Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket.pdf 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 EM Frontier - Myanmar Basket November 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 LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

12742852

1803.013

1091

201

211

99.14

104.00

13.90

13.25

19.04

Euro Stoxx 50 Pr

EUR

2331094

5359.472

4559

753

768

135.32

297.52

29.55

14.55

13.44

20.44

NIKKEI 225

JPY

2071061

473.3133

225

4.81

6.92

0.29

0.22

0.20

0.14

FTSE 100 INDEX

GBP

2539454

11216.11

9351

1565

1629

674.10

814.44

21.55

19.24

17.83

26.09

SWISS MARKET INDEX

CHF

893722

10231.37

3899

829

792

367.55

515.04

20.27

18.00

14.47

22.59

S&P/TSX COMPOSITE INDEX

CAD

1642777

16530.66

7739

1893

1926

804.44

844.99

15.16

14.43

25.07

S&P/ASX 200 INDEX

AUD

1250323

6140.684

2910

654

699

268.70

346.23

18.00

15.10

13.97

24.17

HANG SENG INDEX

HKD

1599174

3082.558

1448

345

360

251.85

246.17

1.42

1.51

1.45

3.09

MSCI EM

USD

7255536

1370.921

977

181

79.79

87.43

12.42

12.69

11.33

18.68

YOMA STRATEGIC HLDGS LTD

SGD

429.63

7191

647

0.00

0.02

0.43

0.01

0.00

0.01

106.50

44.56

26.21

204.03

84.50

10.34

PTT EXPLOR & PROD PUBLIC CO

THB

17830.15

1938

3320

4.01

0.00

1.40

22.79

5539

6595

6565

7754

3946

4791

1232

0.44

0.58

0.54

0.59

0.30

0.29

0.32

0.30

0.67

0.77

0.67

0.43

2.37

BBB+

17.02.2011

Baa1

28.03.2011

ITALIAN-THAI DEVELOPMENT PCL

THB

564.09

44443

4194

0.79

0.00

0.03

0.07

1.46

1445

1432

1586

1815

-0.01

0.00

1.46

0.93

0.74

-0.01

0.97

0.36

0.18

INTERRA RESOURCES LTD

SGD

137.66

5846

377

0.00

0.01

0.09

0.00

0.02

0.01

9.36

9.42

28.22

54.87

17.18

-0.65

4.82

53.54

EZION HOLDINGS LTD

SGD

1041.51

13740

831

0.13

0.00

0.05

1.11

109

135

291

0.05

0.07

0.06

0.11

11.59

14.62

13.69

7.46

-3.02

38.43

143.93

41.64

THAI AIRWAYS INTERNATIONAL

THB

1553.52

14075

2183

4.65

0.00

0.01

0.56

5.51

6236

6434

6819

7141

605

695

257

-0.01

0.06

0.08

0.36

0.31

0.19

0.06

-1.28

0.07

0.35

THAI UNION FROZEN PROD PUB

THB

2697.58

1199

1016

1.30

0.00

0.09

0.03

3.82

3221

3473

3636

4027

303

336

143

0.16

0.17

0.20

0.44

0.46

0.39

1.24

0.56

3.10

0.67

0.32

CHAROEN POKPHAND FOODS PUB

THB

9100.42

38464

6656

2.27

0.00

0.10

0.79

13.57

6729

10305

10959

12696

635

586

159

0.10

0.07

0.09

0.39

0.53

0.44

0.29

0.81

0.50

0.86

0.19

AMATA CORP PUBLIC CO LTD

THB

532.98

2323

1067

0.24

0.00

0.02

0.05

0.75

122

163

168

216

0.04

0.05

0.43

0.31

0.69

0.37

0.71

0.03

1.22

BANGKOK BANK PUBLIC CO LTD

THB

11124.01

4503

1909

7.02

0.00

0.03

9.90

3763

4135

2854

3143

0.52

0.56

0.65

0.36

0.34

0.29

0.62

0.19

BBB+

01.11.2006

KASIKORNBANK PCL

THB

14259.55

6300

2393

4.48

0.00

0.40

7.97

5057

5765

3430

3853

0.42

0.48

0.57

0.47

0.40

0.34

0.93

0.74

BBB+

06.12.2011

(P)A3

13.09.2012

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

2.03

1.86

1.70

2.03

1.26

1.21

1.17

1.26

9.05

8.56

8.30

9.05

8.56

8.00

7.45

8.56

13.25

11.98

10.71

13.25

2.30

2.49

2.69

2.30

1601.1

16.2%

Euro Stoxx 50 Pr

1.10

1.05

0.99

1.10

0.69

0.68

0.66

0.69

5.06

4.82

4.47

5.06

6.98

6.69

6.33

6.98

10.57

9.71

8.81

10.57

4.31

4.76

5.12

4.31

2735.1

10.6%

NIKKEI 225

1.06

1.00

0.93

1.06

0.48

0.45

0.46

0.48

6.32

5.73

5.45

6.32

10.36

6.14

5.36

10.36

15.78

13.25

10.65

15.78

2.37

2.39

2.73

2.37

9784.9

12.8%

FTSE 100 INDEX

1.60

1.48

1.38

1.60

