - 31.03.2012 Corporation

FURUKAWA YOSHIRO n/a Co File 26'000 0.08 2'000 28.06.2012 n/a


#N/A N/A CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Mirae Asset Securities CHUNG WOO CHANG hold 3 N 10'000 12 month 19.09.2012

Daewoo Securities SUNG KI-JONG neutral 3 D #N/A N/A Not Provided 29.08.2012

Macquarie LEE JUWON neutral 3 M 9'500 12 month 14.08.2012


Korea Investment & Securities RICHARD PARK buy 5 M 22'500 12 month 30.11.2011

Holdings By:

Daihatsu Diesel Manufacturing Co Ltd ee


15.03.2013

KOMATSU LTD. manufactures and sells construction and mining machinery, including

parts, agricultural transport vehicles, and combine harvesters.


LTM as of: 12/yy

52-Week High (19.03.2012) 2'512.00

52-Week Low (10.10.2012) 1'439.00

Daily Volume

2213





2'175'667.25 1 Yr Total Return -5.35%





Enterprise Value 2'836'189.27


6301 JP EQUITY YTD Change - Average Volume 30 Day 8'284'767

6301 JP EQUITY YTD % CHANGE - Average Volume 3 Month 8'241'611


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'243'023.0 2'021'743.0 1'431'564.0 1'843'127.0 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0

1.40x 0.78x 1.71x 1.76x 1.44x 5.38x 5.33x 1.42x 1.30x - -

408'514.0 250'302.0 158'354.0 312'396.0 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 - -

7.67x 6.31x 15.43x 10.38x 8.25x 6.75x 9.09x 8.75x 7.42x - -

208'793.0 78'797.0 33'559.0 150'752.0 167'041.0 179'506.0 128'761.0 139'958.1 174'485.8 42'719.0 -

13.50x 13.38x 56.53x 18.14x 13.60x 9.69x 16.15x 15.06x 12.07x - -


EBIT 256'343.00 Long-Term Rating A









EBITDA Margin 16.8%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Komatsu LtdPrice/Volume

Valuation Analysis

7'879'300.00


&

2&&

-&&&

-2&&

.&&&

.2&&

0&&&

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

2!& 8

-&!& 8

-2!& 8

.&!& 8

.2!& 8

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

&0!&1!.&&6 &0!-&!.&&6 &0!&1!.&-& &0!-&!.&-& &0!&1!.&-- &0!-&!.&-- &0!&1!.&-. &0!-&!.&-.



15.03.2013


JAPAN TRUSTEE SERVIC Multiple Portfolios MF-AGG 1'374'000 0.92 - 31.12.2012 Investment Advisor

LI TAO n/a Co File 838'391 0.56 - 31.12.2011 n/a

SINOAUTO CO LTD n/a Co File 820'000 0.55 - 31.12.2011 Corporation

LIU GUOSHENG n/a Co File 803'583 0.54 - 31.12.2011 n/a

MA ZEQI n/a Co File 712'500 0.47 - 31.12.2011 n/a

SHANGHAI WANGUO SECU n/a Co File 551'550 0.37 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 54'400 0.04 - 13.03.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 15'000 0.01 - 31.08.2012 Investment Advisor


SMBC Nikko Securities Inc TEAM COVERAGE sell 1 M #N/A N/A Not Provided 09.08.2012

Holdings By:

Komatsu Ltd ee


15.03.2013

Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and





LTM as of: 12/yy

52-Week High (04.02.2013) 2'250.00

52-Week Low (10.10.2012) 1'203.00

Daily Volume

2002





430'660.31 1 Yr Total Return 9.92%







6305 JP EQUITY YTD Change - Average Volume 30 Day 2'273'417

6305 JP EQUITY YTD % CHANGE - Average Volume 3 Month 2'195'086


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

940'826.0 744'167.0 605'788.0 773'769.0 817'143.0 796'923.0 818'347.0 765'201.7 792'789.3 216'035.3 -

0.75x 0.77x 1.27x 0.98x 0.93x 3.33x 3.42x 1.01x 0.95x - -

138'620.0 83'953.0 56'691.0 86'136.0 94'408.0 96'185.0 88'484.0 88'173.3 104'780.1 - -

5.11x 6.81x 13.56x 8.77x 8.07x 6.29x 8.57x 9.18x 7.73x - -

55'985.0 18'253.0 4'019.0 11'088.0 23'036.0 17'126.0 23'699.0 29'940.9 31'126.4 16'380.0 -

9.21x 14.79x 114.28x 39.72x 16.82x 16.01x 16.02x 14.13x 13.35x - -











EBITDA Margin 11.3%



Asset Turnover 0.85







Fiscal Year Ended

Hitachi Construction Machinery Co LtdPrice/Volume

Valuation Analysis

1'794'900.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2&&

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h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

-!& 8

.!& 8

0!& 8

1!& 8

2!& 8

3!& 8

4!& 8

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

1'000'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

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1&!&&

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15.03.2013


HITACHI LTD n/a ULT-AGG 108'033'000 50.22 - 30.09.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 9'049'000 4.21 (612'000) 30.09.2012 Bank

MASTER TRUST BANK OF n/a Co File 7'134'000 3.32 (1'811'000) 30.09.2012 Bank

NOMURA n/a ULT-AGG 4'643'100 2.16 (13'400) 28.02.2013 Unclassified

NIKKO ASSET MANAGEME n/a ULT-AGG 3'624'900 1.69 (800) 14.03.2013 Unclassified

HITACHI CONSTRUCTION n/a Co File 3'291'632 1.53 (4'668) 30.09.2012 Corporation

BANK OF NEW YORK MEL n/a Co File 2'575'000 1.2 742'000 30.09.2012 Investment Advisor

TRUST & CUSTODY SERV n/a Co File 2'537'000 1.18 106'000 30.09.2012 Bank

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'272'400 1.06 (56'800) 31.01.2013 Holding Company

JP MORGAN SECURITIES n/a Co File 2'270'000 1.06 45'000 30.09.2012 Bank

SOCIETE GENERALE SEC n/a Co File 1'959'000 0.91 605'000 30.09.2012 Investment Advisor

DEUTSCHE BANK AG/LON n/a Co File 1'781'000 0.83 - 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'759'076 0.82 19'946 31.12.2012 Investment Advisor

MITSUBISHI UFJ FINAN n/a ULT-AGG 1'748'900 0.81 (98'400) 31.01.2013 Holding Company

DEUTSCHE SECURITIES n/a Co File 1'706'000 0.79 - 30.09.2012 Bank

DEUTSCHE BANK AG/LON n/a Short (1'613'686) -0.75 71'900 13.03.2013 Investment Advisor

STATE STREET CUSTODI n/a ULT-AGG 1'378'000 0.64 188'000 31.03.2012 Other

CHUO SHOJI CO LTD n/a Co File 1'295'000 0.6 - 30.09.2011 Corporation

LONE CYPRESS LTD n/a Short (1'107'759) -0.51 (136'353) 18.05.2012 Other

CREDIT SUISSE HONG K n/a Short (1'027'401) -0.48 (9'700) 24.02.2012 Bank


SMBC Nikko Securities Inc GE WENJIE neutral 3 M 14 Not Provided 14.03.2013
































Holdings By:

Hitachi Construction Machinery Co Ltd ee


15.03.2013

NITTAN VALVE CO., LTD. manufactures valves for motor vehicle engines, ships,

diesel engines, stationary diesel engines, and industrial products such as

aluminum wheels and automatic door closers for train cars. The Company also

manages real estate leasing with properties ranging from office buildings to

parking garages.


LTM as of: 12/yy

52-Week High (15.03.2013) 349.00

52-Week Low (15.11.2012) 240.00

Daily Volume

347





10'055.66 1 Yr Total Return 12.73%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

36'462.7 31'693.9 27'753.8 32'294.7 32'950.1 32'134.2 33'839.6 - 40'000.0 - -

0.45x 0.38x 0.50x 0.31x 0.35x 1.28x 1.41x - - - -

6'577.8 3'972.1 2'875.3 4'678.3 3'313.8 3'557.9 3'830.6 - - - -

2.51x 3.01x 4.79x 2.13x 3.50x 2.78x 3.34x - - - -

1'972.7 (255.9) (189.5) 565.7 (895.4) (279.5) (179.8) - 1'200.0 - -

7.09x - - 15.93x - 0.00x 0.00x - 8.36x - -





Return on Assets -0.81% Short-Term Rating -

Return on Common Equity -1.42%





EBITDA Margin 11.4%



Asset Turnover 0.86







Fiscal Year Ended

Nittan Valve Co LtdPrice/Volume

Valuation Analysis

96'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

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15.03.2013


EATON CORP n/a Co File 8'693'000 30 - 30.09.2012 Corporation

BANK OF YOKOHAMA LTD n/a Co File 1'302'000 4.49 - 30.09.2012 Bank

HONDA MOTOR CO LTD n/a ULT-AGG 1'233'000 4.25 - 30.09.2012 Corporation


MASTER TRUST BANK OF n/a Co File 725'000 2.5 (74'000) 30.09.2012 Bank

GOLDMAN SACHS INTERN n/a Co File 612'000 2.11 (260'000) 30.09.2012 Investment Advisor

SNT CORP n/a Co File 517'000 1.78 - 30.09.2012 Corporation

MIZUHO FINANCIAL GRO n/a ULT-AGG 472'000 1.63 - 30.09.2012 Bank

MEIJI YASUDA LIFE IN n/a Co File 448'000 1.55 - 30.09.2012 Insurance Company

NOMURA n/a ULT-AGG 436'300 1.51 (20'500) 17.12.2012 Unclassified

AMUNDI JAPAN Multiple Portfolios MF-AGG 387'700 1.34 1'100 20.02.2012 Mutual Fund Manager

SANYO SPECIAL STEEL n/a Co File 314'656 1.09 - 31.03.2012 Corporation

SJUNDE AP FONDEN Multiple Portfolios MF-AGG 267'100 0.92 57'100 31.12.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 159'300 0.55 159'300 15.03.2012 Investment Advisor

WILLERFUNDS MANAGEME Multiple Portfolios MF-AGG 127'700 0.44 - 31.12.2012 Investment Advisor

ONEX CORP/JAPAN n/a Co File 117'300 0.4 - 30.06.2012 Unclassified

SOCIETE GENERALE Multiple Portfolios MF-AGG 109'900 0.38 - 31.10.2012 Bank

NITTAN VALVE CO LTD n/a Co File 90'800 0.31 (373'200) 30.09.2012 Corporation

ISEKI & CO LTD n/a Co File 50'000 0.17 - 31.03.2012 Corporation


Tachibana Securities KENTARO HAYASHI Strong Outperform 5 N #N/A N/A Not Provided 11.07.2012

Holdings By:

Nittan Valve Co Ltd ee


15.03.2013

TOYO ELECTRIC MFG. CO., LTD. manufactures electrical equipment for rolling stock

excavators, bulldozers, and wheel loaders. The Company, operating on a global

scale, also produces forklift trucks and engineering equipment such as press

system.


LTM as of: 11/yy

52-Week High (19.03.2012) 335.00

52-Week Low (15.11.2012) 200.00

Daily Volume

296





14'407.80 1 Yr Total Return -5.36%










31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

38'130.1 33'226.9 35'429.8 37'893.8 38'570.0 37'804.8 33'306.0 32'750.0 36'500.0 9'434.0 10'000.0

0.47x 0.90x 0.74x 0.59x 0.51x 2.60x 2.60x - - - -

2'121.1 2'354.4 1'924.9 2'673.1 2'846.0 2'526.0 1'821.0 1'700.0 2'500.0 - -

8.43x 12.69x 13.64x 8.42x 6.98x 9.13x 11.02x 13.98x 9.51x - -

532.8 103.0 512.7 678.3 785.0 785.0 81.0 300.0 675.0 500.0 350.0

27.70x 258.62x 42.05x 25.64x 15.22x 17.84x 131.36x 47.36x 21.14x - -











EBITDA Margin 5.5%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Toyo Denki Seizo - Toyo Electric Manufacturing Co LtdPrice/Volume

Valuation Analysis

562'000.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

&!&&

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15.03.2013


NIPPON LIFE INSURANC n/a ULT-AGG 2'720'000 5.59 (298'000) 30.11.2012 Insurance Company

EAST JAPAN RAILWAY C n/a Co File 2'400'000 4.93 - 30.11.2012 Corporation


HITACHI LTD n/a ULT-AGG 2'100'000 4.31 - 30.11.2012 Corporation

EMPLOYEES' STOCKHOLD n/a Co File 1'725'000 3.54 210'000 30.11.2012 n/a

MITSUBISHI UFJ FINAN n/a ULT-AGG 1'445'000 2.97 3'000 31.01.2013 Holding Company

BANK OF YOKOHAMA LTD n/a Co File 1'038'000 2.13 - 30.11.2012 Bank

OHKURAYA JUUTAKU CO n/a Co File 1'030'000 2.12 - 30.11.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 948'000 1.95 (80'000) 30.11.2012 Bank

