Fundamental Equity Analysis & Analyst Recommendations - STOXX Small Mid 200 Index Components

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

2. 28.02.2013
Aalberts Industries NV
Aalberts Industries N.V. provides industrial services and flow control systems. Price/Volume
The Company manufactures extrusion tooling, precision parts, bimetallic barrels,
18 .7 M
and other industrial products. Aalberts also develops and produces valves, 16 .6 M
dispensing systems for beer and soft drinks, and other distribution systems for 14
water, gas, and energy. .5 M
12
10 .4 M
Valuation Analysis 8 .3 M
Latest Fiscal Year: 12/2012 6
.2 M
4
LTM as of: 01/yy .1 M
2
52-Week High (04.02.2013) 16.89
0 .0 M
52-Week Low (27.06.2012) 11.40 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Daily Volume 322'539.00
Current Price (2/dd/yy) 16.72 Market Data
52-Week High % Change -1.01% Dividend Yield -
52-Week Low % Change 46.67% Beta 1.20
% 52 Week Price Range High/Low 96.90% Equity Float 84.06
Shares Out 31.12.2012 109.4 Short Int -
Market Capitalization 1'829.60 1 Yr Total Return 12.65%
Total Debt 541.60 YTD Return 6.50%
Preferred Stock 0.0 Adjusted BETA 1.197
Minority Interest 11.1 Analyst Recs 12
Cash and Equivalents 0.10 Consensus Rating 4.417
Enterprise Value 2'382.20 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 246'672
AALB NA EQUITY YTD Change - Average Volume 30 Day 184'675
AALB NA EQUITY YTD % CHANGE - Average Volume 3 Month 171'517
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
Total Revenue 1'750.8 1'404.9 1'682.8 1'937.4 2'024.5 - - 2'087.7 2'167.7 - -
TEV/Revenue 0.74x 1.22x 1.36x 1.04x 1.12x - - 1.09x 0.99x - -
EBITDA 251.6 168.8 248.2 279.4 296.1 - - 312.9 330.0 - -
TEV/EBITDA 5.16x 10.14x 9.23x 7.22x 7.67x - - 7.61x 7.22x - -
Net Income 92.8 41.5 104.4 131.3 135.1 - - 154.3 166.5 - -
P/E 4.96x 19.78x 14.34x 10.64x 12.66x - - 11.38x 10.58x - -
Profitability S&P Issuer Ratings
EBITDA 296.10 Long-Term Rating Date -
EBIT 202.10 Long-Term Rating -
Operating Margin 9.98% Long-Term Outlook -
Pretax Margin 8.98% Short-Term Rating Date -
Return on Assets 6.95% Short-Term Rating -
Return on Common Equity 14.86% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 10.21
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 6.63
Margin Analysis Net Debt/EBITDA 1.83
Gross Margin - Total Debt/EBITDA 1.83
EBITDA Margin 14.6% Reference
EBIT Margin 10.0% Total Debt/Equity 55.9%
Net Income Margin 6.7% Total Debt/Capital 35.6%
Structure Asset Turnover 1.04
Current Ratio 1.10 Net Fixed Asset Turnover 3.50
Quick Ratio 0.34 Accounts receivable turnover-days 36.51
Debt to Assets 27.70% Inventory Days -
Tot Debt to Common Equity 55.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.02 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
12.00 2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
0.0
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 28.02.2013
Aalberts Industries NV
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AALBERTS BEHEER BV n/a Research 14'542'716 13.29 - 20.05.2011 Unclassified
FMR LLC n/a ULT-AGG 11'315'498 10.34 - 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'259'676 6.63 - 30.12.2012 Investment Advisor
FORTIS UTRECHT NV n/a EXCH 6'022'588 5.5 - 09.04.2009 Other
NIB CAPITAL NV n/a EXCH 5'836'642 5.33 - 09.04.2009 Venture Capital
COLUMBIA WANGER ASSE n/a Research 5'511'788 5.04 - 20.05.2011 Investment Advisor
CANTILLON CAPITAL MA n/a Research 5'340'054 4.88 - 07.10.2010 Hedge Fund Manager
AALBERTS J n/a Research 2'402'582 2.2 - 03.02.2011 n/a
AALBERTS-VEEN J A M n/a Research 2'402'582 2.2 - 03.02.2011 Other
MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'333'741 1.22 - 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'297'544 1.19 - 31.08.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 1'067'214 0.98 (164'650) 31.12.2012 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'048'738 0.96 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 996'333 0.91 16'023 31.12.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 626'561 0.57 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 609'896 0.56 203'806 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 596'362 0.54 - 26.02.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 506'042 0.46 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 449'200 0.41 1'200 31.01.2013 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 436'065 0.4 25'900 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities MICHAEL ROEG buy 5 M 20 Not Provided 27.02.2013
Rabobank International DAVID TAILLEUR buy 5 M 19 12 month 27.02.2013
Kepler Capital Markets PETER OLOFSEN hold 3 D 17 Not Provided 27.02.2013
Kempen & Co DIRK VERBIESEN hold 3 M 17 12 month 26.02.2013
SNS Securities(ESN) GERT STEENS hold 3 M 17 12 month 26.02.2013
Berenberg Bank FELIX WIENEN buy 5 M 18 Not Provided 26.02.2013
ING Bank TIJS HOLLESTELLE buy 5 M 19 12 month 26.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 26.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 M 17 Not Provided 26.10.2012
Petercam LUUK VAN BEEK add 4 M 17 Not Provided 24.10.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 28.02.2013
Acciona SA
Acciona S.A. is a global developer and service provider of solutions in Price/Volume
renewable energy, large civil infrastructures and water treatment and reverse
70 2.5 M
osmosis desalination. The Company has sustainable development at the heart of
60
its strategy. 2.0 M
50
40 1.5 M
Valuation Analysis 30 1.0 M
Latest Fiscal Year: 12/2011 20
LTM as of: 09/yy .5 M
10
52-Week High (09.01.2013) 65.00
0 .0 M
52-Week Low (25.07.2012) 29.46 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Daily Volume 184'826.00
Current Price (2/dd/yy) 46.52 Market Data
52-Week High % Change -28.43% Dividend Yield -
52-Week Low % Change 57.91% Beta 1.04
% 52 Week Price Range High/Low 48.00% Equity Float 23.34
Shares Out 30.09.2012 57.3 Short Int -
Market Capitalization 2'663.71 1 Yr Total Return -16.15%
Total Debt 8'897.97 YTD Return -16.03%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 301.0 Analyst Recs 23
Cash and Equivalents 1'963.00 Consensus Rating 2.652
Enterprise Value 10'649.71 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 287'745
ANA SQ EQUITY YTD Change - Average Volume 30 Day 379'770
ANA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 254'713
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 7'952.6 7'207.8 6'512.3 6'263.0 6'646.0 6'489.0 7'015.0 6'820.6 6'861.3 1'816.2 1'744.0
TEV/Revenue 4.24x 3.52x 2.03x 1.61x 1.67x 6.87x 6.08x 1.54x 1.52x - -
EBITDA 1'406.8 1'069.3 1'043.0 1'211.2 1'312.0 1'331.2 1'418.0 1'399.7 1'348.2 375.8 567.0
TEV/EBITDA 23.97x 23.70x 12.68x 8.35x 8.46x 8.21x 7.42x 7.61x 7.90x 5.89x 7.73x
Net Income 950.4 464.5 1'263.2 167.2 202.0 380.2 2.0 160.6 101.4 42.5 247.0
P/E 14.92x 23.18x 39.19x 19.41x 19.64x 9.87x 0.00x 16.96x 26.95x 5.21x 26.89x
Profitability S&P Issuer Ratings
EBITDA 1'312.00 Long-Term Rating Date -
EBIT 595.00 Long-Term Rating -
Operating Margin 8.95% Long-Term Outlook -
Pretax Margin 3.37% Short-Term Rating Date -
Return on Assets 0.17% Short-Term Rating -
Return on Common Equity 0.63% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 2.62
