The EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone, provides a Blue-chip representation of supersector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries. The Index is licensed to financial institutions to serve as underlying for a wide range of investment products such as Exchange Traded Funds (ETF), Futures and Options and structured products.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Eurostoxx 50 Index - SX5E Index
September 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Index Analysis - Financial Statements
Name: SLI SWISS LEADER INDEX Currency: CHF Number of Member Stocks: 30
View Current 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 29.12.2006 30.12.2005 31.12.2004 31.12.2003 31.12.2002 31.12.2001 29.12.2000 31.12.1999 31.12.1998 31.12.1997 31.12.1996 29.12.1995 30.12.1994 31.12.1993 31.12.1992
CY 2012 CY1 2011 CY1 2010 CY1 2009 CY1 2008 CY1 2007 CY1 2006 CY1 2005 CY1 2004 CY1 2003 CY1 2002 CY1 2001 CY1 2000 CY1 1999 CY1 1998 CY1 1997 CY1 1996 CY1 1995 CY1 1994 CY1 1993 CY1 1992
Index Summary
Income Statement
Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Before XO 36.8 120.52 246.97 192.45 130.69
Diluted EPS from Continuing Ops 51.1 119.58 237.65 190.9 140.74
EPS Positive 57.3 126.38 246.97 214.07 141.65
Sales Per Share 721.5 1906.17 3485.57 3235.49 1877.49
Dividends Per Share 31.8 22.7593 108.525 115.7297 5.2533
EBITDA Per Share 128.5 344.7 626.62 605.11 310.04
Balance Sheet
Book Value Per Share 569.8 2256.82 2256.82 2087.4 2153.91
Enterprise Value Per Share 1760.5 8190 8190 8979.21 7640.74
Net Debt Per Share 218.5 5966.83 5966.83 5496.08 5117.82
Cash Flow
Cash Flow Per Share 206.0 101.47 30.77 257.45 175.64
Free Cash Flow Per Share 169.0 -34.58 -195.75 36.24 47.86
Price Ratios
Price/EPS 19.8 11.3082 11.3082 15.4066 10.3113
P/E Before XO 26.8 11.3082 11.3082 15.4066 10.3113
Diluted P/E Cont Ops 19.3 11.7518 11.7518 15.5312 8.6643
Price/EPS Positive 17.2 11.3082 11.3082 13.8504 9.4549
Price/Book 1.7 1.2375 1.2375 1.4204 1.0755
Price/Sales 1.4 0.8013 0.8013 0.9164 0.6392
Price/Cash Flow 4.8 90.7571 90.7571 11.5166 5.39
Dividend Yield 3.2 3.8859 3.8859 3.9032 5.094
Price/EBITDA 7.7 4.457 4.457 4.8998 3.7728
Market Data
Last Price 985.6 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0
Volume 97453968 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Market Cap 8.79051E+11 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Float Market Cap 786296.3125 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 29301.7 27031.34 29597.76 29418.28 24104.66 36918.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Statement
Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Before XO 36.8 59.94 67.41 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Diluted EPS from Continuing Ops 51.1 63.92 70.07 27.13 10.79 82.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Positive 57.3 64.02 67.61 52.98 73.82 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Per Share 721.5 682.92 687.24 682.41 921.73 857.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share 31.8 29.9825 25.6438 19.564 26.8883 27.3566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share - Gross 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share - Net 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA Per Share 128.5 138.43 141.76 114.28 265.63 276.02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
R&D Expenditures 30334539.4 28.46 31.79 27.58 63.58 29.88 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance Sheet
Asset Fields
Cash & Equivalents Per Share 868.7 757.72 456.47 625.85 620.21 494.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current Assets 301.2 280.37 296.2 328.45 779.61 409.72 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 6625.4 6303.49 5202.39 4693.08 7563.06 6012.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liability Fields
Current Liabilities 218.9 194.76 202.86 207.15 540.13 266.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt 1570.4 1440.89 1350.93 1190.6 2292.63 1656.43 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt Per Share 218.5 294.15 561.97 247.93 782.06 510.69 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 6017.1 5713.29 4704.62 4229.97 6797.45 5496.31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Shareholders' Equity 608.3 590.2 497.77 463.11 765.61 516.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reference Items