0.98

0.96

0.93

0.98

7.45

6.81

5.51

7.45

6.89

6.41

6.00

6.89

11.24

10.29

9.40

11.24

4.10

4.33

4.63

4.10

6350.8

10.1%

SWISS MARKET INDEX

2.14

2.00

1.86

2.14

1.81

1.72

1.63

1.81

11.84

10.33

9.12

11.84

12.92

11.92

11.09

12.92

13.72

12.40

11.23

13.72

3.53

3.82

4.21

3.53

7259.5

8.4%

S&P/TSX COMPOSITE INDEX

1.67

1.55

1.44

1.67

1.58

1.47

1.38

1.58

8.53

7.62

7.08

8.53

8.58

7.42

6.82

8.58

14.44

12.52

11.34

14.44

3.05

3.22

3.28

3.05

14249.1

16.8%

S&P/ASX 200 INDEX

1.68

1.59

1.50

1.68

1.59

1.49

1.41

1.59

9.83

8.92

6.68

9.83

8.78

7.73

7.15

8.78

13.39

11.98

11.00

13.39

4.88

5.23

5.62

4.88

4732.3

6.4%

HANG SENG INDEX

1.39

1.28

1.17

1.39

1.91

1.77

1.64

1.91

7.16

6.61

6.30

7.16

8.57

7.78

7.14

8.57

11.23

10.35

9.40

11.23

3.46

3.70

4.03

3.46

23191.6

8.2%

MSCI EM

1.51

1.36

1.24

1.51

1.01

0.94

0.88

1.01

7.14

6.47

5.15

7.14

7.59

6.78

6.20

7.59

11.33

9.93

9.01

11.33

2.89

3.07

3.42

2.89

1138.9

14.9%

8.95

5.58

30.28

10.90

22.04

10.58

54.50

32.06

0.00

0.58

6.4%

1.63

3.29

2.72

2.30

2.21

2.08

7.20

5.68

5.49

5.29

4.81

5.97

4.85

4.19

4.02

12.59

9.95

9.17

9.00

9.24

3.10

3.77

4.22

4.30

6.60

182.02

10.7%

0.40

0.36

0.31

0.28

9.58

16.89

11.23

10.13

9.69

19.81

0.00

0.10

0.51

0.78

4.09

-0.7%

4.95

4.38

4.30

YOMA STRATEGIC HLDGS LTD

1.98

1.88

PTT EXPLOR & PROD PUBLIC CO

2.74

2.20

1.86

1.60

ITALIAN-THAI DEVELOPMENT PCL

2.01

2.20

2.11

1.92

INTERRA RESOURCES LTD

2.39

1.94

1.83

EZION HOLDINGS LTD

3.33

2.32

1.85

1.46

8.98

6.30

2.92

THAI AIRWAYS INTERNATIONAL

0.67

0.70

0.66

0.61

0.25

0.23

0.22

THAI UNION FROZEN PROD PUB

2.92

2.22

2.03

1.85

0.85

0.74

CHAROEN POKPHAND FOODS PUB

3.77

2.75

2.48

2.20

1.33

AMATA CORP PUBLIC CO LTD

2.50

2.24

1.91

1.74

BANGKOK BANK PUBLIC CO LTD

1.39

1.29

1.18

KASIKORNBANK PCL

2.81

2.38

2.01

15.85

9.69

62.13

20.71

19.42

44.78

28.61

19.42

34.52

2.38

13.58

10.36

13.00

8.43

22.98

16.21

7.25

5.67

0.20

2.90

1.91

1.84

1.75

7.94

5.67

5.07

4.57

16.74

9.12

6.50

0.16

0.25

0.49

1.86

24.3%

11.10

9.38

6.61

0.00

2.15

2.47

3.00

25.85

0.67

0.61

19.83

12.84

11.11

9.91

12.54

10.61

9.47

8.56

18.6%

16.18

14.20

12.04

10.92

1.70

3.13

3.94

4.62

86.27

0.83

0.72

0.64

13.67

20.59

11.77

10.02

18.29

16.60

12.32

19.8%

11.01

15.94

16.29

13.56

11.60

3.40

3.38

3.72

4.28

38.82

4.87

3.16

2.47

2.39

18.77

5.51

6.58

16.88

11.19

8.83

7.8%

8.39

22.40

13.24

9.59

8.98

1.84

3.18

4.51

4.68

19.82

29.5%

1.08

4.09

3.90

3.54

3.23

7.33

20.45

16.92

1.73

4.51

4.16

3.70

3.31

9.14

12.53

10.52

14.49

12.13

10.34

8.99

8.03

3.22

3.82

4.35

4.82

225.43

26.3%

8.74

16.63

12.37

10.36

9.14

1.77

1.92

2.33

2.61

217.28

19.1%

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

12.11.2012

Yoma Strategic Holdings Ltd Yoma Strategic Holdings Ltd. develops real estate, sells private residential properties, and designs, constructs and project manages real estate developments in Myanmar and the People's Republic of China.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YOMA SP EQUITY YTD Change YOMA SP EQUITY YTD % CHANGE

03/2012 12/yy 0.59 0.07 7'191'000.00 0.545 -6.84% 686.03% 92.24% 964.3 525.52 0.00 0.0 (0.2) 20.08 528.96

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

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 m-11

31.03.2009 31.03.2010 15 5 5.67x 11.34x (0.4) 0.5 0.00x 111.56x 1.5 0.5 0.47x 85.26x Profitability

