Swiss Modelportfolio

Region Rating Rating vs. EV/EBITDA EV/EBITDA Div. Yield Price SLI weights % of Total Sector / Name ISIN Risk Currency Domicile P/E 2016e P/E 2017e P/B 2016e (TAA) Sector 2016e 2017e 2016e 18.08.2016 (08.2016) Portfolio

ENERGY 0.0% 0.0%

MATERIALS 14.9% 15.0% Clariant CH0012142631 Overweight Hold Medium CHF 14.2 12.9 8.3 7.9 2.6 2.1 16.9 2.0% Givaudan CH0010645932 Overweight Hold Medium CHF Switzerland 26.9 24.5 17.3 16.6 2.8 5.2 2031.0 3.0% LafargeHolcim CH0012214059 Overweight Buy Medium CHF Switzerland 22.0 16.6 9.3 8.7 3.1 0.9 50.8 5.0% Syngenta CH0011037469 Overweight Buy High CHF Switzerland 23.0 20.4 15.1 13.6 3.0 4.2 382.5 5.0%

INDUSTRIALS 14.6% 14.0% ABB CH0012221716 Overweight Hold Medium CHF Switzerland 19.9 17.7 11.1 10.1 3.4 3.6 21.2 5.0% Adecco CH0012138605 Overweight Buy Medium CHF Switzerland 11.5 11.4 8.5 8.5 4.4 2.4 55.1 3.0% Geberit CH0030170408 Overweight Buy Medium CHF Switzerland 27.4 25.5 21.1 19.5 2.3 9.6 419.4 4.0% OC Oerlikon CH0000816824 Overweight Buy Medium CHF Switzerland 26.1 19.2 9.4 8.1 3.0 1.8 9.7 2.0%

CONSUMER-DISCR 6.7% 7.0% Dufry CH0023405456 Overweight Buy Medium CHF Switzerland 14.9 12.6 10.5 9.5 0.0 1.9 111.4 2.0% Richemont CH0210483332 Overweight Hold Medium CHF Switzerland 22.0 19.6 11.9 10.6 3.0 2.0 59.3 3.0% Swatch CH0012255151 Overweight Hold Medium CHF Switzerland 20.4 17.7 10.1 9.1 2.5 1.3 267.5 2.0%

CONSUMER-STAPLES 10.2% 12.0% Aryzta CH0043238366 Overweight Buy Medium CHF Switzerland 10.1 9.9 7.9 7.6 1.6 1.0 36.7 2.0% Nestlé CH0038863350 Overweight Hold Low CHF Switzerland 23.3 22.0 15.7 14.9 2.9 3.7 78.4 10.0%

HEALTHCARE 25.3% 25.0% Lonza CH0013841017 Overweight Hold Medium CHF Switzerland 23.5 20.3 13.0 11.9 1.5 4.1 185.6 3.0% Novartis CH0012005267 Overweight Hold Low CHF Switzerland 17.3 16.0 16.8 16.1 3.5 2.5 78.6 9.0% Roche CH0012032048 Overweight Buy Low CHF Switzerland 16.5 15.4 11.1 10.4 3.5 8.3 244.0 13.0%

FINANCIALS 26.0% 23.0% Credit Suisse CH0012138530 Overweight Hold High CHF Switzerland 33.6 11.6 - - 5.4 0.5 11.5 3.0% Julius Baer CH0102484968 Overweight Buy Medium CHF Switzerland 12.8 11.7 - - 3.1 1.6 40.4 2.0% CH0014852781 Overweight Buy Medium CHF Switzerland 8.8 8.4 - - 4.2 0.6 236.0 4.0% Swiss Re CH0126881561 Overweight Hold Medium CHF Switzerland 8.9 9.6 - - 5.8 0.8 81.8 3.0% UBS CH0244767585 Overweight Hold Medium CHF Switzerland 11.8 9.9 6.0 4.7 4.6 0.9 13.1 7.0% Zurich CH0011075394 Overweight Hold Medium CHF Switzerland 12.0 10.9 8.1 8.1 6.4 1.2 248.0 4.0%

INFORM. TECH 0.0% 2.0% Ascom CH0011339204 Overweight Buy High CHF Switzerland 23.6 15.8 13.2 9.8 2.1 5.1 16.1 2.0%

TELECOM SERV 2.3% 2.0% Swisscom CH0008742519 Overweight Buy Low CHF Switzerland 16.2 16.1 7.8 7.8 4.7 4.3 479.5 2.0%

UTILITIES 0.0% 0.0%

Cash 0.0% 0.0% Source: Bloomberg for figures 1/2 SWISS Modelportfolio

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