Book Value Per Share 569.8 549.13 461.58 416.55 475.42 480.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Enterprise Value Per Share 1760.5 1708.65 1807.08 1609.37 2831.78 2782.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 367.3 351.02 289.62 265.98 133.19 358.22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures -30.6 -26.69 -26.78 -32.49 -69.99 -33.76 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 156.4 158.17 151.35 123.46 232.82 131.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow
Free Cash Flow Per Share 169.0 130.79 94.47 177.36 45.46 -163.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Financing Activities -70879676.8 -87.17 -33.81 -296.87 -314.49 271.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Investing Activities 66683670.0 -221.31 -194.53 -158.94
Ratio Analysis
Price/EPS 19.8 13.934 15.1971 42.3357 169.0826 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
P/E Before XO 26.8 14.6262 15.0895 42.3357 169.0826 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Diluted P/E Cont Ops 19.3 13.7139 14.5183 36.9768 73.1902 15.6945 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/EPS Positive 17.2 13.6935 15.047 18.9381 10.6968 13.7077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Book 1.7 1.5965 2.2038 2.4087 1.661 2.696 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Sales #N/A Field Not Applicable 1.2837 1.4802 1.4703 0.8567 1.512 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Cash Flow 4.8 11.8607 9.8504 3.5695 2.1848 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield 3.2 3.4201 2.5209 1.9499 3.405 2.1102 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield - Gross 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield - Net 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/EBITDA 7.7 6.3329 7.1759 8.7797 2.9729 4.6968 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt to Total Equity 258.2 244.14 271.39 257.09 299.45 320.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt to Total Assets 23.7 22.86 25.97 25.37 30.31 27.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Per Employee 567116.1 602251.69 523225.09 550140.5 704718 662885.94 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current Ratio 1.4 1.44 1.46 1.59 1.44 1.54 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EV/T12M Sales 2.4 2.502 2.6295 2.3583 3.0722 3.245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EV/T12M EBITDA 13.7 12.3431 12.7474 14.0827 10.6608 10.0799 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt to EBITDA 1.7 2.12 3.96 2.17 2.94 1.85 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
Gross Margin 50.2 54.5 55.44 56.92 56.65 52.13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Margin 14.8 17.55 18.37 11.2 13.01 18.56 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit Margin 7.5 13.99 14.01 9.58 9.14 15.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA Margin 17.8 20.27 20.63 16.75 28.82 32.19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Assets 5.8 8.85 7.45 7.46 8.57 9.44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Common Equity 19.1 28.82 35.29 15.53 12.75 25.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Capital 11.4 14.78 12.31 12.6 14.61 17.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Market Data
Last Price 985.6 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0
Volume 97453968.0 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Market Cap 879051000000.0 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Float Market Cap 786296.3 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 29301.7 27031.34 29597.76 29418.28 24104.66 36918.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05
Euro Stoxx 50 Pr EUR 2450446 10657.55 4587 4587 751 775 775 156.10 302.30 302.30 27.20 14.54 14.05 14.05 20.73
NIKKEI 225 JPY 2206653 179.5987 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14
FTSE 100 INDEX GBP 2624070 13741.02 9488 9488 1553 1647 1647 719.78 827.32 827.32 21.21 20.04 18.45 18.45 26.02
SWISS MARKET INDEX CHF 888093 10957.14 3947 3947 804 787 787 384.76 515.53 515.53 19.45 19.16 14.52 14.52 22.21
S&P/TSX COMPOSITE INDEX CAD 1687438 19167.86 7808 7808 1962 1968 1968 829.66 848.64 848.64 15.50 15.50 15.15 15.15 25.44