LTM-4Q 31.03.2011 11 3.42x (0.0) 0.00x 2.8 13.21x

31.03.2012 39 6.35x 7.5 33.32x 6.0 44.74x

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

8.24 7.58 19.33% 15.90% 0.61% 0.73% 0.93% 0.23% 29.8% 12.6% 11.3% 15.4% 3.51 1.99 0.00% 0.00% 6.78 3.59

Price/ Cash Flow

12/yy 8 21.79x 0.9 48.82x 1 87.41x

j-11

a-11

LTM 12/yy 31 6.72x 4.8 21.07x 8 14.43x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

0.94 441.56 683.36% 213.34% 0.945 2 4.000 11'280'200 23'750'230 22'991'410 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 59 94 7.95x 4.18x 24.0 50.0 22.04x 10.58x 8 17 54.50x 32.06x 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

10.38 10.00 -5.49 0.00 0.0% 0.0% 0.23 0.41 54.00 101.85 115.91 118.55

Sales/Revenue/Turnover

400.00

18.0

350.00

16.0

300.00

14.0 12.0

250.00

10.0

200.00

8.0

150.00

6.0

100.00

4.0

50.00

2.0

0.00 04.04.2008

.0 M a-11 m-11

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

Fiscal Year Ended 31.03.2008 11 6.58x 21.0 3.40x 18.3 3.80x

0.0 04.10.2008

04.04.2009

04.10.2009

04.04.2010

04.10.2010

04.04.2011

04.10.2011

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 |

12.11.2012

Yoma Strategic Holdings Ltd Holdings By:

All

Holder Name PUN SERGE NOBLE GRAND INVESTME

Firm Name

Portfolio Name n/a n/a

Source Co File EXCH

Analyst

Recommendation

Amt Held 263'935'517 26'000'000

% Out 50.02 4.93

Weighting

Change

Latest Chg (16'935'950)

Target Price

#N/A N/A

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

File Dt 17.06.2011 06.01.2010

Date

Inst Type n/a n/a

Date

12.11.2012

PTT Exploration & Production PCL PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

Price/Volume 250

16.0 M 14.0 M

200

12.0 M 10.0 M

150

8.0 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (03.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTTEP TB EQUITY YTD Change PTTEP TB EQUITY YTD % CHANGE

12/2011 12/yy 187.00 147.50 1'938'000.00 164.5 -12.03% 11.53% 43.04% 3'320.0 546'137.63 122'745.22 0.0 0.0 42'799.90 698'005.77

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

4.0 M 2.0 M

0 m-11

.0 M a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 95'047.4 5.63x 67'971.5 7.87x 28'455.4 18.96x

6.0 M

31.12.2008 31.12.2009 138'946.9 119'962.0 2.38x 4.16x 98'153.8 72'289.0 3.38x 6.91x 41'674.8 22'153.6 8.48x 21.97x Profitability

LTM-4Q 31.12.2010 140'655.7 4.09x 100'172.8 5.75x 43'773.8 12.72x

31.12.2011 169'645.8 3.77x 120'864.3 5.29x 44'748.1 12.50x 120'864.31 82'037.25 48.36% 47.04% 12.39% 28.87% 17.61% 0.43% 77.2% 72.6% 51.2% 26.4% 0.87 0.63 27.41% 61.37% 8.76 4.11

Price/ Cash Flow

LTM

FY+1

1.02 1'044.00 6.04% 1.00% 1.023 38 4.079 5'071'860 3'471'223 3'804'472 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 140'655.7 169'645.8 201'079.0 237'491.7 54'748.7 58'598.0 14.94x 14.70x 3.14x 2.50x 100'172.8 120'864.3 144'024.0 166'583.1 37'735.0 39'843.0 5.75x 5.29x 4.85x 4.19x 43'773.8 44'748.1 57'283.3 65'637.7 14'137.2 14'354.0 12.72x 12.50x 9.95x 9.17x 9.58x 9.37x S&P Issuer Ratings Long-Term Rating Date 17.02.2011 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 32.05 (EBITDA-Capex)/Interest Exp. 14.21 Net Debt/EBITDA 1.03 Total Debt/EBITDA 1.18 Reference Total Debt/Equity 61.4% Total Debt/Capital 38.0% Asset Turnover 0.43 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 41.79 Inventory Days 88.96 Accounts Payable Turnover Day 22.07 Cash Conversion Cycle 94.15 Sales/Revenue/Turnover

14.00

180'000.0

12.00

160'000.0 140'000.0

10.00

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 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

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 |

12.11.2012

PTT Exploration & Production PCL Holdings By:

All

Holder Name PTT PCL STATE STREET BANK AN BNP PARIBAS SEC SERV THAI NVDR CO LTD ABERDEEN ASSET MANAG STATE STREET BANK EU BNP PARIBAS SEC SERV SOCIAL SECURITY OFFI VANGUARD GROUP INC BANK OF NEW YORK MEL GOVT OF SINGAPORE IN TMB ASSET MANAGEMENT LAZARD ASSET MANAGEM DANSKE INVEST A/S INVESTEC ASSET MANAG MORGAN STANLEY THRIVENT FINANCIAL F CREDIT SUISSE ASSET AIG INVESTMENT CORP KWANGSUKSTITH CHITRA