COOP FACTORIES' STOC n/a Co File 838'000 1.72 - 30.11.2012 n/a

TSUKISHIMA KIKAI CO n/a Co File 798'000 1.64 - 31.05.2012 Corporation

KEIHAN ELECTRIC RAIL n/a Co File 526'700 1.08 - 31.03.2012 Corporation

TOYO ELECTRIC MANUFA n/a Co File 460'565 0.95 1'995 30.11.2012 Corporation

NANKAI ELECTRIC RAIL n/a Co File 345'000 0.71 - 31.03.2012 Corporation

H2O RETAILING CORP n/a ULT-AGG 345'000 0.71 - 31.03.2012 Corporation

TOKYO KIKAI SEISAKUS n/a Co File 314'000 0.65 - 31.03.2012 Corporation

NIPPON SHARYO LTD n/a Co File 295'000 0.61 - 31.03.2012 Corporation

NAGOYA RAILROAD CO L n/a Co File 230'000 0.47 - 31.03.2012 Corporation

TOBU RAILWAY CO LTD n/a Co File 230'000 0.47 - 31.03.2012 Corporation

NOMURA n/a ULT-AGG 190'000 0.39 (8'000) 31.01.2013 Unclassified


EVA Dimensions TAKU OUCHI outperform 5 M 3'300 12 month 14.03.2013

Nomura KATSUSHI SAITO buy 5 M 3'020 12 month 12.03.2013

Ji Asia TONY MOYER buy 5 M 3'010 12 month 12.03.2013

Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 3'000 12 month 06.03.2013

Credit Suisse SHINJI KURODA outperform 5 M 2'700 Not Provided 04.03.2013

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 2'740 12 month 27.02.2013

Mizuho Securities JUNJI SAKURADA neutral 3 M 2'500 12 month 22.02.2013

BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 2'800 12 month 15.02.2013

Macquarie KENJIN HOTTA underperform 1 M 1'850 12 month 14.02.2013

Deutsche Bank TAKESHI KITAURA buy 5 M 3'300 12 month 08.02.2013

Jefferies YUKIHIRO KUMAGAI buy 5 M 2'800 12 month 08.02.2013

TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 04.02.2013

Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 2'700 6 month 31.01.2013

Mito Securities YOICHIRO WATANABE neutral 3 M 2'500 6 month 30.01.2013

Tokai Tokyo Securities MITSUYUKI ODAIRA above average 4 U #N/A N/A Not Provided 30.01.2013

JPMorgan TORU NAKAHASHI overweight 5 M 1'900 9 month 30.01.2013

Tachibana Securities YOSHIKAZU SHIMADA outperform 5 U #N/A N/A Not Provided 30.01.2013

Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013

ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013

Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013


Barclays KUNIO SAKAIDA overweight 5 M 2'400 Not Provided 05.12.2012

Holdings By:

Toyo Denki Seizo - Toyo Electric Manufacturing Co Ltd ee


15.03.2013

Altra Holdings, Inc. designs, produces, and markets a wide range of mechanical

power transmission, or MPT, and motion control products. The Company's product

portfolio includes industrial clutches and brakes, enclosed gear drives, open

gearing, couplings, engineered bearing assemblies, linear components and other

related products.


LTM as of: 12/yy

52-Week High (15.03.2013) 27.76

52-Week Low (12.07.2012) 14.55

Daily Volume

27.56




Shares Out 19.02.2013 26.9 Short Int 1.06

741.45 1 Yr Total Return 37.74%





Enterprise Value 905.15


AIMC US EQUITY YTD Change - Average Volume 30 Day 167'653

AIMC US EQUITY YTD % CHANGE - Average Volume 3 Month 150'656


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

635.3 452.8 520.2 674.8 732.0 674.8 732.0 747.8 788.6 187.0 193.8

0.65x 1.08x 1.29x 1.00x 1.03x 4.08x 3.65x - - - -

102.3 59.2 77.8 97.1 107.4 97.1 107.4 115.2 126.6 28.6 30.7

4.03x 8.24x 8.60x 6.93x 7.01x 6.93x 7.01x 7.86x 7.15x 7.82x 7.53x

6.5 (2.3) 24.5 37.7 24.3 37.7 24.3 48.6 57.1 12.0 13.4

5.46x 37.42x 19.66x 13.95x 14.60x 13.74x 15.10x 15.19x 12.98x 15.19x 14.32x











EBITDA Margin 14.7%



Asset Turnover 1.16







Fiscal Year Ended

Altra Holdings IncPrice/Volume

Valuation Analysis

62'250.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

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!3 8

!5 8

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-!. 8

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

&!&&

2!&&

-&!&&

-2!&&

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15.03.2013


BLACKROCK n/a ULT-AGG 2'064'541 7.67 - 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'535'539 5.71 (1'061) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'424'693 5.3 42'838 31.12.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 1'117'444 4.15 60'030 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'091'203 4.06 471'384 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'055'963 3.93 (4'130) 31.12.2012 Unclassified

MACQUARIE GROUP n/a ULT-AGG 1'041'961 3.87 43'230 31.12.2012 Investment Advisor

SAGARD CAPITAL PARTN SAGARD CAPITAL PARTN 13F 974'062 3.62 1'370 31.12.2012 Investment Advisor

INVESTMENT COUNSELOR INVESTMENT COUNSELOR 13F 961'050 3.57 58'300 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 923'139 3.43 (4'183) 31.12.2012 Investment Advisor

SILVERCREST ASSET MA SILVERCREST ASSET MA 13F 732'852 2.72 (2'110) 31.12.2012 Investment Advisor

FIRST INVESTORS MANA FIRST INVESTORS MANA 13F 727'300 2.7 91'400 31.12.2012 Investment Advisor

THOMSON HORSTMANN & THOMSON HORSTMANN & 13F 726'575 2.7 (81'893) 31.12.2012 Investment Advisor

LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 720'989 2.68 (70'592) 31.12.2012 Investment Advisor

OAK RIDGE INVESTMENT OAK RIDGE INVESTMENT 13F 677'930 2.52 - 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 672'704 2.5 14'758 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 564'959 2.1 (1'998) 31.12.2012 Investment Advisor

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 543'633 2.02 3'460 31.12.2012 Investment Advisor

EAGLE BOSTON INVESTM EAGLE BOSTON INVESTM 13F 524'628 1.95 (99'185) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 495'592 1.84 1'363 31.12.2012 Investment Advisor


Jefferies SCOTT R GRAHAM hold 3 M 27 12 month 15.02.2013

Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 32 12 month 15.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 15.02.2013

Stephens Inc MATT DUNCAN overweight 5 M 32 12 month 14.02.2013

KeyBanc Capital Markets JEFFREY D HAMMOND buy 5 M 29 12 month 14.02.2013

Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 11.02.2013

BB&T Capital Markets VERNON C PLACK hold 3 M #N/A N/A Not Provided 11.02.2013

Wells Fargo Securities, LLC JONATHAN G BOCK outperform 5 M #N/A N/A Not Provided 11.02.2013

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

Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013

ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013

Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013


Barclays KUNIO SAKAIDA overweight 5 M 2'400 Not Provided 05.12.2012

Holdings By:

Altra Holdings Inc ee


15.03.2013

Atlas Copco AB is an international industrial group. The Group develops,

manufactures, and markets compressed air equipment and generators, construction

and mining equipment, electric and pneumatic tools, and assembly systems and

offers related services. Atlas Copco also rents equipment. The Company markets

to manufacturing, building, construction, and mining companies worldwide.


LTM as of: 12/yy

52-Week High (30.01.2013) 190.10

52-Week Low (14.06.2012) 134.40

Daily Volume

185.1



% 52 Week Price Range High/Low 93.36% Equity Float -


219'757.98 1 Yr Total Return 10.47%







ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'398'799

ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'397'687


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'305.1 93'177.2 21'596.5 22'384.2

1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 9.07x 2.49x 2.32x 10.45x 10.21x

15'808.0 11'527.0 16'400.0 20'061.0 21'892.0 20'076.0 21'892.0 21'609.6 22'838.0 5'037.0 5'281.8

6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 10.28x 10.57x 10.00x 10.68x 10.81x

10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'746.1 14'790.7 3'268.6 3'434.4

8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 16.35x 15.24x 16.52x 16.17x




Pretax Margin 20.48% Short-Term Rating Date 24.02.2011

Return on Assets 17.79% Short-Term Rating A-1






EBITDA Margin 24.2%



Asset Turnover 1.16


Quick Ratio 0.57 Accounts receivable turnover-days -


Tot Debt to Common Equity 60.01% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 131.90



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlas Copco ABPrice/Volume

Valuation Analysis

1'447'474.00


&.&1&3&5&

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h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

.!& 8

1!& 8

3!& 8

5!& 8

-&!& 8

-.!& 8

-1!& 8

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

&!&&

2!&&

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-2!&&

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15.03.2013


INVESTOR AB n/a Research 194'803'726 23.21 - 30.06.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 79'597'557 9.48 (10'170'000) 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'234'795 4.56 - 31.12.2012 Investment Advisor


SWEDBANK ROBUR FONDE n/a Research 21'795'438 2.6 - 30.09.2012 Investment Advisor

SEB n/a ULT-AGG 16'233'543 1.93 (599'301) 25.02.2013 Unclassified

FJARDE AP-FONDEN n/a Research 10'437'990 1.24 - 30.06.2012 Pension Fund (ERISA)

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'989'946 1.19 46'733 31.12.2012 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 9'500'000 1.13 - 30.06.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 8'637'852 1.03 115'699 31.01.2013 Investment Advisor

FOLKSAM GROUP n/a Research 7'887'691 0.94 - 30.06.2012 Insurance Company

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'767'690 0.93 - 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER n/a Research 7'211'859 0.86 - 30.06.2012 Investment Advisor

FORSTA AP FONDEN n/a Research 7'160'904 0.85 - 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 6'982'706 0.83 1'248'147 13.03.2013 Investment Advisor

LANSDOWNE PARTNERS L n/a Short (6'799'092) -0.81 - 01.11.2012 Hedge Fund Manager

ABERDEEN n/a ULT-AGG 6'062'421 0.72 1'315'621 28.02.2013 Unclassified

ANDRA AP FONDEN n/a Research 5'976'741 0.71 - 30.06.2012 Pension Fund (ERISA)

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'862'789 0.7 447'592 31.01.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'225'691 0.62 1'304'434 31.12.2012 Investment Advisor


ABG Sundal Collier ANDERS IDBORG hold 3 D 200 6 month 14.03.2013

Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 185 Not Provided 14.03.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 277 12 month 13.03.2013

SEB Enskilda DANIEL SCHMIDT hold 3 M 200 Not Provided 11.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 172 12 month 08.03.2013

HSBC COLIN GIBSON overweight 5 M 230 Not Provided 08.03.2013

Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 08.03.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 175 Not Provided 08.03.2013

Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 04.03.2013

Pareto Securities DAVID JACOBSSON hold 3 M 180 6 month 28.02.2013

AlphaValue LIONEL PELLICER sell 1 M 160 6 month 21.02.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 05.02.2013

Nomura KLAS BERGELIND neutral 3 M 187 Not Provided 05.02.2013

Societe Generale SEBASTIEN GRUTER sell 1 M 155 12 month 01.02.2013

Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 01.02.2013

Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013

Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013

Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013

DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013

Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013

Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 31.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013

William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013

Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013

CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013

Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012

Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012

Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011

Holdings By:

Atlas Copco AB ee


15.03.2013

Briggs & Stratton Corporation designs, manufactures, markets, and services air

cooled gasoline engines for outdoor power equipment. The Company's engines are

aluminum alloy gasoline engines ranging from three to 25 horsepower.

Briggs & Stratton markets and services its products to original equipment

manufacturers worldwide.


LTM as of: 12/yy

52-Week High (19.02.2013) 25.52

52-Week Low (09.08.2012) 16.20

Daily Volume

24.85





1'197.16 1 Yr Total Return 44.12%







BGG US EQUITY YTD Change - Average Volume 30 Day 361'997

BGG US EQUITY YTD % CHANGE - Average Volume 3 Month 459'364


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

2'151.4 2'092.2 2'027.9 2'110.0 2'066.5 2'170.8 1'969.4 2'001.5 2'079.8 707.7 543.7

0.46x 0.45x 0.51x 0.50x 0.44x 1.89x 2.18x 0.62x 0.56x 2.05x 2.28x

95.2 140.7 165.9 159.5 154.8 163.7 146.4 169.7 184.0 93.5 50.2

10.32x 6.74x 6.21x 6.58x 5.91x 6.11x 8.33x 8.41x 7.75x - -

22.6 32.0 36.6 24.4 29.0 31.2 14.4 67.3 80.1 53.9 22.9

43.37x 17.74x 17.09x 16.34x 14.10x 11.73x 19.13x 17.56x 15.06x 16.16x 14.72x

EBITDA 154.82 Long-Term Rating Date 20.10.2011

EBIT 91.10 Long-Term Rating BB



Return on Assets 0.88% Short-Term Rating NR






EBITDA Margin 7.4%



Asset Turnover 1.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Briggs & Stratton CorpPrice/Volume

Valuation Analysis

134'138.00


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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

&!&&

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15.03.2013


BLACKROCK n/a ULT-AGG 5'540'703 11.5 (755'373) 13.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'872'130 10.11 - 31.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 3'443'600 7.15 773'900 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'357'581 6.97 (367'466) 31.12.2012 Investment Advisor


LEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 1'821'694 3.78 (472'834) 31.12.2012 Hedge Fund Manager

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 1'640'435 3.41 (1'000) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'473'249 3.06 6'692 31.12.2012 Investment Advisor

MINNEAPOLIS PORTFOLI MINNEAPOLIS PORTFOLI 13F 1'155'579 2.4 (80'976) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 1'139'873 2.37 20'817 31.12.2012 Investment Advisor

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'118'263 2.32 (520'314) 31.12.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 1'071'270 2.22 (31'846) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'031'465 2.14 181'733 31.12.2012 Investment Advisor

INVESTMENT COUNSELOR INVESTMENT COUNSELOR 13F 900'900 1.87 72'500 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 893'563 1.85 2'911 31.12.2012 Unclassified

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 842'903 1.75 (457'176) 31.12.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 838'457 1.74 (208'910) 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 836'309 1.74 (14'367) 31.12.2012 Investment Advisor

RUTABAGA CAPITAL MAN RUTABAGA CAPITAL MAN 13F 749'694 1.56 62'400 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 687'830 1.43 (48'900) 31.12.2012 Investment Advisor


Robert W. Baird & Co PETER LISNIC outperform 5 M 28 12 month 11.03.2013

Raymond James SAMUEL J DARKATSH outperform 5 M 25 12 month 08.03.2013

Sidoti & Company LLC ROBERT A KOSOWSKY neutral 3 M 24 12 month 07.03.2013

Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 22.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 25.01.2013

Holdings By:

Briggs & Stratton Corp ee


15.03.2013

Caterpillar Inc. designs, manufactures and markets construction, mining and

forestry machinery. The Company also manufactures engines and other related

parts for its equipment, and offers financing and insurance. Caterpillar

distributes its products through a worldwide organization of dealers.

the Middle East and Eastern Europe.


LTM as of: 12/yy

52-Week High (16.03.2012) 114.25

52-Week Low (12.07.2012) 78.25

Daily Volume

88.5452





58'001.40 1 Yr Total Return -20.19%







CAT US EQUITY YTD Change - Average Volume 30 Day 5'563'031

CAT US EQUITY YTD % CHANGE - Average Volume 3 Month 5'940'577


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

51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 60'138.0 65'875.0 63'441.6 69'086.6 13'823.1 16'372.0

1.17x 1.28x 1.50x 1.10x 1.00x 4.41x 4.12x 1.38x 1.13x 6.49x 5.44x

6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 9'680.0 11'966.0 10'709.7 12'312.7 2'101.8 2'764.4

9.38x 14.19x 10.20x 6.86x 5.51x 6.86x 5.51x 6.09x 5.29x 6.10x 5.70x

3'557.0 895.0 2'700.0 4'928.0 5'681.0 4'928.0 5'681.0 5'504.2 6'384.4 999.6 1'444.5

7.89x 26.14x 21.83x 11.63x 10.40x 11.71x 10.38x 11.02x 9.40x 10.97x 10.13x











EBITDA Margin 18.2%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Caterpillar IncPrice/Volume

Valuation Analysis

2'996'653.00


&

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

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15.03.2013


STATE STREET n/a ULT-AGG 71'306'572 10.89 (1'563'369) 14.03.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 22'878'150 3.49 12'358'821 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3.01 - 31.12.2012 Insurance Company

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'605'624 2.08 2'377 30.09.2012 Insurance Company

GATES FOUNDATION BILL & MELINDA FOUND 13F 10'260'857 1.57 - 31.12.2012 Endowment

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'788'015 1.49 (405'144) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'312'413 1.42 (139'073) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 7'179'234 1.1 (572'787) 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 6'004'419 0.92 556'251 31.12.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'923'800 0.9 292'300 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'204'841 0.79 (390'036) 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 5'183'052 0.79 552'886 31.12.2012 Government


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'610'728 0.7 (507'100) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'559'582 0.7 (253'929) 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'302'834 0.66 (398'594) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'701'077 0.57 (12'500) 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'603'258 0.55 (520'786) 31.12.2012 Investment Advisor


BMO Capital Markets JOEL G TISS outperform 5 M 130 Not Provided 11.03.2013

Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 11.03.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 08.03.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 113 12 month 04.03.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 104 12 month 22.02.2013

Raymond James THEONI PILARINOS outperform 5 U 105 12 month 22.02.2013

Credit Suisse JAMIE L COOK outperform 5 M 123 Not Provided 20.02.2013

JPMorgan ANN DUIGNAN neutral 3 M 100 9 month 20.02.2013

Jefferies STEPHEN VOLKMANN hold 3 M 95 12 month 20.02.2013

William Blair & Co LAWRENCE T DE MARIA outperform 5 M 115 12 month 20.02.2013

ISI Group DAVID RASO strong buy 5 M 120 Not Provided 20.02.2013

Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.02.2013

Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 20.02.2013

Barclays ANDY KAPLOWITZ overweight 5 M 118 Not Provided 08.02.2013

Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 115 12 month 01.02.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 126 Not Provided 31.01.2013

Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 110 12 month 29.01.2013

Macquarie SAMEER RATHOD outperform 5 M 112 12 month 29.01.2013

Credit Agricole Securities (USA) ASHISH GUPTA buy 5 U 115 Not Provided 29.01.2013

S&P Capital IQ MICHAEL JAFFE buy 5 M 117 Not Provided 28.01.2013

Susquehanna Financial Group TED GRACE Positive 4 M 118 12 month 28.01.2013

Goldman Sachs JERRY REVICH Buy/Neutral 5 M 116 12 month 22.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Caterpillar Inc ee


15.03.2013

Cummins Inc. designs, manufactures, distributes and services diesel and natural

gas engines. The Company also manufactures electric power generation systems and

engine-related component products, including filtration and exhaust

aftertreatment, fuel systems, controls, and air handling systems.


LTM as of: 12/yy

52-Week High (16.03.2012) 129.51

52-Week Low (12.07.2012) 82.20

Daily Volume

117.07





22'225.13 1 Yr Total Return -6.11%







CMI US EQUITY YTD Change - Average Volume 30 Day 1'623'671

CMI US EQUITY YTD % CHANGE - Average Volume 3 Month 1'629'688


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

14'342.0 10'800.0 13'226.0 18'048.0 17'334.0 18'048.0 17'334.0 17'250.5 18'910.9 4'003.0 4'236.7

0.39x 0.82x 1.61x 0.89x 1.16x 3.92x 4.48x 1.23x 1.09x 5.38x 5.12x

1'370.0 893.0 1'571.0 2'469.0 2'225.0 2'469.0 2'225.0 2'671.3 3'089.6 580.7 656.3

4.13x 9.96x 13.55x 6.48x 9.03x 6.48x 9.03x 8.14x 7.04x 8.29x 7.95x

755.0 428.0 1'040.0 1'848.0 1'645.0 1'848.0 1'645.0 1'633.4 1'906.0 354.5 401.6

6.73x 18.42x 21.24x 9.70x 12.69x 9.93x 12.69x 13.34x 11.34x 13.32x 12.69x











EBITDA Margin 12.8%



Asset Turnover 1.43







Fiscal Year Ended

Cummins IncPrice/Volume

Valuation Analysis

493'754.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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1&

3&

5&

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3!& 8

5!& 8

-&!& 8

-.!& 8

-1!& 8

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



15.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 18'182'200 9.58 (850'125) 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 11'498'374 6.06 2'002'627 31.12.2012 Investment Advisor



WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'321'880 2.8 839'300 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 3'617'406 1.91 (281'173) 31.01.2013 Unclassified

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'358'370 1.77 910'899 31.12.2012 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'194'784 1.68 (111'459) 31.12.2012 Investment Advisor


MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 2'697'615 1.42 2'697'615 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 2'413'555 1.27 182'312 31.12.2012 Unclassified


KUBOTA CORP n/a Co File 2'300'000 1.21 - 31.03.2012 Corporation

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'294'227 1.21 346'604 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'238'577 1.18 859'290 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'197'902 1.16 119'930 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'094'786 1.1 (1'023'611) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 2'027'266 1.07 47'442 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'003'289 1.06 (54'405) 31.12.2012 Investment Advisor





Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 11.03.2013

Wolfe Trahan & Co TIMOTHY J DENOYER outperform 5 M 137 12 month 10.03.2013


CL King & Associates GARY A FARBER neutral 3 M #N/A N/A Not Provided 05.03.2013


Robert W. Baird & Co DAVID LEIKER outperform 5 M 130 12 month 04.03.2013

Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 110 12 month 04.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013



Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.02.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 136 12 month 11.02.2013


Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 130 12 month 07.02.2013

ISI Group DAVID RASO buy 5 M 137 Not Provided 07.02.2013



S&P Capital IQ JAMES CORRIDORE strong buy 5 M 145 12 month 19.12.2012

Holdings By:

Cummins Inc ee


15.03.2013

Concentric AB manufactures hydraulic products and diesel engine pumps. The

Company markets its products to manufacturers of trucks, agricultural

equipment, industrial vehicles and off-road machinery.

offers related services. Atlas Copco also rents equipment. The Company markets

to manufacturing, building, construction, and mining companies worldwide.


LTM as of: 12/yy

52-Week High (14.03.2013) 74.25

52-Week Low (12.10.2012) 42.40

Daily Volume

71.25





3'150.39 1 Yr Total Return 26.54%







COIC SS EQUITY YTD Change - Average Volume 30 Day 161'361

COIC SS EQUITY YTD % CHANGE - Average Volume 3 Month 121'287


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 1'406.0 1'977.0 2'283.0 2'129.0 2'283.0 2'129.0 2'162.4 2'338.2 500.4 532.0

- - - 0.78x 1.11x 2.32x 4.27x 1.59x 1.42x 7.08x 6.74x

- 16.0 210.0 372.0 353.0 372.0 353.0 408.2 442.0 89.8 97.8

- - - 4.77x 6.68x 4.77x 6.68x 7.47x 6.88x 7.58x -

- (127.0) 36.0 176.0 155.0 176.0 155.0 207.6 239.2 44.2 49.0

- - - 10.02x 15.93x 10.02x 15.95x 15.12x 13.05x 15.44x -











EBITDA Margin 16.6%



Asset Turnover 1.22







Fiscal Year Ended

Concentric ABPrice/Volume

Valuation Analysis

14'904.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



15.03.2013


CREADES AB n/a Research 5'780'061 13.07 - 20.01.2012 Investment Advisor

LANNEBO FONDER AB n/a Research 4'623'600 10.46 54'100 18.10.2012 Investment Advisor


STATE STREET CUSTODI n/a ULT-AGG 2'230'190 5.04 - 31.12.2011 Other

HANDELSBANKEN FONDER n/a Research 2'162'835 4.89 (77'010) 15.11.2012 Investment Advisor

AFA FORSAKRINGAR n/a Co File 2'000'000 4.52 - 31.12.2011 Insurance Company

CARLSON GOERAN n/a Co File 1'800'000 4.07 - 31.12.2011 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 1'520'905 3.44 - 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 1'431'954 3.24 669'641 31.12.2012 Unclassified

UNIONEN n/a Co File 1'296'753 2.93 - 31.12.2011 Corporation

JP MORGAN CHASE BANK n/a Co File 977'645 2.21 - 31.12.2011 Investment Advisor

PAN CAPITAL AB n/a Short (906'428) -2.05 (57'481) 28.02.2013 Investment Advisor


CBNY DFA INT n/a Co File 764'229 1.73 - 31.12.2011 n/a

ENTER FONDER AB Multiple Portfolios MF-AGG 673'100 1.52 289'800 31.12.2012 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 520'000 1.18 520'000 31.01.2013 Investment Advisor

CARLSON FONDER AB Multiple Portfolios MF-AGG 472'185 1.07 79'676 31.01.2013 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 445'736 1.01 (115'950) 31.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 407'215 0.92 - 31.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 325'000 0.74 50'000 31.12.2012 Investment Advisor


ABG Sundal Collier JOHAN EDVARDSSON buy 5 M 70 6 month 14.03.2013

SEB Enskilda ANDERS TRAPP hold 3 D 65 Not Provided 25.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013

Erik Penser Bankaktiebolag AB MAX FRYDEN buy 5 M 72 Not Provided 20.02.2013

Handelsbanken JON HYLTNER accumulate 4 M 70 12 month 19.02.2013

Swedbank MATS LISS neutral 3 D 60 12 month 19.02.2013

Holdings By:

Concentric AB ee


15.03.2013

China Yuchai International Limited is a holding company. Through its

subsidiary, Guangxi Yuchai Machinery Company Limited (Yuchai), manufactures,

assembles, and sells diesel engines in China.


LTM as of: 12/yy

52-Week High (28.01.2013) 18.51

52-Week Low (17.05.2012) 11.35

Daily Volume

15.5101





578.03 1 Yr Total Return -7.38%

Total Debt 586.63 YTD Return -1.65%






CYD US EQUITY YTD Change - Average Volume 30 Day 42'937

CYD US EQUITY YTD % CHANGE - Average Volume 3 Month 46'243


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'519.4 1'930.1 2'472.1 2'450.9 2'139.8 2'403.5 2'131.3 2'265.0 2'419.0 556.0 599.0

0.25x 0.19x 0.37x 0.30x - 0.77x 0.00x - - - -

127.4 155.6 341.0 291.5 - 0.0 0.0 260.0 288.0 58.8 64.9

2.97x 2.38x 2.68x 2.51x - 0.00x 0.00x 3.07x 2.77x 3.07x 3.00x

36.9 92.0 170.4 129.9 89.7 123.5 89.5 96.9 120.0 21.1 24.3

3.88x 9.10x 7.01x 3.95x 6.54x 4.17x 6.57x 5.97x 4.83x 5.97x 5.64x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.87





Accounts Receivable Turnover 2.82 Cash Conversion Cycle -25.29



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Yuchai International LtdPrice/Volume

Valuation Analysis

4'229.00


&.135

-&-.-1-3-5.&

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

!- 8

!- 8

!. 8

!. 8

!0 8

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&

-!&&

-!.&



15.03.2013


HL TECHNOLOGY SYSTEM n/a 20F 12'998'040 34.88 - 01.03.2012 Corporation

YULIN CITY MUNICIPAL n/a 20F 7'028'151 18.86 318'829 01.03.2012 Government

GUANGXI YUCHAI MACHI n/a 13D 7'028'151 18.86 - 12.12.2012 Corporation

WELL SUMMIT INVESTME n/a 13D 5'166'871 13.86 440'020 21.11.2011 Corporation

SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 2'293'248 6.15 (18'269) 31.12.2012 Hedge Fund Manager

TAI TAK INDUSTRIES P n/a 13G 1'850'266 4.96 (77'407) 16.11.2009 Corporation

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 1'519'176 4.08 (14'640) 31.12.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 891'436 2.39 (3'631) 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 328'323 0.88 76'803 31.12.2012 Government

FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 308'717 0.83 45'293 31.12.2012 Investment Advisor

SUNTRUST BANKS INC n/a ULT-AGG 243'186 0.65 (2'539) 31.12.2012 Bank

FORWARD MANAGEMENT L FORWARD MANAGEMENT L 13F 229'247 0.62 107'965 31.12.2012 Investment Advisor

PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 223'234 0.6 (26'350) 31.12.2012 Investment Advisor

ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 195'056 0.52 46'291 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 167'678 0.45 4'119 31.12.2012 Investment Advisor

DEGROOF GESTION INST Multiple Portfolios MF-AGG 140'220 0.38 - 29.03.2012 Investment Advisor

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 127'800 0.34 11'400 31.12.2012 Pension Fund (ERISA)

CAUSEWAY CAPITAL MAN CAUSEWAY CAPITAL MAN 13F 111'469 0.3 - 31.12.2012 Investment Advisor

STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 85'205 0.23 - 31.12.2012 Pension Fund (ERISA)

GAMCO n/a ULT-AGG 76'000 0.2 - 31.12.2012 Unclassified


Piper Jaffray ALEXANDER E POTTER neutral 3 M 16 12 month 27.02.2013

Holdings By:

China Yuchai International Ltd ee


15.03.2013

Deutz AG develops and manufactures liquid- and air-cooled diesel and gas

engines. The Company's products are used in buses, trucks, ships, locomotives,

and power generation plants. Deutz also offers maintenance and reconditioning

services.

manufacturers worldwide.


LTM as of: 09/yy

52-Week High (15.03.2012) 5.59

52-Week Low (31.08.2012) 2.89

Daily Volume

4.329












DEZ GR EQUITY YTD Change - Average Volume 30 Day 448'178

DEZ GR EQUITY YTD % CHANGE - Average Volume 3 Month 451'975


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

1'524.2 1'495.0 863.4 1'189.1 1'529.0 1'492.2 1'374.9 1'315.6 1'383.7 344.0 -

0.49x 0.20x 0.47x 0.70x 0.37x 2.14x 1.79x 0.51x 0.47x 1.82x -

162.6 80.2 4.7 108.4 161.4 117.2 136.0 122.2 135.7 40.8 -

4.60x 3.74x 86.56x 7.65x 3.51x 0.00x 4.06x 5.33x 4.80x - -

183.3 (8.3) (124.0) (15.9) 75.5 61.3 33.1 25.8 39.9 10.1 -

13.67x - - - 7.21x 8.24x 15.97x 20.23x 13.16x - -










Gross Margin - Total Debt/EBITDA 1.11

EBITDA Margin 9.9%



Asset Turnover 1.25



Debt to Assets 11.03% Inventory Days -


Accounts Receivable Turnover 9.51 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Deutz AGPrice/Volume

Valuation Analysis

568'096.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-

.

0

1

2

3

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

!2 8

-!& 8

-!2 8

.!& 8

.!2 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

&.!&-!.&&6 &.!&4!.&&6 &.!&-!.&-& &.!&4!.&-& &.!&-!.&-- &.!&4!.&-- &.!&-!.&-. &.!&4!.&-. &.!&-!.&-0



15.03.2013


SAME DEUTZ FAHR n/a Research 32'318'440 26.74 - 01.02.2012 n/a

VOLVO AB n/a Research 30'215'450 25 - 12.09.2012 Corporation

VOLVO AB n/a Research 30'215'447 25 - 12.09.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 975'618 0.81 46'431 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 928'450 0.77 543'644 31.12.2012 Investment Advisor


SPARINVEST n/a ULT-AGG 798'833 0.66 - 28.02.2013 Investment Advisor

KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 750'000 0.62 150'000 30.11.2012 Mutual Fund Manager

UBS INVEST KAG Multiple Portfolios MF-AGG 520'000 0.43 - 30.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 245'214 0.2 1'181 13.03.2013 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 241'566 0.2 - 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 200'000 0.17 200'000 28.09.2012 Investment Advisor

BANKINVEST ASSET MAN Multiple Portfolios MF-AGG 199'037 0.16 - 28.02.2013 Investment Advisor

WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 155'000 0.13 (30'000) 31.12.2012 Mutual Fund Manager

CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 145'696 0.12 (12'331) 28.12.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 140'385 0.12 43'504 28.09.2012 Mutual Fund Manager

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 117'669 0.1 117'669 28.12.2012 Mutual Fund Manager

CLARIDEN SICAV Multiple Portfolios MF-AGG 73'000 0.06 5'000 30.03.2012 Investment Advisor

CALVERT INVESTMENT C Multiple Portfolios MF-AGG 60'204 0.05 1'886 31.01.2013 Investment Advisor

WARBURG INVEST Multiple Portfolios MF-AGG 60'000 0.05 - 31.01.2013 Mutual Fund Manager


Bankhaus Metzler HELENA WUESTENFELD sell 1 M 3 12 month 15.03.2013

Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 5 6 month 13.03.2013

DZ Bank AG JASKO TERZIC buy 5 U 5 12 month 28.02.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 5 6 month 22.01.2013


Deutsche Bank FELICITAS VON BISMARCK hold 3 M #N/A N/A Not Provided 12.01.2013

HSBC JUERGEN SIEBRECHT overweight 5 M 5 Not Provided 09.01.2013

Berenberg Bank FREDERIK BITTER buy 5 M 4 Not Provided 08.01.2013

Kepler Capital Markets STEFAN AUGUSTIN hold 3 M 3 Not Provided 16.11.2012

Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 3 12 month 08.11.2012

Solventis WPH-Bank GmbH KLAUS SOER buy 5 M 8 12 month 21.03.2012


Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013

Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013



Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 31.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 192 9 month 31.01.2013



CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013


Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013



Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011

Holdings By:

Deutz AG ee


15.03.2013

FLSmidth & Company A/S is a machinery company. The Company designs,

manufactures, and supplies production plants, equipment, single machinery, and

spare parts primarily to the cement and minerals industries. FLSmidth is based

in Denmark.


LTM as of: 12/yy

52-Week High (15.03.2012) 428.90

52-Week Low (14.06.2012) 288.50

Daily Volume

366





19'471.20 1 Yr Total Return -11.93%







FLS DC EQUITY YTD Change - Average Volume 30 Day 437'177

FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 382'481


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

25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 20'538.0 24'849.0 28'099.9 27'911.7 6'063.0 6'807.0

0.41x 0.78x 1.32x 0.85x 0.80x 3.72x 3.20x 0.79x 0.77x 3.24x 2.87x

2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 2'515.0 2'759.0 2'905.5 3'268.2 554.3 650.0

3.57x 6.64x 11.13x 6.96x 7.28x 6.96x 7.18x 7.69x 6.83x 8.00x 7.45x

1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 1'427.0 1'306.0 1'599.2 1'846.9 299.0 362.5

6.53x 11.25x 21.76x 13.18x 13.36x 13.18x 13.43x 11.89x 10.28x 12.21x 11.31x











EBITDA Margin 11.1%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

FLSmidth & Co A/SPrice/Volume

Valuation Analysis

211'157.00


&2&

-&&-2&.&&.2&0&&02&1&&12&

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8!. 8!1 8!3 8!5 8-!& 8-!. 8-!1 8-!3 8-!5 8.!& 8

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

1&!&&

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



15.03.2013


OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'465'718 2.76 (19'901) 31.12.2012 Investment Advisor

GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager

FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (750'120) -1.41 (42'560) 28.02.2013 Hedge Fund Manager

AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor


D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified

CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified

MADISON SQUARE INVES Multiple Portfolios MF-AGG 345'570 0.65 - 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 309'016 0.58 97'494 31.01.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 28.02.2013 Mutual Fund Manager

UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 272'937 0.51 (57'094) 30.11.2012 Mutual Fund Manager

HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 236'000 0.44 90'000 28.02.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor


ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 360 6 month 14.03.2013

Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 14.03.2013

Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.03.2013

Jyske Bank JANNE VINCENT KJAER buy 5 D 440 Not Provided 08.03.2013

AlphaValue LIONEL PELLICER add 4 M 410 6 month 07.03.2013

JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013

Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013

SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013

CA Cheuvreux JOHAN ELIASON outperform 5 M 450 Not Provided 15.02.2013

Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013

NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013

Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013

DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013

Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013



Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011

Holdings By:

FLSmidth & Co A/S ee


15.03.2013

Joy Global Inc. manufactures and markets underground mining equipment and

surface mining equipment. The Company's equipment is used for the extraction of

ores and minerals.


LTM as of: 01/yy

52-Week High (19.03.2012) 81.09

52-Week Low (12.07.2012) 47.69

Daily Volume

62.19





6'604.93 1 Yr Total Return -19.87%







JOY US EQUITY YTD Change - Average Volume 30 Day 2'436'263

JOY US EQUITY YTD % CHANGE - Average Volume 3 Month 2'181'226


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

3'418.9 3'598.3 3'524.3 4'403.9 5'660.9 4'670.6 5'674.6 5'084.4 5'100.1 1'284.3 1'246.0

0.98x 1.45x 1.98x 2.43x 1.35x 9.07x 5.47x 1.40x 1.32x 5.71x 5.85x

622.6 760.9 756.9 999.3 1'325.4 1'070.2 1'326.1 1'142.9 1'164.4 282.2 284.2

5.37x 6.88x 9.23x 10.70x 5.76x 10.65x 5.88x 6.72x 6.59x 6.76x 6.70x

374.3 454.7 461.5 609.7 762.0 649.8 761.8 665.2 687.1 170.0 168.1

8.65x 11.28x 16.13x 15.48x 8.91x 15.19x 9.01x 9.99x 9.64x 9.87x 9.87x


EBIT 1'172.56 Long-Term Rating BBB









EBITDA Margin 23.4%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Joy Global IncPrice/Volume

Valuation Analysis

539'386.00


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

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

.!& 8

1!& 8

3!& 8

5!& 8

-&!& 8

-.!& 8

-1!& 8

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!-&!.&&6 0&!&1!.&-& 0&!-&!.&-& 0&!&1!.&-- 0&!-&!.&-- 0&!&1!.&-. 0&!-&!.&-.



15.03.2013





SUN LIFE FINANCIAL I n/a ULT-AGG 4'609'267 4.34 306'529 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'055'177 2.88 (110'123) 31.12.2012 Investment Advisor

SUNTRUST BANKS INC n/a ULT-AGG 2'063'527 1.94 (314'504) 31.12.2012 Bank

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 2'035'875 1.92 866'185 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'925'865 1.81 (508'998) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'874'682 1.77 329'297 31.12.2012 Investment Advisor

HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 1'862'169 1.75 71'389 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'812'147 1.71 304'979 28.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'737'486 1.64 (986'763) 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'736'601 1.64 53'224 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 1'732'195 1.63 374'699 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 1'693'012 1.59 421'766 31.12.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'599'262 1.51 132'540 31.12.2012 Investment Advisor

PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 1'569'490 1.48 14'467 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 1'445'087 1.36 (102'942) 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 1'441'654 1.36 (428'537) 31.12.2012 Unclassified


Raymond James THEONI PILARINOS market perform 3 M 67 12 month 14.03.2013

Northcoast Research BRIAN M RAYLE buy 5 M 90 12 month 13.03.2013

BMO Capital Markets JOEL G TISS market perform 3 M 65 Not Provided 11.03.2013


SunTrust Robinson Humphrey JAMES KAWAI buy 5 M 83 12 month 28.02.2013



BB&T Capital Markets C SCHON WILLIAMS buy 5 M 75 12 month 28.02.2013


Susquehanna Financial Group TED GRACE neutral 3 M 73 12 month 28.02.2013

Credit Agricole Securities (USA) ASHISH GUPTA buy 5 U 78 Not Provided 28.02.2013




William Blair & Co LAWRENCE T DE MARIA outperform 5 M 75 12 month 27.02.2013

KeyBanc Capital Markets STEVE BARGER buy 5 M 75 12 month 27.02.2013

CL King & Associates MICHAEL W GALLO buy 5 M 90 12 month 27.02.2013




RBC Capital Markets SETH R WEBER outperform 5 M 81 12 month 10.01.2013

Holdings By:

Joy Global Inc ee


15.03.2013

Metso Corporation is a global supplier of process industry machinery and

systems. The Company's core businesses are divided between Metso Paper (fiber

and paper technology), Metso Minerals (rock and mineral processing), and Metso

Automation (automation and control technology). Metso's main market areas are

Europe and North America. The Company also invests in venture companies.


LTM as of: 12/yy

52-Week High (16.03.2012) 37.27

52-Week Low (04.06.2012) 24.88

Daily Volume

32.21





4'842.72 1 Yr Total Return -7.78%







MEO1V FH EQUITY YTD Change - Average Volume 30 Day 635'400

MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 667'240


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

6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 6'646.0 7'504.0 7'209.3 7'159.0 1'675.6 1'822.3

0.37x 0.89x 1.22x 0.70x 0.72x 3.16x 2.62x 0.72x 0.71x 3.19x 2.97x

767.0 416.0 580.0 745.0 764.0 745.0 764.0 792.5 804.9 168.4 206.1

3.05x 10.77x 11.72x 6.24x 7.04x 6.24x 7.04x 6.84x 6.73x 6.71x 6.53x

389.0 150.0 257.0 356.0 373.0 356.0 373.0 414.4 424.5 84.7 105.9

3.10x 23.23x 24.35x 12.04x 12.86x 12.03x 12.86x 11.86x 11.54x 11.55x 11.15x


EBIT 598.00 Long-Term Rating BBB

Operating Margin 7.97% Long-Term Outlook POS








EBITDA Margin 10.2%



Asset Turnover 1.13







Fiscal Year Ended

Metso OYJPrice/Volume

Valuation Analysis

295'364.00


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 8

-!& 8

-!2 8

.!& 8

.!2 8

0!& 8

0!2 8

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!&&

-&!&&

-.!&&

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



15.03.2013


SOLIDIUM OY n/a Research 16'695'287 11.1 - 31.10.2012 Holding Company

CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital

ILMARINEN MUTUAL PEN n/a Research 6'341'943 4.22 - 31.10.2012 Insurance Company

VARMA MUTUAL PENSION n/a Research 3'908'465 2.6 - 31.10.2012 Insurance Company

LANSDOWNE PARTNERS n/a Short (2'751'374) -1.83 (240'557) 03.01.2013 Investment Advisor



FINLAND STATE PENSIO n/a Research 1'940'000 1.29 - 31.10.2012 Government

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'751'808 1.17 12'521 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)

OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor

MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company

SVENSKA LITTERATURSA n/a Research 1'174'876 0.78 - 31.10.2012 Other

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 - 28.02.2013 Mutual Fund Manager

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 893'100 0.59 (12'001) 28.02.2013 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (872'020) -0.58 - 04.03.2013 Investment Advisor

ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager

SEB n/a ULT-AGG 787'645 0.52 258'093 31.12.2012 Unclassified

NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a


Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 15.03.2013


Berenberg Bank ALEXANDER VIRGO buy 5 M 38 Not Provided 14.03.2013

Exane BNP Paribas ALEXIS DENAUD outperform 5 M 38 Not Provided 14.03.2013

SEB Enskilda TOMI RAILO buy 5 M 38 Not Provided 13.03.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 12 month 12.03.2013

HSBC COLIN GIBSON underweight 1 M 28 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 40 Not Provided 08.03.2013

Evli Bank Plc ELINA RIUTTA buy 5 M 38 Not Provided 04.03.2013


Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 27.02.2013


Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013

Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013

FIM SANNA KAJE accumulate 4 M 37 12 month 11.02.2013

Nordea Equity Research JAN KAIJALA buy 5 M 38 12 month 08.02.2013

Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013

DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013

Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013

Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013


JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013

Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013



Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012

Holdings By:

Metso OYJ ee


15.03.2013

The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes

and related products and foodservice equipment. The Company's products include

lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as

well as ice making machines, refrigerators, and freezers.


LTM as of: 12/yy

52-Week High (14.03.2013) 20.79

52-Week Low (04.06.2012) 9.60

Daily Volume

20.6





2'735.29 1 Yr Total Return 30.76%



Minority Interest (19.0) Analyst Recs 15




MTW US EQUITY YTD Change - Average Volume 30 Day 3'079'034

MTW US EQUITY YTD % CHANGE - Average Volume 3 Month 2'889'523


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'503.0 3'619.8 3'141.7 3'619.2 3'927.0 3'645.3 3'952.1 4'248.6 4'606.7 913.0 1'083.4

0.80x 0.93x 1.16x 0.83x 0.97x 4.09x 3.76x 1.02x 0.92x 5.17x 4.32x

640.9 355.7 338.8 342.8 400.4 345.2 477.2 500.2 577.0 92.3 133.8

5.63x 9.47x 10.71x 8.81x 9.52x 8.75x 7.99x 8.91x 7.73x 9.30x 8.99x

10.0 (704.2) (79.5) (11.2) 101.7 (10.8) 99.3 170.6 234.5 19.1 53.2

11.10x 34.38x 145.67x 24.18x 20.36x 24.18x 20.91x 16.14x 11.77x 16.41x 14.93x


EBIT 293.80 Long-Term Rating B+









EBITDA Margin 12.1%



Asset Turnover 0.98







Fiscal Year Ended

Manitowoc Co Inc/ThePrice/Volume

Valuation Analysis

911'899.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

h -. 9 -. h -. g -. g -. 9 -. n -. j -. i -. M -. g -0 c -0 h -0!& 8

.!& 8

1!& 8

3!& 8

5!& 8

-&!& 8

-.!& 8

-1!& 8

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

&!&&

2&!&&

-&&!&&

-2&!&&

.&&!&&

.2&!&&

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



15.03.2013



YORK CAPITAL MANAGME YORK CAPITAL MANAGEM 13F 5'701'270 4.29 (449'917) 31.12.2012 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 4'469'560 3.37 1'387'027 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 3'319'389 2.5 (1'084'345) 31.12.2012 Investment Advisor

PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 3'295'884 2.48 775'884 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'970'295 2.24 2'415'056 31.12.2012 Hedge Fund Manager

RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 2'798'853 2.11 2'798'853 31.12.2012 Hedge Fund Manager

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 2'709'008 2.04 (615'600) 31.12.2012 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 2'447'864 1.84 1'170'000 31.12.2012 Hedge Fund Manager

NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 2'183'900 1.64 50'000 31.12.2012 Pension Fund (ERISA)


TEXAS TEACHER RETIRE TEACHER RETIREMENT S 13F 2'003'186 1.51 1'992'588 31.12.2012 Pension Fund (ERISA)

TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 1'848'400 1.39 (460'800) 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 1'767'900 1.33 (756'600) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'745'860 1.31 118'963 31.12.2012 Investment Advisor


PALISADE CAPITAL MAN PALISADE CAPITAL MAN 13F 1'207'174 0.91 102'195 31.12.2012 Hedge Fund Manager

EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 1'165'470 0.88 17'074 31.12.2012 Investment Advisor

STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 1'139'817 0.86 (4'125'070) 31.12.2012 Pension Fund (ERISA)









BMO Capital Markets CHARLES D BRADY outperform 5 M 23 Not Provided 03.02.2013


Macquarie SAMEER RATHOD neutral 3 M 20 12 month 02.02.2013



EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 01.02.2013

S&P Capital IQ MICHAEL JAFFE strong buy 5 M 24 Not Provided 30.11.2012

Imperial Capital LLC ALBERTO GARCIA-TUNON in-line 3 N #N/A N/A Not Provided 10.09.2009


Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 130 12 month 07.02.2013

ISI Group DAVID RASO buy 5 M 137 Not Provided 07.02.2013



S&P Capital IQ JAMES CORRIDORE strong buy 5 M 145 12 month 19.12.2012



EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Manitowoc Co Inc/The ee


15.03.2013

Outotec Oyj provides technology solutions for the sustainable use of Earth's

natural resources. The Company designs, develops, and supplies tailored plants,

processes and equipment for the minerals and metals processing industries.


LTM as of: 12/yy

52-Week High (20.02.2013) 52.10

52-Week Low (04.06.2012) 30.31

Daily Volume

48.88





2'237.74 1 Yr Total Return 13.01%







OTE1V FH EQUITY YTD Change - Average Volume 30 Day 297'211

OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 280'593


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'217.9 877.7 969.6 1'385.6 2'087.4 1'385.6 2'087.4 2'190.3 2'190.4 460.3 556.4

0.11x 1.07x 1.97x 0.96x 0.79x 3.92x 2.76x 0.86x 0.82x 4.29x 3.60x

141.7 71.3 82.5 133.9 215.9 133.9 215.8 236.1 236.5 43.5 54.3

0.99x 13.13x 23.17x 9.89x 7.67x 9.89x 7.68x 8.38x 8.37x 8.18x 8.05x

94.0 42.3 26.7 79.3 127.8 79.3 127.7 146.9 151.4 23.5 31.5

4.80x 24.47x 78.55x 20.83x 15.18x 20.96x 15.16x 15.19x 14.85x 15.57x 15.19x











EBITDA Margin 10.3%



Asset Turnover 1.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Outotec OYJPrice/Volume

Valuation Analysis

130'583.00


&

-&

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0&

1&

2&

3&

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!1 8

!3 8

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-!. 8

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!&&

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-2!&&

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15.03.2013




TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other

BLACKROCK n/a ULT-AGG 2'501'474 5.46 289 13.03.2013 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 1'127'183 2.46 224'804 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 64'093 22.02.2013 Hedge Fund Manager


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 882'935 1.93 102'972 31.01.2013 Investment Advisor

CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation

FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 663'552 1.45 (39'245) 30.11.2012 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)


OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other


MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 394'554 0.86 (35'000) 28.02.2013 Investment Advisor


ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 54 6 month 14.03.2013



DNB Markets SAMPSA KARHUNEN sell 1 M 46 Not Provided 12.03.2013





Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013

JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 08.02.2013



Handelsbanken TOM SKOGMAN accumulate 4 M 55 12 month 08.02.2013

Danske Markets ANTTI SUTTELIN buy 5 M 58 12 month 08.02.2013


Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013

Swedbank ERKKI VESOLA reduce 2 M 33 12 month 26.10.2012

Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010

Holdings By:

Outotec OYJ ee


15.03.2013

Astec Industries, Inc. designs, engineers, manufactures, markets, and finances

equipment and components used primarily in road building and related

construction activities. The Company's products are used in each phase of

road building, from quarrying and crushing the aggregate to application of the

road surface.


LTM as of: 12/yy

52-Week High (26.03.2012) 37.32

52-Week Low (01.06.2012) 25.53

Daily Volume

36.04












ASTE US EQUITY YTD Change - Average Volume 30 Day 57'274

ASTE US EQUITY YTD % CHANGE - Average Volume 3 Month 66'492


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

973.7 738.1 771.3 908.6 936.3 945.9 975.2 1'004.1 1'081.6 258.6 259.1

0.72x 0.77x 0.83x 0.74x 0.73x 2.98x 2.89x - - - -

109.1 45.6 66.2 76.6 73.1 79.3 75.3 89.6 107.4 22.9 23.3

6.41x 12.44x 9.67x 8.81x 9.31x 8.51x 9.04x 8.32x 6.95x 8.74x -

63.1 3.1 32.4 39.9 40.2 39.9 40.2 44.7 54.8 12.3 12.4

11.19x 35.92x 22.82x 17.41x 23.01x 17.22x 22.09x 18.64x 14.98x 18.64x 17.15x











EBITDA Margin 7.7%



Asset Turnover 1.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astec Industries IncPrice/Volume

Valuation Analysis

59'157.00


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2

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-2

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02

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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

&!&&

-&!&&

.&!&&

0&!&&

1&!&&

2&!&&

3&!&&

4&!&&

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15.03.2013


BROCK J DON n/a Form 4 2'113'592 9.27 - 28.02.2013 n/a

FRANKLIN RESOURCES n/a ULT-AGG 1'858'300 8.15 91'077 31.12.2012 Investment Advisor

BROCK LYNNE W n/a PROXY 1'596'842 7 (6'348) 15.02.2013 n/a



ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'061'681 4.66 (53'800) 31.12.2012 Investment Advisor

CENTURY MANAGEMENT CENTURY MANAGEMENT 13F 1'028'671 4.51 (337) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 881'050 3.86 (4'570) 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 853'262 3.74 145'900 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 727'731 3.19 (31'761) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 668'554 2.93 24'458 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 618'288 2.71 (15'340) 31.12.2012 Investment Advisor

KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 612'125 2.68 40'650 31.12.2012 Investment Advisor

KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 572'442 2.51 (3'797) 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 537'340 2.36 89'537 31.12.2012 Unclassified

HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 450'000 1.97 100'000 31.12.2012 Investment Advisor

F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 389'771 1.71 68'639 31.12.2012 Investment Advisor


CHANNING CAPITAL MAN CHANNING CAPITAL MAN 13F 320'817 1.41 5'802 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 298'583 1.31 4'042 31.12.2012 Investment Advisor


Sterne, Agee & Leach TODD VENCIL neutral 3 M 31 12 month 05.03.2013

Thompson Research Group NICHOLAS A COPPOLA hold 3 M #N/A N/A Not Provided 05.03.2013

Barrington Research WALTER S LIPTAK suspended coverage #N/A N/A M #N/A N/A Not Provided 28.02.2013

Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 33 12 month 27.02.2013


CJS Securities JASON URSANER market perform 3 M 33 18 month 27.02.2013

Sidoti & Company LLC RICHARD H WESOLOWSKI neutral 3 M 35 12 month 27.02.2013

Griffin Securities MORRIS B AJZENMAN buy 5 M 45 12 month 27.02.2013


BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 26.02.2013


S&P Capital IQ MICHAEL JAFFE hold 3 M 34 Not Provided 19.12.2012

Holdings By:

Astec Industries Inc ee


15.03.2013

Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery





LTM as of: 01/yy

52-Week High (29.05.2012) 15.42

52-Week Low (04.12.2012) 7.59

Daily Volume

10.6





80'734.94 1 Yr Total Return -21.27%










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 12/12 Q4 03/13 Q1

9'138.0 13'727.5 18'917.0 33'823.7 50'516.8 0.0 0.0 49'699.8 56'495.9 11'678.0 -

6.28x 1.65x 3.00x 3.37x 2.11x #DIV/0! #DIV/0! 1.82x 1.61x 7.04x -

1'838.1 2'116.6 3'880.8 7'628.2 11'310.3 0.0 0.0 10'935.5 12'666.7 596.0 -

31.24x 10.71x 14.63x 14.95x 9.44x 0.00x 0.00x 9.29x 8.02x - -

1'606.2 1'232.2 2'639.9 5'615.5 8'648.9 0.0 0.0 6'504.4 7'502.6 378.0 2'594.0

34.57x 16.88x 20.80x 19.50x 11.01x 0.00x 0.00x 12.07x 10.07x 7.97x 6.20x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.83







Fiscal Year Ended

Sany Heavy Industry Co LtdPrice/Volume

Valuation Analysis

27'679'763.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&&&&&------

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0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

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15.03.2013


SANY GROUP CO LTD n/a Co File 4'281'311'012 56.21 - 31.12.2011 Corporation

WENGEN LIANG n/a Co File 286'575'517 3.76 - 31.12.2011 n/a

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 104'814'907 1.38 (52'970'003) 30.06.2012 Investment Advisor


DACHENG FUND MANAGME Multiple Portfolios MF-AGG 55'108'931 0.72 (24'815'213) 30.06.2012 Investment Advisor

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 53'644'369 0.7 (2'101'690) 30.06.2012 Investment Advisor



XIUGUO TANG n/a Co File 47'284'115 0.62 - 31.12.2011 n/a

ZHONGWU MAO n/a Co File 43'231'190 0.57 - 31.12.2011 n/a

WENBO XIANG n/a Co File 43'231'189 0.57 - 31.12.2011 n/a


DI CHUN n/a Co File 37'436'485 0.49 - 31.12.2011 n/a

JIASHI FUND MANAGEME Multiple Portfolios MF-AGG 32'309'678 0.42 14'661'349 30.06.2012 Investment Advisor

JINHUA YUAN n/a Co File 25'668'519 0.34 - 31.12.2011 n/a


LION FUND MANAGEMENT Multiple Portfolios MF-AGG 21'507'889 0.28 411'506 30.06.2012 Investment Advisor


FUGUI ZHOU n/a Co File 18'913'646 0.25 - 31.12.2011 n/a

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 18'201'141 0.24 4'466'769 30.06.2012 Investment Advisor


Nomura GE WENJIE neutral 3 M 14 Not Provided 14.03.2013
































Holdings By:

Sany Heavy Industry Co Ltd ee


15.03.2013

FLSmidth & Company A/S is a machinery company. The Company designs,

manufactures, and supplies production plants, equipment, single machinery, and

spare parts primarily to the cement and minerals industries. FLSmidth is based

in Denmark.


LTM as of: 01/yy

52-Week High (15.03.2012) 428.90

52-Week Low (14.06.2012) 288.50

Daily Volume

366





19'471.20 1 Yr Total Return -11.93%







FLS DC EQUITY YTD Change - Average Volume 30 Day 437'177

FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 382'481


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 0.0 0.0 28'099.9 27'911.7 6'063.0 6'807.0

0.41x 0.78x 1.32x 0.85x 0.80x #DIV/0! #DIV/0! 0.79x 0.77x 3.24x 2.87x

2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 0.0 0.0 2'905.5 3'268.2 554.3 650.0

3.57x 6.64x 11.13x 6.96x 7.28x 0.00x 0.00x 7.69x 6.83x 8.00x 7.45x

1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 0.0 0.0 1'599.2 1'846.9 299.0 362.5

6.53x 11.25x 21.76x 13.18x 13.36x 0.00x 0.00x 11.89x 10.28x 12.21x 11.31x











EBITDA Margin 11.1%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

FLSmidth & Co A/SPrice/Volume

Valuation Analysis

211'157.00


&&&&&------

h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001&!&&

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15.03.2013


OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'465'718 2.76 (19'901) 31.12.2012 Investment Advisor

GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager

FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (750'120) -1.41 (42'560) 28.02.2013 Hedge Fund Manager

AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor


D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified

CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified

MADISON SQUARE INVES Multiple Portfolios MF-AGG 345'570 0.65 - 31.01.2013 Investment Advisor


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 28.02.2013 Mutual Fund Manager

UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 272'937 0.51 (57'094) 30.11.2012 Mutual Fund Manager

HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 236'000 0.44 90'000 28.02.2013 Investment Advisor





Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 14.03.2013

Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.03.2013

Jyske Bank JANNE VINCENT KJAER buy 5 D 440 Not Provided 08.03.2013


JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013

Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013

SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013


Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013

NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013

Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013

DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013

Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013



Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011

Holdings By:

FLSmidth & Co A/S ee


15.03.2013

Outotec Oyj provides technology solutions for the sustainable use of Earth's

natural resources. The Company designs, develops, and supplies tailored plants,

processes and equipment for the minerals and metals processing industries.


LTM as of: 01/yy

52-Week High (20.02.2013) 52.10

52-Week Low (04.06.2012) 30.31

Daily Volume

48.88





2'237.74 1 Yr Total Return 13.01%







OTE1V FH EQUITY YTD Change - Average Volume 30 Day 297'211

OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 280'593


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'217.9 877.7 969.6 1'385.6 2'087.4 0.0 0.0 2'190.3 2'190.4 460.3 556.4


141.7 71.3 82.5 133.9 215.9 0.0 0.0 236.1 236.5 43.5 54.3

0.99x 13.13x 23.17x 9.89x 7.67x 0.00x 0.00x 8.38x 8.37x 8.18x 8.05x

94.0 42.3 26.7 79.3 127.8 0.0 0.0 146.9 151.4 23.5 31.5

4.80x 24.47x 78.55x 20.83x 15.18x 0.00x 0.00x 15.19x 14.85x 15.57x 15.19x











EBITDA Margin 10.3%



Asset Turnover 1.37







Fiscal Year Ended

Outotec OYJPrice/Volume

Valuation Analysis

130'583.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&&&&&------

h -.!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8!& 8

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2001&!&&

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15.03.2013




TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other

BLACKROCK n/a ULT-AGG 2'501'474 5.46 289 13.03.2013 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 1'127'183 2.46 224'804 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 64'093 22.02.2013 Hedge Fund Manager


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 882'935 1.93 102'972 31.01.2013 Investment Advisor

CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation

FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 663'552 1.45 (39'245) 30.11.2012 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)


OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other


MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 394'554 0.86 (35'000) 28.02.2013 Investment Advisor


ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 54 6 month 14.03.2013



DNB Markets SAMPSA KARHUNEN sell 1 M 46 Not Provided 12.03.2013





Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013

JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 08.02.2013






Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013


Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010

Holdings By:

Outotec OYJ ee


15.03.2013

Metso Corporation is a global supplier of process industry machinery and

systems. The Company's core businesses are divided between Metso Paper (fiber

and paper technology), Metso Minerals (rock and mineral processing), and Metso

Automation (automation and control technology). Metso's main market areas are

Europe and North America. The Company also invests in venture companies.


LTM as of: 01/yy

52-Week High (16.03.2012) 37.27

52-Week Low (04.06.2012) 24.88

Daily Volume

32.21





4'842.72 1 Yr Total Return -7.78%







MEO1V FH EQUITY YTD Change - Average Volume 30 Day 635'400

MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 667'240


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 0.0 0.0 7'209.3 7'159.0 1'675.6 1'822.3


767.0 416.0 580.0 745.0 764.0 0.0 0.0 792.5 804.9 168.4 206.1

3.05x 10.77x 11.72x 6.24x 7.04x 0.00x 0.00x 6.84x 6.73x 6.71x 6.53x

389.0 150.0 257.0 356.0 373.0 0.0 0.0 414.4 424.5 84.7 105.9

3.10x 23.23x 24.35x 12.04x 12.86x 0.00x 0.00x 11.86x 11.54x 11.55x 11.15x


EBIT 598.00 Long-Term Rating BBB









EBITDA Margin 10.2%



Asset Turnover 1.13







Fiscal Year Ended

Metso OYJPrice/Volume

Valuation Analysis

295'364.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&&&&&------

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0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

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15.03.2013



CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital







NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'751'808 1.17 12'521 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)

OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor

MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 - 28.02.2013 Mutual Fund Manager

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 893'100 0.59 (12'001) 28.02.2013 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (872'020) -0.58 - 04.03.2013 Investment Advisor

ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager


NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a


Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 15.03.2013





Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 12 month 12.03.2013

HSBC COLIN GIBSON underweight 1 M 28 Not Provided 08.03.2013


Evli Bank Plc ELINA RIUTTA buy 5 M 38 Not Provided 04.03.2013




Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013

Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013



Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013

DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013

Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013

Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013


JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013

Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013



Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012

Holdings By:

Metso OYJ ee


15.03.2013

Power Solutions International, Inc. manufactures engines for off-highway

industrial equipment. The engines primarily operate on alternative fuels such

as natural gas and propane. The Company sells engines for stationary

generators, oil and gas equipment, forklifts, aerial work platforms, industrial

sweepers, arbor equipment, agricultural and turf equipment and other equipment.


LTM as of: 12/yy

52-Week High (14.03.2013) 23.25

52-Week Low (16.03.2012) 13.25

Daily Volume

23.24


52-Week Low % Change 75.40% Beta -



211.98 1 Yr Total Return 73.30%


Preferred Stock 0.0 Adjusted BETA -





PSIX US EQUITY YTD Change - Average Volume 30 Day 14'395

PSIX US EQUITY YTD % CHANGE - Average Volume 3 Month 14'612


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

- - - 155.0 202.3 123.6 202.3 228.8 314.3 49.1 54.2

- - - 0.98x 0.88x 3.28x 3.34x 0.95x 0.75x - -

- - - 10.6 13.4 5.8 13.4 17.4 26.5 3.4 4.0

- - - 14.23x 13.21x 0.00x 13.21x 13.95x 9.15x 13.54x 12.14x

- - - 4.1 6.7 3.0 6.7 9.0 14.5 1.6 2.0

- - - 27.88x 21.01x 0.00x 18.39x 23.96x 15.34x 24.01x 20.51x











EBITDA Margin 6.6%



Asset Turnover 2.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Power Solutions International IncPrice/Volume

Valuation Analysis

200.00


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!- 8

!- 8

!- 8

!- 8

0.0

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100.0

150.0

200.0

250.0

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15.03.2013


WINEMASTER GARY S n/a 13D 4'435'500 48.63 - 04.03.2013 n/a

WINEMASTER KENNETH J n/a 13D 2'748'045 30.13 - 12.03.2013 n/a

AUSTIN W MARXE AND D AUSTIN W MARXE AND D 13F 589'698 6.47 - 31.12.2012 Hedge Fund Manager

PARK WEST ASSET MANA n/a 13G 250'000 2.74 (754'368) 31.12.2011 Hedge Fund Manager

COGHILL CAPITAL MANA COGHILL CAPITAL MANA 13F 125'000 1.37 - 31.12.2012 Hedge Fund Manager

SATUIT CAPITAL MANAG Multiple Portfolios MF-AGG 111'500 1.22 - 31.01.2013 Investment Advisor

HEARTLAND ADVISORS I Multiple Portfolios MF-AGG 100'000 1.1 - 31.12.2012 Investment Advisor

GRANAHAN INVESTMENT GRANAHAN INVESTMENT 13F 66'600 0.73 500 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 63'000 0.69 8'000 31.12.2012 Investment Advisor

S SQUARED TECHNOLOGY S SQUARED TECHNOLOGY 13F 43'700 0.48 33'700 31.12.2012 Hedge Fund Manager

LANDINI KENNETH W n/a Form 4 23'168 0.25 (600) 12.12.2012 n/a

GREENAWALT H SAMUEL n/a Form 4 6'500 0.07 1'500 14.12.2012 n/a

SOMODI THOMAS J n/a Form 4 - 0 (830'925) 31.10.2011 n/a

NEELY RYAN n/a Form 4 - 0 (93'750) 29.04.2011 n/a

DEGROOF GESTION INST Multiple Portfolios MF-AGG 140'220 0.38 - 29.03.2012 Investment Advisor

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 127'800 0.34 11'400 31.12.2012 Pension Fund (ERISA)

CAUSEWAY CAPITAL MAN CAUSEWAY CAPITAL MAN 13F 111'469 0.3 - 31.12.2012 Investment Advisor

STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 85'205 0.23 - 31.12.2012 Pension Fund (ERISA)

GAMCO n/a ULT-AGG 76'000 0.2 - 31.12.2012 Unclassified


Lake Street Capital Markets LLC ROBERT D. BROWN buy 5 M 30 12 month 06.03.2013

Barrington Research RUDOLF A HOKANSON outperform 5 M 25 12 month 04.03.2013

Roth Capital Partners JOE BESS buy 5 M 25 12 month 01.03.2013

Craig-Hallum Capital Group LLC ERIC STINE buy 5 M 28 12 month 01.03.2013

Holdings By:

Power Solutions International Inc ee


15.03.2013

Sandvik AB is a high-technology engineering group. The Company develops,

manufactures, and markets tools for metalworking applications, machinery and

tools for rock excavation, stainless steel products, special alloys, and

resistance heating materials and process systems. Sandvik markets to industrial

companies throughout the world, and tools can also be purchased online.


LTM as of: 12/yy

52-Week High (20.02.2013) 109.00

52-Week Low (28.06.2012) 81.65

Daily Volume

104.8





131'459.66 1 Yr Total Return 8.07%







SAND SS EQUITY YTD Change - Average Volume 30 Day 3'566'784

SAND SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'736'158


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

92'654.0 71'937.0 82'654.0 94'084.0 98'529.0 94'083.0 98'529.0 94'111.7 97'169.7 22'939.3 23'643.6

0.99x 1.84x 2.17x 1.33x 1.56x 6.16x 5.88x 1.59x 1.49x 6.52x 6.33x

16'305.0 3'474.0 15'272.0 16'148.0 17'812.0 15'970.0 17'811.0 18'565.5 20'256.1 3'997.4 4'596.7

5.61x 38.19x 11.73x 7.73x 8.61x 7.82x 8.61x 8.35x 7.65x 8.44x 8.04x

7'472.0 (2'652.0) 6'634.0 5'498.0 8'105.0 5'498.0 8'105.0 9'229.3 10'448.1 1'976.4 2'326.4

7.78x - 23.44x 18.22x 15.91x 18.22x 15.88x 14.18x 12.45x 14.14x 13.38x


EBIT 13'490.00 Long-Term Rating BBB+









EBITDA Margin 18.1%



Asset Turnover 0.97







Fiscal Year Ended

Sandvik ABPrice/Volume

Valuation Analysis

1'582'541.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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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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15.03.2013


INDUSTRIVARDEN AB n/a Co File 144'727'042 11.54 - 31.12.2011 Holding Company


HANDELSBANKEN PENSIO n/a Co File 48'637'776 3.88 - 31.12.2011 Other

ALECTA PENSIONSFORSA n/a Co File 42'706'340 3.4 - 31.12.2011 Pension Fund (ERISA)

JP MORGAN CHASE BANK n/a Co File 42'706'340 3.4 - 31.12.2011 Investment Advisor

OMNIBUS ACCOUNT W FD n/a Co File 39'147'479 3.12 - 31.12.2011 Other

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 36'065'502 2.88 - 31.12.2012 Investment Advisor


LE LUNDBERGFORETAGEN n/a Co File 27'284'606 2.18 - 31.12.2011 Holding Company

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 26'908'048 2.15 (1'041'586) 28.02.2013 Investment Advisor

GORANSSONSKA FOUNDAT n/a Co File 24'912'032 1.99 - 31.12.2011 Other

HANDELSBANKEN FONDER n/a Co File 20'166'883 1.61 - 31.12.2011 Investment Advisor

FOLKSAM GROUP n/a Co File 18'980'596 1.51 - 31.12.2011 Insurance Company

SEB n/a ULT-AGG 13'685'328 1.09 (671'980) 31.12.2012 Unclassified

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 12'905'096 1.03 (101'448) 31.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 11'367'560 0.91 (2'000'730) 31.12.2012 Investment Advisor




SPP FONDER AB Multiple Portfolios MF-AGG 6'555'117 0.52 189'103 28.02.2013 Investment Advisor


ABG Sundal Collier ANDERS IDBORG buy 5 M 120 6 month 14.03.2013

Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 125 Not Provided 14.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 118 12 month 08.03.2013

Canaccord Genuity Corp ANDREW BELL sell 1 M 90 12 month 08.03.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 95 Not Provided 08.03.2013


Nomura KLAS BERGELIND buy 5 M 130 12 month 04.03.2013

Evli Bank Plc ELINA RIUTTA reduce 2 M 95 12 month 04.03.2013

Pareto Securities DAVID JACOBSSON buy 5 M 115 6 month 28.02.2013

HSBC COLIN GIBSON overweight 5 M 135 Not Provided 27.02.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 120 Not Provided 18.02.2013

Societe Generale SEBASTIEN GRUTER sell 1 M 95 12 month 30.01.2013

Morgan Stanley MARKUS ALMERUD Underwt/Cautious 1 M 91 12 month 30.01.2013

Credit Suisse ANDRE KUKHNIN underperform 1 M 95 Not Provided 30.01.2013


Handelsbanken PEDER FROLEN reduce 2 M 100 12 month 30.01.2013





JPMorgan ANDREAS WILLI neutral 3 D 108 9 month 29.01.2013

CA Cheuvreux JOAKIM HOGLUND underperform 1 M 110 Not Provided 29.01.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 29.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013


Deutsche Bank JOHAN WETTERGREN buy 5 U 115 12 month 04.12.2012


Swedbank MATS LISS buy 5 M 100 12 month 13.12.2011

Holdings By:

Sandvik AB ee


15.03.2013

Terex Corporation is a diversified global manufacturer operating in four

business segments: aerial work platforms, construction, cranes, and materials

processing. Terex manufactures a broad range of equipment for use in various

industries including the construction, infrastructure, quarrying, mining,

shipping, transportation, refining, energy and utility industries.


LTM as of: 12/yy

52-Week High (13.02.2013) 35.76

52-Week Low (25.07.2012) 14.05

Daily Volume

34.21





3'787.05 1 Yr Total Return 31.73%







TEX US EQUITY YTD Change - Average Volume 30 Day 2'263'644

TEX US EQUITY YTD % CHANGE - Average Volume 3 Month 2'330'177


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

8'387.0 3'858.4 4'418.2 6'504.6 7'348.4 6'504.6 7'348.4 8'001.8 8'674.2 1'828.8 2'165.5

0.31x 0.83x 0.83x 0.50x 0.65x 2.19x 2.34x 0.64x 0.55x 2.93x 2.43x

718.7 (308.3) 31.0 207.8 551.6 208.7 663.9 780.5 924.4 128.9 232.6

3.67x - 117.88x 15.74x 8.67x 15.67x 7.20x 7.02x 5.93x 7.03x 6.38x

71.9 (398.4) 358.5 45.2 105.8 45.4 105.8 305.9 405.9 34.6 99.3

7.53x - - 29.37x 15.36x 27.57x 14.42x 13.07x 9.94x 13.05x 11.43x


EBIT 398.60 Long-Term Rating BB-









EBITDA Margin 9.0%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Terex CorpPrice/Volume

Valuation Analysis

456'480.00


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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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15.03.2013



PENNANT CAPITAL MANA PENNANT CAPITAL MANA 13F 9'848'172 8.9 - 31.12.2012 Hedge Fund Manager

VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'833'339 6.17 1'082'518 31.12.2012 Investment Advisor

EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 4'147'807 3.75 747'288 31.12.2012 Investment Advisor

TCW GROUP INC TCW GROUP INCORPORAT 13F 3'830'805 3.46 55'428 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 3'457'121 3.12 (932'117) 31.12.2012 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 3'253'536 2.94 (39'710) 31.12.2012 Investment Advisor

SNOW CAPITAL MANAGEM SNOW CAPITAL MANAGEM 13F 2'612'388 2.36 (139'250) 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'228'181 2.01 (178'151) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 2'200'351 1.99 2'092'802 31.12.2012 Investment Advisor

MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'051'990 1.85 (127'839) 31.12.2012 Investment Advisor

PPM AMERICA INC PPM AMERICA INC 13F 1'885'600 1.7 (199'400) 31.12.2012 Investment Advisor


DEFEO RONALD M n/a Form 4 1'607'918 1.45 34 08.03.2013 n/a

PARTNER FUND MANAGEM PARTNER FUND MANAGEM 13F 1'451'606 1.31 1'451'606 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 1'430'150 1.29 90'195 31.12.2012 Unclassified

KEELEY ASSET MANAGEM KEELEY ASSET MANAGEM 13F 1'374'100 1.24 (6'000) 31.12.2012 Investment Advisor

MINNEAPOLIS PORTFOLI MINNEAPOLIS PORTFOLI 13F 1'293'990 1.17 (99'932) 31.12.2012 Investment Advisor





Goldman Sachs JERRY REVICH neutral/neutral 3 M 35 12 month 21.02.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 33 12 month 21.02.2013


KeyBanc Capital Markets STEVE BARGER buy 5 M 42 12 month 21.02.2013



Barclays ANDY KAPLOWITZ equalweight 3 M 33 Not Provided 21.02.2013





Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 20.02.2013

ISI Group DAVID RASO strong buy 5 M 49 Not Provided 19.02.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.02.2013



BOE Securities SHRUTI MITTAL buy 5 M 27 12 month 11.04.2012

Imperial Capital LLC ALBERTO GARCIA-TUNON underperform 1 M #N/A N/A Not Provided 22.10.2009

Holdings By:

Terex Corp ee


15.03.2013

Tognum AG supplies diesel engines and complete propulsion systems for ships,

heavy agricultural and rail vehicles, industrial drive systems and onsite power

generators (off-highway applications).


LTM as of: 12/yy

52-Week High (11.03.2013) 31.22

52-Week Low (31.08.2012) 24.85

Daily Volume

31.221

52-Week High % Change 0.00% Dividend Yield -




4'101.66 1 Yr Total Return -

Total Debt 255.00 YTD Return -



Cash and Equivalents 299.80 Consensus Rating -



TGM GR EQUITY YTD Change - Average Volume 30 Day 3'101

TGM GR EQUITY YTD % CHANGE - Average Volume 3 Month 3'498


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

3'133.1 2'529.4 2'563.6 2'972.1 3'014.5 2'972.1 3'014.5 - - - -

0.44x 0.67x 1.02x 1.15x 1.16x 4.59x 4.76x - - - -

482.0 306.0 312.0 412.6 418.3 410.7 418.2 - - - -

2.85x 5.53x 8.39x 8.25x 8.37x 8.29x 8.37x - - - -

207.6 102.5 62.8 198.8 181.7 198.8 181.7 - - - -

5.70x 14.87x 41.09x 17.23x 19.57x 17.11x 19.57x - - - -











EBITDA Margin 13.9%



Asset Turnover 1.00







Fiscal Year Ended

Tognum AGPrice/Volume

Valuation Analysis

4'294.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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

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15.03.2013


ENGINE HOLDING GMBH n/a Research 130'034'975 98.98 - 17.11.2011 Corporation

DAIMLER AG n/a Co File 32'843'751 25 - 31.12.2010 Corporation

ING GROEP NV n/a Co File 6'568'750 5 - 31.12.2010 Investment Advisor

BLACKROCK n/a ULT-AGG 3'944'261 3 - 16.03.2011 Investment Advisor

FIRST EAGLE INVESTME n/a Co File 3'941'250 3 - 31.12.2010 Hedge Fund Manager

HEUER VOLKER n/a Co File 3'036'956 2.31 - 31.12.2010 n/a

COERS JOACHIM n/a Co File 2'286'956 1.74 - 31.12.2010 n/a

BREIDENBACH RAINER n/a Co File 1'687'203 1.28 - 31.12.2010 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 52'838 0.04 - 30.11.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 11'266 0.01 - 31.03.2011 Investment Advisor

HANSAINVEST GMBH Multiple Portfolios MF-AGG 10'700 0.01 - 28.12.2012 Mutual Fund Manager

ALLSTATE CORP n/a ULT-AGG - 0 (5'317) 30.09.2012 Insurance Company

SCOTTISH WIDOWS n/a ULT-AGG - 0 (8'537) 30.06.2011 Unclassified

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG - 0 (25'862) 30.06.2011 Mutual Fund Manager

NORDINVEST FUND MANA Multiple Portfolios MF-AGG - 0 (12'800) 30.06.2011 Mutual Fund Manager

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (7'168) 30.06.2011 Mutual Fund Manager

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG - 0 (2'116) 28.02.2011 Investment Advisor

EURIZON CAPITAL SA EURIZON STARS FUND-E MF-LUX - 0 (6'302) 30.06.2011 Investment Advisor




Equinet Institutional Services(ESN) HOLGER SCHMIDT hold 3 M 26 Not Provided 02.01.2012

AlphaValue HEINZ STEFFEN sell 1 M 20 6 month 20.10.2011

Bankhaus Lampe GORDON SCHOENELL hold 3 D 24 12 month 08.03.2011

Holdings By:

Tognum AG ee


15.03.2013

Twin Disc, Incorporated designs, manufactures, and sells heavy duty off-highway

power transmission equipment. The Company's products include marine

transmissions and surface drives, power-shift transmissions, power take-offs

and reduction gears, industrial clutches, and control systems. Twin Disc sells

its products to customers in the marine, energy, government, and other markets.


LTM as of: 12/yy

52-Week High (15.03.2012) 30.10

52-Week Low (23.10.2012) 13.70

Daily Volume

25.23












TWIN US EQUITY YTD Change - Average Volume 30 Day 53'671

TWIN US EQUITY YTD % CHANGE - Average Volume 3 Month 56'205


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

331.7 295.6 227.5 310.4 355.9 338.1 332.7 278.5 293.5 67.1 70.3

0.81x 0.38x 0.62x 1.45x 0.64x 4.65x 2.95x - - - -

46.4 30.7 13.4 44.9 59.3 59.5 43.3 24.3 29.6 4.9 3.9

5.82x 3.69x 10.46x 10.01x 3.82x 7.38x 4.73x 12.29x 10.11x 13.16x 11.58x

24.3 11.5 0.6 18.8 26.1 27.6 15.0 7.7 10.9 1.0 2.1

11.13x 5.82x 142.00x 23.41x 7.08x 15.13x 10.34x 37.66x 26.98x 38.23x 30.77x











EBITDA Margin 13.0%



Asset Turnover 1.08







Fiscal Year Ended

Twin Disc IncPrice/Volume

Valuation Analysis

17'674.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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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15.03.2013


GAMCO n/a ULT-AGG 1'153'336 10.26 29'305 31.12.2012 Unclassified

BATTEN MICHAEL E n/a Form 4 1'078'756 9.59 (1'500) 20.12.2012 n/a

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 620'353 5.52 139'515 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 495'228 4.4 (11'096) 13.03.2013 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 486'868 4.33 (6'985) 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 463'309 4.12 74'979 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 427'543 3.8 6'412 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 333'436 2.97 81'720 31.12.2012 Investment Advisor

BROADVIEW ADVISORS L BROADVIEW ADVISORS L 13F 251'050 2.23 (15'600) 31.12.2012 Investment Advisor

FIDUCIARY ASSET MANA Multiple Portfolios MF-AGG 233'600 2.08 - 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 140'764 1.25 260 31.12.2012 Investment Advisor

STATE OF WISCONSIN I STATE OF WISCONSIN I 13F 139'280 1.24 39'280 31.12.2012 Pension Fund (ERISA)


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 92'486 0.82 38'817 31.12.2012 Investment Advisor

BATTEN JOHN H n/a Form 4 76'039 0.68 (8'512) 03.08.2012 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 74'909 0.67 1'224 31.12.2012 Investment Advisor

WOLVERINE ASSET MANA WOLVERINE ASSET MANA 13F 70'439 0.63 (14'068) 31.12.2012 Hedge Fund Manager

TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 66'796 0.59 24'142 31.12.2012 Hedge Fund Manager


GRT CAPITAL PARTNERS GRT CAPITAL PARTNERS 13F 65'600 0.58 38'600 31.12.2012 Hedge Fund Manager


Robert W. Baird & Co PETER LISNIC outperform 5 M 27 12 month 11.03.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 19 12 month 11.03.2013


Holdings By:

Twin Disc Inc ee


15.03.2013

AMERCO is the holding company for U-Haul International, Inc., Amerco Real Estate

Company, Republic Western Insurance Company, and Oxford Life Insurance Company.

The Company, through its subsidiaries, offers rental of trucks, trailers, and

self storage space, as well as property and casualty insurance and life

insurance products.


LTM as of: 12/yy

52-Week High (15.03.2013) 166.31

52-Week Low (05.06.2012) 72.20

Daily Volume

166.07





3'256.27 1 Yr Total Return 53.39%







UHAL US EQUITY YTD Change - Average Volume 30 Day 36'031

UHAL US EQUITY YTD % CHANGE - Average Volume 3 Month 30'800


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'049.2 1'992.3 2'002.0 2'241.3 2'502.7 2'467.6 2'509.0 - - - -

0.87x 0.72x 0.97x 1.21x 1.17x 4.20x 3.95x - - - -

431.5 369.6 430.7 599.5 659.6 632.3 753.0 - - - -

4.14x 3.91x 4.51x 4.54x 4.46x 4.39x 3.20x - - - -

67.8 13.4 65.6 183.6 205.4 193.2 252.2 - - - -

20.54x 1676.50x 19.81x 12.05x 9.02x 8.42x 9.97x 12.92x 11.86x - -


EBIT 416.01 Long-Term Rating NR









EBITDA Margin 30.0%



Asset Turnover 0.51





Accounts Receivable Turnover 8.68 Cash Conversion Cycle -13.32


Fiscal Year Ended

AMERCOPrice/Volume

Valuation Analysis

24'396.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&.&1&3&5&

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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

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15.03.2013


SHOEN MARK V n/a PROXY 3'813'559 19.45 107 02.07.2012 n/a

SHOEN EDWARD J n/a PROXY 3'458'337 17.64 - 02.07.2012 n/a

SHOEN JAMES P n/a PROXY 1'950'618 9.95 106 02.07.2012 n/a

AMERCO ESOP TRUST n/a PROXY 1'464'127 7.47 (70'635) 02.07.2012 n/a

DUNHAM TRUST COMPANY n/a PROXY 1'424'473 7.26 - 02.07.2012 Other

SHOEN SOPHIA M n/a PROXY 1'377'406 7.02 2 02.07.2012 n/a


ID MANAGEMENT A/S ID MANAGEMENT A/S 13F 900'000 4.59 900'000 31.12.2012 Investment Advisor

BLACKWATER INVESTMEN n/a Form 4 744'700 3.8 - 24.11.2009 Other

VANGUARD GROUP INC VANGUARD GROUP INC 13F 483'134 2.46 10'485 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 449'180 2.29 (13'195) 13.03.2013 Investment Advisor

ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 416'711 2.13 325 31.12.2012 Investment Advisor


KEELEY ASSET MANAGEM KEELEY ASSET MANAGEM 13F 261'900 1.34 (25'500) 31.12.2012 Investment Advisor

DONOVAN ROSEMARIE T n/a PROXY 250'250 1.28 - 02.07.2012 n/a

BRUCE & CO INC BRUCE & CO INC 13F 249'600 1.27 (200) 31.12.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 236'307 1.21 (14'790) 31.12.2012 Investment Advisor

CI GLOBAL HOLDINGS I CI GLOBAL HOLDINGS I 13F 201'500 1.03 30'500 31.12.2012 Investment Advisor

JAMES INVESTMENT RES JAMES INVESTMENT RES 13F 183'235 0.93 (1'585) 31.12.2012 Hedge Fund Manager



EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 08.02.2013

CL King & Associates JAMES BARRETT strong buy 5 M 167 12 month 07.02.2013

Stifel MICHAEL J BAUDENDISTEL buy 5 M 54 12 month 07.03.2013

Raymond James ARTHUR W HATFIELD outperform 5 M 52 12 month 04.03.2013

Sidoti & Company LLC STEPHEN M O'HARA buy 5 M 57 12 month 19.02.2013

Avondale Partners LLC KRISTINE KUBACKI market outperform 4 M 50 Not Provided 25.01.2013


Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 26.01.2012

Holdings By:

AMERCO ee


15.03.2013

Wartsila OYJ provides solutions for power generation and marine propulsion.

The Company delivers customized power plant solutions including gas and oil

fired power plants.

Eastern Europe. ILFC also provides fleet management services to investors

and owners of aircraft portfolios for a management fee.


LTM as of: 12/yy

52-Week High (20.02.2013) 37.92

52-Week Low (26.07.2012) 23.30

Daily Volume

35.65





7'031.65 1 Yr Total Return 33.90%







WRT1V FH EQUITY YTD Change - Average Volume 30 Day 361'902

WRT1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 340'402


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'612.0 5'260.0 4'553.0 4'209.0 4'725.0 4'209.0 4'724.0 5'038.9 5'402.7 1'083.2 1'176.4

0.55x 0.61x 1.21x 1.07x 1.49x 4.31x 5.34x 1.48x 1.34x 6.53x 6.01x

613.0 749.0 515.0 543.0 613.0 543.0 610.0 693.9 761.9 146.0 161.2

4.17x 4.28x 10.70x 8.27x 11.50x 8.27x 11.56x 10.99x 10.01x 10.89x 10.61x

380.0 389.0 386.0 283.0 339.0 283.0 339.0 394.9 451.4 78.1 90.6

5.42x 7.12x 14.59x 15.56x 19.04x 15.56x 19.10x 17.75x 15.43x 17.61x 17.34x










Gross Margin - Total Debt/EBITDA 1.30

EBITDA Margin 12.9%



Asset Turnover 0.98



Debt to Assets 15.76% Inventory Days -


Accounts Receivable Turnover 4.71 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

Wartsila OYJ AbpPrice/Volume

Valuation Analysis

269'670.00


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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!&&

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15.03.2013


AVLIS AB n/a Research 25'641'347 13 - 28.11.2012 Corporation






SOCIAL INSURANCE INS n/a Research 1'935'910 0.98 - 28.11.2012 Other

JENNY & ANTTI WIHURI n/a Research 1'263'216 0.64 - 28.11.2012 Other

KUNTIEN ELAEKEVAKUUT n/a Research 1'211'204 0.61 - 28.11.2012 Other

FINNISH CULTURAL FOU n/a Research 1'161'865 0.59 - 28.11.2012 Other


SIGRID JUSELIUS FOUN n/a Research 1'065'000 0.54 - 28.11.2012 Other

SWISS NATIONAL BANK n/a Research 1'007'555 0.51 - 28.11.2012 Government

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'007'290 0.51 (27'915) 31.01.2013 Investment Advisor

TAPIOLA MUTUAL PENSI n/a Research 1'000'000 0.51 - 28.11.2012 Insurance Company

ENTER FONDER AB Multiple Portfolios MF-AGG 885'200 0.45 79'400 31.12.2012 Investment Advisor

INEZ & JULIUS POLINS n/a Research 810'507 0.41 - 28.11.2012 Endowment

LIVRANTEANSTALTEN HE n/a Research 755'498 0.38 - 28.11.2012 Other

SIGNE & ANE GYLLENBE n/a Research 745'888 0.38 - 28.11.2012 n/a

SAVOX INVESTMENTS SA n/a Research 730'000 0.37 - 28.11.2012 Other


ABG Sundal Collier ANDERS IDBORG hold 3 M 34 6 month 14.03.2013



HSBC COLIN GIBSON neutral 3 M 39 Not Provided 08.03.2013

AlphaValue LIONEL PELLICER sell 1 M 31 6 month 07.03.2013

Evli Bank Plc ELINA RIUTTA accumulate 4 U 37 Not Provided 04.03.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 D 34 12 month 28.01.2013

Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 28.01.2013

Nordea Equity Research JAN KAIJALA sell 1 M 33 12 month 28.01.2013




FIM SANNA KAJE hold 3 M 35 12 month 25.01.2013

DNB Markets CHRISTER MAGNERGARD buy 5 M 38 Not Provided 25.01.2013

Goldman Sachs DANIELA COSTA Sell/Neutral 1 M 30 12 month 17.01.2013


CA Cheuvreux JOHAN ELIASON underperform 1 M 27 Not Provided 17.12.2012


Fearnley Fonds RIKARD VABO reduce 2 M 22 6 month 17.10.2012



Holdings By:

Wartsila OYJ Abp ee


Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery

Business

Transcript of Fundamental Analysis & Analysts Recommendations - Construction & Mining Machinery