S&P/ASX 200 INDEX AUD 1228533 8059.649 2896 2896 636 713 713 273.62 349.86 349.86 17.31 14.70 13.54 13.54 23.52
HANG SENG INDEX HKD 1550090 2367.591 1452 1452 341 357 357 255.24 244.73 244.73 1.35 1.46 1.41 1.41 3.09
MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90
AIR LIQUIDE SA EUR 39763 218 311 9 0 0 2 47.85 18652 19190 19815 21318 4598 4702 - - 6.05 6.54 6.77 7.49 25.14 26.39 24.30 21.95 9.27 8.05 7.24 8.74 31.80 A 02.07.2007 - -
ALLIANZ SE-REG EUR 55187 631 452 37 0 3 14 80.99 112739 116829 124207 127817 - - - - 7.20 9.59 14.32 15.45 16.31 16.57 10.92 10.12 -3.39 - - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 139244 446 1598 52 0 5 7 231.31 50375 50694 51569 58800 19736 19719 5060 5060 4.83 5.73 5.94 6.51 25.18 25.19 24.29 22.15 9.77 19.09 14.33 31.29 50.54 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 24186 4584 1549 33 0 5 5 64.51 121240 118493 114292 119104 12770 11515 2148 2148 1.62 0.53 1.27 2.28 48.74 57.34 20.31 11.30 26.37 6.72 30.33 0.11 13.59 BB+ 02.08.2012 Baa3 20.05.2009
ASML HOLDING NV EUR 26209 889 414 1 0 0 4 23.68 7291 6643 6275 7267 2331 1987 478 478 4.41 3.78 3.47 4.26 18.06 18.17 19.67 16.00 32.72 60.06 37.20 17.46 41.24 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 23440 2815 1541 28 0 3 33 29.35 94803 96239 97522 100474 - - - - 1.51 0.73 1.47 1.78 26.56 - 13.26 10.92 -20.14 -7.16 - - - A *- 07.06.2012 Baa2 17.07.2012
AXA SA EUR 37393 1851 2374 22 8 3 40 30.74 126866 130915 124007 125655 - - - - 1.46 0.98 2.38 2.55 20.79 27.56 8.60 8.01 -20.97 2.99 - - - A 27.01.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 44655 17172 4948 283 #VALUE! 2 74 #VALUE! 46567 26864 28724 29866 - - - - 1.16 0.56 0.50 0.99 19.22 12.94 21.22 10.78 14.35 8.43 - - - BBB+ 30.04.2012 Baa3 *- 25.06.2012
BANCO SANTANDER SA EUR 78541 17351 9570 547 0 8 191 #VALUE! 100644 57448 58078 60517 - - - - 1.03 0.48 0.62 0.92 21.37 11.40 16.64 11.10 16.92 13.45 - - - A- 30.04.2012 (P)Baa2 *- 25.06.2012
BASF SE EUR 79714 1072 918 17 0 2 3 96.19 94823 97724 98985 101682 15295 16319 3567 3567 8.28 7.42 7.03 7.79 15.09 15.14 15.91 14.37 19.44 9.55 -0.52 3.97 20.81 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 72389 1160 827 15 0 0 6 82.68 47127 49147 50203 52519 11564 12231 2307 2307 6.91 4.04 6.90 7.56 27.97 15.45 16.36 14.95 5.29 5.96 0.91 15.89 31.66 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 48814 740 656 88 0 0 15 122.36 88790 93396 95071 98519 15043 - 2584 2584 9.59 8.84 9.76 9.96 11.11 11.11 10.06 9.86 17.80 7.86 36.53 1.35 21.86 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 63107 1790 1198 1452 9 13 139 #VALUE! 92 K 91 K 50 K 52 K - - - - 9.03 6.22 7.07 7.12 10.44 8.46 9.19 9.12 -3.26 -2.94 - - - AA- 23.01.2012 A2 21.06.2012
CARREFOUR SA EUR 15163 696 674 21 0 1 6 29.67 103800 103367 103873 106141 5024 3363 - - -0.97 -2.03 1.67 1.84 - - 17.24 15.61 1.16 0.13 -14.32 1.48 6.24 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 20161 1147 526 14 0 1 4 33.36 54336 55259 55918 57501 6482 6341 - - 3.39 2.50 3.32 3.91 19.57 18.07 14.75 12.52 6.42 0.22 6.44 0.53 15.39 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 14303 442 728 6 0 0 2 19.64 23327 23872 24458 25391 2136 2129 1442 1442 0.98 1.11 1.03 1.21 22.93 34.36 24.75 21.04 6.82 -2.80 3.36 -10.24 11.82 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 54572 2200 1066 93 0 2 14 145.51 137453 143682 143097 149597 15761 15986 - - 6.81 6.98 6.58 7.39 9.45 9.45 10.03 8.92 11.59 6.79 21.24 -8.91 14.79 A- 23.02.2012 A3 01.10.2007
DANONE EUR 41157 382 606 12 0 0 3 50.17 24923 25887 26922 29022 4497 4548 - - 3.62 3.63 3.97 4.35 22.73 22.81 20.80 18.98 17.51 13.20 11.79 13.93 23.28 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 39010 2669 905 367 0 2 230 #VALUE! 67940 63587 41477 43061 - - - - 7.07 4.05 4.79 5.94 13.37 9.40 11.31 9.11 18.20 -12.86 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 55462 4670 4321 62 0 6 8 116.37 75672 75335 74967 73890 26064 24890 5962 5962 0.64 0.18 0.80 0.83 91.67 86.12 20.64 19.90 -7.79 -1.90 18.02 5.54 44.44 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON AG EUR 48947 2632 1905 39 0 5 9 87.87 145728 161667 143846 144172 14424 5847 2859 2859 1.76 -0.01 2.80 2.33 - 20.10 11.29 13.56 27.91 17.13 -18.11 7.54 12.77 A- 27.07.2012 A3 05.10.2011
