Fundamental Equity Analysis - S&P100 Index Members (OEX Index)

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinE7O 8fSXn M&I-&& 8fSXn

April 2013

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.

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 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80

Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70

NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12

FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24

SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93

S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29

S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39

HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12

MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03

3M CO USD 73160 155 687 6 0 0 6 73.93 29904 29904 31485 33191 7771 7771 1985 1985 6.32 6.35 6.83 7.45 16.67 16.67 15.50 14.20 0.99 3.87 4.82 3.91 25.99 AA- 18.03.2009 Aa2 01.05.2009

ABBOTT LABORATORIES USD 53466 406 1577 20 0 0 15 58.86 39874 39874 22713 24071 11156 11906 976 976 5.07 5.07 1.97 2.21 6.72 6.72 17.28 15.41 2.63 8.52 17.82 11.64 29.86 A+ 26.10.2012 A1 22.09.2010

ABBVIE INC USD 63425 570 1577 18 #VALUE! #VALUE! 8 73.36 18380 #VALUE! 18407 18740 7255 - 1600 1600 3.47 - 3.10 3.18 - - 12.98 12.67 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012

ACCENTURE PLC-CL A USD 51816 167 677 0 0 0 7 46.62 29778 29857 29240 31130 4467 4542 1120 1120 3.84 3.94 4.28 4.70 18.84 18.84 17.34 15.79 8.87 5.15 12.08 8.55 15.21 A+ 22.01.2002 - -

ALLSTATE CORP USD 23213 169 479 6 0 0 1 28.71 33315 33315 33587 34249 - - - - 4.36 4.34 4.69 5.13 11.18 11.18 10.35 9.45 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009

ALTRIA GROUP INC USD 68616 420 2010 14 0 0 3 79.63 17500 17500 17693 18021 7539 7539 1749 1749 2.21 2.21 2.40 2.57 15.44 15.44 14.25 13.26 5.30 -8.61 15.22 -12.44 43.08 BBB 06.01.2009 Baa1 24.10.2006

AMAZON.COM INC USD 118040 266 454 6 0 0 11 112.10 61093 61093 75720 92943 2835 2834 958 958 0.05 0.36 3.36 5.69 721.39 721.39 77.30 45.64 27.07 30.56 45.76 25.77 4.64 AA- 26.11.2012 Baa1 26.11.2012

AMERICAN ELECTRIC POWER USD 23347 103 486 19 0 0 1 41.48 14945 14945 15787 16082 4874 4529 1132 1132 3.09 3.10 3.16 3.31 15.50 15.50 15.22 14.50 -1.13 2.01 3.42 4.80 30.30 BBB 07.03.2003 Baa2 14.09.2005

AMERICAN EXPRESS CO USD 73990 275 1105 62 0 0 22 114.03 33808 33808 31945 35248 11658 11658 - - 4.40 4.40 4.76 5.34 15.19 15.19 14.04 12.52 4.73 1.01 3.11 -4.80 34.48 BBB+ 30.04.2009 A3 24.04.2009

AMGEN INC USD 73226 417 756 27 0 0 24 75.71 17265 17265 18045 18399 6665 6665 1782 1782 6.00 5.96 7.19 8.23 16.43 16.43 13.61 11.90 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011

ANADARKO PETROLEUM CORP USD 44742 253 501 13 0 1 2 56.79 14060 14058 14968 16920 6950 6948 2241 2241 2.25 4.12 4.01 5.21 21.35 21.35 21.92 16.87 2.96 6.49 -5.48 4.50 49.42 BBB- 08.09.2006 Baa3 23.03.2012

APACHE CORP USD 29228 149 392 12 1 0 0 42.64 16947 16947 17692 19159 12283 12283 3016 3016 9.63 9.56 9.33 10.31 7.78 7.78 7.97 7.22 0.81 12.13 -2.14 10.90 72.48 A- 26.01.2001 A3 29.11.2010

APPLE INC USD 434671 1105 939 0 0 0 121 297.56 157 K 165 K 181 K 204 K 58518 59255 13978 13978 44.15 44.10 44.13 49.77 10.48 10.48 10.48 9.29 44.58 41.47 64.36 65.35 35.98 NR 16.04.2004 WR 31.03.2004

AT&T INC USD 200883 1113 5581 70 0 0 5 266.19 127434 127434 129048 131526 31140 31140 10679 10679 2.31 2.33 2.52 2.70 15.69 15.69 14.52 13.53 0.56 1.44 2.08 -5.80 24.44 A- 06.12.2010 A3 29.01.2013

BAKER HUGHES INC USD 20134 200 441 5 0 0 1 24.23 21361 21361 21475 23496 3760 3760 877 877 3.21 3.21 3.08 4.35 14.19 14.19 14.80 10.46 7.72 19.53 -11.24 6.08 17.60 A 05.05.2006 A2 25.01.1995

BANK OF AMERICA CORP USD 132332 10594 10778 673 19 0 349 #VALUE! 100078 100130 90792 92022 - - - - 1.13 0.92 1.01 1.33 13.29 13.29 12.08 9.19 -13.26 -2.06 - - - A- 29.11.2011 Baa2 21.06.2012

BANK OF NEW YORK MELLON CORP USD 32930 258 1163 62 1 1 145 #VALUE! 15089 15596 14719 15436 - - - - 2.34 2.30 2.25 2.58 12.31 12.31 12.58 10.96 -4.52 -0.95 - - - A+ 29.11.2011 Aa3 08.03.2012

BAXTER INTERNATIONAL INC USD 38629 130 546 6 0 0 3 41.33 14190 14190 15475 16933 3533 3533 938 938 4.52 4.52 4.69 5.21 15.72 15.72 15.14 13.65 2.14 4.57 -2.30 3.77 24.90 A 06.12.2012 A3 *- 04.12.2012

BERKSHIRE HATHAWAY INC-CL B USD 254778 318 #VALUE! 63 0 4 187 134.70 162463 162463 #VALUE! #VALUE! 29524 29524 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 13.07 10.60 34.15 4.33 18.17 AA+ 04.02.2010 Aa2 04.02.2010

BOEING CO/THE USD 65567 492 756 10 0 0 14 62.52 81698 81698 84090 91513 8118 8118 1854 1854 5.11 5.11 6.34 7.15 16.91 16.91 13.63 12.09 18.86 7.71 8.53 2.21 9.94 A 29.07.2009 A2 15.03.2006

BRISTOL-MYERS SQUIBB CO USD 66509 497 1630 7 0 0 6 67.57 17621 17621 16602 17869 4771 4771 942 942 1.82 1.88 1.84 2.18 21.54 21.54 21.98 18.60 -17.05 -1.91 -35.94 3.29 27.08 A+ 06.09.2006 A2 12.09.2006

CAPITAL ONE FINANCIAL CORP USD 32123 213 582 50 0 0 11 70.97 23177 23177 22297 22601 13429 13343 - - 6.24 5.61 6.49 6.73 9.81 9.81 8.47 8.18 25.11 5.56 37.13 2.50 57.57 BBB 17.06.2009 Baa1 17.02.2012

CATERPILLAR INC USD 56983 325 655 10 0 0 3 64.21 65875 65875 63303 68763 11966 11966 2102 2102 8.62 8.63 8.01 9.39 10.05 10.05 10.83 9.24 9.54 11.51 23.62 12.24 18.16 A 24.06.2003 A2 15.06.1995

CHEVRON CORP USD 234872 316 1947 12 0 1 21 227.17 222580 222580 236505 232833 48426 48426 11331 11331 12.10 12.12 12.36 12.49 9.96 9.96 9.77 9.67 -5.80 -0.13 -5.44 7.12 21.76 AA 01.07.1987 Aa1 27.02.2009

CISCO SYSTEMS INC USD 110638 2102 5298 16 0 0 49 80.56 46061 47252 48708 51403 12971 13372 3802 3802 1.55 1.62 2.00 2.11 12.79 12.79 10.39 9.83 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006

CITIGROUP INC USD 135620 2794 3029 624 3 2 36 727.21 90708 90853 78926 81179 41810 41647 - - 4.83 3.97 4.64 5.31 11.23 11.23 9.61 8.40 -11.58 6.82 -21.93 -15.72 45.84 A- 29.11.2011 Baa2 21.06.2012

COCA-COLA CO/THE USD 180542 1829 4469 33 0 0 17 196.98 48017 48017 49006 51308 12761 12761 3233 3233 2.01 2.00 2.14 2.33 20.25 20.25 18.90 17.37 3.17 10.26 5.23 8.68 26.58 AA- 13.09.2012 Aa3 16.08.2007

COLGATE-PALMOLIVE CO USD 54659 174 468 5 0 0 1 59.21 17085 17085 17752 18762 4314 4319 1088 1088 5.36 5.33 5.73 6.35 21.88 21.88 20.36 18.39 2.10 3.41 1.22 7.63 25.28 AA- 04.05.2001 Aa3 18.06.2001

COMCAST CORP-CLASS A USD 108404 1457 2639 40 0 17 12 153.89 62570 62570 64235 68029 19977 19977 5022 5022 1.92 1.93 2.39 2.74 21.49 21.49 17.34 15.16 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013

CONOCOPHILLIPS USD 73711 330 1220 22 0 0 4 92.26 57967 96888 52783 56815 19396 20383 5437 5437 5.37 6.09 5.47 6.08 9.90 9.90 11.01 9.91 -9.70 -13.33 -10.41 -8.76 21.04 A 07.02.2012 A1 26.04.2012

COSTCO WHOLESALE CORP USD 46133 164 432 1 #VALUE! 0 5 45.52 99137 103128 106075 115242 3667 3874 930 930 3.89 4.32 4.55 5.03 24.46 24.46 23.22 21.01 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012

CVS CAREMARK CORP USD 68775 353 1231 10 0 0 1 77.22 123133 123133 125268 130061 8981 8981 2064 2064 3.20 3.20 3.97 4.41 17.44 17.44 14.08 12.67 14.97 7.65 13.71 8.81 7.29 BBB+ 23.03.2007 Baa2 13.02.2007

DEVON ENERGY CORPORATION USD 23162 98 406 12 0 0 7 27.83 9679 9651 9868 11106 5253 5225 1257 1257 3.30 3.27 3.54 5.00 17.39 17.39 16.06 11.38 -11.73 -3.07 -17.78 -6.57 54.14 BBB+ 18.03.2008 Baa1 21.09.2007

DOW CHEMICAL CO/THE USD 38672 481 1203 21 4 1 4 60.48 56786 56786 58995 61770 6645 6425 2158 2158 1.90 1.91 2.37 2.95 16.79 16.79 13.54 10.86 -5.33 0.57 -3.82 1.85 11.31 BBB 11.05.2011 Baa2 02.11.2012

EBAY INC USD 67133 1333 1294 5 0 0 9 62.24 14072 14071 16351 18761 4088 4090 1237 1237 1.95 1.94 2.76 3.23 26.67 26.67 18.78 16.03 20.77 13.73 23.39 9.42 29.07 A 02.03.2010 A2 21.10.2010

DU PONT (E.I.) DE NEMOURS USD 45472 523 933 12 0 0 4 53.13 34812 36951 36150 38367 4794 5069 2342 2342 3.33 3.51 3.92 4.38 13.88 13.88 12.41 11.11 3.36 1.58 -4.99 2.35 13.72 A 17.05.2011 A2 15.07.2011

ELI LILLY & CO USD 63652 401 1144 6 0 0 6 63.51 22603 22603 23011 19909 6478 6477 1702 1702 3.82 3.39 3.89 2.80 16.52 16.52 14.38 20.03 -6.93 2.96 -15.78 2.06 28.66 AA- 19.08.2010 A2 08.11.2010

EMC CORP/MA USD 49917 1034 2107 3 0 1 6 48.34 21714 21714 23482 25468 5602 5602 1624 1624 1.26 1.26 1.86 2.06 18.78 18.78 12.74 11.47 8.53 9.67 12.92 15.81 25.80 A 25.06.2012 WR 01.08.2000

EMERSON ELECTRIC CO USD 40241 541 724 5 0 0 2 43.31 24412 24656 25244 26572 5155 5269 1132 1132 3.34 3.42 3.60 4.02 16.22 16.22 15.40 13.81 0.78 0.48 1.16 4.42 21.37 A 04.02.2002 A2 15.02.2002

EXELON CORP USD 28909 260 855 20 0 0 1 47.41 23489 23489 25518 25376 6550 6550 1990 1990 2.85 2.55 2.49 2.30 13.23 13.23 13.56 14.66 23.22 8.12 -3.45 -0.89 27.89 BBB 22.07.2009 Baa2 08.11.2012

EXXON MOBIL CORP USD 403509 960 4502 12 0 6 10 411.31 420714 426252 435719 444541 65769 67270 18691 18691 7.56 7.89 7.94 8.36 11.41 11.41 11.34 10.77 -2.96 2.37 -5.62 -1.21 15.78 AAA 16.12.1985 WR 16.08.1993

FEDEX CORP USD 30974 294 317 2 0 0 3 29.84 42680 43860 44293 46686 5433 5393 1638 1638 6.59 6.17 6.10 7.59 15.79 15.79 15.98 12.84 8.59 3.44 22.36 1.60 12.30 BBB 11.02.2004 Baa1 13.01.2012

FORD MOTOR CO USD 51143 1307 3946 14 0 0 24 41.38 134252 134252 134615 141475 12513 13404 3240 3240 1.40 1.31 1.40 1.68 10.12 10.12 9.45 7.88 -1.48 -1.81 -8.19 -0.09 9.98 BB+ 21.10.2011 Baa3 22.05.2012

FREEPORT-MCMORAN COPPER USD 30841 447 949 4 0 4 4 34.43 18010 18010 22571 23669 6934 6934 1912 1912 3.27 3.18 4.34 4.53 10.24 10.24 7.51 7.20 -13.75 15.34 -31.77 -2.37 38.50 BBB 29.07.2011 Baa3 13.10.2010

GENERAL DYNAMICS CORP USD 24838 248 354 4 0 0 3 25.45 31513 31513 31614 31511 3447 1453 983 983 6.52 6.42 6.77 7.19 10.90 10.90 10.34 9.73 -3.56 1.73 -21.98 -0.51 4.61 A 09.07.1999 A2 07.08.2003

GENERAL ELECTRIC CO USD 239568 3303 10406 17 0 5 16 246.90 144796 144796 149226 154898 25000 25000 5694 5694 1.54 1.52 1.68 1.85 15.14 15.14 13.74 12.44 1.81 -3.99 -0.16 -6.95 17.27 AA+ 12.03.2009 Aa3 03.04.2012

GILEAD SCIENCES INC USD 69238 762 1519 8 0 0 3 75.12 9703 9703 10748 12727 4288 4288 1116 1116 1.70 1.70 2.07 2.90 26.74 26.74 21.91 15.68 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011

GOLDMAN SACHS GROUP INC USD 70200 275 481 511 6 1 73 514.93 41664 41664 33559 34811 20446 20446 - - 15.03 15.06 13.75 15.10 9.67 9.67 10.60 9.65 13.24 24.96 27.63 -19.57 49.07 A- 29.11.2011 A3 21.06.2012

GOOGLE INC-CL A USD 268688 116 330 6 0 0 50 224.67 50175 51379 47959 56130 15722 15684 5178 5178 34.02 33.74 45.83 53.82 24.02 24.02 17.68 15.06 32.37 24.66 15.66 21.04 30.53 AA 19.11.2012 Aa2 16.05.2011

HALLIBURTON CO USD 37151 592 929 5 0 0 2 39.51 28503 28503 29695 32786 5787 5787 1302 1302 3.02 3.08 3.02 3.95 12.93 12.93 13.16 10.07 14.80 14.53 -5.07 7.51 20.30 A 20.08.2007 A2 01.05.2007

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80

Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70

NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12

FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24

SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93

S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29

S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39

HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12

MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03

HEWLETT-PACKARD CO USD 45393 1507 1963 28 0 0 11 61.43 120357 118680 113278 112119 14384 14026 3445 3445 0.31 0.21 3.45 3.59 111.43 111.43 6.78 6.51 -5.41 0.09 -12.15 3.69 11.82 BBB+ 30.11.2011 Baa1 28.11.2012

HJ HEINZ CO USD 23103 207 320 5 0 0 1 27.07 11649 11601 11707 12209 1794 1919 583 583 3.35 3.57 3.56 3.81 20.18 20.18 20.25 18.94 8.80 2.60 -7.85 0.93 16.54 BBB+ *- 14.02.2013 Baa2 *- 14.02.2013

HOME DEPOT INC USD 104498 390 1495 11 0 0 2 112.80 74754 74754 76834 80173 9450 9450 2333 2333 3.10 3.07 3.52 4.08 22.76 22.76 19.88 17.11 6.19 1.22 13.27 0.65 12.64 A- 16.11.2011 A3 30.08.2011

HONEYWELL INTERNATIONAL INC USD 59239 206 783 7 0 0 5 61.71 37665 37665 39436 41597 5082 5082 1628 1628 4.84 4.90 4.95 5.51 15.39 15.39 15.24 13.69 3.11 0.88 43.93 2.19 13.49 A 03.07.2001 A2 12.10.2001

INTEL CORP USD 106141 3444 4944 13 0 0 23 97.00 53341 53341 53942 56527 22160 22160 4602 4602 2.13 2.13 2.02 2.18 10.06 10.06 10.59 9.82 -1.22 6.39 -5.87 10.34 41.54 A+ 17.02.1993 A1 14.09.2011

INTL BUSINESS MACHINES CORP USD 236532 175 1117 33 0 0 11 258.80 104507 104507 106289 109013 25119 25121 5695 5695 15.25 15.30 16.77 18.41 13.85 13.85 12.64 11.51 -2.25 0.39 0.07 6.06 24.04 AA- 30.05.2012 Aa3 23.11.2010

JOHNSON & JOHNSON USD 224352 1146 2778 16 0 0 21 219.43 67224 67224 71233 74147 20698 20698 5851 5851 5.10 5.12 5.41 5.77 15.67 15.67 14.83 13.92 3.37 2.12 7.18 2.84 30.79 AAA 17.09.1987 Aaa 10.08.1987

JPMORGAN CHASE & CO USD 186015 1216 3804 696 9 0 472 #VALUE! 108184 108184 100232 102736 - - - - 6.04 5.93 5.49 5.86 8.19 8.19 8.85 8.29 -2.39 -1.15 - - - A 29.11.2011 A2 21.06.2012

LOCKHEED MARTIN CORP USD 30200 150 321 6 0 0 2 34.61 47182 47182 45190 44346 5470 5404 1206 1206 10.19 10.33 8.94 9.07 9.05 9.05 10.46 10.31 1.47 2.33 6.75 0.46 11.45 A- 27.04.2007 Baa1 26.01.2006

LOWE'S COS INC USD 42180 360 1110 9 0 0 1 50.59 50521 50521 52401 54341 5183 5182 1424 1424 1.69 1.74 2.09 2.54 21.83 21.83 18.19 14.95 0.62 1.41 6.73 -3.42 10.26 A- 19.09.2012 A3 14.11.2011

MASTERCARD INC-CLASS A USD 65719 102 123 0 0 0 5 60.73 7391 7391 8262 9281 4187 4187 1182 1182 22.04 22.05 25.42 30.17 24.19 24.19 20.99 17.69 10.08 12.15 13.87 27.78 56.65 A- 19.08.2011 - -

MCDONALD'S CORP USD 98766 424 1003 14 0 0 2 110.06 27567 27567 28846 30504 10101 10101 2318 2318 5.37 5.36 5.79 6.34 18.37 18.37 17.00 15.53 2.08 3.96 1.61 8.06 36.64 A 08.05.2003 A2 17.12.2010

MEDTRONIC INC USD 46686 275 1037 11 0 0 3 55.64 16 K 16 K 17 K 17 K 5680 5616 1589 1589 3.38 3.60 3.69 3.86 12.81 12.81 12.49 11.94 4.36 3.47 5.69 5.58 34.19 A+ 14.02.2012 A2 14.03.2013

MERCK & CO. INC. USD 133649 932 3027 21 0 2 16 140.52 47267 47268 46227 46809 16855 17488 3885 3885 3.65 3.82 3.64 3.80 11.56 11.56 12.13 11.61 -1.62 16.18 -0.94 16.19 37.00 AA 24.11.2010 Aa3 05.11.2009

METLIFE INC USD 41928 512 1092 27 2 1 16 55.35 68150 68150 69990 72091 - - - - 5.28 5.27 5.25 5.63 7.27 7.27 7.30 6.80 -2.98 15.20 - - - A- 06.08.2010 A3 16.12.2009

MICROSOFT CORP USD 236587 2197 8381 12 0 0 63 182.46 73723 72930 79390 85801 30923 29120 8110 8110 2.73 2.56 2.84 3.14 11.00 11.00 9.93 8.97 5.40 5.66 3.33 9.15 39.93 AAA 22.09.2008 Aaa 11.05.2009

MONDELEZ INTERNATIONAL INC-A USD 53491 1074 1778 19 0 0 4 68.58 35015 48783 36610 38763 5028 7727 1384 1384 1.39 2.24 1.57 1.76 13.44 13.44 19.22 17.08 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010

MONSANTO CO USD 55232 235 534 2 0 0 4 52.57 13504 14016 14938 15913 3760 4021 2189 2189 3.70 4.27 4.56 5.18 24.13 24.13 22.58 19.91 14.23 10.98 20.67 14.20 28.69 A+ 21.10.2008 A1 21.02.2012

MORGAN STANLEY USD 43422 924 1974 451 2 8 47 456.50 32036 32333 32227 34216 8020 8293 - - 1.58 1.67 2.09 2.56 13.22 13.22 10.56 8.64 -18.15 -5.67 -44.32 -33.50 25.65 A- 29.11.2011 Baa1 21.06.2012

NATIONAL OILWELL VARCO INC USD 29976 481 427 3 0 0 3 29.92 20041 20041 22731 24347 4185 4185 1047 1047 5.91 5.90 5.97 6.85 11.89 11.89 11.76 10.25 36.72 18.90 19.85 13.13 20.88 A 25.04.2012 A2 14.05.2012

NEWS CORP-CL A USD 70531 831 2383 15 #VALUE! 1 10 80.68 33706 34333 35613 38024 6646 6754 1688 1688 1.41 1.57 1.68 1.98 19.26 19.26 18.02 15.30 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -

NIKE INC -CL B USD 53617 506 916 0 0 0 4 49.90 24128 25281 25347 27465 3413 3390 994 994 2.39 2.54 2.67 3.05 23.36 23.36 22.21 19.45 15.66 6.51 8.35 7.28 13.59 A+ 10.06.2005 A1 29.04.2008

NORFOLK SOUTHERN CORP USD 23562 169 314 9 0 0 1 31.58 11040 11040 11304 12017 4046 4046 918 918 5.37 5.37 5.53 6.32 13.91 13.91 13.52 11.82 -1.18 2.52 -0.88 3.72 36.65 BBB+ 18.07.2005 Baa1 06.05.1997

OCCIDENTAL PETROLEUM CORP USD 62452 351 806 8 0 0 2 68.51 24172 24172 25667 27040 13701 13701 3715 3715 7.09 7.09 7.25 7.77 10.93 10.93 10.68 9.98 0.97 4.02 -3.30 6.01 56.68 A 23.06.2008 A1 19.04.2012

ORACLE CORP USD 148244 3115 4905 16 0 0 31 135.03 37121 37149 37444 39560 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.61 14.61 11.73 10.76 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011

PEPSICO INC USD 121587 361 1544 28 0 0 7 143.47 65492 65492 68122 71288 11801 11801 2304 2304 4.10 4.09 4.39 4.77 19.28 19.28 17.97 16.52 -1.52 10.82 -4.60 6.54 18.02 A 17.03.2010 Aa3 24.02.2010

PFIZER INC USD 204719 2617 7276 37 0 0 33 209.93 58986 59506 57533 56524 25602 26309 6656 6656 2.19 2.21 2.28 2.37 12.90 12.90 12.52 12.03 -9.61 3.95 -3.90 5.08 44.21 AA 16.10.2009 A1 15.10.2009

PHILIP MORRIS INTERNATIONAL USD 150657 408 1654 23 0 2 3 172.14 31377 31377 32493 34410 14827 14827 3708 3708 5.22 5.20 5.77 6.41 17.57 17.57 15.85 14.25 0.90 5.99 2.72 8.64 47.25 A 05.03.2008 A2 11.09.2008

PROCTER & GAMBLE CO/THE USD 211430 355 2748 30 1 1 4 240.01 83680 83320 84658 87723 18072 18023 4754 4754 3.85 3.96 4.06 4.37 19.53 19.53 19.05 17.69 1.36 1.14 -3.13 -0.55 21.63 AA- 10.05.2005 Aa3 01.07.2005

QUALCOMM INC USD 113998 1090 1706 0 0 0 27 85.68 19121 20458 24134 26887 6579 7149 2345 2345 2.79 3.84 4.51 4.91 17.28 17.28 14.72 13.52 27.84 20.60 8.08 15.03 34.94 NR 19.12.2001 - -

RAYTHEON COMPANY USD 18834 113 328 5 0 0 4 19.68 24414 24414 23854 23526 3444 3444 750 750 6.20 6.22 5.33 5.56 9.28 9.28 10.82 10.37 -1.52 1.56 5.19 4.99 14.11 A- 04.09.2008 A3 17.10.2011

SCHLUMBERGER LTD USD 98735 463 1328 12 0 0 6 104.20 42149 42841 46182 51561 11020 11055 2815 2815 4.16 4.19 4.72 5.79 17.67 17.67 15.69 12.80 14.04 14.70 12.52 5.53 25.80 A+ 11.12.2002 A1 03.06.2003

SIMON PROPERTY GROUP INC USD 49530 55 310 23 0 1 1 72.66 4880 4880 4951 5205 3491 3483 912 912 4.72 4.74 3.51 4.03 33.61 33.61 45.38 39.58 13.32 5.52 15.76 7.34 71.37 A- 10.05.2010 - -

SOUTHERN CO/THE USD 40025 381 868 22 1 0 1 62.91 16537 16537 17989 18705 6589 6589 1264 1264 2.65 2.66 2.76 2.91 17.31 17.31 16.69 15.84 -6.34 2.36 4.94 6.49 39.84 A 21.12.2000 Baa1 12.08.2010

STARBUCKS CORP USD 42688 380 749 1 0 0 2 40.78 13300 13663 14921 16722 2367 2446 689 689 1.79 1.86 2.16 2.63 30.57 30.57 26.28 21.65 13.67 6.80 14.11 10.50 17.90 A- 24.02.2012 Baa3 13.05.2009

TARGET CORP USD 43800 179 645 18 0 0 1 60.66 73301 73301 75502 80251 7352 7353 1716 1716 4.76 4.56 5.04 5.60 14.96 14.96 13.53 12.18 4.92 2.75 -1.36 1.19 10.03 A+ 20.11.2007 A2 27.11.2007

TEXAS INSTRUMENTS INC USD 38402 863 1108 6 0 0 4 40.12 12825 12825 12173 12983 3986 3988 719 719 1.91 1.79 1.71 2.16 19.40 19.40 20.27 16.11 -6.63 -1.58 -10.10 -2.68 31.10 A+ 23.09.2010 A1 25.05.2011

TIME WARNER INC USD 53003 336 932 20 0 0 3 70.03 28729 28729 29745 31086 7106 7106 1633 1633 3.29 3.34 3.68 4.25 16.96 16.96 15.41 13.33 -0.85 -5.96 3.33 -18.04 24.73 BBB 27.03.2009 Baa2 06.03.2006

UNION PACIFIC CORP USD 65373 160 469 9 0 0 1 73.31 20926 20926 22077 23622 8505 8505 2046 2046 8.24 8.25 9.40 10.74 16.85 16.85 14.79 12.94 7.00 5.16 15.86 12.61 40.64 A- 23.04.2012 Baa1 26.10.2012

UNITED PARCEL SERVICE-CL B USD 80344 107 953 13 0 0 8 85.37 54127 54127 56774 60188 3201 3201 2024 2024 4.53 4.53 5.02 5.71 18.71 18.71 16.89 14.83 1.92 1.83 -59.29 6.62 5.91 A+ 21.09.2012 Aa3 16.01.2013

UNITED TECHNOLOGIES CORP USD 85413 207 919 23 0 1 5 105.21 57708 57716 65093 68802 9208 9197 2389 2389 5.36 5.34 6.11 7.00 17.41 17.41 15.22 13.27 3.50 2.47 1.09 2.29 15.93 A 02.10.2003 A2 22.04.1993

UNITEDHEALTH GROUP INC USD 56750 318 1019 17 0 2 11 64.19 110618 110618 123371 135925 10563 10563 2285 2285 5.28 5.28 5.51 5.99 10.51 10.51 10.07 9.27 8.60 9.00 10.17 4.09 9.55 A 24.09.2012 A3 21.07.2011

US BANCORP USD 62740 499 1869 52 5 1 8 #VALUE! 22202 22202 20496 21214 - - - - 2.87 2.87 3.07 3.21 11.72 11.72 10.97 10.49 3.58 1.70 - - - A+ 20.08.2012 A1 06.12.2012

VERIZON COMMUNICATIONS INC USD 141485 588 2859 52 0 52 4 242.28 115846 115846 120735 125329 29620 29620 10027 10027 2.24 2.25 2.76 3.15 22.00 22.00 17.91 15.73 4.48 4.82 0.83 -0.97 25.57 A- 06.12.2010 A3 29.10.2008

VISA INC-CLASS A SHARES USD 110416 526 811 0 0 0 6 104.23 10421 10720 11585 12931 6572 6769 1859 1859 6.20 6.52 7.34 8.52 25.55 25.55 22.70 19.56 13.42 13.86 14.28 37.44 63.14 A+ 20.05.2008 - -

WAL-MART STORES INC USD 250023 610 3340 54 0 5 8 301.77 469162 469162 491790 514013 36302 36302 7881 7881 5.02 5.02 5.37 5.88 14.85 14.85 13.90 12.68 4.97 3.61 4.65 5.13 7.74 AA 09.07.1999 Aa2 06.03.1996

WALGREEN CO USD 44713 584 944 5 0 0 1 48.64 71633 70788 72663 76019 4630 4516 1480 1480 2.53 2.41 3.25 3.69 19.71 19.71 14.62 12.88 -0.76 3.97 -8.48 3.89 6.38 BBB 02.08.2012 Baa1 02.08.2012

WALT DISNEY CO/THE USD 102061 247 1780 14 0 2 3 118.66 42278 42840 45161 47977 10850 10959 2748 2748 3.08 3.06 3.45 3.89 18.43 18.43 16.36 14.50 3.39 1.83 12.76 5.45 25.58 A 22.12.2009 A2 23.05.2007

WELLS FARGO & CO USD 195708 986 5266 185 13 1 159 #VALUE! 91247 91247 85453 86700 - - - - 3.39 3.39 3.65 3.89 10.95 10.95 10.19 9.54 4.17 18.42 - - - A+ 29.11.2011 A2 21.09.2011

WILLIAMS COS INC USD 25360 239 681 11 0 3 1 37.93 7486 7517 8222 9359 2368 2382 689 689 1.21 1.12 1.02 1.43 33.09 33.09 36.40 25.90 -5.60 -3.35 -31.97 -4.73 31.69 BBB 05.03.2012 Baa3 15.11.2007

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%

NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%

SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%

S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%

HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%

MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%

3M CO 4.21 3.77 3.34 2.98 2.45 2.32 2.20 2.10 14.29 12.83 11.46 9.64 9.51 8.95 8.32 7.81 16.76 15.53 14.23 13.17 2.24 2.39 2.57 2.60 110.67 4.4%

ABBOTT LABORATORIES 2.10 2.35 2.16 1.91 1.35 2.36 2.22 1.94 1.96 5.95 12.00 10.94 9.04 12.76 4.69 9.55 8.69 6.37 5.34 6.73 17.26 15.40 12.43 12.09 2.29 1.66 1.85 2.11 2.32 35.12 3.2%

ABBVIE INC 23.19 13.02 8.75 7.10 3.46 3.45 3.39 3.21 3.04 9.36 10.37 10.82 10.30 9.49 9.68 10.06 9.96 9.28 8.60 10.73 12.97 12.66 11.68 10.49 3.98 3.98 4.09 4.35 5.15 39.30 -2.3%

ACCENTURE PLC-CL A 10.56 8.71 6.90 6.19 1.86 1.77 1.66 1.57 1.49 14.69 14.60 12.76 11.05 10.67 9.78 9.22 8.62 8.29 19.36 17.38 15.83 14.63 1.74 2.19 2.44 2.81 77.44 4.1%

ALLSTATE CORP 1.15 1.05 0.96 0.87 0.70 0.69 0.68 0.67 13.14 10.37 9.47 8.88 1.81 2.03 2.13 2.16 49.53 1.9%

ALTRIA GROUP INC 17.68 16.49 15.35 14.00 3.94 3.88 3.81 3.84 19.81 15.93 14.77 13.68 10.55 10.29 9.95 9.65 15.47 14.25 13.27 12.44 5.01 5.40 5.85 6.29 36.25 6.2%

AMAZON.COM INC 15.45 12.12 9.86 7.53 6.25 1.90 1.56 1.27 1.05 0.86 40.11 26.94 18.00 13.21 7.67 34.79 24.02 17.53 13.01 9.12 135.20 77.29 45.63 26.70 17.28 0.00 0.00 0.00 0.00 318.97 22.8%

AMERICAN ELECTRIC POWER 1.53 1.46 1.41 1.35 1.51 1.48 1.45 1.48 1.47 6.92 6.70 6.87 6.95 8.70 8.69 8.40 8.47 7.95 15.79 15.23 14.51 13.95 13.55 3.91 4.04 4.23 4.40 4.56 47.87 -0.4%

AMERICAN EXPRESS CO 3.87 3.64 3.34 3.33 2.34 2.31 2.09 1.94 15.32 14.07 12.54 11.40 1.18 1.30 1.40 1.60 66.99 0.0%

AMGEN INC 3.83 3.19 2.79 2.29 4.26 4.06 3.98 3.96 3.94 11.88 13.12 12.09 13.38 21.66 10.21 10.11 9.17 9.26 15.07 13.60 11.90 11.39 11.06 1.46 1.90 2.30 2.55 2.42 97.95 0.1%

ANADARKO PETROLEUM CORP 2.09 1.91 1.70 1.49 3.35 2.99 2.64 2.41 2.33 5.93 5.56 4.96 4.01 4.36 6.79 5.98 5.19 4.59 4.57 26.28 21.94 16.89 14.22 14.47 0.41 0.41 0.41 0.42 105.80 20.2%

APACHE CORP 0.94 0.85 0.76 0.74 1.71 1.65 1.52 1.40 3.01 2.94 2.65 2.47 3.48 3.40 3.10 3.02 7.76 7.99 7.23 6.23 0.94 1.02 1.05 1.08 100.44 34.7%

APPLE INC 3.71 3.01 2.42 1.94 1.53 2.78 2.40 2.13 1.88 1.78 8.43 8.37 7.85 7.55 5.09 4.95 4.42 4.00 3.51 10.44 10.49 9.30 8.50 10.00 0.57 2.34 2.46 2.56 2.29 600.48 29.7%

AT&T INC 2.13 2.27 2.18 2.21 2.54 1.58 1.56 1.53 1.49 1.47 6.14 5.89 5.72 5.50 6.38 6.27 6.03 5.80 5.60 15.54 14.53 13.54 12.65 11.90 4.84 4.95 5.07 5.21 5.35 36.38 -0.5%

BAKER HUGHES INC 1.16 1.09 1.00 0.92 0.95 0.94 0.86 0.81 8.06 7.17 5.84 6.18 6.35 6.29 5.06 4.60 14.23 14.81 10.47 9.24 1.38 1.32 1.33 1.36 49.54 8.7%

BANK OF AMERICA CORP 0.60 0.58 0.55 0.51 1.52 1.46 1.44 1.38 29.47 11.09 8.81 7.55 21.12 12.08 9.19 8.00 0.32 0.70 1.77 2.71 12.67 3.6%

BANK OF NEW YORK MELLON CORP 0.92 0.88 0.83 0.78 2.27 2.23 2.13 2.02 12.31 10.95 10.00 8.76 13.29 12.60 10.98 9.60 1.83 2.18 2.47 2.87 28.53 0.7%

BAXTER INTERNATIONAL INC 5.26 4.47 3.77 3.29 3.02 2.73 2.50 2.28 2.19 2.10 13.05 12.95 11.02 10.26 9.35 10.41 9.74 8.76 8.19 7.91 15.71 15.14 13.65 12.51 11.45 2.03 2.38 2.50 2.70 3.25 74.14 4.3%

BERKSHIRE HATHAWAY INC-CL B 110.00 6.4%

BOEING CO/THE 7.97 7.52 6.92 5.34 0.80 0.78 0.71 0.70 0.66 12.58 10.50 8.63 9.40 7.86 7.70 6.82 6.50 5.02 17.24 13.68 12.13 10.91 10.15 2.04 2.17 2.41 2.56 90.15 4.0%

BRISTOL-MYERS SQUIBB CO 4.23 4.44 4.22 4.09 3.77 3.99 3.71 3.67 3.49 14.55 16.87 14.78 15.69 12.84 16.03 13.40 14.04 12.16 20.68 22.05 18.66 19.02 17.24 3.37 3.45 3.53 3.60 3.77 36.83 -9.3%

CAPITAL ONE FINANCIAL CORP 0.79 0.74 0.69 0.65 1.50 1.44 1.42 1.37 7.64 8.89 8.49 8.20 7.55 0.36 1.65 2.56 3.16 64.67 17.2%

CATERPILLAR INC 3.17 2.60 2.16 1.89 0.86 0.90 0.83 0.76 0.56 7.21 7.08 6.23 5.37 5.58 5.99 5.21 4.60 9.55 10.86 9.27 7.90 2.26 2.35 2.48 2.53 112.15 28.9%

CHEVRON CORP 1.74 1.57 1.42 1.30 1.19 0.99 0.99 1.01 0.93 0.86 6.32 5.94 5.79 5.22 4.79 3.99 4.07 3.98 3.81 3.57 9.80 9.78 9.68 9.18 8.80 2.91 3.10 3.27 3.49 3.56 129.16 6.8%

CISCO SYSTEMS INC 2.11 1.90 1.76 1.67 2.40 2.27 2.15 2.02 9.93 9.22 8.93 8.30 5.55 5.28 5.12 4.93 11.29 10.40 9.84 9.10 1.25 2.72 2.80 2.97 23.83 14.9%

CITIGROUP INC 0.70 0.67 0.62 0.58 1.90 1.72 1.67 1.60 12.96 9.04 7.94 6.90 10.94 9.62 8.40 7.34 0.09 0.45 1.56 2.52 51.87 16.2%

COCA-COLA CO/THE 5.63 5.28 4.99 4.75 3.75 3.68 3.52 3.34 3.14 16.67 15.49 14.57 13.27 14.67 13.96 13.04 12.13 11.21 20.23 18.90 17.37 16.03 14.66 2.53 2.77 3.01 3.32 3.54 42.27 4.3%

COLGATE-PALMOLIVE CO 9.76 25.21 23.89 16.17 3.19 3.08 2.91 2.75 2.57 18.46 16.97 15.60 14.22 12.88 13.40 12.88 11.82 11.06 9.82 21.80 20.38 18.41 16.81 15.27 2.05 2.28 2.44 2.67 3.11 116.07 -0.6%

COMCAST CORP-CLASS A 2.20 2.19 2.12 1.90 1.77 1.73 1.69 1.59 1.53 1.46 7.93 7.35 6.75 6.20 7.77 7.36 6.91 6.51 6.21 21.05 17.38 15.20 13.05 11.27 1.53 1.86 2.10 2.41 2.47 46.62 12.2%

CONOCOPHILLIPS 1.38 1.29 1.20 1.03 1.19 1.39 1.30 1.49 5.46 4.98 4.58 4.59 4.34 3.96 4.22 3.87 3.95 4.22 10.57 11.03 9.92 9.69 9.54 4.42 4.45 4.59 4.60 4.38 63.15 4.6%

COSTCO WHOLESALE CORP 3.51 4.13 3.73 3.13 3.15 0.47 0.43 0.40 0.38 0.35 13.66 14.11 12.94 12.40 11.14 10.09 9.55 8.60 27.30 23.24 21.01 19.28 17.33 0.94 7.82 1.19 1.31 1.24 108.00 2.2%

CVS CAREMARK CORP 1.88 1.78 1.69 1.60 0.56 0.55 0.53 0.52 0.49 11.69 10.14 9.22 8.40 8.61 7.92 7.48 7.22 6.50 16.40 14.09 12.68 11.34 10.34 1.16 1.54 1.83 2.39 58.39 4.5%

DEVON ENERGY CORPORATION 1.05 1.00 0.91 0.88 2.63 2.34 2.08 1.99 4.91 4.55 3.73 3.60 5.61 4.93 4.13 3.76 17.62 16.11 11.41 8.96 1.28 1.32 1.49 1.55 71.32 25.0%

DOW CHEMICAL CO/THE 1.72 1.80 1.66 1.53 0.68 0.65 0.63 0.60 0.57 8.00 7.76 6.24 5.65 8.12 7.27 6.54 6.18 5.45 16.66 13.57 10.88 9.11 8.22 3.82 4.07 4.21 4.30 36.29 13.0%

EBAY INC 3.36 2.85 2.42 2.13 1.75 4.77 4.10 3.58 3.14 2.83 17.27 15.65 12.77 11.05 10.65 13.49 11.57 10.01 8.53 7.60 21.99 18.79 16.04 13.85 12.35 0.00 0.00 0.00 0.00 60.97 17.8%

DU PONT (E.I.) DE NEMOURS 4.45 3.54 2.93 2.95 1.30 1.26 1.19 1.11 1.05 11.21 9.36 8.52 7.55 8.36 7.91 7.32 6.50 6.37 14.79 12.41 11.10 9.53 9.10 3.48 3.55 3.64 3.72 3.53 52.18 7.2%

ELI LILLY & CO 4.02 3.67 3.56 3.32 2.83 2.76 3.19 3.10 2.91 12.72 10.81 14.69 13.46 10.18 9.53 12.67 11.83 12.32 16.84 14.41 20.07 17.72 15.39 3.50 3.50 3.51 3.55 3.50 55.19 -1.6%

EMC CORP/MA 2.22 1.94 1.75 1.47 2.29 2.12 1.96 1.77 1.62 8.67 7.81 7.00 7.39 7.68 6.93 6.40 5.99 13.98 12.77 11.50 10.27 8.19 0.00 0.00 0.00 0.00 30.00 26.5%

EMERSON ELECTRIC CO 3.71 3.56 3.18 2.78 1.64 1.59 1.51 1.42 12.32 11.64 10.60 9.77 8.96 8.59 7.94 7.61 16.60 15.48 13.87 12.65 2.88 2.95 3.16 3.44 62.00 11.3%

EXELON CORP 1.30 1.23 1.20 1.16 1.45 1.20 1.13 1.14 1.13 0.99 5.56 5.96 6.03 5.38 6.20 7.56 7.58 7.74 7.48 7.16 11.78 13.58 14.68 14.22 13.32 6.22 4.55 4.09 4.14 4.95 32.40 -4.1%

EXXON MOBIL CORP 2.46 2.25 2.07 1.81 1.67 0.87 0.93 0.91 0.92 0.93 7.61 7.32 6.80 6.17 5.06 4.71 5.06 4.97 4.68 4.55 11.44 11.34 10.77 9.70 8.41 2.41 2.63 2.81 3.05 3.26 95.00 5.5%

FEDEX CORP 1.81 1.87 1.65 1.44 1.06 0.72 0.70 0.66 0.62 0.59 6.94 7.51 6.43 5.68 5.60 5.47 4.66 4.05 3.60 15.00 16.03 12.88 10.62 9.19 0.54 0.57 0.64 0.76 0.82 113.92 16.5%

FORD MOTOR CO 2.62 2.28 1.87 1.43 1.29 0.41 0.38 0.36 0.34 0.33 7.94 6.56 5.57 4.75 4.21 4.07 3.76 3.30 2.65 2.41 9.88 9.46 7.89 6.70 6.05 1.67 2.85 2.90 3.19 3.58 15.01 13.1%

FREEPORT-MCMORAN COPPER 1.71 1.41 1.23 1.13 1.71 1.37 1.31 1.26 1.27 6.70 4.54 3.89 3.90 4.92 3.35 3.16 3.10 2.67 10.28 7.49 7.18 7.50 5.68 3.78 3.84 3.91 3.92 3.84 40.93 26.0%

GENERAL DYNAMICS CORP 1.71 1.96 1.81 1.66 0.77 0.78 0.79 0.79 0.78 8.35 8.17 7.70 7.79 5.79 6.14 5.99 5.89 5.44 10.08 10.36 9.75 9.18 9.13 2.85 3.02 3.39 3.66 74.71 6.5%

GENERAL ELECTRIC CO 1.94 1.84 1.74 1.66 1.63 1.60 1.54 1.52 11.22 10.56 9.00 8.19 9.27 8.47 7.64 7.11 15.31 13.79 12.49 11.48 2.99 3.35 3.77 4.06 25.80 11.7%

GILEAD SCIENCES INC 6.78 5.38 4.22 3.37 7.24 6.44 5.44 4.53 3.90 21.51 20.26 12.44 7.52 16.10 15.90 11.61 8.07 22.75 21.93 15.69 11.20 9.05 0.00 0.00 0.00 0.00 49.35 8.5%

GOLDMAN SACHS GROUP INC 1.02 0.93 0.86 0.79 2.14 2.09 2.02 2.00 9.48 8.67 8.05 7.49 11.94 10.62 9.67 9.06 1.27 1.36 1.42 1.48 154.44 5.8%

GOOGLE INC-CL A 3.76 3.17 2.69 2.22 1.90 6.44 5.60 4.78 4.34 3.86 16.77 14.15 11.99 11.00 10.08 12.22 10.17 8.68 7.48 6.46 20.40 17.71 15.08 13.04 11.73 0.00 0.00 0.00 0.00 866.85 6.8%

HALLIBURTON CO 2.36 2.06 1.76 1.49 1.31 1.25 1.13 1.05 9.02 8.23 6.73 6.08 6.56 6.38 5.23 4.56 13.39 13.18 10.08 8.51 1.04 1.11 1.17 1.43 49.15 23.3%

Price to Earnings Ratio

Valuation Measures II/II

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


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%

NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%

SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%

S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%

HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%

MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%

HEWLETT-PACKARD CO 1.38 1.73 1.49 1.20 0.38 0.40 0.41 0.41 5.06 4.83 4.64 4.47 3.78 4.32 4.42 4.45 5.79 6.76 6.50 6.46 2.16 2.20 2.26 2.42 18.50 -20.7%

HJ HEINZ CO 6.80 7.29 6.48 5.76 1.98 1.97 1.89 1.80 1.73 17.37 15.71 14.48 13.51 13.42 13.17 12.36 11.62 11.29 21.59 20.24 18.94 17.54 16.01 2.66 2.86 3.03 3.26 70.67 -1.9%

HOME DEPOT INC 5.97 6.19 6.29 7.06 8.34 1.41 1.36 1.30 1.26 1.20 16.80 14.50 12.25 11.55 11.89 10.87 9.99 9.39 8.77 22.91 19.88 17.12 15.12 13.41 1.55 2.25 2.61 2.87 3.17 72.13 3.2%

HONEYWELL INTERNATIONAL INC 4.44 3.80 3.20 2.67 1.57 1.50 1.42 1.37 1.26 15.21 12.67 11.54 10.65 9.65 8.90 8.19 7.81 6.93 16.83 15.27 13.72 12.68 11.30 2.01 2.20 2.46 2.65 78.48 3.8%

INTEL CORP 2.18 1.93 1.76 1.74 1.98 1.96 1.88 1.83 1.85 6.07 5.94 5.53 5.39 4.46 4.64 4.26 4.23 4.07 9.65 10.61 9.83 10.38 4.06 4.26 4.38 4.68 23.39 9.0%

INTL BUSINESS MACHINES CORP 9.47 8.85 7.08 5.60 5.95 2.26 2.22 2.17 2.13 2.07 11.69 10.27 9.43 8.78 9.83 9.05 8.63 8.18 7.70 14.01 12.66 11.53 10.52 10.12 1.54 1.62 1.75 1.74 2.31 224.60 5.8%

JOHNSON & JOHNSON 3.43 3.03 2.71 2.47 2.17 3.33 3.15 3.03 2.92 2.80 13.07 11.46 10.85 10.41 9.76 10.27 9.62 9.03 8.50 8.23 15.75 14.83 13.92 13.05 12.16 2.93 3.10 3.28 3.61 4.01 79.20 -1.3%

JPMORGAN CHASE & CO 0.95 0.87 0.81 0.76 1.89 1.85 1.81 1.73 9.81 8.72 8.16 7.14 9.77 8.86 8.30 7.79 2.45 2.90 3.29 3.68 54.86 12.9%

LOCKHEED MARTIN CORP 12.75 37.92 20.57 12.58 0.65 0.67 0.68 0.69 0.67 7.98 8.00 7.90 7.61 6.64 6.48 6.32 6.13 5.17 11.08 10.47 10.32 9.49 9.50 4.45 5.01 5.42 5.93 96.17 2.7%

LOWE'S COS INC 3.06 3.22 3.34 3.32 3.74 0.84 0.80 0.78 0.75 0.71 12.79 10.39 8.79 8.59 10.38 9.79 8.95 8.30 7.56 6.91 21.93 18.20 14.96 12.06 10.12 1.62 1.85 2.04 2.56 3.35 40.35 6.2%

MASTERCARD INC-CLASS A 9.07 7.69 6.00 5.19 8.89 7.95 7.07 6.25 5.70 23.32 19.24 16.17 14.51 14.57 12.61 10.95 9.57 8.85 24.26 21.07 17.75 15.02 0.20 0.27 0.28 0.32 577.34 7.8%

MCDONALD'S CORP 7.04 6.38 5.80 4.93 3.25 3.59 3.42 3.24 3.04 2.77 14.40 13.05 12.07 11.05 10.50 9.87 9.17 8.51 18.53 17.00 15.53 14.07 12.48 2.91 3.20 3.51 3.83 102.48 4.0%

MEDTRONIC INC 2.68 2.53 2.21 1.96 1.87 2.87 2.83 2.74 2.66 2.58 10.65 10.11 9.82 9.13 9.00 9.18 9.24 8.94 8.57 8.39 13.38 12.47 11.93 11.19 10.49 2.14 2.29 2.46 2.71 2.99 50.14 8.9%

MERCK & CO. INC. 2.36 2.26 2.12 1.98 2.84 2.89 2.85 2.79 2.71 9.38 9.54 9.23 7.86 6.93 8.16 8.08 7.43 11.61 12.15 11.63 11.05 10.07 3.80 3.86 3.93 3.99 4.41 48.69 10.1%

METLIFE INC 0.72 0.67 0.62 0.55 0.62 0.60 0.58 0.56 7.35 7.30 6.81 6.25 2.03 2.67 3.04 3.37 44.26 15.4%

MICROSOFT CORP 3.37 2.87 2.32 1.89 3.20 2.97 2.75 2.59 2.66 8.40 7.60 6.84 6.41 5.92 5.67 5.16 4.78 4.97 10.49 9.96 9.00 8.22 2.74 3.21 3.42 3.75 32.90 16.5%

MONDELEZ INTERNATIONAL INC-A 1.61 1.59 1.49 1.47 1.52 1.46 1.38 1.30 1.23 114.45 15.38 12.40 11.62 12.24 11.62 10.79 10.18 9.22 21.03 19.21 17.07 15.29 13.20 1.71 1.77 1.95 2.33 2.29 30.13 0.1%

MONSANTO CO 4.61 4.12 3.64 3.17 4.03 3.70 3.47 3.27 3.25 20.89 18.85 16.60 14.51 14.03 12.15 10.99 10.00 9.83 27.72 22.59 19.92 17.68 16.35 1.11 1.25 1.35 1.35 112.45 9.1%

MORGAN STANLEY 0.71 0.68 0.64 0.61 1.58 1.34 1.27 1.21 35.61 9.44 7.87 6.76 16.30 10.59 8.66 7.69 0.93 0.95 1.26 1.42 25.07 13.2%

NATIONAL OILWELL VARCO INC 1.49 1.33 1.19 1.05 0.98 1.52 1.32 1.23 1.16 1.15 12.34 9.67 8.42 8.09 8.66 6.99 6.63 5.93 5.38 6.35 11.99 11.77 10.26 9.22 9.98 0.67 0.72 0.75 0.80 0.71 85.63 21.9%

NEWS CORP-CL A 2.72 2.62 2.40 2.16 1.86 2.07 1.98 1.86 1.78 1.70 16.93 12.24 12.58 11.01 10.36 11.96 11.11 9.97 9.11 8.42 21.54 18.03 15.31 12.93 11.23 0.56 0.57 0.57 0.57 32.35 6.9%

NIKE INC -CL B 5.34 4.74 4.38 3.98 4.93 2.21 2.11 1.95 1.82 1.70 23.42 20.10 17.45 14.92 14.26 13.52 12.03 10.86 10.11 24.06 22.27 19.50 16.98 15.00 1.18 1.36 1.54 1.70 61.72 3.7%

NORFOLK SOUTHERN CORP 2.38 2.27 2.06 1.87 2.13 2.08 1.96 1.85 1.72 8.03 7.90 6.95 6.78 7.82 7.67 7.02 6.55 5.95 14.18 13.56 11.85 10.53 9.11 2.52 2.76 2.93 3.18 77.71 3.7%

OCCIDENTAL PETROLEUM CORP 1.52 1.39 1.27 1.21 2.64 2.43 2.31 2.39 5.56 5.10 4.73 4.25 4.87 4.28 3.96 4.13 11.18 10.69 9.98 9.47 2.84 3.01 3.45 3.81 101.16 30.5%

ORACLE CORP 3.57 3.26 2.66 2.25 4.00 3.97 3.76 3.56 3.30 11.87 10.46 9.91 9.10 7.30 7.40 6.76 6.27 13.03 11.70 10.73 9.82 0.76 0.93 0.82 0.93 37.88 20.4%

PEPSICO INC 5.71 5.33 5.21 5.10 1.86 1.79 1.71 1.63 1.56 14.40 12.67 11.65 10.54 8.46 11.62 10.91 10.33 9.69 8.89 19.40 17.96 16.52 15.13 13.45 2.69 2.85 3.07 3.29 3.57 80.15 1.7%

PFIZER INC 2.62 2.50 2.46 2.32 3.51 3.56 3.62 3.63 3.54 11.18 9.63 9.07 8.51 7.19 7.59 7.61 7.85 7.85 13.17 12.51 12.03 11.61 10.92 3.08 3.33 3.52 3.67 3.95 30.30 6.4%

PHILIP MORRIS INTERNATIONAL 4.78 4.63 4.37 4.16 4.01 14.97 13.30 12.18 11.59 11.53 10.94 10.25 9.61 9.31 17.54 15.86 14.27 12.92 12.20 3.58 3.98 4.41 4.88 5.32 96.54 5.6%

PROCTER & GAMBLE CO/THE 3.32 3.33 3.24 3.02 2.52 2.50 2.41 2.30 2.20 16.85 15.22 14.83 12.79 12.89 12.45 11.66 10.93 10.11 20.29 19.06 17.71 16.21 14.70 2.73 2.94 3.17 3.38 3.76 79.29 2.4%

QUALCOMM INC 3.46 3.00 2.63 2.34 6.03 4.72 4.24 4.05 3.96 16.64 13.60 12.83 12.51 11.65 9.38 8.57 7.89 18.24 14.72 13.52 12.76 11.09 1.35 1.51 1.70 2.03 75.85 14.3%

RAYTHEON COMPANY 2.21 2.15 2.08 1.91 0.77 0.79 0.80 0.81 0.75 10.56 9.59 10.00 7.89 5.82 6.29 6.24 5.61 10.41 10.82 10.37 8.44 9.32 3.40 3.82 4.21 4.60 56.67 -1.8%

SCHLUMBERGER LTD 2.79 2.57 2.22 1.88 2.33 2.13 1.91 1.76 12.29 10.22 8.75 8.46 9.32 8.43 7.34 6.48 17.69 15.71 12.82 11.26 1.48 1.65 1.77 1.89 91.33 23.1%

SIMON PROPERTY GROUP INC 8.11 2.53 8.66 8.16 10.29 10.00 9.51 9.01 23.72 22.16 19.46 17.10 20.33 18.83 17.72 16.07 37.73 45.51 39.69 16.59 2.60 2.95 3.18 3.58 3.95 176.06 10.2%

SOUTHERN CO/THE 2.10 2.03 1.94 1.86 2.29 2.22 2.14 2.06 1.86 8.93 8.98 8.63 8.23 10.23 9.68 9.13 8.66 7.85 17.57 16.69 15.84 15.07 14.04 4.23 4.38 4.52 4.68 4.89 45.46 -1.3%

STARBUCKS CORP 8.01 7.44 6.60 5.41 3.74 3.20 2.86 2.55 2.26 2.00 22.55 18.31 15.90 13.54 15.93 13.45 11.37 9.73 8.89 32.00 26.33 21.69 18.09 15.79 1.22 1.50 1.78 2.16 63.88 12.1%

TARGET CORP 2.71 2.58 2.40 2.21 1.98 0.60 0.58 0.55 0.51 0.49 8.48 5.29 6.80 6.07 5.56 8.10 8.16 7.41 7.02 6.62 14.31 13.54 12.19 10.36 9.20 1.93 2.17 2.47 2.93 71.42 4.6%

TEXAS INSTRUMENTS INC 3.56 3.56 3.47 3.42 3.00 3.15 2.95 2.83 2.60 13.44 12.28 10.78 10.49 11.42 11.19 9.55 9.12 8.16 21.06 20.29 16.13 14.67 15.43 2.05 2.87 3.07 3.21 34.19 -1.6%

TIME WARNER INC 1.71 1.53 1.56 1.40 1.51 1.84 1.78 1.70 1.63 1.55 12.70 11.47 10.63 9.22 10.12 9.37 8.68 8.12 7.58 17.66 15.42 13.34 11.64 9.99 1.84 2.01 2.16 2.27 2.70 60.80 7.2%

UNION PACIFIC CORP 3.30 2.99 2.69 2.37 3.11 2.96 2.76 2.61 2.49 10.93 9.79 8.71 8.32 8.59 7.90 7.20 6.61 6.17 16.87 14.82 12.97 11.47 10.33 1.76 2.00 2.23 2.61 149.04 7.0%

UNITED PARCEL SERVICE-CL B 10.47 13.22 11.54 10.59 4.35 1.49 1.42 1.34 1.26 1.16 12.80 10.79 9.15 9.59 9.61 8.94 8.19 7.62 6.28 18.49 16.93 14.86 13.24 11.20 2.68 2.89 3.11 3.44 3.83 90.68 6.8%

UNITED TECHNOLOGIES CORP 3.34 2.94 2.66 2.29 1.47 1.31 1.24 1.19 1.09 13.15 11.91 10.14 9.21 11.30 9.69 8.80 8.30 7.67 17.46 15.26 13.30 11.85 10.77 2.16 2.36 2.56 2.78 100.95 8.3%

UNITEDHEALTH GROUP INC 1.91 1.63 1.45 1.30 0.52 0.46 0.42 0.36 0.38 9.35 7.69 7.56 6.34 6.02 5.48 5.27 5.33 10.52 10.04 9.25 8.26 6.79 1.36 1.60 1.59 1.53 66.56 20.2%

US BANCORP 1.81 1.65 1.54 1.43 3.10 3.06 2.95 2.81 11.25 10.62 9.86 8.91 11.75 10.98 10.50 10.15 8.85 2.30 2.63 2.94 3.44 36.88 9.5%

VERIZON COMMUNICATIONS INC 3.54 3.64 3.46 3.52 1.22 1.17 1.13 1.10 1.06 4.62 3.91 3.80 3.54 6.38 5.87 5.51 5.27 5.10 20.88 17.91 15.72 14.18 13.49 4.08 4.20 4.30 4.45 4.53 48.84 -1.3%

VISA INC-CLASS A SHARES 3.93 3.73 3.26 2.97 10.65 9.52 8.53 7.59 6.86 23.67 22.22 16.77 16.21 18.06 14.03 12.36 10.76 9.97 27.08 22.77 19.61 17.03 14.91 0.52 0.76 0.84 0.89 173.91 4.1%

WAL-MART STORES INC 3.24 2.95 2.71 2.37 2.08 0.53 0.51 0.49 0.46 0.44 9.53 9.09 8.23 7.22 6.56 8.25 7.97 7.58 7.46 7.30 15.17 13.93 12.70 11.56 10.28 2.16 2.49 2.74 3.29 77.23 3.3%

WALGREEN CO 2.56 2.27 2.09 1.98 0.63 0.62 0.59 0.57 0.46 11.49 12.70 11.80 9.08 10.05 8.67 7.88 7.59 5.02 18.38 14.56 12.83 11.84 10.00 1.97 2.27 2.50 2.91 47.71 0.8%

WALT DISNEY CO/THE 2.49 2.40 2.23 2.01 2.17 2.39 2.26 2.12 1.98 1.88 12.90 11.45 10.31 9.19 8.36 10.55 9.65 8.83 8.07 7.70 18.33 16.40 14.53 12.69 11.45 1.06 1.22 1.36 1.40 1.86 61.36 8.5%

WELLS FARGO & CO 1.37 1.24 1.14 1.06 2.29 2.29 2.26 2.18 10.40 9.72 9.07 8.12 11.13 10.19 9.54 8.96 8.54 2.37 2.81 3.16 3.62 39.64 6.8%

WILLIAMS COS INC 4.88 3.96 4.26 3.30 3.34 3.07 2.70 2.64 14.23 14.35 10.94 11.16 15.02 14.13 11.09 10.88 10.24 33.33 36.55 26.00 23.46 22.19 3.30 3.92 4.74 5.58 5.50 38.00 2.1%

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


26.03.2013

3M Co. conducts operations in electronics, telecommunications, industrial,

consumer and office, health care, safety, and other markets. The Company's

businesses share technologies, manufacturing operations, brands, marketing

channels, and other resources. 3M serves customers in countries located around

the world.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (15.03.2013) 106.88

52-Week Low (04.06.2012) 81.99

Daily Volume

106.03

52-Week High % Change -0.80% Dividend Yield 2.23

52-Week Low % Change 29.32% Beta 0.98

% 52 Week Price Range High/Low 93.13% Equity Float 689.13

Shares Out 31.01.2013 690.0 Short Int 9.77

73'159.66 1 Yr Total Return 22.11%

Total Debt 6'001.00 YTD Return 14.90%

Preferred Stock 0.0 Adjusted BETA 0.985

Minority Interest 465.0 Analyst Recs 21

Cash and Equivalents 5'693.00 Consensus Rating 3.857

Enterprise Value 73'932.67

Average Volume 5 Day 751'874

MMM UN EQUITY YTD Change - Average Volume 30 Day 785'913

MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 784'801

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

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

25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'611 29'904 31'485 33'191 7'814 7'955

1.76x 2.61x 2.33x 1.95x 2.16x 8.30x 8.52x 2.40x 2.25x 9.80x 9.60x

6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'414.0 7'771.0 8'259.3 8'881.1 1'985.0 2'108.5

6.96x 10.11x 8.84x 7.80x 8.31x 7.80x 8.31x 8.95x 8.32x 8.89x -

3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'283.0 4'444.0 4'754.7 5'161.1 1'159.8 1'234.6

11.13x 17.63x 15.01x 13.71x 14.69x 13.71x 14.62x 15.53x 14.23x 15.52x -

EBITDA 7'771.00 Long-Term Rating Date 18.03.2009

EBIT 6'483.00 Long-Term Rating AA-

Operating Margin 21.68% Long-Term Outlook STABLE

Pretax Margin 21.24% Short-Term Rating Date 23.11.1981

Return on Assets 13.57% Short-Term Rating A-1+

Return on Common Equity 26.94%

Return on Capital 20.56% EBITDA/Interest Exp. 40.06

Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 32.41

Net Debt/EBITDA 0.04

Gross Margin 47.5% Total Debt/EBITDA 0.77

EBITDA Margin 26.0%

EBIT Margin 21.7% Total Debt/Equity 34.1%

Net Income Margin 14.9% Total Debt/Capital 25.0%

Asset Turnover 0.91

Current Ratio 2.20 Net Fixed Asset Turnover 3.73

Quick Ratio 1.39 Accounts receivable turnover-days 48.52

Debt to Assets 17.71% Inventory Days 84.62

Tot Debt to Common Equity 34.15% Accounts Payable Turnover Day 38.69

Accounts Receivable Turnover 7.54 Cash Conversion Cycle 94.45

Inventory Turnover 4.33

Fiscal Year Ended

3M CoPrice/Volume

Valuation Analysis

155'215.00

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

&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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

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


26.03.2013

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

STATE STREET n/a ULT-AGG 51'923'138 7.53 81'909 25.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 41'038'740 5.95 - 22.03.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'373'821 4.98 810'598 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'813'084 3.45 - 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 19'002'823 2.75 (974'867) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'771'070 2 (184'132) 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 11'131'700 1.61 33'100 31.12.2012 Insurance Company

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'940'996 1.44 (35'455) 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 8'915'016 1.29 2'510'797 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 7'874'449 1.14 (174'878) 31.12.2012 Unclassified

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'575'863 1.1 (282'861) 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'380'783 1.07 87'111 31.12.2012 Investment Advisor

US BANCORP US BANCORP 13F 7'363'661 1.07 (463'733) 31.12.2012 Investment Advisor

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'094'958 1.03 37'123 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 6'497'093 0.94 1'596'070 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 6'488'876 0.94 723'798 31.12.2012 Unclassified

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'714'251 0.83 60'000 31.12.2012 Hedge Fund Manager

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'420'390 0.79 (12'452) 30.09.2012 Insurance Company

NORGES BANK NORGES BANK 13F 5'326'652 0.77 169'424 31.12.2012 Government

UBS n/a ULT-AGG 4'327'212 0.63 (229'170) 31.01.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 116 12 month 22.03.2013

Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 N 115 12 month 20.03.2013

Morgan Stanley NIGEL COE Overwt/In-Line 5 M 113 12 month 17.03.2013

William Blair & Co JOHN C KREGER market perform 3 M 101 12 month 17.03.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 08.03.2013

Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 06.03.2013

Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 13.02.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013

JPMorgan CHARLES STEPHEN TUSA underweight 1 M 97 9 month 28.01.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 108 12 month 25.01.2013

Jefferies LAURENCE ALEXANDER buy 5 M 115 12 month 25.01.2013

FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 110 12 month 25.01.2013

Nomura SHANNON O'CALLAGHAN neutral 3 M 105 12 month 25.01.2013

Barclays SCOTT R DAVIS equalweight 3 M 104 Not Provided 25.01.2013

Credit Suisse JOHN P MCNULTY neutral 3 M 103 Not Provided 24.01.2013

Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 125 12 month 24.01.2013

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

Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 100 Not Provided 23.10.2012

McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 N 85 Not Provided 24.04.2009

Holdings By:

3M Co ee


26.03.2013

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

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

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

markets its products worldwide through affiliates and distributors.


LTM as of: 12/yy

52-Week High (19.02.2013) 35.28

52-Week Low (19.04.2012) 28.25

Daily Volume

34.04



% 52 Week Price Range High/Low 78.95% Equity Float 1'565.64

Shares Out 31.01.2013 1'570.7 Short Int 18.55

53'465.85 1 Yr Total Return 19.94%






Average Volume 5 Day 1'810'552

ABT UN EQUITY YTD Change - Average Volume 30 Day 2'025'673

ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'573'562


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

29'527.6 30'764.7 35'166.7 38'851.3 39'873.9 38'850.8 39'874.0 22'713.3 24'070.8 5'415.1 5'637.5

3.02x 2.94x 2.49x 2.46x 2.73x 9.37x 10.95x 2.31x 2.07x 9.79x 9.44x

8'315.9 9'212.3 9'025.1 9'468.3 11'155.7 9'467.9 11'906.4 6'164.6 6'774.2 975.5 1'040.5

10.73x 9.80x 9.71x 10.11x 9.74x 10.11x 9.13x 9.55x 8.69x 13.14x -

4'880.7 5'745.8 4'626.2 4'728.4 5'962.9 4'728.8 5'962.5 3'053.5 3'466.9 565.8 638.1

16.08x 14.51x 11.49x 12.07x 12.92x 11.86x 12.92x 17.26x 15.40x 17.19x 16.57x


EBIT 8'372.52 Long-Term Rating A+









EBITDA Margin 29.9%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Abbott LaboratoriesPrice/Volume

Valuation Analysis

405'908.00


&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

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



26.03.2013


BLACKROCK n/a ULT-AGG 86'070'356 5.48 1'796'533 22.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 75'358'478 4.8 (2'293'700) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 70'873'178 4.51 2'103'611 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 66'155'796 4.21 2'584'292 25.03.2013 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'872'209 1.97 1'606'179 31.12.2012 Investment Advisor



BANK OF AMERICA CORP BANK OF AMERICA 13F 17'459'656 1.11 (2'094'242) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 16'598'734 1.06 (2'822'927) 31.12.2012 Unclassified

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.96 - 31.12.2012 Insurance Company

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'592'726 0.93 156'217 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'404'871 0.92 (338'480) 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'409'746 0.85 (1'857'915) 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 12'625'176 0.8 1'276'928 31.12.2012 Government

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 11'768'897 0.75 261'139 31.12.2012 Investment Advisor


GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'467'807 0.67 (914'813) 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 10'018'233 0.64 3'796 30.09.2012 Insurance Company

FRANKLIN RESOURCES n/a ULT-AGG 8'699'080 0.55 (390'744) 31.12.2012 Investment Advisor


Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 22.03.2013

Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 21.03.2013

BMO Capital Markets JOANNE K WUENSCH outperform 5 M 36 Not Provided 20.03.2013

Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 19.03.2013

Stifel FREDERICK A WISE buy 5 M 40 12 month 19.03.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.03.2013

Jefferies JEFFREY HOLFORD buy 5 M 40 12 month 14.03.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 11.03.2013

Barclays MATTHEW TAYLOR equalweight 3 M 35 Not Provided 21.02.2013

Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 31 12 month 20.02.2013

JPMorgan MICHAEL N WEINSTEIN neutral 3 M 34 9 month 19.02.2013

Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 13.02.2013

RBC Capital Markets GLENN J NOVARRO outperform 5 M 37 12 month 24.01.2013

Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 24.01.2013

Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 36 12 month 23.01.2013


Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 16.01.2013

Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 33 12 month 14.01.2013

Deutsche Bank KRISTEN M STEWART hold 3 D 33 12 month 04.01.2013

S&P Capital IQ HERMAN SAFTLAS buy 5 M 36 Not Provided 29.11.2012

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

Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009

Holdings By:

Abbott Laboratories ee


26.03.2013

AbbVie Inc. researches and develops pharmaceutical products. The Company

produces pharmaceutical drugs for specialty therapeutic areas such as

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

neuroscience. AbbVie also offers treatments for diseases including Multiple

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


LTM as of: 01/yy

52-Week High (26.03.2013) 40.25

52-Week Low (17.12.2012) 32.51

Daily Volume

40.21

52-Week High % Change 0.00% Dividend Yield -

52-Week Low % Change 23.69% Beta -



63'424.60 1 Yr Total Return -


Preferred Stock - Adjusted BETA -

Minority Interest - Analyst Recs 15




ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'406'428

ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'839'323


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

- 14'214.2 15'637.7 17'444.0 18'380.0 - - 18'406.6 18'740.4 4'277.5 4'561.0

- - - - 3.47x - - 3.91x 3.80x - -

- 5'799.3 6'214.3 5'565.4 7'255.0 - - 7'294.3 7'362.0 1'599.7 1'858.3

- - - - 8.80x - - 10.06x 9.96x 10.03x -

- 4'636.5 4'177.9 3'433.1 5'275.0 - - 4'920.5 5'032.0 1'046.5 1'240.7

- - - - 9.84x - - 12.97x 12.66x 13.00x 13.00x


EBIT 6'105.00 Long-Term Rating A

Operating Margin 33.22% Long-Term Outlook POS


Return on Assets - Short-Term Rating A-1

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 86.37

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

Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 532.6%


Asset Turnover -

Current Ratio 2.27 Net Fixed Asset Turnover -

Quick Ratio 1.71 Accounts receivable turnover-days -

Debt to Assets 66.32% Inventory Days -

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

Accounts Receivable Turnover - Cash Conversion Cycle -260.37

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AbbVie IncPrice/Volume

Valuation Analysis

570'439.00


&2

-&-2.&.20&021&12

S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

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&!&&

&!.&

&!1&

&!3&

&!5&

-!&&

-!.&



26.03.2013



STATE STREET n/a ULT-AGG 29'371'634 1.86 (32'393) 25.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 13'766'549 0.87 13'757'785 31.01.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'133'059 0.58 9'133'059 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'324'029 0.53 8'324'029 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'280'437 0.52 8'260'623 22.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'416'582 0.34 5'416'582 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'639'198 0.29 4'639'198 31.01.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 4'202'044 0.27 17'457 28.02.2013 Investment Advisor


HEALTHCOR MANAGEMENT HEALTHCOR MANAGEMENT 13F 3'100'000 0.2 3'100'000 31.12.2012 Hedge Fund Manager

BANK OF AMERICA CORP Multiple Portfolios MF-AGG 3'082'582 0.2 3'082'582 31.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'395'110 0.15 2'395'110 31.01.2013 Investment Advisor

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'009'121 0.13 439'299 28.02.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'748'600 0.11 1'748'600 31.12.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 1'637'658 0.1 1'637'658 31.12.2012 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'631'693 0.1 1'631'693 31.01.2013 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 1'620'616 0.1 1'620'616 31.01.2013 Unclassified

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 1'614'695 0.1 1'614'695 31.01.2013 Investment Advisor

MONTAG & CALDWELL IN Multiple Portfolios MF-AGG 1'606'450 0.1 (1'247'800) 28.02.2013 Investment Advisor


Wells Fargo Securities, LLC MICHAEL K TONG outperform 5 M #N/A N/A Not Provided 22.03.2013

Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 01.03.2013


BMO Capital Markets ALEX ARFAEI outperform 5 M 41 Not Provided 11.02.2013

Credit Suisse CATHERINE J ARNOLD neutral 3 N 37 Not Provided 07.02.2013

Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 36 12 month 31.01.2013

Goldman Sachs JAMI E RUBIN buy/attractive 5 M 42 12 month 30.01.2013

Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 30.01.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 38 9 month 30.01.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 37 Not Provided 30.01.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 37 12 month 17.01.2013

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

Holdings By:

AbbVie Inc ee


26.03.2013

Accenture PLC provides management and technology consulting services and

solutions. The Company delivers a range of specialized capabilities and

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

network of businesses provides consulting, technology, outsourcing, and

alliances.


LTM as of: 11/yy

52-Week High (08.03.2013) 78.46

52-Week Low (01.06.2012) 54.94

Daily Volume

74.4





51'815.65 1 Yr Total Return 15.44%

Total Debt 0.03 YTD Return 11.88%






ACN UN EQUITY YTD Change - Average Volume 30 Day 761'278

ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 827'871


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3

25'313.8 23'171.0 23'094.1 27'352.9 29'778.0 28'463.8 29'856.9 29'240.5 31'130.1 7'074.9 7'580.8

1.08x 0.85x 0.90x 1.19x 1.19x 4.72x 4.91x 1.54x 1.39x 6.72x 6.19x

3'525.9 3'391.7 3'399.1 3'985.2 4'466.8 4'152.1 4'541.7 4'766.3 5'053.9 1'119.6 1'305.6

7.76x 5.79x 6.14x 8.16x 7.95x 8.55x 9.05x 9.78x 9.22x 9.51x 9.37x

1'691.8 1'590.0 1'780.7 2'277.7 2'553.5 2'385.0 2'610.2 2'974.2 3'202.0 678.1 814.3

15.55x 12.36x 13.71x 15.76x 16.04x 16.32x 17.24x 17.38x 15.83x 16.96x 16.51x




Pretax Margin 13.11% Short-Term Rating Date -

Return on Assets 16.47% Short-Term Rating -




Net Debt/EBITDA -1.25


EBITDA Margin 15.2%



Asset Turnover 1.88







Fiscal Year Ended

Accenture PLCPrice/Volume

Valuation Analysis

166'912.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013



BLACKROCK n/a ULT-AGG 30'426'034 4.72 (1'642'075) 22.03.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 28'928'721 4.49 552'254 31.12.2012 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 19'497'911 3.03 (259'970) 31.12.2012 Investment Advisor


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'985'346 2.64 (301'242) 31.12.2012 Investment Advisor



THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 11'742'375 1.82 3'797'405 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'487'978 1.63 307'876 31.12.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'454'100 1.16 (978'608) 31.12.2012 Investment Advisor

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 7'325'230 1.14 643'228 31.12.2012 Hedge Fund Manager

CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 6'456'713 1 1'151'240 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'365'635 0.99 217'950 31.12.2012 Investment Advisor

BROWN ADVISORY INC n/a ULT-AGG 6'257'039 0.97 (389'821) 31.12.2012 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'213'974 0.96 268'050 31.12.2012 Investment Advisor


JPMorgan TIEN-TSIN HUANG overweight 5 M 77 9 month 26.03.2013

BMO Capital Markets KEITH F BACHMAN market perform 3 M 72 Not Provided 25.03.2013

Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 83 12 month 25.03.2013

Barclays DARRIN D PELLER equalweight 3 M 74 Not Provided 25.03.2013

Robert W. Baird & Co DAVID J KONING neutral 3 M 78 12 month 21.03.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 79 12 month 21.03.2013

Stifel DAVID M GROSSMAN buy 5 M 80 12 month 20.03.2013

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 20.03.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 20.03.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 19.03.2013

Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 19.03.2013

Jefferies JASON KUPFERBERG hold 3 M 73 12 month 18.03.2013

Deutsche Bank BRYAN KEANE buy 5 M 87 12 month 11.03.2013

Societe Generale RICHARD NGUYEN hold 3 M 74 12 month 07.03.2013

BB&T Capital Markets GEORGE A PRICE hold 3 M #N/A N/A Not Provided 07.03.2013

Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 06.03.2013

S&P Capital IQ DYLAN CATHERS buy 5 M 79 12 month 27.02.2013

Evercore Partners DAVID M TOGUT overweight 5 N 86 12 month 24.01.2013

BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 71 12 month 17.01.2013


Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 72 12 month 09.01.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 77 12 month 20.12.2012

Argus Research Corp JAMES KELLEHER buy 5 M 80 Not Provided 20.12.2012

Raymond James BRIAN GESUALE outperform 5 M 76 12 month 20.12.2012

Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 76 12 month 20.12.2012

Credit Agricole Securities (USA) NIMISH JOSHI outperform 5 M 70 12 month 20.12.2012

Credit Suisse GEORGE MIHALOS neutral 3 M 70 Not Provided 19.12.2012

Holdings By:

Accenture PLC ee


26.03.2013

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

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

The Company primarily sells private passenger automobile and homeowners

insurance through independent and specialized brokers. Allstate also sells life

insurance, annuity, and group pension products through agents.


LTM as of: 12/yy

52-Week High (25.03.2013) 48.97

52-Week Low (12.04.2012) 31.94

Daily Volume

48.62





23'213.44 1 Yr Total Return 50.44%




Cash and Equivalents 806.00 Consensus Rating 4.172



ALL UN EQUITY YTD Change - Average Volume 30 Day 878'612

ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 783'848


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

29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'654.0 33'315.0 33'586.6 34'249.0 8'292.4 8'387.7

0.78x 0.67x 0.71x 0.59x 0.74x 2.42x 2.81x 0.88x 0.85x - -

- - - - - 0.0 0.0 - - - -

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

(1'679.0) 854.0 928.0 787.0 2'306.0 787.0 2'306.0 2'174.3 2'255.5 598.8 520.5

10.17x 8.63x 11.23x 21.58x 9.21x 21.08x 9.26x 10.37x 9.47x 10.39x 10.16x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A-

Operating Margin 11.09% Long-Term Outlook NEG




Return on Capital 9.97% EBITDA/Interest Exp. -

Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.26

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allstate Corp/ThePrice/Volume

Valuation Analysis

168'876.00


&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

-&!&&

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



26.03.2013


BLACKROCK n/a ULT-AGG 23'639'690 4.95 (264'764) 22.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'671'855 4.75 (1'682'359) 31.12.2012 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 19'984'076 4.19 (33) 31.12.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 12'957'795 2.71 (362'127) 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 10'485'305 2.2 (2'368'767) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 8'487'084 1.78 (959'655) 31.01.2013 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'389'120 1.55 80'488 31.12.2012 Investment Advisor


NORTHERN TRUST CORPO n/a Research 7'163'891 1.5 - 31.12.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'584'538 1.38 (77'162) 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 6'486'248 1.36 (3'897'691) 31.12.2012 Hedge Fund Manager


MACQUARIE GROUP n/a ULT-AGG 5'864'695 1.23 (115'558) 31.12.2012 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'714'744 0.99 (41'867) 31.12.2012 Investment Advisor

AJO, LP AJO, LP 13F 4'545'300 0.95 (326'800) 31.12.2012 Investment Advisor

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'353'350 0.91 2'484'100 31.12.2012 Hedge Fund Manager


Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 U 58 12 month 25.03.2013

Credit Suisse MICHAEL ZAREMSKI outperform 5 M 54 Not Provided 25.03.2013

Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 25.03.2013

FBR Capital Markets RANDY BINNER market perform 3 M 45 12 month 25.03.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 22.03.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 19.03.2013

Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 50 12 month 19.03.2013

Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 06.03.2013

Raymond James C GREGORY PETERS strong buy 5 M 52 12 month 05.03.2013

Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 49 12 month 04.03.2013

Barclays JAY H GELB overweight 5 M 54 Not Provided 14.02.2013

Macquarie RAYMOND IARDELLA neutral 3 M 47 12 month 12.02.2013

Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013

Deutsche Bank JOSHUA D SHANKER buy 5 M 51 12 month 08.02.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 08.02.2013

Argus Research Corp JOHN M EADE buy 5 M 51 Not Provided 08.02.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 51 Not Provided 08.02.2013

RBC Capital Markets MARK A DWELLE sector perform 3 M 48 12 month 07.02.2013

SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 07.02.2013

Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M 34 12 month 07.02.2013

Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 47 12 month 07.02.2013

Evercore Partners VINAY MISQUITH overweight 5 M 50 12 month 07.02.2013

JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 07.02.2013

MKM Partners HARRY FONG buy 5 M 55 12 month 07.02.2013

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

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

Holdings By:

Allstate Corp/The ee


26.03.2013

Altria Group, Inc. is a holding company. The Company, through subsidiaries,

manufactures and sells cigarettes and other tobacco products, including cigars

and pipe tobacco. Altria holds an interest in a brewery company.


LTM as of: 12/yy

52-Week High (01.08.2012) 36.29

52-Week Low (15.11.2012) 30.01

Daily Volume

34.14





68'616.46 1 Yr Total Return 17.29%







MO UN EQUITY YTD Change - Average Volume 30 Day 2'411'810

MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'355'401


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

15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 16'619.0 17'500.0 17'693.1 18'021.3 4'025.8 4'614.5

1.92x 3.02x 3.63x 4.28x 4.24x 16.04x 17.62x 4.52x 4.42x 19.86x 17.29x

5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 6'543.0 7'539.0 7'742.0 8'008.6 1'749.0 2'025.8

5.95x 8.16x 9.38x 10.86x 9.84x 10.86x 9.84x 10.29x 9.95x 10.33x 10.26x

4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 3'390.0 3'958.0 4'787.6 5'079.7 1'061.7 1'258.3

9.13x 11.41x 12.96x 14.46x 14.23x 14.61x 14.23x 14.25x 13.27x 14.25x 14.06x


EBIT 7'314.00 Long-Term Rating BBB



Return on Assets 10.98% Short-Term Rating A-2






EBITDA Margin 43.1%



Asset Turnover 0.49







Fiscal Year Ended

Altria Group IncPrice/Volume

Valuation Analysis

420'428.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

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&!&&

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



26.03.2013








GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 32'029'388 1.59 (6'418'885) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 30'862'258 1.54 (930'685) 31.12.2012 Investment Advisor


FAYEZ SAROFIM FAYEZ SAROFIM 13F 22'025'357 1.1 (2'738'787) 31.12.2012 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'782'979 1.08 (2'350) 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 18'565'911 0.92 3'183'643 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 18'083'698 0.9 931'916 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 17'274'733 0.86 (1'483'236) 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'006'213 0.8 1'413'846 31.12.2012 Investment Advisor


FEDERATED INVESTORS FEDERATED INVESTORS 13F 14'319'182 0.71 920'913 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'325'870 0.66 (1'381'488) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 11'505'105 0.57 731'055 31.01.2013 Unclassified

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'089'326 0.55 (498'624) 31.12.2012 Investment Advisor



Barclays MICHAEL J BRANCA equalweight 3 M 31 Not Provided 18.03.2013

Stifel CHRISTOPHER R GROWE buy 5 M 36 12 month 15.03.2013

Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 08.03.2013

Jefferies THILO WREDE hold 3 M 34 12 month 01.03.2013

Davenport & Co ANN H GURKIN buy 5 M 37 12 month 27.02.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 26.02.2013

S&P Capital IQ ESTHER KWON buy 5 M 37 Not Provided 20.02.2013

Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 19.02.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 40 12 month 01.02.2013

Credit Agricole Securities (USA) MICHAEL LAVERY outperform 5 M 36 Not Provided 01.02.2013

Goldman Sachs JUDY E HONG neutral/neutral 3 M 36 12 month 31.01.2013

JPMorgan RAE MAILE overweight 5 M 45 9 month 31.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 21.01.2013

Holdings By:

Altria Group Inc ee


26.03.2013

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

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

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

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

shipping to customers.


LTM as of: 12/yy

52-Week High (25.01.2013) 284.68

52-Week Low (16.04.2012) 183.66

Daily Volume

259.685





118'040.09 1 Yr Total Return 28.01%







AMZN UW EQUITY YTD Change - Average Volume 30 Day 822'788

AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 893'988


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

19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 48'077.0 61'093.0 75'719.6 92'943.2 16'180.5 15'981.5

0.98x 2.19x 2.15x 1.49x 1.77x 6.86x 6.68x 1.48x 1.16x 7.07x 7.11x

1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'673.5 6'406.4 957.6 1'068.9

16.55x 35.69x 37.21x 36.75x 38.08x 36.75x 38.09x 24.02x 17.53x 23.58x 22.38x

645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'478.2 2'507.9 263.1 325.1

36.89x 63.45x 71.15x 126.35x 5017.40x 126.35x 696.86x 77.29x 45.63x 78.72x 70.28x


EBIT 676.00 Long-Term Rating AA-



Return on Assets -0.14% Short-Term Rating NR

Return on Common Equity -0.50%

Return on Capital -0.42% EBITDA/Interest Exp. 30.82

Asset Turnover 2.11% (EBITDA-Capex)/Interest Exp. -10.33



EBITDA Margin 4.6%


Net Income Margin -0.1% Total Debt/Capital 40.2%

Asset Turnover 2.11





Accounts Receivable Turnover 20.59 Cash Conversion Cycle -33.57


Fiscal Year Ended

Amazon.com IncPrice/Volume

Valuation Analysis

265'757.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2&

-&&

-2&

.&&

.2&

0&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

1&!&&

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



26.03.2013


BEZOS JEFFREY P n/a Form 4 86'970'020 19.13 (195'151) 15.02.2013 n/a



BLACKROCK n/a ULT-AGG 18'170'531 4 (211'684) 22.03.2013 Investment Advisor




BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'864'837 2.61 18'391 31.12.2012 Investment Advisor


SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 7'730'515 1.7 238'226 31.12.2012 Investment Advisor


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'217'693 1.37 (801'059) 31.12.2012 Investment Advisor




BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'778'512 1.05 75'209 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 4'522'854 1 (623'769) 31.01.2013 Unclassified


TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'200 0.94 (100) 31.12.2012 Investment Advisor



Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 25.03.2013

ISI Group GREGORY MELICH buy 5 M 320 12 month 24.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 22.03.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 21.03.2013

Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 20.03.2013

JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013

Evercore Partners KEN SENA overweight 5 M 330 12 month 18.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013

BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 15.03.2013

JPMorgan DOUGLAS ANMUTH neutral 3 D 300 9 month 14.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 14.03.2013

Stifel JORDAN ROHAN buy 5 M 335 12 month 12.03.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 12.03.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 360 12 month 12.03.2013

Nomura BRIAN NOWAK buy 5 M 300 12 month 06.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 20.02.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 15.02.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 325 12 month 13.02.2013

Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013

Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 31.01.2013

Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 30.01.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 30.01.2013

Credit Suisse STEPHEN JU outperform 5 M 334 Not Provided 30.01.2013

Jefferies BRIAN J PITZ buy 5 M 330 12 month 30.01.2013

Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 30.01.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013

B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 30.01.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 30.01.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013

Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012

BGC Partners COLIN W GILLIS hold 3 M 220 12 month 26.10.2012

S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012

Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012

First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011

Holdings By:

Amazon.com Inc ee


26.03.2013

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

The Company provides electric service, consisting of generation, transmission

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

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

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


LTM as of: 12/yy

52-Week High (25.03.2013) 48.23

52-Week Low (10.04.2012) 36.98

Daily Volume

48.06





23'347.09 1 Yr Total Return 30.60%







AEP UN EQUITY YTD Change - Average Volume 30 Day 613'961

AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 618'634


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

14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 15'116.0 14'945.0 15'786.8 16'082.1 3'749.4 3'616.2

2.18x 2.48x 2.41x 2.49x 2.60x 9.48x 10.15x 2.67x 2.68x 11.03x 11.51x

4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'709.0 4'529.0 4'772.9 4'937.9 1'131.7 1'163.0

7.70x 7.55x 7.83x 7.98x 7.97x 7.99x 8.58x 8.69x 8.40x 8.98x 8.92x

1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'946.0 1'259.0 1'539.5 1'624.4 374.0 390.0

10.30x 11.67x 11.87x 9.93x 13.81x 12.15x 13.77x 15.23x 14.51x 15.24x 15.16x











EBITDA Margin 30.3%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American Electric Power Co IncPrice/Volume

Valuation Analysis

103'197.00


&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

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



26.03.2013




VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'742'830 4.68 (76'391) 31.12.2012 Investment Advisor



FMR LLC n/a ULT-AGG 8'727'914 1.8 765'779 31.12.2012 Investment Advisor



SUN LIFE FINANCIAL I n/a ULT-AGG 6'468'185 1.33 654'352 31.01.2013 Investment Advisor





EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'670'909 0.96 65'686 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 4'554'875 0.94 265'191 31.12.2012 Investment Advisor


GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'757'975 0.77 (611'067) 31.12.2012 Investment Advisor



FEDERATED INVESTORS FEDERATED INVESTORS 13F 3'262'840 0.67 (46'944) 31.12.2012 Investment Advisor


Wolfe Trahan & Co STEVEN I FLEISHMAN outperform 5 M 52 12 month 25.03.2013

ISI Group GREG GORDON buy 5 M 48 12 month 21.03.2013

Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 12.03.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 46 12 month 11.03.2013

SunTrust Robinson Humphrey ALI AGHA buy 5 M 50 12 month 08.03.2013

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

Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 04.03.2013

Argus Research Corp GARY F HOVIS buy 5 M 50 Not Provided 25.02.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 46 12 month 21.02.2013

BMO Capital Markets MICHAEL S WORMS market perform 3 M 46 Not Provided 19.02.2013

Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 47 12 month 19.02.2013

RBC Capital Markets SHELBY G TUCKER sector perform 3 M 47 12 month 19.02.2013

Credit Suisse DANIEL EGGERS outperform 5 M 50 Not Provided 19.02.2013

Hilliard Lyons DAVID B BURKS buy 5 M 49 12 month 19.02.2013

Jefferies PAUL B FREMONT buy 5 M 51 12 month 19.02.2013

BGC Partners KIT KONOLIGE buy 5 M 49 12 month 19.02.2013

Barclays DANIEL F FORD overweight 5 M 49 Not Provided 19.02.2013

KeyBanc Capital Markets PAUL T RIDZON buy 5 M 47 12 month 18.02.2013

Macquarie ANGIE STOROZYNSKI neutral 3 M 45 12 month 16.02.2013

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 45 12 month 11.02.2013

JPMorgan CHRISTOPHER TURNURE neutral 3 M 45 9 month 23.01.2013

Holdings By:

American Electric Power Co Inc ee


26.03.2013

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

principal products and services are charge and credit payment card products and

travel-related services offered to consumers and businesses around the world.


LTM as of: 12/yy

52-Week High (26.03.2013) 67.06

52-Week Low (15.11.2012) 53.02

Daily Volume

66.98





73'989.53 1 Yr Total Return 15.75%







AXP UN EQUITY YTD Change - Average Volume 30 Day 1'210'471

AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'245'457


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

31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 32'282.0 33'808.0 31'945.3 35'248.3 8'011.7 8'313.8

2.19x 3.23x 3.49x 2.88x 3.06x 11.96x 12.05x 4.05x 3.72x - -

13'646.0 11'431.0 11'511.0 11'306.0 11'658.0 11'306.0 11'658.0 - - - -

5.13x 7.56x 9.11x 8.23x 8.88x 8.23x 8.88x - - - -

2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 4'935.0 4'482.0 5'168.8 5'506.6 1'254.1 1'333.9

6.82x 27.38x 12.59x 11.45x 13.06x 11.48x 13.06x 14.07x 12.54x 14.05x 13.67x


EBIT - Long-Term Rating BBB+








Gross Margin - Total Debt/EBITDA 5.34

EBITDA Margin 34.5%



Asset Turnover 0.22

Current Ratio - Net Fixed Asset Turnover 9.66







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American Express CoPrice/Volume

Valuation Analysis

274'752.00


&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 13.72 - 31.12.2012 Investment Advisor





DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 42'336'064 3.83 (4'985'213) 31.12.2012 Investment Advisor











FISHER INVESTMENTS I FISHER INVESTMENTS 13F 9'010'348 0.82 (2'592'399) 31.12.2012 Investment Advisor





Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 65 12 month 22.03.2013

Nomura BILL CARCACHE buy 5 M 73 12 month 20.03.2013

William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 18.03.2013

FBR Capital Markets SCOTT VALENTIN market perform 3 M 62 12 month 18.03.2013

Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.03.2013

RBC Capital Markets JASON ARNOLD underperform 1 M 53 12 month 15.03.2013

Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 15.03.2013

JPMorgan RICHARD SHANE JR underweight 1 M 63 9 month 15.03.2013

Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 69 12 month 15.03.2013

Jefferies DANIEL FURTADO hold 3 M 58 12 month 15.03.2013

Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 70 12 month 15.03.2013

Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 15.03.2013

Buckingham Research Group DAVID HOCHSTIM buy 5 M 73 12 month 15.03.2013

Evercore Partners BRADLEY BALL equalweight 3 M 63 12 month 15.03.2013

Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 15.03.2013

Telsey Advisory Group MICHAEL P TAIANO no rating system #N/A N/A M 70 12 month 15.03.2013

Drexel Hamilton LLC DAVID B HILDER buy 5 M 70 12 month 15.03.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 63 12 month 14.03.2013


Credit Agricole Securities (USA) CRAIG J MAURER buy 5 M 78 Not Provided 14.03.2013

S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 76 12 month 08.03.2013

Argus Research Corp DAVID RITTER buy 5 M 75 12 month 25.02.2013

Credit Suisse MOSHE A ORENBUCH underperform 1 M 59 Not Provided 19.02.2013

Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 68 12 month 15.02.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 64 Not Provided 15.02.2013

Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 62 12 month 07.02.2013

Barclays MARK C DEVRIES overweight 5 M 68 Not Provided 07.02.2013

Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 61 12 month 18.01.2013

Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs RYAN M. NASH neutral/attractive 3 D 65 12 month 13.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012

Holdings By:

American Express Co ee


26.03.2013

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

develops, manufactures and markets medicines for grievous illnesses. The

Company focuses solely on human therapeutics and concentrates on innovating

novel medicines based on advances in cellular and molecular biology.


LTM as of: 12/yy

52-Week High (26.03.2013) 98.03

52-Week Low (16.04.2012) 65.38

Daily Volume

97.84





73'226.39 1 Yr Total Return 47.70%







AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'826'069

AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'689'150


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

15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'582.0 17'265.0 18'044.7 18'398.7 4'368.8 4'514.1

4.02x 3.65x 3.13x 3.33x 3.92x 12.25x 14.29x 3.81x 3.54x - -

6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'372.0 6'665.0 7'499.5 8'265.9 1'782.0 1'782.0

9.59x 7.94x 7.05x 9.66x 10.15x 9.66x 10.15x 10.11x 9.17x 10.47x -

4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'683.0 4'345.0 5'527.7 6'219.2 1'427.9 1'356.4

12.89x 11.71x 11.68x 12.87x 14.37x 13.02x 14.46x 13.60x 11.90x 13.61x -











EBITDA Margin 38.6%



Asset Turnover 0.33







Fiscal Year Ended

Amgen IncPrice/Volume

Valuation Analysis

417'252.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013




BLACKROCK n/a ULT-AGG 44'895'140 6 - 22.03.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.62 (2'963'375) 31.12.2012 Investment Advisor






FRANKLIN RESOURCES n/a ULT-AGG 11'669'900 1.56 (4'012'727) 31.12.2012 Investment Advisor




AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'561'832 1.14 1'929'023 31.12.2012 Investment Advisor



CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'120'455 0.95 (145'272) 31.12.2012 Investment Advisor



SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5'306'546 0.71 1'981'232 31.12.2012 Investment Advisor



Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 22.03.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 20.03.2013

Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013

Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 86 12 month 20.03.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 104 12 month 20.03.2013

William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 20.03.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013

Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 20.03.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 95 12 month 20.03.2013

Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 20.03.2013

S&P Capital IQ STEVEN SILVER buy 5 M 104 Not Provided 20.03.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 95 12 month 19.03.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 100 Not Provided 19.03.2013

Piper Jaffray M IAN SOMAIYA overweight 5 M 107 12 month 19.03.2013


Jefferies EUN K YANG buy 5 M 100 12 month 12.03.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 106 12 month 04.03.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013

Oppenheimer & Co BORIS PEAKER market perform 3 M 89 12 month 25.02.2013

Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 115 12 month 25.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 103 12 month 15.02.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 85 9 month 07.02.2013



Goldman Sachs TERENCE FLYNN neutral/attractive 3 N 91 12 month 13.12.2012

Deutsche Bank ROBYN KARNAUSKAS buy 5 U 108 12 month 22.10.2012

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

Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012

Holdings By:

Amgen Inc ee


26.03.2013

Anadarko Petroleum Corporation is an independent oil and gas exploration and

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

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

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

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


LTM as of: 12/yy

52-Week High (25.03.2013) 88.79

52-Week Low (04.06.2012) 56.42

Daily Volume

88.04





44'741.73 1 Yr Total Return 11.35%



Minority Interest 1'253.0 Analyst Recs 34




APC UN EQUITY YTD Change - Average Volume 30 Day 854'829

APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 807'784


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

13'740.0 8'537.0 11'340.0 13'656.0 14'060.0 13'966.0 14'058.0 14'968.4 16'919.5 3'454.6 3'635.8

2.04x 4.74x 4.22x 3.77x 3.50x 13.85x 13.90x 3.82x 3.27x 16.50x 15.62x

7'596.0 3'561.0 6'055.0 7'353.0 6'950.0 7'628.0 6'948.0 9'509.7 10'947.9 2'241.0 2'323.0

3.70x 11.36x 7.91x 7.00x 7.09x 6.75x 7.09x 5.98x 5.19x 5.90x 5.67x

3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (2'649.0) 2'391.0 2'019.7 2'706.8 447.9 457.4

8.53x - 51.81x 23.06x 33.03x 22.65x 18.04x 21.94x 16.89x 22.33x 21.03x


EBIT 2'986.00 Long-Term Rating BBB-



Return on Assets 4.58% Short-Term Rating NR






EBITDA Margin 49.4%



Asset Turnover 0.27







Fiscal Year Ended

Anadarko Petroleum CorpPrice/Volume

Valuation Analysis

252'939.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013







CARMIGNAC GESTION Multiple Portfolios MF-AGG 15'580'800 3.07 (96'300) 31.12.2012 Investment Advisor




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'138'557 2 2'497'314 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 9'446'141 1.86 1'184'755 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'053'263 1.39 (109'435) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 6'990'611 1.38 2'118'749 31.12.2012 Investment Advisor






DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'717'115 0.93 20'436 31.12.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 4'151'875 0.82 508'321 31.12.2012 Investment Advisor


Credit Suisse ARUN JAYARAM outperform 5 M 109 Not Provided 26.03.2013

Capital One Southcoast, Inc. ELIOT JAVANMARDI strong buy 5 M 138 Not Provided 26.03.2013

Deutsche Bank STEPHEN RICHARDSON buy 5 M 101 12 month 25.03.2013

Howard Weil Inc PETER KISSEL focus list 5 M 112 12 month 25.03.2013

Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 97 12 month 22.03.2013

Raymond James ANDREW COLEMAN outperform 5 M 100 12 month 22.03.2013

Buckingham Research Group ROBERT L CHRISTENSEN JR buy 5 M 110 12 month 21.03.2013

Canaccord Genuity Corp JOHN J GERDES buy 5 M 125 12 month 21.03.2013

Tudor Pickering & Co BRIAN LIVELY buy 5 M 117 Not Provided 21.03.2013

Societe Generale JOHN HERRLIN buy 5 M 95 12 month 20.03.2013

Goldman Sachs BRIAN SINGER buy/attractive 5 M 101 12 month 20.03.2013

Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 105 12 month 20.03.2013

Global Hunter Securities JOHN MALONE buy 5 M 110 12 month 20.03.2013

RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 19.03.2013

Jefferies SUBASH CHANDRA buy 5 M 96 12 month 19.03.2013

Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 19.03.2013

Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 18.03.2013

Simmons & Company International DAVID W KISTLER overweight 5 M 126 Not Provided 15.03.2013

Stifel AMIR ARIF buy 5 M 95 12 month 14.03.2013

Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 08.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 27.02.2013

Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 26.02.2013

Credit Agricole Securities (USA) JEB S ARMSTRONG buy 5 M 103 Not Provided 20.02.2013

Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 19.02.2013

JPMorgan JOSEPH D ALLMAN neutral 3 M 89 9 month 07.02.2013

Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 95 12 month 06.02.2013

Macquarie JOSEPH MAGNER outperform 5 M 97 12 month 06.02.2013

S&P Capital IQ MICHAEL KAY buy 5 M 86 Not Provided 15.11.2012

FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 24.10.2012

Holdings By:

Anadarko Petroleum Corp ee


26.03.2013

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

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

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

the United Kingdom in the North Sea, and Argentina.


LTM as of: 12/yy

52-Week High (26.03.2012) 103.15

52-Week Low (04.03.2013) 72.21

Daily Volume

74.56





29'227.52 1 Yr Total Return -25.63%

Total Debt 12'346.00 YTD Return -4.82%

Preferred Stock 1'227.0 Adjusted BETA 1.442





APA UN EQUITY YTD Change - Average Volume 30 Day 811'099

APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 716'051


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

12'327.8 8'573.9 12'183.0 16'810.0 16'947.0 16'810.0 16'947.0 17'692.2 19'158.8 4'262.6 4'296.6

2.27x 4.40x 4.50x 2.55x 2.61x 11.67x 10.83x 2.49x 2.30x 10.61x 10.59x

8'988.1 3'027.6 8'903.0 12'551.0 12'283.0 12'551.0 12'283.0 12'529.8 13'733.3 3'015.6 2'973.1

3.11x 12.46x 6.16x 3.42x 3.60x 3.42x 3.60x 3.40x 3.10x 3.46x 3.38x

712.0 (284.4) 3'032.0 4'584.0 2'001.0 4'584.0 2'001.0 3'730.7 4'352.7 884.9 868.7

35.66x 20.51x 13.34x 7.66x 8.15x 7.55x 8.21x 7.99x 7.23x 8.11x 8.01x


EBIT 5'174.00 Long-Term Rating A-









EBITDA Margin 72.5%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Apache CorpPrice/Volume

Valuation Analysis

148'880.00


&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013








FRANKLIN RESOURCES n/a ULT-AGG 9'201'248 2.35 169'616 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'543'355 2.18 (2'878'610) 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 5'314'831 1.36 (3'411'669) 31.12.2012 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'767'624 1.22 (535'856) 31.12.2012 Investment Advisor

EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 4'578'799 1.17 1'168'725 31.12.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 3'521'201 0.9 (171'966) 31.12.2012 Unclassified

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'175'642 0.81 531'384 31.12.2012 Investment Advisor




LAZARD ASSET MANAGEM n/a ULT-AGG 2'680'709 0.68 (194'515) 31.12.2012 Unclassified


Capital One Southcoast, Inc. ELIOT JAVANMARDI add 4 M 118 Not Provided 26.03.2013

Deutsche Bank STEPHEN RICHARDSON hold 3 M 90 12 month 25.03.2013

Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 103 Not Provided 25.03.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 101 12 month 22.03.2013


RBC Capital Markets LEO P MARIANI sector perform 3 M 95 12 month 19.03.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 18.03.2013

Howard Weil Inc PETER KISSEL sector outperform 5 M 96 Not Provided 15.03.2013

Simmons & Company International PEARCE W HAMMOND overweight 5 M 130 Not Provided 15.03.2013

Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 13.03.2013

Stifel AMIR ARIF buy 5 M 90 12 month 12.03.2013




Raymond James JOHN FREEMAN outperform 5 M 100 12 month 25.02.2013

Credit Agricole Securities (USA) JEB S ARMSTRONG buy 5 M 116 Not Provided 25.02.2013


Global Hunter Securities JOHN MALONE neutral 3 D 88 12 month 19.02.2013

Macquarie JOSEPH MAGNER neutral 3 D 96 12 month 16.02.2013

Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 81 12 month 15.02.2013

Goldman Sachs BRIAN SINGER neutral/attractive 3 M 92 12 month 15.02.2013

Peters & Co Ltd KAM S SANDHAR sector perform 3 M 90 12 month 15.02.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 116 Not Provided 15.02.2013

Barclays THOMAS R DRISCOLL overweight 5 M 113 Not Provided 15.02.2013


Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 14.02.2013


Alembic Global Advisors JAMES J SULLIVAN neutral 3 D 92 12 month 15.01.2013

JPMorgan JOSEPH D ALLMAN overweight 5 M 90 9 month 14.01.2013

FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 08.01.2013

Holdings By:

Apache Corp ee


26.03.2013

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

personal computing and mobile communication devices along with a variety of

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

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

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


LTM as of: 12/yy

52-Week High (21.09.2012) 705.07

52-Week Low (04.03.2013) 419.00

Daily Volume

462.88





434'671.16 1 Yr Total Return -22.62%

Total Debt 0.00 YTD Return -12.67%






AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'609'170

AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'984'129


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 127'841.0 164'687.0 181'210.6 204'263.1 42'751.1 39'983.9

2.39x 3.03x 3.32x 2.72x 3.23x 8.29x 10.49x 1.72x 1.41x 6.86x 7.20x

8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 45'482.0 59'255.0 60'120.6 67'410.2 13'977.7 12'754.9

10.14x 10.43x 11.17x 8.26x 8.63x 6.16x 5.76x 4.95x 4.42x 4.81x 4.69x

6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 32'982.0 41'747.0 41'526.6 47'056.9 9'599.0 8'992.3

18.91x 20.08x 19.30x 14.61x 15.11x 11.54x 11.56x 10.49x 9.30x 10.27x 9.90x


EBIT 55'241.00 Long-Term Rating NR

Operating Margin 35.30% Long-Term Outlook -








EBITDA Margin 36.0%



Asset Turnover 0.98







Fiscal Year Ended

Apple IncPrice/Volume

Valuation Analysis

1'105'317.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&&

.&&

0&&

1&&

2&&

3&&

4&&

5&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013


BLACKROCK n/a ULT-AGG 49'566'789 5.28 136'948 22.03.2013 Investment Advisor





T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'598'905 2.51 118'759 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16'882'717 1.8 804'173 31.12.2012 Investment Advisor




INVESCO LTD INVESCO LTD 13F 12'677'606 1.35 (1'805'929) 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 10'155'052 1.08 974'700 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 8'062'807 0.86 932'696 31.01.2013 Investment Advisor





CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'999'016 0.75 6'601'182 31.12.2012 Investment Advisor





Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 725 12 month 25.03.2013

Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 528 12 month 25.03.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 550 12 month 25.03.2013

Evercore Partners ROBERT CIHRA overweight 5 M 675 12 month 24.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 23.03.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 600 12 month 22.03.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 22.03.2013

Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 21.03.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 600 Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 670 Not Provided 20.03.2013

ABG Sundal Collier PER LINDBERG sell 1 M 400 6 month 19.03.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 600 12 month 19.03.2013

Barclays BENJAMIN A REITZES overweight 5 M 530 Not Provided 19.03.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 580 Not Provided 18.03.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 700 Not Provided 18.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 18.03.2013

Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 610 12 month 15.03.2013

Jefferies PETER J MISEK hold 3 M 420 12 month 15.03.2013

Stifel AARON C RAKERS buy 5 M 650 12 month 15.03.2013

Sterne, Agee & Leach SHAW WU buy 5 M 630 12 month 15.03.2013

Nomura STUART JEFFREY neutral 3 M 490 12 month 15.03.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 15.03.2013

Credit Agricole Securities (USA) AVI SILVER outperform 5 M 505 Not Provided 15.03.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 575 12 month 14.03.2013

ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 14.03.2013

BTIG LLC WALTER P PIECYK JR buy 5 U 540 12 month 14.03.2013



Robert W. Baird & Co WILLIAM V POWER neutral 3 M 465 12 month 11.03.2013

Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 07.03.2013

Societe Generale ANDY PERKINS buy 5 M 560 12 month 06.03.2013

Cross Research SHANNON S CROSS buy 5 M 580 12 month 06.03.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 D 360 Not Provided 05.03.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 04.03.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 01.03.2013

Needham & Co CHARLES WOLF buy 5 M 710 12 month 26.02.2013

S&P Capital IQ SCOTT H KESSLER strong buy 5 M 600 12 month 25.02.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 630 12 month 22.02.2013


JPMorgan MARK A MOSKOWITZ overweight 5 M 725 9 month 12.02.2013

Holdings By:

Apple Inc ee


26.03.2013

AT&T Inc. is a communications holding company. The Company, through its

subsidiaries and affiliates, provides local and long-distance phone service,

wireless and data communications, Internet access and messaging, IP-based and

satellite television, security services, telecommunications equipment, and

directory advertising and publishing.


LTM as of: 12/yy

52-Week High (21.09.2012) 38.58

52-Week Low (10.04.2012) 29.95

Daily Volume

36.58





200'883.08 1 Yr Total Return 21.09%







T UN EQUITY YTD Change - Average Volume 30 Day 5'277'244

T UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'650'454


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

124'028.0 122'513.0 124'280.0 126'723.0 127'434.0 126'723.0 127'434.0 129'047.5 131'526.3 31'740.3 31'933.1

1.94x 1.91x 1.92x 1.82x 1.99x 7.53x 8.22x 2.13x 2.11x 8.44x 8.45x

42'946.0 40'515.0 39'037.0 30'505.0 31'140.0 30'505.0 31'140.0 42'474.3 44'145.9 10'679.4 11'251.5

5.62x 5.78x 6.11x 7.56x 8.14x 7.56x 8.14x 6.27x 6.03x 6.28x 6.19x

12'867.0 12'138.0 19'864.0 3'944.0 7'264.0 3'944.0 7'264.0 13'804.0 14'526.7 3'556.4 3'901.1

12.28x 13.54x 12.77x 14.82x 14.59x 13.87x 14.47x 14.53x 13.54x 14.56x 14.16x











EBITDA Margin 24.4%



Asset Turnover 0.47





Accounts Receivable Turnover 9.85 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AT&T IncPrice/Volume

Valuation Analysis

1'113'120.00


&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

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



26.03.2013




STATE STREET n/a ULT-AGG 241'131'927 4.39 (1'339'232) 25.03.2013 Investment Advisor

EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 236'591'214 4.31 264'245 31.12.2012 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 83'364'487 1.52 (9'242'810) 31.12.2012 Investment Advisor







SUN LIFE FINANCIAL I n/a ULT-AGG 34'575'958 0.63 (1'599'808) 31.12.2012 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 32'340'952 0.59 (366'392) 31.12.2012 Investment Advisor




FRANKLIN RESOURCES n/a ULT-AGG 28'788'510 0.52 1'487'151 28.02.2013 Investment Advisor


Raymond James FRANK G LOUTHAN market perform 3 M #N/A N/A Not Provided 25.03.2013

Macquarie KEVIN SMITHEN underperform 1 M 35 12 month 25.03.2013

Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 25.03.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 25.03.2013

Pacific Crest Securities MICHAEL BOWEN sector perform 3 M #N/A N/A Not Provided 21.03.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 36 12 month 14.03.2013

Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 37 12 month 12.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 40 12 month 12.03.2013

Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 01.03.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 26.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 25.02.2013

JPMorgan PHILIP CUSICK overweight 5 M 37 9 month 22.02.2013

HSBC RICHARD DINEEN overweight 5 M 39 Not Provided 20.02.2013

Nomura MICHAEL L MCCORMACK buy 5 M 38 12 month 15.02.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 42 12 month 11.02.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 36 Not Provided 10.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 32 12 month 30.01.2013

Guggenheim Securities LLC SHING YIN neutral 3 M 34 12 month 30.01.2013

Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 37 12 month 30.01.2013


Deutsche Bank BRETT FELDMAN hold 3 M 34 12 month 25.01.2013

Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 37 12 month 25.01.2013


Jefferies THOMAS O SEITZ hold 3 M 38 12 month 25.01.2013


Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 25.01.2013

Canaccord Genuity Corp GREGORY MILLER hold 3 M 35 12 month 25.01.2013

S&P Capital IQ TODD ROSENBLUTH hold 3 M 36 12 month 25.01.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 33 Not Provided 25.01.2013

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 24.01.2013

Scotia Capital JEFFREY FAN sector underperform 1 M 34 12 month 24.01.2013

Daiwa Securities Co. Ltd. NACHI HOSHINO underperform 1 M 32 Not Provided 12.12.2012


Gabelli & Co SERGEY DLUZHEVSKIY hold 3 M #N/A N/A Not Provided 12.11.2012

Goldman Sachs JASON ARMSTRONG neutral/neutral 3 M 36 12 month 24.10.2012

FBR Capital Markets DAVID DIXON outperform 5 M 38 12 month 15.08.2012

Holdings By:

AT&T Inc ee


26.03.2013

Baker Hughes Incorporated supplies reservoir-centered products, services, and

systems to the worldwide oil and gas industry. The Company provides products

and services for oil and gas exploration, drilling, completion, and production.

Baker Hughes also manufactures and markets a variety of roller cutter bits and

fixed cutter diamond bits.


LTM as of: 12/yy

52-Week High (14.09.2012) 50.96

52-Week Low (26.06.2012) 37.09

Daily Volume

45.57





20'134.37 1 Yr Total Return 7.15%







BHI UN EQUITY YTD Change - Average Volume 30 Day 952'976

BHI UN EQUITY YTD % CHANGE - Average Volume 3 Month 917'512


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

11'864.0 9'664.0 14'414.0 19'831.0 21'361.0 19'717.0 21'361.0 21'474.8 23'496.3 5'169.5 5'200.3

0.87x 1.33x 1.88x 1.24x 1.04x 5.94x 4.27x 1.11x 0.99x 4.66x 4.61x

3'075.0 1'461.0 2'620.0 4'236.0 3'760.0 4'197.0 3'760.0 3'852.1 4'793.2 877.4 906.4

3.35x 8.78x 10.33x 5.78x 5.88x 5.84x 5.88x 6.29x 5.06x 6.25x 5.95x

1'635.0 421.0 812.0 1'739.0 1'311.0 1'739.0 1'311.0 1'358.9 1'903.0 275.9 298.2

5.88x 21.19x 25.19x 11.58x 12.73x 10.35x 12.73x 14.81x 10.47x 14.80x 13.66x











EBITDA Margin 17.6%



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Baker Hughes IncPrice/Volume

Valuation Analysis

200'023.00


&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

1&!&&

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



26.03.2013





DODGE & COX DODGE & COX 13F 25'283'308 5.72 (508'506) 31.12.2012 Investment Advisor





HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 10'787'021 2.44 2'788'880 31.12.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 9'604'582 2.17 (11'057) 28.02.2013 Mutual Fund Manager


MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 7'795'466 1.76 50'760 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 7'509'120 1.7 1'022'557 31.12.2012 Hedge Fund Manager

GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 7'033'639 1.59 752'965 31.12.2012 Investment Advisor








Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 49 Not Provided 25.03.2013

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 25.03.2013

Guggenheim Securities LLC MICHAEL K LAMOTTE neutral 3 M 50 12 month 22.03.2013

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 64 12 month 21.03.2013

ISI Group JUDSON E BAILEY strong buy 5 M 52 12 month 21.03.2013

RS Platou Markets TURNER HOLM neutral 3 M 49 6 month 21.03.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 46 12 month 20.03.2013

Jefferies BRAD HANDLER hold 3 M 48 12 month 18.03.2013

Macquarie NIGEL BROWNE neutral 3 M 48 12 month 01.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 25.02.2013

JPMorgan J DAVID ANDERSON neutral 3 M 53 9 month 19.02.2013

Goldman Sachs WAQAR SYED neutral/attractive 3 M 55 12 month 14.02.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN market perform 3 M #N/A N/A Not Provided 13.02.2013

Cowen Securities LLC JAMES D CRANDELL hold 3 D 50 12 month 11.02.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 41 12 month 07.02.2013

Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013

Sterne, Agee & Leach STEPHEN D GENGARO neutral 3 M #N/A N/A Not Provided 27.01.2013


Societe Generale EDWARD C MUZTAFAGO hold 3 M 49 12 month 24.01.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 59 12 month 24.01.2013

Capital One Southcoast, Inc. LUKE M LEMOINE neutral 3 M 47 Not Provided 24.01.2013

Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 24.01.2013

Barclays JAMES C WEST overweight 5 M 54 Not Provided 24.01.2013

BMO Capital Markets ALAN D LAWS market perform 3 M 43 Not Provided 23.01.2013

Morgan Stanley OLE SLORER Equalwt/Attractive 3 M 50 12 month 23.01.2013

RBC Capital Markets KURT HALLEAD sector perform 3 M 48 12 month 23.01.2013

Credit Suisse JAMES WICKLUND neutral 3 M 40 Not Provided 23.01.2013

FBR Capital Markets ROBERT J MACKENZIE market perform 3 M 48 12 month 23.01.2013

Credit Agricole Securities (USA) DAVID S HAVENS buy 5 M 54 Not Provided 23.01.2013

S&P Capital IQ STEWART GLICKMAN hold 3 M 48 12 month 15.01.2013

Holdings By:

Baker Hughes Inc ee


26.03.2013

Bank of America Corporation accepts deposits and offers banking, investing,

asset management, and other financial and risk-management products and

services. The Company has a mortgage lending subsidiary, and an investment

banking and securities brokerage subsidiary.


LTM as of: 12/yy

52-Week High (19.03.2013) 12.94

52-Week Low (21.05.2012) 6.72

Daily Volume

12.23





132'331.95 1 Yr Total Return 23.72%





Enterprise Value -


BAC UN EQUITY YTD Change - Average Volume 30 Day 28'368'698

BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 25'527'114


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

113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 115'373.0 100'130.0 90'792.0 92'022.0 23'431.6 22'672.4

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

- - - - - 0.0 0.0 - - - -

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

4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 1'446.0 4'188.0 11'417.3 14'896.3 2'728.2 3'116.9

24.70x 39.63x 10.76x 5.73x 10.27x 5.73x 12.62x 12.08x 9.19x 12.12x 11.32x

EBITDA - Long-Term Rating Date 29.11.2011








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of America CorpPrice/Volume

Valuation Analysis

10'594'457.00


&

.

1

3

5

-&

-.

-1

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-&!& 9

.&!& 9

0&!& 9

1&!& 9

2&!& 9

3&!& 9

4&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

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



26.03.2013













DODGE & COX DODGE & COX 13F 130'433'329 1.21 (2'686'520) 31.12.2012 Investment Advisor



FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'506'715 0.93 (1'708'540) 31.12.2012 Investment Advisor


KOREA INVESTMENT COR KOREA INVESTMENT COR 13F 73'713'245 0.68 (13'600) 31.12.2012 Government

UBS n/a ULT-AGG 73'522'238 0.68 (4'514'627) 31.01.2013 Unclassified


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 69'716'837 0.64 635'330 31.12.2012 Investment Advisor


HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013


JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 22.03.2013

ISI Group Ed Najarian buy 5 M 14 12 month 21.03.2013

Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 15 12 month 19.03.2013

Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 18.03.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 14 12 month 18.03.2013

Robert W. Baird & Co DAVID A GEORGE neutral 3 M 12 12 month 18.03.2013

Raymond James ANTHONY J POLINI strong buy 5 M 14 12 month 18.03.2013

Evercore Partners ANDREW A MARQUARDT overweight 5 M 13 12 month 18.03.2013

FBR Capital Markets PAUL J MILLER JR market perform 3 M 12 12 month 15.03.2013

Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 12 12 month 15.03.2013

Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 15.03.2013

Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 15.03.2013


RBC Capital Markets JOSEPH K MORFORD outperform 5 M 14 12 month 14.03.2013

Scotia Capital KEVIN R CHOQUETTE sector outperform 5 U 15 12 month 14.03.2013


Barclays JASON M GOLDBERG equalweight 3 M 10 Not Provided 01.03.2013

Credit Agricole Securities (USA) MICHAEL L MAYO sell 1 M 10 Not Provided 25.02.2013

Atlantic Equities LLP RICHARD STAITE overweight 5 M 15 12 month 14.02.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 10 Not Provided 08.02.2013

SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 M 13 12 month 06.02.2013

Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 15 12 month 05.02.2013

JPMorgan VIVEK JUNEJA overweight 5 M 14 9 month 30.01.2013

Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 23.01.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 18.01.2013

Credit Suisse MOSHE A ORENBUCH neutral 3 M 12 Not Provided 17.01.2013

Buckingham Research Group JAMES F MITCHELL buy 5 M 15 12 month 17.01.2013

Nomura GLENN P SCHORR neutral 3 M 11 12 month 17.01.2013

S&P Capital IQ ERIK M OJA hold 3 M 13 Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 D 13 12 month 11.01.2013

Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 13 12 month 07.01.2013

Deutsche Bank MATTHEW D O'CONNOR hold 3 M 11 12 month 04.01.2013

Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 24.12.2012


Phillip Securities MAGDALENE CHOONG neutral 3 M #N/A N/A Not Provided 26.01.2011

Holdings By:

Bank of America Corp ee


26.03.2013

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial

services company. The Company provides financial services for institutions,

corporations and high-net-worth individuals, providing asset management and

wealth management, asset servicing, issuer services, clearing services and

treasury services.


LTM as of: 12/yy

52-Week High (14.03.2013) 29.11

52-Week Low (04.06.2012) 19.31

Daily Volume

28.34





32'929.72 1 Yr Total Return 17.78%





Enterprise Value -


BK UN EQUITY YTD Change - Average Volume 30 Day 1'365'475

BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'423'845


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

16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'392.0 15'596.0 14'719.1 15'436.1 3'589.6 3'674.3

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

- - - - - 0.0 0.0 - - - -

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

1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'516.0 2'445.0 2'508.3 2'809.5 490.9 660.6

8.77x - 13.07x 9.35x 10.98x 8.97x 11.17x 12.60x 10.98x 12.45x 11.99x


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of New York Mellon Corp/ThePrice/Volume

Valuation Analysis

257'536.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

-&!&&

.&!&&

0&!&&

1&!&&

2&!&&

3&!&&

4&!&&

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



26.03.2013








SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 45'007'723 3.87 (712'232) 31.12.2012 Investment Advisor


FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 26'669'956 2.3 (15'821) 31.12.2012 Investment Advisor



CI INVESTMENTS INC CI INVESTMENTS INC 13F 19'385'000 1.67 - 31.12.2012 Investment Advisor




ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 13'151'547 1.13 2'081'341 31.12.2012 Investment Advisor



THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 10'290'830 0.89 116'950 31.12.2012 Hedge Fund Manager



ISI Group BRIAN BEDELL neutral 3 M 29 12 month 21.03.2013

Argus Research Corp DAVID RITTER buy 5 M 35 Not Provided 19.03.2013

Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 40 Not Provided 15.03.2013

Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 15.03.2013

Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 14.03.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ market perform 3 M 27 12 month 08.03.2013

S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013

Jefferies KENNETH M USDIN hold 3 M 29 12 month 04.03.2013

Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 23 12 month 03.03.2013

Barclays JASON M GOLDBERG overweight 5 M 30 Not Provided 01.03.2013

Evercore Partners ANDREW A MARQUARDT equalweight 3 M 26 12 month 28.02.2013

JPMorgan VIVEK JUNEJA neutral 3 M 28 18 month 25.02.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 29 12 month 25.02.2013

Macquarie JOHN MORAN neutral 3 M 29 12 month 19.02.2013

Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 23 12 month 13.02.2013

Credit Suisse HOWARD H CHEN neutral 3 M 24 Not Provided 13.02.2013

Guggenheim Securities LLC MARTY L MOSBY III neutral 3 D 28 12 month 05.02.2013


Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 27 12 month 27.01.2013


RBC Capital Markets GERARD S CASSIDY sector perform 3 D 26 12 month 17.01.2013

Raymond James DAVID J LONG outperform 5 M 29 12 month 17.01.2013

Credit Agricole Securities (USA) MICHAEL L MAYO underperform 1 M 27 Not Provided 16.01.2013


Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012

Holdings By:

Bank of New York Mellon Corp/The ee


26.03.2013

Baxter International Inc. develops, manufactures, and markets products and

technologies related to hemophilia, immune disorders, infectious diseases,

kidney disease, trauma and other chronic and acute medical conditions. The

Company's products are used by hospitals, kidney dialysis centers, nursing

homes, rehabilitation centers, doctors' offices, and research laboratories.


LTM as of: 12/yy

52-Week High (25.03.2013) 71.33

52-Week Low (14.06.2012) 48.98

Daily Volume

71.09





38'629.46 1 Yr Total Return 21.91%







BAX UN EQUITY YTD Change - Average Volume 30 Day 789'734

BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 732'843


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

12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 13'893.0 14'190.0 15'474.9 16'932.9 3'483.9 3'721.5

2.81x 2.93x 2.44x 2.18x 2.76x 9.64x 10.11x 2.78x 2.48x 11.99x 12.25x

3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'616.0 3'533.0 4'246.5 4'721.1 937.8 1'023.6

10.84x 10.49x 11.11x 8.38x 11.07x 8.38x 11.07x 9.74x 8.76x 9.73x 9.22x

2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'224.0 2'326.0 2'567.8 2'835.6 575.2 625.0

15.86x 15.44x 12.72x 11.48x 14.75x 11.70x 14.75x 15.14x 13.65x 15.16x 14.78x











EBITDA Margin 24.9%



Asset Turnover 0.72







Fiscal Year Ended

Baxter International IncPrice/Volume

Valuation Analysis

129'766.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013










BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 12'154'926 2.24 197'569 31.12.2012 Investment Advisor




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 7'956'219 1.46 (266'282) 31.12.2012 Investment Advisor


ABERDEEN n/a ULT-AGG 6'799'752 1.25 5'442'000 31.12.2012 Unclassified





PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 5'353'132 0.99 (734'256) 31.12.2012 Investment Advisor


Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 84 12 month 25.03.2013

Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 22.03.2013

Raymond James LAWRENCE S KEUSCH outperform 5 M 75 12 month 22.03.2013

CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 22.03.2013

Cowen and Company JOSHUA JENNINGS outperform 5 M #N/A N/A Not Provided 22.03.2013

Mizuho Securities USA Inc MICHAEL S MATSON neutral 3 M 67 12 month 18.03.2013

Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 13.03.2013



RBC Capital Markets GLENN J NOVARRO outperform 5 M 72 12 month 26.02.2013


Piper Jaffray MATT MIKSIC overweight 5 M 76 12 month 27.01.2013

Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 25.01.2013

Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 25.01.2013

William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 24.01.2013


Credit Agricole Securities (USA) JONATHAN PALMER outperform 5 M 77 Not Provided 24.01.2013

JPMorgan MICHAEL N WEINSTEIN not rated #N/A N/A M #N/A N/A Not Provided 22.01.2013

Deutsche Bank KRISTEN M STEWART hold 3 M 71 12 month 04.01.2013

Goldman Sachs DAVID H ROMAN not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012



Holdings By:

Baxter International Inc ee


26.03.2013

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety

of business sectors. The Company's principal operations are insurance business

conducted nationwide on a primary basis and worldwide on a reinsurance basis.

Berkshire's other operations include a railway company, a specialty chemical

company, and an international association of diversified businesses.


LTM as of: 12/yy

52-Week High (14.03.2013) 104.25

52-Week Low (31.05.2012) 78.28

Daily Volume

103.37

52-Week High % Change -0.84% Dividend Yield -




254'778.23 1 Yr Total Return 25.54%







BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'591'718

BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'513'609


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

107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 143'688.0 162'463.0 - - - -

0.58x 0.35x 0.78x 0.64x 0.62x 2.56x 2.38x - - - -

11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 22'008.0 29'524.0 - - - -

5.38x 2.48x 4.23x 4.15x 3.39x 4.15x 3.39x - - - -

4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 10'254.0 14'824.0 - - - -

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

EBITDA 29'524.00 Long-Term Rating Date -

EBIT 24'378.00 Long-Term Rating AA+









EBITDA Margin 18.2%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Berkshire Hathaway IncPrice/Volume

Valuation Analysis

318'121.00


&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

&!.&

&!1&

&!3&

&!5&

-!&&

-!.&



26.03.2013


GATES FOUNDATION BILL & MELINDA FOUND 13F 87'081'373 7.73 (6'250'000) 31.12.2012 Endowment

GATES FOUNDATION n/a Research 87'081'373 7.73 - 31.12.2012 Endowment












D E SHAW & COMPANY I D E SHAW & CO 13F 7'645'865 0.68 1'726'351 31.12.2012 Hedge Fund Manager




NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 6'007'207 0.53 59'600 31.12.2012 Pension Fund (ERISA)

ALLIANCE BERNSTEIN n/a ULT-AGG 5'696'660 0.51 861'902 31.12.2012 Investment Advisor



EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 05.03.2013

Barclays JAY H GELB overweight 5 M 119 Not Provided 04.03.2013

S&P Capital IQ CATHY SEIFERT hold 3 M 101 Not Provided 16.01.2013

Holdings By:

Berkshire Hathaway Inc ee


26.03.2013

The Boeing Company, together with its subsidiaries, develops, produces, and

markets commercial jet aircraft, as well as provides related support services to

the commercial airline industry worldwide. The Company also researches,

develops, produces, modifies, and supports information, space, and defense

systems, including military aircraft, helicopters and space and missile systems.


LTM as of: 12/yy

52-Week High (26.03.2013) 86.83

52-Week Low (05.06.2012) 66.84

Daily Volume

86.71





65'567.11 1 Yr Total Return 18.22%







BA UN EQUITY YTD Change - Average Volume 30 Day 1'130'596

BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'275'064


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

60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 68'735.0 81'698.0 84'090.5 91'512.6 19'197.8 20'629.4

0.56x 0.60x 0.78x 0.81x 0.66x 3.20x 2.69x 0.74x 0.66x 3.31x 3.09x

5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 7'481.0 8'118.0 8'115.2 9'169.8 1'854.3 2'016.1

6.26x 10.86x 7.47x 7.46x 6.64x 7.46x 6.64x 7.70x 6.82x 7.75x -

2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'018.0 3'900.0 4'856.0 4'974.6 1'038.4 1'049.4

6.87x 28.64x 15.54x 15.35x 14.75x 15.38x 14.75x 13.68x 12.13x 14.01x 13.43x











EBITDA Margin 9.9%



Asset Turnover 0.97







Fiscal Year Ended

Boeing Co/ThePrice/Volume

Valuation Analysis

491'545.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

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



26.03.2013



EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 64'066'646 8.47 (5'838'781) 31.12.2012 Investment Advisor






JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'663'099 1.67 321'969 31.12.2012 Investment Advisor



NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'865'899 1.17 412'409 31.12.2012 Investment Advisor






PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'830'861 0.9 (734'500) 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 6'676'786 0.88 37'916 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'251'259 0.69 1'198'120 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 4'865'519 0.64 (122'715) 31.12.2012 Investment Advisor


Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 25.03.2013

Jefferies HOWARD A RUBEL buy 5 M 87 12 month 22.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 98 12 month 22.03.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 94 12 month 21.03.2013

Imperial Capital LLC KEN HERBERT in-line 3 M 82 12 month 21.03.2013

Societe Generale ZAFAR KHAN sell 1 M 70 12 month 19.03.2013

Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 19.03.2013

CRT Capital Group MICHAEL W DERCHIN buy 5 M 87 Not Provided 19.03.2013

Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 19.03.2013

Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 90 12 month 19.03.2013

Stifel STEPHEN E LEVENSON buy 5 M 100 12 month 18.03.2013

Buckingham Research Group RICHARD SAFRAN buy 5 M 99 12 month 18.03.2013

Sterne, Agee & Leach PETER J ARMENT buy 5 M 100 12 month 13.03.2013

BB&T Capital Markets F CARTER LEAKE hold 3 U #N/A N/A Not Provided 13.03.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013

Deutsche Bank MYLES WALTON buy 5 M 90 12 month 07.03.2013

Credit Suisse ROBERT M SPINGARN outperform 5 M 88 Not Provided 06.03.2013

D.A. Davidson & Co JB GROH neutral 3 M 83 18 month 26.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 18.02.2013

Argus Research Corp NATHANIEL GABRIEL buy 5 M 88 Not Provided 01.02.2013

JPMorgan JOSEPH B NADOL III overweight 5 M 94 9 month 31.01.2013

Barclays CARTER COPELAND overweight 5 M 95 Not Provided 31.01.2013

Goldman Sachs NOAH POPONAK buy/attractive 5 M 88 12 month 30.01.2013

Oppenheimer & Co YAIR REINER outperform 5 M 90 12 month 30.01.2013

S&P Capital IQ RICHARD TORTORIELLO hold 3 M 82 Not Provided 17.01.2013

EarlyBirdCapital Inc ALEX P HAMILTON buy 5 M 88 12 month 18.07.2012

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 17.05.2012

McAdams Wright Ragen Inc SID PARAKH buy 5 M 60 24 month 02.06.2009

Holdings By:

Boeing Co/The ee


26.03.2013

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company

develops, licenses, manufactures, markets, and sells pharmaceutical and

nutritional products. Bristol-Myers Squibb products and experimental therapies

address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,

hepatitis, organ transplant rejection, and psychiatric disorders.


LTM as of: 12/yy

52-Week High (26.03.2013) 40.73

52-Week Low (15.11.2012) 30.64

Daily Volume

40.62





66'509.34 1 Yr Total Return 25.91%







BMY UN EQUITY YTD Change - Average Volume 30 Day 2'165'513

BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'151'073


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

17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 21'244.0 17'621.0 16'601.9 17'869.1 3'910.8 4'143.9

2.49x 2.10x 2.07x 2.50x 3.07x 8.72x 12.50x 4.33x 3.98x - -

4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 7'476.0 4'771.0 4'218.7 5'048.1 942.0 968.0

10.08x 7.01x 6.01x 7.13x 11.36x 7.11x 11.36x 16.03x 13.40x 17.51x -

5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'709.0 1'960.0 3'016.6 3'516.9 716.3 759.5

15.60x 13.65x 12.26x 14.93x 17.91x 15.73x 17.34x 22.05x 18.66x 22.14x 21.24x











EBITDA Margin 27.1%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bristol-Myers Squibb CoPrice/Volume

Valuation Analysis

497'255.00


&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 144'783'672 8.84 (974'777) 31.12.2012 Investment Advisor












LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 15'355'097 0.94 183'535 31.12.2012 Investment Advisor


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'466 0.83 (3'765'862) 31.12.2012 Investment Advisor


RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 13'262'500 0.81 737'400 31.12.2012 Hedge Fund Manager

FEDERATED INVESTORS FEDERATED INVESTORS 13F 13'012'238 0.79 1'007'516 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'241'133 0.69 (1'973'260) 31.12.2012 Investment Advisor





BMO Capital Markets ALEX ARFAEI market perform 3 M 38 Not Provided 19.03.2013


Cowen and Company STEVEN R SCALA outperform 5 M #N/A N/A Not Provided 15.03.2013


Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 35 12 month 06.03.2013

MKM Partners JON LECROY sell 1 M 26 12 month 06.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 34 12 month 05.03.2013

William Blair & Co JOHN S SONNIER outperform 5 N #N/A N/A Not Provided 05.03.2013

ISI Group MARK J SCHOENEBAUM hold 3 M 36 Not Provided 05.03.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 27.02.2013


Credit Suisse CATHERINE J ARNOLD neutral 3 M 38 Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 26.01.2013



S&P Capital IQ HERMAN SAFTLAS hold 3 M 38 12 month 24.01.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 33 12 month 24.01.2013

Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC outperform 5 M 38 Not Provided 24.01.2013

Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012

Holdings By:

Bristol-Myers Squibb Co ee


26.03.2013

Capital One Financial Corporation is a diversified bank. The Bank, through its

subsidiaries, offers a broad spectrum of financial products and services to

consumers, small businesses and commercial clients both domestically and

internationally. Capital One has bank locations in Connecticut, Louisiana, New

Jersey, New York, and Texas.