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.66
Margin Analysis Net Debt/EBITDA 5.36
Gross Margin - Total Debt/EBITDA 6.70
EBITDA Margin 20.1% Reference
EBIT Margin 9.3% Total Debt/Equity 166.5%
Net Income Margin 3.0% Total Debt/Capital 61.2%
Structure Asset Turnover 0.34
Current Ratio 1.07 Net Fixed Asset Turnover 0.68
Quick Ratio 0.69 Accounts receivable turnover-days 110.83
Debt to Assets 43.77% Inventory Days -
Tot Debt to Common Equity 166.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.30 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
30.00 9'000.0
8'000.0
25.00
7'000.0
20.00 6'000.0
5'000.0
15.00
4'000.0
10.00 3'000.0
2'000.0
5.00
1'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 28.02.2013
Acciona SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TUSSEN DE GRACHTEN B n/a EXCH 15'920'109 27.8 - 27.06.2012 Holding Company
ENTREAZCA BV n/a EXCH 15'706'109 27.43 - 27.06.2012 Holding Company
JELICO NETHERLANDS B n/a EXCH 2'005'686 3.5 - 27.06.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 479'860 0.84 32'626 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 474'972 0.83 75 26.02.2013 Investment Advisor
EGERTON CAPITAL LIMI n/a Short (297'750) -0.52 - 20.02.2013 Hedge Fund Manager
ACCRUED EQUITIES INC Multiple Portfolios MF-AGG 110'000 0.19 (25'000) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 101'022 0.18 - 31.07.2012 Investment Advisor
DOMECQ DANIEL ENTREC n/a EXCH 88'450 0.15 - 27.06.2012 n/a
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 86'717 0.15 (4'272) 31.01.2013 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 84'113 0.15 (12'077) 30.09.2012 Mutual Fund Manager
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 79'720 0.14 - 31.12.2012 Investment Advisor
ENTRECANALES D JOSE n/a EXCH 63'983 0.11 - 27.06.2012 n/a
STATE STREET BANQUE Multiple Portfolios MF-AGG 45'611 0.08 8'297 31.01.2013 Investment Advisor
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 41'614 0.07 (500) 29.02.2012 Investment Advisor
CASTELLANOS BORREGO n/a EXCH 41'000 0.07 7'000 16.03.2012 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 39'879 0.07 7'591 28.12.2012 Mutual Fund Manager
ACCIONA SA n/a Research 35'833 0.06 - 27.06.2012 Corporation
NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 31'120 0.05 - 30.11.2012 Investment Advisor
ESPIRITO SANTO GESTI Multiple Portfolios MF-AGG 28'991 0.05 (600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI FLORA TRINDADE neutral 3 M 70 Not Provided 25.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 123 12 month 22.02.2013
Banco Sabadell MARIA CEBOLLERO sell 1 M 60 12 month 21.02.2013
Grupo Santander JOAQUIN FERRER underweight 1 M 60 Not Provided 18.02.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 55 6 month 18.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA sell 1 M 39 Not Provided 13.02.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 41 Not Provided 13.02.2013
Goldman Sachs MANUEL LOSA sell/attractive 1 M 33 12 month 08.02.2013
Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA hold 3 M 66 12 month 08.02.2013
Macquarie SHAI HILL outperform 5 M 62 12 month 05.02.2013
CA Cheuvreux JOSE PORTA SAUDAN underperform 1 D 51 Not Provided 04.02.2013
Ahorro Corporacion Financiera SA JUAN MORENO sell 1 D 51 Not Provided 04.02.2013
La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 65 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
HSBC SEAN D MCLOUGHLIN neutral 3 D 66 Not Provided 10.01.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 53 12 month 15.11.2012
Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M #N/A N/A Not Provided 14.11.2012