ENEL SPA EUR 36323 19696 9403 84 0 20 9 135.80 100081 103668 97681 98944 22188 21311 - - 0.57 0.47 0.47 0.47 10.70 - 10.56 10.64 10.10 22.97 3.31 21.68 28.60 BBB+ 08.03.2012 Baa1 *- 15.06.2012
ENI SPA EUR 84537 8036 3623 38 0 6 2 125.95 141387 154067 154589 158032 33198 33747 7962 7962 2.44 2.36 2.70 2.84 12.72 - 11.13 10.56 14.49 15.17 3.82 0.25 30.29 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 20136 229 209 1 0 0 1 21.24 5405 6012 6373 6917 1186 1321 - - 3.22 3.41 3.63 4.03 35.80 35.62 33.61 30.22 9.88 14.95 2.74 11.70 28.31 - - - -
FRANCE TELECOM SA EUR 33385 3134 2633 51 0 3 12 76.48 58414 57478 55976 54710 19377 18364 4633 4633 2.15 1.81 1.66 1.59 9.00 7.20 9.81 10.21 -0.64 -4.07 -2.29 -4.94 42.80 A- 10.02.2005 A3 23.06.2005
GDF SUEZ EUR 57995 1762 2214 74 0 22 19 134.47 116982 123249 121440 124536 20734 21445 - - 2.64 2.08 2.06 2.15 15.49 14.62 15.63 15.00 9.46 44.01 1.24 33.68 22.87 A 11.02.2011 A1 03.07.2012
IBERDROLA SA EUR 29669 8376 5845 43 0 0 8 65.87 40831 43337 41671 42923 9032 8904 2191 2191 0.61 0.66 0.58 0.55 9.41 9.54 10.70 11.34 5.16 21.31 2.68 18.26 28.54 BBB+ 03.05.2012 (P)Baa1 *- 15.06.2012
INDITEX EUR 77701 520 623 0 0 0 5 73.25 17795 19124 20400 22711 4147 4613 1462 1462 4.00 4.47 4.89 5.53 35.97 - 32.93 29.10 13.04 16.69 10.81 16.03 30.07 - - - -
ING GROEP NV-CVA EUR 32379 7004 3782 310 0 1 40 329.37 68103 62406 47608 54924 - - - - 1.20 1.02 1.35 1.51 10.67 10.02 8.11 7.23 3.45 -6.37 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 25936 59242 16434 343 0 1 52 #VALUE! 32597 33607 22141 21958 - - - - 0.18 -0.73 0.16 0.19 - 10.89 12.84 10.90 2.23 24.69 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 22999 963 926 5 0 0 4 25.32 29130 30459 31559 32840 1531 1845 972 972 -0.91 0.95 1.66 2.09 32.72 30.26 18.71 14.85 1.69 0.94 -84.45 -12.91 6.78 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 75786 300 594 1 0 0 2 75.49 26246 27618 28892 30540 5103 5395 - - 5.43 5.69 6.16 6.66 28.33 28.15 26.17 24.21 5.61 7.40 6.78 6.09 25.08 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 79750 382 498 9 0 1 3 88.65 30524 33974 36232 39424 7934 8496 - - 8.21 8.89 9.44 10.50 22.79 21.87 21.47 19.30 21.20 15.73 26.38 13.71 33.54 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 28726 227 178 7 0 0 3 32.85 78581 82585 69306 71372 - - - - 5.08 18.16 19.51 19.79 11.38 11.39 10.59 10.44 3.92 8.03 - - - AA- 22.12.2006 - -
NOKIA OYJ EUR 10011 8747 3710 7 0 3 14 6.93 49876 43712 38937 38183 2037 -783 -199 -199 - -1.21 -0.41 -0.04 - - #VALUE! #VALUE! -11.51 -11.66 -75.98 -30.61 5.27 BB- 15.08.2012 Ba3 23.07.2012
REPSOL SA EUR 26133 1325 1221 26 0 5 4 49.14 77567 78009 71583 74884 10978 9974 2152 2152 2.44 2.07 2.02 2.20 12.98 - 13.31 12.18 15.53 3.50 -36.91 -1.45 18.26 BBB- 19.04.2012 - -
RWE AG EUR 27540 1023 587 28 0 2 9 50.32 63415 63033 65949 67327 10690 9630 - - 4.32 3.81 5.23 5.24 15.25 15.25 11.10 11.07 -3.99 8.10 -13.20 3.35 21.75 BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 116986 826 1324 20 0 0 5 132.49 43077 44694 45474 46812 16247 17008 4122 4122 6.45 6.28 7.82 8.09 18.10 16.20 14.54 14.06 4.07 5.67 -5.52 4.45 48.66 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 88635 862 1190 5 0 0 7 89.23 18363 19555 20749 23003 6332 6293 1897 1897 3.72 3.83 3.95 4.53 24.30 24.27 23.55 20.55 18.31 13.56 24.49 15.40 44.49 - - - -
SCHNEIDER ELECTRIC SA EUR 34549 567 540 10 0 0 4 42.74 28883 30266 31113 32315 4860 5024 - - 4.55 4.57 5.09 5.52 17.64 16.55 15.83 14.59 18.50 9.43 6.93 11.91 21.71 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 89487 1218 874 23 0 1 17 104.40 94846 99461 100364 102994 13401 12952 3292 3292 9.88 6.95 7.73 8.39 18.84 19.61 16.97 15.62 8.49 3.11 11.40 14.84 18.23 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 23566 2327 747 903 7 5 168 #VALUE! 62636 62722 31089 31772 - - - - 5.11 3.25 4.05 4.93 11.99 9.04 9.63 7.91 9.23 -6.50 - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 65585 10218 4480 86 0 7 9 152.52 81070 81192 80907 81061 25019 23811 6993 6993 1.71 1.23 1.60 1.69 15.07 - 11.58 10.98 4.46 2.54 -31.96 0.36 39.82 BBB 24.05.2012 Baa2 *- 20.06.2012
TOTAL SA EUR 123551 4004 2254 42 0 2 19 149.56 214875 226853 248658 245937 42471 41168 10790 10790 7.02 6.19 6.85 7.03 10.88 10.88 9.83 9.59 23.95 12.61 22.42 2.93 25.50 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 19120 76 92 14 0 2 0 36.15 2503 2124 1918 2041 1528 1355 - - 18.09 16.94 12.15 13.06 15.83 16.42 22.07 20.55 16.80 59.58 -7.26 20.00 78.76 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 25474 30197 2930 432 0 4 73 #VALUE! 54146 33290 33100 32913 - - - - -0.04 -7.72 0.34 0.48 - - 16.85 11.85 2.33 -20.93 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 108076 1308 2820 18 0 1 6 120.80 59950 63317 66138 70114 9627 9821 - - 2.04 1.92 2.05 2.24 24.19 23.11 22.69 20.72 6.43 6.39 -2.68 4.06 20.72 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 25701 1128 540 27 0 1 10 46.30 48569 49369 48939 49317 7026 6480 - - 4.46 4.53 4.41 4.51 12.73 13.05 13.07 12.78 13.82 7.75 7.00 9.27 18.66 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 25835 884 1287 20 0 3 5 47.16 37173 36955 36508 37086 11414 12115 2398 2398 3.11 1.25 2.55 2.60 20.48 14.46 10.05 9.87 -0.29 7.99 13.30 11.75 39.61 BBB *- 04.07.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 86080 428 465 121 0 8 32 193.27 205570 228291 240966 258634 27564 29716 4354 4354 42.60 49.65 37.33 32.60 5.17 5.18 6.88 7.88 33.01 15.34 36.45 16.15 17.30 A- 31.08.2009 A3 17.08.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.28 5.28 4.99 4.61 5.28 13.75 13.75 13.08 12.43 13.75 10.89 10.89 9.84 8.95 10.89 4.19 4.19 4.67 5.04 4.19 2685.8 5.3%
NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.88 5.62 6.44 7.22 7.22 6.60 6.25 7.22 14.40 14.40 12.75 10.68 14.40 2.29 2.29 2.33 2.68 2.29 9998.9 10.3%
FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.99 0.99 0.96 0.95 0.99 7.31 7.31 6.70 6.21 7.31 8.34 8.34 7.69 7.28 8.34 11.39 11.39 10.29 9.48 11.39 4.03 4.03 4.31 4.62 4.03 6346.0 9.0%
SWISS MARKET INDEX 2.12 2.12 1.97 1.82 2.12 1.78 1.78 1.67 1.58 1.78 11.65 11.65 10.09 9.08 11.65 13.92 13.92 12.78 11.90 13.92 13.62 13.62 12.15 11.06 13.62 3.55 3.55 3.91 4.27 3.55 7003.9 6.3%
S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%
S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.48 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.30 11.30 10.04 9.33 11.30 13.03 13.03 11.70 10.85 13.03 4.93 4.93 5.29 5.66 4.93 4663.8 6.3%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.61 6.61 6.14 5.84 6.61 6.64 6.64 6.04 5.57 6.64 10.91 10.91 10.09 9.14 10.91 3.55 3.55 3.80 4.16 3.55 22528.5 8.9%
MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%
AIR LIQUIDE SA 3.14 2.83 2.57 2.41 2.27 2.13 2.01 1.87 1.74 1.67 11.56 10.64 9.79 9.00 8.58 10.29 9.74 8.89 8.19 7.77 20.07 18.83 17.02 15.45 14.47 2.34 2.57 2.75 3.04 3.10 98.28 -0.5%
ALLIANZ SE-REG 0.96 0.88 0.83 0.78 0.70 0.43 0.44 0.43 0.43 0.39 14.36 8.46 7.84 7.47 7.30 4.65 4.88 5.22 5.48 5.53 99.94 6.4%
ANHEUSER-BUSCH INBEV NV 3.50 3.22 2.92 2.65 2.61 3.57 3.48 3.05 2.88 2.87 13.82 12.51 11.36 10.41 9.91 11.75 11.42 10.00 9.27 8.95 22.55 18.83 17.17 15.50 14.49 1.57 2.20 2.65 3.04 3.29 69.66 3.7%
ARCELORMITTAL 0.38 0.42 0.41 0.39 0.26 0.27 0.26 0.26 0.26 5.52 4.20 3.74 3.26 4.94 6.27 5.25 4.62 3.99 7.19 15.74 8.76 6.56 4.93 4.85 4.87 4.87 4.91 4.03 14.57 21.3%
ASML HOLDING NV 5.02 4.23 3.51 2.77 1.95 3.64 4.18 3.61 3.24 2.88 10.34 13.64 11.65 9.06 7.49 10.35 12.51 10.79 9.28 8.01 12.52 15.24 12.40 10.32 8.19 1.11 1.11 1.26 1.40 1.37 46.52 13.4%
ASSICURAZIONI GENERALI 1.14 1.00 0.92 0.84 0.74 0.25 0.24 0.23 0.22 0.21 15.91 10.28 8.47 8.16 7.61 2.56 2.80 3.36 3.81 2.51 11.36 -2.6%
AXA SA 0.62 0.62 0.59 0.55 0.50 0.33 0.30 0.30 0.30 0.30 7.30 6.66 6.21 5.82 5.64 5.70 5.89 6.34 6.75 7.29 14.77 20.1%
BANCO BILBAO VIZCAYA ARGENTA 0.85 0.86 0.82 0.78 0.80 1.71 1.55 1.50 1.42 1.35 2.97 2.97 2.95 2.79 7.70 16.45 8.35 7.14 6.89 6.20 6.19 6.39 6.69 6.48 6.49 0.9%
BANCO SANTANDER SA 0.78 0.77 0.76 0.75 0.81 1.37 1.35 1.30 1.24 1.18 2.26 2.26 2.22 2.11 7.68 12.90 8.60 7.76 7.69 9.09 8.40 8.76 8.88 7.43 5.76 -6.4%
BASF SE 2.60 2.36 2.15 1.97 1.67 0.85 0.81 0.78 0.75 0.72 7.07 7.76 7.07 6.76 6.06 6.46 6.15 5.84 5.58 5.59 10.81 12.34 11.14 10.25 9.94 3.53 3.82 3.99 4.28 4.57 67.27 0.0%
BAYER AG-REG 2.81 2.74 2.48 2.26 2.01 1.54 1.44 1.38 1.31 1.25 10.96 9.63 8.48 7.98 7.30 8.37 8.09 7.37 6.90 6.51 14.04 12.68 11.58 10.54 9.70 2.44 2.66 2.96 3.25 3.55 67.55 -0.4%
BAYERISCHE MOTOREN WERKE AG 1.39 1.24 1.12 1.02 1.01 0.55 0.51 0.50 0.48 0.50 4.19 4.58 4.36 4.21 3.20 7.00 7.40 7.21 7.24 7.38 7.68 7.80 7.64 7.42 8.43 4.03 4.44 4.77 5.09 4.07 72.27 22.5%
BNP PARIBAS 0.68 0.64 0.61 0.58 0.56 1.17 1.25 1.21 1.17 1.20 2.92 4.38 4.10 3.90 7.65 7.12 7.07 6.48 7.08 3.36 3.85 4.23 4.70 3.54 42.03 7.7%
CARREFOUR SA 1.31 1.61 1.53 1.39 1.30 0.14 0.15 0.14 0.14 0.14 4.48 4.85 4.22 3.92 3.62 5.93 6.09 5.84 5.52 5.40 12.30 13.36 12.10 10.57 9.55 4.64 3.16 3.47 3.93 4.79 17.70 2.3%
COMPAGNIE DE SAINT-GOBAIN 0.84 0.85 0.82 0.79 0.74 0.37 0.36 0.35 0.33 0.32 5.02 5.20 4.95 4.62 4.23 5.23 5.69 5.34 4.86 4.54 8.90 11.43 9.71 8.33 7.43 4.28 4.01 4.38 4.86 5.15 33.16 12.7%
CRH PLC 1.05 1.03 1.01 0.97 0.94 0.62 0.58 0.56 0.53 0.48 8.18 8.67 7.79 6.62 5.67 9.29 9.06 8.39 7.29 6.38 20.09 19.18 16.31 12.70 10.06 4.10 4.12 4.18 4.32 4.48 14.47 -5.7%
DAIMLER AG-REGISTERED SHARES 1.05 0.98 0.90 0.83 0.77 0.40 0.38 0.36 0.35 0.36 5.23 4.76 4.24 3.87 2.80 8.98 8.60 7.75 7.17 6.17 7.81 7.77 6.92 6.14 5.92 4.99 5.52 5.96 6.56 6.56 47.64 20.2%
DANONE 2.39 2.33 2.15 1.98 1.71 1.66 1.53 1.42 1.34 1.26 11.64 10.99 10.06 9.30 8.32 11.23 10.67 9.92 9.26 8.47 17.03 16.12 14.71 13.37 11.91 2.78 2.95 3.22 3.49 3.93 52.43 5.7%
DEUTSCHE BANK AG-REGISTERED 0.58 0.54 0.51 0.47 0.90 0.94 0.91 0.87 0.88 4.44 6.45 5.17 4.19 6.78 8.77 7.06 5.93 5.75 2.28 2.19 2.39 2.79 3.15 33.88 4.1%
DEUTSCHE TELEKOM AG-REG 1.14 1.23 1.21 1.21 1.29 0.73 0.74 0.75 0.76 0.77 2.91 3.07 3.08 3.10 4.91 4.84 5.01 5.08 5.11 5.22 14.70 15.99 15.42 14.57 13.67 7.04 7.04 6.87 6.91 6.97 9.69 -2.5%
E.ON AG 0.92 0.95 0.91 0.88 0.86 0.39 0.34 0.34 0.33 0.32 5.93 4.54 4.80 4.37 4.43 7.44 6.37 6.08 5.84 5.67 15.33 8.75 10.51 9.80 9.37 5.27 5.80 5.86 5.99 6.23 19.49 2.8%
ENEL SPA 0.72 0.69 0.66 0.63 0.66 0.38 0.37 0.37 0.36 0.33 2.60 3.07 2.94 2.70 2.56 5.99 6.43 6.37 6.20 5.97 6.90 8.19 8.25 7.62 8.56 8.71 4.87 4.91 5.34 6.34 3.07 2.6%
ENI SPA 1.21 1.08 1.00 0.93 0.83 0.59 0.55 0.54 0.53 0.51 4.05 3.50 3.23 3.15 2.84 3.54 3.22 3.21 3.11 2.82 9.20 8.63 8.19 7.81 6.94 5.75 5.97 6.11 6.24 6.37 19.83 10.0%
ESSILOR INTERNATIONAL 4.98 4.15 3.72 3.33 2.87 3.72 3.16 2.91 2.66 2.41 21.42 19.61 18.02 15.65 16.13 18.23 15.60 14.28 12.94 11.41 29.48 26.05 23.43 21.23 18.77 1.26 1.36 1.51 1.65 1.89 71.54 -2.3%
FRANCE TELECOM SA 0.90 0.96 0.95 0.94 0.96 0.57 0.60 0.61 0.62 0.62 2.13 2.43 2.52 2.64 2.72 3.97 4.31 4.46 4.56 4.62 6.05 7.60 7.92 8.02 7.93 14.33 11.96 11.03 10.49 11.06 12.13 24.1%
GDF SUEZ 0.68 0.69 0.69 0.70 0.66 0.49 0.48 0.47 0.45 0.44 3.81 3.68 3.62 3.55 2.83 6.37 6.09 5.93 5.57 5.29 12.91 12.12 11.63 10.43 9.35 7.86 7.77 7.77 7.97 8.21 20.92 8.1%
IBERDROLA SA 0.66 0.65 0.63 0.61 0.63 0.75 0.71 0.69 0.67 0.71 3.82 3.86 4.13 3.95 3.53 6.58 6.52 6.50 6.25 5.87 7.63 8.29 8.80 8.29 7.60 8.78 8.27 7.47 7.66 7.47 4.29 14.4%
INDITEX 8.43 7.02 6.10 5.37 4.77 4.37 3.81 3.42 3.09 2.82 22.75 18.93 16.94 15.19 13.27 17.63 14.46 12.86 11.54 10.58 31.37 25.53 22.57 20.21 18.35 1.87 2.26 2.61 2.94 3.20 98.48 1.9%
ING GROEP NV-CVA 0.56 0.51 0.48 0.45 0.38 0.48 0.68 0.59 0.75 0.55 3.85 4.98 6.28 5.60 5.06 4.95 0.00 0.50 3.08 5.56 6.15 7.54 15.2%
INTESA SANPAOLO 0.34 0.40 0.40 0.38 0.37 1.22 1.17 1.18 1.15 2.80 2.57 2.54 2.42 8.28 9.95 8.45 6.67 4.41 4.86 4.38 5.11 6.16 8.10 1.33 7.4%
KONINKLIJKE PHILIPS ELECTRON 1.35 1.40 1.35 1.28 1.18 0.79 0.73 0.70 0.67 0.63 12.09 8.49 7.29 6.69 5.35 7.79 6.79 5.84 5.36 4.81 19.61 14.51 11.51 10.27 8.90 4.01 4.04 4.19 4.45 4.63 19.29 3.6%
L'OREAL 3.55 3.11 2.88 2.66 2.46 2.90 2.62 2.48 2.35 2.22 17.82 15.96 14.70 13.74 12.81 14.66 13.24 12.30 11.48 10.81 22.80 20.29 18.76 17.38 15.84 2.02 2.28 2.52 2.72 3.17 100.32 3.6%
LVMH MOET HENNESSY LOUIS VUI 3.05 2.45 2.23 2.02 1.85 2.65 2.20 2.02 1.87 1.75 15.03 12.82 11.29 10.33 9.88 11.65 9.76 8.82 8.03 7.47 19.59 16.65 14.96 13.51 12.45 2.00 2.48 2.78 3.06 3.12 145.94 19.9%
MUENCHENER RUECKVER AG-REG 1.01 0.94 0.89 0.86 0.72 0.44 0.41 0.40 0.40 0.37 36.06 8.21 8.09 7.90 8.21 5.03 5.24 5.43 5.54 5.57 124.62 0.4%
NOKIA OYJ 0.60 0.92 1.04 1.08 1.22 0.20 0.26 0.26 0.26 0.25 4.77 15.70 6.73 2.14 2.14 5.39 2.87 1.93 8.32 18.84 15.35 8.83 2.80 3.81 2.94 7.24 2.07 0.1%
REPSOL SA 0.78 0.77 0.73 0.70 0.67 0.31 0.37 0.35 0.35 0.36 3.41 4.33 4.03 3.67 3.53 4.52 5.65 5.24 4.94 4.67 9.68 10.32 9.44 8.81 8.44 7.17 5.15 5.48 5.77 5.89 17.55 8.9%
RWE AG 1.17 1.29 1.21 1.14 1.01 0.40 0.42 0.41 0.40 0.38 3.52 3.57 3.60 3.49 3.64 4.72 4.54 4.41 4.24 4.21 8.16 8.60 8.58 8.01 7.94 5.88 5.93 6.00 6.35 6.30 34.95 0.2%
SANOFI 1.65 1.55 1.48 1.41 1.33 2.72 2.57 2.50 2.39 2.31 9.09 9.94 9.45 8.54 7.55 8.18 8.03 7.65 7.11 6.58 10.28 11.27 10.89 9.97 9.25 3.81 4.04 4.44 4.95 5.33 69.04 1.0%
SAP AG 5.36 4.63 3.90 3.29 2.70 4.85 4.27 3.85 3.49 3.26 17.12 16.94 14.92 12.75 11.03 13.29 12.44 10.92 9.67 8.51 20.21 18.25 15.93 14.12 13.04 1.28 1.54 1.73 1.89 2.06 55.67 -0.5%
SCHNEIDER ELECTRIC SA 1.69 1.55 1.45 1.35 1.26 1.22 1.11 1.07 1.02 0.97 11.53 9.77 9.05 8.11 7.79 9.19 8.50 7.99 7.39 6.94 13.19 12.27 11.31 10.24 9.60 3.48 3.74 4.05 4.43 4.90 51.50 6.4%
SIEMENS AG-REG 2.12 2.13 1.98 1.79 1.48 0.95 0.89 0.87 0.84 0.81 8.79 11.39 9.14 7.53 6.73 6.94 8.30 7.90 7.17 6.47 10.11 13.15 12.11 10.82 9.78 3.89 3.89 4.03 4.24 4.71 78.10 -0.8%
SOCIETE GENERALE 0.41 0.40 0.38 0.36 0.37 0.72 0.76 0.74 0.72 0.73 2.04 3.08 3.04 2.79 6.56 7.46 6.13 5.25 6.00 0.00 2.31 3.80 4.84 4.14 24.08 2.9%
TELEFONICA SA 2.31 2.28 2.09 1.93 1.66 0.81 0.81 0.81 0.80 0.79 3.36 3.43 3.39 3.14 3.06 5.61 5.53 5.53 5.47 5.46 7.22 8.98 8.51 8.25 8.19 13.78 0.00 6.71 8.21 8.44 11.75 5.2%
TOTAL SA 1.38 1.23 1.12 1.03 0.54 0.50 0.50 0.50 4.53 4.36 4.11 3.99 3.65 3.65 3.50 3.44 3.35 7.82 7.62 7.43 7.45 6.54 5.68 5.77 5.90 6.02 6.42 43.78 8.1%
UNIBAIL-RODAMCO SE 1.25 1.21 1.14 1.05 9.95 9.97 9.37 8.69 8.47 17.55 16.96 16.00 14.59 14.64 22.61 21.49 20.22 18.65 18.18 18.06 17.11 15.93 14.75 14.64 5.01 5.19 5.43 5.77 5.97 164.73 2.2%
UNICREDIT SPA 0.20 0.33 0.32 0.31 0.29 0.78 0.77 0.77 0.75 0.68 0.83 1.85 1.79 1.65 10.65 13.06 9.19 6.14 4.13 0.18 2.08 3.67 5.31 4.69 3.46 1.4%
UNILEVER NV-CVA 4.87 4.98 4.41 3.94 3.39 1.80 1.63 1.54 1.46 1.41 14.59 13.92 12.64 11.68 10.90 12.07 11.23 10.37 9.70 8.96 17.90 17.58 16.06 14.78 13.62 3.15 3.40 3.65 3.85 4.07 28.99 3.8%
VINCI SA 1.51 1.42 1.33 1.26 1.13 0.55 0.53 0.52 0.51 0.49 5.29 5.07 4.98 4.75 4.49 6.59 6.60 6.51 6.28 6.05 10.02 10.13 9.91 9.26 8.84 5.04 5.14 5.25 5.53 5.74 44.15 27.5%
VIVENDI 0.85 0.97 0.92 0.89 0.81 0.70 0.71 0.70 0.69 0.67 3.31 3.37 3.49 3.47 3.25 4.41 4.67 4.66 4.60 4.48 6.87 7.79 7.65 7.37 6.92 9.15 6.56 6.71 6.97 7.99 17.34 12.6%
VOLKSWAGEN AG-PREF 1.20 0.99 0.89 0.79 0.83 0.43 0.36 0.33 0.32 0.34 3.77 3.49 3.49 3.20 3.16 7.64 6.81 5.84 5.30 5.19 8.17 5.33 6.11 5.39 5.97 1.96 2.38 2.89 3.33 3.99 178.96 16.0%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 24.09.2012
Air Liquide SA
Air Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volume
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
120 3.5 M
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
100 3.0 M
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M
80
2.0 M
60
Valuation Analysis 1.5 M
Latest Fiscal Year: 12/2011 40
1.0 M
LTM as of: 06/yy 20 .5 M
52-Week High (21.09.2012) 100.00
0 .0 M
52-Week Low (26.09.2011) 74.96 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12
Daily Volume 217'685.00
Current Price (9/dd/yy) 98.76 Market Data
52-Week High % Change -1.26% Dividend Yield -
52-Week Low % Change 31.74% Beta 0.77
% 52 Week Price Range High/Low 97.96% Equity Float 310.52
Shares Out 12.09.2012 312.1 Short Int -
Market Capitalization 30'820.04 1 Yr Total Return 32.15%
Total Debt 7'036.00 YTD Return 16.64%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 237.1 Analyst Recs 35
Cash and Equivalents 1'761.10 Consensus Rating 3.314
Enterprise Value 37'089.94 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 976'594
AI FP EQUITY YTD Change - Average Volume 30 Day 733'800
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 847'641
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
Total Revenue 11'801.2 13'103.1 11'976.1 13'488.0 14'456.9 13'879.0 14'702.2 15'358.8 16'524.0 3'852.8 4'061.0
TEV/Revenue 2.45x 1.73x 2.25x 2.38x 2.25x 0.00x 0.00x 2.39x 2.20x - 8.79x
EBITDA 2'730.0 2'941.8 2'969.0 3'374.3 3'563.6 0.0 0.0 3'810.2 4'173.9 - 1'938.0
TEV/EBITDA 10.57x 7.71x 9.08x 9.50x 9.13x 0.00x 0.00x 9.74x 8.89x - -
Net Income 1'123.1 1'220.0 1'230.0 1'403.6 1'534.9 0.0 0.0 1'624.1 1'804.1 - 807.5
P/E 21.70x 13.93x 17.67x 18.97x 17.60x 0.00x 0.00x 18.83x 17.02x - -
Profitability S&P Issuer Ratings
EBITDA 3'563.60 Long-Term Rating Date 02.07.2007
EBIT 2'408.70 Long-Term Rating A
Operating Margin 16.66% Long-Term Outlook POS
Pretax Margin 15.02% Short-Term Rating Date 06.05.2004
Return on Assets 6.58% Short-Term Rating A-1
Return on Common Equity 16.45% Credit Ratios
Return on Capital 10.88% EBITDA/Interest Exp. 14.00
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11
Margin Analysis Net Debt/EBITDA 1.48
Gross Margin - Total Debt/EBITDA 1.97
EBITDA Margin 24.6% Reference
EBIT Margin 16.7% Total Debt/Equity 72.1%
Net Income Margin 10.6% Total Debt/Capital 41.3%
Structure Asset Turnover 0.62
Current Ratio 1.16 Net Fixed Asset Turnover 1.25
Quick Ratio 0.90 Accounts receivable turnover-days 68.43
Debt to Assets 29.17% Inventory Days -
Tot Debt to Common Equity 72.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.33 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
14.00 16'000.0
12.00 14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00 4'000.0
2.00 2'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 24.09.2012
Air Liquide SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'881'147 1.56 176'968 30.03.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'516'031 1.13 424'253 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'650'107 0.53 1'385 20.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'477'098 0.47 74'778 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'412'488 0.45 62 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'126'682 0.36 7'662 20.09.2012 Investment Advisor
AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'055'066 0.34 (172'981) 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 907'316 0.29 - 20.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 812'698 0.26 653'801 30.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 800'775 0.26 139'128 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 713'037 0.23 (59'101) 20.09.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 670'065 0.21 (14'068) 31.07.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 631'581 0.2 1'189 31.07.2012 Mutual Fund Manager
HARDING LOEVNER LP Multiple Portfolios MF-AGG 509'650 0.16 144'631 30.06.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 470'821 0.15 - 30.03.2012 Investment Advisor
MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 464'229 0.15 8'124 31.07.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 460'862 0.15 67'552 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 431'324 0.14 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE COLAS reduce 2 M 98 6 month 20.09.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 19.09.2012
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 18.09.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 98 Not Provided 11.09.2012
Jefferies LAURENCE ALEXANDER hold 3 N 97 12 month 10.09.2012
JPMorgan NEIL C TYLER neutral 3 M 100 3 month 06.09.2012
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 120 12 month 04.09.2012
Main First Bank AG THOMAS SWOBODA sell 1 D 86 12 month 28.08.2012
Deutsche Bank TIMOTHY JONES hold 3 M 94 12 month 23.08.2012
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 21.08.2012
Barclays GUNTHER ZECHMANN underweight 1 M 92 Not Provided 16.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 08.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
HSBC GEOFF HAIRE neutral 3 M 98 Not Provided 03.08.2012
Macquarie JUERGEN RECK outperform 5 M 100 12 month 03.08.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 100 Not Provided 02.08.2012
Societe Generale PETER CLARK buy 5 M 102 12 month 31.07.2012
Credit Suisse CHRIS COUNIHAN outperform 5 U 105 Not Provided 31.07.2012
Nomura JEAN DE WATTEVILLE reduce 2 M 100 12 month 31.07.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 93 12 month 31.07.2012
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 97 12 month 30.07.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 97 12 month 30.07.2012
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 100 Not Provided 30.07.2012
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 91 12 month 30.07.2012
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 94 6 month 26.07.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 25.06.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 96 Not Provided 04.06.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
Liberum Capital Ltd ADAM COLLINS buy 5 N 121 Not Provided 02.05.2012
BHF-Bank ANNETT WEBER market weight 3 M 92 12 month 25.04.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 08.02.2012
ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 03.01.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |