Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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 FTSE China 25 Index December 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 |

Valuation Measures I/II Market Capitalization & Asset Liability data

Currency

Market Capitalization (in mio USD)

Daily Volume (M)

Total Preferred Common Total Debt Stock Shares (M) (USD) (USD)

Total Revenue

Minority Cash and Enterprise Interest Equivalents Value (USD) (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Rev. Growth

EBITDA Growth

Est. P/E Est. Est. Est. Est. Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

13057442

1839.49

1092

1092

201

210

210

98.25

103.99

103.99

14.41

14.41

13.62

13.62

19.02

Euro Stoxx 50 Pr

EUR

2474731

5545.263

4665

4665

786

791

791

183.46

302.79

302.79

23.87

15.69

14.46

14.46

21.33

NIKKEI 225

JPY

2157365

170.335

213

213

21

23

23

4.64

6.44

6.44

0.30

0.23

0.21

0.21

0.13

FTSE 100 INDEX

GBP

2618156

11511.05

9491

9491

1601

1644

1644

625.52

816.40

816.40

24.19

21.63

18.53

18.53

26.84

SWISS MARKET INDEX

CHF

931048

10600.5

3951

3951

842

803

803

366.06

524.13

524.13

21.79

19.27

15.22

15.22

22.64

S&P/TSX COMPOSITE INDEX

CAD

1655498

16775.11

7795

7795

1922

1956

1956

810.88

854.69

854.69

15.27

15.27

14.49

14.49

25.36

S&P/ASX 200 INDEX

AUD

1258331

6166.504

2907

2907

651

692

692

268.88

342.14

342.14

18.20

15.32

14.30

14.30

24.11

HANG SENG INDEX

HKD

1641480

3136.011

1449

1449

346

360

360

252.13

246.52

246.52

1.45

1.55

1.49

1.49

3.09

MSCI EM

USD

7352399

1381.681

979

979

182

181

181

81.50

86.61

86.61

12.32

12.80

11.59

11.59

18.84

CHINA MOBILE LTD

HKD

229782

19525

20072

4

0

0

43

137.87

68128

70251

72458

76954

33187

33045

8177

8177

0.83

0.82

0.81

0.81

1.45

-

1.47

1.46

1.14

1.28

0.82

1.24

6.07

AA-

16.12.2010

WR

03.11.2005

CHINA CONSTRUCTION BANK-H

HKD

190691

311745

250011

156

0

1

357

#VALUE!

74262

84456

58557

63501

-

-

-

-

0.09

0.10

0.10

0.10

0.83

0.83

0.81

0.78

3.61

2.70

-

-

-

A

29.11.2011

-

-

IND & COMM BK OF CHINA-H

HKD

222159

290550

349084

248

0

0

463

#VALUE!

90887

101853

68535

74802

-

-

-

-

0.08

0.08

0.09

0.09

0.86

-

0.82

0.80

3.80

2.45

-

-

-

A

28.08.2012

-

-

CNOOC LTD

HKD

95513

54221

44659

5

0

0

13

68.94

31089

30276

30300

31773

15360

14708

6959

6959

0.20

0.18

0.19

0.19

1.23

-

1.18

1.18

4.37

4.46

2.77

2.43

6.27

AA-

16.12.2010

-

-

BANK OF CHINA LTD-H

HKD

121950

417770

279136

247

0

4

404

#VALUE!

66339

74608

46439

50398

-

-

-

-

0.06

0.06

0.06

0.06

0.73

-

0.73

0.72

3.88

2.35

-

-

-

A

29.11.2011

-

-

AGRICULTURAL BANK OF CHINA-H

HKD

136270

116795

324794

148

0

0

365

#VALUE!

70699

82115

54602

59150

-

-

-

-

0.05

0.06

0.06

0.06

0.81

-

0.78

0.74

4.37

-

-

-

-

NR

11.07.2006

-

-

CHINA OVERSEAS LAND & INVEST

HKD

24201

27737

8173

6

0

0

2

27.63

6269

6707

8624

10319

2454

2593

-

-

0.24

0.26

0.25

0.29

1.46

1.45

1.55

1.33

1.24

5.78

2.23

5.87

4.99

BBB

25.03.2010

-

-

CHINA PETROLEUM & CHEMICAL-H

HKD

85399

77687

86703

31

0

5

3

108.20

317901

332162

327439

340332

22059

20248

-

-

0.11

0.08

0.09

0.11

1.31

-

1.24

1.00

4.04

3.11

-0.52

1.20

0.79

A+

16.12.2010

-

-

CHINA PACIFIC INSURANCE GR-H

HKD

26058

18176

8600

5

0

0

2

8.50

20057

20057

21665

24333

-

-

-

-

0.12

0.13

0.09

0.15

2.71

2.90

3.64

2.27

1.31

4.41

-

-

-

-

-

-

-

PETROCHINA CO LTD-H

HKD

248515

93654

183021

41

0

10

8

253.57

258557

270739

265752

282358

41724

41852

-

-

0.10

0.09

0.09

0.10

1.52

1.48

1.51

1.34

4.74

3.34

0.84

0.55

1.99

-

-

-

-

CHINA SHENHUA ENERGY CO-H

HKD

71473

14332

19890

8

0

5

8

62.66

26864

29545

30193

32949

10873

11202

-

-

0.30

0.32

0.31

0.33

1.32

1.32

1.37

1.30

4.14

3.44

2.16

2.55

4.89

-

-

-

-

CHINA LIFE INSURANCE CO-H

HKD

80964

32188

28265

6

0

0

7

#VALUE!

47787

45395

47404

53489

-

-

-

-

0.08

0.07

0.08

0.16

4.47

4.47

3.84

1.94

-0.51

2.64

-

-

-

AA-

16.12.2010

-

-

PING AN INSURANCE GROUP CO-H

HKD

51726

13787

7916

42

0

5

12

31.29

35 K

41 K

41 K

47 K

-

-

-

-

0.32

0.34

0.37

0.47

2.33

-

2.12

1.65

5.14

2.87

-

-

-

-

-

-

-

BANK OF COMMUNICATIONS CO-H

HKD

52324

38350

61886

122

0

0

152

#VALUE!

28225

32500

18903

20468

-

-

-

-

-

0.12

0.10

0.10

0.66

-

0.73

0.78

4.29

3.33

-

-

-

A-

06.12.2011

WR

02.12.1999

CHINA UNICOM HONG KONG LTD

HKD

36731

27047

23565

14

0

0

2

42.59

26989

29607

32481

37242

8257

8782

2326

2326

0.02

0.03

0.04

0.06

5.69

-

4.25

2.59

2.85

4.80

0.78

1.85

3.83

-

-

-

-

CHINA MERCHANTS BANK-H

HKD

35916

25750

21577

47

0

0

87

#VALUE!

18430

21266

14578

16145

-

-

-

-

0.22

0.24

0.24

0.23

0.81

0.81

0.83

0.84

5.49

3.90

-

-

-

BBB+

06.12.2011

-

-

CHINA TELECOM CORP LTD-H

HKD

44068

59616

80932

7

0

0

4

36.65

31618

33916

36092

40076

9723

9488

2058

2058

0.03

0.02

0.02

0.03

2.30

2.30

2.35

1.81

1.48

1.18

-0.05

-0.45

3.61

-

-

-

-

CHINA CITIC BANK CORP LTD-H

HKD

26281

52756

46787

75

0

1

117

#VALUE!

15197

18106

11362

12338

-

-

-

-

0.09

0.10

0.09

0.09

0.56

-

0.57

0.58

6.03

4.47

-

-

-

-

-

-

-

CHINA MINSHENG BANKING-H

HKD

28483

40765

26715

52

0

1

78

#VALUE!

17490

21720

12581

13937

-

-

-

-

0.14

0.17

0.16

0.15

0.61

-

0.65

0.66

8.95

-

-

-

-

NR

11.07.2006

-

-

PICC PROPERTY & CASUALTY -H

HKD

15767

15814

12256

2

0

0

2

13.12

17671

18818

23269

26135

-

-

-

-

0.09

0.10

0.11

0.12

1.37

-

1.23

1.15

0.90

2.07

-

-

-

-

-

-

-

ANHUI CONCH CEMENT CO LTD-H

HKD

14912

13585

5299

3

0

0

1

14.32

6278

6050

5970

6933

2421

1928

-

-

0.28

0.21

0.16

0.20

1.66

1.67

2.22

1.69

5.29

2.82

9.87

4.56

4.11

-

-

-

-

CHINA COAL ENERGY CO-H

HKD

14138

20350

13259

4

0

2

4

15.22

11325

11703

11525

12800

2404

2247

-

-

0.10

0.09

0.09

0.09

1.20

1.21

1.20

1.16

3.21

3.16

3.42

3.24

2.48

-

-

-

-

YANZHOU COAL MINING CO-H

HKD

10698

21861

4918

5

0

0

2

12.95

6215

7298

6867

7402

2009

1749

-

-

0.23

0.22

0.14

0.13

0.71

-

1.13

1.23

5.41

4.63

6.70

3.85

3.09

BBB-

27.04.2012

Baa3

27.04.2012

ZIJIN MINING GROUP CO LTD-H

HKD

11556

32825

21812

1

0

1

1

11.72

5081

5737

5755

6560

1385

1324

-

-

0.03

0.03

0.03

0.04

1.44

1.36

1.34

1.15

5.12

3.34

3.13

3.27

2.98

-

-

-

-

ALUMINUM CORP OF CHINA LTD-H

HKD

8742

20255

13524

10

0

1

2

19.00

18776

18942

17556

18473

1173

-

60

60

0.00

-0.05

-0.05

-0.02

-

-

#VALUE!

#VALUE!

2.61

2.19

-0.81

-2.01

-

-

-

-

-

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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

2.09

2.09

1.91

1.74

2.09

1.30

1.30

1.25

1.19

1.30

9.40

9.40

8.80

8.55

9.40

8.74

8.74

8.18

7.57

8.74

13.62

13.62

12.31

11.07

13.62

2.24

2.24

2.43

2.62

2.24

1606.4

13.4%

Euro Stoxx 50 Pr

1.15

1.15

1.09

1.03

1.15

0.72

0.72

0.71

0.69

0.72

5.30

5.30

5.07

4.69

5.30

7.01

7.01

6.74

6.37

7.01

11.11

11.11

10.24

9.27

11.11

4.12

4.12

4.51

4.85

4.12

2744.3

6.1%

NIKKEI 225

1.15

1.15

1.09

1.02

1.15

0.54

0.54

0.50

0.51

0.54

6.95

6.95

6.23

5.90

6.95

7.56

7.56

6.83

6.42

7.56

17.75

17.75

14.62

11.65

17.75

2.17

2.17

2.18

2.50

2.17

9851.4

4.3%

FTSE 100 INDEX

1.64

1.64

1.52

1.39

1.64

0.99

0.99

0.98

0.95

0.99

7.71

7.71

7.07

5.68

7.71

7.00

7.00

6.54

6.13

7.00

11.55

11.55

10.60

9.66

11.55

3.97

3.97

4.24

4.52

3.97

6377.5

8.6%

SWISS MARKET INDEX

2.21

2.21

2.07

1.92

2.21

1.87

1.87

1.77

1.68

1.87

12.22

12.22

10.64

9.41

12.21

13.19

13.19

12.18

11.34

13.19

14.09

14.09

12.83

11.62

14.09

3.43

3.43

3.72

4.10

3.43

7306.0

6.9%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.58

1.58

1.47

1.37

1.58

8.64

8.64

7.65

7.07

8.64

8.58

8.58

7.41

6.79

8.58

14.38

14.38

12.56

11.38

14.38

3.05

3.05

3.22

3.29

3.05

14208.5

16.4%

S&P/ASX 200 INDEX

1.70

1.70

1.61

1.52

1.70

1.62

1.62

1.51

1.43

1.62

10.01

10.01

9.08

6.78

10.01

8.91

8.91

7.88

7.24

8.91

13.72

13.72

12.25

11.19

13.72

4.78

4.78

5.14

5.54

4.78

4746.8

5.3%

HANG SENG INDEX

1.42

1.42

1.31

1.21

1.42

1.96

1.96

1.82

1.68

1.96

7.58

7.58

7.06

6.71

7.58

8.71

8.71

7.90

7.25

8.71

11.53

11.53

10.58

9.66

11.53

3.36

3.36

3.60

3.92

3.36

23361.2

6.0%

MSCI EM

1.53

1.53

1.38

1.26

1.53

1.03

1.03

0.95

0.89

1.03

7.24

7.24

6.54

5.22

7.24

7.65

7.65

6.84

6.26

7.65

11.59

11.59

10.16

9.18

11.59

2.85

2.85

3.02

3.38

2.85

1138.9

13.5%

CHINA MOBILE LTD

2.21

1.99

1.81

1.65

1.50

2.73

2.55

2.40

2.25

2.12

6.26

6.29

6.17

5.82

5.44

4.24

4.22

4.13

3.96

3.91

11.45

11.37

11.30

10.99

10.05

3.77

3.84

3.88

4.08

4.46

88.98

0.4%

CHINA CONSTRUCTION BANK-H

1.47

1.27

1.11

0.98

2.96

2.62

2.41

2.17

1.91

4.63

4.15

3.85

3.54

7.09

6.27

6.06

5.71

5.55

5.20

5.39

5.51

5.97

9.01

6.85

15.4%

IND & COMM BK OF CHINA-H

1.53

1.32

1.15

1.00

2.94

2.60

2.39

2.17

1.95

4.89

4.33

4.04

3.69

7.11

6.38

6.17

5.76

5.92

5.12

5.28

5.47

5.90

7.62

5.84

11.6%

CNOOC LTD

2.26

1.91

1.66

1.48

1.34

2.58

2.53

2.42

2.40

2.26

5.93

6.14

6.09

6.17

6.97

8.62

9.12

9.12

9.17

9.25

3.82

2.54

2.73

2.73

3.25

17.01

2.6%

BANK OF CHINA LTD-H

1.01

0.90

0.82

0.74

0.63

2.31

2.11

1.94

1.77

1.52

3.86

3.65

3.37

3.05

2.53

6.10

5.65

5.61

5.26

4.61

5.82

6.01

6.01

6.39

7.04

3.68

12.5%

AGRICULTURAL BANK OF CHINA-H

1.38

1.18

1.04

0.93

2.26

2.01

1.85

1.64

1.46

5.69

4.94

5.49

5.78

6.30

5.13

CHINA OVERSEAS LAND & INVEST

2.89

2.25

1.92

1.62

3.30

2.81

2.35

1.99

1.29

1.72

1.95

2.21

CHINA PETROLEUM & CHEMICAL-H

1.21

1.11

1.02

0.92

0.83

0.22

0.21

0.20

0.20

CHINA PACIFIC INSURANCE GR-H

2.14

2.02

1.83

1.70

1.12

1.03

0.97

0.86

0.74

PETROCHINA CO LTD-H

1.51

1.43

1.33

1.23

1.08

0.82

0.75

0.71

0.70

0.67

5.05

5.01

4.56

4.46

CHINA SHENHUA ENERGY CO-H

2.20

1.96

1.74

1.58

1.49

2.18

1.90

1.74

1.62

1.49

7.60

7.49

6.61

6.25

CHINA LIFE INSURANCE CO-H

2.61

2.38

2.13

1.91

1.48

1.39

1.37

1.22

PING AN INSURANCE GROUP CO-H

2.82

2.37

2.04

1.80

2.28

1.48

1.00

0.89

BANK OF COMMUNICATIONS CO-H

1.05

0.90

0.81

0.73

2.55

2.22

2.05

1.84

1.57

3.41

3.51

3.68

3.41

5.70

5.63

6.02

CHINA UNICOM HONG KONG LTD

1.10

1.08

1.04

0.99

0.93

1.08

0.91

0.79

0.72

0.62

3.19

3.47

3.14

2.39

2.16

5.04

4.48

3.85

3.39

2.98

42.94

32.90

20.05

CHINA MERCHANTS BANK-H

1.57

1.32

1.16

1.00

0.92

2.35

1.98

1.79

1.61

1.38

7.29

6.47

6.55

CHINA TELECOM CORP LTD-H

1.12

1.03

0.98

0.93

0.87

1.12

0.98

0.88

0.80

0.73

3.69

3.94

3.05

2.87

2.55

3.66

3.76

2.90

2.65

2.58

15.55

18.23

14.01

CHINA CITIC BANK CORP LTD-H

0.88

0.75

0.67

0.60

2.17

1.86

1.71

1.53

1.36

2.90

2.75

2.61

2.36

4.80

4.44

4.47

4.25

CHINA MINSHENG BANKING-H

1.28

1.06

0.91

0.79

2.29

1.82

1.64

1.45

6.17

5.06

5.13

4.83

PICC PROPERTY & CASUALTY -H

2.70

2.17

1.79

1.51

0.61

0.54

0.48

0.43

10.71

9.54

8.94

8.19

ANHUI CONCH CEMENT CO LTD-H

2.45

2.23

1.95

1.71

1.63

1.89

2.01

1.73

1.56

1.54

8.07

10.01

9.64

8.42

5.84

9.38

7.43

6.62

7.04

9.20

17.17

13.10

11.59

CHINA COAL ENERGY CO-H

1.02

0.94

0.88

0.82

0.79

1.02

0.99

0.89

0.80

0.71

5.42

6.08

5.25

4.57

6.41

6.67

5.96

5.26

5.57

8.28

9.34

8.96

8.40

YANZHOU COAL MINING CO-H

1.10

1.01

0.95

0.87

0.70

1.57

1.25

1.16

1.02

1.21

4.11

5.28

5.74

5.21

6.58

9.71

9.07

7.90

6.23

5.30

8.73

9.57

8.16

ZIJIN MINING GROUP CO LTD-H

2.03

1.89

1.63

1.43

1.26

2.06

1.61

1.42

1.39

1.87

8.36

7.64

6.00

6.36

8.42

8.75

7.38

7.22

8.72

8.76

10.36

8.92

8.86

ALUMINUM CORP OF CHINA LTD-H

0.68

0.76

0.81

0.82

0.79

0.41

0.40

0.38

0.37

0.35

6.27

10.91

9.14

8.21

14.00

39.08

19.47

15.42

10.16

60.26

0.18

3.96

3.69

3.55

3.21

12.58

8.99

7.69

5.54

3.99

3.97

3.45

3.40

2.58

3.92

4.38

4.33

4.19

4.12

9.88

8.62

7.59

6.50

4.79

5.11

4.41

4.10

4.07

3.72

6.85

6.04

5.76

5.24

15.04

12.01

10.33

8.85

3.70

9.0%

21.38

-6.8%

7.62

9.60

7.79

7.36

7.48

3.38

3.53

4.07

4.35

3.94

8.65

5.2%

18.29

28.23

17.62

15.41

6.38

1.84

1.28

1.73

2.06

3.72

29.13

14.7%

5.91

5.78

5.25

4.85

4.51

11.10

11.68

10.40

9.44

8.78

4.00

3.80

4.27

4.58

5.12

11.19

7.8%

5.78

5.64

5.32

5.02

5.34

11.11

10.59

10.09

9.63

10.05

3.28

3.59

3.81

4.03

3.53

35.37

11.4%

1.11

24.09

29.75

15.02

14.94

8.02

1.32

1.04

1.80

1.99

4.19

23.80

4.2%

0.76

18.72

16.45

12.80

11.16

8.55

1.00

0.95

1.24

1.39

1.93

70.87

20.8%

5.72

5.43

3.77

3.68

3.90

4.21

8.33

5.90

3.9%

14.17

11.69

1.02

1.35

2.05

2.81

2.37

14.96

23.9%

6.07

6.57

3.05

3.73

3.83

4.27

4.57

15.57

4.9%

11.08

9.69

2.24

2.06

2.33

2.83

3.54

4.96

17.5%

4.34

4.76

5.51

5.51

5.85

3.42

4.59

14.7%

2.46

4.34

4.36

4.50

8.19

7.8%

2.55

3.10

3.41

3.98

11.49

15.3%

13.25

1.98

1.06

1.28

1.40

1.16

25.87

0.3%

11.57

3.29

2.93

3.09

3.33

3.58

8.01

2.5%

8.14

5.53

3.90

3.04

3.43

3.25

10.31

-13.1%

9.64

3.03

2.75

3.07

3.11

3.59

3.69

18.4%

88.38

0.34

0.00

0.00

0.26

0.00

3.21

-2.7%

9.42

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.11.2012

China Mobile Ltd China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2011 09/yy 92.60 72.20 19'524'550.00 88.6 -4.32% 22.71% 79.17% 20'099.7 1'780'835.75 30'301.00 0.0 1'355.0 332'946.00 1'068'520.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 31.12.2009 411'810.0 452'103.0 2.90x 2.34x 219'788.0 233'788.0 5.43x 4.52x 112'627.0 115'166.0 12.19x 11.18x Profitability

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M d-11

LTM-4Q 31.12.2010 485'231.0 2.18x 241'758.0 4.37x 119'640.0 10.98x

31.12.2011 527'999.0 1.77x 257'202.0 3.63x 125'870.0 9.82x

j-12

f-12

m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

257'202.00 159'710.00 30.25% 31.55% 13.03% 19.60% 18.76% 0.56% 47.0% 28.9% 23.8% 1.40 1.25 3.18% 4.67% 52.44 -

LTM

FY+1

.0 M n-12

3.86 0.64 5'212.81 24.22% 21.60% 0.645 34 3.529 13'209'160 16'476'160 17'207'610 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 516'434.0 552'742.0 561'560.6 596'404.6 152'718.0 0.00x 0.00x 1.94x 1.74x 0.0 0.0 253'186.8 258'725.6 63'369.0 0.00x 0.00x 4.22x 4.13x 124'373.0 127'197.0 126'071.9 126'882.2 33'351.0 0.00x 0.00x 11.37x 11.30x S&P Issuer Ratings Long-Term Rating Date 16.12.2010 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 455.22 (EBITDA-Capex)/Interest Exp. 235.02 Net Debt/EBITDA -1.42 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.7% Total Debt/Capital 4.5% Asset Turnover 0.56 Net Fixed Asset Turnover 1.15 Accounts receivable turnover-days 6.98 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

1.20

600'000.0

1.00

500'000.0

0.80

400'000.0

0.60

70.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 356'959.0 6.81x 197'093.0 12.34x 87'062.0 29.66x

100 90 80 70 60 50 40 30 20 10 0 n-11

300'000.0 200'000.0

0.40

100'000.0 0.20

0.0 0.00

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 |

30.11.2012

China Mobile Ltd Holdings By:

All

Holder Name CHINA MOBILE HK BVI VANGUARD GROUP INC BLACKROCK FUND ADVIS ABERDEEN ASSET MANAG ABERDEEN INVESTMENT HARBOR CAPITAL ADVIS STATE STREET GLOBAL SCHRODER INVESTMENT FIDELITY INTERNATION FRANKLIN RESOURCES I BLACKROCK GROUP LIMI BANK OF NEW YORK MEL PICTET ASSET MANAGEM WILLIAM BLAIR & COMP INVESCO LTD PICTET & CIE SCHRODER KOREA LTD ROBECO INVESTOR SERV COMGEST GROWTH PLC ARTISAN PARTNERS HOL

Firm Name

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura DANNY CHU BOCOM International Holdings LI ZHIWU Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG BNP Paribas Equity Research ALEN LIN Barclays ANAND RAMACHANDRAN SWS Research Co Ltd JIM TANG Guotai Junan RICKY LAI Kim Eng Securities ANDY POON UOB Kay Hian VICTOR YIP ICBC International Securities KARY SEI China International Capital Corp CHEN HAOFEI Standard Chartered STEVEN LIU Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM JPMorgan LUCY LIU Jefferies CYNTHIA JINHONG MENG Pacific Crest Securities STEVE CLEMENT HSBC TUCKER GRINNAN CIMB BERTRAM LAI Deutsche Bank ALAN HELLAWELL AMTD Financial Planning Limited KENNY TANG SING HING Bank of China International MICHAEL MENG EVA Dimensions TEAM COVERAGE Goldman Sachs DONALD LU Capital Securities Corp TEAM COVERAGE Macquarie LISA SOH Yuanta Securities Investment ConsultingTEAM COVERAGE Mizuho Securities MARVIN LO Religare Capital Markets RUMIT DUGAR Ji Asia NEIL JUGGINS

Source 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral long-term buy hold hold hold overweight neutral accumulate sell buy hold reduce outperform Equalwt/In-Line outperform neutral hold outperform overweight neutral hold buy sell buy Buy/Neutral hold neutral Under Review underperform buy buy

Amt Held 14'885'998'621 262'749'186 145'309'500 107'713'312 77'463'671 53'719'500 50'172'025 50'066'500 44'569'295 42'078'408 41'330'302 37'191'947 31'091'011 26'734'255 23'667'500 21'005'500 17'363'500 16'074'500 15'507'000 14'868'470

% Out 74.06 1.31 0.72 0.54 0.39 0.27 0.25 0.25 0.22 0.21 0.21 0.19 0.15 0.13 0.12 0.1 0.09 0.08 0.08 0.07

Weighting

Change

3 5 3 3 3 5 3 4 1 5 3 2 5 3 5 3 3 5 5 3 3 5 1 5 5 3 3 #N/A N/A 1 5 5

M M M M M U M M M M M M M M M M M M M M M M M U M M M M D M U

Latest Chg (1'822'221) 984'000 2'031'500 269'500 (2'772'371) (10'869'500) 10'223'207 (6'140'000) (5'000) 128'500 (461'213) 9'704'000 (868'000) 2'119'500 (1'224'000) (1'865'000) (81'500)

Target Price 90 92 90 85 85 110 83 93 74 100 87 75 95 80 102 92 91 91 103 80 86 89 75 #N/A N/A 100 70 76 #N/A N/A 74 97 96

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Corporation 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 12.11.2012 Investment Advisor 12.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.12.2011 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 28.11.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 29.11.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.06.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 30.06.2011 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month

Date 29.11.2012 23.11.2012 21.11.2012 20.11.2012 07.11.2012 06.11.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 03.10.2012 03.10.2012 25.09.2012 05.09.2012 17.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 16.08.2012 11.06.2012

30.11.2012

China Construction Bank Corp China Construction Bank Corporation provides a complete range of banking services and other financial services to individual and corporate customers. The bank's services include retail banking, international settlement, project finance, and credit card services.

Price/Volume 7

2500.0 M

6

2000.0 M

5

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 939 HK EQUITY YTD Change 939 HK EQUITY YTD % CHANGE

12/2011 09/yy 6.62 4.71 311'745'286.00 5.94 -10.27% 26.11% 62.83% 240'417.3 1'477'872.25 1'211'152.00 0.0 5'520.0 2'765'601.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1500.0 M

3

1000.0 M

2 500.0 M

1 0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 306'520.0 69'053.0 20.61x

4

31.12.2008 31.12.2009 388'058.0 396'529.0 92'599.0 106'756.0 9.36x 12.77x Profitability

LTM-4Q 31.12.2010 449'841.0 134'844.0 10.55x

31.12.2011 575'537.0 169'258.0 6.47x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

54.90% 55.07% 1.45% 22.88% 9.67% 0.05% 42.5% 9.86% 149.31% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

4.96 1.08 69'156.38 19.26% 15.73% 1.082 37 4.622 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 542'269.0 682'750.0 453'822.2 492'136.4 0.00x 0.00x 0.0 0.0 0.00x 0.00x 163'357.0 188'437.0 189'774.6 195'932.6 53'000.0 6.03x 5.71x 6.27x 6.06x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 149.3% Total Debt/Capital 59.7% Asset Turnover 0.05 Net Fixed Asset Turnover 6.08 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

120.00

700'000.0

100.00

600'000.0 500'000.0

80.00

400'000.0 60.00

300'000.0

40.00

200'000.0

20.00

100'000.0

0.00 02.01.2009

0.0 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 |

30.11.2012

China Construction Bank Corp Holdings By:

All

Holder Name CHINA CONSTRUCTION I TEMASEK HOLDINGS PRI BANK OF AMERICA CORP BAOSTEEL GROUP CORP VANGUARD GROUP INC BEST INVESTMENT CORP BLACKROCK FUND ADVIS STATE GRID INTL DEVP CHINA YANGTZE POWER RECA INVESTMENT LTD YINGDA INTL HOLDINGS LAZARD ASSET MANAGEM CAPITAL RESEARCH GLO FIDELITY INTERNATION STATE STREET GLOBAL BANK OF NEW YORK MEL BLACKROCK GROUP LIMI SCHRODER INVESTMENT SHANDONG LUNENG GROU STATE GRID INTL TECH

Firm Name Sanford C. Bernstein & Co Religare Capital Markets HSBC BOCOM International Holdings AMTD Financial Planning Limited Mizuho Securities Core Pacific UOB Kay Hian Credit Suisse Standard Chartered Guotai Junan JPMorgan BNP Paribas Equity Research Jefferies Nomura Capital Securities Corp DBS Vickers CIMB Kim Eng Securities Daiwa Securities Co. Ltd. China International Capital Corp SWS Research Co Ltd Morgan Stanley Deutsche Bank Goldman Sachs Barclays Citic Securities Co., Ltd Bank of China International Mirae Asset Securities EVA Dimensions Macquarie Phillip Securities Hua Tai Securities Co., Ltd Masterlink Securities ICBC International Securities KGI Securities Tebon Securities Co Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst MICHAEL WERNER SOPHIE JIANG TODD DUNIVANT LI SHANSHAN KENNY TANG SING HING JIM ANTOS TIMOTHY LI EDMOND LAW SANJAY JAIN LAWRENCE CHEN WILSON LI JOSHUA KLACZEK DORRIS CHEN TAN MING LUCY FENG TEAM COVERAGE ALEXANDER LEE TREVOR KALCIC IVAN LI GRACE WU MAO JUNHUA ROBERT HU RICHARD XU TRACY YU NING MA MAY YAN FEIFEI XIAO SUN PENG NAN LI TEAM COVERAGE VICTOR WANG CHEN XINGYU LIU XIAOCHANG RAINY YUAN IVAN LIN MICHELLE CHEN XU MINGQIANG

Source

Amt Held EXCH 142'590'494'651 EXCH 17'878'670'050 EXCH 5'942'736'979 Co File 3'210'000'000 MF-AGG 3'119'552'319 EXCH 2'760'000'000 MF-AGG 1'839'409'930 Co File 1'315'282'730 Co File 1'070'000'000 Co File 856'000'000 Co File 856'000'000 MF-AGG 789'158'995 MF-AGG 735'427'195 MF-AGG 718'786'226 MF-AGG 700'891'267 MF-AGG 533'266'130 MF-AGG 494'694'756 MF-AGG 469'108'610 Co File 374'500'000 Co File 350'000'000

Recommendation outperform hold overweight neutral buy buy buy hold outperform outperform accumulate overweight buy buy neutral buy buy outperform buy outperform buy outperform Overwt/In-Line hold Buy/Neutral equalweight overweight buy buy overweight outperform accumulate buy trading buy buy outperform outperform

Weighting

% Out 59.31 7.44 2.47 1.34 1.3 1.15 0.77 0.55 0.45 0.36 0.36 0.33 0.31 0.3 0.29 0.22 0.21 0.2 0.16 0.15

Change 5 3 5 3 5 5 5 3 5 5 4 5 5 5 3 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 4 5 5 5 5 5

M M M M M U M M M M M M M M M M M M M M M M M M M M M M M D M D M N M N N

Latest Chg 143'773'661 12'303'000 18'032'000 (72'878'150) (74'739'674) 68'611'800 34'566'000 (30'282'860) -

Target Price 7 5 8 6 6 7 7 6 8 7 7 7 7 7 5 #N/A N/A 7 7 7 6 10 7 6 6 7 6 #N/A N/A 6 7 #N/A N/A 6 7 #N/A N/A 9 9 8 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.11.2011 04.05.2012 17.11.2011 31.12.2010 30.09.2012 14.11.2011 28.11.2012 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.10.2012 30.09.2012 29.02.2012 30.06.2012 28.11.2012 28.11.2012 30.09.2012 31.12.2010 31.12.2010

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 14 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided

Inst Type Government Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a Government n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation n/a

Date 29.11.2012 28.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 20.11.2012 16.11.2012 12.11.2012 09.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 26.10.2012 11.10.2012 06.09.2012 28.08.2012 27.08.2012 26.08.2012 13.08.2012 19.06.2012 28.03.2012 26.03.2012 24.11.2010 01.11.2010 16.04.2010 02.01.2009

30.11.2012

Industrial & Commercial Bank of China Ltd Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China. The Bank's businesses include deposit, loan, credit card, fund underwriting and trust, and foreign currency settlement and trading.

Price/Volume 6

4500.0 M 4000.0 M

5

3500.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2011 09/yy 5.72 3.97 290'550'375.00 5.23 -8.57% 31.74% 69.71% 86'794.0 1'721'754.63 1'923'778.00 0.0 1'081.0 3'589'595.00 -

2500.0 M

31.12.2007 391'906.0 81'520.0 33.88x

2000.0 M

2

1500.0 M 1000.0 M

1

500.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3000.0 M

3

31.12.2008 31.12.2009 469'928.0 470'638.0 110'841.0 128'645.0 10.73x 13.95x Profitability

LTM-4Q 31.12.2010 544'045.0 165'156.0 8.83x

31.12.2011 704'382.0 208'265.0 7.07x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

56.24% 57.02% 1.39% 23.68% 7.52% 0.05% 43.6% 12.43% 201.08% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

4.83 1.29 70'942.72 28.06% 19.73% 1.289 37 4.622 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 659'566.0 817'441.0 531'153.7 579'723.4 0.00x 0.00x 0.0 0.0 0.00x 0.00x 201'780.0 230'027.0 228'496.5 237'928.4 52'616.0 6.92x 5.71x 6.38x 6.17x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 201.1% Total Debt/Capital 66.8% Asset Turnover 0.05 Net Fixed Asset Turnover 5.91 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

35.00

800'000.0

30.00

700'000.0 600'000.0

25.00

500'000.0 20.00

400'000.0 15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 02.01.2009

0.0 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 |

30.11.2012

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND JP MORGAN CHASE & CO TEMASEK HOLDINGS PRI BLACKROCK INC GOLDMAN SACHS GROUP CAPITAL RESEARCH GLO VANGUARD GROUP INC NOMURA HOLDINGS INC BLACKROCK FUND ADVIS FIDELITY INTERNATION CAPITAL WORLD INVEST NOMURA HOLDINGS INC SCHRODER INVESTMENT STATE STREET GLOBAL THORNBURG INVESTMENT BLACKROCK INC BLACKROCK GROUP LIMI INVESCO LTD FIDELITY MANAGEMENT PICTET & CIE

Firm Name Sanford C. Bernstein & Co Religare Capital Markets HSBC BOCOM International Holdings Mizuho Securities Core Pacific Jefferies China International Capital Corp UOB Kay Hian Mirae Asset Securities Credit Suisse Standard Chartered JPMorgan BNP Paribas Equity Research Nomura CCB International Securities Ltd Bank of China International DBS Vickers Kim Eng Securities Daiwa Securities Co. Ltd. Morgan Stanley CIMB SWS Research Co Ltd Deutsche Bank AMTD Financial Planning Limited Goldman Sachs EVA Dimensions Barclays Masterlink Securities Citic Securities Co., Ltd Macquarie Guotai Junan Capital Securities Corp Phillip Securities ICBC International Securities KGI Securities

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL WERNER SOPHIE JIANG TODD DUNIVANT LI SHANSHAN JIM ANTOS TIMOTHY LI TAN MING MAO JUNHUA EDMOND LAW NAN LI SANJAY JAIN LAWRENCE CHEN JOSHUA KLACZEK DORRIS CHEN LUCY FENG SHENG NAN SUN PENG ALEXANDER LEE IVAN LI GRACE WU RICHARD XU TREVOR KALCIC ROBERT HU TRACY YU KENNY TANG SING HING NING MA TEAM COVERAGE MAY YAN RAINY YUAN ZHU YAN VICTOR WANG WILSON LI TEAM COVERAGE CHEN XINGYU IVAN LIN MICHELLE CHEN

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG Short MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy overweight neutral buy buy buy buy buy buy outperform outperform overweight buy buy outperform hold buy buy buy Overwt/In-Line outperform neutral buy buy Buy/Neutral overweight overweight hold overweight outperform buy buy buy buy outperform

Amt Held % Out 11'276'281'524 12.99 5'920'894'436 6.82 4'575'047'470 5.27 4'409'132'622 5.08 4'327'315'246 4.99 4'266'918'759 4.92 2'871'030'288 3.31 (2'319'702'900) -2.67 1'772'140'775 2.04 1'198'146'302 1.38 896'374'465 1.03 857'877'144 0.99 592'536'010 0.68 542'210'582 0.62 482'819'400 0.56 (462'906'413) -0.53 454'293'190 0.52 436'028'405 0.5 317'956'028 0.37 275'223'935 0.32

Weighting

Change 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5

M M M M U M M M M M M M M M M M M M M M M M M M M M U M M M M U M M M M

Latest Chg 152'697'026 87'123'380 11'545'000 (21'986'906) (53'043'489) (80'109'000) (30'176'185) (148'536'026) 3'548'000 47'954'000 (9'999'327) 179'000

Target Price 6 6 7 5 6 6 6 6 6 6 6 6 6 6 5 6 5 6 6 6 6 6 6 6 5 6 #N/A N/A 5 6 #N/A N/A 7 6 6 6 7 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.08.2012 Government 12.11.2012 Investment Advisor 30.05.2012 Government 12.11.2012 Investment Advisor 18.04.2012 Investment Advisor 12.09.2011 Investment Advisor 30.09.2012 Investment Advisor 01.02.2012 Investment Advisor 28.11.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 01.02.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 28.11.2012 Investment Advisor 29.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Mutual Fund Manager

Date 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 33 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 29.11.2012 28.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 20.11.2012 20.11.2012 20.11.2012 20.11.2012 16.11.2012 12.11.2012 07.11.2012 07.11.2012 05.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 29.10.2012 26.10.2012 12.10.2012 11.10.2012 10.09.2012 06.09.2012 06.07.2012 29.06.2012 19.06.2012 11.05.2012 30.03.2012 09.10.2011 23.04.2010 30.03.2010

30.11.2012

CNOOC Ltd CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Group's core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China.

Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2011 01/yy 18.20 13.18 54'221'378.00 16.58 -8.90% 25.80% 63.74% 44'646.3 740'235.75 37'995.00 0.0 0.0 99'197.00 534'277.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 31.12.2009 125'977.4 105'195.1 1.95x 4.24x 65'262.9 56'272.8 3.77x 7.93x 44'375.3 29'485.6 6.44x 16.28x Profitability

31.12.2010 180'036.0 3.71x 97'993.0 6.82x 54'410.0 12.81x

31.12.2011 240'944.0 1.79x 119'044.0 3.62x 70'255.0 7.02x

160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M d-11

j-12

f-12

119'044.00 88'523.00 36.74% 38.42% 16.17% 23.71% 0.60% 48.6% 35.1% 29.2% 1.88 1.71 9.89% 14.45% 11.58 -

LTM-4Q

LTM

01/yy

01/yy -

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

FY+1 -

2.63 1.27 15'873.58 21.87% 25.82% 1.266 32 3.500 33'451'190 39'854'260 47'519'720 FY+2

12/12 Y 12/13 Y 234'830.8 246'240.6 2.53x 2.35x 123'366.4 127'456.9 4.33x 4.19x 65'044.8 64'565.6 9.12x 9.12x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

16.12.2010 AASTABLE 76.41 42.61 -0.53 0.48 14.5% 12.6% 0.60 1.08 31.60 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

180.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 90'723.8 5.75x 49'242.7 10.59x 31'258.3 17.26x

20 18 16 14 12 10 8 6 4 2 0 n-11

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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 |

30.11.2012

CNOOC Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH VANGUARD GROUP INC FRANKLIN RESOURCES I BLACKROCK FUND ADVIS THORNBURG INVESTMENT FIDELITY INTERNATION SCHRODER INVESTMENT BLACKROCK GROUP LIMI STATE STREET GLOBAL T ROWE PRICE ASSOCIA COMMONWEALTH BANK OF OPPENHEIMERFUNDS INC INVESCO LTD LAZARD ASSET MANAGEM SCHRODER KOREA LTD JPMORGAN ASSET MANAG INVESTEC ASSET MANAG SHINHAN BNP PARIBAS WILLIAM BLAIR & COMP JP MORGAN CHASE & CO

Firm Name Credit Suisse Mirae Asset Securities Renaissance Capital Sanford C. Bernstein & Co SWS Research Co Ltd Jefferies Standard Chartered Macquarie Nomura VTB Capital DBS Vickers China International Capital Corp BNP Paribas Equity Research UOB Kay Hian ICBC International Securities Morgan Stanley JPMorgan Bank of China International Deutsche Bank BOCOM International Holdings HSBC Mizuho Securities Daiwa Securities Co. Ltd. Barclays Goldman Sachs JF Apex Securities Bhd AMTD Financial Planning Limited Guotai Junan Ji Asia Capital Securities Corp EVA Dimensions GuoSen Securities Co Ltd Industrial Securities

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios

Analyst DAVID HEWITT GORDON KWAN BRADLEY WAY NEIL BEVERIDGE ALBERT MIAO LABAN YU DUKE SUTTIKULPANICH JAMES HUBBARD SONIA SONG COLIN SMITH WEE KEAT LEE BIN GUAN CHENG KHOO YAN SHI ANNA YU WEE KIAT TAN BRYNJAR EIRIK BUSTNES LAWRENCE LAU DAVID HURD WU FEI THOMAS C HILBOLDT ANDREW S F CHAN ADRIAN LOH SCOTT DARLING ARTHUR YAN TEAM COVERAGE KENNY TANG SING HING GRACE LIU SAMUEL THAWLEY TEAM COVERAGE TEAM COVERAGE STEVEN LU FANG LEI

Source 20F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation outperform hold hold outperform underperform underperform outperform outperform neutral hold hold accumulate buy buy hold Overwt/In-Line underweight hold hold neutral overweight buy buy overweight not rated hold buy accumulate sell hold buy neutral buy

Amt Held 28'772'727'273 816'323'080 536'760'247 472'268'001 305'551'683 272'169'432 251'565'200 158'720'600 148'751'902 146'926'000 146'642'500 121'732'000 98'236'375 86'321'000 74'378'000 63'401'000 63'344'436 62'022'957 59'871'467 59'774'000

% Out 64.45 1.83 1.2 1.06 0.68 0.61 0.56 0.36 0.33 0.33 0.33 0.27 0.22 0.19 0.17 0.14 0.14 0.14 0.13 0.13

Weighting

Change

5 3 3 5 1 1 5 5 3 3 3 4 5 5 3 5 1 3 3 3 5 5 5 5 #N/A N/A 3 5 4 1 3 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N

Latest Chg 49'735'712 (8'336'400) 3'127'000 (645'000) (25'381'939) 7'532'000 1'208'000 (8'359'101) 3'033'000 (7'543'000) (6'638'000) 5'809'000 (1'208'000) (97'000) (292'000) (5'382'000) (47'900'000) (4'949'000)

Target Price 20 16 16 21 13 13 18 21 18 17 16 18 19 18 15 21 13 15 17 18 18 18 21 21 #N/A N/A #N/A N/A 16 18 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2012 Government 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Bank 30.09.2012 Investment Advisor 29.11.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 28.11.2012 27.11.2012 23.11.2012 20.11.2012 20.11.2012 16.11.2012 15.11.2012 08.11.2012 06.11.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 02.10.2012 24.09.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 02.08.2012 25.07.2012 24.07.2012 26.06.2012 11.05.2012 29.03.2012 30.11.2011 22.11.2011 20.07.2009

30.11.2012

Bank of China Ltd Bank of China Ltd provides a complete range of banking and other financial services to individual and corporation customers worldwide. The bank's services include retail banking, Great Wall credit card and debit card services, consumer credit, foreign currency transaction, corporate banking, settlement and clearing,investment banking, and fund management businesses.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (30.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2011 09/yy 3.45 2.40 417'770'335.00 3.27 -5.22% 36.25% 80.00% 83'622.3 945'126.81 1'916'969.00 0.0 32'732.0 3'128'981.00 -

4000.0 M 3500.0 M 3000.0 M

2

2500.0 M

2

2000.0 M 1500.0 M

1

1000.0 M

1

500.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4500.0 M

3 3

Valuation Analysis

31.12.2007 305'131.0 56'248.0 16.08x

4

31.12.2008 31.12.2009 355'641.0 337'018.0 64'360.0 80'819.0 7.47x 11.62x Profitability

LTM-4Q 31.12.2010 395'271.0 104'418.0 8.91x

31.12.2011 514'133.0 124'182.0 5.27x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

49.70% 51.24% 1.06% 18.13% 4.46% 0.05% 37.7% 16.20% 265.08% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

5.90 1.09 72'148.03 44.74% 21.97% 1.086 39 4.282 ######### ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 481'959.0 600'914.0 359'908.0 390'591.3 90'913.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 121'518.0 134'244.0 131'630.8 132'607.2 32'712.0 4.52x 5.07x 5.65x 5.61x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 265.1% Total Debt/Capital 71.7% Asset Turnover 0.05 Net Fixed Asset Turnover 4.06 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

500.00

600'000.0

450.00

500'000.0

400.00 350.00

400'000.0

300.00

300'000.0

250.00 200.00

200'000.0

150.00 100.00

100'000.0

50.00 0.00 02.01.2009

0.0 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 |

30.11.2012

Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK INC JP MORGAN CHASE & CO VANGUARD GROUP INC TEMASEK HOLDINGS PRI CAPITAL RESEARCH AND BLACKROCK FUND ADVIS CAPITAL RESEARCH GLO CAPITAL WORLD INVEST BLACKROCK INC CAPITAL INTERNATIONA STATE STREET GLOBAL BLACKROCK GROUP LIMI BANK OF TOKYO-MITSUB PICTET & CIE CAPITAL GUARDIAN TRU CHINA ASSET MANAGEME FRANKLIN RESOURCES I FIDELITY INTERNATION T ROWE PRICE ASSOCIA

Firm Name Sanford C. Bernstein & Co Religare Capital Markets HSBC BOCOM International Holdings EVA Dimensions Mizuho Securities UOB Kay Hian Credit Suisse Standard Chartered ICBC International Securities JPMorgan BNP Paribas Equity Research Jefferies Nomura CCB International Securities Ltd Guotai Junan SWS Research Co Ltd Deutsche Bank Bank of China International DBS Vickers Kim Eng Securities Daiwa Securities Co. Ltd. China International Capital Corp Phillip Securities Core Pacific AMTD Financial Planning Limited Morgan Stanley CIMB Barclays Masterlink Securities Goldman Sachs Mirae Asset Securities Citic Securities Co., Ltd Macquarie Capital Securities Corp KGI Securities

Portfolio Name n/a n/a #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL WERNER SOPHIE JIANG TODD DUNIVANT LI SHANSHAN TEAM COVERAGE JIM ANTOS EDMOND LAW SANJAY JAIN LAWRENCE CHEN IVAN LIN JOSHUA KLACZEK DORRIS CHEN TAN MING LUCY FENG SHENG NAN WILSON LI ROBERT HU TRACY YU JINHUA YIN ALEXANDER LEE IVAN LI GRACE WU MAO JUNHUA CHEN XINGYU TIMOTHY LI KENNY TANG SING HING RICHARD XU TREVOR KALCIC MAY YAN RAINY YUAN NING MA NAN LI ZHU YAN VICTOR WANG TEAM COVERAGE MICHELLE CHEN

Source EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG Short EXCH MF-AGG MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy overweight long-term buy buy neutral hold neutral outperform buy neutral buy buy buy outperform accumulate neutral buy buy buy buy buy buy accumulate hold buy Equalwt/In-Line neutral overweight hold neutral/neutral buy overweight outperform hold neutral

Amt Held % Out 8'357'384'041 9.99 5'022'832'827 6.01 4'118'377'221 4.92 3'193'916'966 3.82 3'116'864'905 3.73 2'784'918'000 3.33 2'012'547'000 2.41 1'536'517'400 1.84 1'248'400'600 1.49 (885'931'036) -1.06 716'654'188 0.86 592'048'548 0.71 564'016'791 0.67 520'357'200 0.62 371'107'100 0.44 370'545'906 0.44 360'050'000 0.43 345'990'500 0.41 316'401'657 0.38 312'566'100 0.37

Weighting

Change 5 5 5 5 5 3 3 3 5 5 3 5 5 5 5 4 3 5 5 5 5 5 5 4 3 5 3 3 5 3 3 5 5 5 3 3

M M M M U U M M M M M M M M M M M M M M M M M M M N M M U M D M M M M M

Latest Chg 47'112'704 121'758'000 13'344'000 55'556'000 (114'127'000) (24'507'704) (31'815'851) (3'950'000) 12'112'000 210'000'000 (265'000) (297'046'677) 21'470'000

Target Price 4 4 4 4 #N/A N/A 4 3 3 4 4 4 4 4 3 4 4 4 4 4 4 4 4 6 3 4 3 3 3 4 3 4 4 #N/A N/A 4 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.02.2012 Government 11.10.2012 Investment Advisor 20.11.2012 Investment Advisor 30.09.2012 Investment Advisor 04.05.2012 Government 18.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 11.10.2012 Investment Advisor 18.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 31.12.2011 Bank 31.08.2012 Mutual Fund Manager 18.09.2012 Investment Advisor 31.12.2011 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 29.11.2012 28.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 20.11.2012 16.11.2012 12.11.2012 08.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 30.10.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 06.09.2012 11.07.2012 05.07.2012 03.07.2012 29.06.2012 19.06.2012 27.04.2012 25.03.2010

30.11.2012

Agricultural Bank of China Ltd Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price/Volume 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1288 HK EQUITY YTD Change 1288 HK EQUITY YTD % CHANGE

12/2011 09/yy 3.98 2.72 116'794'962.00 3.4 -14.57% 25.00% 51.59% 30'738.8 1'056'106.13 1'144'165.00 0.0 187.0 2'831'639.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1 1 0 n-11

d-11

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

31.12.2008 31.12.2009 335'717.0 339'235.0 51'474.0 64'992.0 Profitability

LTM-4Q 31.12.2010 409'295.0 94'873.0 10.02x

31.12.2011 547'924.0 121'927.0 7.13x 41.31% 41.39% 1.15% 20.97% 7.87% 0.05% 31.9% 9.80% 176.13% -

LTM

FY+1

1.26 30'738.82 14.97% 7.40% 1.262 37 3.892 89'830'270 ######### ######### FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 509'442.0 636'398.0 423'171.8 458'415.6 0.00x 0.00x 0.0 0.0 0.00x 0.00x 125'484.0 141'253.0 146'768.7 152'845.7 5.45x 5.64x 6.04x 5.76x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

NR 176.1% 63.8% 0.05 5.17 -

Sales/Revenue/Turnover

1.20

600'000.0

1.00

500'000.0

0.80

400'000.0

0.60

j-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 266'015.0 43'787.0 -

2

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M n-12

300'000.0 200'000.0

0.40

100'000.0 0.20

0.0 0.00

1998 1999 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 |

30.11.2012

Agricultural Bank of China Ltd Holdings By:

All

Holder Name QATAR HOLDINGS LLC CAPITAL RESEARCH AND CAPITAL WORLD INVEST CITIGROUP INCORPORAT BLACKROCK INC JP MORGAN CHASE & CO CAPITAL RESEARCH GLO DEUTSCHE BANK AG DEUTSCHE BANK AG BLACKROCK FUND ADVIS VANGUARD GROUP INC CITIGROUP INCORPORAT JP MORGAN CHASE & CO BLACKROCK GROUP LIMI BLACKROCK INC FIDELITY INTERNATION PICTET & CIE MATTHEWS INTERNATION HARVEST FUND MANAGEM JP MORGAN INVESTMENT

Firm Name Sanford C. Bernstein & Co Religare Capital Markets HSBC BOCOM International Holdings Mizuho Securities CMB International Capital Corp Ltd UOB Kay Hian Credit Suisse Standard Chartered ICBC International Securities JPMorgan Phillip Securities Jefferies Nomura CCB International Securities Ltd Core Pacific Capital Securities Corp DBS Vickers CIMB China International Capital Corp SWS Research Co Ltd AMTD Financial Planning Limited Morgan Stanley Deutsche Bank Goldman Sachs EVA Dimensions Barclays Bank of China International Daiwa Securities Co. Ltd. Mirae Asset Securities Citic Securities Co., Ltd Macquarie Masterlink Securities

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MICHAEL WERNER SOPHIE JIANG TODD DUNIVANT LI SHANSHAN JIM ANTOS TEAM COVERAGE EDMOND LAW SANJAY JAIN LAWRENCE CHEN IVAN LIN JOSHUA KLACZEK CHEN XINGYU TAN MING LUCY FENG SHENG NAN TIMOTHY LI TEAM COVERAGE ALEXANDER LEE TREVOR KALCIC MAO JUNHUA ROBERT HU KENNY TANG SING HING RICHARD XU TRACY YU NING MA TEAM COVERAGE MAY YAN JINHUA YIN GRACE WU NAN LI ZHU YAN VICTOR WANG RAINY YUAN

Source Co File EXCH MF-AGG EXCH EXCH EXCH MF-AGG EXCH Short MF-AGG MF-AGG Short Short MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market perform sell underweight long-term buy underperform buy buy underperform outperform buy neutral accumulate buy buy outperform hold buy buy outperform buy neutral buy Equalwt/In-Line hold Buy/Neutral buy equalweight buy buy hold overweight outperform hold

Amt Held % Out 6'816'775'000 22.18 3'803'379'000 12.37 2'600'661'000 8.46 2'169'822'167 7.06 1'878'971'694 6.11 1'529'993'730 4.98 1'333'875'000 4.34 1'153'222'513 3.75 (1'024'915'664) -3.33 931'834'000 3.03 912'934'493 2.97 (237'456'553) -0.77 (230'682'906) -0.75 226'785'000 0.74 (210'695'217) -0.69 184'647'171 0.6 136'355'000 0.44 71'103'000 0.23 67'187'000 0.22 59'500'000 0.19

Weighting

Change 3 1 1 5 1 5 5 1 5 5 3 4 5 5 5 3 5 5 5 5 3 5 3 3 5 5 3 5 5 3 5 5 3

M M M M M M M M M M M D M M M M M M M M M M M M M U D M M M M M D

Latest Chg 115'678'000 38'663'792 47'970'000 5'212'000 37'259'220 12'156'000 (34'542'792) 69'553'186 8'457'000 (24'861'000) -

Target Price 4 2 3 4 3 4 4 3 4 4 4 4 4 4 4 4 #N/A N/A 4 4 5 3 4 3 4 5 #N/A N/A 3 4 4 3 #N/A N/A 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Government 14.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 12.11.2012 Investment Advisor 25.09.2012 Investment Advisor 30.09.2012 Investment Advisor 11.10.2011 Investment Advisor 11.10.2011 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2012 Investment Advisor 25.09.2012 Investment Advisor 28.11.2012 Investment Advisor 12.11.2012 Investment Advisor 29.02.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Mutual Fund Manager

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month

Date 29.11.2012 28.11.2012 26.11.2012 26.11.2012 23.11.2012 22.11.2012 20.11.2012 16.11.2012 12.11.2012 08.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 31.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 26.10.2012 11.10.2012 11.09.2012 06.09.2012 30.08.2012 29.08.2012 29.08.2012 29.06.2012 19.06.2012 28.03.2012

30.11.2012

China Overseas Land & Investment Ltd China Overseas Land & Investment Limited, through its subsidiaries, develops and invests in properties, constructs buildings, invests in treasury securities, and infrastructure projects. The Company also provides civil engineering, foundation engineering, and real estate agency and management services.

Price/Volume 25

120.0 M

20

100.0 M 80.0 M

15

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 688 HK EQUITY YTD Change 688 HK EQUITY YTD % CHANGE

10

12/2011 09/yy 23.30 12.07 27'736'555.00 22.95 -1.50% 90.20% 94.14% 8'172.5 187'559.31 43'678.95 0.0 273.0 17'841.48 214'163.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 16'632.6 8.01x 6'778.4 19.64x 4'179.6 28.33x

40.0 M

5

31.12.2008 31.12.2009 18'892.4 37'321.6 5.45x 3.60x 6'867.9 10'532.8 14.98x 12.76x 5'048.6 7'468.9 16.64x 17.90x Profitability

LTM-4Q 31.12.2010 44'313.0 3.03x 16'214.3 8.29x 12'373.2 9.52x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 48'583.0 2.72x 19'021.7 6.95x 15'025.4 7.05x 19'021.74 18'978.15 39.06% 48.92% 9.33% 23.79% 14.40% 0.29% 44.9% 38.7% 38.6% 30.9% 1.88 0.28 24.82% 62.12% 22.01 0.30

Price/ Cash Flow

LTM

09/yy 0.0 #DIV/0!

0.0 0.00x 0.0 0.00x

09/yy 16'850.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.53 1.42 3'799.81 81.90% 80.77% 1.421 37 4.297 26'849'190 20'133'510 22'844'860 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 66'838.5 79'975.8 3.18x 2.63x 24'851.2 28'212.9 8.62x 7.59x 15'582.1 18'163.2 12.01x 10.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.03.2010 BBB STABLE 13.21 13.09 1.31 2.63 62.1% 38.2% 0.29 2.84 16.63 1228.62 78.70 1130.07

Sales/Revenue/Turnover

80.00

60'000.0

70.00

50'000.0

60.00

40'000.0

50.00 40.00

30'000.0

30.00

20'000.0

20.00

10'000.0 10.00 0.00 02.01.2009

0.0 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 |

30.11.2012

China Overseas Land & Investment Ltd Holdings By:

All

Holder Name CHINA OVERSEAS HOLDI SILVER LOT DEVELOPME JP MORGAN CHASE & CO DEUTSCHE BANK AG CARMIGNAC GESTION VANGUARD GROUP INC BLACKROCK FUND ADVIS DEUTSCHE BANK AG FIDELITY INTERNATION SCHRODER INVESTMENT EUROPEAN INVESTORS I SHINHAN BNP PARIBAS BLACKROCK GROUP LIMI ROBECO INVESTOR SERV MAPS INVESTMENT MANA JANUS CAPITAL MANAGE STATE STREET GLOBAL LAZARD GLOBAL ACTIVE WILLIAM BLAIR & COMP MIRAE ASSET GLOBAL I

Firm Name JPMorgan Jefferies CIMB Standard Chartered CCB International Securities Ltd EVA Dimensions Sanford C. Bernstein & Co DBS Vickers KGI Securities Daiwa Securities Co. Ltd. Credit Suisse Deutsche Bank SWS Research Co Ltd Guotai Junan UOB Kay Hian Goldman Sachs Morgan Stanley Mirae Asset Securities Barclays HSBC Bank of China International Kim Eng Securities Ji Asia AMTD Financial Planning Limited First Shanghai Securities Ltd Macquarie Mizuho Securities China International Capital Corp Citic Securities Co., Ltd Nomura Capital Securities Corp Everbright Securities Co., Ltd GuoSen Securities Co Ltd Masterlink Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios

Analyst LUCIA KWONG CHRISTIE JU JOHNSON HU RAYMOND CHENG EDISON BIAN TEAM COVERAGE KENNETH TSANG CAROL WU ALICE JI JONAS KAN JINSONG DU TONY TSANG KRIS LI DONALD YU SYLVIA WONG WANG YI BRIAN LEUNG STEPHANIE LAU WENDY LUO MICHELLE KWOK CHRISTINA NGAI IVAN CHEUNG WU GONGLIANG KENNY TANG SING HING MICHAEL KE DAVID NG ALAN JIN ERIC YU ZHANG GARRICK CHENG ALVIN WONG LANTIS LI TIMOTHY YEUNG HUI CAO TEAM COVERAGE

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation overweight buy outperform in-line outperform hold market perform buy outperform buy neutral buy neutral buy buy neutral/attractive Equalwt/Attractive hold equalweight overweight hold hold neutral buy buy neutral buy buy overweight buy strong buy not rated buy hold

Amt Held % Out 3'837'380'380 46.95 509'136'928 6.23 482'172'848 5.9 301'486'252 3.69 212'781'969 2.6 185'085'868 2.26 155'510'560 1.9 (155'321'624) -1.9 112'470'704 1.38 80'881'356 0.99 67'723'950 0.83 52'905'652 0.65 44'243'760 0.54 37'497'698 0.46 37'460'040 0.46 34'402'000 0.42 34'035'376 0.42 26'850'260 0.33 26'020'000 0.32 24'111'010 0.3

Weighting 5 5 5 3 5 3 3 5 5 5 3 5 3 5 5 3 3 3 3 5 3 3 3 5 5 3 5 5 5 5 5 #N/A N/A 5 3

Change M M M M M D M M M M M M M M M M M D M M M M M M M D M M D M U M M N

Latest Chg (21'482'000) 3'880'266 928'000 83'856'289 9'732'000 3'950'840 (1'160'000) 4'037'391 (3'708'000) (35'552'000) (1'895'426) (842'000) 8'470'000 7'185'650

Target Price 24 26 25 18 25 #N/A N/A 18 23 24 24 15 26 16 22 21 19 18 22 19 24 16 20 18 20 21 19 21 21 19 21 25 #N/A N/A 18 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Government 30.06.2012 Other 26.07.2012 Investment Advisor 17.05.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 17.05.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 6 month

Date 30.11.2012 28.11.2012 28.11.2012 27.11.2012 26.11.2012 26.11.2012 20.11.2012 19.11.2012 16.11.2012 13.11.2012 08.11.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 22.10.2012 21.10.2012 19.10.2012 19.10.2012 17.10.2012 09.10.2012 27.09.2012 25.09.2012 11.09.2012 17.08.2012 13.08.2012 13.08.2012 13.08.2012 13.08.2012 13.08.2012 27.06.2012 31.05.2012 26.04.2012 23.05.2011

30.11.2012

China Petroleum & Chemical Corp China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. Also, The company explores for and produces crude oil and natural gas in China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.02.2012) 52-Week Low (11.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2011 09/yy 9.67 6.38 77'686'611.00 8.22 -14.99% 28.84% 52.89% 16'780.5 661'852.94 240'555.00 0.0 35'016.0 25'197.00 838'596.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

250.0 M 200.0 M 150.0 M 100.0 M 50.0 M

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 1'170'539.0 1.73x 127'499.0 15.87x 56'515.0 16.90x

10 9 8 7 6 5 4 3 2 1 0 n-11

31.12.2008 31.12.2009 1'387'077.0 1'212'168.0 0.59x 1.09x 29'228.0 151'545.0 27.82x 8.73x 28'445.0 62'677.0 12.59x 8.42x Profitability

LTM-4Q 31.12.2010 1'876'758.0 0.48x 178'098.0 5.03x 71'782.0 7.62x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

.0 M n-12

4.54 0.85 15'550.58 9.61% 5.86% 0.849 34 3.912 61'111'600 74'316'190 74'647'010 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'463'767.0 ######### ######### ######### ######### 768'384.0 0.35x 1.46x 1.34x 0.32x 0.32x 170'962.0 0.0 0.0 164'236.1 190'028.2 5.05x 0.00x 0.00x 5.11x 4.41x 73'225.0 75'623.0 53'683.0 60'066.3 73'649.9 20'984.0 7.84x 7.22x 9.49x 9.60x 7.79x S&P Issuer Ratings 170'962.00 Long-Term Rating Date 16.12.2010 107'146.00 Long-Term Rating A+ 4.35% Long-Term Outlook STABLE 4.24% Short-Term Rating Date 5.00% Short-Term Rating 12.12% Credit Ratios 8.66% EBITDA/Interest Exp. 18.19 2.27% (EBITDA-Capex)/Interest Exp. 4.17 Net Debt/EBITDA 1.87 - Total Debt/EBITDA 1.96 6.1% Reference 3.5% Total Debt/Equity 50.9% 3.0% Total Debt/Capital 32.2% Asset Turnover 2.27 0.77 Net Fixed Asset Turnover 3.74 0.25 Accounts receivable turnover-days 13.52 21.02% Inventory Days 50.93% Accounts Payable Turnover Day 27.06 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 02.01.2009

0.0 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 |

30.11.2012

China Petroleum & Chemical Corp Holdings By:

All

Holder Name BLACKROCK INC JP MORGAN CHASE & CO FRANKLIN RESOURCES I CITIGROUP INCORPORAT GOVT OF SINGAPORE IN VANGUARD GROUP INC BLACKROCK FUND ADVIS CH PETROLEUM SHENGJU BLACKROCK INC FIDELITY INTERNATION SCHRODER INVESTMENT BLACKROCK GROUP LIMI STATE STREET GLOBAL CITIGROUP INCORPORAT ROBECO INVESTOR SERV CAPITAL INTERNATIONA INVESTEC ASSET MANAG SHINHAN BNP PARIBAS SCHRODER KOREA LTD BANK OF NEW YORK MEL

Firm Name

Portfolio Name #N/A N/A n/a n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura SONIA SONG Mirae Asset Securities GORDON KWAN Renaissance Capital BRADLEY WAY ICBC International Securities ANNA YU Sanford C. Bernstein & Co NEIL BEVERIDGE BNP Paribas Equity Research CHENG KHOO Jefferies LABAN YU Standard Chartered DUKE SUTTIKULPANICH Macquarie JAMES HUBBARD Credit Suisse DAVID HEWITT Deutsche Bank DAVID HURD Bank of China International LAWRENCE LAU Daiwa Securities Co. Ltd. ADRIAN LOH SWS Research Co Ltd ALBERT MIAO BOCOM International Holdings WU FEI Morgan Stanley WEE KIAT TAN JPMorgan BRYNJAR EIRIK BUSTNES HSBC THOMAS C HILBOLDT Capital Securities Corp TEAM COVERAGE DBS Vickers WEE KEAT LEE UOB Kay Hian YAN SHI Barclays SCOTT DARLING VTB Capital COLIN SMITH Goldman Sachs ARTHUR YAN EVA Dimensions TEAM COVERAGE Mizuho Securities ANDREW S F CHAN Guotai Junan GRACE LIU Yuanta Securities Investment ConsultingTEAM COVERAGE Masterlink Securities LI XIN AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd YIN XIAODONG GuoSen Securities Co Ltd STEVEN LU China International Capital Corp BIN GUAN China Galaxy Securities LI GUOHONG Industrial Securities FANG LEI

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH Short MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy sell buy outperform buy hold in-line underperform neutral buy buy underperform buy buy Equalwt/In-Line overweight underweight buy hold buy equalweight hold Buy/Neutral overweight neutral accumulate Under Review hold buy buy buy buy buy strong buy

Amt Held % Out 1'354'687'685 8.07 1'328'959'445 7.92 1'006'669'203 6 835'771'505 4.98 803'053'154 4.79 720'334'946 4.29 504'666'002 3.01 425'500'000 2.54 (246'083'055) -1.47 241'822'937 1.44 224'822'000 1.34 148'485'528 0.88 139'771'423 0.83 (100'073'316) -0.6 88'338'998 0.53 85'942'000 0.51 79'108'000 0.47 78'426'342 0.47 74'412'000 0.44 65'775'400 0.39

Weighting 5 5 1 5 5 5 3 3 1 3 5 5 1 5 5 3 5 1 5 3 5 3 3 5 5 3 4 #N/A N/A 3 5 5 5 5 5 5

Change M M M M M M M M M D M M M M M M M M U M M M M M D M D M M N M M M M N

Latest Chg 18'292'877 (32'471'749) 3'154'000 (6'407'308) 86'590'596 39'640'000 288'000 (7'780'128) (3'454'000) (8'170'000) (11'012'000) (642'000) (288'000) 30'000

Target Price 10 10 7 10 9 9 8 8 7 8 9 9 7 10 9 8 10 7 11 8 9 10 8 9 #N/A N/A 7 8 #N/A N/A 10 10 10 11 11 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.11.2012 Investment Advisor 22.10.2012 Investment Advisor 26.01.2012 Investment Advisor 22.11.2012 Investment Advisor 27.08.2012 Government 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 09.01.2012 n/a 22.11.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 22.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 28.11.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 26 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided 6 month 12 month 12 month Not Provided Not Provided

Date 28.11.2012 27.11.2012 23.11.2012 23.11.2012 20.11.2012 19.11.2012 16.11.2012 15.11.2012 08.11.2012 02.11.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 17.10.2012 06.09.2012 27.08.2012 20.07.2012 15.06.2012 30.03.2012 08.02.2012 11.01.2012 22.11.2011 29.08.2011 30.10.2009 20.07.2009

30.11.2012

China Pacific Insurance Group Co Ltd China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (15.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2601 HK EQUITY YTD Change 2601 HK EQUITY YTD % CHANGE

12/2011 09/yy 28.60 20.20 18'175'540.00 25.4 -11.19% 25.74% 55.36% 2'775.3 201'949.77 40'105.00 0.0 1'259.0 14'903.00 65'863.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

300.0 M

25

250.0 M

20

200.0 M

15

150.0 M

10

100.0 M

5

50.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 63'947.0 5.81x 11'238.0 27.17x

30

31.12.2008 31.12.2009 76'135.0 104'175.0 1.02x 1.92x 2'569.0 7'356.0 33.70x 26.97x Profitability

LTM-4Q 31.12.2010 141'127.0 1.45x 8'557.0 22.90x

31.12.2011 155'446.0 1.21x 8'313.0 19.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

6.49% 6.69% 1.59% 10.58% 8.64% 0.30% 5.3% 7.03% 52.22% -

Price/ Cash Flow

LTM

FY+1

1.72 1.25 1'855.18 20.33% 17.07% 1.250 34 4.235 10'781'630 10'090'830 12'968'970 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 161'504.0 168'932.0 167'906.1 188'579.9 79'321.0 2.85x 2.03x 1.04x 0.93x 0.0 0.0 0.00x 0.00x 10'670.0 4'430.0 6'613.9 10'144.7 2'171.0 14.90x 39.27x 28.23x 17.62x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

52.2% 33.9% 0.30 -

Sales/Revenue/Turnover

6.00

180'000.0 160'000.0

5.00

140'000.0 120'000.0

4.00

100'000.0 3.00

80'000.0 60'000.0

2.00

40'000.0 1.00 0.00 02.01.2009

20'000.0 0.0 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 |

30.11.2012

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name JP MORGAN CHASE & CO GOVT OF SINGAPORE IN NORGES BANK AZ EURO INVESTMENTS BLACKROCK INC BERKOWITZ BRUCE CARLYLE HOLDINGS MAU MORGAN STANLEY BLACKROCK FUND ADVIS PARALLEL INVESTORS H VANGUARD GROUP INC ABU DHABI INVEST AUT SCHRODER INVESTMENT ALLIANZ FINANCE II L UBS AG BLACKROCK INC UBS AG CITIGROUP INCORPORAT BLACKROCK GROUP LIMI FIDELITY INTERNATION

Firm Name Credit Suisse Nomura EVA Dimensions Core Pacific Phillip Securities BOCOM International Holdings Goldman Sachs Capital Securities Corp Standard Chartered Barclays Macquarie Guoyuan Securities (HK) Ltd Guotai Junan Morgan Stanley Jefferies DBS Vickers Kim Eng Securities Mizuho Securities China International Capital Corp SWS Research Co Ltd UOB Kay Hian CCB International Securities Ltd HSBC Deutsche Bank JPMorgan Bank of China International BNP Paribas Equity Research ICBC International Securities Masterlink Securities AMTD Financial Planning Limited Mirae Asset Securities RBS

Portfolio Name n/a n/a n/a n/a #N/A N/A n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst ARJAN VAN VEEN DAVID CHUNG TEAM COVERAGE OLIVE XIA CHEN XINGYU LI WENBING MANCY SUN TEAM COVERAGE JENNIFER LAW MARK KELLOCK SCOTT G RUSSELL TEAM COVERAGE FELIX LUO BEN LIN BARON NIE PING CHENG IVAN LI THOMAS J MONACO TANG SHENGBO ROBERT HU EDMOND LAW KENNETH YUE JAMES GARNER ESTHER CHWEI CHAN BAO LING SUN PENG DORRIS CHEN PIUS CHENG LI YAN KENNY TANG SING HING IVAN CHEUNG YANAN WANG

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG Research MF-AGG EXCH EXCH Short Short EXCH MF-AGG MF-AGG

Recommendation outperform buy underweight buy buy buy neutral/neutral buy outperform equalweight outperform buy accumulate Equalwt/In-Line buy fully valued buy underperform buy outperform buy outperform overweight buy neutral hold buy buy buy buy buy buy

Amt Held % Out 314'970'427 11.35 293'830'400 10.59 231'734'200 8.35 191'940'303 6.92 185'970'532 6.7 114'665'400 4.13 113'323'498 4.08 109'980'513 3.96 107'176'600 3.86 90'384'102 3.26 80'176'250 2.89 76'187'483 2.75 48'143'200 1.73 41'517'800 1.5 33'175'993 1.2 (26'952'973) -0.97 (25'319'688) -0.91 23'486'806 0.85 22'961'400 0.83 21'183'288 0.76

Weighting

Change 5 5 1 5 5 5 3 5 5 3 5 5 4 3 5 2 5 1 5 5 5 5 5 5 3 3 5 5 5 5 5 5

M U U M M M D M M D M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 552'200 (221'440'000) 8'159'848 55'160'000 21'907'400 (270'000) 9'477'245

Target Price 34 32 #N/A N/A 28 28 31 29 28 38 29 33 29 31 28 29 22 27 19 25 26 30 30 35 29 26 25 29 30 28 26 32 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.11.2012 15.11.2012 14.11.2012 14.11.2012 21.11.2012 29.11.2011 25.07.2012 20.09.2012 28.11.2012 25.07.2012 30.09.2012 14.11.2012 30.09.2012 14.11.2012 11.09.2012 21.11.2012 11.09.2012 19.11.2012 28.11.2012 29.02.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 16 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Government Government n/a Investment Advisor n/a Other Investment Advisor Investment Advisor Holding Company Investment Advisor Government Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012 27.11.2012 26.11.2012 22.11.2012 16.11.2012 15.11.2012 13.11.2012 13.11.2012 12.11.2012 09.11.2012 02.11.2012 31.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 18.10.2012 14.09.2012 03.09.2012 20.08.2012 18.07.2012 06.07.2012 07.06.2012 08.12.2011 18.10.2011 01.08.2011

30.11.2012

PetroChina Co Ltd PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products, produces and sells chemicals, and transmits, markets and sells natural gas.

Price/Volume 14

250.0 M

12

200.0 M

10

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2011 09/yy 11.92 8.85 93'654'406.00 10.38 -12.92% 17.29% 43.97% 21'098.9 1'926'016.50 318'002.00 0.0 79'801.0 61'590.00 1'965'154.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150.0 M

6

100.0 M

4 50.0 M

2 0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 836'353.0 6.35x 269'727.0 19.70x 146'750.0 15.86x

8

31.12.2008 31.12.2009 1'072'604.0 1'019'275.0 1.78x 2.57x 256'680.0 237'168.0 7.45x 11.04x 114'453.0 103'387.0 9.49x 14.65x Profitability

LTM-4Q 31.12.2010 1'465'415.0 1.54x 303'643.0 7.43x 139'992.0 11.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

LTM

FY+1

3.80 0.99 20'807.38 13.06% 11.78% 0.989 33 3.455 65'918'090 70'221'780 66'945'020 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'003'843.0 ######### ######### ######### ######### 557'466.0 0.88x 4.84x 3.83x 0.97x 0.92x 323'368.0 167'207.0 243'216.0 339'917.4 374'608.2 5.48x 0.00x 0.00x 5.78x 5.25x 132'961.0 143'399.0 116'511.0 129'697.0 145'262.9 10.74x 10.18x 12.84x 11.68x 10.40x S&P Issuer Ratings 323'368.00 Long-Term Rating Date 185'295.00 Long-Term Rating 9.25% Long-Term Outlook 9.19% Short-Term Rating Date 6.68% Short-Term Rating 12.80% Credit Ratios 10.29% EBITDA/Interest Exp. 1.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 15.5% Reference 8.5% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.68 Net Fixed Asset Turnover 0.23 Accounts receivable turnover-days 16.58% Inventory Days 31.71% Accounts Payable Turnover Day 28.58 Cash Conversion Cycle -

Price/ Cash Flow

27.94 4.79 1.07 1.34 31.7% 22.7% 1.09 1.54 12.81 -

Sales/Revenue/Turnover

9.00

2'500'000.0

8.00

2'000'000.0

7.00 6.00

1'500'000.0

5.00 4.00

1'000'000.0

3.00

500'000.0

2.00 1.00 0.00 02.01.2009

0.0 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 |

30.11.2012

PetroChina Co Ltd Holdings By:

All

Holder Name ABERDEEN ASSET MANAG JP MORGAN CHASE & CO BLACKROCK INC FRANKLIN RESOURCES I VANGUARD GROUP INC ABERDEEN INVESTMENT BLACKROCK FUND ADVIS HARBOR CAPITAL ADVIS CHINA NATIONAL PETRO BLACKROCK INC STATE STREET GLOBAL FIDELITY INTERNATION BLACKROCK GROUP LIMI PICTET & CIE TEMPLETON INVESTMENT MAPS INVESTMENT MANA MANULIFE FUNDS DIREC SHINHAN BNP PARIBAS BANK OF NEW YORK MEL DANSKE INVEST A/S

Firm Name Jefferies Mirae Asset Securities Renaissance Capital Sanford C. Bernstein & Co BNP Paribas Equity Research Standard Chartered Nomura Macquarie Ji Asia Deutsche Bank ICBC International Securities HSBC Capital Securities Corp Bank of China International DBS Vickers Mizuho Securities China International Capital Corp UOB Kay Hian BOCOM International Holdings VTB Capital Morgan Stanley JPMorgan Goldman Sachs Credit Suisse EVA Dimensions Citic Securities Co., Ltd Daiwa Securities Co. Ltd. Barclays Guotai Junan Everbright Securities Co., Ltd GuoSen Securities Co Ltd SWS Research Co Ltd Masterlink Securities Industrial Securities

Portfolio Name n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LABAN YU GORDON KWAN BRADLEY WAY NEIL BEVERIDGE CHENG KHOO DUKE SUTTIKULPANICH SONIA SONG JAMES HUBBARD SAMUEL THAWLEY DAVID HURD ANNA YU THOMAS C HILBOLDT TEAM COVERAGE LAWRENCE LAU WEE KEAT LEE ANDREW S F CHAN BIN GUAN YAN SHI WU FEI COLIN SMITH WEE KIAT TAN BRYNJAR EIRIK BUSTNES ARTHUR YAN DAVID HEWITT TEAM COVERAGE HUANG LILI ADRIAN LOH SCOTT DARLING GRACE LIU VIVIAN CHEUNG STEVEN LU YE RONG LI XIN FANG LEI

Source EXCH EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG 20F Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy market perform hold in-line neutral outperform neutral hold hold underweight hold buy hold underperform hold hold long-term buy sell Underwt/In-Line underweight neutral/neutral neutral overweight overweight outperform overweight accumulate not rated neutral neutral buy strong buy

Amt Held % Out 1'711'231'963 8.11 1'446'702'135 6.86 1'310'910'969 6.21 1'270'171'357 6.02 901'847'493 4.27 596'056'105 2.83 499'060'000 2.37 350'420'000 1.66 291'518'000 1.38 (236'236'099) -1.12 175'742'108 0.83 140'542'355 0.67 132'110'965 0.63 91'022'000 0.43 79'168'272 0.38 70'310'594 0.33 66'938'000 0.32 66'885'243 0.32 65'110'000 0.31 63'906'335 0.3

Weighting 5 5 5 3 3 3 3 5 3 3 3 1 3 5 3 1 3 3 5 1 1 1 3 3 5 5 5 5 4 #N/A N/A 3 3 5 5

Change M M M M M M M M D M M D D M M D D M M M M M M M D D M M D M M M M N

Latest Chg 20'782'075 32'226'000 3'402'000 (9'780'632) 26'588'915 (1'460'000) 156'000 896'000 5'322'351 (406'000) 1'222'000

Target Price 16 13 13 11 10 11 12 12 10 11 10 10 #N/A N/A 13 9 9 10 11 13 9 9 8 11 11 #N/A N/A 11 11 13 11 #N/A N/A #N/A N/A 10 11 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 08.08.2012 Investment Advisor 20.11.2012 Investment Advisor 08.11.2012 Investment Advisor 31.12.2011 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Government 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 28.11.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2012 Unclassified 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 35 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided

Date 27.11.2012 27.11.2012 23.11.2012 20.11.2012 19.11.2012 15.11.2012 14.11.2012 08.11.2012 08.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 17.10.2012 15.10.2012 10.09.2012 24.08.2012 23.08.2012 23.08.2012 14.08.2012 31.05.2012 22.11.2011 28.10.2011 30.08.2011 20.07.2009

30.11.2012

China Shenhua Energy Co Ltd China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.02.2012) 52-Week Low (07.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2011 09/yy 36.45 24.15 14'332'434.00 31.75 -12.89% 31.47% 58.94% 3'398.6 553'924.94 60'466.00 0.0 38'492.0 64'945.00 485'592.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 80'275.0 15.67x 41'526.0 30.29x 20'497.0 39.42x

15

31.12.2008 31.12.2009 104'416.0 117'526.0 3.62x 6.12x 50'621.0 58'355.0 7.47x 12.32x 25'959.0 30'276.0 11.07x 21.98x Profitability

LTM-4Q 31.12.2010 157'662.0 3.31x 72'181.0 7.22x 38'834.0 14.16x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 208'197.0 2.62x 84'268.0 6.46x 45'677.0 11.91x 84'268.00 68'697.00 33.00% 31.92% 12.40% 22.73% 19.01% 0.57% 38.5% 37.9% 30.5% 21.9% 1.23 0.89 15.08% 26.78% 14.55 10.20

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

LTM

FY+1

3.53 1.12 3'388.20 1.14% -2.01% 1.123 41 4.390 12'544'640 13'848'680 14'619'030 FY+2

FQ+1

FQ+2

06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 180'178.0 219'383.0 234'002.1 255'360.1 13.30x 7.21x 2.05x 1.82x 0.0 0.0 86'134.7 91'319.1 0.00x 0.00x 5.64x 5.32x 40'580.0 45'511.0 47'391.9 50'137.2 15.11x 0.00x 10.59x 10.09x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.19 11.28 0.03 0.64 26.8% 18.6% 0.57 0.88 25.15 35.89 56.44 -4.93

Sales/Revenue/Turnover

16.00

250'000.0

14.00

200'000.0

12.00 10.00

150'000.0

8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 02.01.2009

0.0 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 |

30.11.2012

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name JP MORGAN CHASE & CO BLACKROCK INC VANGUARD GROUP INC BLACKROCK FUND ADVIS FRANKLIN RESOURCES I OPPENHEIMERFUNDS INC MATTHEWS INTERNATION BLACKROCK GROUP LIMI FIDELITY INTERNATION STATE STREET GLOBAL CAPITAL INTERNATIONA INVESTEC ASSET MANAG FIDELITY MANAGEMENT INVESCO LTD MAPS INVESTMENT MANA UBS STRATEGY FUND MG WILLIAM BLAIR & COMP SHINHAN BNP PARIBAS HARVEST FUND MANAGEM BNP PARIBAS ASSET MG

Firm Name

Portfolio Name #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Mirae Asset Securities SHIRLEY ZHAO China International Capital Corp CAI HONGYU Nomura MATTHEW CROSS SinoPac ROBERT WEI Standard Chartered CHEN YAN Jefferies LABAN YU Sanford C. Bernstein & Co MICHAEL W PARKER Daiwa Securities Co. Ltd. DAVE DAI BOCOM International Holdings HE WEI Barclays EPHREM RAVI JPMorgan DANIEL KANG Deutsche Bank JAMES KAN Citic Securities Co., Ltd ZU GUOPENG Capital Securities Corp TEAM COVERAGE Credit Suisse TRINA CHEN Yuanta Securities Investment ConsultingJOHNNY WONG Bank of China International LAWRENCE LAU DBS Vickers JUNE NG Mizuho Securities KELVIN NG Religare Capital Markets TRACY HUANG Core Pacific KENNY CHEUNG Ji Asia SAMUEL THAWLEY Morgan Stanley WEE KIAT TAN HSBC SIMON FRANCIS CIMB JEANNETTE SIM BNP Paribas Equity Research JAMES CLARKE Goldman Sachs JULIAN ZHU Macquarie MATTY ZHAO EVA Dimensions TEAM COVERAGE UOB Kay Hian HELEN LAU KGI Securities FLANNERY HUEI-CHEN ICBC International Securities ANNA YU AMTD Financial Planning Limited KENNY TANG SING HING Guotai Junan LEO WU GuoSen Securities Co Ltd DAVID LAM Masterlink Securities LI XIN SWS Research Co Ltd HUANG ZHE Cinda Securities Ltd CASTOR PANG Celestial Securities Limited HENRY LI

Source EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG

Recommendation buy buy neutral neutral outperform underperform underperform buy neutral overweight overweight buy buy buy outperform buy hold buy neutral buy buy neutral Overwt/In-Line overweight outperform buy Buy/Neutral outperform buy buy neutral buy buy accumulate buy buy neutral buy buy

Amt Held 356'469'743 259'964'114 160'452'854 107'618'000 57'352'200 42'080'000 28'961'500 28'890'183 28'475'414 28'308'370 25'114'025 24'906'500 19'443'550 19'070'036 15'359'845 15'310'500 15'241'804 13'188'130 12'945'000 12'334'746

% Out 10.49 7.65 4.72 3.17 1.69 1.24 0.85 0.85 0.84 0.83 0.74 0.73 0.57 0.56 0.45 0.45 0.45 0.39 0.38 0.36

Weighting

Change 5 5 3 3 5 1 1 5 3 5 5 5 5 5 5 5 3 5 3 5 5 3 5 5 5 5 5 5 5 5 3 5 5 4 5 5 3 5 5

M M M D M M M M M M M M M M M M M M M M M D M M M M M M U M M M M M M M M N N

Latest Chg 296'019 3'747'877 663'000 7'519'000 (16'771'500) 5'950'000 53'500 205'423 (1'575'272) 878'000 661'500 (773'262) 5'738'000 (417'500) (50'000) 4'668'500 (4'207'000) (974'500) (750'922)

Target Price 36 35 30 34 40 25 21 38 35 39 35 37 35 34 38 37 32 38 31 36 44 #N/A N/A 36 37 38 40 38 36 #N/A N/A 36 36 33 30 34 38 38 35 35 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 20.11.2012 Investment Advisor 21.11.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 28.11.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.11.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 23 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 6 month Not Provided Not Provided 12 month

Date 27.11.2012 26.11.2012 26.11.2012 26.11.2012 20.11.2012 20.11.2012 20.11.2012 19.11.2012 19.11.2012 16.11.2012 14.11.2012 06.11.2012 05.11.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 28.10.2012 28.10.2012 26.10.2012 24.09.2012 18.09.2012 05.09.2012 04.09.2012 13.08.2012 16.07.2012 16.07.2012 31.05.2012 14.05.2012 11.05.2012 13.04.2012 07.07.2010 17.03.2010

30.11.2012

China Life Insurance Co Ltd China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

Price/Volume 30

180.0 M 160.0 M

25

140.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2628 HK EQUITY YTD Change 2628 HK EQUITY YTD % CHANGE

12/2011 09/yy 24.70 17.00 32'188'466.00 22.85 -7.49% 34.41% 73.38% 7'441.2 627'482.94 42'990.00 0.0 1'858.0 55'985.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

100.0 M 80.0 M

10

60.0 M 40.0 M

5

20.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 191'372.0 7.65x 38'879.0 27.36x

120.0 M

15

31.12.2008 31.12.2009 299'478.0 339'262.0 1.74x 2.68x 19'137.0 32'881.0 30.50x 29.11x Profitability

LTM-4Q 31.12.2010 385'446.0 1.61x 33'626.0 22.62x

31.12.2011 370'352.0 1.16x 18'331.0 23.96x 5.18% 5.54% 0.90% 7.31% 5.91% 0.21% 4.9% 2.71% 22.45% -

LTM

FY+1

1.25 1.20 7'441.18 20.50% 20.88% 1.198 31 3.419 23'831'770 30'064'300 30'755'040 FY+2

FQ+1

FQ+2

06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 395'553.0 395'204.0 367'384.9 414'547.9 2.06x 0.00x 1.35x 1.18x 0.0 0.0 0.00x 0.00x 28'556.0 11'181.0 15'623.1 29'660.5 21.87x 0.00x 29.75x 15.02x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

AASTABLE 22.4% 18.2% 0.21 -

Sales/Revenue/Turnover

450'000.0 400'000.0

1.00 0.80

350'000.0 300'000.0 250'000.0

0.60

200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 0.0

0.00

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 |

30.11.2012

China Life Insurance Co Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK FUND ADVIS CARMIGNAC GESTION BLACKROCK INC STATE STREET GLOBAL BLACKROCK GROUP LIMI CAPITAL WORLD INVEST COMGEST GROWTH PLC FRANKLIN RESOURCES I FIDELITY INTERNATION SHINHAN BNP PARIBAS INVESCO ASSET MANAGE GAM INTERNATIONAL MA HARVEST FUND MANAGEM CHINA ASSET MANAGEME SCHRODER INVESTMENT DEUTSCHE BANK AG RCM CAPITAL MANAGEME MATTHEWS INTERNATION STATE STREET CORP

Firm Name Credit Suisse Nomura Core Pacific Capital Securities Corp BOCOM International Holdings Standard Chartered Goldman Sachs Barclays Macquarie Bank of China International Jefferies DBS Vickers Kim Eng Securities Mizuho Securities China International Capital Corp SWS Research Co Ltd Guotai Junan UOB Kay Hian CCB International Securities Ltd Morgan Stanley JPMorgan HSBC Deutsche Bank BNP Paribas Equity Research ICBC International Securities AMTD Financial Planning Limited Phillip Securities EVA Dimensions Mirae Asset Securities Sun Hung Kai Securities

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ARJAN VAN VEEN DAVID CHUNG OLIVE XIA TEAM COVERAGE LI WENBING JENNIFER LAW MANCY SUN MARK KELLOCK SCOTT G RUSSELL SUN PENG BARON NIE PING CHENG IVAN LI THOMAS J MONACO TANG SHENGBO ROBERT HU FELIX LUO EDMOND LAW KENNETH YUE BEN LIN CHAN BAO LING JAMES GARNER ESTHER CHWEI DORRIS CHEN PIUS CHENG KENNY TANG SING HING CHEN XINGYU TEAM COVERAGE IVAN CHEUNG KENIX LAI

Source MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral buy hold hold buy in-line neutral/neutral overweight neutral buy hold hold buy underperform buy neutral accumulate hold neutral Equalwt/In-Line neutral neutral buy hold hold buy buy sell hold buy

Amt Held % Out 315'121'285 4.23 191'089'000 2.57 150'281'500 2.02 (78'915'350) -1.06 61'981'243 0.83 52'899'058 0.71 52'870'000 0.71 34'090'000 0.46 32'482'000 0.44 31'894'060 0.43 28'274'342 0.38 21'845'000 0.29 21'751'000 0.29 21'744'000 0.29 21'000'000 0.28 20'558'680 0.28 16'742'526 0.22 15'572'000 0.21 15'359'000 0.21 13'992'332 0.19

Weighting

Change 3 5 3 3 5 3 3 5 3 5 3 3 5 1 5 3 4 3 3 3 3 3 5 3 3 5 5 1 3 5

M M M M M M M U M M M M M M M M M M M M M M M M M M U D M M

Latest Chg 10'370'893 1'281'000 (3'448'832) 400'000 (2'400'000) (14'349'000) (70'098'784) 2'957'000 9'795'000 6'742'000 8'000'000 (5'886'320) 1'127'230 452'000 (1'449'000) 66'000

Target Price 23 27 25 #N/A N/A 26 24 26 30 24 25 23 23 26 12 22 22 27 21 24 23 22 24 27 21 21 22 26 #N/A N/A 20 35

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 28.09.2012 Investment Advisor 16.08.2012 Investment Advisor 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 29.11.2012 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 15 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 28.11.2012 27.11.2012 22.11.2012 16.11.2012 16.11.2012 15.11.2012 13.11.2012 09.11.2012 02.11.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 26.10.2012 26.10.2012 18.10.2012 14.09.2012 21.08.2012 06.07.2012 27.03.2012 16.03.2012 02.01.2012 18.10.2011 10.07.2009

30.11.2012

Ping An Insurance Group Co of China Ltd Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China. The Company writes property, casualty, and life insurance. Ping An Insurance also offers financial services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2011 09/yy 68.60 46.80 13'787'195.00 58.65 -14.50% 25.32% 50.92% 3'129.7 400'884.59 322'062.00 0.0 40'475.0 94'582.00 242'463.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

70

35.0 M

60

30.0 M

50

25.0 M

40

20.0 M

30

15.0 M

20

10.0 M

10

5.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 139'137.0 5.10x 18'688.0 30.00x

80

31.12.2008 31.12.2009 87'666.0 152'961.0 3.19x 3.24x 1'418.0 13'883.0 173.82x 31.68x Profitability

LTM-4Q 31.12.2010 195'052.0 3.37x 17'311.0 32.03x

31.12.2011 272'683.0 2.19x 19'475.0 16.61x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

19.28% 11.01% 1.05% 14.71% 9.85% 0.16% 7.1% 14.09% 246.10% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

0.85 1.43 1'819.53 15.60% 15.48% 1.430 31 4.065 10'494'500 10'923'420 11'242'650 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 244'495.0 313'844.0 321'032.1 362'420.1 9.11x 6.55x 1.60x 1.43x 0.0 0.0 0.00x 0.00x 19'074.0 21'041.0 22'269.9 28'765.7 14.56x 17.85x 16.45x 12.80x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

246.1% 65.3% 0.16 -

Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 02.01.2009

0.0 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 |

30.11.2012

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name HSBC HOLDINGS PLC JP MORGAN CHASE & CO VANGUARD GROUP INC JINJUN CO LTD CAPITAL WORLD INVEST BLACKROCK FUND ADVIS CAPITAL RESEARCH GLO FIDELITY INTERNATION MATTHEWS INTERNATION T ROWE PRICE ASSOCIA STATE STREET GLOBAL MAPS INVESTMENT MANA BLACKROCK GROUP LIMI SHINHAN BNP PARIBAS GAM INTERNATIONAL MA UBS STRATEGY FUND MG JPMORGAN ASSET MANAG SCHRODER INVESTMENT WILLIAM BLAIR & COMP RCM CAPITAL MANAGEME

Firm Name Nomura EVA Dimensions Core Pacific BOCOM International Holdings Morgan Stanley Credit Suisse Standard Chartered Goldman Sachs Capital Securities Corp Barclays Kim Eng Securities Macquarie Jefferies DBS Vickers Mizuho Securities Guotai Junan UOB Kay Hian JPMorgan CCB International Securities Ltd HSBC AMTD Financial Planning Limited Deutsche Bank Bank of China International SWS Research Co Ltd BNP Paribas Equity Research ICBC International Securities Phillip Securities China International Capital Corp Mirae Asset Securities China Merchants Securities

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios

Analyst DAVID CHUNG TEAM COVERAGE OLIVE XIA LI WENBING BEN LIN ARJAN VAN VEEN JENNIFER LAW MANCY SUN TEAM COVERAGE MARK KELLOCK IVAN LI SCOTT G RUSSELL BARON NIE PING CHENG THOMAS J MONACO FELIX LUO EDMOND LAW CHAN BAO LING KENNETH YUE JAMES GARNER KENNY TANG SING HING ESTHER CHWEI SUN PENG ROBERT HU DORRIS CHEN PIUS CHENG CHEN XINGYU TANG SHENGBO IVAN CHEUNG LUO JINMING

Source Co File EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG

Recommendation neutral sell buy buy Overwt/In-Line outperform outperform Buy/Neutral buy overweight buy neutral hold buy buy accumulate buy overweight outperform neutral buy hold hold neutral hold hold buy buy hold buy

Amt Held 1'233'926'425 243'194'832 79'442'338 76'000'000 62'128'000 57'803'500 33'530'000 30'429'639 26'300'500 18'097'300 16'944'635 16'581'389 13'182'027 10'656'202 8'742'500 8'487'900 8'438'000 8'016'500 7'514'449 6'135'000

% Out 39.43 7.77 2.54 2.43 1.99 1.85 1.07 0.97 0.84 0.58 0.54 0.53 0.42 0.34 0.28 0.27 0.27 0.26 0.24 0.2

Weighting

Change 3 1 5 5 5 5 5 5 5 5 5 3 3 5 5 4 5 5 5 3 5 3 3 3 3 3 5 5 3 5

D D M M M M M M M M M M M M M M M M U M M M M M M M M M D M

Latest Chg 6'517'105 (120'000'000) (1'602'000) 348'500 3'572'000 (12'902'549) 553'000 532'500 (894'024) (106'966) 30'500 912'000 (78'500) 208'500 2'040'500 (2'213'000) 1'437'000 164'500

Target Price 67 #N/A N/A 71 75 80 73 72 79 70 83 70 67 63 73 68 73 78 70 72 74 64 65 66 62 67 63 80 77 58 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2011 Investment Advisor 26.10.2012 Investment Advisor 30.09.2012 Investment Advisor 24.08.2011 Corporation 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 29.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 38 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Date 27.11.2012 26.11.2012 22.11.2012 20.11.2012 19.11.2012 15.11.2012 13.11.2012 13.11.2012 13.11.2012 09.11.2012 06.11.2012 02.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 18.10.2012 16.10.2012 14.09.2012 24.08.2012 24.08.2012 21.08.2012 06.07.2012 02.03.2012 27.10.2011 18.10.2011 12.02.2009

30.11.2012

Bank of Communications Co Ltd Bank of Communications Co. Ltd. provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Price/Volume 7

120.0 M

6

100.0 M

5

80.0 M

4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (16.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3328 HK EQUITY YTD Change 3328 HK EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

2

20.0 M

1 0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 99'579.0 20'274.0 24.24x

60.0 M

3

12/2011 09/yy 6.55 4.75 38'350'058.00 5.68 -13.28% 19.58% 45.56% 35'011.9 405'517.72 949'230.00 0.0 986.0 1'181'145.00 -

31.12.2008 31.12.2009 129'757.0 132'775.0 28'524.0 30'118.0 8.49x 13.01x Profitability

LTM-4Q 31.12.2010 164'124.0 39'042.0 9.09x

31.12.2011 218'749.0 50'735.0 5.37x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

49.99% 50.16% 1.17% 20.32% 4.37% 0.05% 38.9% 20.59% 349.24% -

Price/ Cash Flow

LTM

FY+1

.0 M n-12

2.19 1.18 10'041.70 19.67% 7.11% 1.183 38 3.053 23'369'380 29'101'060 32'215'960 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 205'404.0 262'090.0 146'497.0 158'630.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 47'921.0 56'832.0 56'172.1 55'529.2 13'142.0 5.02x 4.71x 5.63x 6.02x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 349.2% Total Debt/Capital 77.7% Asset Turnover 0.05 Net Fixed Asset Turnover 6.81 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

600.00

250'000.0

500.00

200'000.0

400.00

150'000.0

300.00

100'000.0 200.00

50'000.0

100.00 0.00 02.01.2009

0.0 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 |

30.11.2012

Bank of Communications Co Ltd Holdings By:

All

Holder Name HSBC HOLDINGS PLC SOCIAL SECURITY FUND CHINA MINISTRY OF FI BLACKROCK FUND ADVIS VANGUARD GROUP INC BLACKROCK GROUP LIMI STATE STREET GLOBAL CHINA ASSET MANAGEME MANULIFE FUNDS DIREC INVESCO ASSET MANAGE HARVEST FUND MANAGEM SEB FONDFORVALTNING DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER STATE STREET CORP DIMENSIONAL FUND ADV BNP PARIBAS ASSET MG SKANDIA GLOBAL FUNDS SCHRODER INVESTMENT HANDELSBANKEN FONDER

Firm Name Religare Capital Markets HSBC Mizuho Securities Sanford C. Bernstein & Co UOB Kay Hian Credit Suisse Standard Chartered ICBC International Securities BNP Paribas Equity Research Jefferies Nomura Bank of China International CCB International Securities Ltd JPMorgan DBS Vickers Kim Eng Securities Morgan Stanley Macquarie CIMB Daiwa Securities Co. Ltd. SWS Research Co Ltd Deutsche Bank Goldman Sachs EVA Dimensions Barclays Core Pacific China International Capital Corp Mirae Asset Securities Citic Securities Co., Ltd Masterlink Securities Phillip Securities BOCOM International Holdings Guotai Junan Capital Securities Corp

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SOPHIE JIANG TODD DUNIVANT JIM ANTOS MICHAEL WERNER EDMOND LAW SANJAY JAIN LAWRENCE CHEN IVAN LIN DORRIS CHEN JACLYN WANG LUCY FENG JINHUA YIN SHENG NAN JOSHUA KLACZEK ALEXANDER LEE IVAN LI RICHARD XU VICTOR WANG TREVOR KALCIC GRACE WU ROBERT HU TRACY YU NING MA TEAM COVERAGE MAY YAN TIMOTHY LI MAO JUNHUA NAN LI ZHU YAN RAINY YUAN CHEN XINGYU LI SHANSHAN WILSON LI XIE JIYONG

Source EXCH Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold neutral underperform market perform sell underperform underperform hold buy hold neutral hold neutral neutral hold hold Underwt/In-Line neutral neutral hold neutral hold Sell/Neutral buy equalweight hold buy hold overweight hold accumulate buy accumulate buy

Amt Held 14'147'386'095 7'027'777'778 3'795'000'000 411'208'600 308'010'788 86'603'703 60'755'830 31'600'000 21'636'000 15'726'000 14'876'400 14'858'044 12'341'076 11'893'058 11'473'028 7'582'713 6'899'194 6'863'000 6'554'300 5'989'142

% Out 40.41 20.07 10.84 1.17 0.88 0.25 0.17 0.09 0.06 0.04 0.04 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02

Weighting

Change 3 3 1 3 1 1 1 3 5 3 3 3 3 3 3 3 1 3 3 3 3 3 1 5 3 3 5 3 5 3 4 5 4 5

M M M M M M M M M M M M M D D M M D M M M M M U M M M M M M D M M M

Latest Chg 916'666'667 2'231'000 4'705'921 289'000 (3'382'084) 14'000'000 15'726'000 (4'943'000) (756'128) 63'000 4'928'983 (309'000) 2'998'000 -

Target Price 5 6 6 6 5 6 5 6 7 6 5 5 6 6 6 6 4 6 5 5 9 6 6 #N/A N/A 6 5 8 6 #N/A N/A 6 7 #N/A N/A 6 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.03.2012 Investment Advisor 31.12.2010 Government 31.12.2010 Government 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Unclassified 31.05.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.04.2011 Investment Advisor 28.11.2012 Investment Advisor 31.01.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 31 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.11.2012 26.11.2012 23.11.2012 20.11.2012 20.11.2012 16.11.2012 12.11.2012 08.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 26.10.2012 11.10.2012 02.10.2012 06.09.2012 05.09.2012 31.08.2012 03.07.2012 29.06.2012 13.06.2012 10.05.2012 03.05.2012 09.04.2012 03.04.2012

30.11.2012

China Unicom Hong Kong Ltd China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China. The Company's services include cellular, paging, long distance, data, and Internet services.

Price/Volume 18

140.0 M

16

120.0 M

14

100.0 M

12

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.12.2011) 52-Week Low (18.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 762 HK EQUITY YTD Change 762 HK EQUITY YTD % CHANGE

12/2011 09/yy 16.98 9.45 27'046'772.00 12.08 -28.86% 27.83% 34.13% 23'565.1 284'665.81 107'108.00 0.0 0.0 15'410.00 330'064.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

80.0 M

8

60.0 M

6

40.0 M

4

20.0 M

2 0 n-11

31.12.2008 31.12.2009 159'792.0 153'945.0 1.34x 1.81x 70'301.0 59'317.0 3.05x 4.69x 35'398.0 9'556.0 24.82x 22.63x Profitability

LTM-4Q 31.12.2010 171'370.0 1.73x 60'349.0 4.91x 3'701.0 58.92x

31.12.2011 209'167.0 1.93x 63'996.0 6.31x 4'227.0 73.63x 63'996.00 5'975.00 2.86% 2.68% 1.10% 2.43% 2.30% 0.50% 29.7% 3.6% 2.0% 0.18 0.13 23.48% 52.02% 19.07 -

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

LTM

FY+1

1.03 0.82 4'576.91 -24.02% -25.23% 0.819 36 3.889 20'689'860 29'367'010 25'883'260 FY+2

FQ+1

FQ+2

18.36 -3.98 1.38 1.65 52.0% 34.2% 0.50 0.60 19.19 -

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

j-12

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 201'685.0 238'426.0 251'732.8 288'630.5 65'792.5 65'752.0 6.95x 5.75x 1.32x 1.19x 48'995.0 55'157.0 73'739.6 85'807.0 18'028.0 20'064.0 0.00x 0.00x 4.48x 3.85x 4.03x 3.88x 4'265.0 5'417.0 6'983.7 11'499.2 1'403.5 2'476.0 73.99x 45.73x 32.90x 20.05x 21.33x 19.03x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.20

0.80

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 150'687.0 1.87x 77'739.0 3.62x 21'437.0 19.25x

10

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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 |

30.11.2012

China Unicom Hong Kong Ltd Holdings By:

All

Holder Name CHINA UNICOM BVI LTD CHINA NETCOM GROUP C TELEFONICA INTERNACI BLACKROCK FUND ADVIS VANGUARD GROUP INC T ROWE PRICE ASSOCIA MASSACHUSETTS FINANC FIDELITY INTERNATION BLACKROCK GROUP LIMI STATE STREET GLOBAL SKAGEN AS WADDELL & REED FINAN CAPITAL WORLD INVEST CARMIGNAC GESTION EASTSPRING INVESTMEN UBS STRATEGY FUND MG BLACKROCK INVESTMENT CHINA SOUTHERN FUND SHINHAN BNP PARIBAS IVY MANAGEMENT INCOR

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura DANNY CHU Credit Suisse COLIN MCCALLUM Bank of China International MICHAEL MENG Kim Eng Securities ANDY POON Morgan Stanley NAVIN KILLA Jefferies CYNTHIA JINHONG MENG Haitong International Securities ALEX LEE CIMB BERTRAM LAI BNP Paribas Equity Research ALEN LIN DBS Vickers TAM TSZ-WANG Core Pacific KEVIN TAM BOCOM International Holdings LI ZHIWU Standard Chartered STEVEN LIU Pacific Crest Securities STEVE CLEMENT Barclays ANAND RAMACHANDRAN Capital Securities Corp HU JIAMING China International Capital Corp CHEN HAOFEI SWS Research Co Ltd JIM TANG UOB Kay Hian VICTOR YIP ICBC International Securities KARY SEI JPMorgan LUCY LIU Guotai Junan RICKY LAI Yuanta Securities Investment ConsultingTEAM COVERAGE EVA Dimensions TEAM COVERAGE First Shanghai Securities Ltd TSOI HO Deutsche Bank ALAN HELLAWELL Macquarie LISA SOH Mizuho Securities MARVIN LO HSBC TUCKER GRINNAN Religare Capital Markets RUMIT DUGAR Goldman Sachs DONALD LU Ji Asia NEIL JUGGINS Everbright Securities Co., Ltd MICHAEL LI Citic Securities Co., Ltd JUNTAO GONG AMTD Financial Planning Limited KENNY TANG SING HING

Source 13D 13D 13D MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy hold Overwt/In-Line buy buy outperform buy buy Positive neutral in-line outperform equalweight hold buy buy hold hold overweight accumulate Under Review sell buy buy underperform neutral underweight buy neutral/neutral sell not rated buy buy

Amt Held 9'725'000'020 8'082'130'236 1'180'601'587 210'630'028 204'525'504 177'568'000 128'259'944 110'208'009 66'039'376 39'256'216 38'779'790 30'232'000 24'000'000 22'990'461 19'793'990 19'222'000 18'662'100 17'064'000 16'308'000 15'594'000

% Out 41.27 34.3 5.01 0.89 0.87 0.75 0.54 0.47 0.28 0.17 0.16 0.13 0.1 0.1 0.08 0.08 0.08 0.07 0.07 0.07

Weighting

Change

5 5 5 3 5 5 5 5 5 5 4 3 3 5 3 3 5 5 3 3 5 4 #N/A N/A 1 5 5 1 3 1 5 3 1 #N/A N/A 5 5

M M M M M M M M M M M M U M M M M M M M M U M D M M M U D M M D M N M

Latest Chg 1'214'000 4'877'000 14'892'000 2'006'000 48'456'409 698'000 (2'184'353) 17'031'540 (5'334'000) 24'000'000 66'000 896'000 (16'000) (78'000)

Target Price 18 18 17 13 18 16 16 16 15 15 #N/A N/A 11 12 15 13 #N/A N/A 16 16 12 13 16 15 #N/A N/A #N/A N/A 15 19 12 15 10 15 14 8 #N/A N/A 21 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.07.2012 Government 30.07.2012 Government 30.07.2012 Corporation 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2010 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided

Date 29.11.2012 26.11.2012 22.11.2012 22.11.2012 21.11.2012 21.11.2012 21.11.2012 21.11.2012 21.11.2012 20.11.2012 20.11.2012 20.11.2012 16.11.2012 13.11.2012 07.11.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 28.09.2012 07.09.2012 06.09.2012 30.08.2012 28.08.2012 24.08.2012 24.08.2012 23.08.2012 23.08.2012 15.08.2012 26.06.2012 22.05.2012 09.03.2012 06.01.2012

30.11.2012

China Merchants Bank Co Ltd China Merchants Bank Co., Ltd. provides a wide range of commercial banking services including deposit, loan, bill discount, government bonds underwriting and trading, interbank lending, letter of credit, bank guarantee, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3968 HK EQUITY YTD Change 3968 HK EQUITY YTD % CHANGE

12/2011 09/yy 18.30 12.02 25'750'323.00 14.84 -18.91% 23.46% 41.72% 3'910.5 278'352.41 366'138.00 0.0 13.0 676'706.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

31.12.2008 31.12.2009 82'401.0 78'480.0 21'077.0 18'235.0 8.50x 19.00x Profitability

LTM-4Q 31.12.2010 100'188.0 25'769.0 10.41x

31.12.2011 142'837.0 36'129.0 7.11x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

48.07% 48.13% 1.37% 25.04% 6.33% 0.06% 36.9% 13.10% 221.91% -

Price/ Cash Flow

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 59'531.0 15'243.0 38.11x

20 18 16 14 12 10 8 6 4 2 0 n-11

LTM

FY+1

3.52 1.42 3'910.48 10.66% -2.17% 1.417 38 3.395 16'477'370 16'220'190 19'757'800 FY+2

FQ+1

FQ+2

06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 57'192.0 169'237.0 112'978.5 125'125.3 0.00x 0.00x 0.0 0.0 0.00x 0.00x 16'192.0 44'578.0 41'660.3 43'424.3 9'617.0 12'102.0 0.00x 0.00x 6.47x 6.55x 6.93x 6.62x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 221.9% Total Debt/Capital 68.9% Asset Turnover 0.06 Net Fixed Asset Turnover 8.82 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

250.00

160'000.0 140'000.0

200.00

120'000.0 100'000.0

150.00

80'000.0 100.00

60'000.0 40'000.0

50.00

0.00 02.01.2009

20'000.0 0.0 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 |

30.11.2012

China Merchants Bank Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES I JP MORGAN CHASE & CO BLACKROCK INC BLACKROCK FUND ADVIS VANGUARD GROUP INC THORNBURG INVESTMENT COMMONWEALTH BANK OF DEUTSCHE BANK AG FIDELITY INTERNATION DEUTSCHE BANK AG MAPS INVESTMENT MANA MATTHEWS INTERNATION BLACKROCK INC JPMORGAN ASSET MANAG BLACKROCK GROUP LIMI CHINA ASSET MANAGEME BNP PARIBAS ASSET MG MIRAE ASSET GLOBAL I ROBECO INVESTOR SERV UBS STRATEGY FUND MG

Firm Name Religare Capital Markets HSBC BOCOM International Holdings EVA Dimensions Mizuho Securities CMB International Capital Corp Ltd Jefferies Sanford C. Bernstein & Co UOB Kay Hian Credit Suisse Standard Chartered Capital Securities Corp ICBC International Securities JPMorgan BNP Paribas Equity Research Nomura CCB International Securities Ltd Core Pacific Bank of China International DBS Vickers Kim Eng Securities Mirae Asset Securities Morgan Stanley CIMB Daiwa Securities Co. Ltd. SWS Research Co Ltd Deutsche Bank Goldman Sachs Barclays Masterlink Securities Guotai Junan AMTD Financial Planning Limited Citic Securities Co., Ltd Macquarie Phillip Securities China International Capital Corp

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SOPHIE JIANG ERIC MAK LI SHANSHAN TEAM COVERAGE JIM ANTOS TEAM COVERAGE TAN MING MICHAEL WERNER EDMOND LAW SANJAY JAIN LAWRENCE CHEN TEAM COVERAGE IVAN LIN JOSHUA KLACZEK DORRIS CHEN LUCY FENG SHENG NAN TIMOTHY LI SUN PENG ALEXANDER LEE IVAN LI NAN LI RICHARD XU TREVOR KALCIC GRACE WU ROBERT HU TRACY YU NING MA MAY YAN RAINY YUAN WILSON LI KENNY TANG SING HING ZHU YAN VICTOR WANG CHEN XINGYU MAO JUNHUA

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG Short MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell overweight long-term buy buy underperform buy buy underperform sell neutral outperform buy hold underweight buy buy neutral hold hold hold sell hold Overwt/In-Line neutral outperform neutral hold Buy/Neutral underweight buy accumulate buy buy outperform buy buy

Amt Held % Out 429'972'565 11 393'342'304 10.06 297'222'639 7.6 168'470'005 4.31 166'483'718 4.26 161'970'732 4.14 100'972'266 2.58 94'671'177 2.42 86'630'397 2.22 (64'631'275) -1.65 48'138'932 1.23 47'160'464 1.21 (32'297'667) -0.83 27'876'081 0.71 25'858'369 0.66 23'236'500 0.59 20'867'750 0.53 14'845'700 0.38 13'113'000 0.34 10'990'979 0.28

Weighting

Change 1 5 5 5 1 5 5 1 1 3 5 5 3 1 5 5 3 3 3 3 1 3 5 3 5 3 3 5 1 5 4 5 5 5 5 5

M M M U M M M M M M M M M M M M M M M D D M M M M M M M D M M M M M M U

Latest Chg 179'500 960'000 (33'945'463) 418'000 11'695'843 378'500 162'562 111'000 15'196'500 (3'417'739) 2'916'000 (3'300'000) -

Target Price 10 17 17 #N/A N/A 13 16 18 13 14 17 16 17 15 14 17 17 16 14 15 16 13 17 17 14 17 19 14 21 15 16 17 15 #N/A N/A 21 18 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.09.2012 Investment Advisor 05.07.2012 Investment Advisor 08.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Bank 24.02.2012 Investment Advisor 29.02.2012 Investment Advisor 24.02.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 08.11.2012 Investment Advisor 31.07.2012 Investment Advisor 28.11.2012 Investment Advisor 31.12.2011 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 27 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 28.11.2012 26.11.2012 26.11.2012 26.11.2012 23.11.2012 22.11.2012 20.11.2012 20.11.2012 20.11.2012 16.11.2012 12.11.2012 12.11.2012 08.11.2012 07.11.2012 07.11.2012 05.11.2012 01.11.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 11.10.2012 06.09.2012 23.08.2012 20.08.2012 20.08.2012 29.06.2012 19.06.2012 11.06.2012 19.07.2011

30.11.2012

China Telecom Corp Ltd China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

Price/Volume 6

350.0 M

5

300.0 M 250.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 728 HK EQUITY YTD Change 728 HK EQUITY YTD % CHANGE

12/2011 09/yy 4.92 3.23 59'616'000.00 4.22 -14.23% 30.65% 56.80% 13'877.4 341'534.59 52'103.00 0.0 788.0 29'176.00 284'038.56

31.12.2007 180'882.0 3.07x 90'348.0 6.14x 24'195.0 19.34x

150.0 M

2

100.0 M

1

50.0 M

0 n-11

d-11

31.12.2008 31.12.2009 186'529.0 209'370.0 1.62x 1.44x 83'192.0 75'654.0 3.64x 4.00x 884.0 14'422.0 254.52x 15.85x Profitability

LTM-4Q 31.12.2010 219'864.0 1.48x 75'667.0 4.30x 15'347.0 18.16x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 245'041.0 1.28x 75'353.0 4.17x 16'502.0 17.93x 75'353.00 24'129.00 9.85% 8.98% 3.69% 6.27% 5.79% 0.63% 28.0% 8.8% 6.7% 0.47 0.37 12.43% 20.35% 12.20 -

Price/ Cash Flow

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

LTM

FY+1

0.70 12'970.22 -5.91% -2.07% 0.701 35 3.829 51'056'640 65'644'360 69'579'820 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 239'059.0 272'667.0 279'716.6 310'596.0 70'827.0 65'557.0 2.90x 0.85x 1.22x 1.16x 58'829.0 55'929.0 75'520.2 98'076.0 15'953.0 0.00x 0.00x 3.76x 2.90x 17'025.0 15'207.0 15'028.0 19'472.0 2'141.5 4'322.0 19.37x 19.37x 18.23x 14.01x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.93 8.86 0.12 0.64 20.3% 16.9% 0.63 0.87 30.00 -

Sales/Revenue/Turnover

6.00

300'000.0

5.00

250'000.0

4.00

200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 02.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200.0 M

3

Valuation Analysis

0.0 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 |

30.11.2012

China Telecom Corp Ltd Holdings By:

All

Holder Name JP MORGAN CHASE & CO BLACKROCK INC RFS HOLDINGS BV RFS HOLDINGS BV COMMONWEALTH BANK OF CAPITAL RESEARCH AND FRANKLIN RESOURCES I CAPITAL WORLD INVEST VANGUARD GROUP INC BLACKROCK FUND ADVIS BLACKROCK INC BLACKROCK GROUP LIMI FIDELITY INTERNATION SCHRODER INVESTMENT RCM CAPITAL MANAGEME SHINHAN BNP PARIBAS FIDELITY MANAGEMENT SKANDIA GLOBAL FUNDS MASON STREET ADVISOR MONTGOMERY ASSET MAN

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura DANNY CHU Haitong International Securities ALEX LEE DBS Vickers TAM TSZ-WANG SWS Research Co Ltd JIM TANG BOCOM International Holdings LI ZHIWU Ji Asia NEIL JUGGINS Credit Suisse COLIN MCCALLUM Pacific Crest Securities STEVE CLEMENT BNP Paribas Equity Research ALEN LIN Barclays ANAND RAMACHANDRAN EVA Dimensions TEAM COVERAGE Kim Eng Securities ANDY POON UOB Kay Hian VICTOR YIP ICBC International Securities KARY SEI Standard Chartered STEVEN LIU Morgan Stanley NAVIN KILLA JPMorgan LUCY LIU Jefferies CYNTHIA JINHONG MENG CIMB BERTRAM LAI Mizuho Securities MARVIN LO Guotai Junan RICKY LAI Deutsche Bank ALAN HELLAWELL Yuanta Securities Investment ConsultingTEAM COVERAGE First Shanghai Securities Ltd TSOI HO Goldman Sachs DONALD LU Capital Securities Corp TEAM COVERAGE Macquarie LISA SOH Bank of China International MICHAEL MENG HSBC TUCKER GRINNAN Religare Capital Markets RUMIT DUGAR China International Capital Corp CHEN HAOFEI Citic Securities Co., Ltd JUNTAO GONG AMTD Financial Planning Limited KENNY TANG SING HING

Source EXCH EXCH Short 20F MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral hold buy underperform neutral buy outperform outperform hold equalweight underweight hold hold hold outperform Equalwt/In-Line overweight buy neutral buy accumulate buy Under Review hold neutral/neutral hold outperform buy neutral hold buy buy buy

Amt Held % Out 1'356'998'999 9.78 1'191'417'323 8.59 (1'180'327'134) -8.51 907'191'530 6.54 842'058'000 6.07 690'412'000 4.98 680'257'811 4.9 641'749'000 4.62 641'460'984 4.62 570'220'000 4.11 (140'956'088) -1.02 138'856'982 1 91'075'236 0.66 87'140'000 0.63 58'948'000 0.42 55'046'366 0.4 54'556'393 0.39 48'458'000 0.35 45'846'000 0.33 43'828'000 0.32

Weighting 3 3 5 1 3 5 5 5 3 3 1 3 3 3 5 3 5 5 3 5 4 5 #N/A N/A 3 3 3 5 5 3 3 5 5 5

Change M M M M M U U M M D D M M M M M M M M M U M M M M M M M M M M N M

Latest Chg (5'334'000) (17'201'530) (6'275'000) 62'199'334 3'214'000 (3'004'000) 41'893'814 15'052'000 (2'468'000) (20'036'000) (8'649'751) 1'408'000 (5'000'000)

Target Price 5 4 6 4 4 5 5 5 5 5 #N/A N/A 5 5 5 6 5 5 6 5 5 5 6 #N/A N/A 5 5 #N/A N/A 4 6 5 4 6 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.11.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2011 Government 23.04.2012 Government 31.08.2012 Bank 21.06.2011 Investment Advisor 13.09.2011 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 09.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.12.2011 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided

Date 29.11.2012 21.11.2012 21.11.2012 21.11.2012 21.11.2012 21.11.2012 15.11.2012 13.11.2012 07.11.2012 06.11.2012 05.11.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 15.10.2012 26.09.2012 19.09.2012 30.08.2012 29.08.2012 23.08.2012 23.08.2012 23.08.2012 22.08.2012 22.08.2012 06.08.2012 24.07.2012 23.07.2012

30.11.2012

China Citic Bank Corp Ltd China CITIC Bank Corporation Limited provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, currency trading, bank guarantee, and export credit.

Price/Volume 6

700.0 M

5

600.0 M 500.0 M

4

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 998 HK EQUITY YTD Change 998 HK EQUITY YTD % CHANGE

12/2011 09/yy 5.15 3.50 52'756'188.00 4 -22.33% 14.29% 27.27% 14'882.2 203'679.42 583'758.00 0.0 4'285.0 905'696.00 -

31.12.2007 43'564.0 8'322.0 19.89x

300.0 M

2

200.0 M

1

100.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400.0 M

3

Valuation Analysis

31.12.2008 31.12.2009 66'493.0 61'458.0 13'296.0 14'320.0 5.83x 15.78x Profitability

LTM-4Q 31.12.2010 80'283.0 21'509.0 7.77x

31.12.2011 117'780.0 30'819.0 4.99x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

54.42% 54.53% 1.36% 21.78% 6.85% 0.05% 40.4% 21.11% 334.54% -

Price/ Cash Flow

LTM

09/yy 09/yy 107'181.0 148'634.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 28'542.0 33'819.0 3.84x 4.26x

FY+1

4.51 1.26 7'962.20 4.66% -4.20% 1.262 38 3.789 22'706'050 57'296'960 51'313'810 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 88'059.9 95'617.4 25'908.0 33'687.2 33'250.1 7'840.0 4.44x 4.47x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

334.5% 76.6% 0.05 13.21 -

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 02.01.2009

20'000.0 0.0 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 |

30.11.2012

China Citic Bank Corp Ltd Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA LEHMAN BROTHERS ASIA BLACKROCK INC BLACKROCK FUND ADVIS JP MORGAN CHASE & CO VANGUARD GROUP INC BLACKROCK GROUP LIMI FIDELITY INTERNATION BLACKROCK INC BANK OF NEW YORK MEL CHINA INTERNATIONAL T ROWE PRICE ASSOCIA SEB FONDFORVALTNING GAM INTERNATIONAL MA CHARLES SCHWAB INVES KB ASSET MANAGEMENT GOLDMAN SACHS GROUP GOLDMAN SACHS ASSET JP MORGAN CHASE & CO NORDEA INVESTMENT FU

Firm Name Religare Capital Markets BOCOM International Holdings HSBC Mizuho Securities CMB International Capital Corp Ltd Sanford C. Bernstein & Co Credit Suisse Standard Chartered ICBC International Securities JPMorgan BNP Paribas Equity Research Jefferies Nomura CCB International Securities Ltd Core Pacific Bank of China International DBS Vickers Kim Eng Securities Daiwa Securities Co. Ltd. SWS Research Co Ltd Morgan Stanley CIMB China International Capital Corp Deutsche Bank Goldman Sachs Barclays Guotai Junan Mirae Asset Securities Masterlink Securities Citic Securities Co., Ltd Macquarie Phillip Securities EVA Dimensions Capital Securities Corp

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst SOPHIE JIANG LI SHANSHAN ERIC MAK JIM ANTOS TEAM COVERAGE MICHAEL WERNER SANJAY JAIN LAWRENCE CHEN IVAN LIN JOSHUA KLACZEK DORRIS CHEN TAN MING LUCY FENG SHENG NAN TIMOTHY LI JINHUA YIN ALEXANDER LEE IVAN LI GRACE WU ROBERT HU RICHARD XU TREVOR KALCIC MAO JUNHUA TRACY YU NING MA MAY YAN WILSON LI NAN LI RAINY YUAN ZHU YAN VICTOR WANG CHEN XINGYU TEAM COVERAGE TEAM COVERAGE

Source EXCH Co File EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG

Recommendation sell long-term buy overweight neutral buy market perform neutral in-line hold neutral hold buy neutral neutral hold buy buy buy hold outperform Equalwt/In-Line neutral buy hold neutral/neutral equalweight buy hold hold overweight outperform buy buy buy

Amt Held % Out 6'916'390'144 46.47 2'198'463'000 14.77 756'591'569 5.08 417'702'200 2.81 325'402'538 2.19 318'508'338 2.14 114'786'554 0.77 95'024'522 0.64 (62'401'924) -0.42 45'286'500 0.3 40'752'000 0.27 31'267'681 0.21 31'137'386 0.21 26'129'200 0.18 22'576'800 0.15 19'912'000 0.13 18'980'000 0.13 18'846'000 0.13 (15'762'973) -0.11 13'269'000 0.09

Weighting

Change 1 5 5 3 5 3 3 3 3 3 3 5 3 3 3 5 5 5 3 5 3 3 5 3 3 3 5 3 3 5 5 5 5 5

M M M U M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M

Latest Chg 2'167'000 8'890'469 (506'000) 94'528'690 40'472'000 2'113'635 (10'579'000) (385'000) 1'367'000 (7'755'000) 719'000 599'000

Target Price 3 5 6 4 5 4 5 4 5 5 4 5 4 5 4 4 4 5 4 6 3 3 6 4 5 4 6 4 5 #N/A N/A 5 5 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.07.2011 Bank 31.12.2010 Investment Advisor 26.10.2012 Investment Advisor 28.11.2012 Investment Advisor 24.10.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 29.02.2012 Investment Advisor 26.10.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 29.11.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 24.10.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 26 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 28.11.2012 28.11.2012 26.11.2012 23.11.2012 22.11.2012 20.11.2012 16.11.2012 12.11.2012 08.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 11.10.2012 06.09.2012 31.08.2012 31.08.2012 05.07.2012 29.06.2012 19.06.2012 19.06.2012 21.05.2012 05.04.2012

30.11.2012

China Minsheng Banking Corp Ltd China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.

The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

Price/Volume 8

250.0 M

7

200.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1988 HK EQUITY YTD Change 1988 HK EQUITY YTD % CHANGE

12/2011 09/yy 8.23 5.35 40'764'594.00 7.6 -7.65% 42.06% 74.31% 5'778.0 220'748.44 405'150.00 0.0 4'513.0 602'886.00 -

31.12.2007 43'036.0 6'335.0 41.17x

100.0 M

3 2

50.0 M

1 0 n-11

d-11

31.12.2008 31.12.2009 61'198.0 63'580.0 7'885.0 12'104.0 9.69x 12.56x Profitability

LTM-4Q 31.12.2010 80'034.0 17'581.0 7.61x

31.12.2011 135'546.0 27'920.0 5.61x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

45.23% 44.74% 1.43% 25.53% 5.07% 0.07% 33.6% 18.18% 312.62% -

Price/ Cash Flow

f-12

m-12

LTM

09/yy 09/yy 121'193.0 168'332.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 25'960.0 35'344.0 5.69x 4.35x

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

FY+1

1.08 5'115.18 33.09% 22.02% 1.085 36 3.917 23'469'120 35'680'920 43'765'460 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 97'504.5 108'016.1 1.75x 1.60x 33'487.5 33'891.3 5.06x 5.13x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

NR 312.6% 75.1% 0.07 18.96 -

Sales/Revenue/Turnover

16.00

160'000.0

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 02.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150.0 M

4

Valuation Analysis

0.0 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 |

30.11.2012

China Minsheng Banking Corp Ltd Holdings By:

All

Holder Name BLACKROCK INC JP MORGAN CHASE & CO CITIGROUP INCORPORAT WADDELL & REED FINAN CITIGROUP INCORPORAT MORGAN STANLEY YUZHU SHI UBS AG GOLDMAN SACHS GROUP MORGAN STANLEY BLACKROCK FUND ADVIS FOSUN INTERNATIONAL VANGUARD GROUP INC DEUTSCHE BANK AG DEUTSCHE BANK AG BLACKROCK INC ROBECO INVESTOR SERV TOPPER LINK LTD PRUDENTIAL INSURANCE BLACKROCK GROUP LIMI

Firm Name Religare Capital Markets Core Pacific HSBC BOCOM International Holdings Mizuho Securities CMB International Capital Corp Ltd UOB Kay Hian Jefferies Credit Suisse Standard Chartered ICBC International Securities BNP Paribas Equity Research Nomura CCB International Securities Ltd JPMorgan Capital Securities Corp Bank of China International DBS Vickers Daiwa Securities Co. Ltd. SWS Research Co Ltd Guotai Junan Morgan Stanley CIMB Deutsche Bank Goldman Sachs Macquarie EVA Dimensions China International Capital Corp Mirae Asset Securities Barclays Citic Securities Co., Ltd Masterlink Securities Phillip Securities AMTD Financial Planning Limited

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a n/a n/a #N/A N/A n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a PRUDENTIAL INSURANCE Multiple Portfolios

Analyst SOPHIE JIANG TIMOTHY LI ERIC MAK YANG QINGLI JIM ANTOS TEAM COVERAGE EDMOND LAW TAN MING DAISY WU LAWRENCE CHEN IVAN LIN DORRIS CHEN LUCY FENG SHENG NAN JOSHUA KLACZEK XIE JIYONG SUN PENG ALEXANDER LEE GRACE WU ROBERT HU WILSON LI RICHARD XU TREVOR KALCIC TRACY YU NING MA VICTOR WANG TEAM COVERAGE MAO JUNHUA NAN LI MAY YAN ZHU YAN RAINY YUAN CHEN XINGYU KENNY TANG SING HING

Source EXCH EXCH EXCH EXCH Short Short EXCH EXCH Short EXCH MF-AGG EXCH MF-AGG EXCH Short Short MF-AGG EXCH Sch-D MF-AGG

Recommendation buy hold underweight buy buy buy buy buy underperform in-line hold buy buy outperform underweight buy hold hold hold buy buy Equalwt/In-Line outperform hold Buy/Neutral outperform buy buy buy equalweight buy buy accumulate buy

Amt Held % Out 524'401'352 9.08 501'004'317 8.67 452'895'866 7.84 406'493'740 7.04 (388'822'183) -6.73 (340'613'751) -5.9 336'279'500 5.82 287'300'660 4.97 (267'744'413) -4.63 257'540'618 4.46 250'245'800 4.33 248'947'500 4.31 221'063'808 3.83 190'412'589 3.3 (165'871'847) -2.87 (105'435'424) -1.82 79'228'500 1.37 74'355'000 1.29 68'000'000 1.18 39'962'420 0.69

Weighting

Change 5 3 1 5 5 5 5 5 1 3 3 5 5 5 1 5 3 3 3 5 5 3 5 3 5 5 5 5 5 3 5 5 4 5

N M M M U M M M M M M M M M D M M M M M M M M M M M U M M D M M D N

Latest Chg 9'012'770 4'823'625 (22'000'000) 5'000'000 1'348'500 8'071'000 7'773'717 (7'671'770) (6'092'500) 68'000'000 6'428'500

Target Price 9 8 7 9 9 9 8 9 7 7 8 8 8 9 7 9 8 7 7 9 8 7 8 7 9 11 #N/A N/A 9 9 7 #N/A N/A 9 9 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.11.2012 08.11.2012 22.11.2012 25.07.2012 22.11.2012 23.11.2012 06.09.2012 23.11.2012 26.10.2012 23.11.2012 28.11.2012 05.09.2012 30.09.2012 05.11.2012 05.11.2012 22.11.2012 28.09.2012 05.09.2012 30.06.2012 28.11.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 36 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Insurance Company Investment Advisor

Date 28.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 22.11.2012 21.11.2012 20.11.2012 16.11.2012 12.11.2012 08.11.2012 07.11.2012 05.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 26.10.2012 11.10.2012 13.09.2012 11.09.2012 06.09.2012 06.09.2012 06.09.2012 29.06.2012 06.04.2012 08.02.2012 01.11.2011

30.11.2012

PICC Property & Casualty Co Ltd PICC Property and Casualty Company Limited provides a broad range of property and casualty insurance products for a wide variety of customers throughout China.

Price/Volume 12

160.0 M 140.0 M

10

120.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2328 HK EQUITY YTD Change 2328 HK EQUITY YTD % CHANGE

12/2011 01/yy 11.50 7.81 15'814'213.00 9.97 -13.30% 27.66% 55.01% 3'801.6 122'192.13 19'299.00 0.0 0.0 15'064.00 101'682.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

80.0 M 60.0 M

4

40.0 M 2

20.0 M

0 n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

.0 M n-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 75'610.0 1.17x 2'991.0 38.96x

100.0 M

6

Valuation Analysis

31.12.2008 31.12.2009 83'596.0 98'218.0 0.18x 0.45x 109.0 1'783.0 368.13x 38.52x Profitability

31.12.2010 128'040.0 0.76x 5'288.0 21.12x

31.12.2011 136'955.0 0.79x 8'027.0 12.47x 8.25% 7.51% 3.36% 24.96% 18.56% 0.53% 5.9% 7.26% 54.89% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.62 1.18 3'801.58 7.62% -2.38% 1.185 24 3.625 16'572'410 14'065'670 14'885'500 FY+2

12/12 Y 12/13 Y 180'335.4 202'548.4 0.61x 0.54x 10'249.8 11'052.6 9.54x 8.94x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

-

-

54.9% 35.4% 0.53 -

Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

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 |

30.11.2012

PICC Property & Casualty Co Ltd Holdings By:

All

Holder Name CHARTIS PROP CAS CO CHARTIS PROP CAS CO COMMERCE & INDUSTRY COMMERCE & INDUSTRY BLACKROCK INC LEXINGTON INSURANCE LEXINGTON INSURANCE JP MORGAN CHASE & CO OWL CREEK ASSET MANA BLACKROCK FUND ADVIS VANGUARD GROUP INC SHINHAN BNP PARIBAS MAPS INVESTMENT MANA RUFFER LLP BLACKROCK INC INVESTEC ASSET MANAG FIDELITY INTERNATION BLACKROCK GROUP LIMI PRINCIPAL FINANCIAL FIDELITY MANAGEMENT

Firm Name Core Pacific JPMorgan Goldman Sachs BOCOM International Holdings Nomura Barclays Standard Chartered Macquarie Jefferies EVA Dimensions Credit Suisse DBS Vickers Guotai Junan Mizuho Securities BNP Paribas Equity Research SWS Research Co Ltd GuoSen Securities Co Ltd Masterlink Securities Morgan Stanley Bank of China International China International Capital Corp UOB Kay Hian CCB International Securities Ltd ICBC International Securities HSBC AMTD Financial Planning Limited Mirae Asset Securities Phillip Securities RBS

Portfolio Name CHARTIS PROP CAS CO n/a COMMERCE AND INDUSTR n/a n/a LEXINGTON INSURANCE n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OLIVE XIA CHAN BAO LING NING MA LI WENBING DAVID CHUNG MARK KELLOCK JENNIFER LAW SCOTT G RUSSELL BARON NIE TEAM COVERAGE ARJAN VAN VEEN PING CHENG FELIX LUO THOMAS J MONACO DORRIS CHEN ROBERT HU MICHAEL NG TEAM COVERAGE BEN LIN JINHUA YIN TANG SHENGBO EDMOND LAW KENNETH YUE PIUS CHENG JAMES GARNER KENNY TANG SING HING IVAN CHEUNG CHEN XINGYU YANAN WANG

Source Sch-D Co File Sch-D Co File EXCH Sch-D Co File EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold restricted Rating Suspended long-term buy neutral overweight underperform outperform hold buy restricted hold accumulate underperform buy outperform buy hold Overwt/In-Line hold buy sell outperform hold restricted buy buy buy sell

Amt Held % Out 618'804'318 16.28 562'549'380 14.8 364'002'540 9.58 330'911'400 8.7 257'447'261 6.77 230'534'942 6.06 209'577'220 5.51 183'038'499 4.81 153'967'500 4.05 147'847'400 3.89 115'942'924 3.05 44'934'800 1.18 40'837'600 1.07 36'878'000 0.97 (33'477'720) -0.88 28'358'000 0.75 26'956'521 0.71 25'890'237 0.68 17'922'000 0.47 15'679'724 0.41

Weighting 3 #N/A N/A #N/A N/A 5 3 5 1 5 3 5 #N/A N/A 3 4 1 5 5 5 3 5 3 5 1 5 3 #N/A N/A 5 5 5 1

Change M M M M M M M M M U M M U M M M N N M M M M M D M M M M M

Latest Chg 56'254'938 33'091'140 20'957'722 (7'330'000) 786'000 3'735'628 8'407'400 19'956'000 188'000 25'900'469 100'000 3'008'000 3'925'143

Target Price #N/A N/A #N/A N/A #N/A N/A 10 11 15 10 14 10 #N/A N/A #N/A N/A 10 11 7 11 11 12 9 16 10 12 9 11 11 #N/A N/A 12 14 12 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Insurance Company 31.12.2011 Insurance Company 30.06.2012 Insurance Company 31.12.2011 Insurance Company 25.10.2012 Investment Advisor 30.06.2012 Insurance Company 31.12.2011 Insurance Company 07.09.2012 Investment Advisor 11.04.2011 Hedge Fund Manager 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 29.06.2012 Hedge Fund Manager 25.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2011 Investment Advisor 28.11.2012 Investment Advisor 31.10.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month

Date 22.11.2012 15.11.2012 14.11.2012 14.11.2012 09.11.2012 09.11.2012 06.11.2012 02.11.2012 15.10.2012 10.09.2012 27.08.2012 23.08.2012 23.08.2012 22.08.2012 21.08.2012 21.08.2012 01.06.2012 25.05.2012 17.05.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 28.03.2012 16.12.2011 30.11.2011 19.10.2011 01.08.2011

30.11.2012

Anhui Conch Cement Co Ltd Anhui Conch Cement Company Limited produces and sells ordinary portland cement, portland cement, portland blast furnace slag cement, compound cement, and commercial clinker.

Price/Volume 30 25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 914 HK EQUITY YTD Change 914 HK EQUITY YTD % CHANGE

12/2011 09/yy 28.55 19.10 13'585'003.00 25.8 -9.63% 35.08% 62.43% 1'299.6 115'571.30 22'594.93 0.0 1'992.0 8'044.71 110'963.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

5 0 n-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

Market Data

31.12.2008 31.12.2009 24'228.3 24'998.0 2.18x 10.56x 5'396.1 6'530.7 9.77x 40.43x 2'607.2 3'505.9 20.26x 22.19x Profitability

LTM-4Q 31.12.2010 34'508.3 3.42x 10'630.0 11.12x 6'159.6 17.76x

31.12.2011 48'653.8 2.13x 18'761.2 5.51x 11'586.4 8.54x 18'761.24 16'190.19 33.28% 32.27% 10.71% 20.07% 14.10% 0.59% 39.4% 31.9% 25.7% 23.8% 1.54 1.12 26.90% 50.82% 6.91 7.32

LTM

09/yy 46'862.1 12.12x 0.0 0.00x 12'067.4 7.76x

09/yy 45'681.3 10.17x 0.0 0.00x 6'469.7 16.07x

FY+1

1.69 1.42 1'183.03 9.99% 14.04% 1.421 35 3.514 10'102'960 13'979'840 14'825'240 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 46'267.8 53'731.7 13'404.5 2.37x 2.01x 11'828.9 14'930.4 9.38x 7.43x 6'390.5 8'324.5 2'063.7 17.17x 13.10x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.74 10.31 1.13 1.52 50.8% 32.7% 0.59 0.93 53.00 50.00 51.49 54.99

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

d-11

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 18'776.1 6.40x 5'245.0 22.91x 2'480.1 37.56x

10

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

30'000.0 20'000.0

0.40

10'000.0 0.20

0.0 0.00

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 |

30.11.2012

Anhui Conch Cement Co Ltd Holdings By:

All

Holder Name JP MORGAN CHASE & CO GENESIS ASSET MANAGE TAIWAN CEMENT CORP BLACKROCK INC DEUTSCHE BANK AG MORGAN STANLEY DEUTSCHE BANK AG BLACKROCK FUND ADVIS VANGUARD GROUP INC FRANKLIN RESOURCES I EARNEST PARTNERS LLC TIAA CREF INVESTMENT FIDELITY INTERNATION MORGAN STANLEY CAPITAL WORLD INVEST BLACKROCK GROUP LIMI MAPS INVESTMENT MANA SCHRODER INVESTMENT DWS INVESTMENT SA JPMORGAN ASSET MANAG

Firm Name Jefferies Citic Securities Co., Ltd Sun Hung Kai Securities BNP Paribas Equity Research Religare Capital Markets Nomura Barclays KGI Securities SinoPac Daiwa Securities Co. Ltd. Deutsche Bank Standard Chartered Morgan Stanley Bank of China International DBS Vickers China International Capital Corp SWS Research Co Ltd Credit Suisse JPMorgan Capital Securities Corp CIMB GuoSen Securities Co Ltd ICBC International Securities HSBC EVA Dimensions Goldman Sachs Hua Tai Securities Co., Ltd Macquarie UOB Kay Hian Mizuho Securities Guotai Junan Masterlink Securities AMTD Financial Planning Limited Celestial Securities Limited

Portfolio Name n/a n/a n/a #N/A N/A #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios EARNEST PARTNERS LLC Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst PO WEI TIMOTHY LEE STUWART CHEN RACHEL CHEUNG TRACY HUANG YANG LUO ADA DAI XIAOQING YAN YU ZHOU FELIX LAM JOHNSON WAN BEN HARTWRIGHT JOHN LAM MICHELLE LEUNG ADDISON DAI LUO WEI YE RONG TRINA CHEN NICK LAI ZHU JIXIANG KEVIN YOU ETHANE CHENG DUNCAN CHAN ELAINE LAM TEAM COVERAGE JULIAN ZHU PAN LILI ANDREW DALE MARK PO KELVIN NG RAY ZHAO DAI KAI-YU KENNY TANG SING HING TEAM COVERAGE

Source EXCH EXCH Co File EXCH EXCH EXCH Short MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform hold buy buy hold reduce equalweight neutral neutral hold hold outperform Overwt/Attractive buy fully valued buy neutral underperform overweight buy neutral buy hold neutral underweight Buy/Neutral buy underperform buy underperform neutral hold buy buy

Amt Held % Out 197'574'064 15.2 130'188'638 10.02 116'568'000 8.97 103'692'109 7.98 87'635'783 6.74 82'949'048 6.38 (71'765'098) -5.52 55'989'500 4.31 53'401'876 4.11 37'067'671 2.85 33'990'200 2.62 20'207'000 1.55 16'713'572 1.29 (15'210'675) -1.17 14'433'000 1.11 13'576'050 1.04 11'383'206 0.88 10'773'500 0.83 10'315'500 0.79 10'173'000 0.78

Weighting

Change 1 3 5 5 3 2 3 3 3 3 3 5 5 5 2 5 3 1 5 5 3 5 3 3 1 5 5 1 5 1 3 3 5 5

M M N M M M N M M M M M M M M M M M M M M N M D D M M M M M D D M N

Latest Chg (265'721) 316'000 1'337'500 (4'000) 914'000 20'112'000 (11'711'719) 60'625'013 (16'173'000) 38'000 10'572'000 (6'432'000) 2'750'000 (393'000)

Target Price 18 27 30 33 20 18 26 29 22 26 25 30 30 29 17 31 22 17 30 28 26 #N/A N/A 20 26 #N/A N/A 30 #N/A N/A 18 27 15 22 25 26 20

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.11.2012 Investment Advisor 03.07.2012 Investment Advisor 31.12.2011 Corporation 22.11.2012 Investment Advisor 21.11.2012 Investment Advisor 23.03.2012 Investment Advisor 21.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 23.03.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

Date 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month

Date 28.11.2012 27.11.2012 26.11.2012 26.11.2012 23.11.2012 21.11.2012 21.11.2012 15.11.2012 13.11.2012 09.11.2012 05.11.2012 30.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 22.10.2012 10.10.2012 02.10.2012 01.10.2012 24.09.2012 12.09.2012 17.08.2012 16.08.2012 15.08.2012 14.05.2012 04.11.2011 26.10.2011 01.04.2010

30.11.2012

China Coal Energy Co Ltd China Coal Energy Company Ltd mines and markets thermal coal and coking coal.

The Company also manufactures coal mining equipment and offers coal mine design services.

Price/Volume 12

90.0 M 80.0 M

10

70.0 M

8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.02.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1898 HK EQUITY YTD Change 1898 HK EQUITY YTD % CHANGE

12/2011 09/yy 10.48 6.08 20'350'212.00 7.82 -25.38% 28.62% 37.50% 4'106.7 109'573.54 29'794.88 0.0 14'219.7 32'173.57 117'920.25

50.0 M

31.12.2007 35'640.5 7.62x 8'634.7 31.46x 6'019.8 44.94x

40.0 M

4

30.0 M 20.0 M

2

10.0 M

0 n-11

31.12.2008 31.12.2009 51'753.1 53'187.0 1.20x 3.06x 12'819.2 12'138.8 4.85x 13.40x 7'131.0 7'409.3 10.06x 22.39x Profitability

LTM-4Q 31.12.2010 70'302.6 1.98x 14'723.9 9.46x 7'466.4 18.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 87'773.1 1.39x 18'629.1 6.56x 9'801.5 9.19x 18'629.14 13'960.50 15.91% 16.00% 6.12% 11.17% 8.84% 0.62% 20.9% 19.2% 13.9% 11.2% 1.95 1.39 18.63% 36.45% 9.34 9.41

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 84'617.7 5.22x 0.0 0.00x 8'481.6 9.12x

a-12 m-12

09/yy 85'834.0 4.64x 0.0 0.00x 8'703.8 8.68x

j-12

j-12

a-12

s-12

o-12

FY+1

.0 M n-12

1.38 3'805.98 -7.42% -3.33% 1.375 41 3.707 18'836'820 30'059'920 31'585'580 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 89'323.7 99'204.4 44'950.0 1.38x 1.36x 2.58x 17'673.0 19'801.1 6.67x 5.96x 8'684.6 9'154.7 2'705.5 9.34x 8.96x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.86 -1.16 0.39 1.97 36.4% 23.7% 0.62 1.53 39.20 38.91 54.00 18.03

Sales/Revenue/Turnover

20.00

100'000.0

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

6

0.0 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 |

30.11.2012

China Coal Energy Co Ltd Holdings By:

All

Holder Name BLACKROCK INC GOVT OF SINGAPORE IN CITIGROUP INCORPORAT MORGAN STANLEY VANGUARD GROUP INC BLACKROCK FUND ADVIS DAVIS SELECTED ADVIS BLACKROCK INC FRANKLIN RESOURCES I BLACKROCK GROUP LIMI STATE STREET GLOBAL MORGAN STANLEY BANK OF NEW YORK MEL PRINCIPAL FINANCIAL ALLIANZ GLOBAL INVES RCM CAPITAL MANAGEME JP MORGAN CHASE & CO INVESCO LTD VAN ECK ASSOCIATES C MASON STREET ADVISOR

Firm Name

Portfolio Name #N/A N/A n/a n/a #N/A N/A Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

CIMB JEANNETTE SIM China International Capital Corp CAI HONGYU Nomura MATTHEW CROSS SinoPac ROBERT WEI Standard Chartered CHEN YAN Jefferies LABAN YU Sanford C. Bernstein & Co MICHAEL W PARKER Daiwa Securities Co. Ltd. DAVE DAI UOB Kay Hian HELEN LAU Barclays EPHREM RAVI JPMorgan DANIEL KANG BOCOM International Holdings HE WEI Macquarie MATTY ZHAO Capital Securities Corp XU YING HSBC SIMON FRANCIS BNP Paribas Equity Research JAMES CLARKE Guotai Junan LEO WU Mirae Asset Securities SHIRLEY ZHAO Core Pacific KENNY CHEUNG Credit Suisse TRINA CHEN Yuanta Securities Investment ConsultingJOHNNY WONG DBS Vickers JUNE NG Mizuho Securities KELVIN NG Religare Capital Markets TRACY HUANG Morgan Stanley WEE KIAT TAN Deutsche Bank JAMES KAN Goldman Sachs JULIAN ZHU AMTD Financial Planning Limited KENNY TANG SING HING EVA Dimensions TEAM COVERAGE Masterlink Securities LI XIN Bank of China International LAWRENCE LAU Ji Asia SAMUEL THAWLEY ICBC International Securities ANNA YU SWS Research Co Ltd HUANG ZHE GuoSen Securities Co Ltd DAVID LAM Citic Securities Co., Ltd WALLACE CHENG KGI Securities YANG TAO Chang Jiang Securities Co. Limited LIU YUANRUI Cinda Securities Ltd CASTOR PANG

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH Short MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation outperform hold reduce neutral outperform underperform underperform buy buy overweight neutral long-term buy outperform buy neutral buy neutral hold buy outperform buy buy buy buy Equalwt/In-Line hold neutral/neutral buy sell hold sell buy buy neutral buy buy neutral buy neutral

Amt Held % Out 415'198'441 10.11 300'683'390 7.32 228'728'485 5.57 194'964'073 4.75 176'652'842 4.3 173'836'000 4.23 122'514'560 2.98 (103'689'063) -2.52 69'352'820 1.69 36'910'801 0.9 32'495'776 0.79 (31'994'100) -0.78 22'023'000 0.54 17'182'000 0.42 17'000'000 0.41 15'490'000 0.38 15'383'855 0.37 15'057'272 0.37 13'143'847 0.32 10'446'740 0.25

Weighting

Change 5 3 2 3 5 1 1 5 5 5 3 5 5 5 3 5 3 3 5 5 5 5 5 5 3 3 3 5 1 3 1 5 5 3 5 5 3 5 3

M M M M U M M U M M M M M M M M M M M M M M U M M M D M D M M M M M M M M N N

Latest Chg 5'334'559 985'000 (1'567'000) 122'000 (1'809'090) (932'000) (7'378'000) (8'196'000) 321'000

Target Price 9 8 5 8 9 4 4 9 11 10 8 9 8 8 8 9 8 7 9 9 9 9 9 9 7 7 8 8 #N/A N/A 8 6 8 8 12 11 11 11 #N/A N/A 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.11.2012 11.10.2012 15.10.2012 23.11.2012 30.09.2012 28.11.2012 06.07.2012 22.11.2012 30.09.2012 28.11.2012 30.06.2012 23.11.2012 28.11.2012 31.10.2012 31.07.2012 31.08.2012 16.10.2012 29.11.2012 28.11.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 5 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.11.2012 26.11.2012 26.11.2012 26.11.2012 20.11.2012 20.11.2012 20.11.2012 19.11.2012 19.11.2012 16.11.2012 14.11.2012 13.11.2012 05.11.2012 31.10.2012 28.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 23.10.2012 19.10.2012 24.09.2012 17.09.2012 05.09.2012 27.08.2012 23.08.2012 27.07.2012 17.07.2012 13.04.2012 05.04.2012 12.03.2012 21.12.2011 17.08.2011 07.07.2010

30.11.2012

Yanzhou Coal Mining Co Ltd Yanzhou Coal Mining Company Limited operates underground mining and coal preparation and operation businesses. Its products are sold in domestic and international markets. The Company also provides railway transportation services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1171 HK EQUITY YTD Change 1171 HK EQUITY YTD % CHANGE

12/2011 09/yy 20.15 9.92 21'861'063.00 11.86 -41.14% 19.56% 18.57% 1'958.4 82'910.38 37'047.43 0.0 666.2 18'096.65 100'362.61

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

d-11

j-12

f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 16'297.7 5.38x 5'812.9 15.09x 3'218.8 22.25x

20 18 16 14 12 10 8 6 4 2 0 n-11

31.12.2008 31.12.2009 25'956.7 20'677.1 0.97x 5.26x 10'119.3 7'221.7 2.50x 15.06x 6'324.0 4'117.3 3.90x 17.99x Profitability

LTM-4Q 31.12.2010 33'944.3 3.33x 10'248.0 11.02x 9'281.4 10.65x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 48'168.1 2.33x 15'570.2 7.21x 8'622.8 7.67x 15'570.16 12'634.42 26.23% 25.12% 8.16% 20.56% 11.64% 0.54% 39.9% 24.0% 18.2% 17.9% 0.96 0.73 38.00% 87.79% 14.66 25.04

Price/ Cash Flow

LTM

09/yy 42'654.6 10.64x 0.0 0.00x 8'802.8 7.84x

09/yy 57'659.4 5.64x 0.0 0.00x 7'319.9 6.44x

FY+1

1.30 1'958.40 -27.90% -24.42% 1.302 37 2.432 26'642'550 33'198'890 29'084'380 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 53'221.4 57'362.5 1.71x 1.64x 10'331.6 11'064.9 9.71x 9.07x 5'451.3 4'938.1 8.73x 9.57x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.04.2012 BBBSTABLE 20.99 6.21 1.68 3.33 87.8% 46.4% 0.54 1.64 24.97 14.62 18.80 65.13

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 02.01.2009

10'000.0 0.0 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 |

30.11.2012

Yanzhou Coal Mining Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES I JP MORGAN CHASE & CO BLACKROCK INC BNP PARIBAS INVESTME MORGAN STANLEY BLACKROCK FUND ADVIS VANGUARD GROUP INC DEUTSCHE BANK AG DEUTSCHE BANK AG MORGAN STANLEY BLACKROCK INC BLACKROCK GROUP LIMI RBC PH&N INV COUNSEL LORD ABBETT & CO LLC SHINHAN BNP PARIBAS VAN ECK ASSOCIATES C FIDELITY INVESTMENTS SCHRODER INVESTMENT BANK OF NEW YORK MEL STATE STREET CORP

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

China International Capital Corp CAI HONGYU Nomura MATTHEW CROSS SinoPac ROBERT WEI Standard Chartered CHEN YAN Jefferies LABAN YU Sanford C. Bernstein & Co MICHAEL W PARKER Daiwa Securities Co. Ltd. DAVE DAI BOCOM International Holdings HE WEI Macquarie MATTY ZHAO Barclays EPHREM RAVI JPMorgan DANIEL KANG Deutsche Bank JAMES KAN Guotai Junan LEO WU UOB Kay Hian HELEN LAU Bank of China International LAWRENCE LAU Mizuho Securities KELVIN NG Credit Suisse TRINA CHEN HSBC SIMON FRANCIS Yuanta Securities Investment ConsultingJOHNNY WONG DBS Vickers JUNE NG Religare Capital Markets TRACY HUANG Morgan Stanley WEE KIAT TAN CIMB JEANNETTE SIM BNP Paribas Equity Research JAMES CLARKE AMTD Financial Planning Limited KENNY TANG SING HING Goldman Sachs JULIAN ZHU EVA Dimensions TEAM COVERAGE Ji Asia SAMUEL THAWLEY ICBC International Securities ANNA YU Mirae Asset Securities SHIRLEY ZHAO Capital Securities Corp XU YING SWS Research Co Ltd HUANG ZHE KGI Securities YANG TAO Masterlink Securities LI XIN Citic Securities Co., Ltd TEAM COVERAGE GuoSen Securities Co Ltd DAVID LAM Cinda Securities Ltd CASTOR PANG

Source EXCH EXCH EXCH Co File EXCH MF-AGG MF-AGG EXCH Short Short Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation reduce reduce neutral in-line underperform underperform hold neutral underperform equalweight underweight sell neutral hold sell underperform underperform underweight hold hold buy Underwt/In-Line underperform buy buy Sell/Neutral underweight buy hold reduce buy outperform neutral buy buy buy buy

Amt Held % Out 274'090'032 14 174'510'229 8.91 149'510'991 7.63 117'641'207 6.01 89'929'097 4.59 86'185'802 4.4 85'049'025 4.34 75'786'733 3.87 (73'575'821) -3.76 (26'909'944) -1.37 (21'387'590) -1.09 16'342'000 0.83 15'755'000 0.8 13'608'000 0.69 13'099'408 0.67 10'504'500 0.54 8'320'000 0.42 7'284'000 0.37 7'236'000 0.37 6'490'782 0.33

Weighting

Change 2 2 3 3 1 1 3 3 1 3 1 1 3 3 1 1 1 1 3 3 5 1 1 5 5 1 1 5 3 2 5 5 3 5 5 5 5

M M M M M M M M M M M M D M M M M D M D M M M M M M D M M N M M M M M N M

Latest Chg 480'000 4'025'293 58'000 1'054'400 13'608'000 (802'000) 20'000

Target Price 13 9 12 12 6 6 11 9 7 15 9 9 11 12 8 9 7 9 16 14 12 9 8 17 14 10 #N/A N/A 16 12 13 21 22 18 24 26 #N/A N/A 19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 19.11.2012 Investment Advisor 13.11.2012 Investment Advisor 19.11.2012 Investment Advisor 30.06.2012 Investment Advisor 18.01.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 20.11.2012 Investment Advisor 20.11.2012 Investment Advisor 18.01.2012 Investment Advisor 20.11.2012 Investment Advisor 28.11.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 28.11.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 21 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 6 month 6 month Not Provided Not Provided

Date 26.11.2012 26.11.2012 26.11.2012 20.11.2012 20.11.2012 20.11.2012 19.11.2012 19.11.2012 16.11.2012 16.11.2012 14.11.2012 06.11.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 28.10.2012 27.10.2012 22.10.2012 24.09.2012 05.09.2012 28.08.2012 06.07.2012 07.05.2012 24.04.2012 12.04.2012 21.12.2011 26.10.2011 04.10.2011 20.09.2011 07.07.2010

30.11.2012

Zijin Mining Group Co Ltd Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

Price/Volume 4

250.0 M

4

200.0 M

3 3

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2899 HK EQUITY YTD Change 2899 HK EQUITY YTD % CHANGE

12/2011 09/yy 3.90 2.23 32'825'117.00 3.12 -20.00% 39.91% 50.90% 6'008.2 89'558.54 9'368.33 0.0 5'124.1 5'584.78 90'829.83

31.12.2007 14'871.3 10.40x 5'295.4 29.21x 2'552.0 59.58x

100.0 M

2 1

50.0 M

1 0 n-11

31.12.2008 31.12.2009 16'744.7 20'215.1 4.10x 6.50x 5'615.7 6'038.3 12.23x 21.75x 3'005.3 3'552.3 19.71x 27.22x Profitability

LTM-4Q 31.12.2010 28'186.6 4.18x 8'635.6 13.64x 4'827.9 18.41x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2011 39'381.9 2.12x 10'731.6 7.78x 5'712.6 9.11x 10'731.57 9'437.38 23.96% 23.55% 9.33% 20.45% 14.81% 0.84% 30.1% 23.1% 19.8% 14.5% 1.10 0.41 17.91% 37.46% 32.13 5.32

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 36'034.4 8.47x 0.0 0.00x 5'504.2 6.99x

a-12 m-12

09/yy 45'456.1 5.94x 0.0 0.00x 4'807.3 11.49x

j-12

j-12

a-12

s-12

o-12

.0 M n-12

FY+1

1.40 6'008.16 0.39% 11.74% 1.405 23 4.522 32'934'720 38'692'060 46'588'400 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 44'604.8 50'840.6 12'337.0 1.80x 1.56x 10'377.5 12'299.4 8.75x 7.38x 5'353.1 6'150.3 1'461.0 10.36x 8.92x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.03 5.17 1.05 1.78 37.5% 23.7% 0.84 2.48 11.39 68.85 27.44 55.19

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 02.01.2009

d-11

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150.0 M

2

Valuation Analysis

0.0 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 |

30.11.2012

Zijin Mining Group Co Ltd Holdings By:

All

Holder Name BLACKROCK INC MORGAN STANLEY MORGAN STANLEY JP MORGAN CHASE & CO HSBC GLOBAL ASSET MA UBS AG BLACKROCK FUND ADVIS VANGUARD GROUP INC UBS AG RBC PH&N INV COUNSEL FIDELITY INTERNATION BLACKROCK INC BLACKROCK GROUP LIMI SCHRODER INVESTMENT JP MORGAN CHASE & CO FRANKLIN RESOURCES I FIDELITY MANAGEMENT SHINHAN BNP PARIBAS DWS INVESTMENT SA LANDESBANK BERLIN IN

Firm Name BOCOM International Holdings China International Capital Corp Nomura Goldman Sachs Guotai Junan Credit Suisse Bank of China International BNP Paribas Equity Research SWS Research Co Ltd HSBC CCB International Securities Ltd Morgan Stanley Standard Chartered Deutsche Bank Macquarie EVA Dimensions Masterlink Securities UOB Kay Hian ICBC International Securities GuoSen Securities Co Ltd

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BENJAMIN PEI CAI HONGYU MATTHEW CROSS JULIAN ZHU KEVIN GUO TRINA CHEN ROBIN TSUI KUNAL AGRAWAL DIMI DU THOMAS J ZHU KIN CHUNG LI RACHEL L ZHANG CHEN YAN LAURA ZHAI MATTY ZHAO TEAM COVERAGE SARAH WANG HELEN LAU DUNCAN CHAN THOMAS ZHANG

Source EXCH Short EXCH EXCH EXCH EXCH MF-AGG MF-AGG Short MF-AGG MF-AGG Short MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation long-term buy accumulate buy Buy/Neutral buy outperform buy buy buy overweight outperform Overwt/Attractive outperform buy neutral hold buy hold buy buy

Amt Held % Out 605'742'757 10.08 (536'828'544) -8.93 322'951'203 5.38 296'449'523 4.93 295'631'868 4.92 292'003'355 4.86 264'493'000 4.4 249'298'104 4.15 (198'765'793) -3.31 112'376'000 1.87 100'660'772 1.68 (95'318'578) -1.59 91'428'200 1.52 56'237'000 0.94 (46'844'438) -0.78 44'848'000 0.75 43'713'000 0.73 36'160'250 0.6 30'206'000 0.5 25'446'000 0.42

Weighting

Change 5 4 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 3 5 5

M M M M M M M M M M M M U M M U M M M M

Latest Chg 1'508'000 7'490'880 7'454'000 63'452'689 (2'205'134) 186'000 (13'556'000) (52'000) (310'000) -

Target Price 3 4 4 4 4 3 4 4 4 4 3 5 4 4 3 #N/A N/A 3 3 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.11.2012 Investment Advisor 23.11.2012 Investment Advisor 23.11.2012 Investment Advisor 31.01.2012 Investment Advisor 19.11.2012 Investment Advisor 24.09.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 24.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.10.2011 Investment Advisor 21.11.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.01.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 31.10.2012 Mutual Fund Manager

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month

Date 28.11.2012 26.11.2012 16.11.2012 12.11.2012 01.11.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 28.10.2012 26.10.2012 06.10.2012 04.10.2012 18.09.2012 27.08.2012 15.08.2012 13.08.2012 18.06.2012 16.04.2012

30.11.2012

Aluminum Corp of China Ltd Aluminum Corporation of China Limited, also known as Chalco, is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts aluminato to produce primary aluminum.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.02.2012) 52-Week Low (05.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2600 HK EQUITY YTD Change 2600 HK EQUITY YTD % CHANGE

12/2011 09/yy 4.45 2.86 20'254'676.00 3.3 -25.84% 15.38% 24.53% 3'944.0 67'748.34 74'375.05 0.0 6'301.3 11'644.74 147'243.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M d-11

31.12.2008 31.12.2009 76'728.1 70'268.0 1.58x 3.29x 7'607.8 3'024.7 15.90x 76.49x 19.5 (4'642.9) 2566.61x Profitability

LTM-4Q 31.12.2010 120'994.8 1.56x 9'697.0 19.48x 778.0 100.18x

31.12.2011 145'514.9 0.97x 9'088.5 15.55x 238.0 137.08x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

9'088.54 3'228.38 2.22% 0.56% -3.03% -10.11% 0.88% 5.1% 0.2% 0.80 0.28 47.33% 143.43% 21.17 -

Price/ Cash Flow

f-12

m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

LTM

FY+1

.0 M n-12

1.42 3'943.97 -6.78% -2.37% 1.415 25 1.520 11'453'960 16'104'600 16'517'510 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 139'688.6 146'799.6 136'064.4 143'165.4 22'249.0 3.83x 2.36x 1.06x 1.04x 0.0 0.0 3'768.2 7'564.3 468.0 0.00x 0.00x 39.08x 19.47x 1'332.8 (5'065.1) (4'980.1) (2'301.8) (1'409.0) 28.82x 0.00x S&P Issuer Ratings Long-Term Rating Date 12.09.2012 Long-Term Rating Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 2.17 (EBITDA-Capex)/Interest Exp. 0.06 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 143.4% Total Debt/Capital 56.1% Asset Turnover 0.88 Net Fixed Asset Turnover 1.57 Accounts receivable turnover-days 17.29 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 57.72 Sales/Revenue/Turnover

180.00

160'000.0

160.00

140'000.0

140.00

120'000.0

120.00

100'000.0

100.00

80'000.0

80.00

60'000.0

60.00

40'000.0

40.00

20'000.0

20.00 0.00 02.01.2009

j-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2007 85'198.8 5.41x 20'795.0 22.16x 10'753.0 17.93x

5 5 4 4 3 3 2 2 1 1 0 n-11

0.0 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 |

30.11.2012

Aluminum Corp of China Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES I BLACKROCK INC JP MORGAN CHASE & CO DEUTSCHE BANK AG MORGAN STANLEY VANGUARD GROUP INC BLACKROCK FUND ADVIS CREDIT SUISSE MORGAN STANLEY DEUTSCHE BANK AG CREDIT SUISSE TEMPLETON INVESTMENT BLACKROCK INC JP MORGAN CHASE & CO STATE STREET GLOBAL BLACKROCK GROUP LIMI FIDELITY MANAGEMENT JF ASSET MANAGEMENT CREDIT SUISSE ASSET STATE STREET CORP

Firm Name BOCOM International Holdings China International Capital Corp Sanford C. Bernstein & Co Barclays ICBC International Securities SWS Research Co Ltd Nomura Bank of China International Morgan Stanley JPMorgan BNP Paribas Equity Research HSBC Deutsche Bank Macquarie Goldman Sachs EVA Dimensions Credit Suisse Mizuho Securities Standard Chartered Daiwa Securities Co. Ltd. First Global Stockbroking Masterlink Securities UOB Kay Hian Guotai Junan China Merchants Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BENJAMIN PEI CAI HONGYU VANESSA LAU EPHREM RAVI DUNCAN CHAN DIMI DU MATTHEW CROSS ROBIN TSUI RACHEL L ZHANG DANIEL KANG KUNAL AGRAWAL SIMON FRANCIS LAURA ZHAI ANDREW DALE JULIAN ZHU TEAM COVERAGE TRINA CHEN KELVIN NG CHEN YAN ALEXANDER LATZER ADITYA WELEKAR SARAH WANG HELEN LAU KEVIN GUO WEI XIAOSHUANG

Source EXCH EXCH EXCH EXCH Short MF-AGG MF-AGG EXCH EXCH Short Short MF-AGG Short Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral hold underperform underweight sell buy neutral sell Underwt/In-Line underweight reduce underweight sell underperform Sell/Neutral sell underperform underperform underperform underperform underperform buy buy sell neutral

Amt Held % Out 1'028'826'800 26.09 278'110'317 7.05 186'643'700 4.73 171'271'486 4.34 (169'930'860) -4.31 167'831'582 4.26 162'546'000 4.12 161'136'834 4.09 156'702'435 3.97 (144'751'160) -3.67 (130'059'394) -3.3 77'176'800 1.96 (57'489'066) -1.46 (44'124'781) -1.12 33'421'293 0.85 32'416'300 0.82 16'332'000 0.41 14'508'000 0.37 8'964'515 0.23 8'486'304 0.22

Weighting

Change 3 3 1 1 1 5 3 1 1 1 2 1 1 1 1 1 1 1 1 1 1 5 5 1 3

M M M M M N M D M M M M M M M D M M M M N U M N D

Latest Chg 6'186'899 864'000 (1'258'718) 120'000 15'956'000 14'508'000 (627'641) 52'000

Target Price 4 3 3 3 3 12 4 3 3 3 3 3 2 2 3 #N/A N/A 2 3 3 3 #N/A N/A 8 11 6 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 12.10.2012 Investment Advisor 22.10.2012 Investment Advisor 16.12.2011 Investment Advisor 18.09.2012 Investment Advisor 09.01.2012 Investment Advisor 30.09.2012 Investment Advisor 28.11.2012 Investment Advisor 28.07.2011 Investment Advisor 09.01.2012 Investment Advisor 18.09.2012 Investment Advisor 28.07.2011 Investment Advisor 31.03.2011 Investment Advisor 22.10.2012 Investment Advisor 16.12.2011 Investment Advisor 30.06.2012 Investment Advisor 28.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.11.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 28.11.2012 26.11.2012 20.11.2012 16.11.2012 16.11.2012 02.11.2012 01.11.2012 31.10.2012 30.10.2012 30.10.2012 29.10.2012 28.10.2012 10.10.2012 25.09.2012 24.09.2012 10.09.2012 29.08.2012 29.08.2012 20.08.2012 25.04.2012 24.12.2011 22.06.2011 15.03.2011 04.03.2011 13.02.2009