Intermoney Valores ALVARO NAVARRO buy 5 M #N/A N/A Not Provided 14.11.2012
Kepler Capital Markets EMILIO ROTONDO-INCLAN hold 3 D 49 Not Provided 22.10.2012
BBVA ISIDORO DEL ALAMO market perform 3 M 47 Not Provided 04.10.2012
Nomura MARTIN YOUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012
AlphaValue VINCENT DOARE reduce 2 U 67 6 month 05.05.2010
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M #N/A N/A Not Provided 02.03.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 28.02.2013
Acerinox SA
Acerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel Price/Volume
products including slabs, billets, and bars. The Company operates plants in
12 8.0 M
Spain, the United States and South Africa, and piers used to ship raw
7.0 M
materials. The Company markets its products primarily in Europe, Asia, and the 10
6.0 M
Americas. 8
5.0 M
6 4.0 M
Valuation Analysis
3.0 M
Latest Fiscal Year: 12/2011 4
2.0 M
LTM as of: 09/yy 2
1.0 M
52-Week High (02.03.2012) 10.82
0 .0 M
52-Week Low (23.07.2012) 7.39 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Daily Volume 834'311.00
Current Price (2/dd/yy) 8.244 Market Data
52-Week High % Change -23.78% Dividend Yield -
52-Week Low % Change 11.62% Beta 0.84
% 52 Week Price Range High/Low 25.02% Equity Float 120.90
Shares Out 30.09.2012 249.3 Short Int -
Market Capitalization 2'055.27 1 Yr Total Return -19.97%
Total Debt 1'051.23 YTD Return -1.25%
Preferred Stock 0.0 Adjusted BETA 0.844
Minority Interest 160.2 Analyst Recs 24
Cash and Equivalents 181.88 Consensus Rating 3.250
Enterprise Value 3'135.18 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'124'419
ACX SQ EQUITY YTD Change - Average Volume 30 Day 1'031'388
ACX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 994'987
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 6'900.9 5'050.6 2'993.4 4'500.5 4'672.2 4'773.6 4'568.6 4'569.9 4'997.2 1'053.0 1'235.0
TEV/Revenue 0.78x 0.76x 1.61x 1.00x 0.75x 3.52x 3.01x 0.67x 0.65x 2.66x -
EBITDA 654.8 169.8 (194.1) 379.9 339.2 410.1 197.7 186.1 334.0 14.3 -
TEV/EBITDA 8.17x 22.59x - 11.82x 10.32x 7.70x 16.47x 16.85x 9.39x - -
Net Income 312.3 (10.5) (229.2) 122.7 73.7 128.0 (20.4) (19.0) 87.3 (29.2) -
P/E 14.03x - - 26.79x 33.03x 16.58x 0.00x - 24.68x 80.04x -
Profitability S&P Issuer Ratings
EBITDA 339.22 Long-Term Rating Date -
EBIT 192.44 Long-Term Rating -
Operating Margin 4.12% Long-Term Outlook -
Pretax Margin 2.84% Short-Term Rating Date -
Return on Assets -0.49% Short-Term Rating -
Return on Common Equity -1.10% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 5.33
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 2.54
Margin Analysis Net Debt/EBITDA 5.46
Gross Margin - Total Debt/EBITDA 6.83
EBITDA Margin 4.3% Reference
EBIT Margin 1.1% Total Debt/Equity 61.1%
Net Income Margin 1.6% Total Debt/Capital 35.8%
Structure Asset Turnover 1.10
Current Ratio 1.51 Net Fixed Asset Turnover -
Quick Ratio 0.58 Accounts receivable turnover-days 41.11
Debt to Assets 25.82% Inventory Days -
Tot Debt to Common Equity 61.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.90 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
20.00 8'000.0
18.00 7'000.0
16.00
6'000.0
14.00
5'000.0
12.00
10.00 4'000.0
8.00 3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 28.02.2013
Acerinox SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALBA PARTICIPACIONES n/a Co File 60'437'949 24.24 - 31.12.2011 Other
NISSHIN STEEL CO LTD n/a Co File 38'144'820 15.3 - 31.12.2011 Corporation
FEYNMAN CAPITAL SL n/a Co File 29'533'292 11.85 - 31.12.2011 Other
CASA GRANDE CARTAGEN n/a Co File 12'465'247 5 - 31.12.2011 Other
METAL ONE CORP n/a Co File 9'361'560 3.76 - 31.12.2011 Corporation
MARATHON ASSET MANAG n/a Co File 7'785'588 3.12 - 31.12.2011 Investment Advisor
INDUSTRIAL DEVELOPME n/a Co File 7'733'332 3.1 - 31.12.2011 Unclassified
LUXOR CAPITAL GROUP n/a Short (5'285'255) -2.12 (299'165) 13.02.2013 Hedge Fund Manager
PENNANT CAPITAL MANA n/a Short (4'736'786) -1.9 (249'305) 21.02.2013 Hedge Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'926'059 0.77 1'066'022 29.02.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'277'694 0.51 (420'796) 31.12.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'073'600 0.43 (285'300) 28.09.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 690'488 0.28 48'257 30.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 546'599 0.22 3'072 26.02.2013 Investment Advisor
MARCH GESTION DE FON Multiple Portfolios MF-AGG 475'399 0.19 32'454 31.05.2012 Mutual Fund Manager
RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 388'499 0.16 (82'485) 30.11.2011 Investment Advisor
BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 341'777 0.14 71'400 30.11.2012 Mutual Fund Manager
IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 335'250 0.13 103'000 31.12.2012 Mutual Fund Manager
BARCLAYS WEALTH MANA Multiple Portfolios MF-AGG 324'015 0.13 60'000 30.11.2011 Investment Advisor
ABANTE ASESORES GEST Multiple Portfolios MF-AGG 297'350 0.12 62'300 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ALAIN WILLIAM hold 3 M 8 12 month 27.02.2013
JPMorgan ALESSANDRO ABATE underweight 1 M 9 9 month 27.02.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 8 Not Provided 27.02.2013
Espirito Santo Investment Bank Research DIAS
RUI buy 5 M 11 Not Provided 26.02.2013
BPI MANUEL DIAS COELHO strong buy 5 M 11 Not Provided 25.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 11 Not Provided 22.02.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 11 Not Provided 22.02.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 21.02.2013
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 20.02.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 M 8 Not Provided 20.02.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 10 12 month 20.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Interdin Bolsa JAIME OJEDA DE DIEGO buy 5 U 10 Not Provided 05.02.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 11 12 month 04.02.2013
Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 11 Not Provided 01.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 10 Not Provided 30.01.2013
Credit Suisse MICHAEL SHILLAKER neutral 3 M 8 Not Provided 25.01.2013
CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 U 11 Not Provided 16.01.2013
Deutsche Bank BASTIAN SYNAGOWITZ sell 1 M 6 12 month 15.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
La Caixa ICIAR GOMEZ BOTAS underweight 1 M 8 Not Provided 27.11.2012
BBVA LUIS DE TOLEDO underperform 1 D 9 Not Provided 09.10.2012
Link Securities JUAN JOSE FERNANDEZ FIGARES buy 5 M 10 Not Provided 26.09.2012
Mirabaud Finanzas Sociedad de ValoresGONZALO SANZ
S underweight 1 D 9 12 month 18.09.2012
Nomura NEIL SAMPAT neutral 3 D 10 Not Provided 11.10.2011
Renta 4 SA SVB IVAN SAN FELIX overweight 5 M 16 Not Provided 28.04.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 28.02.2013
Ackermans & van Haaren NV
Ackermans & van Haaren NV is an industrial holding company. The Company's Price/Volume
holdings are in the contracting-dredging environmental services, financial
80 .1 M
services, staffing services, and private equity investing. .1 M