LTM as of: 12/yy

52-Week High (07.01.2013) 62.92

52-Week Low (04.06.2012) 48.00

Daily Volume

55.17





32'122.66 1 Yr Total Return -3.12%







COF UN EQUITY YTD Change - Average Volume 30 Day 1'423'534

COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'291'198


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

17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 18'525.0 23'177.0 22'296.7 22'600.8 5'583.2 5'563.5

1.75x 1.87x 2.94x 2.87x 3.13x 11.33x 10.15x - - - -

11'282.7 9'335.0 11'715.0 9'793.0 13'429.0 9'793.0 13'343.0 - - - -

2.77x 3.19x 4.78x 5.43x 5.40x 5.43x 5.44x - - - -

(46.0) 884.0 2'743.0 3'147.0 3'517.0 3'147.0 3'517.0 3'812.3 3'908.3 973.4 962.2

12.56x 16.31x 6.37x 6.02x 9.28x 6.00x 10.33x 8.49x 8.20x 8.61x 8.57x


EBIT - Long-Term Rating BBB









EBITDA Margin 57.6%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Capital One Financial CorpPrice/Volume

Valuation Analysis

213'294.00


&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013









VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 13'668'594 2.35 3'609'418 31.12.2012 Hedge Fund Manager




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'350'499 1.61 221'848 31.12.2012 Investment Advisor




WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'291'144 1.08 42'746 31.12.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 6'094'557 1.05 102'063 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'021'078 1.03 72'141 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'935'613 1.02 (824'229) 31.12.2012 Investment Advisor

PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 5'034'320 0.86 224'768 31.12.2012 Investment Advisor


Goldman Sachs RYAN M. NASH buy/attractive 5 M 65 12 month 22.03.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 21.03.2013

Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 64 12 month 20.03.2013

Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 68 12 month 19.03.2013

Robert W. Baird & Co DAVID A GEORGE outperform 5 M 65 12 month 18.03.2013

William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 18.03.2013

FBR Capital Markets SCOTT VALENTIN outperform 5 M 63 12 month 18.03.2013

RBC Capital Markets JASON ARNOLD outperform 5 M 67 12 month 15.03.2013


JPMorgan RICHARD SHANE JR overweight 5 M 58 9 month 15.03.2013

Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 58 12 month 15.03.2013

Jefferies DANIEL FURTADO buy 5 M 60 12 month 15.03.2013


Stifel CHRISTOPHER C BRENDLER buy 5 M 65 12 month 15.03.2013



Evercore Partners BRADLEY BALL overweight 5 M 63 12 month 15.03.2013

Nomura BILL CARCACHE neutral 3 M 56 12 month 15.03.2013

Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 62 Not Provided 15.03.2013


Telsey Advisory Group MICHAEL P TAIANO no rating system #N/A N/A M 64 12 month 15.03.2013


Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 14.03.2013


S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 57 12 month 07.03.2013


Wells Fargo Securities, LLC JOEL HOUCK outperform 5 M #N/A N/A Not Provided 19.02.2013

Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 70 12 month 08.02.2013




Holdings By:

Capital One Financial Corp ee


26.03.2013

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.


LTM as of: 12/yy

52-Week High (19.04.2012) 109.76

52-Week Low (12.07.2012) 78.25

Daily Volume

86.99





56'982.67 1 Yr Total Return -18.20%







CAT UN EQUITY YTD Change - Average Volume 30 Day 1'231'349

CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'284'803


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 63'302.9 68'763.3 13'798.9 16'367.6

1.17x 1.28x 1.50x 1.10x 1.00x 4.41x 4.12x 1.37x 1.13x 6.43x 5.38x

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 5.99x 5.21x 6.01x 5.61x

3'557.0 895.0 2'700.0 4'928.0 5'681.0 4'928.0 5'681.0 5'482.4 6'357.1 991.0 1'442.0

7.89x 26.14x 21.83x 11.63x 10.40x 11.71x 10.38x 10.86x 9.27x 10.80x 9.96x











EBITDA Margin 18.2%



Asset Turnover 0.77







Fiscal Year Ended

Caterpillar IncPrice/Volume

Valuation Analysis

325'057.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013









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





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







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


Susquehanna Financial Group TED GRACE Positive 4 M 109 12 month 26.03.2013

BMO Capital Markets JOEL G TISS outperform 5 M 130 Not Provided 22.03.2013

William Blair & Co LAWRENCE T DE MARIA outperform 5 M 115 12 month 22.03.2013

Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 22.03.2013

Jefferies STEPHEN VOLKMANN hold 3 M 95 12 month 21.03.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 104 12 month 20.03.2013

Credit Suisse JAMIE L COOK outperform 5 M 123 Not Provided 20.03.2013

JPMorgan ANN DUIGNAN neutral 3 M 100 9 month 20.03.2013

Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 20.03.2013

Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 115 Not Provided 18.03.2013

ISI Group DAVID RASO strong buy 5 M 119 Not Provided 17.03.2013


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

Raymond James THEONI PILARINOS outperform 5 U 105 12 month 22.02.2013

Wells Fargo Securities, LLC ANDREW M CASEY market perform 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

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

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


Holdings By:

Caterpillar Inc ee


26.03.2013

Chevron Corporation is an integrated energy company with operations in countries

located around the world. The Company produces and transports crude oil and

natural gas. Chevron also refines, markets, and distributes fuels as well as

is involved in chemical operations, mining operations, power generation and

energy services.


LTM as of: 12/yy

52-Week High (25.03.2013) 121.56

52-Week Low (04.06.2012) 95.74

Daily Volume

120.9





234'872.17 1 Yr Total Return 15.92%







CVX UN EQUITY YTD Change - Average Volume 30 Day 1'682'132

CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'736'176


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

255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 236'286.0 222'580.0 236'505.0 232'832.6 37'489.7 36'713.0

0.58x 0.99x 0.96x 0.87x 0.91x 3.41x 3.70x 0.99x 1.03x 6.10x 6.26x

44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 51'210.0 48'426.0 55'736.4 57'037.2 11'331.2 11'822.8

3.32x 5.94x 4.71x 4.02x 4.19x 4.02x 4.19x 4.07x 3.98x 4.82x 4.48x

23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 26'895.0 26'179.0 23'673.5 24'482.7 5'735.5 5'903.9

6.50x 13.53x 9.76x 7.92x 8.94x 8.07x 8.92x 9.78x 9.68x 9.74x 9.77x


EBIT 35'013.00 Long-Term Rating AA









EBITDA Margin 21.8%



Asset Turnover 1.01







Fiscal Year Ended

Chevron CorpPrice/Volume

Valuation Analysis

315'965.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

-1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

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



26.03.2013























Raymond James PAVEL MOLCHANOV outperform 5 M 122 12 month 26.03.2013

Cowen Securities LLC ASIT SEN buy 5 M 133 Not Provided 26.03.2013

Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 Not Provided 25.03.2013

Tudor Pickering & Co ROBERT KESSLER hold 3 M 124 Not Provided 25.03.2013

Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 22.03.2013

ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 20.03.2013

Societe Generale JOHN HERRLIN hold 3 M 126 12 month 15.03.2013

Argus Research Corp PHILIP H WEISS buy 5 M 135 12 month 14.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 14.03.2013

Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 130 12 month 13.03.2013

Credit Suisse EDWARD WESTLAKE outperform 5 M 130 Not Provided 13.03.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 121 9 month 13.03.2013

Macquarie JASON D GAMMEL outperform 5 M 148 12 month 13.03.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 136 12 month 13.03.2013

Barclays PAUL Y CHENG overweight 5 M 133 Not Provided 13.03.2013

Jefferies IAIN REID buy 5 M 125 12 month 12.03.2013


VTB Capital COLIN SMITH hold 3 M 120 12 month 01.03.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013



Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 125 12 month 13.12.2012

Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 10.10.2012

Phoenix Partners Group CHRIS KETTENMANN sell 1 N 83 Not Provided 24.07.2012

Holdings By:

Chevron Corp ee


26.03.2013

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol

(IP)-based networking and other products related to the communications and

information technology (IT) industry and provide services associated with these

products and their use. The Company provides products for transporting data,

voice, and video within buildings, across campuses, and globally.


LTM as of: 01/yy

52-Week High (11.03.2013) 21.98

52-Week Low (25.07.2012) 14.97

Daily Volume

20.75





110'638.46 1 Yr Total Return 1.91%







CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'486'852

CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'196'968


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4

39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 44'844.0 47'252.0 48'708.3 51'403.4 12'204.0 12'524.3

2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.09x 1.74x 6.31x 6.00x

11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'215.0 15'696.1 3'802.0 4'002.0

10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.28x 5.12x 5.12x 5.02x

8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'665.0 11'156.2 2'630.9 2'720.4

16.14x 17.79x 16.96x 12.57x 10.12x 13.77x 13.06x 10.40x 9.84x 10.24x 10.07x











EBITDA Margin 28.3%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

2'102'008.00


&

2

-&

-2

.&

.2

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 92!& 9-&!& 9-2!& 9.&!& 9.2!& 90&!& 902!& 91&!& 912!& 92&!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 232'564'275 4.36 (1'696'027) 31.12.2012 Investment Advisor










GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70'428'507 1.32 6'196'339 31.12.2012 Investment Advisor


YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'443'161 0.98 (52'225) 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 47'768'835 0.9 (1'195'030) 28.02.2013 Unclassified

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager






Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013

Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 25.03.2013

FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013

Stifel SANJIV R WADHWANI buy 5 M 25 12 month 21.03.2013


Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 15.03.2013

Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 15.03.2013

RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013

Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013

Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 13.03.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 08.03.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 04.03.2013


ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 01.03.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 27.02.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 25.02.2013


Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013

JPMorgan ROD HALL underweight 1 M 18 9 month 14.02.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 14.02.2013

Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 14.02.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 14.02.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 14.02.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 14.02.2013

JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013

Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013

Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 14.02.2013

MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013

Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013


FBN Securities SHEBLY SEYRAFI outperform 5 M 25 12 month 14.02.2013

Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 13.02.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 04.02.2013

Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013


Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012


BGC Partners COLIN W GILLIS buy 5 M 21 12 month 16.08.2012

Holdings By:

Cisco Systems Inc ee


26.03.2013

Citigroup Inc. is a diversified financial services holding company that provides

a broad range of financial services to consumer and corporate customers around

the world. The Company's services include investment banking, retail brokerage,

corporate banking, and cash management products and services.


LTM as of: 12/yy

52-Week High (11.03.2013) 47.91

52-Week Low (04.06.2012) 24.61

Daily Volume

44.63





135'619.80 1 Yr Total Return 19.38%







C UN EQUITY YTD Change - Average Volume 30 Day 6'652'080

C UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'373'754


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

104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 102'587.0 90'853.0 78'926.2 81'178.6 20'199.4 19'622.8

8.56x 7.34x 7.58x 6.95x 7.84x 32.05x 33.09x - - - -

37'722.0 61'666.0 66'021.0 53'554.0 41'810.0 53'829.0 41'647.0 - - - -

23.69x 12.86x 12.82x 13.31x 17.02x 13.25x 17.08x - - - -

(27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 11'067.0 7'541.0 14'032.6 15'906.7 3'496.6 3'339.4

- - 13.32x 5.65x 8.19x 5.07x 9.96x 9.62x 8.40x 9.66x 9.30x











EBITDA Margin 45.8%



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Citigroup IncPrice/Volume

Valuation Analysis

2'794'283.00


&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

&!&&

.&!&&

1&!&&

3&!&&

5&!&&

-&&!&&

-.&!&&

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



26.03.2013





GOVT OF SINGAPORE IN n/a ULT-AGG 112'095'403 3.69 - 31.12.2009 Government











NORGES BANK NORGES BANK 13F 25'563'949 0.84 (2'769'898) 31.12.2012 Government







Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 56 12 month 24.03.2013

Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 53 12 month 22.03.2013





Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 19.03.2013

Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 55 12 month 19.03.2013


S&P Capital IQ ERIK M OJA buy 5 M 52 Not Provided 19.03.2013


Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 18.03.2013

Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 15.03.2013



SunTrust Robinson Humphrey ERIC WASSERSTROM buy 5 M 53 12 month 14.03.2013

Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 60 12 month 14.03.2013

Credit Suisse MOSHE A ORENBUCH outperform 5 M 50 Not Provided 06.03.2013

JPMorgan VIVEK JUNEJA neutral 3 M 45 9 month 06.03.2013


Credit Agricole Securities (USA) MICHAEL L MAYO buy 5 M 60 Not Provided 05.03.2013



RBC Capital Markets GERARD S CASSIDY outperform 5 M 48 12 month 19.02.2013

Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 48 12 month 18.02.2013


Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 D 38 Not Provided 08.02.2013

Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 01.02.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 49 Not Provided 18.01.2013


Nomura GLENN P SCHORR buy 5 M 45 12 month 17.01.2013




Phillip Securities MAGDALENE CHOONG hold 3 D #N/A N/A Not Provided 19.10.2011

Holdings By:

Citigroup Inc ee


26.03.2013

The Coca-Cola Company manufactures, markets, and distributes soft drink

concentrates and syrups. The Company also distributes and markets juice and

juice-drink products. Coca-Cola distributes its products to retailers and

wholesalers in the United States and internationally.


LTM as of: 12/yy

52-Week High (31.07.2012) 40.66

52-Week Low (31.12.2012) 35.58

Daily Volume

40.51





180'541.64 1 Yr Total Return 15.83%







KO UN EQUITY YTD Change - Average Volume 30 Day 4'350'879

KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'136'143


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

31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 46'542.0 48'017.0 49'006.3 51'307.8 11'028.9 13'335.5

3.42x 4.34x 4.65x 3.72x 3.72x 14.52x 15.38x 4.04x 3.81x 18.17x 14.96x

9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'123.0 12'761.0 14'105.8 15'102.6 3'233.3 4'144.1

11.31x 14.20x 16.49x 14.28x 13.98x 14.28x 13.98x 13.96x 13.04x 13.89x 13.99x

5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'581.0 9'019.0 9'641.0 10'338.8 2'026.7 2'933.7

14.33x 18.63x 18.85x 18.22x 18.03x 18.27x 18.13x 18.90x 17.37x 18.95x 18.69x











EBITDA Margin 26.6%



Asset Turnover 0.58







Fiscal Year Ended

Coca-Cola Co/ThePrice/Volume

Valuation Analysis

1'828'561.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-&!& 9

.&!& 9

0&!& 9

1&!& 9

2&!& 9

3&!& 9

4&!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013















GATES FOUNDATION BILL & MELINDA FOUND 13F 34'002'000 0.76 10'638'000 31.12.2012 Endowment


SUNTRUST BANKS INC n/a ULT-AGG 29'923'359 0.67 (14'210'334) 31.12.2012 Bank



UBS n/a ULT-AGG 25'510'804 0.57 2'260'788 31.01.2013 Unclassified

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 25'003'368 0.56 (5'664'077) 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 43 12 month 22.03.2013

Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 21.03.2013

Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 21.03.2013

Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 19.03.2013

Credit Agricole Securities (USA) CAROLINE S LEVY outperform 5 M 43 Not Provided 19.03.2013



HSBC LAUREN E TORRES overweight 5 M 44 Not Provided 25.02.2013


Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 39 Not Provided 21.02.2013

Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 13.02.2013

JPMorgan JOHN A FAUCHER neutral 3 M 43 9 month 13.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 42 12 month 13.02.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 43 12 month 13.02.2013

Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 13.02.2013

Barclays MICHAEL J BRANCA overweight 5 M 41 Not Provided 13.02.2013

S&P Capital IQ ESTHER KWON strong buy 5 M 43 Not Provided 12.02.2013



Deutsche Bank WILLIAM G SCHMITZ buy 5 M 42 12 month 17.10.2012

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012

Holdings By:

Coca-Cola Co/The ee


26.03.2013

Colgate-Palmolive Company is a consumer products company that markets its

products throughout the world. The Company's products include toothpaste,

toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,

and laundry products, as well as pet nutrition products for cats and dogs.


LTM as of: 12/yy

52-Week High (26.03.2013) 116.88

52-Week Low (29.03.2012) 95.53

Daily Volume

116.8





54'658.86 1 Yr Total Return 23.53%







CL UN EQUITY YTD Change - Average Volume 30 Day 607'680

CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 550'765


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

15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 16'734.0 17'085.0 17'751.6 18'762.3 4'298.3 4'429.1

2.47x 2.84x 2.75x 2.89x 3.13x 11.06x 12.49x 3.35x 3.19x 13.75x 13.35x

3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'262.0 4'319.0 4'592.4 5'004.7 1'088.3 1'153.0

10.99x 10.97x 11.09x 11.36x 12.39x 11.36x 12.37x 12.88x 11.82x 12.74x 12.57x

1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'431.0 2'472.0 2'676.2 2'917.4 625.2 664.2

17.71x 18.80x 16.61x 18.37x 19.49x 18.37x 19.60x 20.38x 18.41x 20.39x 19.96x











EBITDA Margin 25.3%



Asset Turnover 1.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Colgate-Palmolive CoPrice/Volume

Valuation Analysis

174'140.00


&

.&

1&

3&

5&

-&&

-.&

-1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013









GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'018'424 1.5 (649'777) 31.12.2012 Investment Advisor





OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'365'670 0.93 6'190 31.12.2012 Investment Advisor


MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'998'025 0.85 346'056 31.12.2012 Investment Advisor




SUNTRUST BANKS INC n/a ULT-AGG 3'658'362 0.78 (28'181) 31.12.2012 Bank



SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 110 12 month 26.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER neutral 3 M 108 Not Provided 26.03.2013

Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 115 12 month 22.03.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013

Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 D #N/A N/A Not Provided 15.03.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 15.03.2013

RBC Capital Markets JASON M GERE sector perform 3 M 114 12 month 11.03.2013

William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 08.03.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 131 12 month 08.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 102 12 month 05.03.2013


BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 109 Not Provided 25.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013


Barclays LAUREN R LIEBERMAN underweight 1 M 103 Not Provided 15.02.2013

Credit Suisse MICHAEL STEIB outperform 5 M 126 Not Provided 12.02.2013

JPMorgan JOHN A FAUCHER neutral 3 M 114 9 month 11.02.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 11.02.2013

S&P Capital IQ IAN GORDON hold 3 M 115 Not Provided 11.02.2013


Goldman Sachs JASON ENGLISH neutral/neutral 3 M 116 12 month 10.02.2013

Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 121 12 month 08.02.2013

Argus Research Corp JOHN D STASZAK buy 5 M 126 Not Provided 05.02.2013

Daiwa Securities Co. Ltd. TORU SUGIURA outperform 5 M 115 Not Provided 05.02.2013

Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 104 12 month 25.10.2012

Deutsche Bank WILLIAM G SCHMITZ hold 3 D 110 12 month 27.07.2012

Holdings By:

Colgate-Palmolive Co ee


26.03.2013

Comcast Corporation is a global media and technology company with two primary

businesses. The Company provides video, high-speed Internet and phone services

to residential and business customers. Comcast also operates news and

entertainment cable networks, a national and a Spanish broadcast network, TV

production operations, TV station groups, film studios, theme parks and resorts.


LTM as of: 12/yy

52-Week High (13.02.2013) 42.00

52-Week Low (21.05.2012) 28.10

Daily Volume

41.56





108'404.07 1 Yr Total Return 39.63%







CMCSA UW EQUITY YTD Change - Average Volume 30 Day 4'155'336

CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'837'537


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

34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 55'842.0 62'570.0 64'234.9 68'029.0 15'441.5 15'990.0

2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.62x 2.44x 11.23x 10.78x

13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 20'933.0 22'280.9 5'021.5 5'330.9

6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.36x 6.91x 7.33x 7.16x

2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'388.8 7'180.1 1'370.2 1'629.2

18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.20x 17.57x 16.79x











EBITDA Margin 31.9%



Asset Turnover 0.39







Fiscal Year Ended

Comcast CorpPrice/Volume

Valuation Analysis

1'457'297.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

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



26.03.2013




















ALLIANCE BERNSTEIN n/a ULT-AGG 18'685'369 0.88 1'272'776 31.12.2012 Investment Advisor



JPMorgan PHILIP CUSICK overweight 5 M 49 Not Provided 25.03.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.03.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013

Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 19.02.2013


Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 19.02.2013


Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013

Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013

Brean Murray Carret & Co TODD MITCHELL buy 5 M 48 12 month 14.02.2013

Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 14.02.2013

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013



Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 13.02.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013

Jefferies THOMAS O SEITZ buy 5 M 45 12 month 13.02.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 D #N/A N/A Not Provided 13.02.2013

Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013


S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013

Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013

New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013

ISI Group VIJAY JAYANT buy 5 M 47 12 month 12.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011

Holdings By:

Comcast Corp ee


26.03.2013

ConocoPhillips explores for, produces, transports and markets crude oil,

natural gas, natural gas liquids, liquefied natural gas and bitumen on a

worldwide basis.


LTM as of: 12/yy

52-Week High (30.01.2013) 62.04

52-Week Low (04.06.2012) 50.63

Daily Volume

60.37





73'711.34 1 Yr Total Return 7.33%







COP UN EQUITY YTD Change - Average Volume 30 Day 1'701'568

COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'643'456


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

225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 102'785.0 96'888.0 52'782.8 56'814.7 12'679.3 11'850.5

0.46x 0.77x 0.63x 1.72x 1.54x 4.47x 4.03x 1.66x 1.56x 7.19x 7.12x

35'740.0 17'606.0 22'655.0 21'649.0 19'396.0 22'315.0 20'383.0 21'866.8 23'825.2 5'437.1 4'743.1

2.92x 5.94x 4.91x 5.10x 4.60x 4.95x 4.38x 4.22x 3.87x 4.52x 4.43x

(16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 12'436.0 8'428.0 6'595.0 7'694.3 1'669.1 1'459.6

4.81x 15.52x 11.50x 12.65x 10.80x 11.40x 9.52x 11.03x 9.92x 11.04x 10.90x











EBITDA Margin 21.0%



Asset Turnover 0.72







Fiscal Year Ended

ConocoPhillipsPrice/Volume

Valuation Analysis

329'679.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

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



26.03.2013










WADDELL & REED FINAN WADDELL & REED FINAN 13F 19'331'290 1.58 (953'208) 31.12.2012 Investment Advisor





DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 10'750'899 0.88 (16'247) 31.12.2012 Investment Advisor










Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.03.2013





Argus Research Corp PHILIP H WEISS buy 5 M 64 Not Provided 04.03.2013

JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 9 month 01.03.2013

Macquarie JASON D GAMMEL neutral 3 M 64 12 month 01.03.2013

Barclays PAUL Y CHENG equalweight 3 M 62 Not Provided 01.03.2013

Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 28.02.2013

Jefferies IAIN REID hold 3 M 60 12 month 28.02.2013

Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 28.02.2013



Simmons & Company International JEFFREY A DIETERT neutral 3 M #N/A N/A Not Provided 15.02.2013

Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 31.01.2013


Howard Weil Inc BLAKE FERNANDEZ restricted #N/A N/A M #N/A N/A Not Provided 07.01.2013

Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 61 12 month 13.12.2012

Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 10.10.2012

Holdings By:

ConocoPhillips ee


26.03.2013

Costco Wholesale Corporation operates wholesale membership warehouses in

multiple countries. The Company sells all kinds of food, automotive supplies,

toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty

aids, as well as other goods.


LTM as of: 02/yy

52-Week High (26.03.2013) 105.96

52-Week Low (08.05.2012) 76.56

Daily Volume

105.72





46'133.18 1 Yr Total Return 25.19%


Preferred Stock - Adjusted BETA 0.745





COST UW EQUITY YTD Change - Average Volume 30 Day 739'957

COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 696'108


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 93'396.0 103'128.0 106'074.6 115'242.1 24'295.1 33'139.4

0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.43x 0.39x 1.92x 1.40x

2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.6 4'518.5 930.4 1'298.1

10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.14x 10.09x 10.78x 10.53x

1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'003.7 2'198.1 450.2 638.4

22.66x 20.46x 19.18x 23.33x 25.16x 24.48x 23.65x 23.24x 21.01x 22.46x 21.94x











EBITDA Margin 3.8%



Asset Turnover 3.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Costco Wholesale CorpPrice/Volume

Valuation Analysis

164'241.00


&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013











AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'028'756 1.38 716'763 31.12.2012 Investment Advisor





JP MORGAN n/a ULT-AGG 4'378'833 1 1'416'393 31.12.2012 Unclassified

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'345'534 1 403'832 31.12.2012 Investment Advisor



MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'799'389 0.87 (109'758) 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'546'132 0.81 (52'878) 31.12.2012 Investment Advisor


Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013

ISI Group GREGORY MELICH strong buy 5 M 116 12 month 24.03.2013


Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 20.03.2013

Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013

Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013

BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 13.03.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 115 Not Provided 13.03.2013

Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 13.03.2013

Stifel DAVID A SCHICK buy 5 M 107 12 month 13.03.2013

Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 13.03.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 12.03.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 9 month 12.03.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 12.03.2013

Jefferies DANIEL T BINDER hold 3 M 92 12 month 12.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 102 12 month 12.03.2013

Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 12.03.2013

Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013

Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 04.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 15.02.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 102 12 month 11.10.2012

Holdings By:

Costco Wholesale Corp ee


26.03.2013

CVS Caremark Corporation is an integrated pharmacy health care provider. The

Company's offerings include pharmacy benefit management services, mail order,

retail and specialty pharmacy, disease management programs, and retail clinics.

The company operates drugstores throughout the U.S., the District of Columbia,

and Puerto Rico.


LTM as of: 12/yy

52-Week High (26.03.2013) 56.07

52-Week Low (24.04.2012) 43.09

Daily Volume

55.86





68'774.52 1 Yr Total Return 24.23%







CVS UN EQUITY YTD Change - Average Volume 30 Day 1'496'818

CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'404'915


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

87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 107'100.0 123'133.0 125'267.7 130'060.8 30'356.6 31'233.3

0.59x 0.56x 0.59x 0.57x 0.55x 2.13x 2.18x 0.62x 0.59x 2.55x 2.48x

7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 7'898.0 8'981.0 9'760.0 10'336.3 2'063.9 2'354.7

7.10x 7.02x 7.37x 7.79x 7.57x 7.79x 7.57x 7.92x 7.48x 7.94x 7.81x

3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'461.0 3'877.0 4'735.6 5'031.6 959.5 1'124.9

11.78x 12.29x 13.96x 15.75x 15.11x 15.62x 15.11x 14.09x 12.68x 14.11x 13.79x


EBIT 7'228.00 Long-Term Rating BBB+









EBITDA Margin 7.3%



Asset Turnover 1.89







Fiscal Year Ended

CVS Caremark CorpPrice/Volume

Valuation Analysis

352'838.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013











ABERDEEN n/a ULT-AGG 20'740'777 1.68 (27'300) 31.12.2012 Unclassified












Lazard Capital Markets THOMAS GALLUCCI buy 5 M 64 12 month 25.03.2013

BMO Capital Markets JENNIFER LYNCH outperform 5 M 59 Not Provided 20.03.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 60 12 month 15.03.2013

ISI Group ROSS MUKEN buy 5 M 59 12 month 14.03.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 D 57 12 month 11.03.2013

Raymond James JOHN W RANSOM outperform 5 M 58 12 month 08.03.2013

Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 06.03.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 60 12 month 04.03.2013

RBC Capital Markets FRANK G MORGAN outperform 5 M 59 12 month 28.02.2013


Macquarie DANE LEONE outperform 5 M 56 12 month 07.02.2013

Cantor Fitzgerald AJAY JAIN buy 5 M 57 12 month 07.02.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 07.02.2013

Barclays MEREDITH ADLER overweight 5 M 57 Not Provided 07.02.2013

Credit Suisse EDWARD J KELLY outperform 5 M 55 Not Provided 06.02.2013

SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M #N/A N/A Not Provided 06.02.2013

JPMorgan LISA C GILL overweight 5 M 59 9 month 06.02.2013


Mizuho Securities USA Inc ANN HYNES buy 5 M 56 12 month 06.02.2013

JMP Securities TIM MCDONOUGH market outperform 4 M 58 12 month 06.02.2013

S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013


Holdings By:

CVS Caremark Corp ee


26.03.2013

Devon Energy Corporation is an independent energy company that is involved

primarily in oil and gas exploration, development and production, the

transportation of oil, gas, and NGLs and the processing of natural gas. The

Company also has marketing and midstream operations primarily in North America

that include gas, crude oil and NGLs.


LTM as of: 12/yy

52-Week High (02.04.2012) 73.13

52-Week Low (31.12.2012) 50.89

Daily Volume

57.05





23'162.30 1 Yr Total Return -20.35%







DVN UN EQUITY YTD Change - Average Volume 30 Day 785'380

DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 717'389


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

13'615.0 8'136.0 10'017.0 10'965.0 9'679.0 10'783.0 9'651.0 9'867.5 11'105.8 2'216.2 2'357.4

2.56x 4.85x 3.66x 2.53x 2.66x 12.04x 11.76x 3.28x 3.10x 14.36x 13.71x

8'952.0 4'391.0 5'936.0 6'389.0 5'253.0 6'138.0 5'225.0 5'642.8 6'733.2 1'257.0 1'352.6

3.89x 8.99x 6.17x 4.35x 4.91x 4.52x 4.94x 4.93x 4.13x 4.85x 4.61x

(2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 4'704.0 (206.0) 1'454.2 2'087.9 269.2 315.5

8.59x 22.41x 13.65x 24.70x 15.77x 10.16x 15.91x 16.11x 11.41x 16.18x 13.89x




Pretax Margin -3.28% Short-Term Rating Date 29.08.2000

Return on Assets -0.49% Short-Term Rating A-2






EBITDA Margin 54.1%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Devon Energy CorpPrice/Volume

Valuation Analysis

97'625.00


&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

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



26.03.2013




MITCHELL GEORGE PHYD n/a 13D 23'372'374 5.76 - 07.03.2012 n/a











INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 5'580'292 1.37 330'608 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'326'710 1.31 1'090'031 31.12.2012 Hedge Fund Manager


GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'540'933 1.12 (119'365) 31.12.2012 Investment Advisor


TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 3'737'500 0.92 2'210'982 31.12.2012 Investment Advisor


Capital One Southcoast, Inc. ELIOT JAVANMARDI neutral 3 M 84 Not Provided 26.03.2013

Deutsche Bank STEPHEN RICHARDSON hold 3 M 66 12 month 25.03.2013

Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 67 12 month 22.03.2013

Susquehanna Financial Group DUANE GRUBERT Positive 4 M 74 12 month 21.03.2013

Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 18.03.2013

FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 15.03.2013


Simmons & Company International DAVID W KISTLER overweight 5 M 92 Not Provided 15.03.2013


Macquarie JOSEPH MAGNER neutral 3 M 61 12 month 07.03.2013



JPMorgan JOSEPH D ALLMAN overweight 5 M 62 9 month 27.02.2013

Raymond James ANDREW COLEMAN outperform 5 M 69 12 month 25.02.2013





Robert W. Baird & Co HSULIN PENG outperform 5 M 68 12 month 21.02.2013

Barclays THOMAS R DRISCOLL equalweight 3 M 61 Not Provided 21.02.2013



Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 20.02.2013

Peters & Co Ltd KAM S SANDHAR sector outperform 5 M 75 12 month 20.02.2013

Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 20.02.2013

Tudor Pickering & Co BRIAN LIVELY hold 3 M 83 Not Provided 01.02.2013


Goldman Sachs BRIAN SINGER buy/attractive 5 M 69 12 month 13.12.2012

Holdings By:

Devon Energy Corp ee


26.03.2013

The Dow Chemical Company is a diversified chemical company that provides

chemical, plastic, and agricultural products and services to various essential

consumer markets. The Company serves customers in countries around the world in

markets such as food, transportation, health and medicine, personal care, and

construction.


LTM as of: 12/yy

52-Week High (25.04.2012) 36.08

52-Week Low (16.11.2012) 27.45

Daily Volume

32.11





38'672.13 1 Yr Total Return -5.55%







DOW UN EQUITY YTD Change - Average Volume 30 Day 1'562'352

DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'723'836


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

57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 59'985.0 56'786.0 58'994.5 61'769.9 14'961.0 15'200.8

0.41x 1.25x 1.14x 0.92x 1.07x 3.94x 4.23x 1.02x 0.96x 4.15x 4.10x

4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'909.0 6'425.0 8'302.9 9'223.6 2'158.0 2'168.3

5.46x 13.38x 10.11x 7.99x 9.14x 7.99x 9.45x 7.27x 6.54x 7.13x 6.85x

579.0 648.0 2'310.0 2'742.0 1'182.0 2'742.0 1'182.0 2'797.9 3'499.0 771.7 840.9

25.58x 43.86x 17.42x 11.32x 17.02x 11.23x 16.93x 13.57x 10.88x 13.62x 12.47x











EBITDA Margin 11.3%



Asset Turnover 0.82







Fiscal Year Ended

Dow Chemical Co/ThePrice/Volume

Valuation Analysis

481'351.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013









DODGE & COX DODGE & COX 13F 29'819'338 2.48 22'392 31.12.2012 Investment Advisor




GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'019'816 0.83 860'998 31.12.2012 Investment Advisor






CREDIT SUISSE AG CREDIT SUISSE AG 13F 7'307'654 0.61 1'323'515 31.12.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'277'441 0.6 4'374'725 31.12.2012 Investment Advisor



Susquehanna Financial Group DONALD D CARSON neutral 3 M 35 12 month 24.03.2013

Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 21.03.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.03.2013

Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 18.03.2013


Jefferies LAURENCE ALEXANDER hold 3 M 34 12 month 08.03.2013

Macquarie COOLEY MAY outperform 5 M 39 12 month 05.03.2013

Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 01.03.2013

Cowen Securities LLC CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 28.02.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 28 12 month 25.02.2013

Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 19.02.2013

Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.02.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 35 12 month 04.02.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 35 12 month 01.02.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 01.02.2013


JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 33 9 month 01.02.2013

Credit Agricole Securities (USA) MARK W CONNELLY underperform 1 M 33 Not Provided 01.02.2013

Barclays DUFFY FISCHER equalweight 3 M 36 Not Provided 01.02.2013


Goldman Sachs ROBERT KOORT buy/attractive 5 M 41 12 month 13.01.2013

Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012

Holdings By:

Dow Chemical Co/The ee


26.03.2013

eBay Inc. operates an online trading community. The Company's service is used

by buyers and sellers for the exchange of products and services such as coins,

collectibles, computers, memorabilia, stamps and toys, as well as concert and

sporting tickets. eBay also offers, through a subsidiary, secure online

payment services.


LTM as of: 12/yy

52-Week High (01.02.2013) 57.26

52-Week Low (10.04.2012) 35.32

Daily Volume

51.78





67'133.41 1 Yr Total Return 35.98%







EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'002'050

EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'969'003


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

8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 11'651.7 14'071.0 16'351.1 18'761.3 3'765.3 3'946.7

1.82x 2.93x 3.42x 3.02x 4.34x 12.60x 15.16x 3.76x 3.11x 16.34x 15.38x

2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'313.0 4'090.0 5'392.5 6'235.5 1'237.2 1'298.8

5.46x 11.10x 11.03x 10.62x 14.95x 10.62x 14.94x 11.57x 10.01x 11.57x 11.11x

1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'229.4 2'610.0 3'637.3 4'253.1 823.4 872.0

9.01x 15.90x 20.17x 17.23x 26.15x 17.33x 26.29x 18.79x 16.04x 18.82x 18.14x











EBITDA Margin 29.1%



Asset Turnover 0.44







Fiscal Year Ended

eBay IncPrice/Volume

Valuation Analysis

1'332'741.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

-3!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013


OMIDYAR PIERRE M n/a Form 4 121'858'408 9.4 (30'000) 21.12.2012 n/a






JANUS CAPITAL MANAGE n/a ULT-AGG 40'275'490 3.11 (5'193'294) 31.12.2012 Investment Advisor



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 30'626'146 2.36 (1'802'736) 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'441'029 1.58 (1'345'350) 31.12.2012 Investment Advisor







WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor




JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 26.03.2013

Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 50 12 month 26.03.2013

Topeka Capital Markets Inc VICTOR ANTHONY hold 3 M 54 12 month 26.03.2013

Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 25.03.2013


Stifel JORDAN ROHAN buy 5 M 63 12 month 25.03.2013


JPMorgan DOUGLAS ANMUTH overweight 5 M 56 9 month 22.03.2013


Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 22.03.2013

Wedbush GIL B LURIA outperform 5 M 64 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013




Jefferies BRIAN J PITZ buy 5 M 62 12 month 20.03.2013



Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.03.2013




Credit Agricole Securities (USA) JAMES LEE buy 5 M 64 Not Provided 18.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 56 12 month 14.03.2013

Evercore Partners KEN SENA overweight 5 U 64 12 month 14.03.2013

BMO Capital Markets EDWARD S WILLIAMS outperform 5 N 64 Not Provided 28.02.2013


Raymond James AARON M KESSLER outperform 5 M 61 12 month 22.01.2013

Credit Suisse STEPHEN JU neutral 3 M 50 Not Provided 17.01.2013

Needham & Co KERRY RICE buy 5 M 60 12 month 17.01.2013

B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 64 Not Provided 17.01.2013


Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 17.01.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 60 12 month 17.01.2013


Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 17.01.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 62 12 month 16.01.2013

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

Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013


Deutsche Bank ROSS SANDLER hold 3 N 55 12 month 20.09.2012

Holdings By:

eBay Inc ee


26.03.2013

E. I. du Pont de Nemours and Company is a global chemical and life sciences

company, with businesses that include agriculture and industrial biotechnology,

chemistry, biology, materials science and manufacturing. The Company operates

globally and offers a wide range of products and services for markets including

agriculture and food, building and construction, electronics and communications.


LTM as of: 12/yy

52-Week High (27.04.2012) 53.98

52-Week Low (16.11.2012) 41.68

Daily Volume

48.67





45'471.80 1 Yr Total Return -5.27%







DD UN EQUITY YTD Change - Average Volume 30 Day 1'330'074

DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'287'409


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

30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 35'779.0 36'951.0 36'150.0 38'367.2 10'440.3 10'205.5

0.96x 1.38x 1.58x 1.53x 1.43x 6.27x 6.19x 1.37x 1.24x 4.78x 4.88x

2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 5'295.0 5'069.0 6'714.8 7'249.0 2'342.3 2'184.6

10.14x 11.67x 11.29x 10.23x 10.35x 9.75x 9.79x 7.91x 7.32x 8.00x 7.77x

2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'474.0 2'788.0 3'630.2 4'081.7 1'444.3 1'318.2

9.10x 16.59x 15.21x 12.90x 13.51x 12.14x 12.83x 12.41x 11.10x 12.39x 11.51x











EBITDA Margin 13.7%



Asset Turnover 0.75







Fiscal Year Ended

EI du Pont de Nemours & CoPrice/Volume

Valuation Analysis

523'127.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013





CAPITAL GROUP COMPAN n/a ULT-AGG 39'894'000 4.27 - 31.12.2012 Investment Advisor







DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.07 - 31.12.2012 Investment Advisor


GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'417'027 1.01 1'631'539 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 8'569'404 0.92 (69'262) 31.12.2012 Investment Advisor


WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 7'109'145 0.76 (903'445) 31.12.2012 Investment Advisor



STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 6'717'535 0.72 (22'604) 31.12.2012 Insurance Company




BGC Partners MARK R GULLEY buy 5 M 55 12 month 26.03.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.03.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.03.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 60 12 month 18.03.2013

Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 07.03.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 52 12 month 01.03.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 01.03.2013

Alembic Global Advisors HASSAN I AHMED neutral 3 M 43 12 month 25.02.2013

Piper Jaffray MIKE J RITZENTHALER neutral 3 M 51 12 month 12.02.2013

Barclays DUFFY FISCHER equalweight 3 M 53 Not Provided 12.02.2013

Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 10.02.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 07.02.2013

Credit Suisse JOHN P MCNULTY not rated #N/A N/A M #N/A N/A Not Provided 01.02.2013



Goldman Sachs ROBERT KOORT neutral/attractive 3 M 50 12 month 27.01.2013

Deutsche Bank DAVID I BEGLEITER buy 5 M 55 12 month 23.01.2013

JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 50 9 month 23.01.2013

Macquarie COOLEY MAY outperform 5 M 57 12 month 23.01.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 37 12 month 22.01.2013

S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013

Credit Agricole Securities (USA) MARK W CONNELLY underperform 1 D 50 Not Provided 22.01.2013

Holdings By:

EI du Pont de Nemours & Co ee


26.03.2013

Eli Lilly and Company discovers, develops, manufactures, and sells

pharmaceutical products for humans and animals. The Company's products are

sold in countries around the world. Eli Lilly's products include neuroscience

products, endocrine products, anti-infectives, cardiovascular agents, oncology

products, and animal health products.


LTM as of: 12/yy

52-Week High (26.03.2013) 56.68

52-Week Low (13.04.2012) 39.16

Daily Volume

56.11





63'651.84 1 Yr Total Return 45.41%







LLY UN EQUITY YTD Change - Average Volume 30 Day 1'247'530

LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'257'107


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

20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 24'286.5 22'603.3 23'010.6 19'909.1 5'666.8 5'868.4

2.47x 1.98x 1.76x 1.98x 2.49x 7.24x 9.16x 2.67x 2.97x 10.92x 10.50x

6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 7'691.5 6'477.4 6'681.5 5'024.7 1'702.0 1'606.0

7.57x 5.63x 5.01x 6.27x 8.69x 6.27x 8.69x 9.53x 12.67x 10.33x -

(2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'347.7 4'088.5 4'275.8 2'984.4 1'148.6 1'103.3

10.02x 8.08x 7.42x 9.53x 12.91x 9.53x 14.55x 14.41x 20.07x 14.41x 15.79x











EBITDA Margin 28.7%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eli Lilly & CoPrice/Volume

Valuation Analysis

401'088.00


&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013


LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 11.96 - 31.12.2012 Endowment

LILLY ENDOWMENT INCO n/a Research 135'670'804 11.96 - 31.12.2012 Endowment



PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 48'617'689 4.29 300'400 31.12.2012 Investment Advisor














CI INVESTMENTS INC CI INVESTMENTS INC 13F 8'401'723 0.74 (217'400) 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'108'905 0.71 (995'500) 31.12.2012 Hedge Fund Manager


Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 22.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 61 Not Provided 21.03.2013

Cowen and Company STEVEN R SCALA neutral 3 M #N/A N/A Not Provided 15.03.2013

Jefferies JEFFREY HOLFORD underperform 1 M 43 12 month 14.03.2013


Edward Jones JUDSON CLARK sell 1 D #N/A N/A Not Provided 28.02.2013

ISI Group MARK J SCHOENEBAUM hold 3 M 55 Not Provided 27.02.2013

Credit Suisse CATHERINE J ARNOLD outperform 5 M 68 Not Provided 26.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 20.02.2013

Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC sell 1 M 47 Not Provided 11.02.2013

Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 07.02.2013

BMO Capital Markets ALEX ARFAEI market perform 3 M 52 Not Provided 31.01.2013

Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 56 12 month 30.01.2013



MKM Partners JON LECROY neutral 3 M 53 12 month 30.01.2013



S&P Capital IQ HERMAN SAFTLAS hold 3 M 54 12 month 04.01.2013

Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011

Holdings By:

Eli Lilly & Co ee


26.03.2013

EMC Corporation provides enterprise storage systems, software, networks, and

services. The Company's products store, retrieve, manage, protect, and share

information from all major computing environments and mainframe platforms. EMC

operates offices around the world.


LTM as of: 12/yy

52-Week High (28.03.2012) 30.00

52-Week Low (01.03.2013) 22.76

Daily Volume

23.72





49'917.09 1 Yr Total Return -19.89%







EMC UN EQUITY YTD Change - Average Volume 30 Day 3'881'547

EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'268'624


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

14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'007.6 21'713.9 23'481.8 25'468.2 5'422.7 5'665.6

1.24x 2.34x 2.72x 2.20x 2.38x 9.77x 9.98x 1.82x 1.52x 7.97x 7.51x

2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 4'961.4 5'602.2 6'981.2 7'564.3 1'624.4 1'723.7

6.23x 12.63x 11.75x 8.85x 9.23x 8.85x 9.23x 6.93x 6.40x 6.61x 6.57x

1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'461.3 2'732.6 4'130.7 4'600.5 864.3 945.4

14.75x 26.88x 24.11x 18.89x 20.08x 18.89x 20.08x 12.77x 11.50x 12.74x 12.38x











EBITDA Margin 25.8%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EMC Corp/MAPrice/Volume

Valuation Analysis

1'033'648.00


&

2

-&

-2

.&

.2

0&

02

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013











AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 37'578'664 1.79 (3'047'485) 31.12.2012 Investment Advisor









AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 21'128'294 1 (532'843) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 20'280'493 0.96 7'124'280 31.12.2012 Investment Advisor


JPMorgan MARK A MOSKOWITZ neutral 3 M 26 9 month 25.03.2013


Stifel AARON C RAKERS buy 5 M 33 12 month 22.03.2013

William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 20.03.2013

Hilliard Lyons STEPHEN TURNER long-term buy 5 M 30 12 month 18.03.2013

Piper Jaffray ANDREW J NOWINSKI overweight 5 M 29 12 month 18.03.2013

Argus Research Corp JAMES KELLEHER buy 5 M 36 12 month 15.03.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 15.03.2013


BMO Capital Markets KEITH F BACHMAN outperform 5 M 28 Not Provided 14.03.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.03.2013

Brean Murray Carret & Co ANANDA BARUAH buy 5 M 30 12 month 14.03.2013


Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 29 12 month 14.03.2013

Jefferies PETER J MISEK buy 5 M 32 12 month 14.03.2013

Needham & Co GLENN HANUS buy 5 M 30 12 month 14.03.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 30 12 month 14.03.2013

Raymond James BRIAN G ALEXANDER strong buy 5 M 30 12 month 14.03.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 31 12 month 14.03.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 14.03.2013


Lazard Capital Markets EDWARD PARKER buy 5 M 28 12 month 14.03.2013

Longbow Research JOE WITTINE buy 5 M 30 12 month 14.03.2013

Credit Agricole Securities (USA) LOUIS R MISCIOSCIA outperform 5 M 28 Not Provided 14.03.2013


RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 13.03.2013

Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 13.03.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 32 12 month 13.03.2013

ISI Group BRIAN MARSHALL buy 5 M 36 12 month 13.03.2013


FBN Securities SHEBLY SEYRAFI outperform 5 M 29 12 month 13.03.2013


Craig-Hallum Capital Group LLC RAJESH GHAI hold 3 M 28 12 month 05.03.2013


Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 28 12 month 30.01.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Neutral 5 M 28 12 month 29.01.2013

Wunderlich Securities BRIAN S FREED buy 5 M 32 18 month 29.01.2013

S&P Capital IQ ANGELO ZINO buy 5 M 30 12 month 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 17.01.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 28 12 month 19.09.2012

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012

Holdings By:

EMC Corp/MA ee


26.03.2013

Emerson Electric Co. designs and manufactures electronic and electrical

equipment, software, systems and services for industrial, commercial and

consumer markets worldwide through its network power, process management,

industrial automation, climate technologies and tools & storage divisions.


LTM as of: 12/yy

52-Week High (19.02.2013) 58.66

52-Week Low (12.07.2012) 43.59

Daily Volume

55.73





40'241.11 1 Yr Total Return 12.00%







EMR UN EQUITY YTD Change - Average Volume 30 Day 782'098

EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 803'239


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 23'996.0 24'656.0 25'243.8 26'571.6 6'050.0 6'674.7

1.39x 1.66x 2.06x 1.40x 1.56x 6.88x 6.46x 1.69x 1.57x 7.24x 6.52x

4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 4'930.0 5'269.0 5'048.1 5'461.2 1'131.8 1'432.0

7.18x 8.60x 10.00x 6.64x 7.38x 7.69x 7.85x 8.59x 7.94x 8.44x 8.26x

2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'371.0 2'051.0 2'612.9 2'886.2 574.7 769.4

12.79x 15.84x 18.74x 12.75x 14.45x 14.79x 15.49x 15.48x 13.87x 15.02x 14.57x











EBITDA Margin 21.4%



Asset Turnover 1.04







Fiscal Year Ended

Emerson Electric CoPrice/Volume

Valuation Analysis

541'444.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013








BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 15'550'431 2.15 3'161'686 31.12.2012 Investment Advisor







WELLS FARGO n/a ULT-AGG 7'984'948 1.11 (442) 31.12.2012 Unclassified




US BANCORP US BANCORP 13F 5'405'831 0.75 (308'607) 31.12.2012 Investment Advisor




RBC Capital Markets JAMIE SULLIVAN outperform 5 M 70 12 month 26.03.2013

Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 68 12 month 26.03.2013

Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 26.03.2013

Deutsche Bank JOHN G INCH buy 5 M 69 12 month 25.03.2013

Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 N 62 12 month 20.03.2013

Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 68 12 month 19.03.2013

FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 18.03.2013

Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 15.03.2013

Cowen and Company GAUTAM KHANNA neutral 3 M #N/A N/A Not Provided 06.03.2013


Credit Suisse JULIAN MITCHELL outperform 5 M 60 Not Provided 21.02.2013

Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 55 12 month 21.02.2013

Nomura SHANNON O'CALLAGHAN buy 5 M 65 12 month 21.02.2013


Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 15.02.2013

Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 62 12 month 13.02.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 59 12 month 13.02.2013

Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 63 12 month 13.02.2013


JPMorgan CHARLES STEPHEN TUSA neutral 3 M 51 9 month 12.02.2013


Macquarie MICHAEL R WOOD neutral 3 M 56 12 month 06.02.2013

MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 56 12 month 06.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.02.2013

Holdings By:

Emerson Electric Co ee


26.03.2013

Exelon Corporation is a utility services holding company. The Company, through

its subsidiaries distributes electricity to customers in Illinois and

Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area

as well as operates nuclear power plants in states that include Pennsylvania and

New Jersey.


LTM as of: 12/yy

52-Week High (01.08.2012) 39.75

52-Week Low (23.11.2012) 28.40

Daily Volume

33.79





28'909.33 1 Yr Total Return -8.17%







EXC UN EQUITY YTD Change - Average Volume 30 Day 1'525'943

EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'462'401


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

18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 19'064.0 23'489.0 25'517.9 25'375.7 5'206.7 6'611.8

2.57x 2.48x 2.08x 2.16x 1.87x 8.65x 8.30x 1.83x 1.87x 8.97x 7.17x

7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'783.0 6'550.0 6'258.9 6'129.9 1'990.0 1'728.0

6.38x 5.84x 5.07x 6.08x 6.71x 6.08x 6.71x 7.58x 7.74x 6.56x 6.61x

2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 2'495.0 1'160.0 2'134.7 1'992.0 612.5 485.0

13.24x 11.86x 10.26x 10.43x 10.44x 10.43x 11.66x 13.58x 14.68x 13.57x 13.66x











EBITDA Margin 27.9%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Exelon CorpPrice/Volume

Valuation Analysis

259'899.00


&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013












HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 11'040'768 1.29 122'542 31.12.2012 Investment Advisor





PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 4'138'375 0.48 (550'549) 31.12.2012 Investment Advisor




LEGAL & GENERAL n/a ULT-AGG 3'870'799 0.45 115'284 31.12.2012 Unclassified



Wolfe Trahan & Co STEVEN I FLEISHMAN peerperform 3 M 33 12 month 25.03.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 11.03.2013

Credit Suisse DANIEL EGGERS neutral 3 M 33 Not Provided 07.03.2013

Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 06.03.2013

Wells Fargo Securities, LLC NEIL A KALTON market perform 3 M #N/A N/A Not Provided 04.03.2013

SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.03.2013

Drexel Hamilton LLC ANDREW L SMITH hold 3 N 31 12 month 20.02.2013

Argus Research Corp GARY F HOVIS hold 3 M #N/A N/A Not Provided 13.02.2013

RBC Capital Markets SHELBY G TUCKER outperform 5 M 34 12 month 08.02.2013

JPMorgan CHRISTOPHER TURNURE neutral 3 M 34 9 month 08.02.2013

Jefferies PAUL B FREMONT hold 3 M 32 12 month 08.02.2013

Wunderlich Securities JAMES L DOBSON buy 5 M 37 18 month 08.02.2013

BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 08.02.2013

ISI Group GREG GORDON buy 5 M 35 12 month 08.02.2013

Barclays DANIEL F FORD equalweight 3 M 32 Not Provided 08.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013


Atlantic Equities LLP NATHAN JUDGE neutral 3 M 29 12 month 07.02.2013

Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 39 12 month 01.02.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013

Tudor Pickering & Co NEEL MITRA hold 3 M 32 Not Provided 09.01.2013

Deutsche Bank JONATHAN ARNOLD buy 5 U 34 12 month 26.11.2012

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 32 12 month 21.11.2012

Holdings By:

Exelon Corp ee


26.03.2013

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a

worldwide basis. The Company's operations include exploration and production of

oil and gas, electric power generation, and coal and minerals operations.

Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.


LTM as of: 12/yy

52-Week High (19.10.2012) 93.60

52-Week Low (05.06.2012) 77.13

Daily Volume

90.06





403'509.28 1 Yr Total Return 6.23%







XOM UN EQUITY YTD Change - Average Volume 30 Day 3'915'583

XOM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'932'984


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

425'071.0 275'564.0 341'578.0 433'526.0 420'714.0 433'526.0 426'252.0 435'718.8 444'541.0 114'045.8 110'504.8

0.89x 1.18x 1.10x 0.95x 0.94x 3.70x 3.82x 0.96x 0.95x 3.64x 3.77x

78'669.0 38'156.0 54'882.0 69'687.0 65'769.0 69'687.0 67'270.0 81'318.3 82'738.0 18'690.6 16'479.2

4.82x 8.54x 6.87x 5.91x 6.04x 5.91x 5.91x 5.06x 4.97x 5.69x 5.43x

45'220.0 19'280.0 30'460.0 41'060.0 44'880.0 41'060.0 44'880.0 35'040.6 36'480.1 8'847.9 8'531.6

9.46x 17.01x 11.76x 10.07x 11.45x 10.07x 10.97x 11.34x 10.77x 11.30x 11.12x


EBIT 49'881.00 Long-Term Rating AAA









EBITDA Margin 15.8%



Asset Turnover 1.28







Fiscal Year Ended

Exxon Mobil CorpPrice/Volume

Valuation Analysis

959'852.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013




















FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'676'316 0.46 (778'742) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 20'348'094 0.45 (225'351) 31.12.2012 Unclassified



Cowen Securities LLC ASIT SEN buy 5 M 100 Not Provided 26.03.2013







Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 07.03.2013

Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 97 12 month 07.03.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 96 9 month 07.03.2013


Independent Research GmbH SVEN DIERMEIER hold 3 M 93 12 month 07.03.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 95 12 month 07.03.2013

Barclays PAUL Y CHENG equalweight 3 M 93 Not Provided 07.03.2013


Jefferies IAIN REID hold 3 M 85 12 month 06.03.2013

VTB Capital COLIN SMITH hold 3 M 90 12 month 01.03.2013




Goldman Sachs ARJUN N MURTI neutral/attractive 3 D 97 12 month 13.12.2012

Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 10.10.2012

Phoenix Partners Group CHRIS KETTENMANN hold 3 N 77 Not Provided 24.07.2012

Holdings By:

Exxon Mobil Corp ee


26.03.2013

FedEx Corp. delivers packages and freight to multiple countries and

territories through an integrated global network. The Company provides

worldwide express delivery, ground small-parcel delivery, less-than-truckload

freight delivery, supply chain management services, customs brokerage services,

and trade facilitation and electronic commerce solutions.


LTM as of: 02/yy

52-Week High (11.03.2013) 109.66

52-Week Low (05.06.2012) 83.80

Daily Volume

97.75





30'973.94 1 Yr Total Return 6.02%







FDX UN EQUITY YTD Change - Average Volume 30 Day 558'823

FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 510'328


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1

37'953.0 35'497.0 34'734.0 39'304.0 42'680.0 42'224.0 43'860.0 44'293.0 46'686.3 11'496.8 11'127.3

0.76x 0.50x 0.75x 0.74x 0.63x 2.56x 2.62x 0.67x 0.62x 2.57x 2.66x

4'903.0 3'926.0 3'974.0 4'440.0 5'433.0 5'288.0 5'393.0 5'454.1 6'409.7 1'638.2 1'461.3

5.91x 4.48x 6.59x 6.54x 4.98x 5.32x 5.99x 5.47x 4.66x 4.77x 4.61x

1'125.0 98.0 1'184.0 1'452.0 2'032.0 2'040.0 1'808.0 1'920.1 2'411.6 615.1 518.7

15.73x 19.66x 21.97x 19.11x 13.53x 14.22x 17.09x 16.03x 12.88x 13.58x 12.97x











EBITDA Margin 12.3%



Asset Turnover 1.45







Fiscal Year Ended

FedEx CorpPrice/Volume

Valuation Analysis

294'170.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

&2!&3!.&&6 &2!-.!.&&6 &2!&3!.&-& &2!-.!.&-& &2!&3!.&-- &2!-.!.&-- &2!&3!.&-. &2!-.!.&-.



26.03.2013



SMITH FREDERICK WALL n/a Form 4 19'700'471 6.22 (108'555) 26.12.2012 n/a


SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'295'086 5.14 (423'995) 31.12.2012 Investment Advisor


















Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 100 12 month 22.03.2013

Macquarie KELLY A DOUGHERTY outperform 5 M 119 12 month 22.03.2013

Atlantic Equities LLP RORRIE MARS neutral 3 M 108 12 month 22.03.2013

Deutsche Bank JUSTIN B YAGERMAN buy 5 M 127 12 month 21.03.2013


Credit Suisse CHRISTOPHER J CERASO neutral 3 M 97 Not Provided 21.03.2013

JPMorgan THOMAS R WADEWITZ overweight 5 M 121 9 month 21.03.2013

Jefferies H PETER NESVOLD hold 3 M 100 12 month 21.03.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 112 12 month 21.03.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 115 12 month 21.03.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 12 month 21.03.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 21.03.2013

Cowen Securities LLC HELANE R BECKER buy 5 M 117 Not Provided 21.03.2013

Barclays BRANDON OGLENSKI overweight 5 M 120 Not Provided 21.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013

Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 125 12 month 21.03.2013

Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 119 12 month 20.03.2013

RBC Capital Markets JOHN L BARNES III sector perform 3 M 100 12 month 20.03.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 20.03.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 20.03.2013

Raymond James ARTHUR W HATFIELD outperform 5 M 114 12 month 20.03.2013

Stifel DAVID G ROSS buy 5 M 117 12 month 20.03.2013

Avondale Partners LLC DONALD BROUGHTON market perform 3 M 105 12 month 20.03.2013

Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 20.03.2013

S&P Capital IQ JAMES CORRIDORE strong buy 5 M 129 Not Provided 20.03.2013

Nomura MARK MCVICAR neutral 3 M 105 12 month 19.03.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 05.03.2013

Goldman Sachs TOM KIM buy/attractive 5 M 115 12 month 11.02.2013

Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013

Holdings By:

FedEx Corp ee


26.03.2013

Ford Motor Company designs, manufactures, and services cars and trucks. The

Company also provides vehicle-related financing, leasing, and insurance through

its subsidiary.


LTM as of: 12/yy

52-Week High (15.01.2013) 14.30

52-Week Low (02.08.2012) 8.82

Daily Volume

13.279





51'143.45 1 Yr Total Return 8.73%







F UN EQUITY YTD Change - Average Volume 30 Day 5'797'617

F UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'489'232


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

145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 136'264.0 134'252.0 134'614.7 141'475.3 33'758.5 33'742.4

0.11x 0.36x 0.48x 0.23x 0.31x 1.15x 1.01x 0.30x 0.27x 1.24x 1.28x

64.0 6'438.0 15'383.0 13'629.0 12'513.0 13'629.0 13'404.0 11'013.8 12'542.0 3'239.5 2'948.3

238.63x 6.54x 4.03x 2.34x 3.30x 2.29x 3.08x 3.76x 3.30x 3.51x 3.41x

(14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 20'213.0 5'665.0 5'608.4 6'696.3 1'627.0 1'428.0

- 111.11x 8.65x 7.13x 9.25x 6.64x 9.89x 9.46x 7.89x 9.42x 8.78x


EBIT 6'291.00 Long-Term Rating BB+









EBITDA Margin 10.0%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ford Motor CoPrice/Volume

Valuation Analysis

1'306'586.00


&

.

1

3

5

-&

-.

-1

-3

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

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



26.03.2013


EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 253'467'529 6.58 (8'395'514) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 192'681'999 5 - 31.12.2012 Investment Advisor

















LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 18'891'909 0.49 (438'567) 31.12.2012 Investment Advisor



Sterne, Agee & Leach MICHAEL P WARD buy 5 M 17 12 month 25.03.2013

Wolfe Trahan & Co TIMOTHY J DENOYER peerperform 3 M #N/A N/A Not Provided 24.03.2013

Jefferies H PETER NESVOLD buy 5 M 16 12 month 18.03.2013

Credit Agricole Securities (USA) EMMANUEL ROSNER underperform 1 M 14 Not Provided 08.03.2013


RBC Capital Markets JOSEPH SPAK outperform 5 M 15 12 month 28.02.2013


Guggenheim Securities LLC MATTHEW STOVER neutral 3 M 12 12 month 19.02.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 D 13 Not Provided 06.02.2013


Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 04.02.2013

Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 17 12 month 30.01.2013

Credit Suisse CHRISTOPHER J CERASO neutral 3 M 14 Not Provided 30.01.2013

JPMorgan RYAN BRINKMAN overweight 5 M 15 9 month 30.01.2013

Buckingham Research Group JOSEPH C AMATURO underperform 1 M 11 12 month 30.01.2013

Craig-Hallum Capital Group LLC STEVEN L. DYER hold 3 D 14 12 month 30.01.2013

Barclays BRIAN A JOHNSON equalweight 3 M 15 Not Provided 30.01.2013

S&P Capital IQ EFRAIM LEVY buy 5 M 13 12 month 29.01.2013

Deutsche Bank ROD LACHE hold 3 D 15 12 month 23.01.2013


Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 17 6 month 10.01.2013

KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012

CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012

Holdings By:

Ford Motor Co ee


26.03.2013

Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold

and molybdenum mining company. The Company primarily mines for copper and owns

mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,

through a subsidiary, is involved in smelting and refining of copper

concentrates.


LTM as of: 12/yy

52-Week High (14.09.2012) 43.65

52-Week Low (06.12.2012) 30.55

Daily Volume

32.48





30'840.75 1 Yr Total Return -13.50%







FCX UN EQUITY YTD Change - Average Volume 30 Day 2'275'280

FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'319'928


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

17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 20'880.0 18'010.0 22'570.6 23'669.3 4'780.7 5'515.6

1.17x 2.84x 3.15x 1.75x 2.00x 8.33x 8.33x 1.87x 1.74x 7.24x 6.31x

6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 10'162.0 6'934.0 10'300.6 10'918.5 1'912.1 2'439.3

3.40x 5.52x 5.87x 3.59x 5.20x 3.59x 5.20x 3.35x 3.16x 3.35x 3.05x

(11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 4'560.0 3'041.0 4'184.4 4'440.8 752.4 982.6

3.29x 13.27x 12.98x 7.62x 10.46x 7.49x 10.75x 7.49x 7.18x 7.36x 6.85x











EBITDA Margin 38.5%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Freeport-McMoRan Copper & Gold IncPrice/Volume

Valuation Analysis

446'894.00


&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013






NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'073'413 2.32 83'144 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 2.12 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 17'824'702 1.88 (1'288'861) 31.01.2013 Investment Advisor





SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 9'882'071 1.04 6'268'014 31.12.2012 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 9'694'489 1.02 5'822'300 31.12.2012 Investment Advisor


PAULSON & CO PAULSON & CO 13F 9'000'000 0.95 9'000'000 31.12.2012 Hedge Fund Manager




CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'416'339 0.68 464'383 31.12.2012 Investment Advisor


Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 50 12 month 25.03.2013

Goldman Sachs SAL THARANI Buy/Neutral 5 U 42 6 month 15.03.2013

Macquarie ALDO J MAZZAFERRO JR neutral 3 M 41 12 month 07.03.2013


RBC Capital Markets FRASER PHILLIPS sector perform 3 M 37 12 month 04.03.2013

BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 25.02.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

BB&T Capital Markets GARRETT S. NELSON buy 5 M 44 12 month 28.01.2013

CRT Capital Group KUNI M CHEN Fairly Valued 3 M 40 12 month 23.01.2013

Nomura CURTIS WOODWORTH neutral 3 M 36 12 month 23.01.2013

Cowen Securities LLC ANTHONY B RIZZUTO JR buy 5 M 45 12 month 23.01.2013


S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013

Credit Agricole Securities (USA) DAVID A LIPSCHITZ outperform 5 M 41 Not Provided 22.01.2013

Jefferies PETER D WARD restricted #N/A N/A M #N/A N/A Not Provided 04.01.2013

Deutsche Bank JORGE M BERISTAIN buy 5 U 40 12 month 20.12.2012


Hamburger Sparkasse INGO SCHMIDT hold 3 N #N/A N/A Not Provided 10.12.2012

Stifel PAUL A MASSOUD buy 5 M 47 12 month 06.12.2012

Credit Suisse RICHARD GARCHITORENA restricted #N/A N/A M #N/A N/A Not Provided 05.12.2012

JPMorgan MICHAEL F GAMBARDELLA restricted #N/A N/A M #N/A N/A Not Provided 05.12.2012

Barclays DAVID GAGLIANO suspended coverage #N/A N/A M #N/A N/A Not Provided 05.12.2012

Holdings By:

Freeport-McMoRan Copper & Gold Inc ee


26.03.2013

General Dynamics Corporation is a diversified defense company. The Company

offers a broad portfolio of products and services in business aviation, combat

vehicles, weapons systems and munitions, shipbuilding design and construction,

and information systems, technologies and services.


LTM as of: 12/yy

52-Week High (02.04.2012) 74.49

52-Week Low (02.08.2012) 61.09

Daily Volume

70.16





24'838.01 1 Yr Total Return -2.17%







GD UN EQUITY YTD Change - Average Volume 30 Day 616'428

GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 641'340


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

29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'677.0 31'513.0 31'614.1 31'511.2 7'611.9 7'869.3

0.84x 0.87x 0.83x 0.76x 0.80x 3.24x 3.23x 0.78x 0.76x 3.32x 3.13x

4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'418.0 1'453.0 4'142.3 4'246.3 983.4 1'020.3

6.02x 6.58x 5.99x 5.65x 7.29x 5.65x 17.28x 6.14x 5.99x 6.12x 6.03x

2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'526.0 (332.0) 2'368.0 2'448.7 560.5 578.8

9.26x 11.00x 10.40x 9.11x 10.62x 9.10x 10.79x 10.36x 9.75x 10.36x 10.27x







Return on Capital -2.64% EBITDA/Interest Exp. 20.52




EBITDA Margin 4.6%



Asset Turnover 0.91







Fiscal Year Ended

General Dynamics CorpPrice/Volume

Valuation Analysis

248'487.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013



LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'397'060 9.43 (254) 31.12.2012 Investment Advisor

EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 31'095'174 8.78 31'095'174 31.12.2012 Investment Advisor





HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'641'180 2.44 (202'750) 31.12.2012 Investment Advisor


CROWN FUND n/a Form 4 7'753'112 2.19 - 06.03.2013 Unclassified


HENRY CROWN AND CO n/a Form 4 5'424'092 1.53 - 06.03.2013 Holding Company





SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 3'537'634 1 335'900 31.12.2012 Investment Advisor



ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 2'870'000 0.81 40'000 31.12.2012 Hedge Fund Manager


Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 25.03.2013


Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 73 12 month 22.03.2013

Buckingham Research Group RICHARD SAFRAN neutral 3 M 70 12 month 22.03.2013

Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 19.03.2013



Goldman Sachs NOAH POPONAK Sell/Neutral 1 M 61 12 month 06.03.2013



CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 28.02.2013


Drexel Hamilton LLC RICHARD WHITTINGTON sell 1 M 55 12 month 11.02.2013





Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.01.2013


Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009

Holdings By:

General Dynamics Corp ee


26.03.2013

General Electric Company is a globally diversified technology and financial

services company. The Company's products and services include aircraft engines,

power generation, water processing, and household appliances to medical imaging,

business and consumer financing and industrial products.


LTM as of: 12/yy

52-Week High (08.03.2013) 23.90

52-Week Low (05.06.2012) 18.03

Daily Volume

23.1





239'568.38 1 Yr Total Return 19.12%







GE UN EQUITY YTD Change - Average Volume 30 Day 9'154'661

GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 9'172'195


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

180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 142'224.0 144'796.0 149'226.4 154'897.7 33'653.6 35'510.3

0.99x 1.12x 1.28x 1.37x 1.56x 5.40x 6.34x 3.38x 3.16x 14.38x 13.61x

30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 25'040.0 25'000.0 29'181.9 32'329.7 5'693.5 6'577.8

5.83x 8.45x 8.01x 7.76x 9.03x 7.76x 9.03x 8.47x 7.64x 9.16x -

17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 14'151.0 13'641.0 17'028.7 18'524.7 3'597.1 4'136.2

8.39x 12.50x 16.04x 12.88x 13.63x 13.27x 13.81x 13.79x 12.49x 13.75x 13.64x


EBIT 15'654.00 Long-Term Rating AA+









EBITDA Margin 17.3%



Asset Turnover 0.21







Fiscal Year Ended

General Electric CoPrice/Volume

Valuation Analysis

3'303'089.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

1&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013












GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 93'776'061 0.9 (583'868) 31.12.2012 Corporation












Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 25 12 month 22.03.2013

Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 23 12 month 20.03.2013

Nomura SHANNON O'CALLAGHAN neutral 3 D 24 12 month 11.03.2013



Independent Research GmbH MARKUS FRIEBEL buy 5 U 27 12 month 14.02.2013


S&P Capital IQ RICHARD TORTORIELLO buy 5 M 26 Not Provided 13.02.2013


Barclays SCOTT R DAVIS overweight 5 M 25 Not Provided 12.02.2013

JPMorgan CHARLES STEPHEN TUSA overweight 5 M 24 9 month 05.02.2013

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 30 Not Provided 04.02.2013



Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 25 12 month 22.01.2013



Gabelli & Co ZAHID SIDDIQUE buy 5 M #N/A N/A Not Provided 26.09.2011

Holdings By:

General Electric Co ee


26.03.2013

Gilead Sciences, Inc. is a research-based biopharmaceutical company that

discovers, develops, and commercializes therapeutics to advance the care of

patients suffering from life-threatening diseases. The Company's primary areas

of focus include HIV/AIDS, liver disease and serious cardiovascular and

respiratory conditions.


LTM as of: 12/yy

52-Week High (12.03.2013) 46.37

52-Week Low (11.04.2012) 22.67

Daily Volume

45.48





69'238.41 1 Yr Total Return 92.63%







GILD UW EQUITY YTD Change - Average Volume 30 Day 2'509'634

GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'522'554


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

5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'385.4 9'702.5 10'748.3 12'727.1 2'570.1 2'646.0

8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 6.42x 5.44x - -

2'845.0 3'857.3 4'227.7 4'092.1 4'288.4 4'094.7 4'288.4 4'741.4 6'491.6 1'115.5 1'129.0

15.67x 9.42x 6.35x 6.99x 14.38x 6.98x 14.38x 15.90x 11.61x 16.57x -

1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'226.3 4'427.6 782.8 791.0

24.71x 14.87x 10.50x 11.18x 21.60x 11.34x 21.60x 21.93x 15.69x 22.45x 19.79x











EBITDA Margin 44.2%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gilead Sciences IncPrice/Volume

Valuation Analysis

761'759.00


&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

-3!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013














MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'501'542 1.28 9'988'298 31.12.2012 Investment Advisor







BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 53 12 month 26.03.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 50 12 month 26.03.2013

Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 26.03.2013

Stifel JOEL D SENDEK buy 5 M 49 12 month 26.03.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 50 12 month 26.03.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 26.03.2013

Maxim Group LLC JASON KOLBERT buy 5 M 48 12 month 25.03.2013

Piper Jaffray M IAN SOMAIYA overweight 5 M 50 12 month 25.03.2013


Guggenheim Securities LLC BRET HOLLEY buy 5 M 50 12 month 22.03.2013

S&P Capital IQ STEVEN SILVER buy 5 M 50 Not Provided 22.03.2013

Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 50 9 month 13.03.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 48 12 month 11.03.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 45 12 month 07.03.2013

Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 46 12 month 06.03.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 58 12 month 06.03.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 55 Not Provided 26.02.2013

Cowen and Company PHILIP NADEAU outperform 5 M #N/A N/A Not Provided 20.02.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 20.02.2013

William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 19.02.2013

Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 06.02.2013

Needham & Co ALAN CARR buy 5 R 45 12 month 05.02.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 42 Not Provided 05.02.2013


Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 43 12 month 01.02.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 48 12 month 30.01.2013

First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012

BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011

Holdings By:

Gilead Sciences Inc ee


26.03.2013

The Goldman Sachs Group, Inc., a bank holding company, is a global investment

banking and securities firm specializing in investment banking, trading and

principal investments, asset management and securities services. The Company

provides services to corporations, financial institutions, governments, and

high-net worth individuals.


LTM as of: 12/yy

52-Week High (19.02.2013) 158.68

52-Week Low (26.06.2012) 90.43

Daily Volume

146





70'199.98 1 Yr Total Return 15.91%







GS UN EQUITY YTD Change - Average Volume 30 Day 797'984

GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 823'136


30.11.2008 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

53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 36'793.0 41'664.0 33'559.2 34'810.9 9'185.0 8'371.3

8.34x 10.25x 12.69x 14.05x 12.15x 60.32x 50.23x - - - -

35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 16'020.0 20'446.0 - - - -

12.66x 18.74x 26.44x 32.28x 24.75x 32.28x 24.75x - - - -

2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 4'442.0 7'475.0 6'791.4 7'130.6 1'859.8 1'525.4

17.67x 7.37x 11.05x 13.58x 8.49x 13.91x 8.47x 10.62x 9.67x 10.58x 10.40x











EBITDA Margin 49.1%



Asset Turnover 0.04







Fiscal Year Ended

Goldman Sachs Group Inc/ThePrice/Volume

Valuation Analysis

275'433.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&.&1&3&5&

-&&-.&-1&-3&-5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9!2 9-!& 9-!2 9.!& 9.!2 90!& 90!2 91!& 91!2 92!& 9

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!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

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



26.03.2013



GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 5.98 2'753'217 01.02.2013 Other




CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 15'002'800 3.22 (295'596) 31.12.2012 Investment Advisor









ROYAL BANK OF CANADA n/a ULT-AGG 4'036'825 0.87 285'653 31.12.2012 Bank







Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 146 Not Provided 25.03.2013


Buckingham Research Group JAMES F MITCHELL neutral 3 M 150 12 month 21.03.2013

ISI Group Ed Najarian neutral 3 M 145 12 month 21.03.2013


Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 165 12 month 18.03.2013

FBR Capital Markets STEVE STELMACH outperform 5 M 165 12 month 15.03.2013


Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 15.03.2013

Barclays ROGER A FREEMAN equalweight 3 M 155 Not Provided 15.03.2013

JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 9 month 11.03.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 08.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 05.03.2013



S&P Capital IQ KENNETH M LEON hold 3 M 165 Not Provided 20.02.2013

Macquarie EDWARD DITMIRE suspended coverage #N/A N/A M #N/A N/A Not Provided 15.02.2013

Atlantic Equities LLP RICHARD STAITE neutral 3 M 146 12 month 14.02.2013

Credit Suisse HOWARD H CHEN outperform 5 M 160 Not Provided 12.02.2013


Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 U 163 Not Provided 08.02.2013


Deutsche Bank MATTHEW D O'CONNOR hold 3 D 144 12 month 25.01.2013




Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 D 147 Not Provided 17.01.2013

Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 145 12 month 16.01.2013



Holdings By:

Goldman Sachs Group Inc/The ee


26.03.2013

Google Inc. is a global technology company that provides a web based search

engine through its website. The Company offers a wide range of search options,

including web, image, groups, directory, and news searches.


LTM as of: 12/yy

52-Week High (06.03.2013) 844.00

52-Week Low (14.06.2012) 556.55

Daily Volume

811.4





268'688.22 1 Yr Total Return 24.96%







GOOG UW EQUITY YTD Change - Average Volume 30 Day 594'329

GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 622'068


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

21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 37'905.0 51'379.0 47'959.4 56'129.7 11'262.5 11'591.7

3.72x 7.29x 5.42x 4.45x 3.77x 15.26x 13.87x 4.44x 3.51x 19.60x 18.70x

8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 13'593.0 15'684.0 22'088.2 25'902.6 5'178.4 5'293.7

9.96x 17.53x 13.48x 12.41x 12.05x 12.41x 12.08x 10.17x 8.68x 10.14x 9.76x

4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 9'737.0 10'737.0 15'493.8 18'396.8 3'573.1 3'650.7

18.44x 30.38x 22.58x 21.70x 20.79x 21.72x 20.97x 17.71x 15.08x 17.74x 17.07x











EBITDA Margin 30.5%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Google IncPrice/Volume

Valuation Analysis

115'590.00


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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013















DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.02 (130'698) 31.12.2012 Investment Advisor








Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.03.2013

Wedbush JAMES G DIX neutral 3 M 770 12 month 26.03.2013

Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 22.03.2013


Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 850 Not Provided 22.03.2013


Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 20.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013

JMP Securities RONALD V JOSEY III market outperform 4 N 955 12 month 19.03.2013


Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 18.03.2013


Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 15.03.2013

Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 14.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 830 Not Provided 14.03.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 14.03.2013


BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 11.03.2013

Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 11.03.2013

Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 765 12 month 11.03.2013



Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 07.03.2013

William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 05.03.2013


Argus Research Corp JOSEPH F BONNER buy 5 M 875 Not Provided 28.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 22.02.2013

Deutsche Bank ROSS SANDLER buy 5 M 935 12 month 21.02.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 825 12 month 20.02.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 Not Provided 10.02.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 860 9 month 07.02.2013

Hilliard Lyons STEPHEN TURNER neutral 3 D #N/A N/A Not Provided 06.02.2013

Raymond James AARON M KESSLER outperform 5 M 825 12 month 05.02.2013



Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 700 12 month 23.01.2013

Credit Suisse STEPHEN JU outperform 5 M 847 Not Provided 23.01.2013

Needham & Co KERRY RICE buy 5 M 850 12 month 23.01.2013


B Riley & Company, Inc SAMEET SINHA buy 5 M 846 Not Provided 23.01.2013

BGC Partners COLIN W GILLIS hold 3 M 760 12 month 23.01.2013

Holdings By:

Google Inc ee


26.03.2013

Halliburton Company provides energy services and engineering and construction

services, as well as manufactures products for the energy industry. The Company

offers services and products and integrated solutions to customers in the

exploration, development, and production of oil and natural gas.


LTM as of: 12/yy

52-Week High (14.02.2013) 43.95

52-Week Low (26.06.2012) 26.29

Daily Volume

39.87





37'151.39 1 Yr Total Return 19.87%







HAL UN EQUITY YTD Change - Average Volume 30 Day 2'413'753

HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'325'967


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

18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 24'829.0 28'503.0 29'695.5 32'786.0 6'883.6 7'248.9

0.97x 1.93x 2.17x 1.36x 1.21x 6.44x 4.58x 1.33x 1.16x 5.79x 5.51x

4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'096.0 5'787.0 6'195.5 7'566.7 1'301.6 1'479.8

3.79x 9.71x 9.46x 5.54x 5.98x 5.54x 5.98x 6.38x 5.23x 6.36x 6.00x

2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'839.0 2'635.0 2'820.0 3'641.6 538.8 652.1

4.98x 22.29x 19.92x 10.21x 11.49x 10.27x 11.26x 13.18x 10.08x 13.18x 12.19x











EBITDA Margin 20.3%



Asset Turnover 1.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Halliburton CoPrice/Volume

Valuation Analysis

591'789.00


&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

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!&&

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



26.03.2013








PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 21'448'534 2.3 11'744'656 31.12.2012 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 15'733'400 1.69 (450'000) 31.12.2012 Investment Advisor



VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 12'821'400 1.38 (184'500) 31.12.2012 Hedge Fund Manager



VAN ECK ASSOCIATES C n/a ULT-AGG 11'200'505 1.2 743'817 22.03.2013 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'747'140 1.15 10'747'140 31.12.2012 Investment Advisor




RBC Capital Markets KURT HALLEAD outperform 5 M 45 12 month 25.03.2013


Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 25.03.2013

Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 48 12 month 22.03.2013



RS Platou Markets TURNER HOLM buy 5 U 48 6 month 21.03.2013

Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 48 12 month 20.03.2013

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 55 12 month 19.03.2013


Jefferies BRAD HANDLER buy 5 M 47 12 month 18.03.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 Not Provided 12.03.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 45 12 month 07.03.2013


Stephens Inc MICHAEL MARINO overweight 5 M 56 12 month 04.03.2013

Macquarie NIGEL BROWNE outperform 5 M 49 12 month 01.03.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 21.02.2013


JPMorgan J DAVID ANDERSON overweight 5 U 52 9 month 19.02.2013

Goldman Sachs WAQAR SYED buy/attractive 5 M 60 12 month 14.02.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 45 12 month 11.02.2013

Cowen Securities LLC JAMES D CRANDELL buy 5 M 50 Not Provided 11.02.2013

Societe Generale EDWARD C MUZTAFAGO hold 3 M 44 12 month 30.01.2013



Credit Suisse JAMES WICKLUND outperform 5 M 44 Not Provided 28.01.2013

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 28.01.2013

Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013

MLV & Co WILLIAM C CONROY buy 5 U 52 12 month 28.01.2013

BMO Capital Markets ALAN D LAWS outperform 5 M 52 Not Provided 25.01.2013



S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012

Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011

Holdings By:

Halliburton Co ee


26.03.2013

Hewlett-Packard Company provides imaging and printing systems, computing

systems, and information technology services for business and home. The

Company's products include laser and inkjet printers, scanners, copiers and

faxes, personal computers, workstations, storage solutions, and other computing

and printing systems. Hewlett-Packard sells its products worldwide.


LTM as of: 01/yy

52-Week High (01.05.2012) 25.40

52-Week Low (20.11.2012) 11.35

Daily Volume

23.35





45'392.86 1 Yr Total Return 0.64%







HPQ UN EQUITY YTD Change - Average Volume 30 Day 4'863'469

HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'058'588


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

118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 124'979.0 118'680.0 113'277.7 112'118.8 28'217.1 27'946.4

0.85x 1.00x 0.83x 0.60x 0.37x 2.68x 1.86x 0.51x 0.48x 2.14x 2.12x

14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 14'944.0 14'026.0 14'184.1 13'881.9 3'445.2 3'476.7

7.05x 7.26x 5.88x 4.64x 3.11x 5.26x 3.44x 4.32x 4.42x 4.35x 4.38x

8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) 5'937.0 (12'886.0) 6'698.4 6'948.7 1'585.3 1'642.3

10.55x 12.33x 10.30x 7.25x 44.68x 7.93x 78.62x 6.76x 6.50x 6.73x 6.62x




Pretax Margin -9.91% Short-Term Rating Date 30.11.2011







EBITDA Margin 11.8%



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hewlett-Packard CoPrice/Volume

Valuation Analysis

1'507'120.00


&

2

-&

-2

.&

.2

0&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9.&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

-&!&&

&3!--!.&&6 &3!&2!.&-& &3!--!.&-& &3!&2!.&-- &3!--!.&-- &3!&2!.&-. &3!--!.&-.



26.03.2013


DODGE & COX DODGE & COX 13F 156'597'738 8.06 14'599'703 31.12.2012 Investment Advisor









PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 41'107'891 2.11 6'234'572 31.12.2012 Hedge Fund Manager

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 38'023'270 1.96 6'878'389 31.12.2012 Investment Advisor

RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.78 - 31.12.2012 Hedge Fund Manager

RELATIONAL INVESTORS n/a Research 34'534'517 1.78 - 31.12.2012 Hedge Fund Manager









RBC Capital Markets AMIT DARYANANI sector perform 3 M 23 12 month 25.03.2013

Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 22.03.2013

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 29 Not Provided 21.03.2013

Topeka Capital Markets Inc BRIAN J WHITE sell 1 M 12 12 month 21.03.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 U 27 12 month 17.03.2013

Jefferies PETER J MISEK underperform 1 M 14 12 month 15.03.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013

Cross Research SHANNON S CROSS hold 3 M 19 12 month 15.03.2013


ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 12.03.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 08.03.2013

Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 06.03.2013

Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 14 12 month 26.02.2013

Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 12 12 month 22.02.2013

Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 16 12 month 22.02.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 22.02.2013

Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 22.02.2013

Credit Suisse KULBINDER GARCHA neutral 3 M 20 Not Provided 22.02.2013


Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 22.02.2013

Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 20 12 month 22.02.2013

Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 22.02.2013

Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 22.02.2013

Evercore Partners ROBERT CIHRA underweight 1 M 15 12 month 22.02.2013

Credit Agricole Securities (USA) AVI SILVER underperform 1 M 17 Not Provided 22.02.2013

Barclays BENJAMIN A REITZES equalweight 3 M 19 Not Provided 22.02.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 M 20 12 month 22.02.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 21.02.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 22.01.2013


S&P Capital IQ ANGELO ZINO hold 3 R 16 Not Provided 04.10.2012

Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 39 12 month 19.09.2012

DZ Bank AG MICHAEL BISSINGER buy 5 M #N/A N/A Not Provided 16.08.2012


Holdings By:

Hewlett-Packard Co ee


26.03.2013

H.J. Heinz Company manufactures and markets processed food products throughout

the world. The Company's principal products include ketchup, condiments and

sauces, frozen food, soups, beans and pasta meals, infant nutrition and other

processed food products.


LTM as of: 01/yy

52-Week High (22.02.2013) 72.70

52-Week Low (23.04.2012) 51.91

Daily Volume

72.05





23'102.91 1 Yr Total Return 40.18%







HNZ UN EQUITY YTD Change - Average Volume 30 Day 1'251'482

HNZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 830'300


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

10'070.8 10'011.3 10'495.0 10'706.6 11'649.1 11'410.3 11'601.4 11'707.3 12'209.4 3'096.4 2'907.2

1.91x 1.55x 1.78x 1.92x 1.79x 7.37x 7.64x 2.29x 2.17x 8.62x 9.27x

1'857.9 1'783.8 1'862.1 1'946.9 1'794.0 1'880.4 1'918.9 2'055.6 2'189.8 582.6 528.5

10.38x 8.67x 10.06x 10.55x 11.64x 11.21x 12.21x 13.17x 12.36x 12.26x 12.33x

844.9 923.1 864.9 989.5 923.2 971.7 992.4 1'144.9 1'221.2 271.4 287.0

17.88x 11.68x 16.23x 16.74x 15.87x 16.15x 17.01x 20.24x 18.94x 19.95x 19.16x


EBIT 1'451.17 Long-Term Rating BBB+ *-



Return on Assets 8.31% Short-Term Rating A-2 *-






EBITDA Margin 16.5%



Asset Turnover 0.97







Fiscal Year Ended

HJ Heinz CoPrice/Volume

Valuation Analysis

206'992.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

&-!&2!.&&6 &-!--!.&&6 &-!&2!.&-& &-!--!.&-& &-!&2!.&-- &-!--!.&-- &-!&2!.&-. &-!--!.&-.



26.03.2013










CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'696'787 1.46 26'863 31.12.2012 Investment Advisor

SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 3'528'176 1.1 (82'649) 31.12.2012 Investment Advisor


LEGG MASON INC Multiple Portfolios MF-AGG 2'844'350 0.89 (375) 31.12.2012 Investment Advisor


SCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 2'710'922 0.85 (66'205) 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'632'387 0.82 199'032 31.12.2012 Investment Advisor


M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 2'573'206 0.8 (109'300) 31.12.2012 Investment Advisor






Stifel CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 15.03.2013

Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 73 12 month 14.03.2013

RBC Capital Markets EDWARD AARON sector perform 3 M 73 12 month 11.03.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 62 Not Provided 11.03.2013


Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M 73 12 month 22.02.2013

Barclays ANDREW LAZAR equalweight 3 M 73 Not Provided 22.02.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 73 12 month 21.02.2013

Davenport & Co ANN H GURKIN neutral 3 D #N/A N/A Not Provided 15.02.2013

S&P Capital IQ THOMAS GRAVES hold 3 M 72 Not Provided 15.02.2013

Gabelli & Co SARAH DONNELLY hold 3 M #N/A N/A Not Provided 15.02.2013

Deutsche Bank ERIC R KATZMAN hold 3 D 73 12 month 14.02.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 U 61 12 month 14.02.2013

Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 14.02.2013

JPMorgan KENNETH GOLDMAN restricted #N/A N/A M #N/A N/A Not Provided 14.02.2013



McAdams Wright Ragen Inc DAN GEIMAN focus list 5 N 44 24 month 15.06.2009

Holdings By:

HJ Heinz Co ee


26.03.2013

The Home Depot, Inc. is a home improvement retailer that sells building

materials and home improvement products. The Company sells a wide assortment

of building materials, home improvement and lawn and garden products and

provide a number of services. Home Depot operates throughout the U.S.

(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.


LTM as of: 02/yy

52-Week High (08.03.2013) 71.45

52-Week Low (21.05.2012) 46.37

Daily Volume

69.89





104'498.09 1 Yr Total Return 42.37%







HD UN EQUITY YTD Change - Average Volume 30 Day 1'712'209

HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'601'574


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 70'395.0 74'754.0 76'834.3 80'172.8 18'547.6 21'674.9

0.67x 0.84x 1.01x 1.10x 1.46x 3.88x 5.12x 1.49x 1.43x 6.07x 5.21x

6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'343.0 9'450.0 10'381.2 11'291.9 2'333.4 3'317.8

7.57x 8.45x 9.10x 9.32x 11.53x 9.32x 11.53x 10.87x 9.99x 10.85x 10.59x

2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 3'883.0 4'535.0 5'092.5 5'632.6 1'119.4 1'732.2

12.10x 16.87x 18.08x 18.17x 21.71x 18.24x 21.92x 19.88x 17.12x 19.84x 19.48x











EBITDA Margin 12.6%



Asset Turnover 1.83







Fiscal Year Ended

Home Depot Inc/ThePrice/Volume

Valuation Analysis

389'860.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

&2!&.!.&-& &2!&5!.&-& &2!&.!.&-- &2!&5!.&-- &2!&.!.&-. &2!&5!.&-. &2!&.!.&-0



26.03.2013













LANGONE KENNETH G n/a Form 4 16'521'656 1.1 - 24.05.2007 n/a







FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'283'318 0.55 105'170 31.12.2012 Investment Advisor



Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 26.03.2013



Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 61 12 month 21.03.2013

Longbow Research DAVID S MACGREGOR buy 5 M 78 12 month 20.03.2013

Barclays ALAN M RIFKIN overweight 5 M 78 Not Provided 20.03.2013



Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 75 12 month 10.03.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 76 18 month 01.03.2013

Nomura ARAM RUBINSON neutral 3 M 70 12 month 01.03.2013

Crowell, Weedon & Co JAMES D RAGAN buy 5 M 76 18 month 28.02.2013

Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 U 70 Not Provided 28.02.2013

Deutsche Bank MICHAEL BAKER hold 3 M 70 12 month 27.02.2013


Credit Suisse GARY BALTER outperform 5 M 78 Not Provided 27.02.2013


Landesbank Baden-Wuerttemberg PER-OLA HELLGREN sell 1 N 65 Not Provided 27.02.2013

Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 27.02.2013


BMO Capital Markets WAYNE HOOD market perform 3 M 72 Not Provided 26.02.2013

Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 26.02.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 75 12 month 26.02.2013

Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 26.02.2013

Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 60 12 month 26.02.2013


S&P Capital IQ MICHAEL SOUERS sell 1 M 55 Not Provided 26.02.2013

Piper Jaffray PETER J KEITH overweight 5 M 83 12 month 26.02.2013

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


Holdings By:

Home Depot Inc/The ee


26.03.2013

Honeywell International Inc. is a worldwide diversified technology and

manufacturing company providing aerospace products and services, control,

sensing and security technologies, turbochargers, automotive products, specialty

chemicals, electronic and advanced materials, process technology for refining

and petrochemicals, and energy efficient products and solutions.


LTM as of: 12/yy

52-Week High (25.03.2013) 75.75

52-Week Low (28.06.2012) 52.21

Daily Volume

75.58





59'238.69 1 Yr Total Return 25.51%







HON UN EQUITY YTD Change - Average Volume 30 Day 846'561

HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 810'026


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

36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 36'529.0 37'665.0 39'435.6 41'596.9 9'446.5 9'809.4

0.83x 1.36x 1.40x 1.25x 1.38x 5.06x 5.30x 1.52x 1.40x 6.58x 6.28x

4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'531.0 5'082.0 6'934.2 7'536.8 1'628.1 1'722.9

6.87x 12.34x 11.33x 12.91x 10.26x 12.91x 10.26x 8.90x 8.19x 8.90x 8.61x

2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'067.0 2'926.0 3'941.4 4'392.8 900.2 968.1

7.08x 16.40x 17.49x 14.34x 13.11x 12.91x 12.95x 15.27x 13.72x 15.28x 14.76x











EBITDA Margin 13.5%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Honeywell International IncPrice/Volume

Valuation Analysis

205'512.00


&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013









EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 31.12.2012 Investment Advisor











TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'754'028 1.12 (1'644'686) 31.12.2012 Investment Advisor





Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 86 12 month 22.03.2013


Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013





JPMorgan CHARLES STEPHEN TUSA overweight 5 M 73 9 month 08.03.2013

Morgan Stanley NIGEL COE Overwt/In-Line 5 M 78 12 month 07.03.2013


Stifel JEFFREY D OSBORNE buy 5 M 80 12 month 07.03.2013

Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 87 12 month 07.03.2013


Cowen and Company GAUTAM KHANNA outperform 5 M #N/A N/A Not Provided 07.03.2013


Barclays SCOTT R DAVIS overweight 5 M 76 Not Provided 07.03.2013

Credit Suisse JULIAN MITCHELL neutral 3 M 67 Not Provided 06.03.2013




Buckingham Research Group EDWARD WHEELER neutral 3 M 74 12 month 25.01.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 23.10.2012

Holdings By:

Honeywell International Inc ee


26.03.2013

Intel Corporation designs, manufactures, and sells computer components and

related products. The Company's major products include microprocessors,

chipsets, embedded processors and microcontrollers, flash memory products,

graphics products, network and communications products, systems management

software, conferencing products, and digital imaging products.


LTM as of: 12/yy

52-Week High (02.05.2012) 29.27

52-Week Low (21.11.2012) 19.23

Daily Volume

21.46





106'141.16 1 Yr Total Return -21.03%







INTC UW EQUITY YTD Change - Average Volume 30 Day 9'448'922

INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'479'995


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

37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 53'999.0 53'341.0 53'942.2 56'526.9 12'663.6 12'920.5

1.81x 2.84x 2.16x 2.10x 1.70x 7.72x 8.56x 1.90x 1.81x 8.11x 7.98x

14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'541.0 22'160.0 20'993.2 22'865.8 4'601.8 4'574.9

4.76x 9.08x 4.65x 4.81x 4.10x 4.81x 4.10x 4.64x 4.26x 4.69x 4.54x

5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'942.0 11'005.0 10'397.5 11'205.2 2'241.9 2'265.2

12.66x 16.80x 10.37x 9.59x 9.50x 9.78x 9.50x 10.61x 9.83x 10.40x 10.04x











EBITDA Margin 41.5%



Asset Turnover 0.69







Fiscal Year Ended

Intel CorpPrice/Volume

Valuation Analysis

3'444'290.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013





MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a







ALLIANZ ASSET MANAGE n/a ULT-AGG 62'419'311 1.26 1'725'102 31.01.2013 Investment Advisor





STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 (11'739'300) 31.12.2012 Insurance Company


LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 36'009'427 0.73 4'046'035 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 25.03.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013

Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 25.03.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 22 12 month 25.03.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 18 12 month 24.03.2013

Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 24.03.2013

MKM Partners DANIEL A BERENBAUM buy 5 M 24 12 month 22.03.2013


JPMorgan CHRISTOPHER DANELY neutral 3 M 19 9 month 21.03.2013

B Riley & Company, Inc CRAIG ELLIS neutral 3 M 24 Not Provided 21.03.2013

Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 23 12 month 21.03.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 21.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 20.03.2013

Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013

Stifel KEVIN E CASSIDY buy 5 M 28 12 month 18.03.2013

Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 18.03.2013

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 15.03.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 15.03.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 11.03.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 11.03.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 06.03.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 06.03.2013

Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.03.2013

ISI Group SUMIT DHANDA buy 5 M 25 12 month 04.03.2013

JMP Securities ALEX GAUNA market outperform 4 M 26 12 month 27.02.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 24 12 month 26.02.2013

Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 26.02.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 26 12 month 26.02.2013

Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 25.02.2013

Nomura ROMIT SHAH reduce 2 M 19 12 month 25.02.2013

Jefferies MARK J LIPACIS hold 3 M 24 12 month 22.02.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 12.02.2013

Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 31.01.2013


Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 22.01.2013

Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 18.01.2013

Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 18.01.2013

Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 18.01.2013

Macquarie SHAWN WEBSTER outperform 5 M 26 12 month 18.01.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 27 12 month 18.01.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 18.01.2013

S&P Capital IQ ANGELO ZINO hold 3 M #N/A N/A Not Provided 18.01.2013

Holdings By:

Intel Corp ee


26.03.2013

International Business Machines Corporation (IBM) provides computer solutions

through the use of advanced information technology. The Company's solutions

include technologies, systems, products, services, software, and financing. IBM

offers its products through its global sales and distribution organization, as

well as through a variety of third party distributors and resellers.


LTM as of: 12/yy

52-Week High (15.03.2013) 215.90

52-Week Low (12.07.2012) 181.87

Daily Volume

212.23





236'532.41 1 Yr Total Return 3.91%







IBM UN EQUITY YTD Change - Average Volume 30 Day 1'061'460

IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'006'498


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

103'630.0 95'759.0 99'870.0 106'916.0 104'507.0 106'915.0 104'507.0 106'288.6 109'013.2 24'671.1 26'180.6

1.29x 1.91x 1.98x 2.18x 2.26x 8.38x 9.55x 2.43x 2.34x 10.50x 9.89x

21'388.0 22'009.0 22'981.0 25'101.0 25'119.0 25'100.0 25'121.0 28'609.1 30'016.2 5'694.7 6'994.5

6.25x 8.32x 8.59x 9.30x 9.41x 9.30x 9.41x 9.05x 8.63x 8.94x 8.81x

12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 15'856.0 16'604.0 18'371.7 19'292.9 3'435.9 4'384.7

9.42x 13.08x 12.74x 13.68x 12.56x 13.63x 12.52x 12.66x 11.53x 12.63x 12.36x











EBITDA Margin 24.0%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Business Machines CorpPrice/Volume

Valuation Analysis

174'681.00


&

2&

-&&

-2&

.&&

.2&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 68'115'484 6.11 597'588 31.12.2012 Investment Advisor





















Argus Research Corp JAMES KELLEHER buy 5 M 235 12 month 25.03.2013


Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 209 12 month 22.03.2013

Stifel DAVID M GROSSMAN buy 5 M 241 12 month 22.03.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 21.03.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013




Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 01.03.2013

RBC Capital Markets AMIT DARYANANI sector perform 3 M 215 12 month 01.03.2013

Credit Suisse KULBINDER GARCHA neutral 3 M 200 Not Provided 01.03.2013



Jefferies PETER J MISEK hold 3 M 225 12 month 01.03.2013

Sterne, Agee & Leach SHAW WU buy 5 M 230 12 month 01.03.2013



Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 225 Not Provided 01.03.2013

ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 28.02.2013





Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 23.01.2013

S&P Capital IQ JIM YIN buy 5 M 227 12 month 23.01.2013


Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 240 12 month 29.09.2012

Goldman Sachs WILLIAM C SHOPE JR Buy/Neutral 5 M 233 12 month 19.07.2012

Holdings By:

International Business Machines Corp ee


26.03.2013

Johnson & Johnson manufactures health care products and provides related

services for the consumer, pharmaceutical, and medical devices and diagnostics

markets. The Company sells products such as skin and hair care products,

acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical

equipment in countries located around the world.


LTM as of: 12/yy

52-Week High (26.03.2013) 80.39

52-Week Low (01.06.2012) 61.71

Daily Volume

80.26





224'352.31 1 Yr Total Return 27.58%







JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'656'677

JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'565'268


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

63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 65'030.0 67'224.0 71'233.2 74'146.8 17'455.2 17'825.6

2.58x 2.79x 2.57x 2.55x 2.80x 10.10x 10.84x 2.99x 2.76x 12.74x 12.34x

19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'311.0 20'698.0 22'830.0 24'341.3 5'851.3 5'858.5

8.67x 8.82x 8.14x 8.60x 9.09x 8.60x 9.09x 9.62x 9.03x 9.66x 9.55x

12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 9'672.0 10'853.0 15'312.6 16'204.1 4'014.9 3'967.7

13.15x 13.91x 12.99x 13.12x 13.62x 13.12x 13.57x 14.83x 13.92x 14.79x 14.57x











EBITDA Margin 30.8%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Johnson & JohnsonPrice/Volume

Valuation Analysis

1'145'911.00


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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

&5!&-!.&-& &5!&4!.&-& &5!&-!.&-- &5!&4!.&-- &5!&-!.&-. &5!&4!.&-. &5!&-!.&-0



26.03.2013
















GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'162'101 0.83 (1'886'750) 31.12.2012 Investment Advisor










Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 21.03.2013


Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 14.03.2013



Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 67 12 month 06.03.2013

Credit Suisse CATHERINE J ARNOLD underperform 1 D 73 Not Provided 07.02.2013


CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 28.01.2013

Argus Research Corp DAVID H TOUNG buy 5 M 80 Not Provided 24.01.2013

Piper Jaffray MATT MIKSIC neutral 3 M 78 12 month 24.01.2013

RBC Capital Markets GLENN J NOVARRO sector perform 3 M 71 12 month 23.01.2013

JPMorgan MICHAEL N WEINSTEIN overweight 5 M 77 9 month 23.01.2013

Raymond James JAYSON BEDFORD outperform 5 M 78 12 month 23.01.2013





Deutsche Bank KRISTEN M STEWART buy 5 U 82 12 month 04.01.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 D 72 12 month 09.10.2012

First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012

Holdings By:

Johnson & Johnson ee


26.03.2013

JPMorgan Chase & Co. provides global financial services and retail banking. The

Company provides services such as investment banking, treasury and securities

services, asset management, private banking, card member services, commercial

banking, and home finance. JP Morgan Chase serves business enterprises,

institutions, and individuals.


LTM as of: 12/yy

52-Week High (14.03.2013) 51.00

52-Week Low (04.06.2012) 30.83

Daily Volume

48.6





186'014.89 1 Yr Total Return 8.35%





Enterprise Value -


JPM UN EQUITY YTD Change - Average Volume 30 Day 5'493'650

JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'184'295


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

101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 110'838.0 108'184.0 100'232.3 102'735.9 25'771.9 25'234.4

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

- - - - - 0.0 0.0 - - - -

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

5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 18'976.0 21'284.0 21'475.7 22'180.2 5'492.8 5'487.8

30.32x 14.94x 8.52x 6.79x 7.28x 7.15x 7.41x 8.86x 8.30x 8.87x 8.81x


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

JPMorgan Chase & CoPrice/Volume

Valuation Analysis

1'216'482.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

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



26.03.2013























Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 60 Not Provided 25.03.2013







Raymond James ANTHONY J POLINI outperform 5 M 50 12 month 18.03.2013

SunTrust Robinson Humphrey ERIC WASSERSTROM buy 5 M 55 12 month 15.03.2013

FBR Capital Markets PAUL J MILLER JR market perform 3 M 46 12 month 15.03.2013



Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 15.03.2013



Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 62 12 month 14.03.2013

Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 56 12 month 13.03.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 56 12 month 11.03.2013

S&P Capital IQ ERIK M OJA buy 5 M 55 Not Provided 08.03.2013


RBC Capital Markets GERARD S CASSIDY outperform 5 M 52 12 month 05.03.2013

HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013



Macquarie THOMAS ALONSO outperform 5 M 54 12 month 27.02.2013








Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 50 Not Provided 08.02.2013

Deutsche Bank MATTHEW D O'CONNOR buy 5 U 53 12 month 25.01.2013


Independent Research GmbH STEFAN BONGARDT buy 5 M 54 12 month 17.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012

Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012

Holdings By:

JPMorgan Chase & Co ee


26.03.2013

Lockheed Martin Corporation is a global security company that primarily

researches, designs, develops, manufactures, and integrates advanced technology

products and services. The Company's businesses span space, telecommunications,

electronics, information and services, aeronautics, energy, and systems

integration. Lockheed Martin operates worldwide.


LTM as of: 12/yy

52-Week High (24.01.2013) 96.31

52-Week Low (05.06.2012) 80.14

Daily Volume

93.62





30'200.25 1 Yr Total Return 8.38%







LMT UN EQUITY YTD Change - Average Volume 30 Day 500'373

LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 518'478


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

42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 46'499.0 47'182.0 45'189.7 44'345.8 10'313.7 11'325.5

0.81x 0.70x 0.58x 0.62x 0.72x 2.40x 2.73x 0.73x 0.74x 3.34x 3.03x

5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'279.0 5'404.0 5'341.0 5'476.1 1'205.9 1'313.7

5.83x 5.87x 4.97x 5.63x 6.22x 5.46x 6.30x 6.48x 6.32x 6.48x 6.32x

3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'655.0 2'745.0 2'907.1 2'875.1 662.1 724.1

11.14x 9.01x 8.38x 8.19x 9.06x 8.51x 8.93x 10.47x 10.32x 10.47x 10.39x











EBITDA Margin 11.5%



Asset Turnover 1.23







Fiscal Year Ended

Lockheed Martin CorpPrice/Volume

Valuation Analysis

149'718.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9!. 9!1 9!3 9!5 9-!& 9-!. 9-!1 9-!3 9-!5 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013











VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 3'861'202 1.2 (49'000) 31.12.2012 Investment Advisor





HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'672'779 0.83 (582'028) 31.12.2012 Investment Advisor





MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'768'094 0.55 (161'060) 31.12.2012 Investment Advisor


Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 25.03.2013

Jefferies HOWARD A RUBEL hold 3 M 95 12 month 22.03.2013


Buckingham Research Group RICHARD SAFRAN neutral 3 M 91 12 month 22.03.2013

CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 11.03.2013

Goldman Sachs NOAH POPONAK neutral/neutral 3 M 93 12 month 06.03.2013

Cowen and Company CAI VON RUMOHR neutral 3 M #N/A N/A Not Provided 25.02.2013


Drexel Hamilton LLC RICHARD WHITTINGTON sell 1 M 75 12 month 15.02.2013


Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 06.02.2013

Barclays CARTER COPELAND equalweight 3 M 95 Not Provided 06.02.2013

Deutsche Bank MYLES WALTON hold 3 M 96 12 month 25.01.2013

FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 110 12 month 25.01.2013

Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 25.01.2013


Credit Suisse ROBERT M SPINGARN neutral 3 M 93 Not Provided 24.01.2013

JPMorgan JOSEPH B NADOL III neutral 3 M 92 9 month 24.01.2013


Holdings By:

Lockheed Martin Corp ee


26.03.2013

Lowe's Companies, Inc. is a home improvement retailer that distributes building

materials and supplies through stores in the United States. The Company offers

a complete line of products and services for home decorating, maintenance,

repair, remodeling, and property maintenance.


LTM as of: 02/yy

52-Week High (13.02.2013) 39.98

52-Week Low (02.08.2012) 24.77

Daily Volume

38





42'180.00 1 Yr Total Return 24.32%







LOW UN EQUITY YTD Change - Average Volume 30 Day 1'968'584

LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'942'084


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 50'209.0 50'521.0 52'400.6 54'341.5 13'505.3 14'941.3

0.67x 0.75x 0.81x 0.80x 1.01x 2.89x 3.49x 0.98x 0.98x 3.67x 3.39x

5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'856.0 5'182.0 5'661.7 6'107.1 1'423.7 1'852.1

5.92x 7.35x 7.56x 8.25x 9.88x 8.25x 9.88x 8.95x 8.30x 8.90x 8.72x

2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'838.0 1'958.0 2'216.0 2'483.5 562.5 826.2

12.26x 17.89x 17.53x 16.09x 22.82x 16.39x 22.16x 18.20x 14.96x 18.23x 17.55x











EBITDA Margin 10.3%



Asset Turnover 1.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lowe's Cos IncPrice/Volume

Valuation Analysis

359'589.00


&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013
















MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 13'130'326 1.18 12'469'043 31.12.2012 Investment Advisor


GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 9'865'393 0.89 (1'254'239) 31.12.2012 Corporation

MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 9'494'338 0.86 (1'576'716) 31.12.2012 Investment Advisor





Nomura ARAM RUBINSON buy 5 M 44 12 month 25.03.2013

ISI Group GREGORY MELICH neutral 3 M 40 12 month 24.03.2013




Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 42 12 month 10.03.2013

Longbow Research DAVID S MACGREGOR buy 5 M 45 12 month 08.03.2013

Deutsche Bank MICHAEL BAKER buy 5 M 41 12 month 26.02.2013


Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 26.02.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 40 9 month 26.02.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 43 Not Provided 26.02.2013



Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 43 12 month 25.02.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 43 12 month 25.02.2013

Credit Suisse GARY BALTER outperform 5 M 44 Not Provided 25.02.2013

Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 33 12 month 25.02.2013


Canaccord Genuity Corp LAURA A CHAMPINE sell 1 M 27 12 month 25.02.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 46 12 month 25.02.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 32 Not Provided 25.02.2013

Piper Jaffray PETER J KEITH neutral 3 M 41 12 month 25.02.2013

Barclays ALAN M RIFKIN equalweight 3 M 35 Not Provided 25.02.2013

Gabelli & Co PATRICK TODD buy 5 M #N/A N/A Not Provided 07.03.2012

Holdings By:

Lowe's Cos Inc ee


26.03.2013

MasterCard, Inc. is a global payment solutions company that provides a variety

of services in support of the credit, debit and related payment programs of

financial institutions. The Company offers transaction processing services for

credit and debit cards, electronic cash, automated teller machines, and

travelers checks.


LTM as of: 12/yy

52-Week High (26.03.2013) 537.19

52-Week Low (01.06.2012) 390.00

Daily Volume

535.55





65'719.11 1 Yr Total Return 23.24%







MA UN EQUITY YTD Change - Average Volume 30 Day 175'345

MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 205'003


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

4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 6'714.0 7'391.0 8'261.5 9'280.9 1'935.0 2'024.9

3.29x 6.26x 4.52x 6.38x 7.52x 21.02x 27.46x 7.29x 6.24x 31.56x 29.88x

2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'677.0 4'187.0 4'823.1 5'555.6 1'181.7 1'203.5

7.96x 13.25x 8.62x 11.65x 13.27x 11.50x 13.27x 12.61x 10.95x 12.62x 12.19x

(253.9) 1'462.5 1'846.0 1'906.0 2'759.0 1'906.0 2'759.0 3'123.6 3'625.4 765.0 782.0

15.05x 21.55x 15.92x 19.92x 22.29x 19.91x 22.28x 21.07x 17.75x 21.07x 20.20x











EBITDA Margin 56.6%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mastercard IncPrice/Volume

Valuation Analysis

102'477.00


&

-&&

.&&

0&&

1&&

2&&

3&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

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



26.03.2013


MASTERCARD FOUNDATIO n/a Form 4 12'153'057 10.3 (16'639) 18.03.2013 Other





















RBC Capital Markets DANIEL R PERLIN outperform 5 M 608 12 month 26.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013

Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 425 12 month 22.03.2013

Jefferies JASON KUPFERBERG buy 5 M 552 12 month 22.03.2013

Pacific Crest Securities JAMES FAUCETTE outperform 5 M 600 12 month 21.03.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 496 12 month 21.03.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013

BNP Paribas Equity Research ARVIND RAMNANI hold 3 N 560 12 month 18.03.2013

Evercore Partners DAVID M TOGUT overweight 5 M 613 12 month 18.03.2013




Barclays DARRIN D PELLER overweight 5 M 575 Not Provided 13.03.2013



Wedbush GIL B LURIA neutral 3 M 460 12 month 08.03.2013

Guggenheim Securities LLC DAVID W DARST buy 5 M 625 12 month 07.03.2013

Argus Research Corp DAVID RITTER hold 3 D #N/A N/A Not Provided 06.03.2013

Sterne, Agee & Leach GREGORY SMITH buy 5 M 600 12 month 28.02.2013


S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 27.02.2013

Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 25.02.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 590 Not Provided 15.02.2013

Telsey Advisory Group MICHAEL P TAIANO no rating system #N/A N/A M 560 Not Provided 10.02.2013


FBR Capital Markets SCOTT VALENTIN outperform 5 M 575 12 month 01.02.2013

Macquarie KEVIN MCVEIGH outperform 5 M 600 12 month 01.02.2013



SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 620 12 month 31.01.2013


Raymond James WAYNE JOHNSON outperform 5 M 550 12 month 31.01.2013


Oppenheimer & Co GLENN GREENE outperform 5 M 575 12 month 31.01.2013

Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 548 12 month 31.01.2013



Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 U 575 12 month 09.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012

Holdings By:

Mastercard Inc ee


26.03.2013

McDonald's Corporation franchises and operates fast-food restaurants in the

global restaurant industry. The Company's restaurants serve a variety of

value-priced menu products in countries around the world.


LTM as of: 12/yy

52-Week High (15.03.2013) 99.70

52-Week Low (16.11.2012) 83.32

Daily Volume

98.491





98'765.96 1 Yr Total Return 4.93%







MCD UN EQUITY YTD Change - Average Volume 30 Day 1'327'471

MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'368'653


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

23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'006.0 27'567.0 28'846.4 30'504.3 6'600.9 7'269.9

3.30x 3.34x 3.74x 4.17x 3.62x 14.77x 15.00x 3.85x 3.66x 16.70x 15.19x

7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 9'940.8 10'101.1 10'481.1 11'150.6 2'318.0 2'637.8

10.12x 9.51x 10.25x 11.33x 9.87x 11.33x 9.87x 10.50x 9.87x 10.51x 10.34x

4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'503.1 5'464.8 5'757.4 6'161.3 1'273.0 1'439.7

16.95x 15.69x 16.69x 19.04x 16.43x 19.00x 16.46x 17.00x 15.53x 17.03x 16.71x











EBITDA Margin 36.6%



Asset Turnover 0.81







Fiscal Year Ended

McDonald's CorpPrice/Volume

Valuation Analysis

423'547.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013















GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'512'944 0.75 484'550 31.12.2012 Investment Advisor








BMO Capital Markets PHILLIP JUHAN market perform 3 M 98 Not Provided 19.03.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 102 12 month 15.03.2013

Deutsche Bank JASON WEST buy 5 M 108 12 month 11.03.2013

JPMorgan JOHN W IVANKOE overweight 5 M 101 9 month 11.03.2013

Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 11.03.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 10.03.2013

Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 08.03.2013

Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 104 12 month 08.03.2013

Credit Suisse KEITH SIEGNER outperform 5 M 104 Not Provided 08.03.2013

Jefferies ANDREW M BARISH hold 3 M 83 12 month 08.03.2013

Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 08.03.2013


Buckingham Research Group MITCHELL J SPEISER neutral 3 M 97 12 month 08.03.2013

Sterne, Agee & Leach LYNNE COLLIER buy 5 M 101 12 month 08.03.2013

Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 109 12 month 08.03.2013

Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 08.03.2013

Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 08.03.2013

S&P Capital IQ JIM YIN buy 5 M 102 Not Provided 08.03.2013

Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 08.03.2013

Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 08.03.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 103 12 month 08.03.2013

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 110 Not Provided 08.03.2013

Barclays JEFFREY A BERNSTEIN overweight 5 M 99 Not Provided 08.03.2013


Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 93 12 month 13.02.2013


RBC Capital Markets LARRY A MILLER outperform 5 M 98 12 month 23.01.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 104 12 month 23.01.2013

Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 23.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 16.01.2013


Holdings By:

McDonald's Corp ee


26.03.2013

Medtronic, Inc. develops therapeutic and diagnostic medical products. The

Company's principal products include those for bradycardia pacing,

tachyarrhythmia management, atrial fibrillation management, heart failure

management, heart valve replacement, malignant and non-malignant pain, and

movement disorders. Medtronic's products are sold worldwide.


LTM as of: 01/yy

52-Week High (12.02.2013) 47.40

52-Week Low (04.06.2012) 35.68

Daily Volume

46.05





46'685.77 1 Yr Total Return 18.03%







MDT UN EQUITY YTD Change - Average Volume 30 Day 1'236'574

MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'216'684


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

13'515.0 14'599.0 15'817.0 15'508.0 16'184.0 16'054.0 16'427.0 16'522.4 17'042.7 4'393.9 4'131.9

4.51x 2.62x 3.40x 3.36x 2.91x 11.96x 12.30x 3.22x 3.10x 12.75x 13.47x

4'724.0 5'273.0 5'902.0 5'374.0 5'680.0 5'662.0 5'616.0 6'024.0 6'224.8 1'589.2 1'472.0

12.90x 7.25x 9.10x 9.69x 8.30x 8.61x 9.97x 9.24x 8.94x 9.22x 9.10x

2'231.0 2'070.0 3'099.0 3'096.0 3'617.0 3'403.0 3'489.0 3'785.9 3'885.5 1'050.6 922.4

19.01x 10.88x 13.91x 13.34x 11.15x 12.31x 12.89x 12.47x 11.93x 12.07x 11.92x











EBITDA Margin 34.2%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Medtronic IncPrice/Volume

Valuation Analysis

275'407.00


&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9!2 9-!& 9-!2 9.!& 9.!2 90!& 90!2 91!& 91!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013


















ALLIANZ ASSET MANAGE n/a ULT-AGG 9'956'951 0.98 500'116 28.02.2013 Investment Advisor





JPMorgan MICHAEL N WEINSTEIN neutral 3 M 49 9 month 25.03.2013

Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 22.03.2013

Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 22.03.2013

Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 49 18 month 22.03.2013


Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 52 12 month 18.03.2013

Jefferies RAJ S DENHOY hold 3 M 48 12 month 14.03.2013



Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 07.03.2013


Credit Suisse BRUCE NUDELL outperform 5 M 50 Not Provided 27.02.2013


Argus Research Corp DAVID H TOUNG buy 5 M 54 Not Provided 22.02.2013

RBC Capital Markets GLENN J NOVARRO sector perform 3 M 47 12 month 20.02.2013



Northland Securities Inc BRUCE D JACKSON market perform 3 M 46 12 month 20.02.2013

William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 19.02.2013

Wunderlich Securities GREGORY SIMPSON hold 3 M 46 18 month 19.02.2013

Piper Jaffray BROOKS E WEST overweight 5 M 50 12 month 19.02.2013


Deutsche Bank KRISTEN M STEWART hold 3 M 46 12 month 04.01.2013

Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 46 12 month 12.12.2012

McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 M 45 12 month 19.05.2009


Holdings By:

Medtronic Inc ee


26.03.2013

Merck & Co., Inc. is a global health care company that delivers health

solutions through its prescription medicines, vaccines, biologic therapies,

animal health, and consumer care products, which it markets directly and

through its joint ventures. The Company has operations in pharmaceutical,

animal health, and consumer care.


LTM as of: 12/yy

52-Week High (18.10.2012) 48.00

52-Week Low (23.05.2012) 37.02

Daily Volume

44.22





133'649.09 1 Yr Total Return 19.00%







MRK UN EQUITY YTD Change - Average Volume 30 Day 3'571'044

MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'579'786


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

23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'047.0 47'268.0 46'226.5 46'809.0 11'135.5 11'569.2

2.82x 4.52x 2.59x 2.49x 2.77x 9.35x 11.10x 2.80x 2.63x 12.28x 11.74x

8'070.3 7'314.7 11'166.0 17'015.0 16'855.0 17'296.0 17'488.0 17'238.6 17'420.6 3'885.0 4'200.0

8.33x 16.96x 10.67x 7.03x 7.76x 6.92x 7.48x 8.16x 8.08x 8.55x -

7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'271.0 6'661.0 11'057.7 11'408.7 2'479.7 2'775.8

8.89x 11.31x 10.54x 10.13x 11.22x 10.08x 10.72x 12.15x 11.63x 12.19x 11.81x











EBITDA Margin 37.0%



Asset Turnover 0.45







Fiscal Year Ended

Merck & Co IncPrice/Volume

Valuation Analysis

931'881.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

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



26.03.2013























Cowen and Company STEVEN R SCALA neutral 3 M #N/A N/A Not Provided 26.03.2013



Jefferies JEFFREY HOLFORD hold 3 M 46 12 month 14.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 48 12 month 14.03.2013

Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 12.03.2013

Credit Suisse CATHERINE J ARNOLD outperform 5 M 52 Not Provided 12.03.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 52 9 month 12.03.2013


ISI Group MARK J SCHOENEBAUM buy 5 M 46 Not Provided 12.03.2013

Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC buy 5 M 54 Not Provided 12.03.2013




MKM Partners JON LECROY buy 5 M 52 12 month 04.02.2013


S&P Capital IQ HERMAN SAFTLAS buy 5 M 51 12 month 01.02.2013



Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 46 12 month 11.01.2013

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012

Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011

Crowell, Weedon & Co DOUGLAS A CHRISTOPHER buy 5 M 48 Not Provided 19.11.2009

Holdings By:

Merck & Co Inc ee


26.03.2013

MetLife, Inc. provides individual insurance, employee benefits and financial

services with operations throughout the United States and the regions of Latin

America, Europe, and Asia Pacific. The Company's products include life

insurance, annuities, automobile and homeowners insurance, retail banking and

other financial services to individuals as well as group insurance.


LTM as of: 12/yy

52-Week High (14.03.2013) 40.64

52-Week Low (05.06.2012) 27.65

Daily Volume

38.34





41'928.25 1 Yr Total Return 2.86%







MET UN EQUITY YTD Change - Average Volume 30 Day 2'220'138

MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'019'960


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

50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 70'242.0 68'150.0 69'990.1 72'090.5 17'204.7 17'339.3

0.53x 1.07x 1.34x 0.82x 0.72x 3.78x 2.92x 0.93x - - -

- - - - - 0.0 0.0 - - - -

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

3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 6'423.0 1'324.0 5'810.0 6'263.3 1'407.3 1'422.9

9.63x 12.32x 10.31x 7.12x 6.24x 7.02x 6.25x 7.30x 6.81x 7.31x 7.23x

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

MetLife IncPrice/Volume

Valuation Analysis

512'033.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

-&!&&

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



26.03.2013


METLIFE POLICY HOLDE n/a 13D 201'024'039 18.38 (2'552'799) 26.02.2013 n/a












DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'626'592 1.43 (1'360'601) 31.12.2012 Investment Advisor









FBR Capital Markets RANDY BINNER outperform 5 M 50 12 month 26.03.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 46 Not Provided 19.03.2013

Sterne, Agee & Leach JOHN M NADEL buy 5 M 48 12 month 11.03.2013

Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 06.03.2013

Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 28.02.2013

Deutsche Bank YARON KINAR hold 3 M 40 12 month 21.02.2013


Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 15.02.2013

Macquarie SEAN DARGAN outperform 5 M 45 12 month 15.02.2013

Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 14.02.2013

RBC Capital Markets ERIC N BERG sector perform 3 M 50 12 month 14.02.2013

Credit Suisse THOMAS GALLAGHER outperform 5 M 44 Not Provided 14.02.2013

JPMorgan JIMMY S BHULLAR overweight 5 M 41 9 month 14.02.2013

Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 42 12 month 14.02.2013

Raymond James STEVEN D SCHWARTZ outperform 5 M 44 12 month 14.02.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 44 12 month 14.02.2013

Scotia Capital JOANNE SMITH focus stock 5 M 47 12 month 14.02.2013

Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 14.02.2013

Barclays JAY H GELB equalweight 3 M 37 Not Provided 13.02.2013


Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 45 12 month 08.01.2013

Holdings By:

MetLife Inc ee


26.03.2013

Microsoft Corporation develops, manufactures, licenses, sells, and supports

software products. The Company offers operating system software, server

application software, business and consumer applications software, software

development tools, and Internet and intranet software. Microsoft also develops

video game consoles and digital music entertainment devices.


LTM as of: 12/yy

52-Week High (20.04.2012) 32.89

52-Week Low (05.12.2012) 26.26

Daily Volume

28.245





236'587.05 1 Yr Total Return -10.71%







MSFT UW EQUITY YTD Change - Average Volume 30 Day 10'647'497

MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 11'226'720


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

60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 72'052.0 72'930.0 79'389.8 85'800.8 20'595.4 21'270.2

3.77x 3.18x 2.70x 2.53x 2.78x 9.64x 10.89x 2.08x 1.68x 8.48x 8.00x

24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 29'890.0 29'120.0 32'245.0 35'418.9 8'109.5 8'584.3

9.29x 8.00x 6.28x 5.91x 6.64x 5.95x 5.82x 5.67x 5.16x 5.33x 5.29x

17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'468.0 15'459.0 23'860.5 26'104.8 6'444.0 6'550.7

14.48x 13.66x 10.96x 9.85x 11.21x 9.58x 10.43x 9.96x 9.00x 9.11x 9.16x











EBITDA Margin 39.9%



Asset Turnover 0.61







Fiscal Year Ended

Microsoft CorpPrice/Volume

Valuation Analysis

2'197'460.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 92!& 9-&!& 9-2!& 9.&!& 9.2!& 90&!& 902!& 91&!& 912!& 92&!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013



GATES III WILLIAM HE n/a Form 4 421'411'775 5.03 (7'000'000) 06.02.2013 n/a


BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.98 - 14.09.2012 n/a










MORGAN STANLEY n/a ULT-AGG 84'045'210 1 1'827'246 31.12.2012 Investment Advisor





PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor



BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 25.03.2013

Stifel BRAD REBACK buy 5 M 36 12 month 25.03.2013

Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 25.03.2013

Longbow Research KEVIN M BUTTIGIEG buy 5 M 33 12 month 22.03.2013

JPMorgan JOHN DIFUCCI neutral 3 M 30 9 month 21.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 37 12 month 19.03.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 30 Not Provided 19.03.2013

Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.03.2013

Raymond James MICHAEL TURITS outperform 5 M 34 12 month 13.03.2013

Nomura RICHARD G SHERLUND buy 5 M 32 12 month 13.03.2013

Griffin Securities JAY VLEESCHHOUWER buy 5 M 38 12 month 12.03.2013

Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 12.03.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 11.03.2013

Jyske Bank ROBERT JAKOBSEN buy 5 M 32 Not Provided 07.03.2013

Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 04.03.2013



Oppenheimer & Co SHAUL EYAL outperform 5 M 36 12 month 20.02.2013

Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 05.02.2013


Hilliard Lyons STEPHEN TURNER buy 5 M 35 12 month 28.01.2013


Deutsche Bank THOMAS ERNST JR buy 5 M 31 12 month 25.01.2013

Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 30 12 month 25.01.2013

RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 33 12 month 25.01.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 25.01.2013

Jefferies ROSS MACMILLAN hold 3 M 31 12 month 25.01.2013

FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 25.01.2013


S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013

Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 25.01.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 36 Not Provided 25.01.2013

Barclays RAIMO LENSCHOW equalweight 3 M 29 Not Provided 25.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 24.01.2013



Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.11.2012

McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012


Holdings By:

Microsoft Corp ee


26.03.2013

Mondelez International Inc. is a food and beverage company. The Company

manufactures and markets packaged food products, including snacks, beverages,

cheese, convenient meals and various packaged grocery products. Mondelez

International sells its products throughout the world.


LTM as of: 12/yy

52-Week High (25.03.2013) 30.30

52-Week Low (28.06.2012) 24.27

Daily Volume

30.08





53'490.89 1 Yr Total Return -


Preferred Stock 0.0 Adjusted BETA -





MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'802'666

MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'242'087


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

41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 49'356.0 48'783.0 36'610.4 38'762.8 8'710.5 8'900.5

1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.90x 1.76x 7.73x 7.46x

5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'902.9 6'352.7 1'384.4 1'467.6

9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 11.62x 10.79x 11.58x 11.30x

2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'801.1 3'152.3 607.2 679.8

22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 19.21x 17.07x 19.21x 18.55x











EBITDA Margin 15.8%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mondelez International IncPrice/Volume

Valuation Analysis

1'073'854.00


&

2

-&

-2

.&

.2

0&

02

d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013










SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 34'530'900 1.94 34'530'900 31.12.2012 Investment Advisor



SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 27'575'000 1.55 19'075'000 31.12.2012 Hedge Fund Manager





MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'605'595 0.93 1'537'174 31.12.2012 Investment Advisor



BERKSHIRE HATHAWAY I n/a ULT-AGG 12'840'450 0.72 (17'623'900) 31.12.2012 Investment Advisor


Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 25.03.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 31 Not Provided 25.03.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 25.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013

Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 33 12 month 22.03.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013


BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 13.03.2013

RBC Capital Markets EDWARD AARON outperform 5 M 31 12 month 11.03.2013




JPMorgan KENNETH GOLDMAN overweight 5 M 32 9 month 25.02.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 21.02.2013

CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013

S&P Capital IQ THOMAS GRAVES buy 5 M 31 12 month 15.02.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 26 12 month 14.02.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013

Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 14.02.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013

Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 32 12 month 11.01.2013

Holdings By:

Mondelez International Inc ee


26.03.2013

Monsanto Company provides agricultural products for farmers. The Company's

business segments are seeds and genomics. Monsanto produces a wide range of

seeds and develops biotechnology traits that assist farmers in controlling

insects and weeds as well as provides other seed companies with genetic material

and biotechnology traits for their seed brands.


LTM as of: 11/yy

52-Week High (15.03.2013) 104.96

52-Week Low (18.05.2012) 69.71

Daily Volume

103.08





55'231.64 1 Yr Total Return 30.76%







MON UN EQUITY YTD Change - Average Volume 30 Day 579'705

MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 625'250


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3

11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 12'425.0 14'016.0 14'937.9 15'913.1 5'258.0 4'481.9

5.53x 3.89x 2.78x 3.08x 3.35x 12.28x 12.36x 3.53x 3.25x 10.07x 11.81x

3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'290.0 4'021.0 4'322.9 4'779.9 2'189.0 1'531.6

18.18x 10.92x 11.51x 11.69x 12.03x 11.62x 11.53x 12.15x 10.99x 12.14x 11.48x

2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 1'724.0 2'258.0 2'482.6 2'800.4 1'396.7 943.7

31.30x 19.02x 21.94x 23.29x 23.54x 23.24x 21.45x 22.59x 19.92x 22.97x 21.61x











EBITDA Margin 28.7%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Monsanto CoPrice/Volume

Valuation Analysis

235'052.00


&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

-&!&&

.&!&&

0&!&&

1&!&&

2&!&&

3&!&&

4&!&&

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



26.03.2013














MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'584'273 1.42 (466'373) 31.01.2013 Investment Advisor




MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 6'395'945 1.19 (828'232) 31.12.2012 Investment Advisor


MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'036'725 1.13 (772'767) 31.12.2012 Investment Advisor



BGC Partners MARK R GULLEY buy 5 M 120 12 month 26.03.2013

Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 21.03.2013

Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 110 Not Provided 20.03.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 125 12 month 18.03.2013

Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 114 12 month 12.03.2013

Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 115 12 month 07.03.2013

Piper Jaffray MICHAEL E COX overweight 5 M 130 12 month 06.03.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 01.03.2013

Atlantic Equities LLP COLIN ISAAC underweight 1 D 90 12 month 18.02.2013


Canaccord Genuity Corp KEITH CARPENTER buy 5 M 113 12 month 31.01.2013

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 102 12 month 24.01.2013

Credit Suisse CHRISTOPHER PARKINSON outperform 5 N 120 Not Provided 16.01.2013


Deutsche Bank DAVID I BEGLEITER buy 5 M 112 12 month 09.01.2013

JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 105 9 month 09.01.2013


Macquarie COOLEY MAY neutral 3 M 105 12 month 09.01.2013

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 09.01.2013

Goldman Sachs ROBERT KOORT buy/attractive 5 M 116 12 month 08.01.2013

Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 120 Not Provided 08.01.2013

Gilford Securities PAUL C CHRISTOPHERSON sell 1 M 67 12 month 26.04.2012

Holdings By:

Monsanto Co ee


26.03.2013

Morgan Stanley, a bank holding company, provides diversified financial services

on a worldwide basis. The Company operates a global securities business which

serves individual and institutional investors and investment banking clients.

Morgan Stanley also operates a global asset management business.


LTM as of: 12/yy

52-Week High (20.02.2013) 24.47

52-Week Low (04.06.2012) 12.26

Daily Volume

22.14





43'422.24 1 Yr Total Return 5.81%







MS UN EQUITY YTD Change - Average Volume 30 Day 3'357'020

MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'730'248


30.11.2008 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

62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 39'171.0 32'333.0 32'227.1 34'215.5 8'546.3 8'105.2

5.03x 16.65x 13.22x 10.82x 14.07x 48.27x 56.29x - - - -

40'604.0 8'912.0 14'064.0 14'405.0 8'020.0 13'233.0 8'293.0 - - - -

7.72x 56.30x 35.53x 29.41x 56.21x 0.00x 54.36x - - - -

1'707.0 1'346.0 4'703.0 4'110.0 68.0 4'110.0 (19.0) 4'198.2 5'022.6 1'175.1 1'033.5

9.58x 11.04x 13.40x - 12.10x 0.00x 11.45x 10.59x 8.66x 10.50x 9.93x











EBITDA Margin 25.6%



Asset Turnover 0.04







Fiscal Year Ended

Morgan StanleyPrice/Volume

Valuation Analysis

923'538.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

-3!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013


MITSUBISHI UFJ FINAN n/a ULT-AGG 435'785'918 22.22 - 31.12.2012 Holding Company


CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.38 - 31.12.2012 Government







CAPITAL GROUP COMPAN n/a ULT-AGG 31'000'858 1.58 (42) 31.12.2012 Investment Advisor





UBS n/a ULT-AGG 19'935'213 1.02 2'361'087 31.01.2013 Unclassified


CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 15'043'837 0.77 7'146'861 31.12.2012 Hedge Fund Manager



SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 11'465'598 0.58 6'258'601 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 24 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 20 Not Provided 25.03.2013






Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 24 12 month 18.03.2013





JPMorgan KIAN ABOUHOSSEIN overweight 5 M 25 9 month 11.03.2013

FBR Capital Markets STEVE STELMACH outperform 5 M 27 12 month 08.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 23 12 month 05.03.2013

S&P Capital IQ KENNETH M LEON buy 5 M 27 Not Provided 28.02.2013

HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013

Atlantic Equities LLP RICHARD STAITE underweight 1 M 22 12 month 14.02.2013


EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013


SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 U 26 12 month 06.02.2013



Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 26 12 month 22.01.2013

Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 28 12 month 22.01.2013


Barclays ROGER A FREEMAN equalweight 3 M 25 Not Provided 22.01.2013

Credit Suisse HOWARD H CHEN outperform 5 M 23 Not Provided 18.01.2013



Holdings By:

Morgan Stanley ee


26.03.2013

National Oilwell Varco Inc. is a worldwide provider of equipment and components

used in oil and gas drilling and production operations, oilfield services, and

supply chain integration services to the upstream oil and gas industry.


LTM as of: 12/yy

52-Week High (18.09.2012) 89.25

52-Week Low (26.06.2012) 59.07

Daily Volume

70.26





29'975.71 1 Yr Total Return -11.64%







NOV UN EQUITY YTD Change - Average Volume 30 Day 805'815

NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 852'492


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

13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 14'658.0 20'041.0 22'731.4 24'347.1 5'386.5 5'575.7

0.72x 1.32x 2.14x 1.77x 1.45x 7.23x 6.06x 1.28x 1.10x 5.74x 5.39x

3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'492.0 4'185.0 4'520.3 5'049.5 1'047.7 1'102.1

2.90x 5.70x 8.80x 7.42x 6.96x 7.42x 6.96x 6.63x 5.93x 6.63x 6.44x

1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 1'994.0 2'491.0 2'533.8 2'915.4 585.4 615.7

4.81x 11.33x 16.56x 14.25x 11.57x 14.28x 11.58x 11.77x 10.26x 11.82x 11.33x











EBITDA Margin 20.9%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

National Oilwell Varco IncPrice/Volume

Valuation Analysis

480'577.00


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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-&!&&

.&!&&

0&!&&

1&!&&

2&!&&

3&!&&

4&!&&

5&!&&

6&!&&

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



26.03.2013















BERKSHIRE HATHAWAY I n/a ULT-AGG 5'294'800 1.24 1'108'000 31.12.2012 Investment Advisor



ALLIANCE BERNSTEIN n/a ULT-AGG 5'199'627 1.22 (603'509) 31.12.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'020'360 1.18 (1'307'778) 31.12.2012 Investment Advisor




Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 89 Not Provided 26.03.2013

Guggenheim Securities LLC DARREN GACICIA buy 5 U 83 12 month 26.03.2013


Raymond James J MARSHALL ADKINS outperform 5 M 90 12 month 25.03.2013


Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 80 12 month 21.03.2013

ISI Group JUDSON E BAILEY buy 5 M 80 12 month 21.03.2013

Wells Fargo Securities, LLC THOMAS PATRICK CURRAN outperform 5 M #N/A N/A Not Provided 19.03.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 93 12 month 19.03.2013


Fearnley Fonds TRULS OLSEN accumulate 4 M 81 Not Provided 18.03.2013

Societe Generale EDWARD C MUZTAFAGO buy 5 M 82 12 month 13.03.2013

William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 11.03.2013



RBC Capital Markets KURT HALLEAD sector perform 3 M 80 12 month 21.02.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 20.02.2013


HSBC DAVID PHILLIPS overweight 5 M 97 Not Provided 08.02.2013


EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 07.02.2013


Goldman Sachs WAQAR SYED buy/attractive 5 M 90 12 month 04.02.2013


JPMorgan J DAVID ANDERSON overweight 5 M 89 9 month 04.02.2013

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 80 Not Provided 04.02.2013

RS Platou Markets GORAN ANDREASSEN buy 5 M 87 6 month 04.02.2013



Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 01.02.2013

S&P Capital IQ STEWART GLICKMAN strong buy 5 M 95 Not Provided 01.02.2013



Holdings By:

National Oilwell Varco Inc ee


26.03.2013

News Corporation is a diversified global media company. The Company's

operations include the production and distribution of motion pictures and

television programming. The Company provides television, direct satellite, and

cable broadcasting and the publication of newspapers, magazines, books and

promotional inserts.


LTM as of: 12/yy

52-Week High (08.03.2013) 30.76

52-Week Low (04.06.2012) 18.32

Daily Volume

30.25





70'530.86 1 Yr Total Return 50.77%


Preferred Stock - Adjusted BETA 1.112





NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'602'944

NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'879'994


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

32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'612.9 38'023.8 8'988.8 9'132.4

1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.21x 2.05x 8.89x 8.72x

6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'270.1 8'098.6 1'687.7 1'896.9

7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.11x 9.97x 10.50x 10.15x

5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'915.2 4'371.9 826.3 1'030.1

12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.03x 15.31x 17.14x 16.13x











EBITDA Margin 19.7%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

News CorpPrice/Volume

Valuation Analysis

830'503.00


&

2

-&

-2

.&

.2

0&

02

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013










CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager




ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager



NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager


Nomura MICHAEL NATHANSON buy 5 M 31 12 month 25.03.2013

Lazard Capital Markets BARTON CROCKETT buy 5 M 35 12 month 24.03.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 22.03.2013

Needham & Co LAURA A MARTIN buy 5 M 34 12 month 15.03.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013


Barclays ANTHONY J DICLEMENTE overweight 5 M 33 Not Provided 08.03.2013

Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013

Credit Suisse MICHAEL SENNO neutral 3 M 28 Not Provided 06.03.2013

Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013

Macquarie TIMOTHY W NOLLEN outperform 5 M 33 12 month 06.03.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 34 12 month 06.03.2013


S&P Capital IQ TUNA AMOBI buy 5 M 31 Not Provided 06.03.2013


RBC Capital Markets DAVID BANK outperform 5 M 32 12 month 05.03.2013



Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 08.02.2013

Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 07.02.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013


Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012

BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012

Holdings By:

News Corp ee


26.03.2013

NIKE, Inc. designs, develops, and markets athletic footwear, apparel,

equipment, and accessory products for men, women, and children. The Company

sells its products worldwide to retail stores, through its own stores,

subsidiaries, and distributors.


LTM as of: 02/yy

52-Week High (22.03.2013) 60.23

52-Week Low (29.06.2012) 42.55

Daily Volume

59.49





53'616.64 1 Yr Total Return 11.28%







NKE UN EQUITY YTD Change - Average Volume 30 Day 1'057'165

NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'584


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1

18'627.0 19'176.1 19'014.0 20'862.0 24'128.0 23'239.0 25'281.0 25'346.9 27'465.1 6'656.4 6'981.1

1.69x 1.31x 1.60x 1.71x 1.91x 6.91x 6.84x 1.95x 1.79x 7.47x 7.15x

2'737.3 2'789.8 2'797.7 3'150.0 3'413.0 3'414.0 2'537.0 3'682.8 4'140.6 994.0 1'051.6

11.48x 8.98x 10.87x 11.32x 13.53x 13.65x 0.00x 13.52x 12.03x 12.47x 12.21x

1'883.4 1'486.7 1'906.7 2'133.0 2'223.0 2'268.0 2'366.0 2'423.3 2'715.2 674.4 704.1

19.37x 14.93x 18.75x 19.24x 22.68x 22.39x 21.44x 22.27x 19.50x 20.05x 19.53x











EBITDA Margin 13.6%



Asset Turnover 1.66







Fiscal Year Ended

NIKE IncPrice/Volume

Valuation Analysis

506'467.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

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!&&

&2!&3!.&&6 &2!-.!.&&6 &2!&3!.&-& &2!-.!.&-& &2!&3!.&-- &2!-.!.&-- &2!&3!.&-. &2!-.!.&-.



26.03.2013














LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 12'735'980 1.77 1'748'266 31.12.2012 Hedge Fund Manager




MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 9'150'278 1.27 (2'137'660) 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'909'806 0.96 (10'556) 31.12.2012 Investment Advisor




Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 25.03.2013

ISI Group OMAR SAAD strong buy 5 M 70 Not Provided 25.03.2013

Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 53 12 month 25.03.2013


Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 22.03.2013

Credit Suisse CHRISTIAN BUSS neutral 3 M 60 Not Provided 22.03.2013

D.A. Davidson & Co ANDREW BURNS neutral 3 M 60 18 month 22.03.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 22.03.2013

Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 57 12 month 22.03.2013

Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 60 12 month 22.03.2013

Wedbush CORINNA FREEDMAN neutral 3 M 56 12 month 22.03.2013

Stifel JIM DUFFY buy 5 M 63 12 month 22.03.2013

Buckingham Research Group JOHN M ZOLIDIS buy 5 M 64 12 month 22.03.2013

Sterne, Agee & Leach SAM POSER neutral 3 M 63 12 month 22.03.2013

Canaccord Genuity Corp CAMILO R LYON hold 3 M 57 12 month 22.03.2013

Cowen and Company FAYE LANDES outperform 5 M #N/A N/A Not Provided 22.03.2013

S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013

Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 63 Not Provided 22.03.2013

JPMorgan MATTHEW BOSS overweight 5 M 64 9 month 21.03.2013

Barclays ROBERT S DRBUL overweight 5 M 65 Not Provided 21.03.2013

McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 26.12.2012

Daiwa Securities Co. Ltd. TORU SUGIURA buy 5 U 61 Not Provided 24.12.2012

HSBC ERWAN RAMBOURG overweight 5 U 56 Not Provided 28.11.2012

Holdings By:

NIKE Inc ee


26.03.2013

Norfolk Southern Corporation provides rail transportation services. The Company

transports raw materials, intermediate products, and finished goods primarily

in the Southeast, East, and Midwest and, via interchange with rail carriers, to

and from the rest of the United States. Norfolk Southern also transports

overseas freight through several Atlantic and Gulf Coast ports


LTM as of: 12/yy

52-Week High (20.03.2013) 76.25

52-Week Low (16.11.2012) 56.05

Daily Volume

74.92





23'561.77 1 Yr Total Return 16.56%







NSC UN EQUITY YTD Change - Average Volume 30 Day 602'999

NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 622'068


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

10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'172.0 11'040.0 11'304.1 12'016.7 2'752.3 2'862.7

2.18x 3.19x 2.98x 2.80x 2.49x 10.83x 10.37x 2.82x 2.66x 11.51x 11.06x

3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'082.0 4'046.0 4'118.6 4'504.1 917.9 1'091.2

5.97x 9.05x 8.10x 7.67x 6.78x 7.67x 6.78x 7.67x 7.02x 7.68x 7.50x

1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 1'916.0 1'749.0 1'732.6 1'942.0 364.2 474.6

10.36x 18.99x 16.07x 13.85x 11.52x 13.15x 11.52x 13.56x 11.85x 13.55x 13.10x











EBITDA Margin 36.6%



Asset Turnover 0.38







Fiscal Year Ended

Norfolk Southern CorpPrice/Volume

Valuation Analysis

169'271.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013











BARCLAYS PLC n/a ULT-AGG 3'640'027 1.16 3'093'778 31.12.2012 Investment Advisor



PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 2'733'633 0.87 1'184'644 31.12.2012 Investment Advisor






CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'817'999 0.58 (86'383) 31.12.2012 Investment Advisor

KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 1'792'659 0.57 1'156'395 31.12.2012 Investment Advisor


Stifel JOHN G LARKIN buy 5 M 81 12 month 26.03.2013

Raymond James PATRICK TYLER BROWN outperform 5 M 70 12 month 25.03.2013


TD Securities CHERILYN RADBOURNE buy 5 M 88 12 month 22.03.2013


Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.03.2013

Cowen Securities LLC JASON H SEIDL buy 5 M 85 12 month 19.03.2013

Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 14.03.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 12.03.2013

Stephens Inc JUSTIN LONG overweight 5 M 78 12 month 12.03.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 86 12 month 12.03.2013

Barclays BRANDON OGLENSKI equalweight 3 M 75 Not Provided 12.03.2013

RBC Capital Markets WALTER SPRACKLIN outperform 5 M 78 12 month 07.03.2013

Susquehanna Financial Group MATT TROY Positive 4 M 83 12 month 07.03.2013



BMO Capital Markets FADI CHAMOUN outperform 5 M 80 Not Provided 04.02.2013


FBR Capital Markets JOHN R MIMS market perform 3 M 67 12 month 29.01.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 76 12 month 28.01.2013

Goldman Sachs TOM KIM neutral/neutral 3 M 70 12 month 23.01.2013

Credit Suisse CHRISTOPHER J CERASO outperform 5 M 76 Not Provided 23.01.2013

JPMorgan THOMAS R WADEWITZ neutral 3 M 71 9 month 23.01.2013


BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 23.01.2013


Deutsche Bank JUSTIN B YAGERMAN buy 5 U 78 12 month 14.01.2013

S&P Capital IQ KEVIN KIRKEBY buy 5 M 85 Not Provided 25.10.2012

Holdings By:

Norfolk Southern Corp ee


26.03.2013

Occidental Petroleum Corporation explores for, develops, produces, and markets

crude oil and natural gas. The Company also manufactures and markets a variety

of basic chemicals, vinyls and performance chemicals. Occidental also gathers,

treats, processes, transports, stores, trades and markets crude oil, natural

gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.


LTM as of: 12/yy

52-Week High (27.03.2012) 99.63

52-Week Low (16.11.2012) 72.43

Daily Volume

77.53





62'451.59 1 Yr Total Return -19.62%







OXY UN EQUITY YTD Change - Average Volume 30 Day 1'029'374

OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'048'468


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

24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 23'939.0 24'172.0 25'667.0 27'040.1 6'026.9 6'242.0

2.05x 4.58x 4.32x 3.26x 2.80x 13.05x 12.14x 2.61x 2.40x 11.28x 10.90x

14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 13'895.0 13'701.0 16'004.4 17'281.2 3'715.4 3'886.2

3.39x 8.75x 7.61x 5.51x 4.95x 5.62x 4.95x 4.28x 3.96x 4.35x 4.28x

6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'771.0 4'598.0 5'887.4 6'263.7 1'331.7 1'466.8

6.70x 21.02x 17.12x 11.41x 10.81x 11.22x 10.81x 10.69x 9.98x 10.66x 10.47x











EBITDA Margin 56.7%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Occidental Petroleum CorpPrice/Volume

Valuation Analysis

350'827.00


&

.&

1&

3&

5&

-&&

-.&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013

















TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'016'543 1 (246'025) 31.12.2012 Investment Advisor

IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a



NORGES BANK NORGES BANK 13F 6'266'259 0.78 (359'747) 31.12.2012 Government


Capital One Southcoast, Inc. ELIOT JAVANMARDI add 4 M 120 Not Provided 26.03.2013

Sterne, Agee & Leach TIM A REZVAN buy 5 M 97 12 month 22.03.2013


Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 102 Not Provided 21.03.2013


ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 20.03.2013

Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 19.03.2013

Susquehanna Financial Group DUANE GRUBERT neutral 3 M 94 12 month 19.03.2013

Cowen Securities LLC ASIT SEN buy 5 M 98 12 month 19.03.2013

RBC Capital Markets LEO P MARIANI sector perform 3 M 90 12 month 18.03.2013









Goldman Sachs ARJUN N MURTI buy/attractive 5 M 95 12 month 01.02.2013

Credit Suisse EDWARD WESTLAKE outperform 5 M 110 Not Provided 01.02.2013

Barclays THOMAS R DRISCOLL equalweight 3 M 94 Not Provided 01.02.2013

JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 110 9 month 31.01.2013


Deutsche Bank PAUL SANKEY hold 3 D 80 12 month 03.12.2012

Holdings By:

Occidental Petroleum Corp ee


26.03.2013

Oracle Corporation supplies software for enterprise information management. The

Company offers databases and relational servers, application development and

decision support tools, and enterprise business applications. Oracle's software

runs on network computers, personal digital assistants, set-top devices, PCs,

workstations, minicomputers, mainframes, and massively parallel computers.


LTM as of: 02/yy

52-Week High (15.03.2013) 36.43

52-Week Low (18.05.2012) 25.33

Daily Volume

31.47





148'244.41 1 Yr Total Return 9.19%







ORCL UW EQUITY YTD Change - Average Volume 30 Day 6'804'784

ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'093'292


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1

22'430.0 23'252.0 26'820.0 35'622.0 37'121.0 36'980.0 37'149.0 37'444.0 39'559.5 11'143.6 8'561.6

5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.64x 3.25x 12.22x 15.45x

9'489.0 10'531.0 12'138.0 15'524.0 16'973.0 16'698.0 17'286.0 18'255.9 20'006.1 5'888.5 3'972.6

12.42x 9.08x 9.06x 10.37x 6.84x 7.85x 8.58x 7.40x 6.76x 7.02x 6.86x

5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'054.0 13'948.9 4'203.5 2'773.0

18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 11.70x 10.73x 11.04x 10.73x











EBITDA Margin 46.5%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oracle CorpPrice/Volume

Valuation Analysis

3'115'104.00


&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

&2!&3!.&&6 &2!-.!.&&6 &2!&3!.&-& &2!-.!.&-& &2!&3!.&-- &2!-.!.&-- &2!&3!.&-. &2!-.!.&-.



26.03.2013


ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 23.62 7'200'000 28.12.2012 n/a






















Jefferies ROSS MACMILLAN hold 3 M 36 12 month 26.03.2013

BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 12 month 25.03.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 25.03.2013

Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 25.03.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013

Raymond James MICHAEL TURITS outperform 5 M 36 12 month 25.03.2013

Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013

Stifel BRAD REBACK buy 5 M 37 12 month 25.03.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 25.03.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 25.03.2013

Longbow Research KEVIN M BUTTIGIEG buy 5 M 38 12 month 25.03.2013

Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013


Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013

Deutsche Bank THOMAS ERNST JR hold 3 M 29 12 month 21.03.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 37 12 month 21.03.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 21.03.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 21.03.2013

JPMorgan JOHN DIFUCCI overweight 5 M 40 9 month 21.03.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.03.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 21.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 36 12 month 21.03.2013

FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 21.03.2013


Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013

Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013

Nomura RICHARD G SHERLUND buy 5 M 39 12 month 21.03.2013

Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 21.03.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 21.03.2013

Susquehanna Financial Group J DERRICK WOOD Positive 4 M 40 12 month 21.03.2013

Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 21.03.2013

Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013

MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 21.03.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 D 35 Not Provided 21.03.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 12 month 20.03.2013



Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013



Holdings By:

Oracle Corp ee


26.03.2013

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The

Company manufacture or uses contract manufacturers, market and sell a variety of

grain-based snacks, carbonated and non-carbonated beverages and foods in

countries throughout the world.


LTM as of: 12/yy

52-Week High (22.03.2013) 79.26

52-Week Low (12.04.2012) 64.65

Daily Volume

78.81





121'586.70 1 Yr Total Return 23.47%







PEP UN EQUITY YTD Change - Average Volume 30 Day 1'618'678

PEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'583'839


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

43'251.0 43'232.0 57'838.0 66'504.0 65'492.0 66'504.0 65'492.0 68'122.2 71'287.6 12'604.9 17'128.7

2.10x 2.31x 2.12x 1.90x 1.94x 7.90x 7.94x 2.10x 2.01x 11.34x 8.37x

8'478.0 9'679.0 10'659.0 12'370.0 11'801.0 12'370.0 11'801.0 13'150.0 13'893.6 2'304.2 3'478.7

10.70x 10.31x 11.51x 10.22x 10.75x 10.22x 10.75x 10.91x 10.33x 11.04x 10.99x

5'142.0 5'946.0 6'320.0 6'443.0 6'178.0 6'443.0 6'178.0 6'790.6 7'276.8 1'106.4 1'875.0

14.85x 16.43x 15.94x 14.94x 16.59x 14.98x 16.63x 17.96x 16.52x 17.96x 17.73x











EBITDA Margin 18.0%



Asset Turnover 0.89







Fiscal Year Ended

PepsiCo IncPrice/Volume

Valuation Analysis

361'319.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013



BLACKROCK n/a ULT-AGG 77'141'209 5 (2'527'749) 22.03.2013 Investment Advisor








YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 23'006'617 1.49 817'910 31.12.2012 Investment Advisor




ABERDEEN n/a ULT-AGG 15'798'054 1.02 215'000 31.12.2012 Unclassified








Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 26.03.2013



Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 21.03.2013

Credit Agricole Securities (USA) CAROLINE S LEVY buy 5 M 85 Not Provided 19.03.2013

Morgan Stanley DARA MOHSENIAN Overwt/In-Line 5 M 85 12 month 12.03.2013


HSBC LAUREN E TORRES overweight 5 M 81 Not Provided 25.02.2013


Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 77 Not Provided 21.02.2013


Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 21.02.2013



JPMorgan JOHN A FAUCHER overweight 5 M 82 9 month 15.02.2013

S&P Capital IQ ESTHER KWON buy 5 M 79 Not Provided 15.02.2013




Atlantic Equities LLP VICTORIA COLLIN not rated #N/A N/A M #N/A N/A Not Provided 24.03.2010

Holdings By:

PepsiCo Inc ee


26.03.2013

Pfizer Inc. is a research-based, global pharmaceutical company that discovers,

develops, manufactures, and markets medicines for humans and animals. The

Company's products include prescription pharmaceuticals, non-prescription

self-medications, and animal health products such as anti-infective medicines

and vaccines.


LTM as of: 12/yy

52-Week High (25.03.2013) 28.51

52-Week Low (05.06.2012) 21.40

Daily Volume

28.49





204'719.00 1 Yr Total Return 33.36%







PFE UN EQUITY YTD Change - Average Volume 30 Day 7'326'942

PFE UN EQUITY YTD % CHANGE - Average Volume 3 Month 7'434'500


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

48'296.0 50'009.0 67'057.0 65'259.0 58'986.0 65'738.0 59'506.0 57'532.6 56'523.8 14'054.2 14'536.5

2.35x 3.40x 2.34x 2.71x 3.18x 10.39x 12.75x 3.71x 3.59x 15.55x 15.04x

22'146.0 21'810.0 29'319.0 26'640.0 25'602.0 28'175.0 26'309.0 27'684.9 27'578.3 6'655.5 7'102.0

5.12x 7.79x 5.35x 6.64x 7.33x 6.28x 7.13x 7.59x 7.61x 7.76x -

8'104.0 8'635.0 8'257.0 10'009.0 14'570.0 10'009.0 14'570.0 16'194.5 16'151.9 3'979.1 4'232.9

7.32x 6.64x 7.92x 9.53x 11.45x 9.49x 11.35x 12.51x 12.03x 12.54x 12.47x











EBITDA Margin 44.2%



Asset Turnover 0.32







Fiscal Year Ended

Pfizer IncPrice/Volume

Valuation Analysis

2'617'272.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013





















BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 57'986'630 0.81 (1'065'370) 31.12.2012 Investment Advisor



JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 32 9 month 19.03.2013

Cowen and Company STEVEN R SCALA outperform 5 M #N/A N/A Not Provided 15.03.2013


Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 31 12 month 13.03.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 29 12 month 11.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 30 12 month 05.03.2013





Credit Suisse CATHERINE J ARNOLD neutral 3 M 29 Not Provided 07.02.2013




MKM Partners JON LECROY neutral 3 M 28 12 month 30.01.2013




Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC buy 5 M 32 Not Provided 29.01.2013


Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 27.11.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 U 21 Not Provided 08.08.2012

Cyrrus TOMAS MENCIK hold 3 M 24 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 09.02.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 24 Not Provided 13.10.2011

McAdams Wright Ragen Inc PAUL C LATTA focus list 5 M 25 12 month 30.04.2009

Holdings By:

Pfizer Inc ee


26.03.2013

Philip Morris International Inc., through its subsidiaries, affiliates and

their licensees, produces, sells, distributes, and markets a wide range of

branded cigarettes and tobacco products in markets outside of the United States

of America. The Company's portfolio comprises both international and local

brands.


LTM as of: 12/yy

52-Week High (05.10.2012) 94.13

52-Week Low (05.06.2012) 81.10

Daily Volume

91.43





150'657.34 1 Yr Total Return 8.67%







PM UN EQUITY YTD Change - Average Volume 30 Day 1'405'340

PM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'464'140


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

25'705.0 25'035.0 27'208.0 31'097.0 31'377.0 31'097.0 31'377.0 32'492.7 34'410.1 7'521.9 8'422.0

3.82x 4.20x 4.48x 4.92x 5.09x 17.54x 21.23x 5.35x 5.10x - -

11'174.0 10'922.0 12'179.0 14'434.0 14'827.0 14'434.0 14'827.0 15'707.0 16'771.1 3'708.0 4'060.3

8.79x 9.64x 10.01x 10.60x 10.78x 10.60x 10.78x 10.94x 10.25x 11.03x 10.92x

6'890.0 6'342.0 7'259.0 8'591.0 8'800.0 8'591.0 8'800.0 9'350.4 10'003.8 2'225.9 2'438.0

13.11x 14.65x 15.12x 16.12x 16.02x 16.05x 16.08x 15.86x 14.27x 15.85x 15.50x






Return on Common Equity -





EBITDA Margin 47.3%

EBIT Margin 44.4% Total Debt/Equity -


Asset Turnover 0.86




Tot Debt to Common Equity - Accounts Payable Turnover Day 34.86




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Philip Morris International IncPrice/Volume

Valuation Analysis

407'758.00


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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

.&!&&

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



26.03.2013












MORGAN STANLEY n/a ULT-AGG 21'862'438 1.33 (1'918'464) 31.01.2013 Investment Advisor











Berenberg Bank ERIK BLOOMQUIST buy 5 M 100 Not Provided 21.03.2013



Morgan Stanley DAVID J ADELMAN Overwt/In-Line 5 M 95 12 month 13.03.2013



Nomura DAVID HAYES neutral 3 M 96 Not Provided 13.03.2013




EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 25.02.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 90 Not Provided 15.02.2013

Goldman Sachs JUDY E HONG Buy/Neutral 5 M 105 12 month 08.02.2013

Renaissance Capital REY WIUM hold 3 M 96 12 month 08.02.2013

JPMorgan RAE MAILE neutral 3 M 108 9 month 07.02.2013

S&P Capital IQ ESTHER KWON strong buy 5 M 101 Not Provided 07.02.2013

Credit Agricole Securities (USA) MICHAEL LAVERY outperform 5 M 100 Not Provided 07.02.2013


Holdings By:

Philip Morris International Inc ee


26.03.2013

The Procter & Gamble Company manufactures and markets consumer products in

countries throughout the world. The Company provides products in the laundry

and cleaning, paper, beauty care, food and beverage, and health care segments.

Procter & Gamble's products are sold primarily through mass merchandisers,

grocery stores, membership club stores, drug stores, and neighborhood stores.


LTM as of: 12/yy

52-Week High (20.03.2013) 77.82

52-Week Low (26.06.2012) 59.08

Daily Volume

77.4





211'429.80 1 Yr Total Return 18.60%







PG UN EQUITY YTD Change - Average Volume 30 Day 2'498'381

PG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'571'407


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

81'748.0 76'694.0 78'938.0 82'559.0 83'680.0 84'027.0 83'320.0 84'658.3 87'723.4 20'760.8 20'968.5

2.68x 2.38x 2.52x 2.50x 2.34x 9.86x 10.11x 2.83x 2.71x 11.55x 11.41x

19'803.0 18'456.0 19'129.0 18'656.0 18'072.0 18'368.0 18'023.0 19'281.0 20'591.1 4'754.2 4'135.5

11.05x 9.91x 10.41x 11.08x 10.82x 11.68x 11.88x 12.45x 11.66x 12.08x 11.98x

12'075.0 13'436.0 12'736.0 11'797.0 10'756.0 10'097.0 12'913.0 11'828.5 12'568.7 2'762.5 2'379.9

17.78x 14.73x 16.34x 16.09x 15.91x 17.19x 17.14x 19.06x 17.71x 18.56x 18.17x











EBITDA Margin 21.6%



Asset Turnover 0.61







Fiscal Year Ended

Procter & Gamble Co/ThePrice/Volume

Valuation Analysis

354'678.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013












PERSHING SQUARE CAPI PERSHING SQUARE CAPI 13F 27'946'892 1.02 - 31.12.2012 Hedge Fund Manager











SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 75 12 month 26.03.2013


Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 87 Not Provided 20.03.2013


Credit Suisse MICHAEL STEIB neutral 3 M 75 Not Provided 12.03.2013

RBC Capital Markets JASON M GERE sector perform 3 M 77 12 month 11.03.2013

JPMorgan JOHN A FAUCHER overweight 5 M 80 9 month 08.03.2013

William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 08.03.2013

Buckingham Research Group ALICE BEEBE LONGLEY neutral 3 M 73 12 month 08.03.2013


Canaccord Genuity Corp ALICIA FORRY buy 5 M 87 12 month 05.03.2013

BMO Capital Markets CONSTANCE M MANEATY outperform 5 M 81 Not Provided 25.02.2013


Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 21.02.2013


Barclays LAUREN R LIEBERMAN overweight 5 M 81 Not Provided 15.02.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 14.02.2013



Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 28.01.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 M 76 12 month 28.01.2013

Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.01.2013

Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 81 12 month 28.01.2013



Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 70 12 month 19.11.2012

S&P Capital IQ IAN GORDON hold 3 M 71 Not Provided 25.10.2012

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 02.02.2009

Holdings By:

Procter & Gamble Co/The ee


26.03.2013

QUALCOMM, Inc . manufactures digital wireless communications equipment. The

Company licenses its code division multiple access (CDMA) and orthogonal

frequency division multiplexing access intellectual property to other companies,

and produces CDMA-based integrated circuits, and produces equipment and software

used to track workers and assets, and software for wireless content enablement.


LTM as of: 12/yy

52-Week High (27.03.2012) 68.87

52-Week Low (17.07.2012) 53.09

Daily Volume

66.35





113'997.91 1 Yr Total Return -1.69%







QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'008'237

QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'116'196


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 16'291.0 20'458.0 24'133.8 26'886.5 6'063.1 5'862.4

5.80x 5.46x 4.96x 4.32x 4.17x 16.85x 15.34x 3.70x 3.03x 14.82x 15.17x

4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'487.0 7'149.0 9'143.4 10'007.7 2'345.0 2'067.0

15.44x 15.60x 12.41x 10.62x 12.12x 10.96x 10.59x 9.38x 8.57x 9.38x 9.20x

3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 4'491.0 6'614.0 7'894.7 8'768.4 2'050.0 1'825.8

21.73x 43.40x 18.96x 16.71x 22.39x 18.65x 15.79x 14.72x 13.52x 14.78x 14.57x


EBIT 5'682.00 Long-Term Rating NR









EBITDA Margin 34.9%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QUALCOMM IncPrice/Volume

Valuation Analysis

1'089'535.00


&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

-3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

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



26.03.2013














JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a





SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor



Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 26.03.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013

Piper Jaffray AUGUSTE P RICHARD overweight 5 M 83 12 month 25.03.2013

Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 73 12 month 22.03.2013

MKM Partners DANIEL A BERENBAUM buy 5 M 74 12 month 22.03.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 21.03.2013

Nomura ROMIT SHAH buy 5 M 75 12 month 19.03.2013

Evercore Partners MARK A MCKECHNIE overweight 5 M 85 12 month 18.03.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013


Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.03.2013

RBC Capital Markets MARK SUE outperform 5 M 77 12 month 14.03.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 14.03.2013

Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 13.03.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 Not Provided 10.03.2013


Societe Generale PETER KNOX hold 3 M 64 12 month 07.03.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.03.2013



Raymond James TAVIS C MCCOURT outperform 5 M 80 12 month 05.03.2013

Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013

S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 04.03.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 83 12 month 03.03.2013





JPMorgan ROD HALL neutral 3 D 70 9 month 12.02.2013

Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 11.02.2013


Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 31.01.2013

Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013

Brean Murray Carret & Co MIKE BURTON buy 5 M 80 12 month 31.01.2013

Macquarie SHAWN WEBSTER outperform 5 M 75 12 month 31.01.2013


Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 31.01.2013


Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 31.01.2013


Holdings By:

QUALCOMM Inc ee


26.03.2013

Raytheon Company is a technology company specializing in defense, homeland

security and other government markets throughout the world. The Company provides

electronics, mission systems integration and other capabilities in the areas of

sensing, effects, and command, control, communications and intelligence systems,

as well as mission support services.


LTM as of: 12/yy

52-Week High (21.12.2012) 59.34

52-Week Low (04.06.2012) 49.03

Daily Volume

57.71





18'833.95 1 Yr Total Return 12.97%







RTN UN EQUITY YTD Change - Average Volume 30 Day 541'578

RTN UN EQUITY YTD % CHANGE - Average Volume 3 Month 547'586


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

23'174.0 24'881.0 25'183.0 24'791.0 24'414.0 24'791.0 24'414.0 23'853.5 23'525.6 5'699.5 5'860.8

0.89x 0.77x 0.66x 0.69x 0.81x 2.87x 3.24x 0.82x 0.82x 3.50x 3.44x

3'010.0 3'444.0 3'027.0 3'274.0 3'444.0 3'274.0 3'444.0 3'133.7 3'158.8 750.3 769.0

6.83x 5.60x 5.53x 5.24x 5.73x 5.24x 5.73x 6.29x 6.24x 6.29x -

1'672.0 1'935.0 1'840.0 1'866.0 1'888.0 1'866.0 1'888.0 1'739.1 1'758.9 425.4 425.9

12.39x 10.64x 8.76x 8.27x 9.28x 8.27x 9.25x 10.82x 10.37x 10.78x 10.80x











EBITDA Margin 14.1%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Raytheon CoPrice/Volume

Valuation Analysis

113'071.00


&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013
















ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 4'165'967 1.28 3'206'200 31.12.2012 Hedge Fund Manager

MACQUARIE GROUP n/a ULT-AGG 4'113'579 1.26 81'201 31.12.2012 Investment Advisor


AJO, LP AJO, LP 13F 3'419'700 1.05 1'415'900 31.12.2012 Investment Advisor

SASCO CAPITAL INCORP SASCO CAPITAL INCORP 13F 3'407'480 1.04 (55'871) 31.12.2012 Investment Advisor




Stifel WILLIAM R LOOMIS buy 5 M 63 12 month 25.03.2013

Cowen and Company CAI VON RUMOHR neutral 3 M #N/A N/A Not Provided 25.03.2013

Drexel Hamilton LLC PETER J SKIBITSKI hold 3 U 45 12 month 25.03.2013



CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M 49 Not Provided 19.03.2013

Goldman Sachs NOAH POPONAK Sell/Neutral 1 M 50 12 month 06.03.2013

RBC Capital Markets ROBERT STALLARD sector perform 3 M 54 12 month 20.02.2013



FBR Capital Markets PATRICK J MCCARTHY market perform 3 M 56 12 month 25.01.2013

Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 25.01.2013


JPMorgan JOSEPH B NADOL III neutral 3 M 57 9 month 24.01.2013



Deutsche Bank MYLES WALTON hold 3 M 60 12 month 15.01.2013

Buckingham Research Group RICHARD SAFRAN neutral 3 M #N/A N/A Not Provided 09.11.2012

Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 09.03.2011

Holdings By:

Raytheon Co ee


26.03.2013

Schlumberger Limited is an oil services company. The Company, through its

subsidiaries, provides a wide range of services, including technology, project

management and information solutions to the international petroleum industry as

well as advanced acquisition and data processing surveys.


LTM as of: 12/yy

52-Week High (14.02.2013) 82.00

52-Week Low (26.06.2012) 59.12

Daily Volume

74.18





98'734.67 1 Yr Total Return 4.09%







SLB UN EQUITY YTD Change - Average Volume 30 Day 1'870'249

SLB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'828'916


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

27'162.9 22'702.0 27'447.0 36'959.0 42'149.0 37'553.0 42'841.0 46'182.0 51'560.5 10'751.5 11'289.7

1.92x 3.47x 4.26x 2.61x 2.31x 11.57x 9.17x 2.21x 1.91x 9.74x 9.24x

8'966.9 6'596.0 7'133.0 9'794.0 11'020.0 9'817.0 11'055.0 12'364.6 14'190.5 2'814.5 3'008.4

5.82x 11.94x 16.40x 9.84x 8.85x 9.82x 8.82x 8.43x 7.34x 8.34x 8.09x

5'434.8 3'134.0 4'267.0 4'997.0 5'490.0 4'998.0 5'490.0 6'299.6 7'698.8 1'347.5 1'503.9

9.41x 23.41x 31.51x 19.08x 16.66x 18.98x 16.54x 15.71x 12.82x 15.71x 14.95x











EBITDA Margin 25.8%



Asset Turnover 0.73







Fiscal Year Ended

Schlumberger LtdPrice/Volume

Valuation Analysis

462'604.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013





CAPITAL GROUP COMPAN n/a ULT-AGG 53'188'079 4 894'326 31.12.2012 Investment Advisor








THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 16'502'135 1.24 204'573 31.12.2012 Investment Advisor




MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 11'965'649 0.9 1'370'425 31.12.2012 Investment Advisor







RBC Capital Markets KURT HALLEAD outperform 5 M 85 12 month 25.03.2013

Howard Weil Inc WILLIAM SANCHEZ focus list 5 M 97 Not Provided 25.03.2013

Raymond James J MARSHALL ADKINS outperform 5 M 82 12 month 25.03.2013


Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 87 12 month 22.03.2013



RS Platou Markets TURNER HOLM buy 5 M 85 6 month 21.03.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 90 Not Provided 19.03.2013


Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 18.03.2013

William Blair & Co BRANDON DOBELL market perform 3 M #N/A N/A Not Provided 11.03.2013

Global Hunter Securities JEFFREY SPITTEL neutral 3 M 81 12 month 07.03.2013

Stephens Inc JOHN KELLER overweight 5 M 99 Not Provided 04.03.2013



JPMorgan J DAVID ANDERSON overweight 5 M 99 9 month 19.02.2013




Societe Generale EDWARD C MUZTAFAGO buy 5 M 93 12 month 23.01.2013



Johnson Rice & Co DANIEL BURKE equalweight 3 M #N/A N/A Not Provided 22.01.2013

HSBC DAVID PHILLIPS overweight 5 M 97 Not Provided 22.01.2013

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 100 12 month 22.01.2013


Morgan Stanley OLE SLORER Overwt/Attractive 5 M 93 12 month 18.01.2013



S&P Capital IQ STEWART GLICKMAN hold 3 M 81 12 month 20.09.2012


Goldman Sachs WAQAR SYED buy/attractive 5 U 95 12 month 26.07.2012

Holdings By:

Schlumberger Ltd ee


26.03.2013

Simon Property Group, Inc. is a self-administered and self-managed,

real estate investment trust. The Company owns, develops, and manages retail

real estate properties including regional malls, outlet centers,

community/lifestyle centers, and international properties.


LTM as of: 12/yy

52-Week High (17.09.2012) 164.11

52-Week Low (10.04.2012) 141.57

Daily Volume

159.75





49'529.91 1 Yr Total Return 13.61%







SPG UN EQUITY YTD Change - Average Volume 30 Day 432'770

SPG UN EQUITY YTD % CHANGE - Average Volume 3 Month 386'729


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

3'783.2 3'775.2 3'957.6 4'306.4 4'880.1 4'306.4 4'880.1 4'950.6 5'204.8 1'157.9 1'188.4

8.13x 10.16x 11.81x 13.18x 14.78x 48.20x 57.64x 15.09x 14.27x 67.32x 65.67x

2'553.0 2'630.0 2'799.2 3'015.6 3'491.0 3'010.9 3'482.9 3'860.6 4'101.6 912.0 929.8

12.04x 14.59x 16.70x 18.82x 20.66x 18.84x 20.71x 18.83x 17.72x 18.81x 18.31x

463.6 309.4 617.0 1'024.8 1'434.5 1'024.8 1'434.5 1'113.5 1'283.9 224.6 238.4

25.92x 40.51x 27.87x 37.05x 33.49x 37.05x 33.35x 45.51x 39.69x 46.67x 44.81x











EBITDA Margin 71.4%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Simon Property Group IncPrice/Volume

Valuation Analysis

54'770.00


&.&1&3&5&

-&&-.&-1&-3&-5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9!. 9!1 9!3 9!5 9-!& 9-!. 9-!1 9-!3 9-!5 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013





COHEN & STEERS CAPIT COHEN & STEERS CAPIT 13F 21'811'676 7.04 178'705 31.12.2012 Investment Advisor



DAIWA SECURITIES GRO DAIWA SECURITIES GRO 13F 10'337'973 3.33 (121'624) 31.12.2012 Holding Company



CBRE CLARION SECURIT ING CLARION REAL EST 13F 7'152'907 2.31 (401'114) 31.12.2012 Investment Advisor

APG ASSET MANAGEMENT APG ASSET MANAGEMENT 13F 7'026'437 2.27 (193'707) 31.12.2012 Pension Fund (ERISA)

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 6'611'908 2.13 - 31.12.2012 Investment Advisor



LASALLE INVESTMENT M LASALLE INVESTMENT M 13F 5'744'566 1.85 (448'519) 31.12.2012 Investment Advisor




PRINCIPAL FINANCIAL n/a ULT-AGG 3'693'062 1.19 183'214 31.12.2012 Investment Advisor

AEW CAPITAL MANAGEME AEW CAPITAL MANAGEME 13F 3'219'600 1.04 39'800 31.12.2012 Hedge Fund Manager


Sandler O'Neill & Partners, LP ALEXANDER D GOLDFARB buy 5 M 185 12 month 18.03.2013

Edward Jones JOHN L SHEEHAN hold 3 M #N/A N/A Not Provided 13.03.2013

ISI Group STEVE SAKWA buy 5 M 177 12 month 05.03.2013

Jefferies OMOTAYO T OKUSANYA II buy 5 M 181 12 month 04.03.2013

Morgan Stanley PAUL MORGAN Equalwt/Attractive 3 M 173 12 month 01.03.2013

Wells Fargo Securities, LLC JEFFREY J DONNELLY outperform 5 M #N/A N/A Not Provided 01.03.2013

Cowen and Company JAMES W SULLIVAN outperform 5 M #N/A N/A Not Provided 15.02.2013


Stifel NATHAN ISBEE buy 5 M 170 12 month 07.02.2013

Raymond James RICHARD J MILLIGAN outperform 5 M 175 12 month 05.02.2013

Imperial Capital LLC DAVID HARRIS in-line 3 M 168 12 month 05.02.2013

RBC Capital Markets RICHARD C MOORE outperform 5 M 180 12 month 04.02.2013

Hilliard Lyons CAROL L KEMPLE neutral 3 M #N/A N/A Not Provided 04.02.2013

JPMorgan MICHAEL W MUELLER overweight 5 M 178 9 month 04.02.2013

Evercore Partners BENJAMIN YANG equalweight 3 M 168 12 month 04.02.2013

S&P Capital IQ ROBERT MCMILLAN buy 5 M 176 Not Provided 04.02.2013

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

Deutsche Bank JOHN N PERRY buy 5 M 177 12 month 09.01.2013

Goldman Sachs ANDREW ROSIVACH Buy/Neutral 5 M 187 12 month 03.01.2013

Barclays ROSS L SMOTRICH overweight 5 M 184 Not Provided 26.10.2012

Holdings By:

Simon Property Group Inc ee


26.03.2013

The Southern Company is a public utility holding company. The Company, through

its subsidiaries, generates, wholesales, and retails electricity in the

southeastern United States. The Company also offers wireless telecommunications

services, and provides businesses with two-way radio, telephone, paging, and

Internet access services as well as wholesales fiber optic solutions.


LTM as of: 12/yy

52-Week High (27.07.2012) 48.58

52-Week Low (23.11.2012) 41.75

Daily Volume

46.06





40'024.75 1 Yr Total Return 8.00%







SO UN EQUITY YTD Change - Average Volume 30 Day 893'007

SO UN EQUITY YTD % CHANGE - Average Volume 3 Month 966'453


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

17'127.0 15'743.0 17'456.0 17'657.0 16'537.0 17'657.0 16'537.0 17'989.0 18'704.6 3'861.4 4'465.8

2.79x 3.02x 3.07x 3.46x 3.63x 12.90x 14.86x 3.60x 3.57x 16.60x 14.45x

5'210.0 5'258.0 5'633.0 6'279.0 6'589.0 6'279.0 6'589.0 6'505.5 6'895.8 1'264.0 1'581.0

9.18x 9.05x 9.52x 9.72x 9.11x 9.72x 9.11x 9.68x 9.13x 9.90x 9.78x

1'807.0 1'708.0 2'040.0 2'268.0 2'415.0 2'268.0 2'415.0 2'427.1 2'583.8 410.7 588.7

15.68x 14.42x 16.20x 18.15x 16.15x 18.15x 16.09x 16.69x 15.84x 16.66x 16.53x











EBITDA Margin 39.8%



Asset Turnover 0.27







Fiscal Year Ended

Southern Co/ThePrice/Volume

Valuation Analysis

380'667.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



26.03.2013












PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 5'645'334 0.65 1'488'523 31.12.2012 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 5'212'118 0.6 486'331 31.12.2012 Investment Advisor










ISI Group GREG GORDON neutral 3 M 45 12 month 21.03.2013

Wolfe Trahan & Co STEVEN I FLEISHMAN peerperform 3 N 46 12 month 13.03.2013

Edward Jones ANDREW PUSATERI sell 1 M #N/A N/A Not Provided 11.03.2013

Atlantic Equities LLP NATHAN JUDGE underweight 1 M 41 12 month 11.03.2013

Wells Fargo Securities, LLC NEIL A KALTON market perform 3 M #N/A N/A Not Provided 06.03.2013

SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.03.2013

Drexel Hamilton LLC ANDREW L SMITH hold 3 N 44 12 month 20.02.2013

Argus Research Corp GARY F HOVIS hold 3 M #N/A N/A Not Provided 01.02.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 45 12 month 31.01.2013

Goldman Sachs MICHAEL J LAPIDES Sell/Neutral 1 M 43 12 month 31.01.2013

Hilliard Lyons DAVID B BURKS neutral 3 M #N/A N/A Not Provided 31.01.2013

Jefferies PAUL B FREMONT buy 5 M 50 12 month 31.01.2013


BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 31.01.2013

Barclays DANIEL F FORD equalweight 3 M 46 Not Provided 31.01.2013


RBC Capital Markets SHELBY G TUCKER outperform 5 M 48 12 month 30.01.2013

Credit Suisse DANIEL EGGERS underperform 1 M 49 Not Provided 30.01.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013


Holdings By:

Southern Co/The ee


26.03.2013

Starbucks Corporation retails, roasts, and provides its own brand of specialty

coffee. The Company operates retail locations worldwide and sells whole bean

coffees through its sales group, direct response business, supermarkets, and on

the World Wide Web. Starbucks also produces and sells bottled coffee drinks and

a line of ice creams.


LTM as of: 12/yy

52-Week High (16.04.2012) 62.00

52-Week Low (02.08.2012) 43.05

Daily Volume

56.97





42'687.62 1 Yr Total Return 3.42%







SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'521'363

SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'613'108


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'185.7 13'663.3 14'920.7 16'722.3 3'582.4 3'719.2

1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.81x 2.49x 11.60x 11.15x

1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'034.9 3'589.7 688.9 752.4

9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 13.45x 11.37x 12.81x 12.32x

315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'644.3 1'983.0 366.6 408.0

21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 26.33x 21.69x 24.73x 23.66x











EBITDA Margin 17.9%



Asset Turnover 1.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Starbucks CorpPrice/Volume

Valuation Analysis

379'981.00


&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

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



26.03.2013









SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a








AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'369'222 1.12 2'216'565 31.12.2012 Investment Advisor

BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 Investment Advisor





Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 25.03.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 25.03.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.03.2013

Jefferies ANDREW M BARISH buy 5 M 60 12 month 21.03.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013

Longbow Research ALTON K STUMP buy 5 M 65 12 month 19.03.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 17.03.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 15.03.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 11.03.2013

JPMorgan JOHN W IVANKOE overweight 5 M 62 9 month 08.03.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 61 12 month 04.03.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.02.2013


Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 Not Provided 10.02.2013


Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 65 12 month 25.01.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 62 12 month 25.01.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013

Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013

Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 56 Not Provided 25.01.2013

RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013

Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 24.01.2013

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013

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

Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013

Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 12.12.2012

S&P Capital IQ JIM YIN buy 5 M 58 Not Provided 14.11.2012

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 62 12 month 08.10.2012

Holdings By:

Starbucks Corp ee


26.03.2013

Target Corporation operates general merchandise discount stores in the United

States. The Company's merchandising operations include general merchandise and

food discount stores and a fully integrated online business. Target also offers

credit to qualified applicants through its branded proprietary credit cards.


LTM as of: 02/yy

52-Week High (25.03.2013) 68.89

52-Week Low (17.05.2012) 54.68

Daily Volume

68.29





43'800.33 1 Yr Total Return 18.68%







TGT UN EQUITY YTD Change - Average Volume 30 Day 1'375'105

TGT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'202'873


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

64'948.0 65'357.0 67'390.0 69'865.0 73'301.0 69'865.0 73'301.0 75'502.0 80'251.2 17'079.7 17'468.6

0.64x 0.81x 0.78x 0.72x 0.77x 2.93x 3.11x 0.76x 0.72x 3.30x 3.27x

6'228.0 6'696.0 7'336.0 7'453.0 7'352.0 7'452.0 7'353.0 7'444.1 8'194.7 1'716.4 1'749.3

6.64x 7.88x 7.13x 6.73x 7.66x 6.73x 7.66x 8.16x 7.41x 8.24x 8.00x

2'214.0 2'488.0 2'920.0 2'929.0 2'999.0 2'929.0 2'999.0 3'094.5 3'407.7 770.5 679.3

10.91x 15.54x 14.08x 11.48x 12.85x 11.43x 13.41x 13.54x 12.19x 14.20x 14.41x











EBITDA Margin 10.0%



Asset Turnover 1.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Target CorpPrice/Volume

Valuation Analysis

179'087.00


&

-&

.&

0&

1&

2&

3&

4&

5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

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

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

&2!&.!.&-& &2!&5!.&-& &2!&.!.&-- &2!&5!.&-- &2!&.!.&-. &2!&5!.&-. &2!&.!.&-0



26.03.2013










BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 12'781'660 1.99 2'002'360 31.12.2012 Investment Advisor














Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 26.03.2013




Credit Suisse MICHAEL B EXSTEIN neutral 3 M 62 Not Provided 21.03.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 74 12 month 20.03.2013




Buckingham Research Group JOHN M ZOLIDIS neutral 3 D 69 12 month 13.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 76 12 month 12.03.2013


Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 69 12 month 08.03.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 78 12 month 06.03.2013

BMO Capital Markets WAYNE HOOD outperform 5 M 71 Not Provided 05.03.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 74 12 month 04.03.2013

Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 04.03.2013




Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 80 12 month 27.02.2013

William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 27.02.2013

S&P Capital IQ IAN GORDON strong buy 5 M 75 Not Provided 27.02.2013




Fincorp SAOG GAURAV RAMAIYA hold 3 M 55 Not Provided 17.11.2011


Gilford Securities BERNARD SOSNICK hold 3 M #N/A N/A Not Provided 31.05.2011

Holdings By:

Target Corp ee


26.03.2013

Texas Instruments Incorporated is a global semiconductor company that designs

and supplies analog technologies, digital signal processing (DSP) and

microcontroller (MCU) semiconductors. The Company also operates materials and

controls, and educational and productivity solutions businesses. Texas

Instruments has manufacturing or sales operations in countries around the world.


LTM as of: 12/yy

52-Week High (12.03.2013) 35.72

52-Week Low (17.07.2012) 26.06

Daily Volume

34.76





38'402.41 1 Yr Total Return 4.87%


Preferred Stock 0.0 Adjusted BETA -





TXN UW EQUITY YTD Change - Average Volume 30 Day 2'593'972

TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'963


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

12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'736.0 12'825.0 12'172.7 12'982.7 2'855.4 3'040.6

1.38x 2.82x 2.50x 2.61x 2.80x 10.32x 11.26x 3.20x 3.00x 13.69x 12.84x

3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'434.0 3'988.0 3'586.7 4'202.7 719.1 888.4

4.61x 9.40x 6.56x 8.08x 9.02x 8.08x 9.02x 11.19x 9.55x 11.10x 10.42x

1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 2'237.0 1'759.0 1'907.8 2'381.2 344.9 456.7

9.82x 20.68x 12.70x 13.73x 16.17x 13.41x 17.26x 20.29x 16.13x 20.00x 18.40x











EBITDA Margin 31.1%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Texas Instruments IncPrice/Volume

Valuation Analysis

863'060.00


&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013









INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.41 122'698 31.12.2012 Investment Advisor







FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'143'612 1.1 2'472'433 31.12.2012 Hedge Fund Manager



NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'524'297 0.86 1'013'978 31.12.2012 Investment Advisor




Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013

Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013

Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 22.03.2013

MKM Partners DANIEL A BERENBAUM neutral 3 M 29 12 month 22.03.2013

Longbow Research JOANNE FEENEY underperform 1 M 27 12 month 20.03.2013

JPMorgan CHRISTOPHER DANELY overweight 5 M 37 9 month 19.03.2013

Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 18.03.2013


Robert W. Baird & Co TRISTAN GERRA neutral 3 M 31 12 month 15.03.2013

B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 Not Provided 15.03.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 30 12 month 14.03.2013

Sanford C. Bernstein & Co STACY A RASGON market perform 3 D 38 12 month 13.03.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 12.03.2013

Deutsche Bank ROSS C SEYMORE hold 3 M 31 12 month 11.03.2013

ISI Group SUMIT DHANDA buy 5 M 39 12 month 11.03.2013

Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 08.03.2013

Wedbush BETSY VAN HEES outperform 5 M 39 12 month 08.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 28 12 month 08.03.2013

Macquarie SHAWN WEBSTER neutral 3 M 37 12 month 08.03.2013

Stifel TORE E SVANBERG buy 5 M 40 12 month 08.03.2013

Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 08.03.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 08.03.2013

Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 08.03.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 30 12 month 08.03.2013

Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 08.03.2013

Barclays BLAYNE CURTIS equalweight 3 M 30 Not Provided 08.03.2013

Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 07.03.2013

Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 07.03.2013

SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 07.03.2013

Jefferies MARK J LIPACIS buy 5 M 41 12 month 07.03.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 07.03.2013

Raymond James J STEVEN SMIGIE outperform 5 M 39 12 month 07.03.2013

Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 07.03.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 07.03.2013

Nomura ROMIT SHAH neutral 3 M 28 12 month 07.03.2013

Edward Jones WILLIAM C KREHER hold 3 D #N/A N/A Not Provided 06.03.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 25.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.02.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013

Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013


Holdings By:

Texas Instruments Inc ee


26.03.2013

Time Warner Inc. is a media and entertainment company. The Company's businesses

include cable television networks that provide programming, feature films,

television and home video production and distribution, and magazine publishing.


LTM as of: 12/yy

52-Week High (08.03.2013) 57.84

52-Week Low (01.06.2012) 33.62

Daily Volume

56.7





53'002.62 1 Yr Total Return 56.29%







TWX UN EQUITY YTD Change - Average Volume 30 Day 1'485'716

TWX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'364'423


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

26'516.0 25'388.0 26'888.0 28'974.0 28'729.0 28'974.0 28'729.0 29'745.4 31'085.6 7'128.0 7'074.5

2.27x 1.78x 1.79x 1.77x 2.14x 6.98x 7.95x 2.30x 2.15x 9.29x 9.33x

5'541.0 5'748.0 6'413.0 6'877.0 7'106.0 6'877.0 7'106.0 7'484.0 8'077.7 1'633.4 1'644.6

10.88x 7.86x 7.52x 7.45x 8.67x 7.45x 8.67x 9.37x 8.68x 9.34x 9.12x

(13'402.0) 2'477.0 2'578.0 2'886.0 3'019.0 2'886.0 3'019.0 3'450.8 3'842.9 706.8 709.0

18.98x 15.02x 13.08x 12.25x 14.54x 12.42x 14.32x 15.42x 13.34x 15.37x 14.71x











EBITDA Margin 24.7%



Asset Turnover 0.42







Fiscal Year Ended

Time Warner IncPrice/Volume

Valuation Analysis

336'441.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

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



26.03.2013











INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 22'075'622 2.36 (2'779'676) 31.12.2012 Investment Advisor






COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 10'150'523 1.09 6'785'149 31.12.2012 Hedge Fund Manager






Nomura MICHAEL NATHANSON neutral 3 M 57 12 month 25.03.2013


Argus Research Corp JOSEPH F BONNER buy 5 M 68 Not Provided 22.03.2013

Sanford C. Bernstein & Co TODD JUENGER market perform 3 M 60 12 month 22.03.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 15.03.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 65 Not Provided 15.03.2013

Susquehanna Financial Group VASILY KARASYOV Positive 4 M 71 12 month 14.03.2013

Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 08.03.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 58 12 month 07.03.2013


Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 07.03.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 59 12 month 07.03.2013

Wedbush JAMES G DIX outperform 5 M 60 12 month 07.03.2013

Barrington Research JAMES C GOSS outperform 5 M 61 12 month 07.03.2013

Stifel DREW E CRUM buy 5 M 63 12 month 07.03.2013



Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 07.03.2013

S&P Capital IQ TUNA AMOBI buy 5 M 57 12 month 07.03.2013





Davenport & Co MICHAEL C MORRIS buy 5 M 65 Not Provided 21.02.2013



Macquarie TIMOTHY W NOLLEN outperform 5 M 63 12 month 07.02.2013


JPMorgan ALEXIA S QUADRANI overweight 5 M 59 9 month 29.01.2013

Goldman Sachs DREW BORST buy/attractive 5 M 59 12 month 21.01.2013


D.A. Davidson & Co DONNA M JAEGERS buy 5 M #N/A N/A Not Provided 26.10.2011

Holdings By:

Time Warner Inc ee


26.03.2013

Union Pacific Corporation is a rail transportation company. The Company's

railroad hauls a variety of goods, including agricultural, automotive, and

chemical products. Union Pacific offersslong-haul routes from all major West

Coast and Gulf Coast ports to eastern gateways as well as connects with

Canada's rail systems and serves the major gateways to Mexico.


LTM as of: 12/yy

52-Week High (15.03.2013) 141.78

52-Week Low (10.04.2012) 104.10

Daily Volume

139.3





65'373.32 1 Yr Total Return 27.77%







UNP UN EQUITY YTD Change - Average Volume 30 Day 501'400

UNP UN EQUITY YTD % CHANGE - Average Volume 3 Month 463'714


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

17'970.0 14'143.0 16'965.0 19'557.0 20'926.0 19'557.0 20'926.0 22'077.2 23'621.5 5'225.6 5'458.7

1.77x 2.85x 3.17x 2.99x 3.20x 11.29x 12.19x 3.31x 3.08x 14.07x 13.44x

5'462.0 4'806.0 6'468.0 7'341.0 8'505.0 7'341.0 8'505.0 9'275.4 10'176.8 2'046.0 2'312.7

5.81x 8.38x 8.30x 7.97x 7.87x 7.97x 7.87x 7.90x 7.20x 7.93x 7.74x

2'338.0 1'890.0 2'780.0 3'292.0 3'943.0 3'292.0 3'943.0 4'363.6 4'876.1 930.5 1'085.7

10.53x 17.85x 16.49x 15.86x 15.26x 15.84x 15.24x 14.82x 12.97x 14.83x 14.29x











EBITDA Margin 40.6%



Asset Turnover 0.45







Fiscal Year Ended

Union Pacific CorpPrice/Volume

Valuation Analysis

160'271.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

-&&

-.&

-1&

-3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013



















DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'023'611 0.86 857 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'655'253 0.78 (170'243) 31.12.2012 Investment Advisor



Raymond James PATRICK TYLER BROWN outperform 5 M 145 12 month 25.03.2013


TD Securities CHERILYN RADBOURNE buy 5 M 156 12 month 22.03.2013

Avondale Partners LLC DONALD BROUGHTON market outperform 4 M 153 12 month 21.03.2013

Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 155 12 month 20.03.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 19.03.2013

Cowen Securities LLC JASON H SEIDL buy 5 M 149 Not Provided 18.03.2013

Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 154 12 month 14.03.2013

Atlantic Equities LLP RORRIE MARS neutral 3 M 154 12 month 12.03.2013

RBC Capital Markets WALTER SPRACKLIN sector perform 3 M 134 12 month 07.03.2013


Stifel JOHN G LARKIN hold 3 M #N/A N/A Not Provided 12.02.2013

BMO Capital Markets FADI CHAMOUN outperform 5 M 150 Not Provided 04.02.2013

Stephens Inc JUSTIN LONG equalweight 3 M 140 12 month 04.02.2013

Wells Fargo Securities, LLC ANTHONY P GALLO outperform 5 M #N/A N/A Not Provided 01.02.2013



FBR Capital Markets JOHN R MIMS outperform 5 M 150 12 month 29.01.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 147 12 month 28.01.2013


BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 25.01.2013


Susquehanna Financial Group MATT TROY Positive 4 M 161 12 month 24.01.2013

Barclays BRANDON OGLENSKI overweight 5 M 158 Not Provided 24.01.2013


Deutsche Bank JUSTIN B YAGERMAN buy 5 M 150 12 month 14.01.2013

Goldman Sachs TOM KIM neutral/neutral 3 M 146 12 month 10.01.2013

Holdings By:

Union Pacific Corp ee


26.03.2013

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the

United States and in other countries and territories. The Company also provides

global supply chain services and less-than-truckload transportation, primarily

in the U.S. UPS's business consists of integrated air and ground pick-up and

delivery network


LTM as of: 12/yy

52-Week High (19.03.2013) 85.84

52-Week Low (15.11.2012) 69.56

Daily Volume

84.93





80'344.17 1 Yr Total Return 8.67%







UPS UN EQUITY YTD Change - Average Volume 30 Day 855'564

UPS UN EQUITY YTD % CHANGE - Average Volume 3 Month 849'391


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

51'486.0 45'297.0 49'545.0 53'105.0 54'127.0 53'105.0 54'127.0 56'774.3 60'187.5 13'459.7 13'939.9

1.24x 1.42x 1.59x 1.46x 1.39x 5.72x 5.80x 1.52x 1.41x 6.51x 6.31x

7'196.0 5'548.0 7'433.0 7'862.0 3'201.0 7'862.0 3'201.0 9'535.6 10'409.5 2'023.7 2'320.8

8.86x 11.63x 10.60x 9.85x 23.52x 9.85x 23.52x 8.94x 8.19x 9.09x 8.89x

3'003.0 2'152.0 3'338.0 3'804.0 807.0 3'804.0 807.0 4'721.1 5'233.1 962.8 1'170.1

15.76x 24.94x 21.28x 16.83x 16.28x 16.75x 16.28x 16.93x 14.86x 16.95x 16.32x











EBITDA Margin 5.9%



Asset Turnover 1.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Parcel Service IncPrice/Volume

Valuation Analysis

106'734.00


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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



26.03.2013

















OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'133'361 0.85 143'560 31.12.2012 Investment Advisor


CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'436'811 0.75 75'826 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 92 12 month 22.03.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.03.2013

Cowen Securities LLC HELANE R BECKER hold 3 M #N/A N/A Not Provided 18.03.2013


RBC Capital Markets JOHN L BARNES III sector perform 3 M 80 12 month 07.03.2013

Raymond James ARTHUR W HATFIELD strong buy 5 M 91 12 month 05.03.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 N 95 12 month 05.03.2013

BB&T Capital Markets KEVIN W STERLING buy 5 M 90 12 month 05.03.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 105 12 month 05.03.2013

Jefferies H PETER NESVOLD hold 3 M 82 12 month 01.03.2013

Macquarie KELLY A DOUGHERTY outperform 5 N 93 12 month 01.03.2013



Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 19.02.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 93 12 month 15.02.2013

Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 14.02.2013



Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 06.02.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 94 12 month 05.02.2013



William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 01.02.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 94 12 month 31.01.2013

Barclays BRANDON OGLENSKI equalweight 3 M 87 Not Provided 31.01.2013

Nomura MARK MCVICAR neutral 3 M 90 Not Provided 21.01.2013

Deutsche Bank JUSTIN B YAGERMAN buy 5 U 92 12 month 14.01.2013

Goldman Sachs TOM KIM neutral/attractive 3 M 83 12 month 10.01.2013

Holdings By:

United Parcel Service Inc ee


26.03.2013

United Technologies Corporation provides technology products and support

services to customers in the aerospace and building industries worldwide. The

Company's products include aircraft engines, elevators and escalators, heating

and air conditioning equipment, helicopters, aerospace systems, fuel cell

systems, and fire and safety equipment.


LTM as of: 12/yy

52-Week High (20.03.2013) 94.00

52-Week Low (05.06.2012) 70.72

Daily Volume

93.18





85'412.51 1 Yr Total Return 14.57%







UTX UN EQUITY YTD Change - Average Volume 30 Day 778'472

UTX UN EQUITY YTD % CHANGE - Average Volume 3 Month 846'786


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

59'757.0 52'920.0 54'326.0 55'754.0 57'708.0 55'761.0 57'716.0 65'093.1 68'801.8 14'961.8 16'475.9

0.98x 1.35x 1.47x 1.29x 1.65x 5.65x 6.17x 1.53x 1.42x 6.97x 6.27x

8'946.0 7'723.0 8'542.0 9'109.0 9'208.0 9'097.0 9'197.0 10'858.3 11'957.9 2'388.9 2'789.1

6.54x 9.28x 9.36x 7.89x 10.33x 7.90x 10.35x 9.69x 8.80x 9.73x 9.44x

4'689.0 3'829.0 4'373.0 4'979.0 5'130.0 4'979.0 5'130.0 5'546.9 6'314.5 1'183.3 1'424.9

10.78x 15.16x 16.07x 13.66x 15.30x 13.56x 15.36x 15.26x 13.30x 15.24x 14.65x











EBITDA Margin 15.9%



Asset Turnover 0.77







Fiscal Year Ended

United Technologies CorpPrice/Volume

Valuation Analysis

207'414.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-&&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013
















EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 11'056'795 1.21 (155) 31.12.2012 Investment Advisor









Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 90 12 month 22.03.2013




William Blair & Co NICHOLAS P HEYMANN outperform 5 M 107 12 month 15.03.2013








Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 12 month 14.03.2013


Argus Research Corp NATHANIEL GABRIEL buy 5 M 100 12 month 31.01.2013


Goldman Sachs NOAH POPONAK neutral/attractive 3 M 92 12 month 23.01.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 98 Not Provided 23.01.2013


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

Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 20.10.2011

Holdings By:

United Technologies Corp ee


26.03.2013

UnitedHealth Group Incorporated owns and manages organized health systems in the

United States and internationally. The Company provides employers products and

resources to plan and administer employee benefit programs. UnitedHealth also

serves the health needs of older Americans, provides specialized care services,

and provides health care information and research to providers and payers.


LTM as of: 12/yy

52-Week High (19.06.2012) 60.75

52-Week Low (02.08.2012) 50.33

Daily Volume

55.37





56'750.11 1 Yr Total Return 2.06%







UNH UN EQUITY YTD Change - Average Volume 30 Day 1'408'580

UNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'403'173


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

81'186.0 87'138.0 94'155.0 101'862.0 110'618.0 101'862.0 110'618.0 123'370.5 135'924.8 30'409.0 30'791.7

0.45x 0.40x 0.42x 0.51x 0.57x 1.95x 2.15x 0.54x 0.48x 2.17x 2.12x

6'244.0 7'350.0 8'928.0 9'588.0 10'563.0 9'588.0 10'563.0 10'654.3 11'704.7 2'285.0 2'516.3

5.85x 4.77x 4.39x 5.45x 5.94x 5.45x 5.94x 6.02x 5.48x 6.04x 5.82x

2'977.0 3'822.0 4'634.0 5'142.0 5'526.0 5'142.0 5'526.0 5'629.9 6'004.1 1'195.3 1'314.6

9.02x 9.41x 8.81x 10.71x 10.27x 10.74x 10.27x 10.04x 9.25x 10.05x 9.81x











EBITDA Margin 9.5%



Asset Turnover 1.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UnitedHealth Group IncPrice/Volume

Valuation Analysis

317'723.00


&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013












CREDIT SUISSE AG CREDIT SUISSE AG 13F 17'122'524 1.67 14'815'816 31.12.2012 Investment Advisor








EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'804'453 0.96 752'534 31.12.2012 Investment Advisor

UNITED HEALTHCARE IN UNITED HEALTHCARE IN Sch-D 9'668'800 0.94 - 30.09.2012 Insurance Company


CRT Capital Group SHERYL R SKOLNICK buy 5 M 72 12 month 26.03.2013

Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 26.03.2013

Susquehanna Financial Group CHRIS RIGG Positive 4 M 67 12 month 25.03.2013

Lazard Capital Markets STEVEN P HALPER buy 5 M 69 12 month 22.03.2013

Monness, Crespi, Hardt & Co BRIAN M WRIGHT buy 5 M 68 Not Provided 20.03.2013

BMO Capital Markets JENNIFER LYNCH outperform 5 M 70 Not Provided 19.03.2013

Oppenheimer & Co MICHAEL WIEDERHORN outperform 5 M 66 18 month 15.03.2013

Cowen and Company CHRISTINE ARNOLD outperform 5 M #N/A N/A Not Provided 13.03.2013

Barclays JOSHUA R RASKIN overweight 5 M 70 Not Provided 12.03.2013

Leerink Swann & Co JASON GURDA market perform 3 M #N/A N/A Not Provided 11.03.2013


Credit Suisse RALPH GIACOBBE outperform 5 M 60 Not Provided 01.03.2013

Raymond James MICHAEL J BAKER outperform 5 M 63 12 month 01.03.2013

Stifel THOMAS A CARROLL buy 5 M 70 12 month 21.02.2013

Jefferies DAVID H WINDLEY buy 5 M 67 12 month 20.02.2013

Goldman Sachs MATTHEW BORSCH Buy/Neutral 5 M 67 12 month 19.02.2013

Cantor Fitzgerald JOSEPH D FRANCE buy 5 M 63 12 month 23.01.2013


JPMorgan JUSTIN LAKE restricted #N/A N/A M #N/A N/A Not Provided 18.01.2013

Wedbush SARAH JAMES outperform 5 M 70 12 month 18.01.2013

S&P Capital IQ PHILLIP SELIGMAN buy 5 M 65 Not Provided 17.01.2013

Deutsche Bank SCOTT J FIDEL hold 3 D 61 12 month 03.01.2013

Holdings By:

UnitedHealth Group Inc ee


26.03.2013

U.S. Bancorp is a diversified financial services company that provides lending

and depository services, cash management, foreign exchange and trust and

investment management services. The Company also provides credit card

services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp

operates in the Midwest and Western United States.


LTM as of: 12/yy

52-Week High (05.10.2012) 35.46

52-Week Low (05.06.2012) 28.63

Daily Volume

33.67





62'740.16 1 Yr Total Return 8.04%





Enterprise Value -


USB UN EQUITY YTD Change - Average Volume 30 Day 2'393'141

USB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'425'582


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

19'229.0 19'490.0 20'609.0 21'434.0 22'202.0 21'423.0 22'202.0 20'495.9 21'213.8 5'045.7 5'143.7

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

- - - - - 0.0 0.0 - - - -

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

2'946.0 2'205.0 3'317.0 4'872.0 5'647.0 4'872.0 5'647.0 5'677.0 5'717.8 1'376.1 1'442.5

15.34x 17.18x 15.50x 11.27x 11.13x 11.37x 11.13x 10.98x 10.50x 10.96x 11.33x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

US BancorpPrice/Volume

Valuation Analysis

498'996.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013











BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 25'616'477 1.37 1'376'167 31.12.2012 Investment Advisor


US BANCORP US BANCORP 13F 20'528'657 1.1 133'525 31.12.2012 Investment Advisor


GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 17'490'943 0.94 100 31.12.2012 Insurance Company












Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 15.03.2013


Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 38 12 month 15.03.2013

Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 15.03.2013

Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 35 12 month 15.03.2013


RBC Capital Markets JON G ARFSTROM outperform 5 M 37 12 month 14.03.2013

Susquehanna Financial Group JACK MICENKO Positive 4 M 40 12 month 14.03.2013


FBR Capital Markets PAUL J MILLER JR outperform 5 M 36 12 month 08.03.2013

BMO Capital Markets PETER J WINTER market perform 3 M 36 Not Provided 05.03.2013





Raymond James DAVID J LONG strong buy 5 M 39 12 month 11.02.2013


Nomura KEITH MURRAY buy 5 N 38 12 month 05.02.2013



JPMorgan VIVEK JUNEJA neutral 3 D 38 9 month 30.01.2013




Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 17.01.2013


Jefferies KENNETH M USDIN hold 3 M 35 12 month 16.01.2013

Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 40 12 month 16.01.2013

S&P Capital IQ ERIK M OJA hold 3 D 34 Not Provided 16.01.2013


Deutsche Bank MATTHEW D O'CONNOR buy 5 U 38 12 month 04.01.2013



Holdings By:

US Bancorp ee


26.03.2013

Verizon Communications Inc. is an integrated telecommunications company that

provides wire line voice and data services, wireless services, Internet

services, and published directory information. The Company also provides network

services for the federal government including business phone lines, data

services, telecommunications equipment and payphones.


LTM as of: 12/yy

52-Week High (26.03.2013) 49.59

52-Week Low (10.04.2012) 36.80

Daily Volume

49.5





141'484.64 1 Yr Total Return 31.93%







VZ UN EQUITY YTD Change - Average Volume 30 Day 2'941'220

VZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'028'536


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

97'354.0 107'808.0 106'565.0 110'875.0 115'846.0 110'875.0 115'846.0 120'734.5 125'329.1 29'541.5 29'822.9

1.80x 1.82x 1.83x 1.85x 1.94x 7.31x 7.59x 1.94x 1.81x 8.19x 8.03x

32'830.0 32'512.0 31'050.0 29'376.0 29'620.0 29'376.0 29'620.0 41'285.8 43'955.0 10'027.3 10'513.5

5.34x 6.04x 6.28x 6.98x 7.58x 6.98x 7.58x 5.87x 5.51x 5.88x 5.78x

6'428.0 4'894.0 2'549.0 2'404.0 875.0 2'404.0 875.0 7'910.3 8'997.8 1'875.4 2'058.4

13.35x 11.71x 70.16x 18.66x 19.32x 18.57x 19.23x 17.91x 15.72x 17.98x 17.20x











EBITDA Margin 25.6%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Verizon Communications IncPrice/Volume

Valuation Analysis

588'318.00


&

-&

.&

0&

1&

2&

3&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

&!2&

-!&&

-!2&

.!&&

.!2&

0!&&

0!2&

1!&&

1!2&

2!&&

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



26.03.2013


















TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'545'939 0.58 (2'890'277) 31.12.2012 Investment Advisor





Raymond James FRANK G LOUTHAN outperform 5 M 48 12 month 26.03.2013


Pacific Crest Securities MICHAEL BOWEN outperform 5 M 53 12 month 21.03.2013


Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 15.03.2013

Goldman Sachs JASON ARMSTRONG Buy/Neutral 5 M 51 12 month 14.03.2013


Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 47 12 month 12.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 50 12 month 12.03.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 43 Not Provided 11.03.2013

Macquarie KEVIN SMITHEN outperform 5 M 51 12 month 08.03.2013

Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013


Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 51 12 month 06.03.2013

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 05.03.2013

Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 01.03.2013

Edward Jones DAVID HEGER hold 3 M #N/A N/A Not Provided 26.02.2013

HSBC RICHARD DINEEN overweight 5 M 50 Not Provided 19.02.2013


JPMorgan PHILIP CUSICK neutral 3 M 48 9 month 04.02.2013

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 01.02.2013


RBC Capital Markets JONATHAN ATKIN sector perform 3 M 50 12 month 23.01.2013


Jefferies THOMAS O SEITZ buy 5 M 52 12 month 23.01.2013


FBR Capital Markets DAVID DIXON market perform 3 M 45 12 month 23.01.2013

Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 22.01.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 48 12 month 22.01.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 U 50 Not Provided 22.01.2013

S&P Capital IQ TODD ROSENBLUTH hold 3 M 44 12 month 22.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Daiwa Securities Co. Ltd. NACHI HOSHINO neutral 3 M 46 Not Provided 12.12.2012

Deutsche Bank BRETT FELDMAN hold 3 M 45 12 month 19.10.2012

McAdams Wright Ragen Inc SID PARAKH buy 5 N 37 Not Provided 30.01.2009

Holdings By:

Verizon Communications Inc ee


26.03.2013

Visa Inc. operates a retail electronic payments network and manages global

financial services. The Company also offers global commerce through the

transfer of value and information among financial institutions, merchants,

consumers, businesses and government entities.


LTM as of: 12/yy

52-Week High (26.03.2013) 167.77

52-Week Low (01.06.2012) 111.95

Daily Volume

167.07





110'416.18 1 Yr Total Return 40.28%







V UN EQUITY YTD Change - Average Volume 30 Day 813'062

V UN EQUITY YTD % CHANGE - Average Volume 3 Month 725'663


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

6'263.0 6'911.0 8'065.0 9'188.0 10'421.0 9'497.0 10'720.0 11'585.3 12'931.0 2'852.8 2'871.7

7.60x 7.98x 7.19x 7.13x 9.86x 28.09x 35.99x 9.06x 7.84x 36.87x 36.39x

2'939.0 3'766.0 4'809.0 5'751.0 6'572.0 6'016.0 6'769.0 7'442.7 8'444.7 1'859.0 1'812.8

16.20x 14.64x 12.06x 11.39x 15.64x 13.12x 17.09x 14.03x 12.36x 13.66x 13.23x

804.0 2'353.0 2'966.0 3'650.0 2'144.0 3'795.0 2'408.0 4'868.8 5'518.1 1'198.7 1'176.7

26.24x 21.40x 18.71x 17.18x 21.66x 19.30x 23.25x 22.77x 19.61x 22.19x 21.39x







Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 63.1%



Asset Turnover 0.30







Fiscal Year Ended

Visa IncPrice/Volume

Valuation Analysis

526'084.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&.&1&3&5&

-&&-.&-1&-3&-5&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

1!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

&!&&

2&!&&

-&&!&&

-2&!&&

.&&!&&

.2&!&&

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



26.03.2013








SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 13'282'579 2.51 (491'245) 31.12.2012 Investment Advisor



WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'232'536 1.56 (1'430'201) 31.12.2012 Investment Advisor








BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'309'858 1 (175'405) 31.12.2012 Investment Advisor




RBC Capital Markets DANIEL R PERLIN outperform 5 M 176 12 month 26.03.2013


Oppenheimer & Co GLENN GREENE outperform 5 M 177 12 month 25.03.2013


Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 135 12 month 22.03.2013

Jefferies JASON KUPFERBERG buy 5 M 162 12 month 22.03.2013


Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 149 12 month 21.03.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013


FBR Capital Markets SCOTT VALENTIN market perform 3 M 170 12 month 20.03.2013


Sterne, Agee & Leach GREGORY SMITH buy 5 M 175 12 month 19.03.2013

BNP Paribas Equity Research ARVIND RAMNANI hold 3 N 166 12 month 18.03.2013

Evercore Partners DAVID M TOGUT overweight 5 M 169 12 month 18.03.2013



Wedbush GIL B LURIA neutral 3 M 145 12 month 08.03.2013

Guggenheim Securities LLC DAVID W DARST buy 5 M 185 12 month 07.03.2013

Argus Research Corp DAVID RITTER hold 3 D #N/A N/A Not Provided 01.03.2013


Telsey Advisory Group MICHAEL P TAIANO no rating system #N/A N/A M 172 Not Provided 27.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 26.02.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 25.02.2013


Barclays DARRIN D PELLER overweight 5 M 180 Not Provided 15.02.2013

Macquarie KEVIN MCVEIGH outperform 5 M 175 12 month 11.02.2013

SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 190 12 month 07.02.2013



S&P Capital IQ SONIA PARECHANIAN hold 3 M 169 Not Provided 07.02.2013




Raymond James WAYNE JOHNSON strong buy 5 M 185 12 month 06.02.2013


Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 188 12 month 09.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 134 12 month 25.07.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 N 105 Not Provided 27.10.2011

Lazard Capital Markets JENNIFER DUGAN buy 5 M 105 12 month 10.06.2011

Holdings By:

Visa Inc ee


26.03.2013

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood

markets. The Company's discount stores and supercenters offer merchandise such

as apparel, housewares, small appliances, electronics, and hardware. Walmart's

markets offer a full-line supermarket and a limited assortment of general

merchandise. The Company operates nationally and internationally.


LTM as of: 01/yy

52-Week High (16.10.2012) 77.50

52-Week Low (25.04.2012) 57.18

Daily Volume

74.74





250'023.06 1 Yr Total Return 25.09%







WMT UN EQUITY YTD Change - Average Volume 30 Day 2'671'119

WMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'232'224


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

404'374.0 408'085.0 421'849.0 446'950.0 469'162.0 446'950.0 469'162.0 491'790.1 514'013.2 116'280.0 119'660.4

0.55x 0.58x 0.57x 0.58x 0.61x 2.21x 2.44x 0.60x 0.58x - -

29'537.0 31'159.0 33'183.0 34'688.0 36'302.0 34'688.0 36'302.0 37'856.6 39'832.9 7'880.7 8'555.7

7.52x 7.63x 7.30x 7.53x 7.86x 7.53x 7.86x 7.97x 7.58x 8.57x 8.49x

13'400.0 14'370.0 16'389.0 15'699.0 16'999.0 15'699.0 16'999.0 17'578.3 18'744.8 3'821.9 4'263.9

13.82x 14.56x 13.78x 13.67x 13.93x 13.70x 13.93x 13.93x 12.70x 13.98x 13.66x











EBITDA Margin 7.7%



Asset Turnover 2.37







Fiscal Year Ended

Wal-Mart Stores IncPrice/Volume

Valuation Analysis

609'917.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

&2!&.!.&-& &2!&5!.&-& &2!&.!.&-- &2!&5!.&-- &2!&.!.&-. &2!&5!.&-. &2!&.!.&-0



26.03.2013


WALTON ENTERPRISES L n/a Form 4 1'609'891'131 48.12 - 01.06.2012 Holding Company





BERKSHIRE HATHAWAY I n/a ULT-AGG 47'501'182 1.42 793'040 31.12.2012 Investment Advisor












GATES FOUNDATION BILL & MELINDA FOUND 13F 11'103'000 0.33 500'000 31.12.2012 Endowment


WALTON JIM C n/a Form 4 10'499'215 0.31 2'735 01.06.2012 n/a


Stifel DAVID A SCHICK buy 5 M 83 12 month 26.03.2013


Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 25.03.2013

ISI Group GREGORY MELICH neutral 3 M 76 12 month 24.03.2013

Jefferies DANIEL T BINDER buy 5 M 88 12 month 21.03.2013



Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 14.03.2013




Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 27.02.2013



Stephens Inc JOHN R LAWRENCE overweight 5 M 81 12 month 25.02.2013



JPMorgan CHRISTOPHER HORVERS neutral 3 M 75 9 month 22.02.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 67 12 month 22.02.2013

Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 77 12 month 22.02.2013


MKM Partners PATRICK G MCKEEVER JR neutral 3 M 76 12 month 22.02.2013


Credit Suisse MICHAEL B EXSTEIN neutral 3 M 80 Not Provided 21.02.2013

Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 21.02.2013

William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 21.02.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 21.02.2013



Deutsche Bank PAUL TRUSSELL hold 3 M 68 12 month 15.02.2013

S&P Capital IQ IAN GORDON buy 5 R 76 Not Provided 18.12.2012

HSBC FRANCISCO J CHEVEZ overweight 5 M 83 Not Provided 17.12.2012

First Global Stockbroking RITESH DOSHI moderate outperform 4 M #N/A N/A Not Provided 18.08.2011

Crowell, Weedon & Co JAMES D RAGAN reduce 2 D 55 18 month 31.08.2010

Holdings By:

Wal-Mart Stores Inc ee


26.03.2013

Walgreen Company operates retail drugstores that offer a wide variety of

prescription and non-prescription drugs as well as general goods. The Company

operates stores in the United States, the District of Columbia, Puerto Rico and

Guam. Walgreen's also offers health services, including primary and acute care,

wellness, pharmacy and disease management services and health and fitness.


LTM as of: 02/yy

52-Week High (26.03.2013) 47.37

52-Week Low (20.06.2012) 28.53

Daily Volume

47.31





44'712.91 1 Yr Total Return 41.78%







WAG UN EQUITY YTD Change - Average Volume 30 Day 1'572'737

WAG UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'493'050


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

59'034.0 63'335.0 67'420.0 72'184.0 71'633.0 73'146.0 70'788.0 72'662.8 76'019.1 18'557.6 18'120.2

0.63x 0.53x 0.38x 0.45x 0.53x 1.81x 2.03x 0.65x 0.63x 2.60x 2.62x

4'281.0 4'222.0 4'488.0 5'059.0 4'630.0 4'905.0 4'516.0 5'599.5 6'160.8 1'480.2 1'323.7

8.65x 7.88x 5.74x 6.36x 8.18x 6.10x 9.44x 8.67x 7.88x 8.29x 8.11x

2'157.0 2'006.0 2'091.0 2'714.0 2'127.0 2'632.0 2'059.0 2'956.1 3'365.1 850.8 757.2

17.20x 16.77x 11.74x 13.19x 14.13x 12.61x 16.99x 14.56x 12.83x 13.58x 13.43x











EBITDA Margin 6.4%



Asset Turnover 2.28







Fiscal Year Ended

Walgreen CoPrice/Volume

Valuation Analysis

583'741.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



26.03.2013


PESSINA STEFANO n/a 13D/PROX 72'841'856 7.71 - 12.11.2012 n/a












MACQUARIE GROUP n/a ULT-AGG 11'704'910 1.24 1'541'142 31.12.2012 Investment Advisor




ALLIANZ ASSET MANAGE n/a ULT-AGG 8'711'200 0.92 510'773 31.12.2012 Investment Advisor


ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 7'038'081 0.74 (305'902) 31.12.2012 Investment Advisor

AJO, LP AJO, LP 13F 6'637'500 0.7 (370'000) 31.12.2012 Investment Advisor


Lazard Capital Markets THOMAS GALLUCCI neutral 3 M #N/A N/A Not Provided 25.03.2013

Macquarie DANE LEONE outperform 5 U 52 12 month 21.03.2013

Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013

Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 50 12 month 20.03.2013



SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 50 12 month 20.03.2013

JPMorgan LISA C GILL overweight 5 U 55 9 month 20.03.2013


Cantor Fitzgerald AJAY JAIN buy 5 M 49 12 month 20.03.2013

BB&T Capital Markets ANDREW P WOLF buy 5 M 53 12 month 20.03.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 50 12 month 20.03.2013


Barclays MEREDITH ADLER equalweight 3 M 39 Not Provided 20.03.2013

Credit Suisse EDWARD J KELLY neutral 3 M 46 Not Provided 19.03.2013

Raymond James JOHN W RANSOM outperform 5 M 50 12 month 19.03.2013

Scotia Capital PATRICIA A BAKER sector outperform 5 M 50 12 month 19.03.2013

ISI Group ROSS MUKEN cautious 2 M 43 12 month 19.03.2013


Mizuho Securities USA Inc ANN HYNES buy 5 M 46 12 month 05.03.2013

Barrington Research CHARLES R JONES outperform 5 M 45 12 month 28.01.2013


JMP Securities CONSTANTINE DAVIDES market perform 3 M #N/A N/A Not Provided 27.03.2012


Holdings By:

Walgreen Co ee


26.03.2013

The Walt Disney Company is an entertainment company that conducts operations in

media networks, studio entertainment, theme parks and resorts, consumer

products, and interactive media. The Company produces motion pictures,

television programs, and musical recordings, as well as books and magazines.


LTM as of: 12/yy

52-Week High (14.03.2013) 57.81

52-Week Low (10.04.2012) 40.88

Daily Volume

56.53





102'061.31 1 Yr Total Return 29.32%







DIS UN EQUITY YTD Change - Average Volume 30 Day 2'114'503

DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'201'723


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 40'956.0 42'840.0 45'160.9 47'977.4 10'467.8 11'773.6

1.95x 1.67x 1.96x 1.65x 2.51x 7.91x 9.46x 2.57x 2.40x 11.32x 9.96x

8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 9'912.0 10'959.0 12'300.8 13'440.1 2'747.6 3'768.5

8.20x 8.25x 8.86x 7.00x 9.79x 8.25x 9.59x 9.65x 8.83x 9.42x 9.24x

4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 4'969.0 5'600.0 6'235.9 6'866.7 1'388.0 1'938.5

14.43x 14.95x 16.11x 11.87x 16.97x 14.10x 16.06x 16.40x 14.53x 15.88x 15.40x











EBITDA Margin 25.6%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Walt Disney Co/ThePrice/Volume

Valuation Analysis

246'781.00


&

-&

.&

0&

1&

2&

3&

4&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013


LAURENE POWELL JOBS n/a PROXY 130'844'544 7.25 - 07.01.2013 n/a








LUCAS GEORGE n/a Co File 37'076'679 2.05 - 06.02.2013 n/a







SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 18'216'229 1.01 (1'042'061) 31.12.2012 Investment Advisor






Wunderlich Securities MATTHEW HARRIGAN hold 3 M 58 18 month 25.03.2013

Nomura MICHAEL NATHANSON buy 5 M 62 12 month 25.03.2013


Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 67 12 month 22.03.2013


Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 15.03.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 63 Not Provided 11.03.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 60 12 month 07.03.2013

Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 04.03.2013


Cowen and Company DOUGLAS CREUTZ neutral 3 M #N/A N/A Not Provided 14.02.2013


Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 70 12 month 07.02.2013

Stifel DREW E CRUM buy 5 M 63 12 month 07.02.2013

Goldman Sachs DREW BORST buy/attractive 5 M 65 12 month 06.02.2013



JPMorgan ALEXIA S QUADRANI overweight 5 M 63 9 month 06.02.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 58 12 month 06.02.2013

Macquarie TIMOTHY W NOLLEN neutral 3 M 60 12 month 06.02.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 63 12 month 06.02.2013


S&P Capital IQ TUNA AMOBI strong buy 5 M 63 12 month 06.02.2013

Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013

Susquehanna Financial Group VASILY KARASYOV neutral 3 M 55 12 month 06.02.2013


Piper Jaffray JAMES M MARSH JR neutral 3 M 50 12 month 06.02.2013






Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011

BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 06.01.2011

Holdings By:

Walt Disney Co/The ee


26.03.2013

Wells Fargo & Company is a diversified financial services company providing

banking, insurance, investments, mortgage, leasing, credit cards, and consumer

finance. The Company operates through physical stores, the Internet and other

distribution channels across North America and elsewhere internationally.


LTM as of: 12/yy

52-Week High (15.03.2013) 38.20

52-Week Low (04.06.2012) 29.80

Daily Volume

37.13





195'707.84 1 Yr Total Return 10.90%





Enterprise Value -


WFC UN EQUITY YTD Change - Average Volume 30 Day 4'934'941

WFC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'692'764


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

51'652.0 98'636.0 93'249.0 87'597.0 91'247.0 87'597.0 91'247.0 85'452.7 86'700.3 21'562.2 21'387.3

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

- - - - - 0.0 0.0 - - - -

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

2'655.0 12'275.0 12'362.0 15'869.0 18'897.0 15'869.0 18'897.0 19'503.6 20'451.2 4'757.2 4'915.6

17.14x 9.78x 12.60x 9.10x 10.08x 9.41x 10.08x 10.19x 9.54x 10.21x 10.15x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wells Fargo & CoPrice/Volume

Valuation Analysis

986'377.00


&2

-&-2.&.20&021&12

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

1&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

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



26.03.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 439'857'861 8.35 17'308'316 31.12.2012 Investment Advisor


















ALLIANZ ASSET MANAGE n/a ULT-AGG 40'693'759 0.77 7'554'548 31.01.2013 Investment Advisor





Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 38 12 month 22.03.2013

Jefferies KENNETH M USDIN buy 5 M 39 12 month 21.03.2013


JPMorgan VIVEK JUNEJA overweight 5 M 41 9 month 18.03.2013



Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 41 Not Provided 15.03.2013

Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 15.03.2013


RBC Capital Markets JOSEPH K MORFORD outperform 5 M 40 12 month 14.03.2013

Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 43 12 month 14.03.2013

Susquehanna Financial Group JACK MICENKO Positive 4 M 40 12 month 14.03.2013

BMO Capital Markets PETER J WINTER market perform 3 N 40 Not Provided 13.03.2013


Macquarie THOMAS ALONSO outperform 5 M 40 12 month 28.02.2013



Miller Tabak + Co., LLC TOM MITCHELL hold 3 M 35 12 month 26.02.2013

FBR Capital Markets PAUL J MILLER JR outperform 5 M 39 12 month 21.02.2013







Nomura KEITH MURRAY buy 5 N 42 12 month 05.02.2013


Buckingham Research Group JAMES F MITCHELL neutral 3 M 39 12 month 04.02.2013

Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 37 12 month 27.01.2013


Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 18.01.2013




S&P Capital IQ ERIK M OJA hold 3 M 36 Not Provided 11.01.2013

Credit Agricole Securities (USA) MICHAEL L MAYO outperform 5 M 38 Not Provided 11.01.2013



Holdings By:

Wells Fargo & Co ee


26.03.2013

The Williams Companies, Inc. is an integrated natural gas company that produces,

gathers, processes and transports natural gas. The Company's operations are

concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern

Seaboard, and the province of Alberta in Canada.


LTM as of: 12/yy

52-Week High (04.10.2012) 37.56

52-Week Low (25.06.2012) 27.26

Daily Volume

37.21





25'359.83 1 Yr Total Return 26.49%







WMB UN EQUITY YTD Change - Average Volume 30 Day 1'418'026

WMB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'297'069


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

11'890.0 8'255.0 6'638.0 7'930.0 7'486.0 7'930.0 7'517.0 8'221.8 9'359.1 2'007.0 2'001.8

1.28x 2.33x 3.64x 3.61x 4.66x 13.59x 16.63x 4.90x 4.36x 19.87x 19.95x

3'843.0 2'970.0 2'902.0 3'481.0 2'368.0 3'481.0 2'382.0 2'685.4 3'422.0 688.8 677.3

3.97x 6.49x 8.32x 8.23x 14.72x 8.23x 14.64x 14.13x 11.09x 13.68x 13.38x

1'418.0 285.0 (1'097.0) 376.0 859.0 376.0 859.0 662.7 967.3 159.3 143.3

6.55x 27.38x 27.78x 20.01x 27.06x 20.13x 29.23x 36.55x 26.00x 36.70x 33.61x











EBITDA Margin 31.7%



Asset Turnover 0.37







Fiscal Year Ended

Williams Cos Inc/ThePrice/Volume

Valuation Analysis

238'937.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

.2

0&

02

1&

e -. P -. e -. d -. d -. P -. m -. j -. f -. S -. d -0 a -0 e -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

-3!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



26.03.2013


SOROBAN CAPITAL PART n/a 13G 67'317'856 9.88 57'621'882 13.03.2013 Hedge Fund Manager













KAYNE ANDERSON CAPIT KAYNE ANDERSON CAPIT 13F 9'829'263 1.44 37'513 31.12.2012 Hedge Fund Manager








Howard Weil Inc HOLLY STEWART sector outperform 5 M 38 12 month 25.03.2013

US Capital Advisors REBECCA G FOLLOWILL hold 3 M 35 Not Provided 22.03.2013

Wells Fargo Securities, LLC SHARON LUI outperform 5 M #N/A N/A Not Provided 08.03.2013

Raymond James DARREN HOROWITZ outperform 5 M 38 12 month 06.03.2013

Argus Research Corp GARY F HOVIS buy 5 M 39 Not Provided 05.03.2013


JPMorgan JEREMY TONET overweight 5 M 40 9 month 22.02.2013

Barclays RICHARD GROSS overweight 5 M 39 Not Provided 21.02.2013

BMO Capital Markets CARL L KIRST outperform 5 M 38 Not Provided 20.02.2013

Morgan Stanley STEPHEN J MARESCA Overwt/Attractive 5 M 42 12 month 12.12.2012

Deutsche Bank CURTIS N LAUNER hold 3 M 36 12 month 08.11.2012

Goldman Sachs THEODORE DURBIN buy/attractive 5 M 45 12 month 05.11.2012

Tudor Pickering & Co BRADLEY OLSEN accumulate 4 D 37 Not Provided 19.10.2012

Holdings By:

Williams Cos Inc/The ee


Fundamental Equity Analysis - S&P100 Index Members (OEX Index)

Documents

Transcript of Fundamental Equity Analysis - S&P100 Index Members (OEX Index)