Firm Name Asia Plus Securities Sanford C. Bernstein & Co DBS Vickers BNP Paribas Equity Research Credit Suisse IV Global Kim Eng Securities KGI Securities Krungsri Securities UOB Kay Hian JPMorgan CLSA Asia Pacific Markets CIMB Morgan Stanley Capital Nomura Securities KT Zmico Securities Daiwa Securities Capital Markets Co. SCB Securities Co. Ltd. Bualuang Securities Kasikorn Securities EVA Dimensions Goldman Sachs Trinity Securities Co Ltd Phillip Securities Thanachart Securities PCL Country Group Securities PCL Deutsche Bank Globlex Securities Co Ltd Macquarie Citi KTB Securities Thailand Co Ltd Finansia Syrus Securities PCL Standard Chartered Nomura RBS

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

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

Recommendation

NALINRAT KITTIKUMPOLRAT buy NEIL BEVERIDGE market perform NAPHAT CHANTARASEREKUL hold NITHI WANIKPUN buy PAWORAMON SUVARNATEMEE underperform KANNIKA SIAMWALLA buy SUTTHICHAI KUMWORACHAI hold PIYATHIDA VONGVIVATHCHAI outperform CHARNVUT TAECHA-AMORNTANAKIJ trading ATHAPORN ARAYASANTIPARB hold SUKIT CHAWALITAKUL overweight NARONGPAND LISAHAPANYA outperform SUWAT SINSADOK trading buy MAYANK MAHESHWARI Equalwt/In-Line PATCHARIN KARSEMARNUNTANA neutral JAKAPONG CHAWENGSRI sell on strength ADRIAN LOH buy CHAIPAT THANAWATTANO buy THANATTHEP CHANTARAKARN hold TANAPORN VISARUTHAPHONG neutral TEAM COVERAGE buy PATRICK TIAH neutral/neutral VAJIRALUX SANGLERDSILLAPACHAI buy RUTSADA TWEESAENGSAKULTHAI buy YOUSSEF ABBOUD hold MONGKOL PUANGPETRA buy THAPANA PHANICH hold ARTIT JANSAWANG buy TREVOR BUCHINSKI outperform JIMMY B WONG sell PARIN KITCHATORNPITAK buy SONGKLOD WONGCHAI buy YOSSAVEE SUTTIKULPANICH outperform STEWART CALLAGHAN suspended coverage AVIN SONY hold

Amt Held 2'167'500'700 70'150'493 69'183'045 66'918'614 48'623'245 42'840'022 38'780'300 31'938'700 24'262'641 20'491'800 16'895'400 8'679'600 3'700'950 2'787'810 2'526'271 1'677'600 837'100 800'000 800'000 382'000

% Out 65.29 2.11 2.08 2.02 1.46 1.29 1.17 0.96 0.73 0.62 0.51 0.26 0.11 0.08 0.08 0.05 0.03 0.02 0.02 0.01

Weighting

Change

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

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 U M M M M M M

Latest Chg (1'724'000) 398'300 (587'700) 6'400 237'000 -

Target Price 225 200 172 230 169 212 174 212 173 165 206 179 195 170 #N/A N/A 189 216 220 170 180 #N/A N/A 192 209 198 176 190 190 192 199 150 196 200 200 #N/A N/A 180

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

File Dt Inst Type 16.08.2011 Government 16.08.2011 Bank 16.08.2011 Investment Advisor 16.08.2011 Corporation 29.02.2012 Investment Advisor 16.08.2011 n/a 16.08.2011 Investment Advisor 16.08.2011 Unclassified 31.12.2011 Investment Advisor 16.08.2011 Investment Advisor 16.08.2011 Government 29.02.2012 Unclassified 31.01.2012 Investment Advisor 31.01.2012 Unclassified 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.10.2011 Investment Advisor 26.01.2012 Mutual Fund Manager 31.12.2010 Investment Advisor 01.01.2011 n/a

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 16.03.2012 16.03.2012 14.03.2012 13.03.2012 12.03.2012 12.03.2012 09.03.2012 08.03.2012 08.03.2012 08.03.2012 01.03.2012 01.03.2012 29.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 22.02.2012 07.02.2012 02.02.2012 01.02.2012 01.02.2012 25.01.2012 20.01.2012 10.01.2012 06.01.2012 13.12.2011 28.10.2011 27.10.2011 12.09.2011 11.09.2011 19.07.2011

12.11.2012

Italian-Thai Development PCL Italian-Thai Development Public Company Limited involves in construction, project management, and engineering and design of large-scale civil works and infrastructure projects in Thailand and Southeast Asia. The Company's projects include industrial plants, building, pipelines, transportation, airport work, dams, tunnels, steel structures and telecommunications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (09.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITD TB EQUITY YTD Change ITD TB EQUITY YTD % CHANGE

12/2011 12/yy 4.18 3.04 44'443'200.00 4.12 -1.44% 35.53% 94.74% 4'193.7 17'277.95 24'202.05 0.0 827.0 2'173.27 44'872.19

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

700.0 M 600.0 M 500.0 M 400.0 M 300.0 M 200.0 M 100.0 M .0 M a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 45'622.5 1.05x 3'906.4 12.23x 1'010.7 34.38x

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

31.12.2008 31.12.2009 42'854.5 40'296.8 0.68x 0.84x 816.6 1'859.8 35.93x 18.12x (2'655.9) (1'820.9) Profitability

LTM-4Q 31.12.2010 36'076.3 1.13x 1'748.1 23.40x 297.9 66.29x

31.12.2011 44'247.3 0.86x 2'266.7 16.78x (1'698.5) 2'266.72 442.13 1.00% -3.21% -2.50% -15.77% 0.81% 7.1% 5.6% 1.7% -3.8% 1.23 0.50 46.18% 300.44% 4.60 10.09

Price/ Cash Flow

LTM

12/yy 36'073.4 4.21x 1'722.8 23.74x 263.8 68.73x

12/yy 44'247.3 3.48x 2'266.7 16.78x (1'698.5) 0.00x

FY+1

1.26 2'165.80 6.74% 13.81% 1.261 17 2.941 83'001'880 75'527'720 50'386'900 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 48'594.4 55'587.2 11'000.0 0.83x 0.72x 3'996.5 4'430.8 1'086.0 11.23x 10.13x 437.4 597.4 70.5 (121.0) 44.78x 28.61x S&P Issuer Ratings

1.04 0.09 10.97 11.73 300.4% 73.2% 0.81 3.38 79.61 36.28 74.15 48.50

Sales/Revenue/Turnover

35.00

50'000.0 45'000.0

30.00

40'000.0

25.00

35'000.0 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 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

12.11.2012

Italian-Thai Development PCL Holdings By:

All

Holder Name KARNASUTA PREMCHAI CHARANACHITTA NIJAPO STATE STREET BANK AN THAI NVDR CO LTD VINICHBUTR DIREK JURANGKOOL THAVEECHA ROENGPITHYA CHAYAPOR TFB FOR MFC-THAI FUN KARNASUTA PIYACHAI CPK INTERNATIONAL CO KARNASUTA CHAMAIMAS CHARANACHITTA JITRAP CHARANACHITTA WALAIT KARNASUTA PEETI NORTHERN TRUST CORPO KARNASUTA PRATCHAYA GOVT OF SINGAPORE IN PANSAICHUE PRAVIT SAKULCHAIWANICH CHAI PANRATTANAMONGKOL VI

Firm Name SCB Securities Co. Ltd. Capital Nomura Securities IV Global Credit Suisse Trinity Securities Co Ltd Asia Plus Securities DBS Vickers CIMB Bualuang Securities Kasikorn Securities TISCO Securities Co., Ltd Country Group Securities PCL JPMorgan Phillip Securities AIRA SECURITIES Finansia Syrus Securities PCL EVA Dimensions UOB Kay Hian RBS Krungsri Securities Globlex Securities Co Ltd

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

Analyst KANCHAN KHANIJOU RAENOO BHANDASUKDI RATTANA LEENUTAPHONG CHAI TECHAKUMPUCH SURACHAI PRAMUALCHAROENKIT PRASIT RATTANAKIJKAMOL CHANPEN SIRITHANARATTANAKUL KASEM PRUNRATANAMALA CHAIYATORN SRICHAROEN SORAPONG JAKTEERUGKUL SANSANEE SRIJAMJUREE DOME KUNPRAYOONSAWAD MARIA BRENDA SANCHEZ LAPIZ DANAI TUNYAPISITCHAI CHITRADA LEKHRAPHAN WORARAT POWPAKA TEAM COVERAGE KOWIT PONGWINYOO GIFT SRISOMBURANANONT CHATREE SRISMAICHAROEN ARTIT JANSAWANG

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

Recommendation neutral neutral sell underperform trading buy hold fully valued underperform sell underperform hold trading buy underweight sell speculative hold sell buy buy sell trading buy

Amt Held 820'484'470 464'593'640 193'803'532 107'152'509 54'000'000 45'500'000 44'088'000 43'955'900 41'591'750 34'680'000 34'112'150 33'400'000 33'400'000 33'274'790 32'065'500 32'064'000 28'824'400 28'369'400 25'350'000 24'000'000

% Out 19.56 11.08 4.62 2.56 1.29 1.08 1.05 1.05 0.99 0.83 0.81 0.8 0.8 0.79 0.76 0.76 0.69 0.68 0.6 0.57

Weighting

Change

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

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

Latest Chg (12'791'300) -

Target Price 4 #N/A N/A 4 3 5 4 3 3 3 3 4 4 2 4 4 4 #N/A N/A 5 5 6 4

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

File Dt 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 31.12.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011 11.04.2011

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

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

Date 12.03.2012 05.03.2012 05.03.2012 02.03.2012 02.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 29.02.2012 25.01.2012 12.01.2012 27.12.2011 27.12.2011 22.12.2011 30.11.2011 17.11.2011 01.06.2011 24.12.2010 02.08.2010

12.11.2012

Interra Resources Ltd Interra Resources Limited's principal activities are mainly the exploration and extraction of petroleum in Myanmar. The company owns the rights to operate two oil fields in Myanmar.

Price/Volume 0

90.0 M

80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRR SP EQUITY YTD Change ITRR SP EQUITY YTD % CHANGE

12/2011 12/yy 0.46 0.07 5'846'000.00 0.38 -16.48% 450.57% 80.57% 443.1 168.39 0.00 0.0 0.0 11.54 111.26

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

40.0 M

30.0 M

20.0 M

10.0 M

0 m-11

.0 M a-11

m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 15.2 2.21x 4.3 7.87x 2.3 22.10x

50.0 M

31.12.2008 31.12.2009 17.5 12.6 0.15x 1.75x 4.7 3.2 0.57x 6.87x 1.7 1.5 10.02x 24.76x Profitability

LTM-4Q 31.12.2010 14.9 0.67x 4.9 2.01x 1.7 16.38x

31.12.2011 24.8 8.9 2.41x 4.90 1.46 5.89% 43.84% 13.35% 20.87% 0.41% 41.7% 65.5% 51.1% 35.8% 1.71 1.25 0.00% 0.00% 6.60 3.95

Price/ Cash Flow

12/yy 14.9 3.10x 9.4 0.99x 1.7 16.43x

LTM 12/yy 24.8 1.28x 6.3 0.00x 8.9 2.48x

FY+1

1.46 305.35 340.45% 399.48% 1.464 0 7'208'200 14'357'370 13'783'380 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 31.4 32.0 4.1 4.2 34.52x 34.52x S&P Issuer Ratings

-1.33 0.00 0.0% 0.0% 0.41 24.07 55.43 92.60 72.87 90.49

Sales/Revenue/Turnover

18.00

30.0

16.00

25.0

14.00

20.0

12.00 10.00

15.0

8.00

10.0

6.00 4.00

5.0

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

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 |

12.11.2012

Interra Resources Ltd Holdings By:

All

Holder Name FLEUR ENTERPRISES LT ADRC LTD SUMODIKORO SUBIANTO BUCKLER ALLAN CHARLE SARATOGA EQUITY PART TARGETT LUKE CHRISTO ADM GALLEUS FUND I L

Firm Name

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

Source EXCH Co File EXCH EXCH EXCH Co File EXCH

Analyst

Recommendation

Amt Held 51'349'000 38'426'214 35'000'000 3'945'600 1'560'000 40'000 -

% Out 17.38 13.01 11.85 1.34 0.53 0.01 0

Weighting

Change

Latest Chg 12'961'000 5'000'000 (17'961'000)

Target Price

#N/A N/A

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

File Dt 22.07.2011 23.03.2010 22.07.2011 06.02.2012 22.07.2011 19.06.2009 22.07.2011

Date

Inst Type Other Corporation n/a n/a n/a n/a n/a

Date

12.11.2012

Ezion Holdings Ltd Ezion Holdings Limited offers provision of offshore marine logistics and support services, and provides development, ownership, and chartering of strategic offshore assets.

Price/Volume 1

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EZI SP EQUITY YTD Change EZI SP EQUITY YTD % CHANGE

12/2011 12/yy 1.51 0.61 13'740'000.00 1.495 -0.99% 145.08% 98.33% 852.2 1'273.98 157.69 0.0 0.0 58.06 1'362.46

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

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 m-11

.0 M a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 9.0 23.81x (4.1) 2.7 69.77x

120.0 M

31.12.2008 31.12.2009 22.0 50.7 3.57x 7.43x 9.2 19.3 8.51x 19.51x 5.7 11.8 15.20x 30.56x Profitability

LTM-4Q 31.12.2010 111.1 3.88x 40.9 10.54x 38.1 9.75x

31.12.2011 107.0 4.28x 51.4 8.91x 58.1 6.25x 60.16 50.37 47.10% 57.04% 9.44% 18.68% 11.09% 0.18% 51.7% 50.9% 37.4% 54.3% 1.56 1.10 33.52% 58.77% 3.41 196.50

Price/ Cash Flow

12/yy 97.5 18.21x 24.7 17.64x 33.7 11.08x

LTM 12/yy 102.3 16.01x 49.0 9.35x 53.2 6.83x

FY+1

1.35 596.42 145.36% 126.78% 1.349 11 4.636 13'659'000 9'142'933 10'012'280 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 165.3 356.1 8.95x 4.58x 84.1 187.8 16.21x 7.25x 64.2 125.6 16.74x 9.12x S&P Issuer Ratings

22.10 -26.40 4.33 6.22 58.8% 37.0% 0.18 0.30 107.27 1.86 145.59 -93.93

Sales/Revenue/Turnover

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0 30.00

40.0 20.00

20.0

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

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 |

12.11.2012

Ezion Holdings Ltd Holdings By:

All

Holder Name THIAM KENG CHEW FRANKLIN RESOURCES I HAVENPORT ASSET MANA EZRA HOLDINGS LTD LEGG MASON INC LEGG MASON INTERNATI NYLECT HOLDINGS PTE APG ALGEMENE PENSIOE UNIQUE COUNSEL LTD FIRST STATE INVESTME ICON ADVISERS INC ECCLESIASTICAL INSUR LEOK PENG SIM FIRST STATE INVESTME LION GLOBAL INVESTOR VANGUARD GROUP INC CARRET ASSET MANAGEM THEAN EE LIM EZION HOLDINGS LTD TAN KENG SIN

Firm Name DMG & Partners Securities OCBC Investment Research UOB Kay Hian CLSA Asia Pacific Markets CIMB DBS Vickers EVA Dimensions Standard Chartered Kim Eng Securities DNB Markets

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios CARRET ASSET MANAGEM n/a n/a n/a

Analyst JASON SAW LOW PEI HAN NANCY WEI CAROLINE MAES ZHIBIN YEO JEREMY THIA TEAM COVERAGE LEONG WAI MUN ROHAN SUPPIAH KAY LIM

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

Recommendation buy buy buy buy outperform buy hold outperform buy buy

Amt Held 171'020'000 55'899'000 50'625'000 40'000'000 34'838'000 27'949'000 26'072'000 16'818'000 11'780'000 10'000'000 6'241'000 6'000'000 4'000'000 2'424'000 2'127'000 2'101'330 2'044'000 1'200'000 570'000 500'000

% Out 20.57 6.72 6.09 4.81 4.19 3.36 3.14 2.02 1.42 1.2 0.75 0.72 0.48 0.29 0.26 0.25 0.25 0.14 0.07 0.06

Weighting

Change 5 5 5 5 5 5 3 5 5 5

M M M M M M D M M M

Latest Chg 110'000'000 12'801'000 2'701'000 (60'000'000) (3'818'000) (10'000'000) (30'000'000) 177'000 (55'000) -

Target Price 1 1 1 2 1 1 #N/A N/A 1 1 1

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

File Dt 07.03.2012 23.02.2012 06.02.2012 29.02.2012 08.02.2011 31.03.2011 08.06.2009 05.07.2010 18.12.2008 31.10.2011 31.12.2011 31.12.2011 12.02.2009 31.10.2011 31.12.2010 31.12.2011 31.12.2011 21.01.2011 14.03.2011 06.02.2012

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

Inst Type n/a Investment Advisor n/a Corporation Investment Advisor Mutual Fund Manager n/a Pension Fund (ERISA) n/a Investment Advisor Investment Advisor Mutual Fund Manager n/a Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor n/a Corporation n/a

Date 12.03.2012 08.03.2012 08.03.2012 08.03.2012 07.03.2012 06.03.2012 06.03.2012 05.03.2012 23.02.2012 23.02.2012

12.11.2012

Thai Airways International PCL Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific. The Company is a state enterprise which is controlled by the government and partly owned by the public.

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2011 12/yy 27.75 18.80 14'075'300.00 21.8 -21.44% 15.96% 33.52% 2'182.8 47'584.43 142'299.75 0.0 266.3 17'085.03 168'694.06

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

20.0 M

10.0 M

5 0 m-11

.0 M a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 196'909.2 0.94x 27'407.2 6.74x 4'368.4 16.34x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (15.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance THAI TB EQUITY YTD Change THAI TB EQUITY YTD % CHANGE

31.12.2008 31.12.2009 200'118.0 161'602.7 0.76x 1.07x 9'301.8 30'214.0 16.33x 5.73x (21'379.5) 7'343.6 4.31x Profitability

LTM-4Q 31.12.2010 180'588.7 1.19x 30'571.3 7.04x 14'743.6 6.08x

31.12.2011 190'997.2 0.89x 18'543.3 9.12x (10'197.0) 18'543.29 -1'445.78 -0.76% -4.15% -0.29% -1.25% -1.35% 0.70% 49.3% 10.8% 0.5% -5.3% 0.84 0.48 51.85% 225.27% 12.74 13.22

Price/ Cash Flow

LTM

FY+1

1.21 941.26 14.74% 9.00% 1.215 26 3.731 7'630'060 7'711'827 8'841'744 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 180'588.7 190'997.2 208'869.4 218'717.1 51'838.0 51'212.0 4.28x 3.72x 0.92x 0.92x 30'571.3 18'543.3 29'774.1 33'242.8 7'876.5 6'900.0 7.04x 9.12x 5.67x 5.07x 14'743.6 (10'197.0) 4'208.8 5'459.7 1'070.3 1'352.5 5.65x 77.52x 11.10x 9.38x 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

3.28 1.10 5.66 6.54 225.3% 69.2% 0.70 0.98 28.73 27.69 31.25 34.03

Sales/Revenue/Turnover

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0 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

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 |

12.11.2012

Thai Airways International PCL Holdings By:

All

Holder Name FINANCE MINISTRY VAYUPAK FUND I THAI NVDR CO LTD GOVT SAVINGS BANK FU STATE STREET BANK AN BANK OF NEW YORK MEL MORGAN STANLEY SOMERS LTD TMB ASSET MANAGEMENT VANGUARD GROUP INC TD ASSET MANAGEMENT JULIUS BAER MULTICOO PRUDENTIAL FINANCIAL VALIC CO I MESIROW FIN INV MGMT SHINHAN BNP PARIBAS MIGDAL ASSET MANAGEM NORTHWESTERN MUTUAL ING INVESTMENT MANAG WELLS FARGO BANK NAT

Firm Name Kasikorn Securities HSBC EVA Dimensions Kim Eng Securities Phillip Securities Krungsri Securities Capital Nomura Securities CIMB UOB Kay Hian Asia Plus Securities Credit Suisse KGI Securities DBS Vickers OSK (Asia) Securities SCB Securities Co. Ltd. Finansia Syrus Securities PCL Macquarie Morgan Stanley Country Group Securities PCL Thanachart Securities PCL Standard Chartered KT Zmico Securities Goldman Sachs Citi KTB Securities Thailand Co Ltd Deutsche Bank

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 MESIROW FIN INV MGMT Multiple Portfolios Multiple Portfolios NORTHWESTERN MUTUAL Multiple Portfolios Multiple Portfolios