70
.1 M
60
.1 M
50 .1 M
40 .1 M
Valuation Analysis .0 M
30
Latest Fiscal Year: 12/2012 .0 M
20
LTM as of: 01/yy .0 M
10 .0 M
52-Week High (28.01.2013) 70.49
0 .0 M
52-Week Low (28.06.2012) 59.00 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Daily Volume 29'210.00
Current Price (2/dd/yy) 68.49 Market Data
52-Week High % Change -2.84% Dividend Yield -
52-Week Low % Change 16.08% Beta 1.01
% 52 Week Price Range High/Low 82.59% Equity Float -
Shares Out 30.06.2012 33.5 Short Int -
Market Capitalization 2'294.20 1 Yr Total Return 12.92%
Total Debt 529.78 YTD Return 9.99%
Preferred Stock 0.0 Adjusted BETA 1.008
Minority Interest 482.4 Analyst Recs 8
Cash and Equivalents 187.36 Consensus Rating 3.625
Enterprise Value 3'237.64 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 31'309
ACKB BB EQUITY YTD Change - Average Volume 30 Day 30'161
ACKB BB EQUITY YTD % CHANGE - Average Volume 3 Month 29'840
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
Total Revenue 503.5 423.7 375.5 422.4 432.5 - - - - - -
TEV/Revenue 3.77x 6.28x 8.67x 6.47x - - - - - - -
EBITDA 258.0 159.8 161.3 167.2 - - - - - - -
TEV/EBITDA 7.36x 16.64x 20.17x 16.35x - - - - - - -
Net Income 114.6 117.5 160.8 177.5 167.5 - - 203.0 231.0 - -
P/E 10.55x 14.69x 12.86x 10.75x 12.45x - - 11.66x 10.46x - -
Profitability S&P Issuer Ratings
EBITDA 167.22 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.58% Long-Term Outlook -
Pretax Margin 53.11% Short-Term Rating Date -
Return on Assets 2.31% Short-Term Rating -
Return on Common Equity 8.33% Credit Ratios
Return on Capital 4.01% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 28.1%
Net Income Margin 38.7% Total Debt/Capital 18.3%
Structure Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 4.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.13% Inventory Days -
Tot Debt to Common Equity 28.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
30.00 600.0
25.00 500.0
20.00 400.0
15.00 300.0
10.00 200.0
5.00 100.0
0.00
0.0
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 28.02.2013
Ackermans & van Haaren NV
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCALDIS INVEST n/a Co File 11'054'000 33 - 31.12.2010 Other
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 477'867 1.43 6'404 31.01.2013 Investment Advisor
ACKERMANS & VAN HAAR n/a Co File 341'700 1.02 - 31.12.2010 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'627 0.75 3'423 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 216'340 0.65 - 31.12.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 163'009 0.49 38'750 28.12.2012 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 155'000 0.46 - 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 137'982 0.41 2'110 26.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 119'468 0.36 - 31.07.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 104'684 0.31 32'950 30.12.2011 Mutual Fund Manager
THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 98'729 0.29 (37'788) 31.10.2012 Hedge Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 81'406 0.24 486 27.02.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 79'357 0.24 1'526 31.01.2013 Investment Advisor
ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 71'986 0.21 6'946 30.09.2012 Investment Advisor
INVESCO GESTION Multiple Portfolios MF-AGG 68'093 0.2 34'707 31.01.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65'000 0.19 - 31.07.2012 Mutual Fund Manager
DEGROOF GESTION INST Multiple Portfolios MF-AGG 56'000 0.17 50'000 29.03.2012 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 54'500 0.16 - 31.12.2012 Investment Advisor
BRINVEST n/a Co File 51'300 0.15 - 31.12.2010 Other
PETERCAM SA Multiple Portfolios MF-AGG 42'962 0.13 (5'000) 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities TOM SIMONTS accumulate 4 M 74 Not Provided 27.02.2013
ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 61 Not Provided 27.02.2013
Exane BNP Paribas DAVID VAGMAN outperform 5 M 74 Not Provided 26.02.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 72 12 month 28.01.2013
Petercam MARC DEBROUWER hold 3 M 70 Not Provided 28.01.2013
ING Bank MATTHIAS MAENHAUT hold 3 M 64 Not Provided 28.01.2013
Rabobank International COR KLUIS buy 5 M 75 Not Provided 26.10.2012
Kempen & Co ERWIN DUT hold 3 M 64 12 month 10.06.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 28.02.2013
Afren PLC
Afren PLC is an independent oil and gas company. The Company conducts Price/Volume
exploration, appraisal, and development operations. Afren is currently
180 45.0 M
producing from its assets in offshore Nigeria and Cote d'Ivoire. The Company 160 40.0 M
has interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya, 140 35.0 M
Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. 120 30.0 M
100 25.0 M
Valuation Analysis 80 20.0 M
Latest Fiscal Year: 12/2011 60 15.0 M
40 10.0 M
LTM as of: 09/yy
20 5.0 M
52-Week High (04.02.2013) 162.00
0 .0 M
52-Week Low (27.06.2012) 92.85 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Daily Volume 2'495'442.00
Current Price (2/dd/yy) 143.1 Market Data
52-Week High % Change -11.67% Dividend Yield 0.00
52-Week Low % Change 54.12% Beta 1.76
% 52 Week Price Range High/Low 72.67% Equity Float 1'040.52
Shares Out 01.02.2013 1'088.6 Short Int -
Market Capitalization 1'557.84 1 Yr Total Return 6.95%
Total Debt 975.53 YTD Return 9.15%
Preferred Stock 0.0 Adjusted BETA 1.763
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 291.69 Consensus Rating 4.375
Enterprise Value 2'863.16 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 4'315'082
AFR LN EQUITY YTD Change - Average Volume 30 Day 7'320'910
AFR LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'140'602
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 0.0 42.5 335.8 319.4 596.7 396.8 1'361.4 1'569.1 1'529.9 - -
TEV/Revenue - 10.75x 3.47x 7.39x 3.54x 19.81x 7.78x 1.80x 1.76x - -
EBITDA (35.1) (14.0) 200.6 184.6 429.3 285.1 1'007.2 1'132.8 1'124.2 513.0 -
TEV/EBITDA - - 5.81x 12.80x 4.92x 0.00x 2.94x 2.53x 2.55x - -
Net Income (39.0) (56.1) (16.8) 45.3 121.7 71.0 181.5 302.2 287.9 - -
P/E - - - 45.12x 10.81x 0.00x 13.23x 8.51x 8.07x - -
Profitability S&P Issuer Ratings
EBITDA 429.34 Long-Term Rating Date 23.12.2011
EBIT 269.21 Long-Term Rating B
Operating Margin 45.12% Long-Term Outlook STABLE
Pretax Margin 37.10% Short-Term Rating Date -
Return on Assets 6.15% Short-Term Rating -
Return on Common Equity 14.62% Credit Ratios
Return on Capital 9.91% EBITDA/Interest Exp. 4.13
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 0.10
Margin Analysis Net Debt/EBITDA 0.50
Gross Margin 50.7% Total Debt/EBITDA 0.94
EBITDA Margin 74.0% Reference
EBIT Margin 49.5% Total Debt/Equity 80.8%
Net Income Margin 20.4% Total Debt/Capital 44.7%
Structure Asset Turnover 0.46
Current Ratio 0.66 Net Fixed Asset Turnover 0.95
Quick Ratio 0.56 Accounts receivable turnover-days -
Debt to Assets 33.29% Inventory Days 45.30
Tot Debt to Common Equity 80.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 94.70
Inventory Turnover 8.08
Price/ Cash Flow Sales/Revenue/Turnover
9.00 700.0
8.00
600.0
7.00
500.0
6.00
5.00
400.0
4.00 300.0
3.00
200.0
2.00
100.0
1.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |