Fundamental Analysis - MXEF50 Index (MSCI EM 50) Members & Index Analysis by Q.M.S Advisors

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 MSCI EM 50 Index - MXEF50 Index October 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 Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (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

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P 500 INDEX

USD

13319369

1851.307

1092

202

212

98.94

105.02

14.56

13.71

19.13

Euro Stoxx 50 Pr

EUR

2389912

5545.264

4642

764

790

154.55

307.12

27.85

14.77

14.02

14.01

21.02

NIKKEI 225

JPY

2116769

167.1154

227

5.14

7.59

0.27

0.22

0.18

0.14

FTSE 100 INDEX

GBP

2593232

11355.09

9623

1569

1647

718.72

826.16

21.17

19.99

18.42

26.07

SWISS MARKET INDEX

CHF

911923

10685.77

3992

814

796

389.66

525.43

20.16

19.85

14.95

22.48

S&P/TSX COMPOSITE INDEX

CAD

1668638

16877.13

7806

1953

1983

821.02

845.22

15.34

14.90

25.46

S&P/ASX 200 INDEX

AUD

1244677

6119.921

2877

637

708

269.66

346.65

17.59

14.80

13.68

23.51

HANG SENG INDEX

HKD

1584425

3139.939

1449

346

362

256.70

245.96

1.38

1.50

1.44

3.13

MSCI EM

USD

7310309

1379.294

965

182

79.49

87.18

12.52

12.92

11.42

18.97

SAMSUNG ELECTR-GDR REG S

USD

178085

TAIWAN SEMICONDUCTOR-SP ADR

USD

79252

13757

CHINA MOBILE LTD

HKD

217060

21078

20072

CHINA CONSTRUCTION BANK-H

HKD

182590

322939

250011

GAZPROM OAO-SPON ADR

USD

117125

AMERICA MOVIL-ADR SERIES L

USD

PETROLEO BRASILEIRO-SPON ADR

USD

IND & COMM BK OF CHINA-H

HKD

214731

294400

349084

248

CNOOC LTD

HKD

91820

37823

44659

VALE SA-SP PREF ADR

USD

97211

5545

ITAU UNIBANCO HLDNG-PREF ADR

USD

66919

9865

TENCENT HOLDINGS LTD

HKD

62085

1400

LUKOIL OAO-SPON ADR

USD

53500

1273

HYUNDAI MOTOR CO

KRW

45261

584

COMPANHIA DE BEBIDAS-PRF ADR

USD

114628

1996

MTN GROUP LTD

ZAr

33712

3278

1848

BANK OF CHINA LTD-H

HKD

118641

316596

279136

BANCO BRADESCO-ADR

USD

54293

6940

HON HAI PRECISION-GDR REG S

USD

35241

101

PETROCHINA CO LTD-H

HKD

258392

102772

SBERBANK-SPONSORED ADR

USD

#VALUE!

NASPERS LTD-N SHS

ZAr

25889

SASOL LTD

ZAr

28469

1159

CHINA LIFE INSURANCE CO-H

HKD

83661

17821

POSCO-ADR

USD

27900

119

INFOSYS LTD-SP ADR

USD

25594

2270

FOMENTO ECONOMICO MEX-SP ADR

USD

33195

424

HYUNDAI MOBIS

KRW

26376

139

ICICI BANK LTD-SPON ADR

USD

22991

980

CHINA PETROLEUM & CHEMICAL-H

HKD

85239

57159

86703

KIA MOTORS CORPORATION

KRW

24530

1496

404

STANDARD BANK GROUP LTD

ZAr

19355

2140

1589

SHINHAN FINANCIAL GROUP-ADR

USD

16014

PING AN INSURANCE GROUP CO-H

HKD

56680

7556

CHINA SHENHUA ENERGY CO-H

HKD

73310

LG CHEM LTD

KRW

ANGLOGOLD ASHANTI LTD

119

14630

#VALUE!

7.63

16.73

-6.68

8.52

15.72

25.01.2006

#VALUE!

418245

438601

#VALUE!

241831

254952

#VALUE!

2.77

13.24

1.52

4.61

57.82

A+

20.04.2010

128.70

68124

70246

72456

77053

33185

33043

8840

0.83

0.82

0.80

0.81

1.38

1.40

1.38

1.14

1.28

0.82

1.24

6.29

AA-

16.12.2010

03.11.2005

156

357

#VALUE!

74257

84450

57862

63007

0.09

0.10

0.80

0.78

3.61

2.70

29.11.2011

13540

1540

297

525

#VALUE!

4637090

4545221

4708414

4948964

1970093

1783269

457803

103.08

102.46

2.96

2.98

28.91

16.79

40.73

15.57

42.49

BBB

29.11.2006

Baa1

03.04.2009

99406

4054

381

#VALUE!

665302

733604

746540

783292

248773

259750

65745

24.58

27.32

13.62

12.25

9.45

22.29

2.21

23.67

37.39

A-

22.03.2010

26.03.2010

148665

7236

156

#VALUE!

244176

262088

283172

295086

61582

56472

16947

4.47

5.47

10.17

8.30

15.26

11.56

3.82

2.90

25.22

BBB

17.11.2011

463

#VALUE!

90881

101847

68179

74432

0.08

0.09

0.81

0.80

0.76

3.80

2.45

28.08.2012

66.42

31087

30274

30070

31266

15359

14707

6959

0.20

0.18

0.19

1.19

1.14

4.36

4.46

2.77

2.43

6.37

AA-

16.12.2010

#VALUE!

103195

98143

94656

103328

57579

48392

9068

4.52

5.35

7.98

6.74

24.00

57.41

24.55

25.11

55.80

A-

23.11.2011

Baa2

29.08.2008

331

137

#VALUE!

129875

136108

82519

91287

3.27

3.78

9.10

7.89

22.04

32.61

BBB

30.04.2008

(P)Baa1

20.06.2011

47.77

3677

4592

5585

7206

1723

2008

619

0.71

0.78

0.93

1.18

4.47

3.76

2.96

5.81

8.44

3.70

7.80

6.05

BBB+

14.11.2011

Baa1

14.11.2011

#VALUE!

134 K

137 K

130 K

17628

16139

18342

13.98

13.58

4.50

4.63

55.27

24.87

9.83

7.90

13.19

BBB-

12.11.2010

37.44

38633

40855

41821

5638

15.77

33.51

34.73

0.01

0.03

0.02

0.01

BBB+

20.03.2012

11.08.2010

#VALUE!

27127

28814

31471

34614

13164

3467

3.33

3.66

24.85

22.62

7.50

8.72

13.58

15.49

48.53

05.07.2012

27.04.2010

34.57

14006

15142

15638

16604

6017

6567

6819

1.21

1.30

1.42

1.58

1.59

1.45

1.30

0.72

1.73

1.19

2.14

4.94

247

404

#VALUE!

66335

74603

46915

51178

0.06

0.69

0.70

3.88

2.35

29.11.2011

#VALUE!

98695

159025

69298

77454

3.21

3.47

9.84

9.11

26.44

19.15

BBB

30.04.2008

Baa1

20.06.2011 -

580

18987465 21893496

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

209

#VALUE!

S&P LT Credit Rating Date

4797

1822

120815977 131592518 #VALUE!

S&P LT Credit Rating -

14.07.2005

155

#VALUE!

2773311

3105477

#VALUE!

41133

50360

#VALUE!

19.89

24.17

-8.71

2.71

1.48

A-

09.11.2007

264.86

258540

270722

267239

286183

41722

41850

0.10

0.09

0.10

0.11

1.57

1.54

1.48

1.34

4.74

3.34

0.84

0.55

2.08

1349

762

#VALUE!

1058036

1196188

856001

947006

91.18

95.26

4.01

3.84

7.84

23.67

24.02.2009

412

26.83

4537

5406

6179

825

823

1.31

1.49

2.19

2.66

4.84

5.51

3.28

2.71

2.22

1.84

1.75

0.91

2.09

664

29.16

19471

20187

20444

4304

4.40

4.86

5.02

5.00

1.04

1.15

1.01

2.18

1.05

1.36

3.02

28265

#VALUE!

47784

45392

47597

52618

0.08

0.07

0.11

0.15

4.60

2.89

2.15

-0.51

2.64

AA-

16.12.2010

11641

2187

#VALUE!

6100453

#VALUE!

20.22

15.57

-18.68

2.28

15.57

A-

31.10.2011

183021

574

39171703 39171703

25.07.2012

208

1127.70

337340

389029

421229

107490

27929

145.82

145.83

159.25

167.19

16.15

16.16

14.79

14.09

22.66

19.71

19.77

18.94

31.86

BBB+

07.05.2010

#VALUE!

203044

220972

234228

264876

33445

33690

9808

43.94

52.37

27.00

22.66

19.65

12.68

19.31

6.27

16.47

25.35

14348

21757

24004

2093

16.47

16.49

33.23

37.00

0.01

0.02

0.01

BBB+

20.03.2012

412

#VALUE!

666620

218285

259993

142.75

172.19

14.81

12.28

8.28

11.32

27.10.2003

Baa2

25.05.2006

111.50

317881

332141

326599

342847

22058

20247

0.11

0.08

0.09

0.11

1.25

1.19

0.94

4.04

3.11

-0.52

1.20

0.90

A+

16.12.2010

24.23

25056

27175

28534

2346

4.15

4.09

9.71

10.57

0.01

0.02

0.01

0.03

0.01

BBB+

20.03.2012

17.01.2008

1769

#VALUE!

12393

13154

7649

8471

0.95

1.05

1.09

1.24

1.32

1.38

1.27

1.12

0.22

1.18

7039

274

2220

#VALUE!

2124112

#VALUE!

2051750

#VALUE!

103.58

12.35

112.50

1.01

96.59

7916

31.57

35182

41221

38020

43784

0.32

0.34

0.41

0.48

2.45

2.01

1.71

5.14

2.87

8504

19890

64.80

26862

29543

30234

33058

10872

11202

0.30

0.32

0.30

0.33

1.31

1.40

1.29

4.14

3.44

2.16

2.55

5.22

18944

244

19.91

17892

18483

#VALUE!

2796

2353

25.46

19.33

23.73

29.64

0.01

0.02

0.01

0.00

0.03

0.01

A-

24.11.2010

ZAr

13333

407

383

14.86

5498

6175

6761

8253

2349

2674

717

2.72

3.77

3.57

5.00

1.05

1.26

1.11

0.79

2.67

2.17

12.68

3.42

4.91

BBB-

09.04.2010

KB FINANCIAL GROUP INC-ADR

USD

13236

180

#VALUE!

26999

#VALUE!

-19210

#VALUE!

-79.46

-71.15

MEDIATEK INC

TWD

14646

9935

13.61

1841

1876

#VALUE!

227

195

0.42

0.39

0.44

0.64

0.94

0.84

0.58

-0.86

-0.08

-2.25

-0.80

0.42

CHUNGHWA TELECOM LTD-ADR

USD

24335

171

#VALUE!

192462

191292

#VALUE!

83155

79916

52.06

54.40

17.60

16.84

3.25

-0.13

-6.99

-3.28

43.21

30.12.2010

GRUPO TELEVISA SA-SPON ADR

USD

13526

2209

#VALUE!

62582

66397

67983

73650

24252

26056

7128

12.49

14.95

24.25

20.25

8.17

9.43

8.10

38.75

BBB+

02.10.2007

Baa1

02.05.2007

BRF - BRASIL FOODS SA-ADR

USD

15923

1624

NOVATEK OAO-SPONS GDR REG S

USD

36679

180

FORMOSA PLASTICS CORP

TWD

16740

6815

URALKALI-SPON GDR-REG S

USD

23788

986

SK HYNIX INC

KRW

14325

3902

CHINA STEEL CORP

TWD

13575

HYUNDAI HEAVY INDUSTRIES

KRW

16131

GOLD FIELDS LTD

ZAr

IMPALA PLATINUM HOLDINGS LTD

ZAr

1140

#VALUE!

25706

26571

27845

30341

2878

2412

492

0.98

1.85

37.80

20.09

13.34

41.54

24.04

52.90

11.20

BBB-

04.04.2012

Baa3

31.05.2012

#VALUE!

176064

190145

217832

275608

88917

91324

22409

234.71

298.31

15.89

12.50

50.45

58.22

31.24

50.50

BBB-

19.11.2010

16.83

6414

5996

6115

6596

1123

712

181

0.07

0.12

0.17

1.27

0.80

0.54

-0.12

-0.01

-0.37

0.39

0.60

BBB+

30.12.2010

#VALUE!

3496

4465

4247

5012

2068

2809

2.80

3.57

14.48

11.36

105.72

55.16

158.40

45.69

59.16

BBB-

18.06.2012

596

17.15

9202

8769

9000

10372

2120

1189

0.25

-1.73

-0.44

1.15

#VALUE!

0.02

-0.01

0.01

-0.05

-0.01

0.02

BB-

14.02.2012

Ba3

15.02.2012

7880

14972

16.66

8218

7894

7424

7669

1050

632

174

0.05

0.01

0.02

0.04

2.68

1.55

0.87

0.02

0.30

-1.35

-0.29

0.44

239

20.12

22597

27010

29201

2815

498

24.98

28.68

26.69

25.54

0.01

-0.02

0.02

0.01

9042

793

724

10.53

4812

5274

5313

6407

2424

2681

1.17

1.33

1.29

1.95

1.07

1.00

1.10

0.73

3.75

2.15

9.80

3.97

5.79

BBB-

19.03.2009

10974

921

607

11.36

3171

3640

4334

1329

0.79

0.71

0.97

2.54

2.52

2.80

2.07

-1.92

0.28

1.06

4.01

6121

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

2.13

1.94

1.78

2.13

1.32

1.27

1.21

1.32

9.37

8.53

8.18

9.37

8.73

8.12

7.55

8.73

13.71

12.35

11.07

13.71

2.19

2.38

2.56

2.19

1589.7

10.4%

Euro Stoxx 50 Pr

1.13

1.06

1.00

1.13

0.71

0.69

0.67

0.71

5.17

4.87

4.53

5.17

7.02

6.67

6.35

7.02

10.74

9.78

8.88

10.74

4.26

4.72

5.08

4.26

2711.6

7.3%

NIKKEI 225

1.06

0.99

0.93

1.06

0.49

0.46

0.49

6.20

5.69

5.45

6.20

6.88

6.29

5.94

6.88

14.52

12.80

10.48

14.52

2.32

2.34

2.75

2.32

9887.1

13.6%

FTSE 100 INDEX

1.63

1.51

1.40

1.63

0.98

0.95

0.94

0.98

7.51

6.86

6.33

7.51

6.89

6.34

5.98

6.89

11.43

10.35

9.53

11.43

4.03

4.29

4.58

4.03

6360.3

8.6%

SWISS MARKET INDEX

2.15

2.00

1.85

2.15

1.82

1.72

1.63

1.82

11.85

10.24

9.18

11.85

13.43

12.35

11.49

13.43

13.86

12.41

11.30

13.86

3.47

3.83

4.16

3.47

7089.0

5.0%

S&P/TSX COMPOSITE INDEX

1.72

1.59

1.46

1.72

1.59

1.48

1.42

1.59

8.71

7.79

7.12

8.71

8.51

7.41

6.95

8.51

14.69

12.78

11.62

14.69

2.98

3.12

3.31

2.98

14140.3

15.6%

S&P/ASX 200 INDEX

1.68

1.59

1.50

1.68

1.60

1.49

1.41

1.60

9.77

8.91

8.28

9.77

8.64

7.66

7.11

8.64

13.32

11.91

10.97

13.32

4.86

5.22

5.62

4.86

4684.7

4.3%

HANG SENG INDEX

1.38

1.27

1.16

1.38

1.89

1.74

1.61

1.89

7.01

6.50

6.18

7.01

8.67

7.89

7.26

8.67

11.12

10.30

9.30

11.12

3.48

3.72

4.07

3.48

22628.3

6.7%

MSCI EM

1.51

1.36

1.23

1.51

1.03

0.95

0.89

1.03

7.08

6.38

5.73

7.08

7.58

6.78

6.20

7.58

11.42

9.91

8.96

11.42

2.89

3.10

3.43

2.89

1131.7

13.7%

940.00

55.5%

15.07

-1.4%

SAMSUNG ELECTR-GDR REG S TAIWAN SEMICONDUCTOR-SP ADR

17.53

CHINA MOBILE LTD

2.10

1.89

1.71

1.57

CHINA CONSTRUCTION BANK-H

1.42

1.23

1.08

0.95

GAZPROM OAO-SPON ADR

0.46

0.42

0.38

0.35

AMERICA MOVIL-ADR SERIES L

3.67

4.12

3.43

2.94

PETROLEO BRASILEIRO-SPON ADR

0.91

0.87

0.83

IND & COMM BK OF CHINA-H

1.44

1.24

CNOOC LTD

2.18

VALE SA-SP PREF ADR

2.59

2.42

2.28

2.13

2.01

5.95

5.79

5.58

5.25

2.86

2.55

2.34

2.10

1.92

4.46

3.99

3.73

3.38

0.81

0.77

0.73

0.69

2.72

2.24

2.63

2.31

1.94

1.70

1.62

1.55

1.45

7.03

6.52

5.75

5.45

0.81

1.23

1.07

1.02

1.12

1.09

5.01

4.19

4.15

1.09

0.95

2.86

2.55

2.33

2.11

1.90

4.59

4.02

3.72

3.37

1.86

1.62

1.44

2.49

2.47

2.37

2.38

2.18

5.73

5.97

5.87

5.86

1.42

1.06

0.95

0.86

1.96

2.09

1.91

1.78

1.76

5.97

5.50

6.23

ITAU UNIBANCO HLDNG-PREF ADR

1.92

1.62

1.41

1.26

TENCENT HOLDINGS LTD

12.48

9.38

6.83

5.09

LUKOIL OAO-SPON ADR

0.72

0.66

0.61

HYUNDAI MOTOR CO

1.74

1.52 9.39

COMPANHIA DE BEBIDAS-PRF ADR

1.43

0.31

1.30

1.82

1.65

1.49

1.32

1.15

13.77

8.98

6.96

5.58

4.35

31.59

23.98

20.24

16.87

0.61

0.40

0.41

0.43

0.42

3.21

3.14

2.98

1.25

1.04

1.24

1.11

1.08

1.01

9.08

8.70

8.27

7.41

6.73

6.20

5.37

24.61

20.64

19.19

2.42

2.16

2.03

1.89

1.66

8.11

7.02

6.51

5.90

2.26

2.04

1.87

1.70

1.51

3.65

3.45

3.18

2.89

1.81

1.59

1.43

1.26

0.86

0.78

0.73

0.71

3.77

5.03

3.96

3.95

3.85

3.70

2.07

6.75

10.65

9.22

4.22

27.83

6.58

5.60

4.21

20.18

5.96

5.08

4.10

16.01

5.99

4.82

4.09

13.08

3.92

11.02

5.61

MTN GROUP LTD

3.56

3.00

2.80

2.60

BANK OF CHINA LTD-H

0.96

0.87

0.79

0.71

BANCO BRADESCO-ADR

2.23

1.69

1.48

1.33

PETROCHINA CO LTD-H

1.56

1.47

1.36

1.26

1.12

SBERBANK-SPONSORED ADR

28.89

2.19

1.85

0.97

0.83

NASPERS LTD-N SHS

4.56

3.98

3.59

3.13

5.75

4.79

4.19

3.68

3.54

31.77

26.33

20.90

12.05

32.51

32.62

28.11

23.19

SASOL LTD

1.82

1.62

1.46

1.33

1.45

1.41

1.39

1.32

1.28

6.04

5.65

5.38

5.95

5.03

5.12

5.09

4.96

CHINA LIFE INSURANCE CO-H

2.69

2.42

2.17

1.94

1.45

1.42

1.29

1.16

INFOSYS LTD-SP ADR

3.84

3.69

3.37

3.08

3.76

3.48

3.21

3.07

FOMENTO ECONOMICO MEX-SP ADR

3.53

2.88

2.69

2.63

2.14

1.81

1.60

1.43

HYUNDAI MOBIS

2.20

1.75

1.44

1.31

1.83

1.21

1.10

0.85

6.79

5.57

4.67

4.00

CHINA PETROLEUM & CHEMICAL-H

1.16

1.07

0.98

0.89

0.23

0.21

0.20

KIA MOTORS CORPORATION

2.09

1.58

1.24

1.01

0.90

0.86

0.82

8.74

STANDARD BANK GROUP LTD

1.66

1.51

1.39

1.27

2.75

2.53

2.28

2.05

7.15

0.59

3.63

4.51

3.89

2.39

10.88

10.86

10.72

10.37

9.66

3.97

4.02

4.09

4.32

4.66

86.49

3.3%

6.82

6.19

6.04

5.48

4.99

5.40

5.42

5.53

6.23

10.02

6.44

13.4%

3.08

2.96

2.98

3.28

3.06

4.68

5.08

5.31

5.30

6.06

13.98

41.3%

14.00

13.62

12.25

11.46

12.10

1.13

1.17

1.76

2.20

2.70

29.26

11.8%

7.63

10.17

8.30

7.91

10.55

3.09

3.60

3.31

3.22

29.65

32.8%

6.67

6.16

5.90

5.40

4.87

5.45

5.55

5.78

6.29

9.13

5.48

12.4%

8.34

8.85

8.86

8.93

8.44

3.95

2.72

2.90

2.87

3.57

17.27

8.4%

4.82

7.98

6.74

6.50

7.08

7.64

6.82

5.04

5.47

3.80

22.05

24.4%

19.23

31.4%

9.11

9.10

7.89

6.44

2.98

3.48

4.00

5.17

36.96

29.13

22.94

18.49

16.09

0.29

0.36

0.50

0.65

0.66

266.29

2.4%

4.39

4.50

4.63

4.74

3.52

4.03

4.27

4.63

4.74

7.11

80.24

27.6%

0.75

0.82

0.85

0.90

0.85

314477.41

38.2%

3.31

3.88

3.83

40.25

-1.1%

7.99

6.13

5.92

5.55

29.20

24.85

22.62

21.10

14.31

12.65

11.35

10.51

9.62

4.53

5.61

6.51

7.11

10.40

16990.77

9.2%

5.76

5.41

4.99

4.21

6.17

6.29

6.25

6.81

7.66

3.47

12.9%

10.84

9.84

9.11

7.78

3.21

3.47

3.78

4.47

18.88

21.6%

11.52

11.45

10.36

9.55

8.01

3.86

3.91

4.31

4.57

5.63

11.25

5.1%

6.39

4.01

3.84

3.45

2.39

0.90

2.06

1.88

1.97

30.85

28.57

23.59

18.82

0.61

0.72

0.86

1.06

56613.00

3.7%

8.22

8.78

8.81

8.55

12.18

4.40

4.72

5.18

5.53

4.87

40019.23

4.3%

24.82

22.41

16.66

13.81

8.26

1.28

1.43

1.88

2.14

4.07

23.29

-0.4%

15.35

14.79

14.09

13.43

1.66

2.47

2.60

3.15

45.24

1.5%

26.39

27.00

22.66

19.82

1.26

1.47

1.55

1.64

97.46

5.1%

9.00

8.15

7.32

7.40

0.53

0.60

0.63

0.67

0.58

391225.81

30.4%

18.53

14.81

12.28

1.74

2.13

2.57

44.00

10.0%

7.29

9.19

7.31

6.93

3.53

3.59

4.24

4.59

4.24

8.15

4.2%

7.91

6.23

5.73

5.33

0.89

0.99

1.07

1.10

1.16

99570.97

48.6%

12.35

11.08

9.71

8.51

3.76

4.33

4.81

5.47

HON HAI PRECISION-GDR REG S

1.52

0.67

5.24

5.03

4.61

4.46

4.06

6.17

5.86

5.34

4.99

4.39

4.60

POSCO-ADR

ICICI BANK LTD-SPON ADR 0.79

1.35

13.79

12.76

12.44

14.66

16.71

18.58

12.49

10.11

10.89

0.18

3.81

3.82

9.19

3.27

8.08

3.21

2.47

10.03

9.30

8.86

10.51

8.41

7.63

6.28

4.94

5.22

4.48

4.19

9.61

9.29

8.93

3.85

6.86

7.13

7.91

SHINHAN FINANCIAL GROUP-ADR PING AN INSURANCE GROUP CO-H

2.97

2.46

2.04

1.90

2.39

1.63

1.20

1.05

0.90

0.96

CHINA SHENHUA ENERGY CO-H

2.20

1.97

1.75

1.57

1.49

2.25

1.96

1.79

1.68

1.55

LG CHEM LTD

2.16

ANGLOGOLD ASHANTI LTD

2.91

0.96 2.36

1.76

1.47

2.38

7.58

7.61

6.56

6.47

5.97

9.11 1.97

1.62

1.53

1.90

6.63

5.80

5.44

5.17

5.37

5.81 5.78

4.84

4.62

6.12

5.64

5.01

3.76

3.48

5.06

3.51

20.70

CHUNGHWA TELECOM LTD-ADR GRUPO TELEVISA SA-SPON ADR

4.48

BRF - BRASIL FOODS SA-ADR

3.01

2.68

2.43

2.88

2.54

2.35

2.18

2.07

20.01

38.14

33.61

2.20

2.11

1.20

1.16

1.07

0.94

0.88

11.49

10.71

11.44

58.65

64.24

2.90

17.42

13.31

10.82

9.42

9.73

12.14

11.66

11.36

3.95

16.01

11.70

9.54

8.95

5.39

6.03

3.98

3.04

1.59

11.11

11.93

11.29

10.18

14.85

20.60

15.87

14.57

7.73

6.34

6.01

4.61

5.83

7.70

7.43

5.74

187.2% 15.8%

15.59

13.22

11.52

8.90

0.95

1.04

1.25

1.44

1.85

71.02

11.07

10.84

10.02

9.61

10.06

3.29

3.53

3.88

4.04

3.68

34.36

9.3%

9.74

12.05

9.65

8.75

1.35

1.31

1.36

1.42

1.33

384448.28

21.5%

10.56

9.68

6.91

6.89

1.02

1.37

1.68

1.81

1.33

37058.57

23.2%

51.00

48.9%

7.78

25.31

24.44

17.03

14.67

5.17

4.40

3.02

3.67

4.60

3.23

15.75

17.60

16.84

23.12

24.25

20.26

20.19

11.83

0.96

0.34

0.74

0.96

17.33

37.80

20.09

13.03

11.43

0.28

0.78

1.45

2.02

18.29

15.89

12.50

10.67

8.48

1.39

1.83

2.16

2.54

12.95

23.49

15.83

14.00

6.91

3.46

4.30

5.40

15.60

14.48

11.36

10.67

2.93

3.52

4.50

4.93

0.46

0.13

0.24

0.35

4.80

2.13

2.93

3.94

4.85

23.46

-9.8%

2.90

1.79

1.84

1.80

1.70

314961.53

34.0%

0.72

10.5%

27.33

-12.9%

25.06

5.8%

18.40

0.8%

148.95

23.3%

5.78

3.93

3.16

2.62

2.06

6.41

5.20

4.11

3.44

FORMOSA PLASTICS CORP

1.89

2.12

1.97

1.87

1.73

2.56

2.74

2.54

2.43

URALKALI-SPON GDR-REG S

2.52

2.98

2.64

2.38

2.14

6.52

5.60

4.75

4.52

SK HYNIX INC

1.55

1.62

1.49

1.30

1.46

1.59

1.38

1.18

CHINA STEEL CORP

1.39

1.38

1.34

1.32

1.66

1.83

1.77

1.74

HYUNDAI HEAVY INDUSTRIES

1.04

0.97

0.88

0.76

0.71

0.60

0.55

0.45

GOLD FIELDS LTD

1.64

1.51

1.27

1.18

1.90

1.70

1.41

1.43

1.71

5.66

5.41

4.42

5.90

6.12

4.86

4.28

3.22

3.53

5.78

10.07

9.58

6.35

6.88

15.47

2.61

3.10

4.31

3.92

3.06

13038.07

20.9%

IMPALA PLATINUM HOLDINGS LTD

1.84

1.72

1.60

1.49

3.42

3.02

2.53

2.18

1.70

16.61

14.67

13.02

11.01

8.29

14.44

13.69

10.38

7.76

5.54

22.56

24.36

17.91

11.31

7.48

1.62

1.38

2.61

4.55

8.35

14257.14

-5.7%

1.31

12.73

19.34

15.14

14.56

8.60

4.25

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

17.66 14.68

17.95

10.03

19.82

45.22

25.32

20.17

5.15

7.95

8.31

6.55

9.50

17.11

3.95

350.77

NOVATEK OAO-SPONS GDR REG S

1.46

7.48

9.1%

97.00 19.70

KB FINANCIAL GROUP INC-ADR MEDIATEK INC

11446.42

5.65

78.37

-2.0%

44.92

10.9%

29000.00

26.9%

16.10.2012

Samsung Electronics Co Ltd Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Price/Volume 700

12/2011 06/yy 630.00 380.00 35'663.00 604.5 -4.05% 59.08% 84.60% 294.6 178'084.89 4'796'865.00 119'467.0 0.0 14'630'145.00 -

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 1.00

400

.2 M

300

.1 M

200 .1 M

100 0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-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 63'175'968.0 0.99x 12'999'646.0 4.82x 7'425'016.0 0.00x

.2 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (18.10.2011) Daily Volume Current Price (10/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 SMSN LI EQUITY YTD Change SMSN LI EQUITY YTD % CHANGE

.3 M

600

LTM-4Q

31.12.2008 31.12.2009 31.12.2010 31.12.2011 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 0.70x 1.05x 1.02x 1.06x 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 4.32x 6.61x 5.60x 6.75x 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 0.00x 0.00x 0.00x 0.00x Profitability 18'987'465.00 9'679'775.00 8.01% 9.51% 8.93% 11.76% 11.50% 1.08% 25.2% 15.7% 8.0% 8.3% 1.46 1.11 4.08% 5.40% 8.45 17.72

LTM

06/yy 06/yy ######### ######### 3.63x 4.11x ######### ######### 5.18x 6.88x ######### ######### 0.00x 0.00x

1.09 55.34% 31.27% 1.086 3 3.667 91'594 68'965 59'524

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

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

25.01.2006 A POS 25.01.2006 A-1 75.22 23.73 -0.52 0.25 5.4% 5.1% 1.08 2.96 43.19 20.60 26.05 37.74

Sales/Revenue/Turnover

140'000'000.0 120'000'000.0 100'000'000.0

0.80

80'000'000.0 0.60

60'000'000.0

0.40

40'000'000.0 20'000'000.0

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 |

16.10.2012

Samsung Electronics Co Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC SPRUCEGROVE INVESTME UNIVERSAL INVEST CON CARNEGIE ASSET MANAG JF ASSET MANAGEMENT DELTA LLOYD FUND MAN INVESTEC ASSET MANAG HARDING LOEVNER LP BNP PARIBAS ASSET MG ODEY ASSET MGMT LTD CAPITAL INTERNATIONA LEGG MASON INC AGF INVESTMENTS INC DEKA INTERNATIONAL S ING INVESTMENT MANAG SANFORD C BERNSTEIN POLARIS CAPITAL MANA SCHRODER INVESTMENT BLACKROCK FUND ADVIS PRUDENTIAL FINANCIAL

Firm Name Sanford C. Bernstein & Co Jyske Bank

Portfolio Name Multiple Portfolios SPRUCEGROVE INVESTME 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 POLARIS CAPITAL MANA Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MARK C NEWMAN ROBERT JAKOBSEN

Source MF-AGG 13F 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 outperform sell

Amt Held 5'409'994 711'813 168'000 155'869 105'969 92'488 86'926 82'850 81'497 78'436 75'105 71'600 49'595 46'900 38'412 37'870 37'652 34'444 34'170 29'109

% Out 1.84 0.24 0.06 0.05 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change 5 1

Latest Chg 76'650 (65'557) (16'300) 511 3'521 (92'130) (7'038) (2'644) (20'100) (7'724) 1'300 (2'925) (1'421) (100)

Target Price

M M

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

955 325

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 29.06.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 12 month Not Provided

Date 16.10.2012 28.03.2012

16.10.2012

Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs. The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips. Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Price/Volume

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

1.20

30.0 M 25.0 M

12/2011 06/yy 16.31 11.64 13'756'826.00 15.29 -6.25% 31.36% 78.16% 5'183.2 79'251.81 48'426.53 0.0 0.0 88'580.79 -

20.0 M

15.0 M

10.0 M

5.0 M

2 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 313'647.6 4.76x 185'072.6 8.07x 109'177.1 0.00x

35.0 M

16 14

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (20.10.2011) Daily Volume Current Price (10/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 TSM US EQUITY YTD Change TSM US EQUITY YTD % CHANGE

31.12.2008 31.12.2009 321'767.1 285'742.9 3.13x 5.41x 180'859.8 168'850.2 5.56x 9.16x 99'933.2 89'217.8 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 406'963.3 4.32x 238'212.6 7.37x 161'605.0 0.00x

31.12.2011 418'245.5 4.60x 241'831.2 7.96x 134'201.3 0.00x 241'831.19 138'905.76 33.21% 34.60% 18.35% 22.30% 20.91% 0.57% 44.4% 57.8% 33.2% 32.1% 1.45 0.94 6.36% 7.69% 28.90 9.60

LTM

06/yy 06/yy 426'546.8 438'601.0 16.14x 18.09x 250'111.8 254'951.6 7.23x 8.06x 159'888.1 137'260.0 0.00x 0.00x

1.02 21.77 28.84% 22.75% 1.020 8 2.750 10'626'979 11'880'975 12'421'711

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

20.04.2010 A+ STABLE 542.36 87.63 -0.17 0.20 7.7% 7.1% 0.57 1.02 12.63 38.04 15.94 34.73

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 |

16.10.2012

Taiwan Semiconductor Manufacturing Co Ltd Holdings By:

All

Holder Name ABERDEEN ASSET MANAG JP MORGAN CHASE & CO CAPITAL WORLD INVEST DEUTSCHE BANK AG VANGUARD GROUP INC NOMURA HOLDINGS INC BANK OF NEW YORK MEL MASSACHUSETTS FINANC NORTHERN CROSS LLC HARBOR CAPITAL ADVIS WELLINGTON MANAGEMEN LAZARD ASSET MANAGEM CI INVESTMENTS INC BAILLIE GIFFORD AND FIDELITY MANAGEMENT WELLS CAPITAL MANAGE SANDERSON ASSET MANA RENAISSANCE TECHNOLO FISHER INVESTMENTS I MONDRIAN INVESTMENT

Firm Name Pacific Crest Securities Susquehanna Financial Group Sanford C. Bernstein & Co Jefferies HSBC Goldman Sachs EVA Dimensions First Global Stockbroking

Portfolio Name ABERDEEN ASSET MANAG JP MORGAN CHASE & CO CAPITAL WORLD INVEST DEUTSCHE BANK AKTIEN VANGUARD GROUP INC NOMURA HOLDINGS INC BANK OF NEW YORK MEL MASSACHUSETTS FINANC NORTHERN CROSS LLC Multiple Portfolios WELLINGTON MANAGEMEN LAZARD ASSET MANAGEM CI INVESTMENTS INC BAILLIE GIFFORD & CO FIDELITY MANAGEMENT WELLS CAPITAL MANAGE SANDERSON ASSET MANA RENAISSANCE TECHNOLO FISHER INVESTMENTS MONDRIAN INVESTMENT

Analyst MICHAEL MCCONNELL MEHDI HOSSEINI MARK LI ROBERT LEA STEVEN C PELAYO DONALD LU TEAM COVERAGE ISHANSH VIJ

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

Recommendation sector perform neutral market perform underperform overweight neutral/neutral hold market perform

Amt Held 75'524'649 69'432'502 67'807'123 65'746'762 65'725'842 51'495'325 48'725'236 45'745'375 40'810'190 38'036'197 35'388'173 32'366'695 30'218'522 28'163'795 18'193'267 14'876'854 14'251'179 12'840'171 11'700'231 10'759'297

% Out 1.46 1.34 1.31 1.27 1.27 0.99 0.94 0.88 0.79 0.73 0.68 0.62 0.58 0.54 0.35 0.29 0.27 0.25 0.23 0.21

Weighting

Change 3 3 3 1 5 3 3 3

M M M D M M M M

Latest Chg (3'838'000) 4'991'966 (500'000) 58'116'167 416'130 49'760'715 4'892'963 (3'483'737) 15'033 (416'002) 1'469'989 (169'093) (1'625'450) (141'100) (15'562'794) 1'989'920 (161'200) 3'648'620 2'660'890 (2'164'952)

Target Price #N/A N/A 17 15 12 17 14 #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

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

Date 11.10.2012 10.10.2012 09.10.2012 07.08.2012 19.07.2012 31.05.2012 18.11.2011 02.05.2011

16.10.2012

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 (10/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 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2011 03/yy 92.60 72.20 21'077'927.00 83.7 -9.61% 15.93% 58.33% 20'099.7 1'682'343.88 30'301.00 0.0 1'355.0 332'946.00 997'518.99

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

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

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

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

257'202.00 159'710.00 30.25% 31.55% 13.87% 20.55% 19.56% 0.58% 48.7% 30.2% 23.8% 1.40 1.25 3.18% 4.67% 62.87 -

LTM

FY+1

4.06 0.64 5'212.77 15.64% 14.88% 0.642 33 3.424 17'087'210 17'744'940 17'679'090 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 494'316.0 537'272.0 561'577.2 597'207.5 141'691.3 142'930.0 0.00x 0.00x 1.81x 1.60x 0.0 0.0 252'444.5 259'235.2 68'511.8 65'976.5 0.00x 0.00x 3.95x 3.85x 121'026.0 126'806.0 125'427.1 127'035.0 35'359.8 31'142.5 0.00x 0.00x 10.86x 10.72x 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 -1.18 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.7% Total Debt/Capital 4.5% Asset Turnover 0.58 Net Fixed Asset Turnover 1.14 Accounts receivable turnover-days 5.81 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

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 o-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 |

16.10.2012

China Mobile Ltd Holdings By:

All

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

Analyst

BOCOM International Holdings LI ZHIWU Barclays ANAND RAMACHANDRAN Nomura DANNY CHU Standard Chartered STEVEN LIU BNP Paribas Equity Research ALEN LIN Jefferies CYNTHIA JINHONG MENG Credit Suisse COLIN MCCALLUM DBS Vickers TAM TSZ-WANG Haitong International Securities ALEX LEE Deutsche Bank ALAN HELLAWELL AMTD Financial Planning Limited KENNY TANG SING HING Bank of China International MICHAEL MENG Kim Eng Securities ANDY POON Guotai Junan RICKY LAI EVA Dimensions TEAM COVERAGE Goldman Sachs DONALD LU Capital Securities Corp TEAM COVERAGE Macquarie LISA SOH China International Capital Corp CHEN HAOFEI SWS Research Co Ltd JIM TANG UOB Kay Hian VICTOR YIP ICBC International Securities KARY SEI Morgan Stanley NAVIN KILLA JPMorgan LUCY LIU Pacific Crest Securities STEVE CLEMENT HSBC TUCKER GRINNAN 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 MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG

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

Amt Held 14'885'998'621 264'607'960 175'760'183 123'415'000 53'719'500 52'944'396 50'427'000 44'569'290 42'107'908 39'511'302 36'888'947 31'549'430 24'357'000 18'886'000 18'587'500 17'939'500 17'030'255 15'575'207 15'507'000 14'868'470

% Out 74.06 1.32 0.87 0.61 0.27 0.26 0.25 0.22 0.21 0.2 0.18 0.16 0.12 0.09 0.09 0.09 0.08 0.08 0.08 0.07

Weighting

Change

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

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

Latest Chg 4'085'964 4'327'000 210'000 (739'697) (9'591'500) 10'223'214 (7'269'850) (211'000) 1'090'500 3'984'663 759'500 855'500 (3'484'000) 1'587'500 (81'500)

Target Price 92 83 91 95 85 91 102 85 90 86 89 75 72 90 #N/A N/A 100 70 76 75 72 100 87 80 92 91 103 #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 28.09.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 30.12.2011 Investment Advisor 31.08.2012 Investment Advisor 12.10.2012 Investment Advisor 12.10.2012 Investment Advisor 31.07.2012 Investment Advisor 15.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.03.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2011 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Date 16.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 11.10.2012 10.10.2012 05.10.2012 04.10.2012 03.10.2012 03.10.2012 25.09.2012 21.09.2012 12.09.2012 05.09.2012 17.08.2012 17.08.2012 17.08.2012 17.08.2012 17.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 11.06.2012

16.10.2012

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

4500.0 M

4000.0 M 3500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.09.2012 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 06/yy 6.62 4.71 322'939'006.00 5.68 -14.20% 20.59% 56.54% 240'417.3 1'415'184.13 1'211'152.00 0.0 5'520.0 2'765'601.00 -

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

2500.0 M

2000.0 M 1500.0 M

1000.0 M

500.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 306'520.0 0.00x 0.0 0.00x 69'053.0 20.61x

3000.0 M

31.12.2008 31.12.2009 388'058.0 396'529.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 92'599.0 106'756.0 9.36x 12.77x Profitability

LTM-4Q 31.12.2010 449'841.0 0.00x 0.0 0.00x 134'844.0 10.55x

31.12.2011 575'537.0 0.00x 0.0 0.00x 169'258.0 6.47x 54.90% 55.07% 1.47% 22.45% 9.46% 0.05% 42.5% 9.86% 149.31% -

Price/ Cash Flow

LTM

FY+1

5.15 1.11 69'156.38 16.70% 10.67% 1.110 40 4.600 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 507'820.0 654'862.0 448'467.5 488'340.9 114'520.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 156'928.0 182'716.0 186'511.4 191'714.7 51'000.0 8.43x 5.90x 6.19x 6.04x 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 5.45 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

100.00

700'000.0

90.00

600'000.0

80.00 70.00

500'000.0

60.00

400'000.0

50.00

300'000.0

40.00

200'000.0

30.00 20.00

100'000.0

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 |

16.10.2012

China Construction Bank Corp Holdings By:

All

Holder Name CENTRAL HUIJIN INVES 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 CAPITAL RESEARCH GLO FIDELITY INTERNATION CARMIGNAC GESTION LAZARD ASSET MANAGEM STATE STREET GLOBAL BANK OF NEW YORK MEL SCHRODER INVESTMENT BLACKROCK GROUP LIMI SHANDONG LUNENG GROU

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

Analyst MICHAEL WERNER SOPHIE JIANG NING MA TAN MING LUCY FENG RICHARD XU DORRIS CHEN TREVOR KALCIC BILL STACEY ALEXANDER LEE SANJAY JAIN LAWRENCE CHEN LI SHANSHAN TODD DUNIVANT JIM ANTOS TRACY YU IVAN LI MAY YAN LI TIMOTHY WILSON LI FEIFEI XIAO JOSHUA KLACZEK TEAM COVERAGE SUN PENG GRACE WU MAO JUNHUA ROBERT HU EDMOND LAW KENNY TANG SING HING NAN LI TEAM COVERAGE VICTOR WANG CHEN HUFEI CHEN XINGYU LIU XIAOCHANG DESMOND CHEUNG 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 2'996'209'024 EXCH 2'760'000'000 MF-AGG 1'540'250'930 Co File 1'315'282'730 Co File 1'070'000'000 Co File 856'000'000 Co File 856'000'000 MF-AGG 808'305'345 MF-AGG 718'786'095 MF-AGG 692'820'990 MF-AGG 671'621'995 MF-AGG 632'279'467 MF-AGG 523'882'130 MF-AGG 467'843'756 MF-AGG 436'933'756 Co File 374'500'000

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

Weighting

% Out 59.31 7.44 2.47 1.34 1.25 1.15 0.64 0.55 0.45 0.36 0.36 0.34 0.3 0.29 0.28 0.26 0.22 0.19 0.18 0.16

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

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

Latest Chg 360'329'270 2'666'000 (21'223'500) (74'739'516) (181'578'000) 99'887'000 96'278'869 3'717'976 (28'607'714) 894'000 -

Target Price 7 5 7 6 5 6 6 7 6 7 7 6 6 8 5 6 8 6 6 7 #N/A N/A 7 #N/A N/A 6 6 10 7 6 6 7 #N/A N/A 6 #N/A N/A 7 #N/A N/A 8 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 12.10.2012 31.12.2010 31.12.2010 31.12.2010 31.12.2010 30.06.2012 29.02.2012 29.06.2012 31.08.2012 31.12.2011 12.10.2012 30.06.2012 12.10.2012 31.12.2010

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 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 Investment Advisor Corporation

Date 16.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 10.10.2012 10.10.2012 05.10.2012 01.10.2012 24.09.2012 20.09.2012 19.09.2012 18.09.2012 16.09.2012 14.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 29.08.2012 28.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 26.08.2012 13.08.2012 19.06.2012 27.04.2012 28.03.2012 26.03.2012 24.10.2011 24.11.2010 01.11.2010 16.04.2010 02.01.2009

16.10.2012

Gazprom OAO Gazprom OAO operates gas pipeline systems, produces and explores gas, and transports high pressure gas in the Russian Federation and European countries. The Company is also engaged in oil production, oil refining, gas storage, and electric and heat energy generation.

Price/Volume 16

120.0 M

100.0 M

12 80.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/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 OGZD LI EQUITY YTD Change OGZD LI EQUITY YTD % CHANGE

12/2011 03/yy 13.64 8.47 13'539'816.00 9.895 -27.49% 16.89% 24.54% 11'836.8 117'124.71 1'540'162.00 0.0 297'420.0 525'335.00 -

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

1.20

40.0 M

4 20.0 M

2 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 2'390'467.0 4.02x 885'355.0 10.85x 658'038.0 0.00x

60.0 M

31.12.2008 31.12.2009 3'518'960.0 2'990'971.0 1.10x 2.00x 1'554'286.0 1'115'242.0 2.48x 5.37x 742'928.0 779'585.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 3'597'054.0 1.60x 1'399'892.0 4.10x 968'557.0 0.00x

LTM

FY+1

1.26 -1.14% -2.16% 1.256 16 4.375 22'084'820 26'244'440 23'062'670 FY+2

FQ+1

FQ+2

31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 4'637'090.0 ######### ######### ######### ######### ######### ######### 1.16x 5.61x 4.74x 1.07x 1.02x 1'970'093.0 ######### ######### ######### ######### 457'803.0 2.73x 4.20x 2.97x 1'307'018.0 ######### ######### ######### ######### 376'950.5 291'752.5 0.00x 0.00x 0.00x 2.96x 2.98x S&P Issuer Ratings 1'970'093.00 Long-Term Rating Date 29.11.2006 1'694'909.00 Long-Term Rating BBB 36.55% Long-Term Outlook STABLE 36.23% Short-Term Rating Date 20.08.2010 12.98% Short-Term Rating A-2 19.06% Credit Ratios 15.95% EBITDA/Interest Exp. 61.57 0.46% (EBITDA-Capex)/Interest Exp. 13.03 Net Debt/EBITDA 0.52 - Total Debt/EBITDA 0.78 42.5% Reference 36.6% Total Debt/Equity 20.6% 28.2% Total Debt/Capital 16.6% Asset Turnover 0.46 1.71 Net Fixed Asset Turnover 0.76 0.81 Accounts receivable turnover-days 36.90 14.13% Inventory Days 20.64% Accounts Payable Turnover Day 9.89 Cash Conversion Cycle Sales/Revenue/Turnover

5'000'000.0 4'500'000.0

1.00

4'000'000.0 3'500'000.0

0.80 0.60 0.40

3'000'000.0 2'500'000.0 2'000'000.0 1'500'000.0 1'000'000.0

0.20

500'000.0 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 |

16.10.2012

Gazprom OAO Holdings By:

All

Holder Name VANGUARD GROUP INC FRANKLIN RESOURCES I CAPITAL WORLD INVEST BANK OF NEW YORK MEL SKAGEN AS CAPITAL RESEARCH GLO BLACKROCK GROUP LIMI SCHRODER INVESTMENT LAZARD ASSET MANAGEM DWS INVESTMENT SA VAN ECK ASSOCIATES C DB PLATINUM ADVISORS SWEDBANK ROBUR FONDE EAST CAPITAL ASSET M SCHRODER KOREA LTD TEMPLETON INVESTMENT ROBECO INVESTOR SERV CAPITAL INTERNATIONA DEUTSCHE BANK AG BNP PARIBAS ASSET MG

Firm Name Renaissance Capital Morgan Stanley Sanford C. Bernstein & Co ING Wholesale Banking Alfa-Bank Goldman Sachs Societe Generale HSBC RMG Securities UFS-Finance Investment Company Gazprombank Aton LLC Otkritie Capital Barclays Wood & Company CS Capital

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BRADLEY WAY PAVEL SOROKIN OSWALD CLINT IGOR KURINNYY MARIYA YEGIKYAN GEYDAR MAMEDOV EVGENY SOLOVYOV ILDAR KHAZIEV MIKHAIL LOSHININ ILYA BALAKIREV IVAN KHROMUSHIN ELENA SAVCHIK VADIM MITROSHIN LYDIA RAINFORTH CHIRVANI ABDOULLAEV CHRISTOPHER PARKINSON

Source 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 MF-AGG MF-AGG MF-AGG

Recommendation buy Equalwt/In-Line outperform hold overweight Buy/Neutral buy overweight buy buy overweight buy buy underweight hold buy

Amt Held 204'256'183 65'005'800 61'085'000 40'418'308 38'295'733 36'857'000 33'169'190 24'657'883 21'900'694 16'824'220 14'257'664 13'500'000 11'855'044 11'043'945 11'023'813 10'886'848 10'783'661 10'768'204 10'757'851 9'914'540

% Out 1.73 0.55 0.52 0.34 0.32 0.31 0.28 0.21 0.19 0.14 0.12 0.11 0.1 0.09 0.09 0.09 0.09 0.09 0.09 0.08

Weighting

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

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

Latest Chg (929'561) 2'265'780 307'100 2'816'800 (743'093) (1'579'802) (202'330) (470'000) 7'500'000 1'213'849 (4'008'960) (703'455) (5'630) (323'701) (468'099) 427 2'694'212

Target Price 13 12 17 11 13 16 16 14 14 14 16 32 25 15 14 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 12.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 12.10.2012 09.10.2012 04.10.2012 26.09.2012 21.09.2012 17.09.2012 11.09.2012 31.08.2012 12.07.2012 02.07.2012 12.05.2012 20.01.2012 21.12.2011 15.11.2011 22.06.2011 24.01.2011

16.10.2012

America Movil SAB de CV America Movil SAB de C.V. provides wireless communications in 18 countries across Latin America, the Caribbean and the U.S. The company also offers fixed-line phone, Internet and pay-TV services in most parts of the region.

Price/Volume 30

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.05.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMX US EQUITY YTD Change AMX US EQUITY YTD % CHANGE

12/2011 06/yy 28.47 21.60 4'054'394.00 26.17 -8.08% 21.16% 66.52% 2'595.6 99'406.23 380'618.80 0.0 9'999.5 59'124.00 -

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

1.20 1.00

15.0 M

10.0 M

5.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 311'579.8 3.86x 126'012.6 9.55x 58'587.5 0.00x

20.0 M

Valuation Analysis

31.12.2008 31.12.2009 345'654.9 561'254.6 2.29x 2.28x 137'313.5 228'715.8 5.78x 5.60x 59'485.5 92'697.6 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 607'855.7 2.73x 243'392.7 6.82x 91'123.1 0.00x

31.12.2011 665'301.5 2.33x 248'772.5 6.23x 82'853.5 0.00x 248'772.50 154'775.47 23.26% 19.32% 9.09% 27.93% 15.57% 0.73% 42.1% 37.4% 23.3% 12.5% 0.91 0.70 40.25% 133.25% 6.10 12.78

LTM

FY+1

1.09 8.80 10.85% 16.43% 1.088 21 3.952 4'417'279 5'128'935 4'776'151 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 632'882.8 733'603.6 746'539.7 783'291.7 188'495.5 200'301.8 10.00x 8.53x 2.18x 2.03x 8.69x 8.20x 243'760.3 259'749.9 260'897.1 273'113.5 65'744.7 69'731.0 6.09x 6.53x 95'899.9 81'083.0 97'444.3 105'034.1 25'970.8 23'784.2 0.00x 0.00x 13.62x 12.25x 14.68x 14.50x S&P Issuer Ratings Long-Term Rating Date 22.03.2010 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.97 (EBITDA-Capex)/Interest Exp. 6.18 Net Debt/EBITDA 1.29 Total Debt/EBITDA 1.53 Reference Total Debt/Equity 133.3% Total Debt/Capital 56.3% Asset Turnover 0.73 Net Fixed Asset Turnover 1.52 Accounts receivable turnover-days 59.84 Inventory Days 28.55 Accounts Payable Turnover Day 150.63 Cash Conversion Cycle -62.24 Sales/Revenue/Turnover

700'000.0 600'000.0 500'000.0

0.80

400'000.0 0.60

300'000.0

0.40

200'000.0 100'000.0

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 |

16.10.2012

America Movil SAB de CV Holdings By:

All

Holder Name CAPITAL WORLD INVEST CAPITAL RESEARCH GLO OPPENHEIMERFUNDS INC GENESIS ASSET MANAGE NOMURA HOLDINGS INC LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT BRANDES INVESTMENT P INVESCO LTD FIDELITY INTERNATION BAILLIE GIFFORD AND CREDIT AGRICOLE SA FISHER INVESTMENTS I WESTWOOD GLOBAL INVE HARDING LOEVNER LP ARROWSTREET CAP LIMI ACADIAN ASSET MANAGE GRANTHAM MAYO VAN OT

Firm Name Itau BBA Securities Actinver SA HSBC Scotia Capital BBVA JPMorgan Banorte-IXE Raymond James Macquarie Morgan Stanley Goldman Sachs William Blair & Co Banco BTG Pactual SA Stifel Nicolaus Credit Suisse Barclays Grupo Santander Wells Fargo Securities, LLC EVA Dimensions Gabelli & Co Davenport & Co First Global Stockbroking

Portfolio Name CAPITAL WORLD INVEST CAPITAL RESEARCH GLO OPPENHEIMER FUNDS IN GENESIS ASSET MANAGE NOMURA HOLDINGS INC LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA FIDELITY MANAGEMENT BRANDES INVESTMENT P INVESCO LTD FIDELITY INTERNATION BAILLIE GIFFORD & CO CREDIT AGRICOLE SA FISHER INVESTMENTS WESTWOOD GLOBAL INVE HARDING LOEVNER LP ARROWSTREET CAPITAL ACADIAN ASSET MANAGE GRANTHAM MAYO VAN OT

Analyst GREGORIO TOMASSI MARTIN LARA RICHARD DINEEN ANDRES COELLO ALEJANDRO GALLOSTRA ANDRE BAGGIO MANUEL JIMENEZ ZALDIVAR RICHARD H PRENTISS JR KEVIN SMITHEN MICHEL MORIN LUCIO G ALDWORTH JAMES D BREEN JR CARLOS SEQUEIRA CHRISTOPHER C KING ANDREW T CAMPBELL VERA ROSSI VALDER NOGUEIRA JENNIFER M FRITZSCHE TEAM COVERAGE SERGEY DLUZHEVSKIY F DRAKE JOHNSTONE RUPALI VERMA

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform buy overweight sector underperform outperform neutral buy market perform outperform Underwt/In-Line neutral/neutral market perform neutral hold outperform overweight hold suspended coverage buy buy reduce moderate outperform

Amt Held 72'019'326 69'854'668 50'939'316 29'864'226 21'512'060 21'508'182 20'072'352 17'435'803 17'284'039 16'083'199 15'597'043 13'420'115 12'928'223 12'710'980 11'725'512 11'723'354 10'509'674 10'124'939 10'115'685 9'837'719

% Out 2.77 2.69 1.96 1.15 0.83 0.83 0.77 0.67 0.67 0.62 0.6 0.52 0.5 0.49 0.45 0.45 0.4 0.39 0.39 0.38

Weighting

Change

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

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

Latest Chg (17'892'800) (24'606'700) 474'200 257'432 21'453'980 267'884 (1'386'345) (2'589'640) 17'120 (1'203'345) 2'097'005 4'258'192 388'700 1'690'498 1'031'574 265'505 524'200 10'124'939 10'115'685 4'070'900

Target Price 30 29 32 25 30 28 31 #N/A N/A 32 25 28 #N/A N/A 27 #N/A N/A 30 32 26 #N/A N/A #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor

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

Date 14.10.2012 12.10.2012 05.10.2012 05.10.2012 01.10.2012 26.09.2012 20.09.2012 19.09.2012 09.08.2012 30.07.2012 27.07.2012 27.07.2012 27.07.2012 27.07.2012 26.07.2012 23.07.2012 10.04.2012 30.12.2011 18.11.2011 31.10.2011 21.07.2011 29.10.2009

16.10.2012

Petroleo Brasileiro SA Petroleo Brasileiro S.A. - Petrobras explores for and produces oil and natural gas. The Company refines, markets, and supplies oil products. Petrobras operates oil tankers, distribution pipelines, marine, river and lake terminals, thermal power plants, fertilizer plants, and petrochemical units. The Company operates in South America and elsewhere around the world.

Price/Volume 35

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PBR/A US EQUITY YTD Change PBR/A US EQUITY YTD % CHANGE

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

10.0 M

5.0 M

5 0 o-11

31.12.2008 31.12.2009 217'220.4 183'481.6 0.98x 2.60x 57'350.1 58'032.9 3.73x 8.22x 38'932.0 30'964.7 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 211'841.9 2.07x 59'315.3 7.39x 35'189.4 0.00x

31.12.2011 244'176.1 1.56x 61'582.3 6.17x 33'313.1 0.00x

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

61'582.35 43'842.85 17.96% 18.16% 5.97% 10.47% 0.44% 31.6% 25.2% 18.0% 13.6% 1.78 1.02 25.96% 47.16% 16.21 6.94

LTM

FY+1

1.22 16.75 -0.25% -2.75% 1.217 10 4.200 5'355'077 7'503'190 7'833'152 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 223'163.6 262'088.2 283'172.5 295'085.9 63'827.1 67'771.7 7.82x 5.77x 1.60x 1.64x 61'581.1 56'472.1 66'363.1 74'245.2 16'946.9 15'752.9 6.42x 6.50x 41'096.0 19'253.7 29'361.9 36'244.3 8'983.5 4'234.2 0.00x 0.00x 10.17x 8.30x 9.28x 8.95x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 1.58 Total Debt/EBITDA 2.53 Reference Total Debt/Equity 47.2% Total Debt/Capital 31.9% Asset Turnover 0.44 Net Fixed Asset Turnover 0.78 Accounts receivable turnover-days 22.51 Inventory Days 52.61 Accounts Payable Turnover Day 39.60 Cash Conversion Cycle 35.52 Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

.0 M n-11

Fiscal Year Ended 31.12.2007 170'718.9 2.95x 52'508.7 9.58x 25'564.5 0.00x

15.0 M

12/2011 06/yy 30.20 16.69 7'236'161.00 22.32 -26.09% 33.73% 41.67% 2'801.0 148'665.20 155'554.69 2'384.7 58'302.82 -

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 |

16.10.2012

Petroleo Brasileiro SA Holdings By:

All

Holder Name ABERDEEN ASSET MANAG BANK OF NEW YORK MEL VANGUARD GROUP INC DIMENSIONAL FUND ADV ALLIANCEBERNSTEIN LP JP MORGAN CHASE & CO BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA DODGE & COX TEMPLETON ASSET MANA BRANDES INVESTMENT P SCHRODER INVESTMENT OPPENHEIMERFUNDS INC MANNING & NAPIER ADV SKAGEN AS BLACKROCK ADVISERS BAILLIE GIFFORD AND GRANTHAM MAYO VAN OT STATE STREET CORP FRANKLIN RESOURCES I

Firm Name

Portfolio Name ABERDEEN ASSET MANAG BANK OF NEW YORK MEL VANGUARD GROUP INC DIMENSIONAL FUND ADV ALLIANCEBERNSTEIN LP JP MORGAN CHASE & CO BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA DODGE & COX TEMPLETON ASSET MANA BRANDES INVESTMENT P SCHRODER INVESTMENT OPPENHEIMER FUNDS IN MANNING & NAPIER ADV Multiple Portfolios BLACKROCK ADVISORS L BAILLIE GIFFORD & CO GRANTHAM MAYO VAN OT STATE STREET CORPORA TEMPLETON INVESTMENT

Analyst

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

Recommendation

Barclays PAUL Y CHENG Espirito Santo Investment Bank Research OSWALDO ALCANTARA TELLES FILHO Itau BBA Securities PAULA KOVARSKY Howard Weil Inc RICHARD ROBERTS JR JPMorgan CAIO M CARVALHAL Banco BTG Pactual SA GUSTAVO GATTASS Goldman Sachs FELIPE MATTAR Societe Generale JOHN HERRLIN HSBC ANISA REDMAN Bradesco Corretora AURO ROZENBAUM

equalweight buy market perform market perform neutral buy Buy/Neutral buy overweight buy

Amt Held 110'460'369 53'890'039 36'781'377 33'467'136 30'203'497 25'667'412 23'306'947 22'215'148 17'287'100 15'441'395 12'942'568 11'111'941 10'941'709 10'677'940 10'520'416 10'079'936 9'951'696 8'948'714 8'484'636 8'418'324

% Out 3.94 1.92 1.31 1.19 1.08 0.92 0.83 0.79 0.62 0.55 0.46 0.4 0.39 0.38 0.38 0.36 0.36 0.32 0.3 0.3

Weighting

Change 3 5 3 3 3 5 5 5 5 5

Latest Chg 21'409'540 2'528'838 618'175 2'542'249 2'654'965 (1'709'232) 303'718 (7'901'232) 2'346'300 (3'141'319) 2'044'790 (1'138'262) (1'440'300) 4'666'370 (7'552'959) (1'125'400) (2'463'400) (499'967) 191'000

Target Price

M M M M M M M U M M

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

32 32 29 32 23 28 27 25 46 73

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 15 month 12 month 6 month 12 month Not Provided Not Provided

Date 05.10.2012 01.10.2012 30.09.2012 06.08.2012 06.08.2012 06.08.2012 18.07.2012 08.06.2012 02.06.2011 20.10.2008

16.10.2012

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

3500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (10/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 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2011 06/yy 5.72 3.97 294'399'948.00 4.88 -14.69% 22.92% 55.43% 86'794.0 1'664'291.50 1'923'778.00 0.0 1'081.0 3'589'595.00 -

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

2500.0 M 2000.0 M

1500.0 M 1000.0 M

500.0 M

0 o-11

.0 M n-11

31.12.2008 31.12.2009 469'928.0 470'638.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 110'841.0 128'645.0 10.73x 13.95x Profitability

LTM-4Q 31.12.2010 544'045.0 0.00x 0.0 0.00x 165'156.0 8.83x

31.12.2011 704'382.0 0.00x 0.0 0.00x 208'265.0 7.07x 56.24% 57.02% 1.44% 23.44% 8.43% 0.05% 43.6% 12.43% 201.08% -

Price/ Cash Flow

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

5.15 1.27 70'942.72 21.18% 11.72% 1.271 39 4.615 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 616'599.0 790'946.0 528'428.5 576'896.3 133'740.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 190'034.0 221'944.0 227'897.1 236'728.3 61'185.0 52'616.0 8.18x 6.20x 6.16x 5.90x 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 5.30 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

40.00

800'000.0

35.00

700'000.0

30.00

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

d-11

Fiscal Year Ended 31.12.2007 391'906.0 0.00x 0.0 0.00x 81'520.0 33.88x

3000.0 M

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 |

16.10.2012

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND JP MORGAN CHASE & CO TEMASEK HOLDINGS PRI 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 CARMIGNAC GESTION THORNBURG INVESTMENT BLACKROCK GROUP LIMI INVESCO LTD FIDELITY MANAGEMENT PICTET & CIE T ROWE PRICE ASSOCIA

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

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

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

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

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

Amt Held % Out 11'276'281'524 12.99 5'072'177'118 5.84 4'575'047'470 5.27 4'327'315'246 4.99 4'266'918'759 4.92 2'791'881'875 3.22 (2'319'702'900) -2.67 1'475'819'775 1.7 1'198'146'302 1.38 949'417'954 1.09 857'877'144 0.99 590'570'010 0.68 572'386'767 0.66 540'862'000 0.62 482'819'400 0.56 428'056'190 0.49 426'582'405 0.49 327'270'356 0.38 275'044'935 0.32 263'249'610 0.3

Weighting

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

M M M M M M M M M M N 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

Latest Chg 147'779'000 2'536'000 (21'984'997) (370'602'040) (83'208'000) 30'602'689 (215'017'000) 502'000 51'321'000 (2'262'331) 11'176'000 13'171'000

Target Price 6 6 6 5 6 5 6 5 5 6 6 6 5 7 5 5 #N/A N/A 5 6 5 5 5 6 6 5 6 6 6 6 6 #N/A N/A 7 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 Pension Fund (ERISA) 23.05.2012 Investment Advisor 30.05.2012 Government 18.04.2012 Investment Advisor 12.09.2011 Investment Advisor 30.09.2012 Investment Advisor 01.02.2012 Investment Advisor 12.10.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 01.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 12.10.2012 Investment Advisor 15.10.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Date 16.10.2012 15.10.2012 12.10.2012 12.10.2012 11.10.2012 11.10.2012 10.10.2012 09.10.2012 04.10.2012 01.10.2012 25.09.2012 24.09.2012 19.09.2012 16.09.2012 14.09.2012 13.09.2012 10.09.2012 06.09.2012 06.09.2012 06.09.2012 04.09.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 30.08.2012 30.08.2012 30.08.2012 06.07.2012 29.06.2012 19.06.2012 11.04.2012 30.03.2012 24.10.2011 09.10.2011 23.04.2010 30.03.2010

16.10.2012

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 (20.10.2011) Daily Volume Current Price (10/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 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2011 01/yy 18.20 12.52 37'822'568.00 15.94 -12.42% 27.32% 57.39% 44'646.3 711'662.13 37'995.00 0.0 0.0 99'197.00 514'760.20

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

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 .0 M n-11

d-11

j-12

119'044.00 88'523.00 36.74% 38.42% 20.00% 29.36% 25.77% 0.69% 49.4% 36.7% 29.2% 1.88 1.71 9.89% 14.45% 11.95 -

LTM-4Q

LTM

01/yy

01/yy -

f-12 m-12

a-12 m-12

j-12

a-12

s-12

FY+1 -

2.72 1.26 15'873.58 23.69% 20.96% 1.264 35 3.514 43'259'720 56'059'580 55'018'760 FY+2

12/12 Y 12/13 Y 233'060.9 242'334.1 2.40x 2.26x 122'303.5 125'445.9 4.21x 4.10x 64'509.1 64'190.4 8.85x 8.86x S&P Issuer Ratings

FQ+1

FQ+2

16.12.2010 AASTABLE 76.41 42.61 -0.51 0.32 14.5% 12.6% 0.69 1.18 30.56 -

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

180.0 M

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 o-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 |

16.10.2012

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 STATE STREET GLOBAL BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA FIRST STATE INVESTME OPPENHEIMERFUNDS INC WILLIAM BLAIR & COMP INVESCO LTD CAPITAL WORLD INVEST SCHRODER KOREA LTD SHINHAN BNP PARIBAS JPMORGAN ASSET MANAG INVESTEC ASSET MANAG CAPITAL RESEARCH GLO

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 WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Credit Suisse DAVID HEWITT Renaissance Capital BRADLEY WAY Nomura SONIA SONG Deutsche Bank DAVID HURD Mirae Asset Securities GORDON KWAN VTB Capital COLIN SMITH Macquarie JAMES HUBBARD BOCOM International Holdings WU FEI Sanford C. Bernstein & Co NEIL BEVERIDGE JPMorgan BRYNJAR EIRIK BUSTNES Jefferies LABAN YU Standard Chartered DUKE SUTTIKULPANICH SWS Research Co Ltd ALBERT MIAO Bank of China International LAWRENCE LAU DBS Vickers WEE KEAT LEE China International Capital Corp BIN GUAN BNP Paribas Equity Research CHENG KHOO UOB Kay Hian YAN SHI ICBC International Securities ANNA YU Morgan Stanley WEE KIAT TAN HSBC THOMAS C HILBOLDT Mizuho Securities ANDREW S F CHAN Daiwa Securities Co. Ltd. ADRIAN LOH Barclays SCOTT DARLING Goldman Sachs ARTHUR YAN JF Apex Securities Bhd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Guotai Junan GRACE LIU Yuanta Securities Investment ConsultingTEAM COVERAGE Ji Asia SAMUEL THAWLEY Capital Securities Corp TEAM COVERAGE EVA Dimensions TEAM COVERAGE GuoSen Securities Co Ltd STEVEN LU RBS PETER HILTON Industrial Securities 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 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 28'772'727'273 766'813'686 536'787'247 396'581'001 306'196'683 273'113'880 248'990'200 157'111'003 151'519'600 143'893'000 138'905'500 121'732'000 107'771'467 99'157'375 78'800'100 75'586'000 67'404'957 66'860'000 63'636'436 61'557'900

% Out 64.45 1.72 1.2 0.89 0.69 0.61 0.56 0.35 0.34 0.32 0.31 0.27 0.24 0.22 0.18 0.17 0.15 0.15 0.14 0.14

Weighting

Change

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

M M D M M N 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 12'825'912 (8'034'400) 633'000 11'864'213 (25'381'876) 9'125'000 (2'211'309) (1'808'000) 11'498'000 (4'520'000) 9'576'000 24'815'000 (15'861'000) (4'656'000) (24'685'000) (255'000) (561'000) 30'153'000

Target Price 19 16 18 17 16 17 21 18 21 13 13 18 13 16 16 17 18 18 14 20 18 18 21 21 #N/A N/A #N/A N/A 16 18 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 14 #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 31.08.2012 Investment Advisor 12.10.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.08.2012 Investment Advisor 30.06.2012 Investment Advisor 15.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 30.04.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 3 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 15.10.2012 12.10.2012 09.10.2012 02.10.2012 27.09.2012 27.09.2012 24.09.2012 24.09.2012 21.09.2012 18.09.2012 17.09.2012 03.09.2012 23.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 02.08.2012 25.07.2012 24.07.2012 26.06.2012 15.06.2012 11.05.2012 29.03.2012 30.11.2011 22.11.2011 07.11.2011 20.07.2009

16.10.2012

Vale SA Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Price/Volume 30

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.02.2012) 52-Week Low (04.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE/P US EQUITY YTD Change VALE/P US EQUITY YTD % CHANGE

12/2009 06/yy 25.73 15.53 5'545'473.00 17.73 -31.09% 14.17% 21.57% 2'108.6 97'211.15 49'121.00 0.0 3'144.0 7'573.00 -

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

5 0 o-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

31.12.2008 31.12.2009 68'746.0 46'557.0 1.84x 6.82x 33'990.9 17'533.5 3.72x 18.11x 24'279.5 10'683.1 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 83'225.0 3.87x 46'231.0 6.97x 30'070.0 0.00x

31.12.2011 103'195.0 2.38x 57'579.0 4.27x 37'814.0 0.00x 57'579.00 50'647.00 49.08% 45.03% 16.57% 29.58% 21.97% 0.45% 60.8% 55.8% 49.1% 36.6% 1.89 1.07 20.32% 34.22% 6.83 4.51

LTM

06/yy 98'103.4 12.42x 59'265.2 4.76x 42'122.2 0.00x

06/yy 98'143.3 10.36x 48'391.8 5.26x 28'281.0 0.00x

FY+1

1.24 12.87 -21.71% -11.75% 1.241 10 4.400 6'288'576 8'560'203 8'028'911 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 94'655.9 103'328.1 22'160.9 23'069.7 2.63x 2.47x 41'803.4 48'224.9 9'068.4 10'990.6 24'295.1 27'285.8 4'793.2 6'106.3 7.98x 6.74x 9.05x S&P Issuer Ratings

23.11.2011 ASTABLE 23.96 12.19 0.72 0.85 34.2% 25.1% 0.45 0.72 53.41 80.88 63.13 71.15

Sales/Revenue/Turnover

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

n-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 62'738.0 5.44x 29'927.1 11.40x 23'009.6 0.00x

60'000.0 40'000.0

0.40

20'000.0 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 |

16.10.2012

Vale SA Holdings By:

All

Holder Name ABERDEEN ASSET MANAG BLACKROCK GROUP LIMI BAILLIE GIFFORD AND VANGUARD GROUP INC JP MORGAN CHASE & CO TEMPLETON ASSET MANA ALLIANCEBERNSTEIN LP GOLDMAN SACHS GROUP SCHRODER INVESTMENT MORGAN STANLEY INVES OPPENHEIMERFUNDS INC GRANTHAM MAYO VAN OT MONDRIAN INVESTMENT FIDELITY MANAGEMENT FRANKLIN RESOURCES I SKAGEN AS COMMONWEALTH BANK OF FRANKLIN RESOURCES I TEMPLETON INVESTMENT BLACKROCK FUND ADVIS

Firm Name

Portfolio Name ABERDEEN ASSET MANAG BLACKROCK GROUP LIMI BAILLIE GIFFORD & CO VANGUARD GROUP INC JP MORGAN CHASE & CO TEMPLETON ASSET MANA ALLIANCEBERNSTEIN LP GOLDMAN SACHS GROUP SCHRODER INVESTMENT MORGAN STANLEY INVES OPPENHEIMER FUNDS IN GRANTHAM MAYO VAN OT MONDRIAN INVESTMENT FIDELITY MANAGEMENT TEMPLETON GLOBAL ADV Multiple Portfolios COMMONWEALTH BANK OF TEMPLETON INVESTMENT Multiple Portfolios BLACKROCK FUND ADVIS

Analyst

Goldman Sachs MARCELO AGUIAR Banco BTG Pactual SA EDMO CHAGAS Espirito Santo Investment Bank Research CATARINA PEDROSA JPMorgan RODOLFO R DE ANGELE Itau BBA Securities MARCOS ASSUMPCAO HSBC JONATHAN BRANDT Banco Safra de Investimento LEONARDO ALVES Grupo Santander FELIPE REIS RBC Capital Markets FRASER PHILLIPS Credit Suisse TEAM COVERAGE

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

Recommendation buy/attractive buy neutral overweight outperform overweight outperform hold sector perform neutral

Amt Held 129'021'631 68'568'528 56'889'871 37'456'644 35'362'305 32'698'676 25'499'865 15'283'260 13'184'941 13'122'855 12'976'410 12'748'018 12'430'314 11'982'681 11'892'978 9'472'805 9'296'765 9'168'471 9'088'134 8'060'212

% Out 6.12 3.25 2.7 1.78 1.68 1.55 1.21 0.72 0.63 0.62 0.62 0.6 0.59 0.57 0.56 0.45 0.44 0.43 0.43 0.38

Weighting

Change 5 5 3 5 5 5 5 3 3 3

M M M M M M M M M M

Latest Chg 18'983'678 3'230'410 (468'900) 730'054 (1'491'523) (4'623'506) (962'087) 1'442'782 (12'956'641) (1'121'700) (309'170) (3'621'200) 390'800 574'200 834'564 (3'390'810) 1'058'880 (10'290) (1'138'113)

Target Price 23 27 20 22 24 20 #N/A N/A 21 #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 15.10.2012 08.10.2012 05.10.2012 20.09.2012 17.09.2012 14.09.2012 10.09.2012 15.08.2012 06.05.2011 21.05.2009

16.10.2012

Itau Unibanco Holding SA Itau Unibanco Holding SA attracts deposits and offer retail, commercial, corporate, and private banking services. The Bank offers consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services.

Price/Volume 25

45.0 M 40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITUB US EQUITY YTD Change ITUB US EQUITY YTD % CHANGE

12/2011 06/yy 22.00 12.84 9'864'793.00 14.64 -33.45% 14.02% 19.65% 2'281.7 66'918.50 330'718.00 0.0 1'395.0 136'542.00 -

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

1.20 1.00

20.0 M 15.0 M 10.0 M

5.0 M 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 44'044.5 0.00x 0.0 0.00x 8'473.6 0.00x

25.0 M

31.12.2008 31.12.2009 62'950.0 116'402.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 4'849.0 14'085.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 106'419.0 0.00x 0.0 0.00x 11'708.0 0.00x

31.12.2011 129'875.0 0.00x 0.0 0.00x 13'837.0 0.00x 24.72% 24.57% 1.79% 19.74% 4.07% 0.17% 18.6% 40.42% 447.27% -

LTM

06/yy 06/yy 114'827.8 136'108.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 13'252.8 13'449.0 0.00x 0.00x

FY+1

1.38 28.66 -16.44% -19.25% 1.381 12 4.333 11'168'687 11'564'993 12'535'507 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 82'518.7 91'286.9 21'263.3 21'903.9 14'686.3 16'439.5 9.10x 7.89x 8.86x 8.57x S&P Issuer Ratings

30.04.2008 BBB STABLE 11.07.2012 A-2 447.3% 81.4% 0.17 25.57 -

Sales/Revenue/Turnover

140'000.0 120'000.0 100'000.0

0.80

80'000.0 0.60

60'000.0

0.40

40'000.0 20'000.0

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 |

16.10.2012

Itau Unibanco Holding SA Holdings By:

All

Holder Name VANGUARD GROUP INC THORNBURG INVESTMENT NORTHERN CROSS LLC TEMPLETON ASSET MANA BAILLIE GIFFORD AND HARBOR CAPITAL ADVIS SCHRODER INVESTMENT BLACKROCK GROUP LIMI FIDELITY MANAGEMENT JP MORGAN CHASE & CO GENESIS ASSET MANAGE GOLDMAN SACHS GROUP CAPITAL RESEARCH GLO WESTWOOD GLOBAL INVE MASSACHUSETTS FINANC UBS GLOBAL ASSET MAN FIDELITY INTERNATION ARROWSTREET CAP LIMI OPPENHEIMERFUNDS INC GRANTHAM MAYO VAN OT

Firm Name

Portfolio Name VANGUARD GROUP INC THORNBURG INVESTMENT NORTHERN CROSS LLC TEMPLETON ASSET MANA BAILLIE GIFFORD & CO Multiple Portfolios SCHRODER INVESTMENT BLACKROCK GROUP LIMI FIDELITY MANAGEMENT JP MORGAN CHASE & CO GENESIS ASSET MANAGE GOLDMAN SACHS GROUP CAPITAL RESEARCH GLO WESTWOOD GLOBAL INVE MASSACHUSETTS FINANC UBS GLOBAL ASSET MAN FIDELITY INTERNATION ARROWSTREET CAPITAL OPPENHEIMER FUNDS IN GRANTHAM MAYO VAN OT

Analyst

Raymond James FEDERICO REY-MARINO Goldman Sachs CARLOS G MACEDO HSBC VICTOR GALLIANO Deutsche Bank MARIO PIERRY Barclays FABIO ZAGATTI Morgan Stanley JORGE KURI Banco BTG Pactual SA MARCELO BARROZO HENRIQUES JPMorgan SAUL MARTINEZ Grupo Santander BORIS MOLINA Bradesco Corretora CARLOS W FIRETTI EVA Dimensions TEAM COVERAGE Espirito Santo Investment Bank Research GUSTAVO VITTORAZZE SCHRODEN

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

Recommendation outperform Buy/Neutral overweight buy overweight Equalwt/No Rating neutral restricted underperform outperform buy buy

Amt Held 44'268'560 31'613'051 30'811'749 30'550'135 28'558'859 28'520'005 24'144'685 21'752'726 18'796'564 18'136'427 17'140'082 17'089'945 17'039'525 14'089'340 12'416'035 11'858'010 11'731'728 10'315'864 10'090'596 9'413'853

% Out 1.94 1.39 1.35 1.34 1.25 1.25 1.06 0.95 0.82 0.79 0.75 0.75 0.75 0.62 0.54 0.52 0.51 0.45 0.44 0.41

Weighting

Change

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

M M M M M M M M M M M M

Latest Chg 580'484 4'031'739 4'404'717 (3'424'839) 505'800 4'400'000 (4'693'489) 21'752'726 (9'086'492) (2'050'917) 1'243'381 4'536'244 (412'935) 323'097 1'955'728 1'238'562 2'021'200 10'315'864 6'542'336 (2'421'600)

Target Price 19 20 18 23 23 18 14 #N/A N/A 18 23 #N/A N/A 20

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 01.10.2012 27.09.2012 14.09.2012 17.08.2012 07.08.2012 02.08.2012 24.07.2012 09.07.2012 25.04.2012 04.01.2012 18.11.2011 25.10.2011

16.10.2012

Tencent Holdings Ltd Tencent Holdings Limited provides Internet, mobile, and telecommunication value-added services in China. The Company has an instant messaging community in China. Tencent also provides online advertising services.

Price/Volume 300

16.0 M 14.0 M

250

12.0 M 200

Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 700 HK EQUITY YTD Change 700 HK EQUITY YTD % CHANGE

12/2011 06/yy 268.80 139.80 1'399'569.00 260 -3.27% 85.98% 92.09% 1'850.8 481'198.91 11'732.77 0.0 624.5 26'328.18 370'283.45

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

8.0 M 6.0 M

100

4.0 M 50

2.0 M

0 o-11

31.12.2008 31.12.2009 7'154.5 12'440.0 10.35x 20.68x 3'539.9 6'415.5 20.91x 40.10x 2'784.6 5'155.6 28.37x 51.84x Profitability

LTM-4Q 31.12.2010 19'646.0 12.43x 10'382.4 23.52x 8'053.6 32.31x

31.12.2011 28'496.1 7.61x 13'357.0 16.23x 10'203.1 22.57x

d-11

j-12

f-12 m-12

13'356.97 11'417.56 40.07% 42.46% 22.03% 40.63% 30.27% 0.62% 65.2% 46.9% 40.1% 35.8% 1.68 1.34 20.65% 41.22% 15.25 -

LTM

06/yy 23'828.3 45.46x 6'319.4 0.00x 9'573.5 33.37x

06/yy 35'593.7 30.30x 15'564.6 20.74x 11'033.0 30.54x

a-12 m-12

j-12

a-12

s-12

FY+1

1.09 959.98 51.14% 67.12% 1.091 36 4.306 1'811'827 2'665'349 3'081'383 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 43'288.9 55'854.5 11'401.3 12'099.3 8.52x 6.37x 18'352.8 23'126.5 4'798.5 4'921.5 20.18x 16.01x 17.69x 16.82x 13'276.5 16'838.7 3'537.1 3'621.5 29.13x 22.94x 25.18x 23.60x S&P Issuer Ratings

14.11.2011 BBB+ STABLE 184.14 128.28 -1.09 0.88 41.2% 28.7% 0.62 5.60 23.93 66.63 -

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

.0 M n-11

Fiscal Year Ended 31.12.2007 3'820.9 24.95x 1'791.9 53.21x 1'566.0 62.78x

10.0 M

150

Valuation Analysis

15'000.0 10'000.0

0.40

5'000.0 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 |

16.10.2012

Tencent Holdings Ltd Holdings By:

All

Holder Name MIH TC HOLDINGS LTD HUATENG MA JP MORGAN CHASE & CO ZHIDONG ZHANG VANGUARD GROUP INC FIDELITY INTERNATION T ROWE PRICE ASSOCIA CAPITAL WORLD INVEST WADDELL & REED FINAN BLACKROCK FUND ADVIS OPPENHEIMERFUNDS INC THORNBURG INVESTMENT STATE STREET GLOBAL SCHRODER INVESTMENT SHINHAN BNP PARIBAS FIDELITY MANAGEMENT CHI PING LAU MANNING & NAPIER ADV HARBOR CAPITAL ADVIS BLACKROCK GROUP LIMI

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Capital Securities Corp TEAM COVERAGE Nomura JIN YOON Credit Suisse WALLACE CHEUNG BOCOM International Holdings CONNIE XINYU GU Mizuho Securities MARVIN LO Barclays ALICIA YAP China International Capital Corp YU JIN Ji Asia JUSTIN WEISS Brean Murray Carret & Co FAWNE JIANG First Shanghai Securities Ltd TSOI HO Jefferies CYNTHIA JINHONG MENG Morgan Stanley RICHARD W JI OSK (Asia) Securities BILLY LEUNG EVA Dimensions TEAM COVERAGE Deutsche Bank ALAN HELLAWELL HSBC CHI TSANG JPMorgan DICK WEI Yuanta Securities Investment ConsultingTEAM COVERAGE Macquarie JIONG SHAO Bank of China International THOMAS CHONG Haitong International Securities ALEX LEE DBS Vickers BILL HUANG CIMB WENDY HUANG SWS Research Co Ltd JIM TANG Core Pacific KEVIN TAM Goldman Sachs PIYUSH MUBAYI Pacific Crest Securities EVAN S WILSON Piper Jaffray MARK A MAROSTICA AMTD Financial Planning Limited KENNY TANG SING HING Wedge Partners JUAN LIN Daiwa Securities Co. Ltd. JOHN CHOI Guotai Junan DUNDAS DENG ICBC International Securities KARY SEI Standard Chartered DON SEE Mega Securities TIMOTHY LI PingAn Securities ZHONGZHI LI

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

Recommendation buy reduce outperform buy buy overweight buy neutral buy buy buy Overwt/Attractive sell hold buy underweight overweight Under Review underperform buy buy hold outperform outperform buy Buy/Neutral outperform overweight buy no rating system buy buy hold outperform hold strong buy

Amt Held 630'240'380 189'892'880 87'228'804 66'000'000 57'076'300 30'830'349 25'857'000 23'686'000 18'707'800 12'584'100 11'766'400 9'867'070 9'684'904 9'525'300 6'705'283 5'158'295 4'603'600 4'371'390 4'320'630 3'754'933

% Out 34.05 10.26 4.71 3.57 3.08 1.67 1.4 1.28 1.01 0.68 0.64 0.53 0.52 0.51 0.36 0.28 0.25 0.24 0.23 0.2

Weighting

Change

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

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

Latest Chg (1'230'188) (3'678'278) (629'300) 95'000 (1'410'200) 26'800 (598'600) 7'600 679'909 (906'500) (2'226'200) 137'496 (50'000) (1'276'844) 8'100

Target Price 276 146 300 260 321 292 275 #N/A N/A 253 300 330 285 210 #N/A N/A 270 221 276 #N/A N/A 180 258 265 222 271 260 268 270 285 263 250 #N/A N/A 275 270 217 237 185 188

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

File Dt 25.09.2012 10.07.2012 28.05.2012 18.09.2012 30.06.2012 31.03.2012 30.06.2012 30.06.2012 30.06.2012 12.10.2012 30.08.2012 31.07.2012 31.12.2011 30.06.2012 31.03.2012 31.08.2012 31.08.2012 31.07.2012 30.06.2012 12.10.2012

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 15 month 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 Not Provided 12 month 12 month 6 month

Inst Type Other n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 16.10.2012 11.10.2012 09.10.2012 09.10.2012 08.10.2012 04.10.2012 27.09.2012 27.09.2012 25.09.2012 20.09.2012 19.09.2012 09.09.2012 07.09.2012 20.08.2012 17.08.2012 17.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 16.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 14.08.2012 10.08.2012 09.07.2012 04.06.2012 18.05.2012 23.03.2010 29.01.2010

16.10.2012

Lukoil OAO LUKOIL explores for, produces, refines, transports, and markets oil and gas, mainly from Western Siberia. The Company also manufactures petrochemicals, fuels, and other petroleum products. LUKOIL operates refineries, and gasoline filling stations in Russia and the United States. The Company transports oil through pipelines, and petroleum products with its fleet of ships.

Price/Volume 70

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (14.12.2011) Daily Volume Current Price (10/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 LKOD LI EQUITY YTD Change LKOD LI EQUITY YTD % CHANGE

12/2011 06/yy 66.60 49.67 1'272'893.00 62.9 -5.56% 26.64% 71.94% 850.6 53'500.43 9'092.00 0.0 (172.0) 2'910.00 -

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

1.20 1.00

10 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 66'858.0 1.15x 15'366.0 4.99x 9'511.0 0.00x

31.12.2008 31.12.2009 86'340.0 68'025.0 0.41x 0.84x 17'092.0 14'096.0 2.07x 4.05x 9'144.0 7'011.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 86'078.0 0.62x 16'050.0 3.32x 9'006.0 0.00x

31.12.2011 133'650.0 0.35x 17'628.0 2.67x 10'357.0 0.00x 17'628.00 13'155.00 9.84% 9.82% 11.82% 16.33% 14.04% 1.53% 13.2% 9.8% 7.7% 2.12 1.07 9.97% 13.44% 15.60 -

LTM

FY+1

1.05 19.31% 23.93% 1.048 13 4.538 1'842'915 2'978'087 2'627'331 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 110'201.0 136'770.0 129'504.6 129'852.5 2.06x 1.39x 0.46x 0.47x 18'847.0 16'139.0 18'341.5 19'045.4 2.99x 2.90x 11'772.0 8'396.0 10'899.1 10'901.7 0.00x 0.00x 4.50x 4.63x S&P Issuer Ratings Long-Term Rating Date 12.11.2010 Long-Term Rating BBBLong-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 25.40 (EBITDA-Capex)/Interest Exp. 13.51 Net Debt/EBITDA 0.35 Total Debt/EBITDA 0.52 Reference Total Debt/Equity 13.4% Total Debt/Capital 11.9% Asset Turnover 1.53 Net Fixed Asset Turnover 2.40 Accounts receivable turnover-days 23.40 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 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 |

16.10.2012

Lukoil OAO Holdings By:

All

Holder Name ROYAL BANK OF CANADA ABERDEEN ASSET MANAG VANGUARD GROUP INC UNICREDIT BANK AG BLACKROCK GROUP LIMI FRANKLIN RESOURCES I SCHRODER INVESTMENT BNP PARIBAS ASSET MG EAST CAPITAL ASSET M BANK OF NEW YORK MEL VAN ECK ASSOCIATES C LSV ASSET MANAGEMENT DWS INVESTMENT SA LAZARD ASSET MANAGEM SWEDBANK ROBUR FONDE JPMORGAN ASSET MANAG NORDEA INVESTMENT FU ROBECO INVESTOR SERV DEKA INTERNATIONAL S SCHRODER KOREA LTD

Firm Name Renaissance Capital Sanford C. Bernstein & Co VTB Capital Societe Generale Alfa-Bank HSBC Goldman Sachs RMG Securities UFS-Finance Investment Company Otkritie Capital Barclays Wood & Company

Portfolio Name n/a ABERDEEN ASSET MANAG Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios LSV ASSET MANAGEMENT Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst BRADLEY WAY OSWALD CLINT DMITRY LOUKASHOV EVGENY SOLOVYOV MARIYA YEGIKYAN ILDAR KHAZIEV GEYDAR MAMEDOV MIKHAIL LOSHININ ILYA BALAKIREV VADIM MITROSHIN LYDIA RAINFORTH CHIRVANI ABDOULLAEV

Source RNS-MAJ 13F MF-AGG RNS-MAJ 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 MF-AGG MF-AGG

Recommendation buy market perform buy buy overweight overweight neutral/neutral buy buy buy equalweight sell

Amt Held 91'131'178 24'332'181 20'364'223 19'752'533 5'664'485 5'275'006 4'086'597 3'388'932 2'993'707 2'891'221 2'434'326 2'260'300 2'213'900 2'114'853 1'966'267 1'645'980 1'499'341 1'465'237 1'444'100 1'416'715

% Out 10.71 2.86 2.39 2.32 0.67 0.62 0.48 0.4 0.35 0.34 0.29 0.27 0.26 0.25 0.23 0.19 0.18 0.17 0.17 0.17

Weighting

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

Latest Chg 2'666'190 104'896 15'446'091 15'573 (39'900) 484'122 244'051 (719'026) 17'971 (31'600) (231'000) (41'700) 25'890 118'880 (10'220) (31'924) 134'099 (46'000)

Target Price

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

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

88 57 130 72 69 75 76 79 81 69 70 58

File Dt Inst Type 22.09.2010 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 17.03.2011 Bank 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 Mutual Fund Manager 31.03.2012 Mutual Fund Manager

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

Date 12.10.2012 04.10.2012 28.09.2012 24.09.2012 03.09.2012 29.08.2012 26.07.2012 12.07.2012 07.06.2012 20.12.2011 15.11.2011 22.06.2011

16.10.2012

Hyundai Motor Co Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Price/Volume 300000

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

250000 200000 150000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (15.12.2011) Daily Volume Current Price (10/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 005380 KS EQUITY YTD Change 005380 KS EQUITY YTD % CHANGE

12/2011 06/yy 272'500.00 200'500.00 584'089.00 227500 -16.51% 13.47% 34.72% 220.3 50'112'900.00 3'945'391.00 331'011.0 0.0 10'087'560.00 41'454'867.97

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

50000 0 o-11

n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 30'489'129.0 0.42x 2'981'391.0 4.25x 1'682'419.0 11.54x

100000

31.12.2008 31.12.2009 32'189'786.0 31'859'327.0 0.20x 0.64x 3'221'449.0 3'649'386.0 2.05x 5.60x 1'447'904.0 2'961'509.0 7.42x 11.11x Profitability

LTM-4Q 31.12.2010 36'761'115.0 0.86x 4'833'935.0 6.54x 3'476'238.0 13.55x

LTM

FY+1

0.77 1.16 136.95 7.94% 6.81% 1.159 50 4.840 551'189 549'482 595'875 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 42'774'077.0 ######### ######### ######### ######### 0.91x 3.55x 3.57x 0.92x 0.83x 6'242'388.0 ######### ######### ######### ######### 6.21x 8.57x 5.73x 5.96x 5.99x 4'740'886.0 ######### ######### ######### ######### 12.20x 13.71x 11.51x 6.13x 5.92x S&P Issuer Ratings 6'242'388.00 Long-Term Rating Date 20.03.2012 4'684'413.00 Long-Term Rating BBB+ 10.95% Long-Term Outlook STABLE 13.72% Short-Term Rating Date 10.01% Short-Term Rating 15.49% Credit Ratios 14.50% EBITDA/Interest Exp. 21.78 0.90% (EBITDA-Capex)/Interest Exp. 16.80 Net Debt/EBITDA -0.98 25.3% Total Debt/EBITDA 0.63 14.6% Reference 11.0% Total Debt/Equity 12.3% 11.1% Total Debt/Capital 10.8% Asset Turnover 0.90 1.45 Net Fixed Asset Turnover 3.50 1.22 Accounts receivable turnover-days 34.39 7.85% Inventory Days 19.83 12.26% Accounts Payable Turnover Day 41.89 10.61 Cash Conversion Cycle 12.34 18.40

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

45'000'000.0

12.00

40'000'000.0 35'000'000.0

10.00

30'000'000.0

8.00

25'000'000.0

6.00

20'000'000.0 15'000'000.0

4.00

10'000'000.0

2.00 0.00 03.01.2009

5'000'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MIRAE ASSET GLOBAL I CHUNG MONG-KOO HYUNDAI MOTOR CO VANGUARD GROUP INC CAPITAL WORLD INVEST WADDELL & REED FINAN BLACKROCK FUND ADVIS FIDELITY MANAGEMENT FIDELITY INTERNATION THORNBURG INVESTMENT SAMSUNG INVESTMENT T SCHRODER INVESTMENT CAPITAL RESEARCH GLO MAPS INVESTMENT MANA T ROWE PRICE ASSOCIA WILLIAM BLAIR & COMP BLACKROCK GROUP LIMI UBS HANA ASSET MANAG

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios

Analyst

SK Securities Co Ltd KIM YONG-SOO Tong Yang Investment Bank AHN SANG JUN KIWOOM Securities Co Ltd LEE HYUN-SOO Hana Daetoo Securities SONG SUN-JAE Korea Investment & Securities SUH SUNGMOON LIG Investment Securities IN-WOO PARK HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Nomura ANGELA HONG Samsung Securities YOON PIL JOONG Macquarie MICHAEL SOHN HI Investment Securities KOH TAE-BONG Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Standard Chartered DAVID KIM Shinhan Investment Corp CHOI JUNGHYUK KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Barclays PAUL HWANG KTB Securities NAM KYEONG MOON BNP Paribas Equity Research JAMES HIE SUK YOON Kyobo Securities SONG SANG-HOON IBK Securities Co Ltd SAE-HWAN AHN Hanwha Securities Co., Ltd KIM YEON-CHAN NH Investment & Securities LEE SANG-HYUN Eugene Investment & Securities Co., LtdPARK SANG-WON EVA Dimensions TEAM COVERAGE Daewoo Securities PARK YOUNG HO Mirae Asset Securities YOON-KI KIM Goldman Sachs SEUNG SHIN E*Trade Securities Korea KANG SANG-MIN Hyundai Securities CHAE HEE-GUEN Golden Bridge Investment & Securities KIM SEUNG-HWAN Woori Investment & Securities CHO SOO-HONG Dongbu Securities Co Ltd YIM EUN-YOUNG Taurus Investment Securities Co Ltd YANG HEE-JOON Deutsche Bank SANJEEV RANA Morgan Stanley PARK SANG-KYOO Credit Suisse HENRY KWON JPMorgan PARK WAN SUN Daishin Securities Co., Ltd. CHUNG TAEOH Hanyang Securities KIM YEON-WOO First Global Stockbroking MITUL SHAH BS Securities Co Ltd CHOI DAE-SIK HSBC PAUL CHOI

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

Recommendation buy buy buy buy buy buy buy buy buy buy outperform buy buy outperform buy buy equalweight buy buy buy buy buy buy buy overweight buy buy Buy/Neutral buy buy buy buy buy buy buy Overwt/Attractive outperform overweight buy buy market perform buy overweight

Amt Held 45'782'023 14'873'261 13'054'486 11'408'874 11'006'710 6'694'279 3'011'390 2'702'100 2'660'724 2'308'262 2'265'216 2'040'115 1'862'051 1'604'082 1'429'500 1'193'706 1'096'014 1'090'881 885'913 760'168

% Out 20.78 6.75 5.93 5.18 5 3.04 1.37 1.23 1.21 1.05 1.03 0.93 0.85 0.73 0.65 0.54 0.5 0.5 0.4 0.35

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 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 U M M M M M M M M M M M M M M M M N M

Latest Chg (2'548'444) 88'258 (358'100) (273'300) (228) (2'498) (115'782) (3'519) 101'955 (94'050) 246'719 161'155 35'094 (9'699) (14'210)

Target Price 320'000 300'000 370'000 310'000 320'000 310'000 330'000 330'000 320'000 298'000 320'000 350'000 310'000 326'000 330'000 330'000 270'000 320'000 280'000 320'000 320'000 313'000 330'000 320'000 #N/A N/A 324'000 316'000 285'000 330'000 328'000 300'000 310'000 320'000 300'000 325'000 316'000 332'500 310'000 270'000 320'000 #N/A N/A 310'000 330'000

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

File Dt Inst Type 20.03.2012 Corporation 31.12.2011 Investment Advisor 29.01.2010 Investment Advisor 20.03.2012 n/a 31.12.2011 Corporation 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 31.08.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 31.03.2012 Mutual Fund Manager

Date 6 month 12 month 6 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month Not Provided 12 month 6 month 12 month 12 month Not Provided 9 month 6 month 6 month Not Provided 6 month Not Provided

Date 16.10.2012 16.10.2012 15.10.2012 15.10.2012 11.10.2012 11.10.2012 10.10.2012 10.10.2012 10.10.2012 09.10.2012 09.10.2012 09.10.2012 08.10.2012 06.10.2012 05.10.2012 05.10.2012 05.10.2012 04.10.2012 04.10.2012 04.10.2012 26.09.2012 24.09.2012 19.09.2012 19.09.2012 06.09.2012 05.09.2012 04.09.2012 27.08.2012 13.08.2012 02.08.2012 01.08.2012 30.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 26.07.2012 26.07.2012 22.06.2012 15.05.2012 07.05.2012 30.04.2012 26.04.2012

16.10.2012

Cia de Bebidas das Americas Companhia de Bebidas das Americas (AmBev) produces beer, soft drinks, teas, mineral water, and sports drinks. The Company's main brands are Antarctica, Brahma, and Skol. AmBev is the sole distributor of Pepsi products in Brazil.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABV US EQUITY YTD Change ABV US EQUITY YTD % CHANGE

12/2011 06/yy 44.61 31.30 1'996'439.00 40.68 -8.82% 29.97% 70.46% 1'371.4 114'627.71 4'114.59 0.0 217.5 8'511.73 -

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

31.12.2008 31.12.2009 20'713.2 23'194.0 3.10x 4.39x 9'117.2 10'554.4 7.04x 9.64x 5'119.1 5'986.1 0.00x 0.00x Profitability

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-11

LTM-4Q 31.12.2010 25'233.3 5.72x 11'590.2 12.46x 7'561.4 0.00x

31.12.2011 27'126.7 7.58x 13'164.2 15.62x 8'641.0 0.00x

d-11

j-12

f-12

13'164.19 11'709.44 43.17% 41.44% 19.46% 34.58% 30.58% 0.61% 67.6% 48.5% 43.2% 31.9% 1.02 0.71 8.92% 16.07% 9.36 4.24

LTM

06/yy 25'807.2 22.18x 12'084.7 13.13x 8'322.2 0.00x

m-12

06/yy 28'814.1 29.61x 9'333.9 0.00x 8'998.6 0.00x

a-12

m-12

j-12

a-12

s-12

FY+1

0.79 7.16 26.29% 15.58% 0.788 14 3.571 1'687'022 1'913'619 1'909'324 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 31'471.5 34'614.0 7'442.3 9'358.7 7.33x 6.64x 31.28x 24.83x 15'097.6 16'719.3 3'467.1 4'925.1 10'235.4 11'196.3 24.85x 22.62x 24.56x 24.24x S&P Issuer Ratings

05.07.2012 A STABLE 13.16 9.96 -0.33 0.31 16.1% 13.7% 0.61 3.33 38.99 86.00 265.09 -140.10

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

7.0 M

Fiscal Year Ended 31.12.2007 19'648.2 4.42x 7'089.3 12.24x 2'816.4 0.00x

50 45 40 35 30 25 20 15 10 5 0 o-11

15'000.0 10'000.0

0.40

5'000.0 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 |

16.10.2012

Cia de Bebidas das Americas Holdings By:

All

Holder Name JP MORGAN CHASE & CO VONTOBEL ASSET MANAG VANGUARD GROUP INC CARMIGNAC GESTION OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM MORGAN STANLEY INVES ACADIAN ASSET MANAGE SCHRODER INVESTMENT FISHER INVESTMENTS I CAPITAL RESEARCH GLO ARROWSTREET CAP LIMI BLACKROCK GROUP LIMI FIDELITY MANAGEMENT RENAISSANCE TECHNOLO MONDRIAN INVESTMENT LAZARD ASSET MANAGEM CAPITAL WORLD INVEST STATE STREET CORP HARRIS TRUST & SAVIN

Firm Name Morgan Stanley HSBC Itau BBA Securities Raymond James Bradesco Corretora Deutsche Bank Daiwa Securities Co. Ltd. Credit Suisse Banco BTG Pactual SA JPMorgan Grupo Santander EVA Dimensions

Portfolio Name JP MORGAN CHASE & CO VONTOBEL ASSET MANAG VANGUARD GROUP INC Multiple Portfolios OPPENHEIMER FUNDS IN LAZARD ASSET MANAGEM MORGAN STANLEY INVES ACADIAN ASSET MANAGE SCHRODER INVESTMENT FISHER INVESTMENTS CAPITAL RESEARCH GLO ARROWSTREET CAPITAL BLACKROCK GROUP LIMI FIDELITY MANAGEMENT RENAISSANCE TECHNOLO MONDRIAN INVESTMENT Multiple Portfolios CAPITAL WORLD INVEST STATE STREET CORPORA Multiple Portfolios

Analyst LORE SERRA LAUREN E TORRES ALEXANDRE RUIZ MIGUEL CHRIS THORNSBERRY RICARDO BOIATI JOSE J YORDAN TORU SUGIURA GUSTAVO JOSEF WIGMAN THIAGO DUARTE ALAN ALANIS LUIS MIRANDA TEAM COVERAGE

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

Recommendation Equalwt/In-Line neutral market perform market perform outperform hold neutral neutral neutral overweight hold hold

Amt Held 24'778'025 14'488'067 13'977'241 11'793'477 10'573'760 10'573'331 9'334'975 8'586'523 8'585'446 8'335'598 8'072'809 7'324'030 6'322'571 6'170'254 5'512'500 5'184'200 4'793'348 4'400'000 3'912'857 3'840'407

% Out 1.81 1.06 1.02 0.86 0.77 0.77 0.68 0.63 0.63 0.61 0.59 0.53 0.46 0.45 0.4 0.38 0.35 0.32 0.29 0.28

Weighting

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

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

Latest Chg (877'106) 2'946'230 283'835 2'164'899 (2'084'910) (244'700) (177'100) 1'597'000 143'790 5'784'345 (1'784'701) 756'813 6'322'571 593'024 1'151'700 195'600 (128'700) (117'488) 141'852

Target Price #N/A N/A 42 43 #N/A N/A 47 38 38 36 33 46 45 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 29.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.08.2012 30.06.2012 30.06.2012 29.06.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 10.10.2012 10.10.2012 10.10.2012 04.10.2012 28.09.2012 21.08.2012 02.08.2012 31.07.2012 31.07.2012 18.06.2012 13.03.2012 18.11.2011

16.10.2012

MTN Group Ltd MTN Group Limited provides a wide range of communication services. The Company's services include cellular network access and business solutions. MTN Group is a multinational telecommunications group, operating in countries in Africa and the Middle East.

Price/Volume 18000

35.0 M

16000

30.0 M

14000

25.0 M

12000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (04.04.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTN SJ EQUITY YTD Change MTN SJ EQUITY YTD % CHANGE

12/2011 01/yy 16'389.00 12'700.00 3'278'137.00 15564 -4.81% 22.55% 84.36% 1'885.0 293'377.09 34'205.00 0.0 3'802.0 45'286.00 300'857.08

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

20.0 M

8000

15.0 M

6000

10.0 M

4000

5.0 M

2000 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 73'145.0 3.55x 32'136.0 8.08x 10'608.0 21.90x

10000

31.12.2008 31.12.2009 102'526.0 111'947.0 2.16x 2.08x 45'014.0 46'195.0 4.92x 5.04x 15'315.0 14'650.0 12.97x 14.68x Profitability

31.12.2010 114'684.0 2.22x 47'452.0 5.37x 14'300.0 17.67x

31.12.2011 121'884.0 2.12x 52'360.0 4.93x 20'754.0 13.45x 52'360.00 36'901.00 30.28% 30.88% 12.35% 25.82% 23.67% 0.73% 66.9% 43.0% 30.3% 17.0% 1.22 1.04 18.86% 38.48% 11.58 19.13

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.12 0.88 1'132.01 25.27% 14.35% 0.876 19 4.474 7'322'605 6'508'800 6'528'916 FY+2

12/12 Y 12/13 Y 136'089.4 144'490.5 2.14x 1.99x 59'338.8 62'560.1 5.08x 4.82x 23'162.4 25'404.1 12.65x 11.35x S&P Issuer Ratings

FQ+1

FQ+2

7.92 5.79 -0.21 0.65 38.5% 27.0% 0.73 1.81 31.52 19.08 48.33 2.28

Sales/Revenue/Turnover

8.00

140'000.0

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

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 |

16.10.2012

MTN Group Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI STATE STREET BANK & MTN ZAKHELE LTD JP MORGAN CHASE BANK VANGUARD GROUP INC JP MORGAN CHASE BANK CAPITAL WORLD INVEST M1 LTD M1 CITI PLEDGED CUST DODGE & COX NORTHERN TR AVFC GOV OLD MUTUAL LIFE ASSU UBS AG M1 LIMITED MLI GMF & S M1 LTD S GEPF CORONATION FM CSFB EUROPE LTD BANK OF NEW YORK NORTHERN TRUST COMPA MOBILE TELEPHONE NET CORONATION ASSET MAN

Firm Name SBG Securities JPMorgan Macquarie Barclays BNP Paribas Cadiz Securities Goldman Sachs Renaissance Capital EVA Dimensions Avior Research HSBC Morgan Stanley Credit Suisse Gabelli & Co BPI Afrifocus Securities FM Capital Partners

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

Analyst JONATHAN KENNEDY-GOOD JEAN-CHARLES LEMARDELEY AADIL OMAR JOHN-PAUL DAVIDS DAN LEECH ALEXANDER BALAKHNIN JOHAN SNYMAN TEAM COVERAGE DAVID LERCHE HERVE DROUET EDWARD C HILL-WOOD RICHARD BARKER EVAN D MILLER KATE TURNER-SMITH SAMEERA CASSIM TEAM COVERAGE

Source SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG

Recommendation buy overweight outperform overweight buy neutral/neutral hold overweight outperform overweight Equalwt/In-Line neutral buy buy buy overweight

Amt Held 245'565'229 178'009'469 75'857'138 75'657'353 73'032'910 51'525'684 46'540'691 44'046'128 40'700'000 40'632'400 36'929'480 36'626'848 33'000'000 32'500'000 29'039'170 26'010'300 25'401'377 24'630'193 22'337'752 21'897'513

% Out 13.03 9.44 4.02 4.01 3.87 2.73 2.47 2.34 2.16 2.16 1.96 1.94 1.75 1.72 1.54 1.38 1.35 1.31 1.19 1.16

Weighting

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

M M M M M M M U M M M M M N M N

Latest Chg 1'792'795 (190'000) 137'000 548'790

Target Price 17'000 18'500 17'000 18'000 17'500 17'100 17'180 #N/A N/A 18'400 17'900 14'300 16'000 #N/A N/A 17'500 #N/A N/A 16'900

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

File Dt 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012

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

Inst Type Government Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation n/a Investment Advisor n/a Insurance Company n/a n/a n/a Unclassified Investment Advisor Unclassified n/a Investment Advisor

Date 15.10.2012 12.10.2012 10.10.2012 10.10.2012 10.10.2012 04.10.2012 25.09.2012 06.09.2012 05.09.2012 03.09.2012 09.08.2012 31.07.2012 18.07.2012 05.07.2012 04.05.2012 15.11.2011

16.10.2012

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 4000.0 M

3500.0 M 3000.0 M 2500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/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 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2011 06/yy 3.45 2.35 316'596'378.00 3.07 -11.01% 30.64% 66.36% 83'622.3 919'539.38 1'916'969.00 0.0 32'732.0 3'128'981.00 -

2000.0 M

1500.0 M

1000.0 M

500.0 M

0 o-11

.0 M n-11

31.12.2008 31.12.2009 355'641.0 337'018.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 64'360.0 80'819.0 7.47x 11.62x Profitability

LTM-4Q 31.12.2010 395'271.0 0.00x 0.0 0.00x 104'418.0 8.91x

31.12.2011 514'133.0 0.00x 0.0 0.00x 124'182.0 5.27x 49.70% 51.24% 1.11% 18.16% 5.11% 0.05% 37.7% 16.20% 265.08% -

Price/ Cash Flow

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

6.25 1.10 72'148.03 22.20% 14.51% 1.100 39 4.179 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 453'050.0 578'310.0 363'623.1 396'656.9 87'066.7 90'913.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 118'952.0 129'270.0 129'143.1 129'618.4 34'705.3 32'712.0 7.16x 5.22x 5.41x 5.41x 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 3.67 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

600.00

600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 02.01.2009

d-11

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

4500.0 M

4 3

Valuation Analysis

31.12.2007 305'131.0 0.00x 0.0 0.00x 56'248.0 16.08x

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 |

16.10.2012

Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK INC TEMASEK HOLDINGS PRI VANGUARD GROUP INC CAPITAL RESEARCH AND BLACKROCK FUND ADVIS CAPITAL RESEARCH GLO CAPITAL WORLD INVEST CAPITAL INTERNATIONA BLACKROCK INC STATE STREET GLOBAL BLACKROCK GROUP LIMI CAPITAL GUARDIAN TRU CHINA ASSET MANAGEME PICTET & CIE FRANKLIN RESOURCES I FIDELITY INTERNATION T ROWE PRICE ASSOCIA CAPITAL INTERNATIONA SHINHAN BNP PARIBAS

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

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

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

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

Recommendation outperform buy buy buy Equalwt/In-Line buy buy market perform not rated neutral buy accumulate outperform overweight underperform long-term buy buy buy overweight hold neutral accumulate buy outperform buy hold neutral outperform overweight hold neutral/neutral buy overweight outperform hold neutral neutral

Amt Held % Out 8'357'384'041 9.99 4'609'897'318 5.51 3'116'864'905 3.73 3'087'086'800 3.69 2'784'918'000 3.33 1'654'629'000 1.98 1'480'961'400 1.77 1'362'527'600 1.63 716'654'188 0.86 (628'237'926) -0.75 623'864'399 0.75 541'984'791 0.65 370'545'906 0.44 360'050'000 0.43 358'995'100 0.43 346'255'500 0.41 316'401'657 0.38 291'096'100 0.35 253'480'390 0.3 239'696'686 0.29

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

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

Latest Chg (55'335'432) 251'362'000 3'012'000 (135'216'000) 100'684'116 64'736'294 (34'202'000) 210'000'000 14'137'000 (297'045'682) 15'249'000 (9'832'700)

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

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

File Dt Inst Type 08.02.2012 Pension Fund (ERISA) 11.09.2012 Investment Advisor 04.05.2012 Government 30.09.2012 Investment Advisor 18.09.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 18.09.2012 Investment Advisor 11.09.2012 Investment Advisor 31.12.2011 Investment Advisor 12.10.2012 Investment Advisor 18.09.2012 Investment Advisor 31.12.2011 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 18.09.2012 Investment Advisor 31.03.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Date 16.10.2012 15.10.2012 12.10.2012 11.10.2012 10.10.2012 10.10.2012 04.10.2012 01.10.2012 25.09.2012 25.09.2012 24.09.2012 20.09.2012 19.09.2012 16.09.2012 14.09.2012 13.09.2012 06.09.2012 06.09.2012 06.09.2012 05.09.2012 04.09.2012 27.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 23.08.2012 23.08.2012 13.08.2012 11.07.2012 05.07.2012 03.07.2012 29.06.2012 19.06.2012 27.04.2012 27.10.2011 25.03.2010

16.10.2012

Banco Bradesco SA Banco Bradesco S.A. attracts deposits and offers commercial banking services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage, and Internet banking services. Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands, and the United Kingdom. Bradesco offers credit cards, insurance, and pension funds. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.10.2011) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBD US EQUITY YTD Change BBD US EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 19.11 13.17 6'940'139.00 15.53 -18.73% 17.92% 39.73% 1'912.4 54'292.96 26'910.09 243.0 93'777.58 -

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

31.12.2008 31.12.2009 76'701.0 87'438.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 7'018.0 9'216.0 0.00x 0.00x Profitability

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-11

LTM-4Q 31.12.2010 78'055.6 0.00x 0.0 0.00x 9'939.6 0.00x

31.12.2011 98'694.6 0.00x 0.0 0.00x 10'958.1 0.00x

d-11

j-12

f-12 m-12

26.96% 28.27% 1.65% 19.89% 12.21% 0.15% 21.1% 3.73% 45.50% -

LTM

06/yy 06/yy 134'728.3 159'024.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'001.1 11'166.3 0.00x 0.00x

a-12 m-12

j-12

a-12

s-12

FY+1

1.27 16.29 -4.69% -5.56% 1.274 12 4.000 7'445'732 8'096'823 8'629'012 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 69'298.3 77'453.7 16'203.0 19'272.4 12'124.3 13'341.9 2'896.5 9.84x 9.11x 9.88x 9.77x S&P Issuer Ratings

30.04.2008 BBB STABLE 11.07.2012 A-2 45.5% 31.2% 0.15 24.87 -

Sales/Revenue/Turnover

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

30.0 M

Fiscal Year Ended 31.12.2007 70'328.9 0.00x 0.0 0.00x 8'009.7 0.00x

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

60'000.0 40'000.0

0.40

20'000.0 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 |

16.10.2012

Banco Bradesco SA Holdings By:

All

Holder Name ABERDEEN ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT INVESCO LTD BLACKROCK GROUP LIMI FISHER INVESTMENTS I TEMPLETON ASSET MANA TRILOGY GLOBAL ADVIS WELLS CAPITAL MANAGE JP MORGAN CHASE & CO OPPENHEIMERFUNDS INC TEMPLETON INVESTMENT GOLDMAN SACHS GROUP MORGAN STANLEY INVES CAPITAL INTERNATIONA UBS GLOBAL ASSET MAN DIMENSIONAL FUND ADV HENDERSON GROUP PLC BLACKROCK FUND ADVIS FINDLAY PARK PARTNER

Firm Name

Portfolio Name ABERDEEN ASSET MANAG VANGUARD GROUP INC SCHRODER INVESTMENT INVESCO LTD BLACKROCK GROUP LIMI FISHER INVESTMENTS TEMPLETON ASSET MANA TRILOGY GLOBAL ADVIS WELLS CAPITAL MANAGE JP MORGAN CHASE & CO OPPENHEIMER FUNDS IN Multiple Portfolios GOLDMAN SACHS GROUP MORGAN STANLEY INVES CAPITAL INTERNATIONA UBS GLOBAL ASSET MAN DIMENSIONAL FUND ADV HENDERSON GROUP PLC BLACKROCK FUND ADVIS FINDLAY PARK PARTNER

Analyst

Raymond James FEDERICO REY-MARINO Goldman Sachs CARLOS G MACEDO Morgan Stanley JORGE KURI HSBC VICTOR GALLIANO Deutsche Bank MARIO PIERRY Barclays FABIO ZAGATTI Itau BBA Securities REGINA SANCHEZ JPMorgan SAUL MARTINEZ Banco BTG Pactual SA MARCELO BARROZO HENRIQUES Espirito Santo Investment Bank Research GUSTAVO VITTORAZZE SCHRODEN Grupo Santander BORIS MOLINA

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

Recommendation outperform neutral/neutral Equalwt/No Rating neutral buy equalweight outperform overweight neutral buy buy

Amt Held 163'518'324 34'714'489 28'116'671 23'766'822 21'198'899 20'056'552 18'161'869 13'717'411 12'007'415 10'124'909 8'909'000 8'793'112 8'734'162 8'144'885 7'830'234 7'727'344 7'372'377 7'260'432 6'922'041 6'905'222

% Out 8.55 1.82 1.47 1.24 1.11 1.05 0.95 0.72 0.63 0.53 0.47 0.46 0.46 0.43 0.41 0.4 0.39 0.38 0.36 0.36

Weighting

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

Latest Chg 12'819'900 455'465 243'224 3'289'127 1'566'965 539'957 (3'619'041) 1'448'441 1'418'900 (1'557'360) 8'909'000 1'104'011 (213'900) 673'424 226'567 2'575'318 (614'199) (911'990) 3'380'222

Target Price

M M M M M M M M M M M

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

18 17 18 17 21 20 26 19 14 19 20

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 01.10.2012 27.09.2012 26.09.2012 14.09.2012 17.08.2012 07.08.2012 24.07.2012 23.07.2012 23.07.2012 23.07.2012 25.04.2012

16.10.2012

Hon Hai Precision Industry Co Ltd Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products. The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

Price/Volume 8

8.0 M

12/2011 06/yy 7.14 4.30 100'529.00 5.955 -16.55% 38.43% 55.68% 5'917.9 35'241.29 155'043.07 0.0 0.0 74'742.04 -

6.0 M

4.0 M

2 2.0 M

1 0 o-11

.0 M n-11

31.12.2008 31.12.2009 1'473'026.3 1'420'573.1 0.34x 0.93x 37'195.4 35'084.6 13.43x 37.56x 55'133.2 75'685.1 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 2'313'129.1 0.51x 45'056.3 26.12x 77'154.6 0.00x

j-12

f-12

LTM

31.12.2011 06/yy 06/yy 2'773'311.4 ######### ######### 0.35x 1.74x 1.34x 41'132.9 38'459.7 50'359.6 23.49x 27.42x 20.34x 81'591.0 69'800.3 81'740.3 0.00x 0.00x 0.00x 41'132.91 31'500.29 1.14% 3.31% 6.02% 15.42% 12.63% 2.05%

m-12

a-12 m-12

j-12

a-12

s-12

3.9% 1.5% 1.1% 2.9% 1.11 0.60 10.15% 26.83% 7.54 22.81

1.11 38.88% 21.21% 1.107 0 454'821 490'224 566'635

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

09.11.2007 ASTABLE 22.51 10.72 1.95 3.77 26.8% 21.2% 2.05 88.44 48.43 16.00 55.73 8.70

Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

d-11

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

10.0 M

6 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (20.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HHPD LI EQUITY YTD Change HHPD LI EQUITY YTD % CHANGE

31.12.2007 1'235'581.2 1.07x 43'131.8 30.75x 77'689.5 0.00x

12.0 M

1'500'000.0 1'000'000.0

0.40

500'000.0 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 |

16.10.2012

Hon Hai Precision Industry Co Ltd Holdings By:

All

Holder Name CAPITAL INTERNATIONA JP MORGAN CHASE & CO FISHER INVESTMENTS I DWS INVESTMENT S A LANSFORSAKRINGAR FON VALIC CO I DEKA INTERNATIONAL S LAZARD GLOBAL ACTIVE IG INVESTMENT MANAGE SEDCO CAPITAL GLOBAL ALLIANZ OF AMERICA SCHRODER INVESTMENT BNP PARIBAS ASSET MA FRANK RUSSELL TRUST WILLIAM BLAIR & COMP MACKENZIE FINANCIAL SMITH BARNEY FUND MA PRUDENTIAL FINANCIAL UBS GLOBAL ASSET MAN INVESCO ASSET MANAGE

Firm Name

Portfolio Name Multiple Portfolios Multiple Portfolios FISHER INVESTMENTS 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

Analyst

Source MF-AGG MF-AGG 13F 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

Recommendation

Amt Held 2'466'778 2'267'825 2'134'385 2'119'700 1'533'159 1'461'922 1'302'699 1'150'401 1'014'532 1'006'844 889'934 785'010 772'264 723'593 682'698 610'751 539'575 527'952 524'955 457'667

% Out 0.04 0.04 0.04 0.04 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Latest Chg

Weighting

Change

Target Price

1 28'567 2'134'385 (653'473) (82'007) (65'833) 657'030 (387'480) 11'825 (36'325) 92'985

#N/A N/A

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

File Dt 29.06.2012 31.08.2012 30.06.2012 31.08.2012 30.06.2012 30.06.2012 31.12.2011 30.09.2012 30.06.2012 31.08.2012 30.06.2012 30.03.2012 31.05.2012 31.05.2012 30.06.2012 31.07.2012 29.06.2012 31.08.2012 02.10.2012 31.05.2012

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date

16.10.2012

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

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/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 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2011 06/yy 11.92 8.85 102'771'872.00 10.7 -10.23% 20.90% 52.44% 21'098.9 2'002'693.75 318'002.00 0.0 79'801.0 61'590.00 2'052'821.07

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

150.0 M

100.0 M

4 50.0 M

2 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

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

LTM

FY+1

3.67 1.00 19.42% 15.22% 1.001 36 3.722 62'580'300 63'892'930 66'374'260 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'003'843.0 ######### ######### ######### ######### 541'663.0 586'495.0 0.88x 5.01x 3.89x 1.00x 0.94x 323'368.0 167'207.0 243'216.0 350'034.0 384'126.7 5.48x 0.00x 0.00x 5.86x 5.34x 132'961.0 140'667.0 129'012.0 138'146.1 151'938.1 29'283.0 10.74x 12.30x 11.62x 11.45x 10.36x 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 7.44% Short-Term Rating 13.70% Credit Ratios 11.50% EBITDA/Interest Exp. 1.12% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 16.1% Reference 9.2% 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 34.12 Cash Conversion Cycle -

Price/ Cash Flow

27.94 4.79 0.79 0.98 31.7% 22.7% 1.12 1.49 10.70 -

Sales/Revenue/Turnover

10.00

2'500'000.0

9.00

2'000'000.0

8.00 7.00

1'500'000.0

6.00 5.00

1'000'000.0

4.00 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 |

16.10.2012

PetroChina Co Ltd Holdings By:

All

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

Firm Name

Portfolio Name n/a n/a n/a n/a n/a 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

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

Source Co File EXCH Co File EXCH EXCH 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 neutral buy buy neutral buy hold sell market perform hold overweight in-line buy hold neutral accumulate overweight hold long-term buy hold Underwt/In-Line underweight neutral outperform outperform overweight accumulate neutral/neutral Under Review not rated buy buy neutral hold neutral buy strong buy

Amt Held % Out 20'809'855'498 98.63 1'711'231'963 8.11 1'270'171'357 6.02 1'236'572'386 5.86 1'177'565'718 5.58 882'744'136 4.18 423'700'000 2.01 350'420'000 1.66 291'518'000 1.38 (202'404'340) -0.96 185'522'740 0.88 140'542'355 0.67 127'102'965 0.6 90'866'000 0.43 79'168'272 0.38 74'010'000 0.35 67'291'243 0.32 64'988'243 0.31 64'278'000 0.3 63'680'335 0.3

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

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

Latest Chg 54'894'896 16'610'075 720'000 (53'778'896) (2'561'341) 26'589'155 202'000 3'594'000 896'000 9'270'000 (15'002'000) 22'852'243 (22'000) 5'048'000

Target Price 11 16 13 10 13 11 9 11 10 #N/A N/A 11 13 10 9 10 11 11 13 9 9 9 11 12 11 13 11 10 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A 10 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 31.12.2011 n/a 08.08.2012 Investment Advisor 31.12.2011 Investment Advisor 08.10.2012 Investment Advisor 13.09.2012 Investment Advisor 30.09.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Government 13.09.2012 Investment Advisor 31.12.2011 Investment Advisor 29.02.2012 Investment Advisor 12.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 12.10.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided

Date 15.10.2012 15.10.2012 12.10.2012 09.10.2012 03.10.2012 02.10.2012 27.09.2012 21.09.2012 11.09.2012 10.09.2012 25.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 14.08.2012 02.08.2012 15.06.2012 31.05.2012 02.05.2012 27.04.2012 22.11.2011 01.11.2011 28.10.2011 30.08.2011 20.07.2009

16.10.2012

Sberbank of Russia Sberbank of Russia attracts deposits and offers commercial banking services. The Bank offers time deposits,corporate banking, securities brokerage,credit, foreign exchange services and sponsors credit cards.

Price/Volume 14

.9 M

.8 M .7 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBER S1 EQUITY YTD Change SBER S1 EQUITY YTD % CHANGE

12/2011 06/yy 12.85 9.63 9'196.00 11.85 -7.78% 23.12% 68.99% 1'348'630.00 4'405.0 3'496.0 761'867.00 -

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

.5 M

.4 M .3 M

.2 M

.1 M

0 m-12

.0 M j-12

31.12.2008 31.12.2009 704'252.0 987'562.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 97'746.0 24'396.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 981'117.0 0.00x 0.0 0.00x 182'131.0 0.00x

a-12

s-12

o-12

LTM

FY+1

0 39'472 117'801 62'044 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'058'036.0 ######### ######### 856'001.4 947'006.1 0.00x 0.00x 0.00x 0.0 0.0 0.0 0.00x 0.00x 0.00x 316'195.0 294'394.0 315'343.0 330'452.6 345'158.9 0.00x 0.00x 0.00x 4.01x 3.84x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 53.36% Long-Term Outlook 51.49% Short-Term Rating Date 3.25% Short-Term Rating 28.15% Credit Ratios 14.09% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 41.1% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 12.45% Inventory Days 107.03% Accounts Payable Turnover Day - Cash Conversion Cycle -

107.0% 51.5% 0.11 3.29 -

Sales/Revenue/Turnover

1.20

1'200'000.0

1.00

1'000'000.0

0.80

800'000.0

0.60

j-12

Fiscal Year Ended 31.12.2007 531'495.0 0.00x 0.0 0.00x 106'489.0 0.00x

.6 M

600'000.0 400'000.0

0.40

200'000.0 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 |

16.10.2012

Sberbank of Russia Holdings By:

All

Holder Name CAPITAL WORLD INVEST T ROWE PRICE ASSOCIA BLACKROCK GROUP LIMI VANGUARD GROUP INC SCHRODER INVESTMENT VAN ECK ASSOCIATES C DWS INVESTMENT SA NORDEA INVESTMENT FU CAPITAL RESEARCH GLO JANUS CAPITAL MANAGE THORNBURG INVESTMENT EAST CAPITAL ASSET M JPMORGAN ASSET MANAG GUARDIAN INVESTOR SE PUTNAM INVESTMENT MA HARDING LOEVNER LP ALLIANCEBERNSTEIN LU UNION INVESTMENT GMB THAMES RIVER CAPITAL KLEINHEINZ CAPITAL P

Firm Name

Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios THORNBURG INVESTMENT Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios KLEINHEINZ CAPITAL P

Analyst

Source 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 MF-AGG MF-AGG 13F

Recommendation

Amt Held 49'865'875 24'930'479 24'518'344 18'384'382 11'901'387 10'700'807 8'925'000 7'778'801 7'491'500 6'693'682 6'343'456 6'239'488 5'098'671 3'644'700 3'370'692 3'367'300 2'699'585 2'690'600 2'475'475 2'394'000

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change

Latest Chg 9'205'000 8'418'240 1'101'885 1'050'652 9'692'644 (990'000) 21'953 6'571'290 207'257 306'800 778'400 218'213 605'300 258'004 (455'000) 200'000

Target Price

#N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.03.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

Date

16.10.2012

Naspers Ltd Naspers Limited is a holding company for a group of companies which operate in the electronic and print media industries. The Group provides television subscription and internet services and publishes newspapers, magazines and books.

Price/Volume 60000

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

50000 40000 30000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (12.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NPN SJ EQUITY YTD Change NPN SJ EQUITY YTD % CHANGE

03/2012 01/yy 54'795.00 33'450.00 580'076.00 54578 -0.37% 63.16% 97.59% 412.1 225'293.02 15'991.00 0.0 2'061.0 9'825.00 233'520.02

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

10000 0 o-11

31.03.2009 31.03.2010 26'690.1 27'998.0 2.41x 4.47x 6'027.7 6'132.0 10.68x 20.39x 5'760.8 3'257.0 19.35x 35.80x Profitability

31.03.2011 33'085.0 4.41x 6'227.0 23.45x 5'260.0 32.36x

31.03.2012 39'487.0 4.71x 7'178.0 25.91x 2'894.0 33.23x

7'178.00 4'868.00 12.33% 14.03% 3.83% 6.56% 6.89% 0.52% 47.2% 18.2% 12.3% 7.3% 1.39 0.95 19.67% 33.65% 12.69 21.19

Price/ Cash Flow

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.96 293.63 52.65% 55.57% 0.963 12 4.167 1'047'495 1'133'374 1'103'271 FY+2

03/13 Y 03/14 Y 47'041.9 53'776.3 4.94x 4.32x 7'159.7 8'311.1 32.62x 28.11x 6'960.1 9'059.5 28.57x 23.59x S&P Issuer Ratings

FQ+1

FQ+2

5.65 4.20 0.86 2.23 33.7% 24.4% 0.52 4.80 28.85 17.27 40.94 5.18

Sales/Revenue/Turnover

40.00

45'000.0

35.00

40'000.0

30.00

35'000.0 30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 03.04.2009

n-11

Fiscal Year Ended 31.03.2008 20'518.4 2.92x 5'021.0 11.95x 3'418.1 13.10x

20000

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

16.10.2012

Naspers Ltd Holdings By:

All

Holder Name STATE STREET BANK & GOVERNMENT EMP PENSI DODGE & COX JP MORGAN CHASE BANK CAPITAL WORLD INVEST NASPERS SHARE TRUST VANGUARD GROUP INC DEUTSCHE SECURITIES NORTHERN TR AVFC GOV JP MORGAN CHASE BANK BANK OF NEW YORK CAPITAL RESEARCH GLO NORTHERN TRUST COMPA OLD MUTUAL LIFE ASSU GSCO EQUITY CLIENTS GEPF CORONATION FM BLACKROCK FUND ADVIS MELLON BANK NA CORONATION ASSET MAN ROYAL BANK OF CANADA

Firm Name Jefferies Avior Research SBG Securities Morgan Stanley JPMorgan BPI Renaissance Capital Credit Suisse Goldman Sachs EVA Dimensions

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

Analyst DAVID REYNOLDS KEVIN MATTISON JENNIFER HENRY EDWARD C HILL-WOOD ZIYAD JOOSUB KATE TURNER-SMITH DAVID FERGUSON RICHARD BARKER ALEXANDER BALAKHNIN TEAM COVERAGE

Source SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG

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

Amt Held 70'549'708 41'081'517 27'732'495 26'326'985 20'829'000 17'054'178 16'165'125 14'063'255 9'414'766 8'294'589 6'409'123 6'270'000 5'509'966 5'367'772 5'314'245 5'257'199 4'980'029 4'494'521 4'455'745 3'842'636

% Out 17.12 9.97 6.73 6.39 5.05 4.14 3.92 3.41 2.28 2.01 1.56 1.52 1.34 1.3 1.29 1.28 1.21 1.09 1.08 0.93

Weighting

Change 3 3 5 5 5 3 5 5 5 1

U M M M M N M M M D

Latest Chg (450'000) 700'000 403'467 327 (201'080) -

Target Price 50'600 60'091 59'000 58'500 62'511 52'000 57'500 50'000 54'500 #N/A N/A

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

File Dt 28.09.2012 28.09.2012 30.06.2012 28.09.2012 30.06.2012 28.09.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 12.10.2012 28.09.2012 30.06.2012 28.09.2012

Date 12 month Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.10.2012 11.10.2012 10.10.2012 06.10.2012 03.10.2012 13.08.2012 25.07.2012 06.07.2012 29.06.2012 31.01.2012

16.10.2012

Sasol Ltd Sasol is an integrated oil and gas company with substantial chemical interests, with production facilities located in South Africa, Europe, North America and Asia. The Company operates commercial scale facilities to produce fuels and chemicals from coal in South Africa, and is developing ventures internationally to convert natural gas into clean diesel fuel.

Price/Volume 45000

6.0 M

40000

5.0 M

35000 30000

4.0 M

25000

06/2012 01/yy 41'150.00 33'321.00 1'158'754.00 38365 -6.77% 15.14% 58.87% 645.8 247'744.33 16'122.00 0.0 3'080.0 13'172.00 253'774.33

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

15000

2.0 M

10000

1.0 M

5000 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 30.06.2008 129'943.0 2.52x 39'053.0 8.40x 22'417.0 12.10x

3.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.01.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOL SJ EQUITY YTD Change SOL SJ EQUITY YTD % CHANGE

30.06.2009 30.06.2010 137'836.0 122'256.0 1.31x 1.53x 31'194.0 31'748.0 5.81x 5.88x 13'648.0 15'941.0 10.62x 10.34x Profitability

30.06.2011 142'436.0 1.71x 37'453.0 6.49x 19'794.0 10.52x

30.06.2012 169'446.0 1.38x 0.0 0.00x 23'583.0 8.10x 37'453.00 36'758.00 21.69% 21.25% 12.36% 20.25% 18.91% 0.89% 34.5% 26.3% 21.7% 13.9% 2.12 1.28 7.91% 12.87% 6.85 5.67

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.56 1.12 404.27 14.98% 4.24% 1.118 17 3.353 1'282'376 2'306'029 1'944'447 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/11 Q2 09/11 Q3 175'677.1 177'910.4 1.44x 1.43x 49'564.3 49'829.2 5.12x 5.09x 26'643.2 26'187.6 8.78x 8.81x S&P Issuer Ratings

01.08.2005 NEG 19.02.2003 A-2 20.14 9.03 0.04 0.44 12.9% 11.2% 0.89 1.42 53.43 64.57 41.27 77.25

Sales/Revenue/Turnover

12.00

180'000.0 160'000.0

10.00

140'000.0 120'000.0

8.00

100'000.0 6.00

80'000.0 60'000.0

4.00

40'000.0 2.00 0.00 03.07.2009

20'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

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

16.10.2012

Sasol Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI KONOIL PTY LIMITED STATE STREET BANK & VANGUARD GROUP INC SASOL INZALO EMPL SC ALLAN GRAY UNIT TRUS JP MORGAN CHASE BANK JP MORGAN CHASE BANK OLD MUTUAL LIFE ASSU NORTHERN TR AVFC GOV SASOL INZALO FOUNDAT SASOL INVESTMENT COM BANK OF NEW YORK BLACKROCK FUND ADVIS SANLAM LIFE INSURANC CITIBANK LONDON MELLON BANK NA CORONATION ASSET MAN INVESTEC FUND GROUP OLD MUTUAL ASSET MAN

Firm Name Investec BNP Paribas Cadiz Securities Morgan Stanley HSBC Goldman Sachs Renaissance Capital Avior Research Nedgroup Securities Barclays EVA Dimensions Credit Suisse JPMorgan Deutsche Bank Afrifocus Securities

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

Analyst CAMPBELL PARRY NIC DINHAM LEIGH BREGMAN SRIHARSHA PAPPU GEYDAR MAMEDOV GERHARD ENGELBRECHT DAVID LERCHE MOHAMED KHARVA CAROLINE LEARMONTH TEAM COVERAGE ANDREY OVCHINNIKOV ALEX COMER JARRETT GELDENHUYS JUI KULKARNI

Source SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG MF-AGG MF-AGG MF-AGG

Recommendation hold buy Underwt/In-Line underweight neutral/neutral hold neutral sell equalweight buy neutral overweight buy buy

Amt Held 64'541'875 53'266'887 33'927'139 23'385'396 23'339'310 19'030'504 12'379'170 12'360'431 11'373'702 10'677'541 9'461'882 8'809'886 8'486'936 7'267'005 7'148'937 6'788'792 6'253'494 6'127'682 5'901'740 5'664'362

% Out 9.99 8.25 5.25 3.62 3.61 2.95 1.92 1.91 1.76 1.65 1.47 1.36 1.31 1.13 1.11 1.05 0.97 0.95 0.91 0.88

Weighting

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

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

Latest Chg 489'573 1'287'970 (174) 124'672 (97'644) 264'067

Target Price 43'400 44'000 37'000 37'500 45'550 41'000 42'900 37'000 37'500 #N/A N/A 33'900 41'400 45'000 #N/A N/A

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

File Dt 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 29.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 12.10.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012 31.07.2012 31.03.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 9 month 12 month Not Provided

Inst Type Government n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Insurance Company n/a n/a n/a Investment Advisor Investment Advisor Insurance Company Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.10.2012 15.10.2012 11.10.2012 02.10.2012 18.09.2012 17.09.2012 17.09.2012 14.09.2012 10.09.2012 10.09.2012 07.09.2012 23.07.2012 03.07.2012 26.03.2012

16.10.2012

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

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 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 06/yy 24.70 17.00 17'821'228.00 23.4 -5.26% 37.65% 81.17% 7'441.2 648'420.19 42'990.00 0.0 1'858.0 55'985.00 -

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

1.20

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 191'372.0 7.65x 0.0 0.00x 38'879.0 27.36x

120.0 M

31.12.2008 31.12.2009 299'478.0 339'262.0 1.74x 2.68x 0.0 0.0 0.00x 0.00x 19'137.0 32'881.0 30.50x 29.11x Profitability

LTM-4Q 31.12.2010 385'446.0 1.61x 0.0 0.00x 33'626.0 22.62x

31.12.2011 370'352.0 1.16x 0.0 0.00x 18'331.0 23.96x 5.18% 5.54% 1.22% 9.16% 8.20% 0.25% 4.9% 2.71% 22.45% -

LTM

FY+1

1.22 1.16 7'441.18 16.79% 23.79% 1.161 34 3.324 27'504'220 29'893'700 30'549'120 FY+2

FQ+1

FQ+2

03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 393'192.0 390'669.0 368'903.6 407'820.3 2.89x 0.25x 1.40x 1.25x 0.0 0.0 0.00x 0.00x 31'383.0 18'381.0 23'349.2 31'922.8 22.15x 0.00x 22.41x 16.66x 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% 0.25 -

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 |

16.10.2012

China Life Insurance Co Ltd Holdings By:

All

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

Firm Name Jefferies Credit Suisse China International Capital Corp Keefe, Bruyette & Woods Deutsche Bank BOCOM International Holdings JPMorgan DBS Vickers Morgan Stanley Macquarie Bank of China International Kim Eng Securities Mizuho Securities Nomura SWS Research Co Ltd Guotai Junan UOB Kay Hian Core Pacific Barclays HSBC CCB International Securities Ltd BNP Paribas Equity Research Capital Securities Corp Goldman Sachs ICBC International Securities Standard Chartered AMTD Financial Planning Limited Phillip Securities EVA Dimensions Mirae Asset Securities RBS 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 BARON NIE ARJAN VAN VEEN TANG SHENGBO STANLEY TSAI ESTHER CHWEI LI WENBING CHAN BAO LING PING CHENG BEN LIN SCOTT G RUSSELL SUN PENG IVAN LI THOMAS J MONACO DAVID CHUNG ROBERT HU FELIX LUO EDMOND LAW OLIVE XIA MARK KELLOCK JAMES GARNER KENNETH YUE DORRIS CHEN TEAM COVERAGE NING MA PIUS CHENG PETER O'BRIEN KENNY TANG SING HING CHEN XINGYU TEAM COVERAGE IVAN CHEUNG YANAN WANG 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 hold neutral buy underperform buy buy neutral hold Equalwt/In-Line neutral hold buy underperform buy neutral accumulate hold hold equalweight neutral neutral hold buy neutral/neutral hold in-line buy buy sell hold buy buy

Amt Held % Out 304'736'211 4.1 160'575'000 2.16 150'281'500 2.02 (78'915'350) -1.06 65'430'075 0.88 55'270'000 0.74 53'587'693 0.72 49'994'058 0.67 34'090'000 0.46 31'894'053 0.43 31'653'000 0.43 25'317'342 0.34 21'845'000 0.29 21'751'000 0.29 21'000'000 0.28 20'558'680 0.28 15'615'296 0.21 15'359'000 0.21 15'120'000 0.2 15'002'000 0.2

Weighting

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

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

Latest Chg 4'846'893 275'000 (894'460) (9'975'000) (29'748'217) 74'000 (70'098'775) (15'178'900) 4'239'000 9'795'000 (9'381'000) 8'000'000 (5'886'320) (137'986) (1'449'000) 1'400'000 4'429'000

Target Price 23 23 26 22 27 26 21 22 23 24 22 24 12 34 22 26 21 23 27 24 21 21 #N/A N/A 24 21 17 22 26 #N/A N/A 20 36 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 12.10.2012 Investment Advisor 29.06.2012 Investment Advisor 16.08.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2011 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 3 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 15.10.2012 10.10.2012 10.10.2012 27.09.2012 14.09.2012 14.09.2012 03.09.2012 30.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 28.08.2012 28.08.2012 21.08.2012 15.08.2012 10.08.2012 06.07.2012 27.06.2012 27.03.2012 16.03.2012 02.01.2012 18.10.2011 01.08.2011 10.07.2009

16.10.2012

POSCO POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/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 PKX US EQUITY YTD Change PKX US EQUITY YTD % CHANGE

12/2011 06/yy 95.27 74.05 119'454.00 80 -16.03% 8.04% 28.04% 348.7 27'899.79 11'641'328.00 0.0 0.0 2'187'300.00 -

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

1.20

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 22'206'685.0 1.92x 6'028'563.1 7.06x 3'679'431.4 0.00x

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

31.12.2008 31.12.2009 30'642'410.0 26'953'944.9 1.00x 1.74x 8'448'098.8 5'207'546.3 3.61x 9.02x 4'446'933.0 3'172'263.5 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 32'582'037.0 1.34x 7'501'397.7 5.83x 3'784'361.1 0.00x

LTM

31.12.2011 06/yy 06/yy 39'171'703.0 ######### ######### 0.99x 4.95x 3.95x 6'100'453.2 ######### ######### 6.36x 6.83x 6.95x 3'188'844.8 ######### ######### 0.00x 0.00x 0.00x 6'100'453.23 4'330'380.23 11.05% 10.38% 6.26% 8.66% 7.43% 0.77% 15.6% 15.6% 11.1% 8.1% 2.78 1.28 22.08% 30.96% 10.08 5.03

1.13 0.46 -0.33% -2.00% 1.134 2 3.000 188'240 178'027 187'966

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

31.10.2011 ANEG 14.51 6.61 1.55 1.91 31.0% 23.6% 0.77 1.89 36.19 72.52 14.43 94.28

Sales/Revenue/Turnover

45'000'000.0 40'000'000.0

1.00 0.80

35'000'000.0 30'000'000.0 25'000'000.0

0.60

20'000'000.0 15'000'000.0

0.40 0.20

10'000'000.0 5'000'000.0 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 |

16.10.2012

POSCO Holdings By:

All

Holder Name NIPPON STEEL & SUMIT NIPPON STEEL & SUMIT VANGUARD GROUP INC THIRD AVENUE MANAGEM DIMENSIONAL FUND ADV SPRUCEGROVE INVESTME GEICO INDEMNITY COMP NATIONAL INDEMNITY C BANK OF AMERICA CORP BRANDES INVESTMENT P NFJ INVESTMENT GROUP PRINCIPAL FINANCIAL BANK OF NEW YORK MEL FRANKLIN RESOURCES I DUPONT CAPITAL MANAG BLACKROCK ADVISERS CREDIT SUISSE AG MAWER INVESTMENT MAN PHILADELPHIA INTERNA MANAGED ACCOUNT ADVI

Firm Name Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC THIRD AVENUE MANAGEM DIMENSIONAL FUND ADV SPRUCEGROVE INVESTME GEICO INDEMNITY COMP NATIONAL INDEMNITY C BANK OF AMERICA BRANDES INVESTMENT P NFJ INVESTMENT GROUP PRINCIPAL FINANCIAL BANK OF NEW YORK MEL TEMPLETON INVESTMENT DUPONT CAPITAL MANAG BLACKROCK ADVISORS L CREDIT SUISSE AG MAWER INVESTMENT MAN PHILADELPHIA INTERNA MANAGED ACCOUNT ADVI

Analyst SEUNG SHIN TEAM COVERAGE

Source MOF-JP MOF-JP 13F 13F 13F 13F Sch-D Sch-D 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral/neutral hold

Amt Held 4'394'712 4'394'712 4'235'647 3'883'880 3'116'962 1'812'408 1'326'574 1'087'900 1'043'981 895'570 859'641 631'521 582'014 428'081 409'294 400'339 387'750 371'339 360'428 357'090

% Out 1.26 1.26 1.21 1.11 0.89 0.52 0.38 0.31 0.3 0.26 0.25 0.18 0.17 0.12 0.12 0.11 0.11 0.11 0.1 0.1

Weighting

Change 3 3

D M

Latest Chg 46'434 (141'207) 38'647 212'900 1'008'072 (13'929) 36'820 148'322 52'276 62'540 55'840 (198) 65'363 6'495 (38'098) 12'776

Target Price 80 #N/A N/A

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

File Dt Inst Type 01.10.2012 Corporation 01.10.2012 Corporation 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Insurance Company 30.06.2012 Insurance Company 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided

Date 21.06.2012 18.11.2011

16.10.2012

Infosys Ltd Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.10.2011) 52-Week Low (24.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFY US EQUITY YTD Change INFY US EQUITY YTD % CHANGE

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

4.0 M

2.0 M

10 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.03.2008 166'920.0 4.52x 52'590.0 14.34x 46'590.0 17.66x

6.0 M

03/2012 09/yy 61.22 37.93 2'270'257.00 44.57 -27.20% 17.51% 28.51% 574.2 25'593.54 0.00 0.0 0.0 208'420.00 1'127'696.50

31.03.2009 31.03.2010 216'930.0 227'420.0 3.05x 5.97x 72'190.0 79'110.0 9.16x 17.17x 59'880.0 62'660.0 12.66x 23.82x Profitability

LTM-4Q 31.03.2011 275'010.0 6.16x 89'750.0 18.87x 68'350.0 27.09x

31.03.2012 337'340.0 4.26x 107'490.0 13.37x 83'320.0 19.66x

107'490.00 98'210.00 29.11% 34.68% 23.83% 29.08% 29.08% 0.96% 44.1% 31.9% 29.1% 24.7% 4.38 3.87 0.00% 0.00% 6.40 -

Price/ Cash Flow

LTM

FY+1

1.57 1.15 21.84 -19.82% -11.53% 1.147 18 3.222 3'733'641 2'252'394 1'894'721 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 299'400.0 376'240.0 389'028.6 421'229.3 98'781.4 101'433.4 21.00x 14.02x 2.84x 2.49x 11.23x 10.77x 96'010.0 94'470.0 112'421.7 121'195.7 27'928.6 28'920.3 13.16x 0.00x 10.03x 9.30x 9.79x 9.59x 72'260.0 93'460.0 90'360.9 96'057.3 22'242.3 23'035.8 20.03x 15.50x 14.79x 14.09x 14.73x 14.50x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -1.94 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.96 Net Fixed Asset Turnover 7.07 Accounts receivable turnover-days 57.15 Inventory Days Accounts Payable Turnover Day 0.65 Cash Conversion Cycle Sales/Revenue/Turnover

35.00

400'000.0

30.00

350'000.0 300'000.0

25.00

250'000.0 20.00

200'000.0 15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

16.10.2012

Infosys Ltd Holdings By:

All

Holder Name JP MORGAN CHASE & CO GENESIS ASSET MANAGE LAZARD ASSET MANAGEM UBS GLOBAL ASSET MAN TRILOGY GLOBAL ADVIS INVESCO LTD COMMONWEALTH BANK OF WELLS CAPITAL MANAGE BLACKROCK GROUP LIMI HSBC HOLDINGS PLC ABERDEEN ASSET MANAG LAZARD ASSET MANAGEM CREDIT SUISSE AG CANADA PENSION PLAN WELLINGTON MANAGEMEN MASSACHUSETTS FINANC STATE STREET CORP GRANTHAM MAYO VAN OT POLARIS CAPITAL MANA PARAMETRIC PORTFOLIO

Firm Name BMO Capital Markets Janney Montgomery Scott LLC Robert W. Baird & Co Wells Fargo Securities, LLC Cowen and Company Societe Generale Goldman Sachs Needham & Co Pacific Crest Securities Sanford C. Bernstein & Co William Blair & Co Oppenheimer & Co Susquehanna Financial Group Stifel Nicolaus BOE Securities Jefferies EVA Dimensions Wedge Partners

Portfolio Name JP MORGAN CHASE & CO GENESIS ASSET MANAGE LAZARD ASSET MANAGEM UBS GLOBAL ASSET MAN TRILOGY GLOBAL ADVIS INVESCO LTD COMMONWEALTH BANK OF WELLS CAPITAL MANAGE BLACKROCK GROUP LIMI HSBC HOLDINGS PLC ABERDEEN ASSET MANAG Multiple Portfolios CREDIT SUISSE AG CANADA PENSION PLAN WELLINGTON MANAGEMEN MASSACHUSETTS FINANC STATE STREET CORPORA GRANTHAM MAYO VAN OT POLARIS CAPITAL MANA PARAMETRIC PORTFOLIO

Analyst KEITH F BACHMAN JOSEPH D FORESI DAVID J KONING EDWARD S CASO JR MOSHE KATRI RICHARD NGUYEN RISHI JHUNJHUNWALA MAYANK TANDON JESSE HULSING RODERICK BOURGEOIS BHAVAN SURI GLENN GREENE JAMES E FRIEDMAN DAVID M GROSSMAN BINDAL PARIKH TOTLANI JASON KUPFERBERG TEAM COVERAGE JUN ZHANG

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

Recommendation market perform neutral neutral market perform outperform sell neutral/neutral hold sector perform market perform market perform market perform neutral hold hold hold buy no rating system

Amt Held 8'961'621 7'928'338 4'348'973 4'257'884 3'562'070 3'205'445 2'857'115 2'816'880 2'400'154 2'323'501 2'141'064 1'818'108 1'766'511 1'630'513 1'539'100 1'382'622 1'366'684 1'228'080 1'181'339 1'070'531

% Out 1.56 1.38 0.76 0.74 0.62 0.56 0.5 0.49 0.42 0.4 0.37 0.32 0.31 0.28 0.27 0.24 0.24 0.21 0.21 0.19

Weighting

Change

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

M M M M M M M M M M M M M M M M M M

Latest Chg (174'043) 58'684 45'149 732'300 190'131 546'969 541'895 887'600 (54'036) (62'385) 95'800 (29'900) 351'330 389'261 453'500 (515'123) (222'009) 66'200 60'300 214'633

Target Price 43 46 44 #N/A N/A #N/A N/A 38 48 #N/A N/A #N/A N/A 40 #N/A N/A #N/A N/A 50 #N/A N/A 54 64 #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 27.01.2012 04.01.2012 18.11.2011 14.09.2011

16.10.2012

Fomento Economico Mexicano SAB de CV Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through its subsidiaries produces, distributes and markets non-alcoholic beverages throughout Latin America as part of the Coca-Cola system. The Company owns and operates convenience stores in Mexico and Colombia and holds a stake in Heineken.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FMX US EQUITY YTD Change FMX US EQUITY YTD % CHANGE

12/2011 06/yy 95.64 61.61 423'907.00 92.77 -3.00% 50.58% 91.57% 216.1 33'195.20 29'604.00 0.0 57'534.0 27'658.00 -

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

31.12.2008 31.12.2009 168'021.7 158'503.0 1.25x 1.71x 29'819.0 26'319.0 7.07x 10.32x 6'707.6 9'908.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 169'702.0 1.66x 28'031.0 10.06x 40'251.0 0.00x

31.12.2011 203'044.0 2.00x 33'445.0 12.16x 15'133.0 0.00x 33'445.00 26'904.00 13.25% 13.97% 6.07% 12.06% 11.43% 0.81% 41.9% 16.5% 13.3% 7.5% 1.53 0.93 10.78% 22.16% 25.58 9.14

1.0 M .8 M .6 M .4 M .2 M .0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

0.90 0.60 36.68% 34.22% 0.897 12 4.000 298'597 530'020 525'247 FY+2

FQ+1

FQ+2

11.40 7.78 0.06 0.89 22.2% 13.4% 0.81 4.35 14.27 39.95 75.55 -21.33

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

1.2 M

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 179'120.9 220'972.1 234'227.6 264'875.5 60'943.9 62'999.6 6.36x 7.54x 2.04x 1.77x 7.82x 7.51x 29'206.1 33'690.1 37'202.9 42'782.3 9'808.4 12'013.7 10.69x 14.19x 14'045.3 15'832.0 17'783.9 20'931.0 4'823.6 4'907.8 0.00x 0.00x 27.00x 22.66x 22.86x 21.73x 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

1.4 M

Fiscal Year Ended 31.12.2007 147'556.1 1.38x 27'250.9 7.48x 8'510.4 0.00x

100 90 80 70 60 50 40 30 20 10 0 o-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 |

16.10.2012

Fomento Economico Mexicano SAB de CV Holdings By:

All

Holder Name CASCADE INVESTMENT L ABERDEEN ASSET MANAG OPPENHEIMERFUNDS INC VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI MORGAN STANLEY INVES INVESCO LTD GENESIS ASSET MANAGE MAVERICK CAPITAL LTD CREDIT AGRICOLE SA JP MORGAN CHASE & CO HARRIS TRUST & SAVIN AMERIPRISE FINANCIAL BLACKROCK ADVISERS FIDELITY INTERNATION VONTOBEL ASSET MANAG PIONEER INVESTMENT M FRANK RUSSELL TRUST CARMIGNAC GESTION

Firm Name Itau BBA Securities Deutsche Bank Grupo Santander JPMorgan Morgan Stanley HSBC Banco BTG Pactual SA Scotia Capital Banorte-IXE Barclays

Portfolio Name n/a ABERDEEN ASSET MANAG OPPENHEIMER FUNDS IN VONTOBEL ASSET MANAG DIMENSIONAL FUND ADV BLACKROCK GROUP LIMI MORGAN STANLEY INVES INVESCO LTD GENESIS ASSET MANAGE MAVERICK CAPITAL LTD CREDIT AGRICOLE SA JP MORGAN CHASE & CO Multiple Portfolios AMERIPRISE FINANCIAL BLACKROCK ADVISORS L FIDELITY INTERNATION Multiple Portfolios PIONEER INVESTMENT M FRANK RUSSELL COMPAN Multiple Portfolios

Analyst RENATO SALOMONE JOSE J YORDAN LUIS MIRANDA ALAN ALANIS LORE SERRA LAUREN E TORRES RAFAEL SHIN RODRIGO ECHAGARAY MARISOL HUERTA MONDRAGON GABRIEL VAZ DE LIMA

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

Recommendation market perform hold hold overweight Overwt/In-Line overweight buy sector perform hold overweight

Amt Held 27'887'349 27'493'416 7'418'519 4'961'289 4'207'015 3'843'838 3'629'908 2'933'618 2'362'247 1'974'449 1'447'256 1'415'190 1'400'120 1'256'735 1'239'174 1'214'642 995'112 989'648 975'976 951'570

% Out 12.9 12.72 3.43 2.3 1.95 1.78 1.68 1.36 1.09 0.91 0.67 0.65 0.65 0.58 0.57 0.56 0.46 0.46 0.45 0.44

Weighting

Change 3 3 3 5 5 5 5 3 3 5

Latest Chg 1'000'000 (1'657'303) (1'014'720) 613'554 45'877 (71'239) 5'108 (318'695) (572'163) 775'234 (79'077) 321'201 138'325 (11'513) (24'343) 235'988 52'676 (110'378) 319'098 (125'037)

Target Price

N M M M U M M M M M

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

104 97 103 102 93 103 94 83 98 106

File Dt Inst Type 25.03.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Unclassified 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor

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

Date 07.10.2012 26.09.2012 25.09.2012 13.09.2012 16.08.2012 30.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012

16.10.2012

Hyundai Mobis Hyundai Mobis manufactures and markets automotive parts and equipment, such as automotive service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

Price/Volume 400000

2.5 M

350000

2.0 M

300000 250000

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (28.02.2012) Daily Volume Current Price (10/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 012330 KS EQUITY YTD Change 012330 KS EQUITY YTD % CHANGE

12/2011 06/yy 364'000.00 261'500.00 139'117.00 300000 -17.58% 14.72% 34.63% 97.3 29'203'158.00 1'810'896.00 127.0 0.0 2'396'260.00 28'063'752.90

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

1.0 M

150000 100000

.5 M

50000 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 8'490'912.0 0.85x 926'546.0 7.78x 776'675.0 9.64x

1.5 M

200000

Valuation Analysis

31.12.2008 31.12.2009 9'373'390.0 10'633'020.0 0.49x 1.50x 1'325'678.0 1'652'601.0 3.45x 9.62x 1'089'995.0 1'615'220.0 4.96x 9.60x Profitability

LTM-4Q 31.12.2010 13'695'717.0 1.92x 2'160'724.0 12.15x 1'628'807.0 16.66x

LTM

FY+1

0.58 1.07 60.96 -10.71% 2.74% 1.073 46 4.913 161'675 195'755 238'172 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 15'886'201.0 ######### ######### ######### ######### 1.72x 7.91x 6.70x 1.10x 0.95x 2'316'807.0 ######### ######### ######### ######### 11.79x 16.31x 10.49x 8.41x 7.63x 1'742'742.0 ######### ######### ######### ######### 15.99x 21.27x 13.16x 8.15x 7.32x S&P Issuer Ratings 2'316'807.00 Long-Term Rating Date 20.03.2012 2'139'542.00 Long-Term Rating BBB+ 13.47% Long-Term Outlook STABLE 14.42% Short-Term Rating Date 11.30% Short-Term Rating 16.60% Credit Ratios 14.63% EBITDA/Interest Exp. 59.08 1.03% (EBITDA-Capex)/Interest Exp. 51.18 Net Debt/EBITDA -0.25 19.9% Total Debt/EBITDA 0.78 14.6% Reference 13.5% Total Debt/Equity 16.1% 11.0% Total Debt/Capital 13.8% Asset Turnover 1.03 1.62 Net Fixed Asset Turnover 9.00 1.42 Accounts receivable turnover-days 82.42 10.96% Inventory Days 21.55 16.06% Accounts Payable Turnover Day 54.16 4.43 Cash Conversion Cycle 49.82 16.94

Price/ Cash Flow

Sales/Revenue/Turnover

25.00

18'000'000.0 16'000'000.0

20.00

14'000'000.0 12'000'000.0

15.00

10'000'000.0 8'000'000.0

10.00

6'000'000.0 4'000'000.0

5.00

2'000'000.0 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP ALLIANCEBERNSTEIN LP CHUNG MONG-KOO CAPITAL GROUP COMPAN NATIONAL PENSION SER HYUNDAI STEEL CO CAPITAL WORLD INVEST VANGUARD GROUP INC HYUNDAI MOBIS BLACKROCK FUND ADVIS LAZARD ASSET MANAGEM FIDELITY INTERNATION T ROWE PRICE ASSOCIA INVESCO LTD SAMSUNG INVESTMENT T EARNEST PARTNERS LLC SCHRODER INVESTMENT KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I MATTHEWS INTERNATION

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EARNEST PARTNERS LLC Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Tong Yang Investment Bank AHN SANG JUN KIWOOM Securities Co Ltd LEE HYUN-SOO Standard Chartered DAVID KIM Korea Investment & Securities SUH SUNGMOON LIG Investment Securities IN-WOO PARK HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Nomura ANGELA HONG Macquarie MICHAEL SOHN KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN KTB Securities NAM KYEONG MOON Kyobo Securities DONG-HA KIM Barclays PAUL HWANG Dongbu Securities Co Ltd YIM EUN-YOUNG Goldman Sachs SEUNG SHIN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP EVA Dimensions TEAM COVERAGE Samsung Securities YOON PIL JOONG Credit Suisse HENRY KWON Deutsche Bank SANJEEV RANA Daewoo Securities PARK YOUNG HO NH Investment & Securities LEE SANG-HYUN Hyundai Securities CHAE HEE-GUEN Eugene Investment & Securities Co., LtdPARK SANG-WON Shinhan Investment Corp CHOI JUNGHYUK SK Securities Co Ltd KIM YONG-SOO Woori Investment & Securities CHO SOO-HONG HI Investment Securities KOH TAE-BONG E*Trade Securities Korea KANG SANG-MIN IBK Securities Co Ltd SAE-HWAN AHN Taurus Investment Securities Co Ltd YANG HEE-JOON JPMorgan PARK WAN SUN Hana Daetoo Securities SONG SUN-JAE Morgan Stanley PARK SANG-KYOO BNP Paribas Equity Research JAMES HIE SUK YOON Mirae Asset Securities YOON-KI KIM Golden Bridge Investment & Securities KIM SEUNG-HWAN BS Securities Co Ltd CHOI DAE-SIK HSBC PAUL CHOI Daishin Securities Co., Ltd. CHUNG TAEOH DBS Vickers JAY KIM Hanyang Securities KIM YEON-WOO

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

Recommendation buy buy outperform buy buy buy buy neutral outperform buy buy buy overweight buy Buy/Neutral hold overweight buy outperform buy buy buy buy buy buy buy buy buy buy buy buy overweight buy Overwt/Attractive buy buy buy buy overweight buy buy buy

Amt Held 16'427'074 6'903'539 6'778'966 6'116'500 5'837'749 5'504'846 4'410'264 3'178'680 1'806'615 1'158'053 1'064'443 877'813 752'239 588'650 531'590 446'653 427'050 422'822 406'508 344'245

% Out 16.88 7.09 6.96 6.28 6 5.66 4.53 3.27 1.86 1.19 1.09 0.9 0.77 0.6 0.55 0.46 0.44 0.43 0.42 0.35

Weighting

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

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

Latest Chg 251'299 557'300 42'285 (96) 49'195 (221'334) (17'370) 44'035 (78) 443'853 36'778 150'694 (425'532) (26'894)

Target Price 384'000 440'000 386'000 400'000 400'000 400'000 400'000 340'000 400'000 460'000 370'000 470'000 349'000 380'000 360'000 310'000 #N/A N/A 370'000 456'000 400'000 378'000 380'000 380'000 439'000 365'000 380'000 410'000 400'000 360'000 400'000 355'000 390'000 360'000 414'000 410'000 470'000 393'000 370'000 370'000 370'000 370'000 450'000

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

File Dt 24.08.2012 31.12.2011 24.08.2012 02.10.2012 31.12.2011 24.08.2012 30.06.2012 30.06.2012 27.04.2012 12.10.2012 31.08.2012 29.02.2012 30.06.2012 15.10.2012 29.06.2012 30.06.2012 30.06.2012 31.03.2012 31.03.2012 29.06.2012

Date 12 month 6 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 6 month 12 month 6 month 12 month Not Provided 6 month 9 month 12 month 12 month 12 month 12 month 6 month 6 month Not Provided 6 month 12 month 6 month

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

Date 16.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 10.10.2012 10.10.2012 10.10.2012 09.10.2012 05.10.2012 30.09.2012 24.09.2012 30.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 24.08.2012 14.08.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 30.07.2012 29.07.2012 29.07.2012 27.07.2012 27.07.2012 17.07.2012 25.06.2012 02.05.2012 01.05.2012 16.03.2012 30.01.2012 31.10.2011

16.10.2012

ICICI Bank Ltd ICICI Bank Limited operates a network of bank's located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

03/2012 06/yy 42.49 24.14 979'925.00 40 -5.86% 65.70% 86.43% 574.8 22'990.99 1'769'324.15 14'277.2 411'717.50 -

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

1.20 1.00

2.0 M

1.0 M

5 0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.03.2008 599'917.4 0.00x 0.0 0.00x 33'982.3 0.00x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBN US EQUITY YTD Change IBN US EQUITY YTD % CHANGE

31.03.2009 31.03.2010 641'516.2 595'176.1 0.00x 0.00x 0.0 0.0 0.00x 0.00x 35'769.5 46'702.9 0.00x 0.00x Profitability

LTM-4Q 31.03.2011 615'647.1 0.00x 0.0 0.00x 60'932.7 0.00x

31.03.2012 666'619.9 0.00x 0.0 0.00x 76'429.4 0.00x 25.67% 25.66% 1.34% 13.11% 3.58% 0.12% 18.4% 29.28% 288.74% -

LTM

FY+1

1.32 4.18 11.14% 54.42% 1.316 2 3.000 1'138'133 1'787'449 1'554'927 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 181'789.9 193'005.3 218'285.2 259'993.3 0.00x 0.00x 0.0 0.0 0.00x 0.00x 66'690.4 84'183.7 79'373.8 95'259.7 0.00x 0.00x 14.81x 12.28x S&P Issuer Ratings Long-Term Rating Date 30.01.2007 Long-Term Rating NR Long-Term Outlook NEG Short-Term Rating Date 30.01.2007 Short-Term Rating A-3 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 288.7% Total Debt/Capital 73.8% Asset Turnover 0.12 Net Fixed Asset Turnover 12.21 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

700'000.0 600'000.0 500'000.0

0.80

400'000.0 0.60

300'000.0

0.40

200'000.0 100'000.0

0.20

0.0 0.00

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

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

16.10.2012

ICICI Bank Ltd Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC DIMENSIONAL FUND ADV MASSACHUSETTS FINANC GLOBAL THEMATIC PART CAPITAL WORLD INVEST HARDING LOEVNER LP CAPITAL RESEARCH GLO WELLS CAPITAL MANAGE FRANKLIN RESOURCES I EARNEST PARTNERS LLC BLACKROCK GROUP LIMI DEUTSCHE BANK AG PRINCIPAL FINANCIAL HSBC HOLDINGS PLC CAPITAL GUARDIAN TRU CAPITAL INTERNATIONA JP MORGAN CHASE & CO ABERDEEN ASSET MANAG FRANKLIN RESOURCES I LAZARD ASSET MANAGEM

Firm Name EVA Dimensions

Portfolio Name OPPENHEIMER FUNDS IN DIMENSIONAL FUND ADV MASSACHUSETTS FINANC GLOBAL THEMATIC PART CAPITAL WORLD INVEST HARDING LOEVNER LP Multiple Portfolios WELLS CAPITAL MANAGE TEMPLETON GLOBAL ADV EARNEST PARTNERS LLC BLACKROCK GROUP LIMI DEUTSCHE BANK AKTIEN PRINCIPAL FINANCIAL HSBC HOLDINGS PLC CAPITAL GUARDIAN TRU CAPITAL INTERNATIONA JP MORGAN CHASE & CO ABERDEEN ASSET MANAG TEMPLETON INVESTMENT LAZARD ASSET MANAGEM

Analyst TEAM COVERAGE

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

Recommendation sell

Amt Held 15'166'335 7'521'991 7'415'399 7'190'150 6'310'000 5'649'826 4'965'000 4'570'486 4'465'002 4'289'751 4'246'164 4'220'378 3'856'699 3'739'510 3'376'316 3'351'184 2'562'296 2'437'084 2'377'906 2'009'506

% Out 2.64 1.31 1.29 1.25 1.1 0.98 0.86 0.8 0.78 0.75 0.74 0.73 0.67 0.65 0.59 0.58 0.45 0.42 0.41 0.35

Weighting

Change 1

Latest Chg 3'026'185 42'891 1'585'610 2'898'771 (958'600) 349'656 (690'000) 371'833 (330) 2'634'444 (27'173) 1'358'225 1'635'202 493'460 30'913 4'000 489'844 (35'667) 828'815

Target Price #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date Not Provided

Inst Type 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 Investment Advisor Investment Advisor

Date 18.11.2011

16.10.2012

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

200.0 M 150.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.02.2012) 52-Week Low (11.07.2012) Daily Volume Current Price (10/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 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2011 06/yy 9.67 6.38 57'158'556.00 7.82 -19.13% 22.57% 45.90% 16'780.5 660'652.13 240'555.00 0.0 35'016.0 25'197.00 864'228.21

100.0 M

50.0 M

2 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

250.0 M

10 8

Valuation Analysis

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

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

LTM

FY+1

4.75 0.82 15'550.58 13.96% 0.71% 0.818 36 4.000 96'313'680 75'847'180 69'314'720 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'463'767.0 ######### ######### ######### ######### 694'626.0 783'948.0 0.35x 1.56x 1.35x 0.32x 0.32x 170'962.0 0.0 0.0 165'473.3 192'759.1 5.05x 0.00x 0.00x 5.22x 4.48x 73'225.0 75'523.0 55'155.0 59'332.8 75'075.6 19'009.5 23'647.0 7.84x 7.47x 8.86x 9.19x 7.31x 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 6.84% Short-Term Rating 16.42% Credit Ratios 12.01% EBITDA/Interest Exp. 18.19 2.30% (EBITDA-Capex)/Interest Exp. 4.17 Net Debt/EBITDA 1.26 - Total Debt/EBITDA 1.41 6.9% Reference 4.3% Total Debt/Equity 50.9% 3.0% Total Debt/Capital 32.2% Asset Turnover 2.30 0.77 Net Fixed Asset Turnover 3.64 0.25 Accounts receivable turnover-days 10.79 21.02% Inventory Days 50.93% Accounts Payable Turnover Day 33.81 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

3'000'000.0

8.00

2'500'000.0

7.00

2'000'000.0

6.00 5.00

1'500'000.0

4.00

1'000'000.0

3.00 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 |

16.10.2012

China Petroleum & Chemical Corp Holdings By:

All

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

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Source EXCH EXCH EXCH 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 MF-AGG

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

Amt Held % Out 1'436'412'609 8.56 1'159'575'167 6.91 1'006'669'203 6 803'053'154 4.79 753'187'194 4.49 425'500'000 2.54 419'158'002 2.5 241'822'937 1.44 227'956'000 1.36 (186'321'802) -1.11 147'551'551 0.88 141'609'528 0.84 108'482'200 0.65 94'112'000 0.56 91'792'998 0.55 90'120'000 0.54 79'068'342 0.47 78'231'071 0.47 74'700'000 0.45 63'849'400 0.38

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

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

Latest Chg 37'213'851 682'000 86'590'802 48'556'000 (1'940'552) 164'000 103'986'000 (13'892'000) (8'354'000) (22'168'000) 138'000 1'300'000 (6'564'000) 558'000

Target Price 8 7 8 7 9 8 9 8 8 9 9 10 #N/A N/A 8 8 9 7 11 7 8 7 7 10 8 8 9 8 #N/A N/A 10 10 10 11 9 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 18.09.2012 Investment Advisor 28.09.2012 Investment Advisor 26.01.2012 Investment Advisor 27.08.2012 Government 30.09.2012 Investment Advisor 09.01.2012 n/a 12.10.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Investment Advisor 12.10.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 12.10.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 3 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided

Date 15.10.2012 12.10.2012 09.10.2012 09.10.2012 05.10.2012 05.10.2012 02.10.2012 28.09.2012 27.09.2012 12.09.2012 11.09.2012 11.09.2012 06.09.2012 28.08.2012 28.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 26.08.2012 25.08.2012 02.08.2012 20.07.2012 15.06.2012 30.03.2012 08.02.2012 11.01.2012 22.11.2011 01.11.2011 29.08.2011 30.10.2009 20.07.2009

16.10.2012

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks, and commercial vehicles. The Company also produces various auto parts.

Price/Volume 90000

6.0 M

80000

5.0 M

70000 60000

4.0 M

50000

12/2011 06/yy 84'800.00 64'000.00 1'495'757.00 67000 -20.99% 4.69% 10.10% 405.4 27'159'344.00 3'701'693.00 0.0 0.0 2'646'377.00 26'828'085.25

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

30000

2.0 M

20000

1.0 M

10000 0 o-11

31.12.2008 31.12.2009 16'382'231.0 18'415'739.0 0.43x 0.57x 1'023'733.0 1'827'909.0 6.85x 5.70x 113'784.0 1'450'260.0 19.97x 5.08x Profitability

LTM-4Q 31.12.2010 23'222'969.0 0.95x 2'402'792.0 9.21x 1'420'636.0 13.96x

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

LTM

FY+1

0.90 0.97 230.71 -3.83% 0.45% 0.965 46 4.870 1'294'519 1'658'591 1'445'343 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 27'742'277.0 ######### ######### ######### ######### ######### ######### 1.01x 3.68x 4.07x 0.90x 0.83x 2'597'837.0 ######### ######### ######### ######### 10.77x 11.43x 11.08x 9.29x 8.93x 1'804'842.0 ######### ######### ######### ######### 14.72x 14.82x 13.84x 6.23x 5.73x S&P Issuer Ratings 2'597'837.00 Long-Term Rating Date 20.03.2012 1'911'157.00 Long-Term Rating BBB+ 6.89% Long-Term Outlook STABLE 8.51% Short-Term Rating Date 8.09% Short-Term Rating 14.92% Credit Ratios 11.82% EBITDA/Interest Exp. 17.61 1.24% (EBITDA-Capex)/Interest Exp. 11.69 Net Debt/EBITDA 0.41 21.0% Total Debt/EBITDA 1.42 9.4% Reference 6.9% Total Debt/Equity 28.4% 6.5% Total Debt/Capital 22.1% Asset Turnover 1.24 0.90 Net Fixed Asset Turnover 4.22 0.71 Accounts receivable turnover-days 32.71 15.83% Inventory Days 17.83 28.36% Accounts Payable Turnover Day 52.83 11.16 Cash Conversion Cycle -2.30 20.47

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 03.01.2009

.0 M n-11

Fiscal Year Ended 31.12.2007 15'948'542.0 0.43x 620'992.0 11.09x 13'563.0 258.97x

3.0 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/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 000270 KS EQUITY YTD Change 000270 KS EQUITY YTD % CHANGE

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER VANGUARD GROUP INC CAPITAL WORLD INVEST EUI SUN CHUNG FIDELITY INTERNATION BLACKROCK FUND ADVIS SAMSUNG INVESTMENT T KB ASSET MANAGEMENT UBS HANA ASSET MANAG FIDELITY MANAGEMENT MAPS INVESTMENT MANA MIRAE ASSET GLOBAL I EMPLOYEE STOCK OWNER CAPITAL RESEARCH GLO BLACKROCK GROUP LIMI SHINHAN BNP PARIBAS KOREA INVESTMENT TRU ALLIANZ GLOBAL INVES KYOBO AXA INVESTMENT

Firm Name

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

Analyst

SK Securities Co Ltd KIM YONG-SOO Tong Yang Investment Bank AHN SANG JUN KIWOOM Securities Co Ltd LEE HYUN-SOO Korea Investment & Securities SUH SUNGMOON HI Investment Securities KOH TAE-BONG LIG Investment Securities IN-WOO PARK HMC Investment Securities Co Ltd LEE MYUNG-HOON Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Nomura ANGELA HONG Macquarie MICHAEL SOHN IBK Securities Co Ltd SAE-HWAN AHN Standard Chartered DAVID KIM KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Barclays PAUL HWANG KTB Securities NAM KYEONG MOON BNP Paribas Equity Research JAMES HIE SUK YOON Kyobo Securities SONG SANG-HOON Hanyang Securities KIM YEON-WOO Shinhan Investment Corp CHOI JUNGHYUK Hana Daetoo Securities SONG SUN-JAE Hanwha Securities Co., Ltd KIM YEON-CHAN NH Investment & Securities LEE SANG-HYUN Eugene Investment & Securities Co., LtdPARK SANG-WON Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Dongbu Securities Co Ltd YIM EUN-YOUNG Hyundai Securities CHAE HEE-GUEN Woori Investment & Securities CHO SOO-HONG Taurus Investment Securities Co Ltd YANG HEE-JOON Mirae Asset Securities YOON-KI KIM Goldman Sachs SEUNG SHIN Daewoo Securities PARK YOUNG HO E*Trade Securities Korea KANG SANG-MIN EVA Dimensions TEAM COVERAGE JPMorgan PARK WAN SUN Morgan Stanley PARK SANG-KYOO Samsung Securities YOON PIL JOONG Credit Suisse HENRY KWON Daishin Securities Co., Ltd. CHUNG TAEOH First Global Stockbroking MITUL SHAH HSBC PAUL CHOI Daniel Stewart & Co AMRIT SINGH DBS Vickers JAY KIM Deutsche Bank SANJEEV RANA

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

Recommendation buy buy buy buy buy buy buy buy buy outperform buy outperform buy overweight buy buy buy buy buy buy buy buy buy outperform buy buy buy buy buy neutral/neutral buy buy buy overweight Overwt/Attractive buy neutral buy market perform overweight outperform buy buy

Amt Held 137'318'251 28'154'313 11'089'791 10'246'417 7'061'331 4'501'349 4'278'990 3'374'214 2'039'412 1'958'044 1'924'201 1'908'871 1'882'949 1'554'703 1'468'000 1'394'469 903'006 852'202 786'102 773'899

% Out 33.88 6.95 2.74 2.53 1.74 1.11 1.06 0.83 0.5 0.48 0.47 0.47 0.46 0.38 0.36 0.34 0.22 0.21 0.19 0.19

Weighting

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

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

Latest Chg 4'133'953 694'622 (1'066'570) (229'249) (348) 11'359 136'229 311'196 (30'321) 460'754 316'520 (102'440) (42'700) 1'817 (147'991) 196'978 (597'543) 3'803

Target Price 105'000 113'000 107'000 105'000 110'000 100'000 100'000 115'000 100'000 86'000 100'000 99'000 110'000 87'000 110'000 100'000 96'000 110'000 110'000 97'000 99'000 120'000 103'000 84'000 100'000 96'000 105'000 107'000 110'000 76'000 99'000 120'000 #N/A N/A 100'000 113'000 92'700 70'000 80'000 #N/A N/A 95'000 #N/A N/A 88'000 105'000

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

File Dt 27.04.2012 02.11.2011 30.06.2012 30.06.2012 27.04.2012 29.02.2012 12.10.2012 29.06.2012 29.06.2012 31.03.2012 31.08.2012 31.03.2012 31.03.2012 30.09.2011 30.06.2012 12.10.2012 31.03.2012 31.03.2012 31.03.2012 31.03.2012

Date 6 month 12 month 6 month 12 month 6 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 6 month 6 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 16.10.2012 16.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 10.10.2012 10.10.2012 10.10.2012 09.10.2012 09.10.2012 06.10.2012 05.10.2012 05.10.2012 04.10.2012 04.10.2012 04.10.2012 27.09.2012 27.09.2012 26.09.2012 24.09.2012 19.09.2012 19.09.2012 19.09.2012 17.09.2012 17.09.2012 17.09.2012 17.09.2012 04.09.2012 27.08.2012 30.07.2012 30.07.2012 30.07.2012 29.07.2012 27.07.2012 27.07.2012 27.07.2012 22.06.2012 10.05.2012 16.04.2012 01.02.2012 30.01.2012 29.07.2011

16.10.2012

Standard Bank Group Ltd/South Africa Standard Bank Group Limited is the holding company for a group of companies offering financial services. The Group provides services in personal, corporate, merchant and commercial banking, including insurance broking, mutual fund management, property fund management, as well as other services. Standard Bank is also the holding company of Liberty Life Group Limited.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.08.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBK SJ EQUITY YTD Change SBK SJ EQUITY YTD % CHANGE

12/2011 01/yy 12'000.00 9'185.00 2'140'154.00 10492 -12.50% 14.23% 47.60% 1'605.3 168'432.70 140'450.00 5'503.0 12'988.0 163'062.00 -

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

14.0 M

12000

12.0 M

10000

10.0 M

8000

8.0 M

6000

6.0 M

4000

4.0 M

2000

2.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 102'996.0 0.00x 0.0 0.00x 14'101.0 9.68x

14000

31.12.2008 31.12.2009 145'080.0 159'993.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 14'461.0 11'585.0 8.28x 13.23x Profitability

31.12.2010 105'806.0 0.00x 0.0 0.00x 11'161.0 14.63x

31.12.2011 107'845.0 0.00x 0.0 0.00x 13'571.0 11.13x 28.60% 28.97% 0.96% 14.21% 6.69% 0.08% 17.7% 9.41% 141.81% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.73 0.79 832.51 12.45% 11.14% 0.791 18 2.556 2'555'747 4'128'085 3'500'023 FY+2

12/12 Y 12/13 Y 66'563.5 73'714.7 14'919.6 16'937.4 11.08x 9.71x S&P Issuer Ratings

FQ+1

FQ+2

141.8% 54.4% 0.08 7.23 -

Sales/Revenue/Turnover

35.00

180'000.0

30.00

160'000.0 140'000.0

25.00

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 |

16.10.2012

Standard Bank Group Ltd/South Africa Holdings By:

All

Holder Name INDUSTRIAL & COMM BA GOVERNMENT EMP PENSI STATE STREET BANK & VANGUARD GROUP INC TUTUWA STRATEGIC HOL TUTUWA STAFF HOLDING OLD MUTUAL LIFE ASSU ALLAN GRAY UNIT TRUS DODGE & COX JP MORGAN CHASE BANK GEPF SIM PTY LTD FIN CITIBANK NEW YORK CORONATION ASSET MAN NORTHERN TR AVFC GOV TUTUWA COMMUNITY PTY MELLON BANK NA CITIBANK LONDON BANK OF NEW YORK BLACKROCK FUND ADVIS SANLAM LIFE INSURANC

Firm Name Macquarie Avior Research Goldman Sachs EVA Dimensions SBG Securities HSBC Credit Suisse Renaissance Capital Nedgroup Securities Morgan Stanley JPMorgan Legae Securities Deutsche Bank Barclays Imara ING Wholesale Banking

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

Analyst CHARLES RUSSELL FAIZAL MOOLLA WALEED MOHSIN TEAM COVERAGE VOYT KRZYCHYLKIEWICZ JAN ROST MERVIN NAIDOO ILAN STERMER DAVID S DANILOWITZ GREG SAFFY NANA FRANCOIS PETER MUSHANGWE STEFAN SWANEPOEL RICHARD LADBROOK ADDMORE T CHAKURIRA ANDRZEJ NOWACZEK

Source SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG MF-AGG MF-AGG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG

Recommendation neutral outperform Sell/Neutral underweight hold neutral underperform sell sell Equalwt/In-Line underweight hold buy underweight hold not rated

Amt Held 320'369'791 182'240'873 142'616'083 50'449'610 35'752'909 34'540'805 29'298'581 27'205'522 25'379'417 23'406'468 22'289'909 20'851'361 20'554'409 18'326'693 17'876'454 17'524'805 16'394'394 16'147'532 15'299'057 11'735'083

% Out 19.96 11.35 8.88 3.14 2.23 2.15 1.83 1.69 1.58 1.46 1.39 1.3 1.28 1.14 1.11 1.09 1.02 1.01 0.95 0.73

Weighting

Change

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

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

Latest Chg 809'515 (45'300) (15'649'200) (1'886'076) 1'696 -

Target Price 10'800 13'007 9'900 #N/A N/A 12'000 12'000 12'300 10'950 10'390 11'500 11'980 12'560 12'500 11'569 9'033 #N/A N/A

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

File Dt 28.09.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 28.09.2012 28.09.2012 29.06.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 12.10.2012 28.09.2012

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

Inst Type Bank Government Investment Advisor Investment Advisor n/a n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor n/a n/a Investment Advisor Bank Investment Advisor Investment Advisor Insurance Company

Date 05.10.2012 26.09.2012 09.09.2012 05.09.2012 04.09.2012 28.08.2012 27.08.2012 21.08.2012 17.08.2012 16.08.2012 17.07.2012 09.07.2012 04.07.2012 12.04.2012 23.02.2012 13.02.2012

16.10.2012

Shinhan Financial Group Co Ltd Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services. The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.10.2011) 52-Week Low (23.07.2012) Daily Volume Current Price (10/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 SHG US EQUITY YTD Change SHG US EQUITY YTD % CHANGE

12/2011 06/yy 42.49 29.14 27'628.00 33.77 -20.52% 15.91% 34.71% 474.2 16'013.72 7'039'393.00 274'055.0 0.0 2'220'166.00 -

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

.5 M

.4 M

.3 M

.2 M

.1 M

0 o-11

.0 M n-11

31.12.2008 31.12.2009 2'455'904.0 1'785'561.0 8.07x 15.01x 2'409'574.0 1'718'698.0 8.22x 15.60x 2'020'398.0 1'306'292.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 1'043'389.0 29.98x 965'508.0 32.40x 617'625.0 0.00x

j-12

f-12

LTM

31.12.2011 06/yy 06/yy 2'124'112.0 ######### ######### 11.27x 82.48x 61.10x 2'051'750.0 ######### ######### 11.67x 22.31x 0.00x 1'672'908.0 991'948.0 ######### 0.00x 0.00x 0.00x 2'051'750.00 95.86% 79.09% 5.72% 7.04% 6.22% 0.07%

m-12

a-12

m-12

j-12

a-12

s-12

96.6% 78.8% 22.82% 36.75% -

1.22 0.27 -13.68% -0.98% 1.223 2 5.000 50'606 56'587 64'083

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

2.35 3.43 36.7% 26.6% 0.07 1409.50 -

Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

d-11

Fiscal Year Ended 31.12.2007 2'749'443.0 10.49x 2'702'984.0 10.67x 2'396'377.0 0.00x

1'500'000.0 1'000'000.0

0.40

500'000.0 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 |

16.10.2012

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC DIMENSIONAL FUND ADV LAZARD ASSET MANAGEM NEWGATE CAPITAL MANA NEUBERGER BERMAN LLC JOHN HANCOCK ADVISER CREDIT SUISSE AG MANAGED ACCOUNT ADVI FIDELITY MANAGEMENT TEACHERS RETIREMENT DIMENSIONAL FUND ADV INVESCO LTD TODD-VEREDUS ASSET M NASDAQ GLOBAL FUNDS NORTHERN TRUST CORPO HSBC HOLDINGS PLC BNP PARIBAS INV PART BRANDES INVESTMENT P FRANK RUSSELL TRUST BARROW HANLEY MEWHIN

Firm Name EVA Dimensions

Portfolio Name VANGUARD GROUP INC DIMENSIONAL FUND ADV LAZARD ASSET MANAGEM NEWGATE CAPITAL MANA NEUBERGER BERMAN GRO Multiple Portfolios CREDIT SUISSE AG MANAGED ACCOUNT ADVI FIDELITY MANAGEMENT TEACHERS RETIREMENT Multiple Portfolios INVESCO LTD TODD-VEREDUS ASSET M Multiple Portfolios NORTHERN TRUST CORPO HSBC HOLDINGS PLC BNP PARIBAS INVESTME BRANDES INVESTMENT P FRANK RUSSELL COMPAN BARROW HANLEY MEWHIN

Analyst TEAM COVERAGE

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

Recommendation buy

Amt Held 5'876'132 3'633'000 1'291'330 587'200 524'396 509'614 383'140 369'442 343'450 234'000 227'896 200'438 198'782 191'392 182'006 170'034 156'422 129'168 127'800 127'800

% Out 1.24 0.77 0.27 0.12 0.11 0.11 0.08 0.08 0.07 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03

Weighting

Change 5

Latest Chg 182'304 (2'508) (7'924) (45'408) 15'102 (53'842) 1'832 99'088 40'000 (17'828) 2'176 (17'486) 61'782 40'318 10'610 -

Target Price #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 15.10.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided

Date 18.11.2011

16.10.2012

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 (10/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 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2011 06/yy 68.60 46.80 7'555'743.00 61.35 -10.57% 31.09% 64.45% 3'129.7 439'302.38 322'062.00 0.0 40'475.0 94'582.00 244'712.20

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

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 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 139'137.0 5.10x 0.0 0.00x 18'688.0 30.00x

31.12.2008 31.12.2009 87'666.0 152'961.0 3.19x 3.24x 0.0 0.0 0.00x 0.00x 1'418.0 13'883.0 173.82x 31.68x Profitability

LTM-4Q 31.12.2010 195'052.0 3.37x 0.0 0.00x 17'311.0 32.03x

31.12.2011 272'683.0 2.19x 0.0 0.00x 19'475.0 16.61x 19.28% 11.01% 1.13% 16.04% 10.56% 0.16% 7.1% 14.09% 246.10% -

Price/ Cash Flow

LTM

FY+1

0.81 1.40 1'819.53 16.04% 20.80% 1.399 34 4.088 10'667'740 11'376'430 10'413'000 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 227'433.0 306'171.0 294'676.5 339'352.1 10.51x 7.29x 1.86x 1.62x 0.0 0.0 0.00x 0.00x 20'457.0 20'677.0 24'711.4 29'449.0 24.90x 19.34x 15.59x 13.22x 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 |

16.10.2012

Ping An Insurance Group Co of China Ltd Holdings By:

All

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

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

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 WILLIAM BLAIR & COMP Multiple Portfolios

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

Source Co File 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 MF-AGG 13F MF-AGG

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

Amt Held 1'233'926'425 239'178'327 76'000'000 73'084'040 63'730'000 47'133'500 30'429'632 29'958'000 26'300'500 17'838'659 17'564'800 16'688'355 12'391'527 9'744'202 8'821'000 8'771'500 8'451'000 8'279'400 6'077'449 5'970'500

% Out 39.43 7.64 2.43 2.34 2.04 1.51 0.97 0.96 0.84 0.57 0.56 0.53 0.4 0.31 0.28 0.28 0.27 0.26 0.19 0.19

Weighting

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

M M M M M M M M M D M M M M M M M M M M M M M M M M M M M D M M

Latest Chg (120'000'000) 1'148'105 (10'925'000) 72'000 (12'902'542) (6'018'000) 553'000 2'561'926 2'640'500 8'685'194 (5'500) 2'097'000 (1'458'000) 2'403'000 227'000 (3'387'500) 4'500

Target Price 64 73 64 68 83 68 65 75 97 #N/A N/A 65 71 77 71 67 66 75 62 79 63 80 67 70 63 67 73 78 80 77 58 84 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 11.09.2012 Investment Advisor 24.08.2011 Corporation 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 12.10.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.04.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 3 month 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 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Date 16.10.2012 15.10.2012 15.10.2012 28.09.2012 27.09.2012 25.09.2012 14.09.2012 07.09.2012 05.09.2012 05.09.2012 03.09.2012 27.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 21.08.2012 16.08.2012 06.07.2012 27.06.2012 25.06.2012 29.05.2012 02.03.2012 27.10.2011 18.10.2011 01.08.2011 12.02.2009

16.10.2012

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

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

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (07.06.2012) Daily Volume Current Price (10/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 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2011 03/yy 38.00 24.15 8'504'096.00 31.45 -17.24% 30.23% 51.26% 3'398.6 568'192.94 60'466.00 0.0 38'492.0 64'945.00 502'272.95

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

10 5 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

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

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

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% 11.81% 21.20% 17.46% 0.54% 38.5% 40.5% 33.0% 21.9% 1.23 0.89 15.08% 26.78% 16.80 10.59

Price/ Cash Flow

LTM

FY+1

3.54 1.08 3'388.20 0.50% -2.93% 1.083 41 4.439 13'226'910 15'462'090 14'414'870 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 165'161.0 215'786.0 234'328.4 256'222.1 59'011.0 69'563.0 13.57x 7.76x 2.11x 1.87x 0.0 0.0 86'656.6 92'297.1 0.00x 0.00x 5.80x 5.44x 39'094.0 45'538.0 46'728.6 50'554.3 11'645.0 14'463.0 15.70x 11.61x 10.84x 10.02x 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

24.19 11.28 -0.05 0.72 26.8% 18.6% 0.54 0.84 21.73 34.48 61.14 -4.93

Sales/Revenue/Turnover

18.00

250'000.0

16.00

200'000.0

14.00 12.00

150'000.0

10.00 8.00

100'000.0

6.00

50'000.0

4.00 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 |

16.10.2012

China Shenhua Energy Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

Amt Held % Out 335'134'924 9.86 239'324'689 7.04 156'726'661 4.61 88'607'500 2.61 58'851'500 1.73 57'186'700 1.68 (35'055'589) -1.03 29'883'642 0.88 28'961'500 0.85 28'475'414 0.84 27'424'683 0.81 24'245'000 0.71 24'236'025 0.71 20'782'953 0.61 19'201'036 0.56 17'395'130 0.51 15'777'345 0.46 15'360'500 0.45 13'919'500 0.41 13'262'845 0.39

Weighting

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

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

Latest Chg 2'084'877 135'500 7'307'500 (498'171) 5'950'000 205'440 (41'000) 830'500 4'404'000 12'285'962 5'858'500 (1'028'500) 126'845 866'500 1'992'000 6'914'635

Target Price 30 31 39 38 36 34 40 38 21 24 36 37 38 40 #N/A N/A 36 35 30 28 34 34 36 36 35 36 40 36 33 30 35 31 42 34 38 38 39 35 35 45

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

File Dt Inst Type 18.09.2012 Investment Advisor 09.10.2012 Investment Advisor 30.09.2012 Investment Advisor 12.10.2012 Investment Advisor 30.08.2012 Investment Advisor 31.08.2012 Investment Advisor 09.10.2012 Investment Advisor 31.12.2011 Investment Advisor 29.06.2012 Investment Advisor 29.02.2012 Investment Advisor 12.10.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 15.10.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.08.2012 Investment Advisor

Date Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month

Date 16.10.2012 16.10.2012 16.10.2012 15.10.2012 11.10.2012 08.10.2012 03.10.2012 24.09.2012 21.09.2012 19.09.2012 18.09.2012 17.09.2012 12.09.2012 08.09.2012 05.09.2012 04.09.2012 03.09.2012 28.08.2012 28.08.2012 27.08.2012 27.08.2012 27.08.2012 26.08.2012 26.08.2012 24.08.2012 24.08.2012 13.08.2012 16.07.2012 16.07.2012 05.07.2012 14.06.2012 12.06.2012 31.05.2012 14.05.2012 11.05.2012 26.04.2012 13.04.2012 07.07.2010 17.03.2010

16.10.2012

LG Chem Ltd LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/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 051910 KS EQUITY YTD Change 051910 KS EQUITY YTD % CHANGE

12/2011 06/yy 434'000.00 261'500.00 243'509.00 316500 -27.07% 21.03% 30.43% 66.3 20'974'804.00 1'483'109.00 38'144.0 0.0 1'123'147.00 22'043'773.15

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

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 8'899'578.0 0.84x 1'086'841.0 6.91x 686'205.0 10.68x

500000 450000 400000 350000 300000 250000 200000 150000 100000 50000 0 o-11

31.12.2008 31.12.2009 12'645'000.0 13'694'516.0 0.49x 1.17x 1'728'420.0 2'390'188.0 3.61x 6.71x 1'002'585.0 1'384'472.0 6.26x 12.28x Profitability

LTM-4Q 31.12.2010 16'850'454.0 1.54x 3'019'236.0 8.60x 1'970'993.0 14.59x

LTM

31.12.2011 06/yy 06/yy 19'809'874.0 ######### ######### 1.08x 6.14x 4.31x 3'095'214.0 ######### ######### 6.89x 0.00x 7.80x 2'028'321.0 ######### ######### 11.51x 17.21x 13.64x 3'095'214.00 2'520'387.00 12.72% 13.07% 16.60% 24.33% 21.24% 1.62% 18.3% 15.6% 12.7% 10.2% 1.59 0.99 11.05% 16.36% 8.16 8.63

Price/ Cash Flow

1.35 39.16 -6.16% -0.31% 1.352 45 4.778 276'144 249'065 298'659

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

12.05x 9.65x S&P Issuer Ratings

24.11.2010 ASTABLE 71.00 27.93 0.12 0.48 16.4% 14.0% 1.62 3.67 44.75 42.29 24.36 62.68

Sales/Revenue/Turnover

80.00

25'000'000.0

70.00

20'000'000.0

60.00 50.00

15'000'000.0

40.00

10'000'000.0

30.00 20.00

5'000'000.0

10.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER VANGUARD GROUP INC BLACKROCK FUND ADVIS SAMSUNG INVESTMENT T FIDELITY INTERNATION IVY MANAGEMENT INCOR LG CHEM LTD SCHRODER INVESTMENT UBS HANA ASSET MANAG KB ASSET MANAGEMENT MIRAE ASSET GLOBAL I BLACKROCK GROUP LIMI MAPS INVESTMENT MANA INVESCO LTD KOREA INVESTMENT TRU FIDELITY MANAGEMENT SHINHAN BNP PARIBAS JPMORGAN ASSET MANAG CAPITAL INTERNATIONA

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Hanwha Securities Co., Ltd LEE DA-SOL KB Investment & Securities Co., Ltd PARK JAE-CHUL Standard Chartered DANIEL DO YEON LEE Eugene Investment & Securities Co., LtdKWAK JIN-HEE Woori Investment & Securities KIM SUN-WOO Deutsche Bank SHAWN PARK Kyobo Securities YOUNG-JOO SON Barclays KAY CHUNG NH Investment & Securities CHOI JI-HWAN Hyundai Securities BAEK YOUNG-CHAN SK Securities Co Ltd SOHN JI-WOO Tong Yang Investment Bank HWANG KYU-WON E*Trade Securities Korea WON YONG-JIN Dongbu Securities Co Ltd KIM TAE-HEE HSBC BRIAN SOHN Nomura CINDY PARK KTB Securities YOO YOUNG KOOK Samsung Securities SEUNGWOO KIM JPMorgan SAMUEL SW LEE BNP Paribas Equity Research POR YONG LIANG LIG Investment Securities PARK YOUNG-HOON KIWOOM Securities Co Ltd HONG JEONG-MO Daishin Securities Co., Ltd. AHN SANG-HEE Korea Investment & Securities PARK KIYONG HI Investment Securities LEE HEE-CHEOL Mirae Asset Securities YOUNG BAE KWON Credit Suisse CHO A-HYUNG Shinhan Investment Corp YI EUNG-JU EVA Dimensions TEAM COVERAGE Bookook Securities Co Ltd CHOI SANG-DO Daewoo Securities PARK YEON-JU Macquarie BRANDON I LEE IBK Securities Co Ltd CHOONG-JAE LEE Morgan Stanley HARRISON H HWANG Goldman Sachs ROSA KIM Daiwa Securities Co. Ltd. JIHYE CHOI Meritz Securities Co., Ltd HWANG YOU SIK YuHwa Securities Ltd PARK GUN-TAE BS Securities Co Ltd #N/A N/A Hana Daetoo Securities LEE JEONG HEON Shinyoung Securities Co., Ltd. OH JUNG-IL

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

Recommendation buy buy in-line buy buy buy buy overweight buy buy buy buy buy buy overweight buy buy buy neutral buy buy buy buy buy buy hold outperform buy hold buy buy outperform buy Overwt/Attractive neutral/cautious buy buy buy buy buy buy

Amt Held 22'219'326 4'508'785 1'895'519 783'494 628'841 598'889 436'910 359'784 358'561 317'270 281'861 277'442 261'028 257'879 242'481 231'469 194'183 143'192 132'667 116'939

% Out 33.53 6.8 2.86 1.18 0.95 0.9 0.66 0.54 0.54 0.48 0.43 0.42 0.39 0.39 0.37 0.35 0.29 0.22 0.2 0.18

Weighting

Change 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 3 5 5 3 5 5 5 5 5 3 5 5 5 5 5 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 U M M M M M M M M M N M M

Latest Chg 25'525 (60) (1'199) (130'067) (175'000) 2'776 12'692 (74'821) (264'898) 6'592 (201'083) (68'980) (65'033) 69'564 (1'782) (223'643) (30'734)

Target Price 400'000 370'000 360'000 360'000 350'000 370'000 367'000 421'000 380'000 400'000 410'000 440'000 440'000 420'000 410'000 410'000 360'000 360'000 350'000 380'000 395'000 410'000 400'000 370'000 400'000 335'000 465'000 385'000 #N/A N/A 390'000 340'000 400'000 350'000 410'000 340'000 380'000 400'000 350'000 300'000 360'000 400'000

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

File Dt Inst Type 31.12.2011 Holding Company 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 29.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 21.05.2012 Corporation 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 29.06.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 12.10.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 15.10.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 30.04.2012 Investment Advisor 29.06.2012 Investment Advisor

Date 6 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided 6 month 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 15 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 6 month Not Provided 12 month 12 month

Date 16.10.2012 16.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 10.10.2012 10.10.2012 09.10.2012 08.10.2012 08.10.2012 08.10.2012 05.10.2012 04.10.2012 02.10.2012 02.10.2012 30.09.2012 26.09.2012 26.09.2012 25.09.2012 25.09.2012 19.09.2012 17.09.2012 14.09.2012 11.09.2012 30.08.2012 21.08.2012 20.08.2012 20.08.2012 20.07.2012 19.07.2012 19.07.2012 19.07.2012 18.07.2012 18.07.2012 18.07.2012 02.07.2012 02.07.2012 11.06.2012 08.06.2012 07.06.2012

16.10.2012

AngloGold Ashanti Ltd AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

Price/Volume 45000

6.0 M

40000

5.0 M

35000 30000

4.0 M

25000

12/2011 06/yy 39'182.00 25'199.00 406'779.00 30087 -23.23% 19.40% 33.26% 383.1 116'025.97 20'006.00 0.0 1'106.0 8'944.00 129'311.58

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

15000

31.12.2008 31.12.2009 29'774.0 30'745.0 3.48x 3.88x 3'311.0 (2'435.0) 31.32x 0.00x (16'105.0) (2'762.0) 0.00x 0.00x Profitability

1.0 M

5000 0 o-11

LTM-4Q 31.12.2010 38'833.0 3.60x 9'720.0 14.37x 637.0 126.22x

31.12.2011 47'849.0 3.00x 20'443.0 7.03x 11'282.0 12.38x 20'443.00 14'844.00 31.02% 35.45% 15.09% 33.86% 23.69% 0.64% 39.9% 42.7% 31.0% 23.6% 2.76 1.56 23.03% 49.48% 30.22 3.99

Price/ Cash Flow

.0 M n-11

d-11

j-12

LTM

06/yy 41'620.1 12.73x 15'015.0 8.12x 5'729.0 18.36x

f-12 m-12 a-12 m-12

06/yy 53'625.3 9.82x 23'135.2 4.93x 13'128.1 8.08x

j-12

a-12

s-12

FY+1

1.88 0.75 341.55 -6.95% -11.21% 0.746 16 4.000 973'845 1'397'363 1'326'205 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 58'833.4 71'817.5 14'784.0 15'719.0 2.28x 1.77x 8.91x 8.48x 25'792.5 34'354.9 6'238.0 7'492.0 5.01x 3.76x 4.28x 3.95x 12'768.8 17'845.9 2'765.0 3'448.0 9.68x 6.91x 8.27x 7.28x S&P Issuer Ratings

09.04.2010 BBBSTABLE 14.43 7.20 0.54 0.98 49.5% 32.5% 0.64 1.03 12.08 91.42 50.41 53.09

Sales/Revenue/Turnover

60.00

60'000.0

50.00

50'000.0

40.00

40'000.0

30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 02.01.2009

2.0 M

10000

Fiscal Year Ended 31.12.2007 21'101.0 4.37x 718.0 128.52x (4'269.0) 0.00x

3.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.12.2011) 52-Week Low (19.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANG SJ EQUITY YTD Change ANG SJ EQUITY YTD % CHANGE

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 |

16.10.2012

AngloGold Ashanti Ltd Holdings By:

All

Holder Name STATE STREET BANK & GOVERNMENT EMP PENSI VANGUARD GROUP INC JP MORGAN CHASE BANK NORTHERN TR AVFC GOV ALLAN GRAY UNIT TRUS JP MORGAN CHASE BANK BLACKROCK FUND ADVIS NEDCOR BANK MGMT CO OLD MUTUAL LIFE ASSU LIBERTY LIFE ASSURAN CITIBANK LONDON COMGEST GROWTH PLC OLD MUTUAL ASSET MAN BANK OF NEW YORK T ROWE PRICE ASSOCIA INVESTEC FUND GROUP BLACKROCK GROUP LIMI MELLON BANK NA HSBC BANK PLC

Firm Name Goldman Sachs Credit Suisse Imara HSBC Renaissance Capital CIBC World Markets Morgan Stanley Deutsche Bank SBG Securities Barclays JPMorgan EVA Dimensions BMO Capital Markets

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

Analyst EUGENE KING SAMANTHA HARTARD PERCY TAKUNDA PATRICK CHIDLEY DERRYN MAADE ARNOLD VAN GRAAN CHRISTOPHER NICHOLSON ANNA MULHOLLAND DAVID R DAVIS ANDREW BYRNE ALLAN COOKE TEAM COVERAGE DAVID HAUGHTON

Source SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG MF-AGG SJ-REG SJ-REG SJ-REG MF-AGG MF-AGG SJ-REG MF-AGG MF-AGG MF-AGG SJ-REG SJ-REG

Recommendation neutral/attractive outperform buy overweight buy sector outperform Overwt/Attractive hold buy overweight underweight hold market perform

Amt Held 26'704'937 17'379'658 15'773'875 9'755'459 8'778'827 8'385'132 5'725'346 4'690'071 4'141'000 3'896'976 3'663'915 3'231'423 2'800'000 2'563'472 2'529'443 2'518'074 2'387'232 2'227'945 2'223'414 2'195'571

% Out 6.97 4.54 4.12 2.55 2.29 2.19 1.49 1.22 1.08 1.02 0.96 0.84 0.73 0.67 0.66 0.66 0.62 0.58 0.58 0.57

Weighting

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

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

Latest Chg 387'175 (13'900) 64 132'492 (204'094) 134'128 30'356 2'100 -

Target Price 39'000 38'900 #N/A N/A 48'300 34'420 50'000 35'000 34'000 37'800 34'000 27'700 #N/A N/A 33'500

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

File Dt 28.09.2012 28.09.2012 30.09.2012 28.09.2012 28.09.2012 29.06.2012 28.09.2012 12.10.2012 30.06.2012 28.09.2012 28.09.2012 28.09.2012 30.06.2011 31.03.2012 28.09.2012 30.06.2012 31.07.2012 12.10.2012 28.09.2012 28.09.2012

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

Inst Type Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Insurance Company Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank

Date 15.10.2012 12.10.2012 12.10.2012 09.10.2012 08.10.2012 05.10.2012 03.10.2012 02.10.2012 02.10.2012 17.09.2012 06.09.2012 05.09.2012 07.08.2012

16.10.2012

KB Financial Group Inc KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price/Volume 45

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

40 35 30 25 20

12/2011 06/yy 41.62 28.36 84'292.00 34.26 -17.68% 20.80% 44.49% 386.4 13'236.41 179'988.00 0.0 -

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

1.20 1.00

10 5 0 o-11

n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 0.0 0.00x 0.0 0.00x 0.0 0.00x

31.12.2008 31.12.2009 635'268.0 696'562.0 20.05x 34.26x 616'576.0 599'907.0 20.66x 39.78x 611'927.0 539'818.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 131'459.0 0.00x 95'109.0 0.00x 41'575.0 0.00x

31.12.2011 26'999.0 0.00x (19'210.0) 0.00x (63'678.0) 0.00x -19'210.00 -241.58% -0.34% -0.36% -0.35% 0.00% -71.2% -235.9% 0.97% 1.02% -

LTM

06/yy 06/yy 31'682.0 703'368.0 1974.48x 22.95x (12'623.0) 659'641.0 0.00x 0.00x (62'983.0) 635'162.0 0.00x 0.00x

1.25 0.25 -9.51% 9.32% 1.253 2 4.000 119'218 127'231 139'368

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

-9.37 1.0% 1.0% 0.00 28.91 -

Sales/Revenue/Turnover

800'000.0 700'000.0 600'000.0

0.80 0.60

500'000.0 400'000.0 300'000.0

0.40 0.20

200'000.0 100'000.0 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 |

16.10.2012

KB Financial Group Inc Holdings By:

All

Holder Name DIMENSIONAL FUND ADV FRANKLIN RESOURCES I VANGUARD GROUP INC DELAWARE MANAGEMENT FRANKLIN RESOURCES I WELLS CAPITAL MANAGE LAZARD ASSET MANAGEM TEMPLETON INVESTMENT ALLIANCEBERNSTEIN LP BANK OF NEW YORK MEL TRILOGY GLOBAL ADVIS FRANK RUSSELL TRUST MONTGOMERY ASSET MAN JOHN HANCOCK ADVISER NEWGATE CAPITAL MANA NORDEA INV MANAGEMEN SANFORD C BERNSTEIN NEW YORK STATE COMMO LORD ABBETT & CO LLC HARDING LOEVNER LP

Firm Name EVA Dimensions

Portfolio Name DIMENSIONAL FUND ADV TEMPLETON INVESTMENT VANGUARD GROUP INC DELAWARE MANAGEMENT TEMPLETON GLOBAL ADV WELLS CAPITAL MANAGE LAZARD ASSET MANAGEM Multiple Portfolios ALLIANCEBERNSTEIN LP BANK OF NEW YORK MEL TRILOGY GLOBAL ADVIS FRANK RUSSELL COMPAN Multiple Portfolios Multiple Portfolios NEWGATE CAPITAL MANA NORDEA INVESTMENT MA Multiple Portfolios NEW YORK STATE COMMO LORD ABBETT & CO LLC HARDING LOEVNER LP

Analyst TEAM COVERAGE

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

Recommendation hold

Amt Held 5'672'448 5'121'275 5'000'338 2'624'756 2'503'259 1'544'924 1'426'359 1'194'141 1'002'132 968'195 881'952 710'197 593'117 578'968 575'791 408'689 365'680 350'471 337'381 333'596

% Out 1.47 1.33 1.29 0.68 0.65 0.4 0.37 0.31 0.26 0.25 0.23 0.18 0.15 0.15 0.15 0.11 0.09 0.09 0.09 0.09

Weighting

Change 3

Latest Chg 72'819 123'080 162'138 (344'398) 66'770 (19'400) 1'470 (81'428) 30'074 61'353 1'500 (47'228) 8'059 31'560 (8'830) 97'245 3'600

Target Price #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.04.2011 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided

Date 18.11.2011

16.10.2012

MediaTek Inc MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Price/Volume 400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (24.10.2011) 52-Week Low (30.04.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2454 TT EQUITY YTD Change 2454 TT EQUITY YTD % CHANGE

12/2011 06/yy 345.00 235.00 9'934'997.00 317.5 -7.97% 35.11% 72.73% 1'349.4 428'422.53 0.00 0.0 0.0 30'158.31 398'002.37

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

15.0 M

150 100

10.0 M

5.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 74'778.6 5.21x 33'203.4 11.72x 33'592.7 12.92x

20.0 M

200

Valuation Analysis

31.12.2008 31.12.2009 68'015.5 77'310.8 2.89x 7.04x 19'806.1 23'857.8 9.91x 22.81x 19'190.0 36'705.6 12.24x 16.35x Profitability

LTM-4Q 31.12.2010 71'988.4 5.70x 19'364.5 21.20x 30'961.4 14.68x

31.12.2011 53'842.4 5.31x 6'633.9 43.13x 13'623.1 22.47x 6'633.87 4'927.54 9.15% 25.92% 9.99% 11.95% 11.95% 0.39% 41.0% 12.3% 9.2% 25.3% 2.05 1.61 0.00% 0.00% 14.80 5.00

Price/ Cash Flow

LTM

06/yy 57'529.1 25.42x 10'676.3 27.47x 17'433.2 19.51x

06/yy 54'862.4 21.94x 5'696.0 49.29x 12'844.9 23.74x

1.09 1'193.64 46.73 -2.16% 18.64% 1.087 24 4.042 10'665'450 11'523'080 12'149'650

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

15'552.0 24'935.9 4'699.7 24.44x 17.03x 20.38x S&P Issuer Ratings

4'857.8 18.62x 1466.37 1365.92 -4.55 0.00 0.0% 0.0% 0.39 8.13 24.67 73.07 75.85 21.88

Sales/Revenue/Turnover

140.00

90'000.0

120.00

80'000.0 70'000.0

100.00

60'000.0

80.00

50'000.0

60.00

40'000.0 30'000.0

40.00

20'000.0

20.00 0.00 03.01.2009

10'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

MediaTek Inc Holdings By:

All

Holder Name CAPITAL RESEARCH GLO LI TSUI-HSIN MING-CHIEH TSAI CAPITAL WORLD GROWTH VANGUARD GROUP INC CAPITAL INC FOUNDA F JYH-JER CHO US GROWTH FUND LIU TING-JEN REICHARDT FUND BLACKROCK FUND ADVIS EURO PACIFIC GROWTH VANGUARD EMS INDEX F FRANKLIN RESOURCES I LAZARD ASSET MANAGEM POLARIS SEC INVESTME FIDELITY MANAGEMENT SCHRODER INVESTMENT HSIANG FA INVESTMENT CAPITAL WORLD INVEST

Firm Name

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

Analyst

Macquarie JEFFREY SU Barclays ANDREW LU RBS JACK LU Morgan Stanley BILL LU Nomura AARON JENG Wedge Partners JUN ZHANG HSBC YOLANDA WANG Credit Suisse RANDY ABRAMS JPMorgan ALVIN KWOCK Capital Securities Corp TEAM COVERAGE KGI Securities MICHAEL LIU Fubon Securities WILLIAM WANG Daiwa Securities Co. Ltd. ERIC CHEN BNP Paribas Equity Research LAURA CHEN Jih Sun Securities WENWEN WANG E Sun Securities YANG SHENG-MIN SinoPac STEFAN CHANG Deutsche Bank JESSICA CHANG Yuanta Securities Investment ConsultingGEORGE CHANG Berenberg Bank ADNAAN AHMAD Sanford C. Bernstein & Co MARK LI EVA Dimensions TEAM COVERAGE Masterlink Securities CHELSEY SU President Capital Management VICKIE HSIEH Goldman Sachs DONALD LU Mega Securities HU MING-YAO Concord Securities Corp AARON HSIEH IBT Securities Co Ltd JARED WANG

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

Recommendation underperform overweight buy Overwt/In-Line buy no rating system overweight restricted not rated buy outperform add buy buy neutral buy neutral buy buy sell market perform underweight buy buy not rated neutral equalweight buy

Amt Held 54'321'904 48'674'145 41'006'187 40'600'426 39'467'951 31'425'774 30'325'222 22'709'996 21'011'763 20'276'421 19'507'920 15'402'625 15'159'975 14'044'133 12'829'109 10'925'000 9'297'721 8'130'000 7'794'085 5'802'062

% Out 4.03 3.61 3.04 3.01 2.92 2.33 2.25 1.68 1.56 1.5 1.45 1.14 1.12 1.04 0.95 0.81 0.69 0.6 0.58 0.43

Weighting

Change

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

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

Latest Chg (11'309'319) 133'025 (535'000) 43'775 40'000 (273'000) (1'033'000) 4'770'720 6'331'000 (2'407'000)

Target Price 245 395 380 400 385 #N/A N/A 382 #N/A N/A #N/A N/A 409 380 330 400 370 #N/A N/A #N/A N/A 310 435 355 210 320 #N/A N/A 329 293 #N/A N/A 300 #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 30.06.2012 Investment Advisor 16.07.2011 n/a 31.08.2012 n/a 16.07.2011 n/a 30.09.2012 Investment Advisor 16.07.2011 n/a 31.08.2012 n/a 16.07.2011 n/a 16.07.2011 n/a 16.07.2011 n/a 12.10.2012 Investment Advisor 16.07.2011 n/a 16.07.2011 n/a 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 n/a 30.06.2012 Investment Advisor

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

Date 15.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 09.10.2012 08.10.2012 05.10.2012 05.10.2012 05.10.2012 05.10.2012 01.10.2012 01.10.2012 27.09.2012 20.09.2012 14.09.2012 06.09.2012 05.09.2012 04.09.2012 04.09.2012 03.09.2012 24.08.2012 06.08.2012 01.08.2012 27.06.2012 01.08.2011 30.07.2010 19.03.2010

16.10.2012

Chunghwa Telecom Co Ltd Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

Price/Volume 40

2.5 M

2.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (17.11.2011) 52-Week Low (27.07.2012) Daily Volume Current Price (10/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 CHT US EQUITY YTD Change CHT US EQUITY YTD % CHANGE

12/2011 06/yy 34.31 29.22 170'710.00 31.37 -8.57% 7.35% 42.23% 775.7 24'335.11 0.00 0.0 0.0 64'459.15 -

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

1.0 M

15 10

.5 M

5 0 o-11

31.12.2008 31.12.2009 186'780.7 184'040.3 2.28x 2.67x 95'133.8 91'113.9 4.49x 5.39x 45'010.3 43'757.4 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 186'410.9 3.38x 89'400.1 7.06x 47'608.9 0.00x

31.12.2011 192'462.1 3.70x 83'154.6 8.55x 47'068.4 0.00x

d-11

j-12

f-12

83'154.56 51'240.50 26.62% 28.77% 10.73% 12.84% 12.84% 0.44% 44.5% 43.2% 26.6% 24.5% 1.71 1.56 0.00% 0.00% 11.50 83.12

LTM

06/yy 06/yy 190'167.4 191'291.8 13.51x 14.35x 86'642.8 79'916.1 7.93x 8.19x 47'748.7 42'698.0 0.00x 0.00x

m-12

a-12 m-12

j-12

a-12

s-12

0.52 4.58 1.48% 0.01% 0.523 2 3.000 272'663 231'378 186'356

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

40'354.0 42'201.6 17.60x 16.84x S&P Issuer Ratings

10.04.2008 AA NEG 374570.08 255270.67 -0.78 0.00 0.0% 0.0% 0.44 0.64 31.74 4.39 34.35 1.78

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

.0 M n-11

Fiscal Year Ended 31.12.2007 186'329.0 2.88x 100'550.0 5.34x 48'249.3 0.00x

1.5 M

Valuation Analysis

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 |

16.10.2012

Chunghwa Telecom Co Ltd Holdings By:

All

Holder Name VANGUARD GROUP INC DEUTSCHE BANK AG BLACKROCK ADVISERS MATTHEWS INTERNATION BLACKROCK GROUP LIMI NEUBERGER BERMAN LLC STEADFAST CAPITAL MG DIMENSIONAL FUND ADV WELLS CAPITAL MANAGE DWS INVESTMENT SA CANADA PENSION PLAN SATURNA CAPITAL CORP SCHRODER INVESTMENT HSBC HOLDINGS PLC BLACKROCK INC UBS GLOBAL ASSET MAN RENAISSANCE TECHNOLO BLACKROCK FUND ADVIS CREDIT AGRICOLE SA MONTGOMERY ASSET MAN

Firm Name EVA Dimensions Goldman Sachs

Portfolio Name VANGUARD GROUP INC DEUTSCHE BANK AKTIEN BLACKROCK ADVISORS L MATTHEWS INTERNATION BLACKROCK GROUP LIMI NEUBERGER BERMAN GRO STEADFAST CAPITAL MG DIMENSIONAL FUND ADV WELLS CAPITAL MANAGE Multiple Portfolios CANADA PENSION PLAN SATURNA CAPITAL CORP SCHRODER INVESTMENT HSBC HOLDINGS PLC BLACKROCK INC UBS GLOBAL ASSET MAN RENAISSANCE TECHNOLO BLACKROCK FUND ADVIS CREDIT AGRICOLE SA Multiple Portfolios

Analyst TEAM COVERAGE PIYUSH MUBAYI

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

Recommendation buy neutral/neutral

Amt Held 5'973'563 4'122'488 3'430'235 2'587'669 2'194'873 2'077'475 1'008'200 930'545 870'054 812'508 810'426 569'706 441'721 388'726 343'151 340'556 299'146 279'429 276'178 273'834

% Out 0.77 0.53 0.44 0.33 0.28 0.27 0.13 0.12 0.11 0.1 0.1 0.07 0.06 0.05 0.04 0.04 0.04 0.04 0.04 0.04

Weighting

Change 5 3

M M

Latest Chg 216'710 (276'711) 56'126 38'700 (32'575) 44'547 1'008'200 29'300 900 (33'394) 158'000 90'610 (15'776) (6'049) (814'500) (160'854) (29'611) -

Target Price #N/A N/A 28

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.08.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.08.2012

Date Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 18.11.2011 30.03.2011

16.10.2012

Grupo Televisa SAB Grupo Televisa S.A.B., operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.

Price/Volume 30

6.0 M

12/2011 06/yy 24.88 18.60 2'208'600.00 23.68 -4.82% 27.31% 80.89% 571.2 13'526.49 57'410.74 0.0 7'196.7 21'698.49 -

Price/ Cash Flow

1.20 1.00

4.0 M 3.0 M

2.0 M 5

1.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

Fiscal Year Ended

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TV US EQUITY YTD Change TV US EQUITY YTD % CHANGE

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

7.0 M

Valuation Analysis

31.12.2007 41'561.5 3.11x 17'683.1 7.30x 8'082.5 0.00x

8.0 M

31.12.2008 31.12.2009 47'972.3 52'352.5 2.08x 2.75x 19'438.9 20'086.5 5.12x 7.16x 7'803.7 6'007.1 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 57'856.8 3.48x 22'161.9 9.09x 7'683.4 0.00x

31.12.2011 62'581.5 3.79x 24'251.8 9.78x 6'889.6 0.00x 24'251.77 16'822.05 26.88% 18.52% 4.73% 14.25% 10.36% 0.43% 55.0% 38.8% 26.9% 11.0% 1.41 1.14 37.02% 111.13% 3.39 21.35

LTM

06/yy 44'461.7 12.10x 16'738.5 0.00x 5'600.1 0.00x

06/yy 66'396.6 12.56x 26'056.3 7.87x 7'117.5 0.00x

FY+1

1.09 2.08 18.02% 13.14% 1.091 16 3.500 1'474'097 1'393'118 1'415'022 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 67'982.9 73'649.5 17'271.3 18'959.6 3.11x 2.80x 12.63x 26'323.7 28'381.3 7'127.6 7'910.7 8'093.5 10'280.2 2'545.7 3'109.1 24.25x 20.26x 21.17x 28.42x S&P Issuer Ratings

02.10.2007 BBB+ STABLE 5.62 3.38 1.47 2.37 111.1% 49.4% 0.43 1.56 107.74 17.09 97.78 27.06

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 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 |

16.10.2012

Grupo Televisa SAB Holdings By:

All

Holder Name CASCADE INVESTMENT L FIRST EAGLE INVESTME DODGE & COX GATES FOUNDATION LAZARD ASSET MANAGEM OPPENHEIMERFUNDS INC COMMONWEALTH BANK OF INVESCO LTD WELLS CAPITAL MANAGE WESTWOOD GLOBAL INVE LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI MORGAN STANLEY INVES DELAWARE MANAGEMENT COMGEST GROWTH PLC CREDIT AGRICOLE SA FIRST STATE INVESTME VONTOBEL ASSET MANAG SCOUT INVESTMENT ADV UMB BANK N A

Firm Name Morgan Stanley Itau BBA Securities HSBC Scotia Capital Goldman Sachs Barclays Actinver SA JPMorgan Banorte-IXE Credit Suisse Miller Tabak + Co., LLC Grupo Santander BBVA EVA Dimensions

Portfolio Name n/a FIRST EAGLE INVESTME DODGE & COX BILL & MELINDA FOUND LAZARD ASSET MANAGEM OPPENHEIMER FUNDS IN COMMONWEALTH BANK OF INVESCO LTD WELLS CAPITAL MANAGE WESTWOOD GLOBAL INVE Multiple Portfolios BLACKROCK GROUP LIMI MORGAN STANLEY INVES DELAWARE MANAGEMENT Multiple Portfolios CREDIT AGRICOLE SA Multiple Portfolios VONTOBEL ASSET MANAG SCOUT INVESTMENT ADV Multiple Portfolios

Analyst MICHEL MORIN GREGORIO TOMASSI RICHARD DINEEN ANDRES COELLO LUCIO G ALDWORTH VERA ROSSI MARTIN LARA ANDRE BAGGIO MANUEL JIMENEZ ZALDIVAR ANDREW T CAMPBELL DAVID C JOYCE VALDER NOGUEIRA ALEJANDRO GALLOSTRA TEAM COVERAGE

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

Recommendation Equalwt/In-Line underperform overweight sector perform neutral/neutral underweight hold overweight buy outperform buy hold underperform hold

Amt Held 29'156'500 27'723'091 23'746'292 16'879'103 16'611'263 16'588'801 12'434'216 11'989'826 9'305'670 7'764'444 7'506'565 7'337'023 6'738'000 5'947'242 5'200'000 4'863'533 4'401'658 4'374'306 4'112'145 3'931'062

% Out 5.1 4.85 4.16 2.95 2.91 2.9 2.18 2.1 1.63 1.36 1.31 1.28 1.18 1.04 0.91 0.85 0.77 0.77 0.72 0.69

Weighting

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

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

Latest Chg 2'368'100 151'321 (3'117'500) 224'804 (4'610'014) 152'784 3'440'800 278'300 190'657 (121'800) 1'748'623 683'679 (320'500) 190'707 (205'752) 1'476'481 (3'866) -

Target Price 26 26 27 24 25 22 23 31 26 26 25 22 24 #N/A N/A

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

File Dt Inst Type 19.03.2010 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Endowment 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2011 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 16.10.2012 14.10.2012 05.10.2012 27.09.2012 31.07.2012 23.07.2012 18.07.2012 12.07.2012 10.07.2012 10.07.2012 10.07.2012 10.04.2012 13.01.2012 23.11.2011

16.10.2012

BRF - Brasil Foods SA BRF-Brasil Foods SA is a food processor in Latin America. The Company raises chickens to produce poultry products. Brasil Foods also processes frozen pastas, soybeans and their derivatives, and distributes frozen vegetables. The Company's core business is chilled and frozen food. The Company has offices in the Middle East, Asia, and Europe.

Price/Volume 25

Price/ Cash Flow

5.0 M 4.0 M

12/2011 06/yy 21.70 13.61 1'624'286.00 18.25 -15.90% 34.09% 57.35% 872.5 15'922.64 8'053.53 0.0 39.6 2'892.90 -

3.0 M 2.0 M

1.0 M

0 o-11

31.12.2008 31.12.2009 11'393.0 15'905.8 0.84x 2.74x 1'079.8 619.4 8.83x 70.41x 54.4 123.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 22'681.3 1.21x 2'320.6 11.85x 804.1 0.00x

31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 0.00x

d-11

j-12

f-12

2'878.49 1'992.15 7.75% 5.92% 4.74% 9.87% 8.25% 0.89% 25.9% 11.2% 7.7% 5.3% 1.39 0.74 26.86% 57.24% 8.91 7.91

LTM

06/yy 24'417.2 4.55x 2'846.5 9.35x 1'452.9 0.00x

m-12

06/yy 26'570.6 5.26x 2'411.8 13.75x 645.6 0.00x

a-12

m-12

j-12

a-12

s-12

FY+1

1.11 10.57 -6.09% -6.30% 1.113 10 3.200 1'313'949 2'240'173 2'315'586 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 27'845.5 30'341.4 6'473.0 7'175.2 1.41x 1.30x 2'588.0 3'855.3 492.5 863.3 849.1 1'838.5 141.3 441.8 37.80x 20.09x 28.59x 21.86x S&P Issuer Ratings

04.04.2012 BBBSTABLE 6.30 3.84 1.79 2.80 57.2% 36.3% 0.89 2.73 40.98 46.14 44.16 42.96

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

.0 M n-11

Fiscal Year Ended

6.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS US EQUITY YTD Change BRFS US EQUITY YTD % CHANGE

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

7.0 M

Valuation Analysis

31.12.2007 6'633.4 1.31x 775.5 11.22x 321.3 0.00x

8.0 M

15'000.0 10'000.0

0.40

5'000.0 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 |

16.10.2012

BRF - Brasil Foods SA Holdings By:

All

Holder Name VAN ECK ASSOCIATES C VANGUARD GROUP INC BLACKROCK GROUP LIMI JP MORGAN CHASE & CO ARROWSTREET CAP LIMI DIMENSIONAL FUND ADV DELAWARE MANAGEMENT BLACKROCK FUND ADVIS WELLS CAPITAL MANAGE CANADA PENSION PLAN BATTERYMARCH FINANCI BLACKROCK INC CLAYMORE INVESTMENTS CREDIT AGRICOLE SA QVT FINANCIAL LP BNP PARIBAS INV PRTN EMERGING GLOBAL SHAR ALPS ADVISORS INC MONTGOMERY ASSET MAN GOLDMAN SACHS GROUP

Firm Name Raymond James JPMorgan Miller Tabak + Co., LLC Itau BBA Securities Deutsche Bank HSBC Grupo Santander EVA Dimensions Banco BTG Pactual SA Bradesco Corretora

Portfolio Name VAN ECK ASSOCIATES C VANGUARD GROUP INC BLACKROCK GROUP LIMI JP MORGAN CHASE & CO ARROWSTREET CAPITAL DIMENSIONAL FUND ADV DELAWARE MANAGEMENT BLACKROCK FUND ADVIS WELLS CAPITAL MANAGE CANADA PENSION PLAN BATTERYMARCH FINANCI BLACKROCK INC Multiple Portfolios CREDIT AGRICOLE SA QVT FINANCIAL LP BNP PARIBAS INVESTME Multiple Portfolios ALPS ADVISORS INC Multiple Portfolios GOLDMAN SACHS GROUP

Analyst JOSEPH GIORDANO ALAN ALANIS TIM TIBERIO ALEXANDRE RUIZ MIGUEL JOSE J YORDAN PEDRO HERRERA LUIS MIRANDA TEAM COVERAGE THIAGO DUARTE RICARDO BOIATI

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

Recommendation market perform underweight hold market perform hold overweight buy sell buy market perform

Amt Held 14'411'166 8'871'238 4'601'265 4'418'924 3'913'454 3'639'282 3'085'135 2'673'542 2'271'378 1'699'820 1'651'299 1'482'868 1'395'460 1'331'981 1'197'220 1'189'138 1'179'046 1'136'707 1'016'278 983'982

% Out 1.65 1.02 0.53 0.51 0.45 0.42 0.35 0.31 0.26 0.19 0.19 0.17 0.16 0.15 0.14 0.14 0.14 0.13 0.12 0.11

Weighting

Change 3 1 3 3 3 5 5 1 5 3

M D D M M M M M M M

Latest Chg 1'664'744 19'966 922'975 592'482 147'046 (780'271) (123'600) (352'421) 2'127'078 127'000 (1'089'321) (35'471) (119'234) (720'319) 660'000 441'073 (856'185) (70'127)

Target Price #N/A N/A 17 18 20 15 20 24 #N/A N/A 21 21

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.10.2011 30.06.2012 30.06.2012 30.06.2012 12.10.2012 30.06.2012 31.08.2012 30.06.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.10.2012 28.09.2012 14.09.2012 28.08.2012 14.08.2012 23.07.2012 13.12.2011 18.11.2011 21.10.2011 13.05.2011

16.10.2012

NovaTek OAO NovaTek OAO is a Russian independent producer of natural gas. The Company explores for,produces, processes, transports and markets natural gas and liquid hydrocarbons. The Company's primary production and processing assets are located in the Yamal-Nenets Autonomous Region in Western Siberia.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.11.2011) 52-Week Low (30.05.2012) Daily Volume Current Price (10/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 NVTK LI EQUITY YTD Change NVTK LI EQUITY YTD % CHANGE

12/2011 06/yy 156.00 88.25 180'148.00 120.8 -22.56% 36.88% 48.04% 303.6 36'678.58 95'478.00 0.0 669.0 23'831.00 -

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

1.20

.5 M

20 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 62'321.0 9.03x 29'157.0 19.31x 18'736.0 0.00x

1.0 M

31.12.2008 31.12.2009 79'272.0 89'954.0 2.06x 6.26x 36'798.0 39'271.0 4.43x 14.33x 22'899.0 26'043.0 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 117'024.0 9.42x 56'200.0 19.61x 40'533.0 0.00x

31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 0.00x 88'917.00 79'442.00 45.12% 76.69% 35.79% 61.66% 41.99% 0.53% 50.5% 45.1% 68.0% 1.16 0.77 24.90% 39.62% 16.06 -

LTM

FY+1

1.24 -3.65% -2.03% 1.240 23 4.565 245'158 485'914 407'443 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 149'013.0 190'145.0 217'832.1 275'607.5 54'424.3 60'895.6 28.45x 25.01x 5.46x 4.23x 21.82x 19.34x 73'878.0 91'324.0 100'846.0 128'196.9 22'409.1 26'692.3 15.51x 11.73x 55'486.0 117'289.0 70'243.0 90'872.6 15'332.5 18'808.7 0.00x 0.00x 15.89x 12.50x S&P Issuer Ratings Long-Term Rating Date 19.11.2010 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 41.36 (EBITDA-Capex)/Interest Exp. 29.58 Net Debt/EBITDA 0.81 Total Debt/EBITDA 1.07 Reference Total Debt/Equity 39.6% Total Debt/Capital 28.3% Asset Turnover 0.53 Net Fixed Asset Turnover 1.00 Accounts receivable turnover-days 22.73 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

200'000.0 180'000.0

1.00

160'000.0 140'000.0

0.80 0.60 0.40

120'000.0 100'000.0 80'000.0 60'000.0 40'000.0

0.20

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 |

16.10.2012

NovaTek OAO Holdings By:

All

Holder Name VANGUARD GROUP INC OPPENHEIMERFUNDS INC BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA BLACKROCK FUND ADVIS FIDELITY INTERNATION VAN ECK ASSOCIATES C SWEDBANK ROBUR FONDE DWS INVESTMENT SA BNP PARIBAS ASSET MG FIDELITY MANAGEMENT DEKA INTERNATIONAL S UBS STRATEGY FUND MG SCHRODER INVESTMENT NORDEA INVESTMENT FU CARNEGIE FONDER AB/S PICTET CONSEIL EN IN JUPITER ASSET MANAGE PICTET ASSET MANAGEM RCM CAPITAL MANAGEME

Firm Name VTB Capital Renaissance Capital Morgan Stanley JPMorgan Sanford C. Bernstein & Co Uralsib Deutsche Bank ING Wholesale Banking Alfa-Bank Troika Dialog Societe Generale Credit Suisse HSBC Gazprombank RMG Securities IFC Metropol Otkritie Capital Aton LLC Goldman Sachs Barclays Wood & Company

Analyst DMITRY LOUKASHOV BRADLEY WAY PAVEL SOROKIN ARTEM KONCHIN OSWALD CLINT ALEXEI KOKIN PAVEL KUSHNIR IGOR KURINNYY MARIYA YEGIKYAN OLEG MAXIMOV EVGENY SOLOVYOV ANDREY OVCHINNIKOV ILDAR KHAZIEV ALEXANDER NAZAROV MIKHAIL LOSHININ SERGEY VAKHRAMEEV ALEXANDER BURGANSKY ELENA SAVCHIK GEYDAR MAMEDOV LYDIA RAINFORTH CHIRVANI ABDOULLAEV

Source 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 MF-AGG MF-AGG MF-AGG

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

Amt Held 3'650'345 3'411'077 1'821'558 1'263'713 1'116'529 1'046'510 896'111 826'863 780'700 778'836 771'771 619'600 555'959 414'198 391'700 375'000 276'125 263'600 254'463 251'073

% Out 1.2 1.12 0.6 0.42 0.37 0.34 0.3 0.27 0.26 0.26 0.25 0.2 0.18 0.14 0.13 0.12 0.09 0.09 0.08 0.08

Weighting

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

Latest Chg 46'485 32'811 523'329 23'041 775'778 (156'902) 8'000 (12'463) 79'160 52'901 5'252 (77'858) (64'600) 25'463 (14'400)

Target Price

M M M M M M M U M M M M M M N M M M M M N

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

150 150 160 180 137 145 160 148 134 175 109 133 140 185 135 155 147 180 207 145 124

File Dt Inst Type 30.06.2012 Investment Advisor 30.08.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 12.10.2012 Investment Advisor 29.02.2012 Investment Advisor 12.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 15.10.2012 12.10.2012 07.10.2012 04.10.2012 04.10.2012 04.10.2012 02.10.2012 26.09.2012 21.09.2012 21.09.2012 16.08.2012 09.08.2012 13.07.2012 12.07.2012 12.07.2012 02.07.2012 13.03.2012 20.01.2012 29.11.2011 15.11.2011 22.06.2011

16.10.2012

Formosa Plastics Corp Formosa Plastics Corporation manufactures and markets plastics materials and chemical fiber products. The Company's products include PVC (Polyvinyl Chloride) resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (15.06.2012) Daily Volume Current Price (10/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 1301 TT EQUITY YTD Change 1301 TT EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 93.90 73.60 6'815'151.00 80 -14.80% 8.70% 32.02% 6'120.9 489'672.41 66'559.01 0.0 0.0 63'196.36 492'300.67

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

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 181'606.8 2.76x 28'448.1 17.65x 47'810.6 10.90x

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

31.12.2008 31.12.2009 182'042.2 156'969.6 1.56x 2.59x 17'430.5 21'577.5 16.28x 18.87x 19'709.5 27'533.4 12.64x 14.96x Profitability

LTM-4Q 31.12.2010 194'446.0 2.90x 36'835.0 15.30x 45'546.4 13.10x

31.12.2011 187'603.3 2.65x 32'857.5 15.15x 35'724.5 13.84x 32'857.50 22'548.89 12.02% 21.62% 10.51% 14.23% 11.87% 0.55% 16.9% 17.5% 12.0% 19.0% 4.27 2.57 19.66% 27.59% 16.52 9.71

Price/ Cash Flow

LTM

FY+1

0.99 3'877.80 19.81 0.77% 4.14% 0.985 21 3.143 6'329'242 5'562'328 5'885'401 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 198'853.5 175'386.7 178'867.7 192'942.7 44'905.4 46'615.1 11.08x 11.50x 2.93x 2.70x 40'229.2 20'828.4 25'456.1 32'525.1 5'285.0 6'245.0 14.94x 23.58x 19.34x 15.14x 20.33x 19.19x 51'710.3 13'235.4 21'143.3 30'912.4 8'734.2 7'001.9 12.25x 36.93x 23.49x 15.83x 17.61x 18.28x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 31.66 (EBITDA-Capex)/Interest Exp. 28.46 Net Debt/EBITDA 0.10 Total Debt/EBITDA 2.03 Reference Total Debt/Equity 27.6% Total Debt/Capital 21.6% Asset Turnover 0.55 Net Fixed Asset Turnover 3.28 Accounts receivable turnover-days 22.10 Inventory Days 37.59 Accounts Payable Turnover Day 29.10 Cash Conversion Cycle 30.59 Sales/Revenue/Turnover

20.00

250'000.0

18.00

200'000.0

16.00 14.00

150'000.0

12.00 10.00

100'000.0

8.00 6.00

50'000.0

4.00 2.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

Formosa Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA CHEMICALS & MERRILL LYNCH SEC NAN YA PLASTICS CORP YUNG-TSAI WANG CHIN'S INTL INVESTME WAN SHUN INTL INVEST VANGUARD GROUP INC FORMOSA PETROCHEMICA MING CHI UNIV OF TEC BLACKROCK FUND ADVIS VANGUARD EMS INDEX F CAPITAL RESEARCH GLO POLARIS SEC INVESTME FIDELITY INTERNATION BANK OF NEW YORK MEL MIN-TING HO EASTSPRING INVESTMEN BLACKROCK GROUP LIMI PICTET & CIE

Firm Name

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

Analyst

Jih Sun Securities LIBAO WAN Barclays SIDNEY YEH Deutsche Bank ALDEN LIN Credit Suisse JEREMY CHEN Fubon Securities KERRY WU President Capital Management TOM HUNG Goldman Sachs TOMMY WONG BNP Paribas Equity Research POR YONG LIANG Nomura DAVID WANG HSBC SRIHARSHA PAPPU KGI Securities AARON LIU SinoPac ALVIN LIAO Macquarie CORINNE JIAN Yuanta Securities Investment ConsultingTEAM COVERAGE E Sun Securities HONG CLIFF Morgan Stanley LILY CHEN Capital Securities Corp TEAM COVERAGE JPMorgan SAMUEL SW LEE EVA Dimensions TEAM COVERAGE Grand Cathay Securities Co JUN LIAO

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

Recommendation neutral equalweight hold outperform add neutral neutral/cautious hold buy underweight outperform sell neutral Under Review buy Overwt/In-Line neutral Rating Suspended sell underperform

Amt Held 509'091'226 468'162'602 383'395'725 283'454'909 270'911'912 254'512'277 186'770'700 163'106'908 126'404'198 86'457'055 76'244'798 72'714'458 63'066'000 57'984'000 40'540'216 26'836'000 26'754'196 25'087'000 19'337'137 13'377'350

% Out 8.32 7.65 6.26 4.63 4.43 4.16 3.05 2.66 2.07 1.41 1.25 1.19 1.03 0.95 0.66 0.44 0.44 0.41 0.32 0.22

Weighting

Change

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

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

Latest Chg 2'736'000 3'483'000 (3'000) 30'076'000 (1'796'000) (39'496'765) 210'000 60'000 571'000

Target Price #N/A N/A 73 84 97 90 81 72 78 93 64 99 65 69 #N/A N/A #N/A N/A 87 80 #N/A N/A #N/A N/A 60

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

File Dt Inst Type 31.08.2012 n/a 31.08.2012 Corporation 21.04.2012 n/a 31.08.2012 Corporation 21.04.2012 n/a 21.04.2012 n/a 21.04.2012 n/a 30.09.2012 Investment Advisor 31.08.2012 Corporation 21.04.2012 n/a 12.10.2012 Investment Advisor 21.04.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 29.02.2012 Investment Advisor 12.10.2012 Investment Advisor 31.08.2012 n/a 16.04.2012 Investment Advisor 12.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager

Date Not Provided Not Provided 12 month Not Provided 6 month 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 3 month Not Provided Not Provided Not Provided

Date 15.10.2012 11.10.2012 09.10.2012 08.10.2012 05.10.2012 05.10.2012 04.10.2012 04.10.2012 04.10.2012 02.10.2012 17.09.2012 06.09.2012 04.09.2012 30.08.2012 16.08.2012 09.07.2012 05.06.2012 10.05.2012 28.04.2012 27.07.2010

16.10.2012

Uralkali OJSC Uralkali OJSC produces potash. The Company operates mines and ore-treatment mills in the Perm Territory, Russia. Uralkali extracts and processes potassium ore and sells standard and granular muriate of potash for the agriculture and chemical industries. The Company's main markets include Brazil, India, China, Southeast Asia, Russia, the United States, and Europe. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (13.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URKA LI EQUITY YTD Change URKA LI EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 46.69 31.63 986'221.00 40.51 -13.21% 28.07% 54.58% 587.2 23'787.60 3'299.25 0.0 12.5 1'017.94 -

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

1.20 1.00

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 1'154.3 13.40x 473.4 32.69x 314.7 0.00x

50 45 40 35 30 25 20 15 10 5 0 o-11

31.12.2008 31.12.2009 2'533.6 1'069.1 1.77x 8.13x 1'668.2 517.9 2.69x 16.78x 885.0 287.4 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 1'699.4 8.91x 800.4 18.91x 548.4 0.00x

31.12.2011 3'495.9 7.09x 2'068.2 11.98x 1'184.0 0.00x 2'068.15 1'690.67 48.36% 38.25% 15.66% 23.90% 18.06% 0.46% 74.6% 59.2% 48.4% 33.9% 2.74 1.81 26.05% 41.00% 18.34 4.95

09/yy 527.9 0.00x 0.0 0.00x 185.7 0.00x

LTM 09/yy 677.9 0.00x 0.0 0.00x 207.8 0.00x

FY+1

1.15 4.49% 14.39% 1.147 18 3.667 1'049'631 2'352'798 1'808'477 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 4'246.7 5'011.7 790.0 6.09x 5.00x 2'679.8 3'251.0 475.0 1'723.2 2'211.4 510.0 14.48x 11.36x S&P Issuer Ratings

18.06.2012 BBBSTABLE 41.64 34.28 1.10 1.60 41.0% 29.0% 0.46 1.48 19.90 73.75 20.57 73.09

Sales/Revenue/Turnover

4'000.0 3'500.0 3'000.0

0.80 0.60

2'500.0 2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

16.10.2012

Uralkali OJSC Holdings By:

All

Holder Name VAN ECK ASSOCIATES C FRANKLIN RESOURCES I LAZARD ASSET MANAGEM BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA SWEDBANK ROBUR FONDE FIDELITY MANAGEMENT DWS INVESTMENT SA RCM CAPITAL MANAGEME VANGUARD GROUP INC DEKA INTERNATIONAL S PICTET & CIE NORDEA INVESTMENT FU ROBECO INVESTOR SERV DEUTSCHE BANK AG UBS STRATEGY FUND MG ALLIANZ GLOBAL INVES PICTET ASSET MANAGEM PICTET CONSEIL EN IN JUPITER ASSET MANAGE

Firm Name Credit Suisse Goldman Sachs Gazprombank VTB Capital Uralsib Alfa-Bank IFC Metropol ING Wholesale Banking Otkritie Capital HSBC Troika Dialog JPMorgan Renaissance Capital Deutsche Bank Aton LLC RMG Securities

Analyst SEMYON MIRONOV DZHUNI ASTOR ALEKSEI ASTAPOV ELENA SAKHNOVA ARTEM EGORENKOV MARIA BOVYKINA SERGEY FILCHENKOV ANNA KOCHKINA DENIS GABRIELIK YONAH WEISZ MIKHAIL STISKIN YURIY A VLASOV ANNA KUPRIYANOVA BOB KOMMERS MIKHAIL PAK DARIA KOZLOVA

Source 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 MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral/attractive neutral hold hold equalweight buy buy hold overweight hold neutral buy hold hold Under Review

Amt Held 10'690'974 4'299'964 3'985'217 2'126'430 2'032'005 1'681'029 1'444'842 1'286'900 1'211'740 1'054'147 1'052'001 881'862 795'703 500'000 498'200 472'947 440'966 419'542 413'158 393'500

% Out 1.82 0.73 0.68 0.36 0.35 0.29 0.25 0.22 0.21 0.18 0.18 0.15 0.14 0.09 0.08 0.08 0.08 0.07 0.07 0.07

Weighting

Change

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

M M M M M M M M M M M M M M M M

Latest Chg 634'400 (66'600) (544'005) 11'950 (308'490) (1'830) 120'000 35'380 400'000 (352'999) 522'402 60'000 39'992 (3'000)

Target Price 37 49 43 44 41 41 47 49 45 52 43 37 45 41 49 #N/A N/A

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

File Dt 12.10.2012 30.06.2012 31.08.2012 12.10.2012 30.06.2012 30.06.2012 31.08.2012 31.08.2012 30.09.2012 30.06.2012 30.11.2011 31.07.2012 31.08.2012 31.08.2012 31.08.2012 29.06.2012 30.06.2012 31.07.2012 31.07.2012 30.03.2012

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 12.10.2012 11.10.2012 11.10.2012 08.10.2012 04.10.2012 17.09.2012 12.09.2012 11.09.2012 10.09.2012 06.09.2012 06.08.2012 21.06.2012 21.05.2012 24.04.2012 20.01.2012 09.03.2011

16.10.2012

SK Hynix Inc SK Hynix Inc. manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 35000

25.0 M

30000

20.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/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 000660 KS EQUITY YTD Change 000660 KS EQUITY YTD % CHANGE

12/2011 06/yy 30'950.00 19'750.00 3'901'823.00 22850 -26.17% 15.70% 22.32% 694.1 15'860'698.00 5'473'986.00 0.0 0.0 1'299'318.00 18'989'826.01

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

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 8'433'754.6 1.58x 2'003'000.6 6.64x 346'295.5 34.42x

20000

31.12.2008 31.12.2009 6'495'367.1 7'521'457.8 1.20x 2.32x (300'341.2) 1'637'843.1 0.00x 10.65x (4'719'632.9) (347'785.3) 0.00x 0.00x Profitability

LTM-4Q 31.12.2010 11'973'426.0 1.44x 4'979'793.0 3.47x 2'785'945.0 5.08x

LTM

FY+1

1.15 467.04 4.10% 4.10% 1.150 43 4.674 3'348'560 5'047'728 5'725'364 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 10'188'162.0 ######### ######### ######### ######### 1.69x 6.42x 7.89x 1.99x 1.77x 2'347'248.0 ######### ######### ######### ######### 7.35x 4.59x 15.02x 6.03x 3.98x 129'142.0 ######### ######### (336'912.5) 911'960.5 100.69x 7.07x 0.00x 17.95x S&P Issuer Ratings 2'347'248.00 Long-Term Rating Date 14.02.2012 270'919.00 Long-Term Rating BB2.66% Long-Term Outlook STABLE 2.32% Short-Term Rating Date 0.80% Short-Term Rating 1.58% Credit Ratios 2.10% EBITDA/Interest Exp. 7.74 0.63% (EBITDA-Capex)/Interest Exp. -0.88 Net Debt/EBITDA 1.66 16.6% Total Debt/EBITDA 2.33 23.0% Reference 2.7% Total Debt/Equity 66.7% 1.3% Total Debt/Capital 40.0% Asset Turnover 0.63 0.96 Net Fixed Asset Turnover 1.34 0.60 Accounts receivable turnover-days 50.29 33.39% Inventory Days 39.87 66.73% Accounts Payable Turnover Day 36.70 7.26 Cash Conversion Cycle 53.45 9.16

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

14'000'000.0

35.00

12'000'000.0

30.00

10'000'000.0

25.00

8'000'000.0

20.00

6'000'000.0

15.00

4'000'000.0

10.00

2'000'000.0

5.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER KOREA FINANCE CORPOR VANGUARD GROUP INC BLACKROCK FUND ADVIS MIRAE ASSET GLOBAL I SAMSUNG INVESTMENT T MAPS INVESTMENT MANA UBS HANA ASSET MANAG CAPITAL INTERNATIONA FIDELITY INTERNATION KOREA INVESTMENT TRU ALLIANZ GLOBAL INVES SHINHAN BNP PARIBAS ALLIANCEBERNSTEIN LU BLACKROCK GROUP LIMI KB ASSET MANAGEMENT KYOBO AXA INVESTMENT KTB ASSET MANAGEMENT PRUDENTIAL ASSET MAN

Firm Name

Analyst

Shinhan Investment Corp KIM YOUNG-CHAN KB Investment & Securities Co., Ltd BYUN HAN-JOON Nomura CHANG-WON CHUNG Morgan Stanley LEE KA KEUN Shinyoung Securities Co., Ltd. LIM DORI SK Securities Co Ltd SUNG-JAE DAVID CHOI Credit Suisse KEON HAN Sanford C. Bernstein & Co MARK C NEWMAN LIG Investment Securities CHOI DO-YEON JPMorgan JJ PARK Dongbu Securities Co Ltd SHIN HYUNJOON HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Daishin Securities Co., Ltd. KANG JEONG-WON JEFF Kyobo Securities KOO JA-WOO IBK Securities Co Ltd SEUNG-WOO LEE Samsung Securities MINSEONG HWANG KTB Securities JIN SUNG-HAE Taurus Investment Securities Co Ltd KIM HYUNG-SIK BNP Paribas Equity Research PETER YU Eugene Investment & Securities Co., LtdLEE JEONG Hanwha Securities Co., Ltd AHN SEONG-HO Barclays BAE SEUNG-CHUL HSBC RICKY JUIL SEO Korea Investment & Securities SEO WON-SEOK Daewoo Securities JAMES SONG Leading Investment & Securities SANG-WOO OH KIWOOM Securities Co Ltd KIM SUNG-IN Mizuho Securities CHARLES PARK Tong Yang Investment Bank HYUN PARK Standard Chartered SEAN KIM Macquarie DANIEL KIM Daiwa Securities Co. Ltd. JAE H LEE Deutsche Bank SEUNGHOON HAN Meritz Securities Co., Ltd SEI CHEOL LEE Goldman Sachs MARCUS SHIN HI Investment Securities SONG MYUNG-SUP NH Investment & Securities LEE SUN-TAE Woori Investment & Securities YOUNG PARK EVA Dimensions TEAM COVERAGE Frontier Investment & Capital Advisors OM PRAKASH SINGH

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

Recommendation buy buy neutral Overwt/Attractive buy buy neutral outperform buy neutral buy buy buy buy buy buy buy buy buy buy buy overweight overweight buy buy buy buy buy buy outperform neutral buy buy buy neutral/attractive buy buy buy sell buy

Amt Held 146'100'000 56'060'192 24'772'435 21'231'455 8'870'280 6'492'917 6'168'112 6'014'657 4'839'408 4'063'730 3'872'855 3'346'196 2'815'068 1'992'349 1'954'780 1'910'740 1'721'601 1'684'750 1'295'249 1'148'799

% Out 21.05 8.08 3.57 3.06 1.28 0.94 0.89 0.87 0.7 0.59 0.56 0.48 0.41 0.29 0.28 0.28 0.25 0.24 0.19 0.17

Weighting

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

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

Latest Chg (7'640'500) 293'180 (780) 540'947 (20'610) 423'790 (1'163'527) 330'300 (1'853'642) (544'435) (440'700) 190'916 753'150 2'000 285'980 66'410 451'498 68'200

Target Price 29'000 35'000 23'000 32'000 31'000 32'000 24'000 27'000 33'000 22'000 32'000 30'000 32'000 31'000 32'000 30'000 27'000 31'000 28'000 28'000 31'000 28'000 27'000 28'000 26'000 30'000 39'000 26'000 30'000 34'000 20'000 28'000 34'000 33'000 23'000 28'000 35'000 38'000 #N/A N/A 31'729

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

File Dt 22.06.2012 30.03.2012 14.02.2012 30.06.2012 12.10.2012 31.03.2012 29.06.2012 31.03.2012 31.03.2012 29.06.2012 29.02.2012 31.03.2012 31.03.2012 31.03.2012 31.08.2012 12.10.2012 29.06.2012 31.03.2012 31.03.2012 31.03.2012

Date 12 month 12 month Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 9 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 6 month 6 month 12 month Not Provided 12 month

Inst Type Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 16.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 11.10.2012 10.10.2012 09.10.2012 08.10.2012 08.10.2012 08.10.2012 04.10.2012 30.09.2012 28.09.2012 27.09.2012 24.09.2012 18.09.2012 13.09.2012 12.09.2012 11.09.2012 10.09.2012 10.09.2012 10.09.2012 06.09.2012 05.09.2012 30.08.2012 30.08.2012 23.08.2012 30.07.2012 27.07.2012 26.07.2012 26.07.2012 21.06.2012 27.04.2012 02.03.2012 11.07.2011

16.10.2012

China Steel Corp China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Price/Volume 35

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (06.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2002 TT EQUITY YTD Change 2002 TT EQUITY YTD % CHANGE

12/2011 06/yy 30.44 24.00 7'880'110.00 26 -14.60% 8.33% 31.04% 15'272.5 397'084.38 84'294.92 382.7 0.0 2'891.48 487'418.51

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

5 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 207'919.0 2.38x 60'189.1 8.23x 51'263.9 9.69x

31.12.2008 31.12.2009 256'358.0 165'408.9 1.33x 2.61x 44'728.8 21'270.7 7.64x 20.29x 24'030.4 19'602.5 11.38x 21.43x Profitability

LTM-4Q 31.12.2010 239'186.9 2.14x 50'776.6 10.07x 37'586.8 11.84x

31.12.2011 240'376.0 2.11x 30'706.0 16.50x 19'493.7 21.18x 30'706.01 14'598.98 6.07% 8.44% 4.83% 7.02% 5.70% 0.60% 9.0% 12.8% 6.1% 8.1% 1.76 0.15 19.98% 29.25% 57.35 3.96

Price/ Cash Flow

LTM

FY+1

0.55 10'254.69 462.66 -7.37% -4.80% 0.551 25 2.120 10'328'900 19'575'100 19'850'710 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 246'812.6 230'917.1 217'149.2 224'336.3 50'883.0 51'787.4 8.41x 8.96x 2.29x 2.17x 42'074.9 18'495.9 23'660.1 30'711.5 5'098.3 5'711.5 12.68x 27.20x 20.60x 15.87x 21.37x 20.22x 29'112.9 6'094.4 8'896.0 15'778.8 1'795.6 2'415.5 15.69x 83.26x 45.22x 25.32x 38.75x 33.04x 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

22.02 9.69 2.65 2.75 29.2% 22.6% 0.60 1.30 6.36 92.29 8.61 90.04

Sales/Revenue/Turnover

50.00

300'000.0

45.00

250'000.0

40.00 35.00

200'000.0

30.00

150'000.0

25.00 20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 03.01.2009

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

China Steel Corp Holdings By:

All

Holder Name MINISTRY OF ECONOMIC CHINA STEEL ESOT VANGUARD GROUP INC YUN HUNG INVESTMENT BUREAU OF LABOR INSU BUREAU OF LABOR INSU BLACKROCK FUND ADVIS VANGUARD EMS INDEX F CHUNGHWA POST CO LTD MARUICHI STEEL TUBE GOVT OF SINGAPORE IN YUN YING INVESTMENT ISHARES MSCI EMERGIN POLARIS SEC INVESTME BLACKROCK GROUP LIMI BANK OF NEW YORK MEL PICTET & CIE NOMURA ASSET MANAGEM CREDIT SUISSE ASSET DIMENSIONAL FUND ADV

Firm Name JPMorgan Barclays VTB Capital Fubon Securities SinoPac Capital Securities Corp KGI Securities BNP Paribas Equity Research President Capital Management Deutsche Bank Goldman Sachs HSBC Morgan Stanley Macquarie Jih Sun Securities Ji Asia Credit Suisse Daiwa Securities Co. Ltd. Masterlink Securities E Sun Securities EVA Dimensions IBT Securities Co Ltd Grand Cathay Securities Co TIS Securities

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

Analyst DANIEL KANG DAVID LIAO WIKTOR BIELSKI ROGER LEE ALVIN LIAO TEAM COVERAGE MARC WANG JIM HUNG WEICHUN TSENG JAMES KAN TOMMY WONG SIMON FRANCIS CHARLES C SPENCER CORINNE JIAN RITA HSUEH SAMUEL THAWLEY RANDY ABRAMS ALEXANDER LATZER CHARLES KO DAVID LAI TEAM COVERAGE KENT CHEN TSAI YEN-LING BRANDON LIU

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

Recommendation neutral underweight hold reduce neutral neutral underperform reduce neutral sell Sell/Neutral underweight Underwt/Cautious underperform neutral sell neutral hold hold buy on weakness sell buy neutral trading buy

Amt Held 3'062'230'011 569'143'276 457'569'427 240'560'407 239'218'423 239'218'423 229'222'671 208'802'582 206'372'896 149'273'708 145'992'823 142'156'753 132'930'827 107'584'011 52'501'536 44'873'696 25'088'101 16'663'581 14'726'679 12'676'048

% Out 20.05 3.73 3 1.58 1.57 1.57 1.5 1.37 1.35 0.98 0.96 0.93 0.87 0.7 0.34 0.29 0.16 0.11 0.1 0.08

Weighting

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

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

Latest Chg 45'254'630 9'042'636 3'535'247 18'000 (8'780'660) 151'735 346'000 1'305'104 (653'822) -

Target Price 29 20 28 24 24 29 22 20 24 25 19 25 21 22 #N/A N/A 23 25 27 30 #N/A N/A #N/A N/A #N/A N/A 32 #N/A N/A

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

File Dt Inst Type 31.08.2012 n/a 31.05.2012 n/a 30.09.2012 Investment Advisor 31.05.2012 n/a 31.08.2012 n/a 31.05.2012 Government 12.10.2012 Investment Advisor 31.05.2012 n/a 31.05.2012 Government 31.05.2012 Corporation 31.05.2012 Government 31.05.2012 n/a 31.05.2012 n/a 30.06.2012 Mutual Fund Manager 12.10.2012 Investment Advisor 12.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 10.05.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.01.2012 Investment Advisor

Date 9 month Not Provided 12 month 6 month Not Provided 3 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 10.10.2012 09.10.2012 09.10.2012 05.10.2012 04.10.2012 25.09.2012 14.09.2012 13.09.2012 12.09.2012 27.08.2012 27.08.2012 31.07.2012 26.07.2012 12.07.2012 10.07.2012 27.06.2012 25.06.2012 19.03.2012 17.02.2012 13.02.2012 07.01.2012 16.02.2011 04.11.2010 05.03.2010

16.10.2012

Hyundai Heavy Industries Co Ltd Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military purposes. The Company manufactures oil tankers, cargo and passenger vessels, and warships. Hyundai Heavy Industries also produces heavy industrial machineries, wind turbines, solar panels, electrical components for engines and power trains, and industrial vehicles, such as cranes and bulldozers.

Price/Volume

3.0 M

300000

2.5 M 2.0 M

200000

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (24.07.2012) Daily Volume Current Price (10/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 009540 KS EQUITY YTD Change 009540 KS EQUITY YTD % CHANGE

12/2011 06/yy 346'500.00 212'500.00 239'376.00 235000 -32.18% 10.59% 17.54% 76.0 17'860'000.00 3'962'673.00 0.0 0.0 627'317.75 22'280'905.55

1.5 M

150000 100000

1.0 M

50000

.5 M

0 o-11

31.12.2008 31.12.2009 19'957'080.9 21'142'196.7 0.48x 0.50x 2'596'964.1 2'666'205.3 3.66x 4.00x 2'256'664.8 2'146'488.8 5.34x 4.86x Profitability

LTM-4Q 31.12.2010 22'408'120.0 1.34x 4'031'444.7 7.43x 2'835'399.0 9.51x

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

LTM

FY+1

1.70 1.34 40.00 -20.58% -8.56% 1.341 39 4.590 137'268 240'044 310'236 FY+2

FQ+1

31.12.2011 09/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 25'019'604.0 ######### ######### ######### ######### ######### 0.76x 4.61x 3.35x 0.65x 0.57x 2.93x 3'116'212.7 ######### ######### ######### ######### 551'700.0 6.12x 5.45x 0.00x 7.70x 7.43x 9.96x 1'945'941.6 ######### 694'259.3 ######### ######### 415'112.5 8.09x 6.36x 0.00x 7.95x 8.31x 9.29x S&P Issuer Ratings 3'116'212.68 Long-Term Rating Date 2'612'841.90 Long-Term Rating 10.44% Long-Term Outlook 10.12% Short-Term Rating Date 6.65% Short-Term Rating 14.00% Credit Ratios 11.67% EBITDA/Interest Exp. 0.86% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 15.4% Total Debt/EBITDA 12.5% Reference 10.4% Total Debt/Equity 7.8% Total Debt/Capital Asset Turnover 0.83 Net Fixed Asset Turnover 0.26 Accounts receivable turnover-days 13.24% Inventory Days 26.92% Accounts Payable Turnover Day 8.18 Cash Conversion Cycle 8.05

Price/ Cash Flow

FQ+2 12/12 Q4 ######### 2.64x 569'700.0 10.07x 497'115.0 9.11x 22.29 17.20 1.07 1.27 26.9% 21.2% 0.86 3.13 44.64 45.33 31.11 58.86

Sales/Revenue/Turnover

60.00

30'000'000.0

50.00

25'000'000.0

40.00

20'000'000.0

30.00

15'000'000.0

20.00

10'000'000.0

10.00

5'000'000.0

0.00 03.01.2009

.0 M n-11

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

3.5 M

350000 250000

Valuation Analysis

31.12.2007 15'533'013.3 1.55x 2'142'636.3 11.25x 1'736'060.3 15.93x

400000

0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

16.10.2012

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER MIRAE ASSET GLOBAL I KCC CORP VANGUARD GROUP INC EMPLOYEE STOCK OWNER BLACKROCK FUND ADVIS MAPS INVESTMENT MANA KOREA INVESTMENT TRU SAMSUNG INVESTMENT T JF ASSET MANAGEMENT KB ASSET MANAGEMENT FIDELITY MANAGEMENT UBS HANA ASSET MANAG BLACKROCK GROUP LIMI FIDELITY INTERNATION KYOBO AXA INVESTMENT SHINYOUNG INVESTMENT

Firm Name Shinhan Investment Corp KTB Securities HMC Investment Securities Co Ltd Credit Suisse Korea Investment & Securities Hyundai Securities Hanwha Securities Co., Ltd KB Investment & Securities Co., Ltd Daishin Securities Co., Ltd. Dongbu Securities Co Ltd Samsung Securities E*Trade Securities Korea Nomura Mirae Asset Securities Morgan Stanley Shinyoung Securities Co., Ltd. Woori Investment & Securities HI Investment Securities JPMorgan IBK Securities Co Ltd KIWOOM Securities Co Ltd EVA Dimensions Daewoo Securities NH Investment & Securities Tong Yang Investment Bank Macquarie Hana Daetoo Securities LIG Investment Securities Deutsche Bank Goldman Sachs Daiwa Securities Co. Ltd. BNP Paribas Equity Research Kyobo Securities HSBC Meritz Securities Co., Ltd SK Securities Co Ltd BS Securities Co Ltd Ji Asia

Portfolio Name n/a n/a n/a n/a 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

Analyst KIM HYUN LEE KANG-ROK DONG-EUN YEOM HENRY KWON RICHARD PARK LEE SANG-HWA DONG-IK JEONG LEE SANG-WON JEON JAE-CHEON KIM HONG-GYUN YOUNGSOO HAN PARK MOO-HYUN ANGELA HONG CHUNG WOO CHANG PARK SANG-KYOO UM KYUNG-A JAE-HUN YU HUR SUNG DUCK LEE SOKJE SHIM WON-SUP CHOI WON-KYUNG TEAM COVERAGE SUNG KI-JONG LEE YOONSANG LEE JAE-WON LEE JUWON SANG-WOO LEE CHOI GWANG-SHIK SANJEEV RANA ERIC NISHIMURA CHUNG SUNG-YOP JAMES HIE SUK YOON OH SEAN PAUL CHOI SUH JUNG-DUK LEE JI-HOON KWAK MIN-JUNG TONY MOYER

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

Recommendation buy buy buy restricted buy buy buy buy buy buy buy buy neutral hold Overwt/Attractive buy buy buy neutral buy outperform underweight buy buy buy outperform buy buy buy Buy/Neutral outperform buy buy neutral buy buy buy sell

Amt Held 14'711'560 7'717'769 6'063'000 3'860'321 3'247'376 2'369'393 1'747'555 1'258'281 697'691 505'324 468'659 363'710 205'760 198'055 191'264 184'472 176'985 158'444 155'859 144'309

% Out 19.36 10.15 7.98 5.08 4.27 3.12 2.3 1.66 0.92 0.66 0.62 0.48 0.27 0.26 0.25 0.24 0.23 0.21 0.21 0.19

Weighting

Change

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

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

Latest Chg 618'458 (2'739'670) 37'109 (63) 464'201 (22'401) 1'218 77'658 (16'683) 160'511 7'475 360 (444'419) (8'774) (14'723)

Target Price 300'000 330'000 300'000 #N/A N/A 310'000 300'000 300'000 440'000 310'000 390'000 290'000 320'000 260'000 268'000 328'000 300'000 330'000 340'000 280'000 290'000 300'000 #N/A N/A 320'000 300'000 300'000 290'000 288'000 480'000 290'000 335'000 280'000 290'000 300'000 260'000 295'000 370'000 400'000 209'500

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

File Dt 31.12.2011 24.02.2012 24.02.2012 09.08.2011 31.12.2011 13.01.2012 30.06.2012 31.12.2011 12.10.2012 31.03.2012 31.03.2012 29.06.2012 30.09.2011 31.03.2012 31.08.2012 31.03.2012 12.10.2012 29.02.2012 31.03.2012 31.03.2012

Date 12 month 12 month 6 month Not Provided 12 month Not Provided 6 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 9 month 12 month 6 month Not Provided 12 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 6 month 6 month 6 month 12 month

Inst Type Corporation n/a Corporation Investment Advisor Investment Advisor Corporation Investment Advisor n/a Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager

Date 15.10.2012 12.10.2012 10.10.2012 09.10.2012 05.10.2012 05.10.2012 28.09.2012 28.09.2012 27.09.2012 24.09.2012 24.09.2012 24.09.2012 21.09.2012 19.09.2012 18.09.2012 17.09.2012 17.09.2012 11.09.2012 03.09.2012 03.09.2012 21.08.2012 20.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 13.08.2012 13.08.2012 13.08.2012 13.08.2012 02.08.2012 30.07.2012 28.06.2012 31.05.2012 07.05.2012 29.11.2011

16.10.2012

Gold Fields Ltd Gold Fields Limited produces precious metals. The Company has mines in South Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields has a precious metals programs in Africa, Australasia, Europe, North America, and South America.

Price/Volume 16000

12.0 M

14000

10.0 M

12000 8.0 M

10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2011) 52-Week Low (19.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFI SJ EQUITY YTD Change GFI SJ EQUITY YTD % CHANGE

12/2011 06/yy 14'525.00 9'551.00 793'192.00 10783 -25.76% 12.90% 20.99% 729.7 78'684.14 15'509.40 0.0 1'174.6 6'049.00 91'643.54

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

4.0 M

4000 2.0 M

2000 0 o-11

.0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 30.06.2007 19'433.8 3.98x 7'445.3 10.40x 2'362.5 27.91x

6.0 M

6000

30.06.2008 30.06.2009 23'009.5 29'086.9 3.10x 2.56x 8'713.0 10'955.0 8.19x 6.80x 4'457.5 1'535.6 21.68x 21.70x Profitability

LTM-4Q 30.06.2010 31'565.3 2.56x 11'385.4 7.09x 3'631.4 23.12x

31.12.2011 41'876.8 2.41x 21'093.6 4.78x 7'026.7 12.85x 21'093.60 15'437.70 36.86% 31.57% 9.21% 15.70% 13.74% 0.55% 36.9% 50.4% 36.9% 16.8% 1.17 0.63 18.40% 33.08% 30.75 8.56

Price/ Cash Flow

LTM

06/yy 34'633.0 9.49x 13'616.6 6.09x 3'582.8 19.15x

06/yy 45'896.9 8.17x 23'330.3 3.80x 8'347.6 8.98x

FY+1

3.62 0.81 645.74 -6.14% -10.35% 0.806 16 4.000 1'353'143 3'301'559 2'543'693 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 46'234.3 55'757.7 11'327.3 11'879.7 1.99x 1.51x 8.12x 7.75x 21'428.7 28'421.9 4.28x 3.22x 8'172.0 12'726.5 1'405.0 2'770.0 9.58x 6.35x 6.97x 6.15x S&P Issuer Ratings

19.03.2009 BBBSTABLE 19.03.2009 A-3 40.85 21.09 0.45 0.74 33.1% 24.4% 0.55 0.73 17.85 64.14 27.48 54.51

Sales/Revenue/Turnover

12.00

45'000.0 40'000.0

10.00

35'000.0 30'000.0

8.00

25'000.0 6.00

20'000.0 15'000.0

4.00

10'000.0 2.00 0.00 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010

5'000.0 0.0 04.01.2011 04.07.2011

04.01.2012 04.07.2012

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 |

16.10.2012

Gold Fields Ltd Holdings By:

All

Holder Name STATE STREET BANK & VANGUARD GROUP INC GOVERNMENT EMP PENSI CAPITAL WORLD INVEST JP MORGAN CHASE BANK BLACKROCK GROUP LIMI BANK OF NEW YORK EUR NORTHERN TR AVFC GOV CACEIS BANK FRANCE BANK OF NEW YORK RBC DEXIA INVSTOR SE JP MORGAN CHASE BANK ALLAN GRAY UNIT TRUS BLACKROCK FUND ADVIS COMGEST GROWTH PLC INVESTEC FUND GROUP CITIBANK LONDON NORTHERN TRUST COMPA NEDCOR BANK MGMT CO BNYM AS E&A OMNIBUS

Firm Name Goldman Sachs Credit Suisse Imara HSBC CIBC World Markets Morgan Stanley Deutsche Bank SBG Securities Barclays JPMorgan EVA Dimensions Renaissance Capital BMO Capital Markets

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

Analyst EUGENE KING SAMANTHA HARTARD PERCY TAKUNDA PATRICK CHIDLEY LEON ESTERHUIZEN CHRISTOPHER NICHOLSON ANNA MULHOLLAND DAVID R DAVIS ANDREW BYRNE ALLAN COOKE TEAM COVERAGE DERRYN MAADE DAVID HAUGHTON

Source SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG MF-AGG MF-AGG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG

Recommendation neutral/attractive neutral buy overweight sector perform Overwt/Attractive hold buy overweight overweight buy buy market perform

Amt Held 51'432'151 29'924'249 29'549'336 22'500'000 20'088'355 19'633'706 18'661'479 16'141'696 12'616'717 11'824'008 9'974'793 9'716'476 9'619'983 9'189'032 8'800'000 8'639'600 7'660'641 6'338'846 5'990'933 5'944'873

% Out 7.05 4.1 4.05 3.08 2.75 2.69 2.56 2.21 1.73 1.62 1.37 1.33 1.32 1.26 1.21 1.18 1.05 0.87 0.82 0.81

Weighting

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

M M M M M M M M N M U M M

Latest Chg 713'352 (3'000'000) 4'152 127'727 (365) (55'914) 185'087 -

Target Price 13'000 13'100 #N/A N/A 17'367 17'000 12'500 12'000 13'000 12'000 12'800 #N/A N/A 12'466 12'500

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

File Dt 28.09.2012 30.09.2012 28.09.2012 30.06.2012 28.09.2012 12.10.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 29.06.2012 12.10.2012 30.06.2011 31.07.2012 28.09.2012 28.09.2012 30.06.2012 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Bank n/a Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified Investment Advisor n/a

Date 15.10.2012 12.10.2012 12.10.2012 09.10.2012 05.10.2012 03.10.2012 02.10.2012 02.10.2012 17.09.2012 06.09.2012 06.09.2012 28.08.2012 24.08.2012

16.10.2012

Impala Platinum Holdings Ltd Impala Platinum Holdings Limited, or Implats, is the holding company for a group of companies which operate platinum mines. In addition to platinum, Implats mines, produces, and markets other platinum group metals such as palladium, rhodium, and nickel. Implats also provides refining services for base and precious metals producers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.11.2011) 52-Week Low (05.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMP SJ EQUITY YTD Change IMP SJ EQUITY YTD % CHANGE

06/2012 01/yy 18'950.00 12'347.00 920'983.00 15118 -19.93% 22.44% 34.42% 631.7 95'502.52 2'203.00 0.0 2'307.0 1'193.00 98'819.52

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

9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-11

d-11

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 30.06.2008 37'619.0 4.78x 17'563.0 10.25x 17'596.0 14.96x

20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 o-11

30.06.2009 30.06.2010 26'121.0 25'446.0 3.93x 4.26x 9'795.0 8'115.0 10.49x 13.34x 6'020.0 4'715.0 17.03x 22.90x Profitability

30.06.2011 33'132.0 3.29x 11'565.0 9.41x 6'638.0 16.49x

30.06.2012 27'593.0 3.09x 0.0 0.00x 4'180.0 19.74x 11'565.00 5'592.00 20.27% 22.65% 5.96% 8.55% 8.50% 0.39% 25.2% 34.9% 20.3% 15.1% 2.25 0.20 3.03% 4.39% 16.96 3.29

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.29 1.18 433.08 -9.70% -8.54% 1.183 17 3.059 990'598 2'058'701 1'799'434 FY+2

06/13 Y 06/14 Y 31'678.1 37'715.4 3.17x 2.70x 7'235.1 9'520.8 13.69x 10.38x 3'728.2 5'101.1 24.36x 17.91x S&P Issuer Ratings

FQ+1

FQ+2

21.78 11.81 -0.23 0.16 4.4% 4.0% 0.39 0.75 21.53 111.28 62.52 51.17

Sales/Revenue/Turnover

30.00

40'000.0 35'000.0

25.00

30'000.0 20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 03.07.2009

5'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

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

16.10.2012

Impala Platinum Holdings Ltd Holdings By:

All

Holder Name GEPF EQUITY ROYAL BAFOKENG IMPAL BLACKROCK GROUP LIMI BONY EUROPE LTD ACCO JP MORGAN CHASE BANK VANGUARD GROUP INC STATE STREET BANK AN CAPITAL WORLD INVEST ROYAL BAFOKENG THOLO OPPENHEIMERFUNDS INC ALLAN GRAY UNIT TRUS BANK OF NEW YORK (B) STATE STREET BANK AN VANGUARD EMERGING MA DEUTSCHE BANK TRUST NORTHERN TRUST COMPA MOROKOTSO TRUST ROYAL BAFOKENG RESOU JP MORGAN CHASE BANK BONY EUROPE LTD CLIE

Firm Name BMO Capital Markets Credit Suisse Nomura SBG Securities Deutsche Bank CIBC World Markets JPMorgan EVA Dimensions HSBC Morgan Stanley BNP Paribas Cadiz Securities Goldman Sachs Barclays Renaissance Capital

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

Analyst EDWARD STERCK NIHAL SHAH TYLER BRODA JUSTIN FRONEMAN ANNA MULHOLLAND ARNOLD VAN GRAAN STEVE SHEPHERD TEAM COVERAGE COR BOOYSEN CHRISTOPHER NICHOLSON NIC DINHAM EUGENE KING ANDREW BYRNE EMMA TOWNSHEND

Source SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG SJ-REG MF-AGG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG

Recommendation underperform neutral reduce buy buy sector underperform neutral sell overweight Equalwt/Attractive hold sell/attractive overweight buy

Amt Held 63'626'077 56'556'211 39'007'322 32'000'000 30'805'076 23'979'577 22'614'237 21'597'731 18'558'993 14'291'328 14'129'551 13'423'286 11'491'290 10'729'087 10'258'097 9'095'031 9'016'161 8'000'000 7'791'981 7'595'669

% Out 10.07 8.95 6.17 5.07 4.88 3.8 3.58 3.42 2.94 2.26 2.24 2.12 1.82 1.7 1.62 1.44 1.43 1.27 1.23 1.2

Weighting

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

M M M M M M M D M M M M M M

Latest Chg 3'582 (238'022) (397'457) 1'171'928 1'049'332 1'545'000 2'372'173 234'434 347'252 216'920 42'555 (110'930)

Target Price 12'500 15'000 9'000 15'000 17'000 10'000 14'600 #N/A N/A 18'100 15'000 15'000 13'000 14'000 26'000

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

File Dt 28.09.2012 28.09.2012 12.10.2012 28.09.2012 28.09.2012 30.09.2012 28.09.2012 30.06.2012 28.09.2012 30.08.2012 29.06.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012

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

Inst Type n/a n/a Investment Advisor n/a n/a Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a n/a n/a n/a n/a n/a n/a n/a

Date 12.10.2012 12.10.2012 04.10.2012 03.10.2012 02.10.2012 07.09.2012 05.09.2012 31.08.2012 29.08.2012 24.08.2012 24.08.2012 08.08.2012 06.08.2012 17.11.2011