Analyst SOMKIJ ORANCHATCHAWAN MARK CARMERON ROSS WEBB TEAM COVERAGE JAROONPAN WATTANAWONG SIAM TIYANONT SITTIDATH PRASERTRUNGRUANG RAENOO BHANDASUKDI MONCHAI JATURANPINYO K AJITH KAWEE MANITSUPAWONG CHAI TECHAKUMPUCH PHATIPAK NAVAWATANA NALYNE VIRIYASATHIEN AHMAD MAGHFUR USMAN SIRIMA DISSARA AMNART NGOSAWANG DAVID GAMBRILL SOPHIE LOH VARAYU WATTANASIRI SAKSID PHADTHANANARAK TAN WEI LING TERAPATR MATHANUKRAW HINO LAM RIGAN WONG PHONTEP WONGNAK MONCHAI MOKARANURAKSA

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG Sch-D MF-AGG MF-AGG

Recommendation outperform overweight underweight speculative buy buy buy buy neutral sell hold outperform neutral buy sell buy buy neutral Equalwt/In-Line buy sell underperform buy neutral/neutral neutral buy buy

Amt Held 1'113'931'061 330'075'164 99'706'482 52'114'826 44'160'124 29'056'370 17'259'518 13'284'504 5'559'563 3'655'557 516'100 460'630 324'900 302'300 201'612 101'443 80'069 68'900 38'200 37'858

% Out 51.03 15.12 4.57 2.39 2.02 1.33 0.79 0.61 0.25 0.17 0.02 0.02 0.01 0.01 0.01 0 0 0 0 0

Weighting

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

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

Latest Chg 8'375'100 (381'500) (10'943'000) 516'100 180 302'300 201'612 101'443 30'700 (800) 143

Target Price 30 32 #N/A N/A 32 34 35 #N/A N/A 23 23 26 31 30 32 21 29 31 27 18 27 18 16 31 21 19 34 45

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

File Dt Inst Type 16.03.2011 Government 16.03.2011 Investment Advisor 16.03.2011 Corporation 16.03.2011 Unclassified 16.03.2011 Bank 16.03.2011 Investment Advisor 31.12.2011 Investment Advisor 16.03.2011 Other 29.02.2012 Unclassified 31.12.2011 Investment Advisor 30.06.2011 Investment Advisor 31.10.2011 Mutual Fund Manager 30.11.2011 Investment Advisor 30.11.2011 Investment Advisor 31.12.2011 Investment Advisor 30.09.2011 Investment Advisor 30.11.2011 Investment Advisor 30.09.2011 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 19.03.2012 12.03.2012 12.03.2012 09.03.2012 08.03.2012 08.03.2012 05.03.2012 05.03.2012 28.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 27.02.2012 14.02.2012 02.02.2012 25.01.2012 20.01.2012 05.01.2012 25.11.2011 13.11.2011 27.10.2011 15.08.2011 18.04.2011

12.11.2012

Thai Union Frozen Products PCL Thai Union Frozen Products Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process. Additionally, the Company produces fish snack and canned tuna which are marketed locally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2012) 52-Week Low (16.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TUF TB EQUITY YTD Change TUF TB EQUITY YTD % CHANGE

12/2011 12/yy 78.00 51.06 1'199'100.00 72 -7.69% 41.01% 77.73% 1'147.6 82'626.76 39'766.26 0.0 2'651.4 902.52 117'008.32

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

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-11

.0 M a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

Fiscal Year Ended 31.12.2007 55'507.1 0.63x 3'358.6 10.35x 1'823.3 10.82x

31.12.2008 31.12.2009 69'048.1 68'994.5 0.50x 0.58x 3'910.5 5'242.8 8.91x 7.69x 2'200.5 3'343.8 7.69x 7.98x Profitability

LTM-4Q 31.12.2010 71'507.4 1.24x 4'754.2 18.70x 2'873.7 16.41x

31.12.2011 98'670.4 0.99x 9'266.9 10.52x 5'074.5 11.04x 9'266.95 7'486.79 7.59% 6.30% 6.51% 18.80% 13.22% 1.24% 16.6% 9.7% 7.4% 5.1% 1.59 0.48 47.78% 162.86% 9.28 3.24

Price/ Cash Flow

LTM

FY+1

0.72 506.94 41.97% 34.09% 0.723 28 4.607 2'690'600 2'905'167 2'747'289 FY+2

FQ+1

FQ+2

12/yy 71'507.4 3.56x 4'649.3 19.12x 2'873.7 16.48x

12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 98'670.4 111'378.3 123'356.1 25'799.5 28'952.0 3.62x 1.03x 0.91x 9'266.9 11'030.4 12'361.7 4'391.0 3'389.0 10.52x 10.61x 9.47x 5'074.5 5'713.8 6'866.6 1'111.0 1'666.0 11.04x 14.20x 12.04x 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

4.08 2.60 3.05 3.13 162.9% 59.5% 1.24 6.41 39.46 112.82 32.69 114.06

Sales/Revenue/Turnover

140.00

120'000.0

120.00

100'000.0

100.00

80'000.0

80.00

60'000.0 60.00

40'000.0 40.00

20'000.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

12.11.2012

Thai Union Frozen Products PCL Holdings By:

All

Holder Name CHANSIRI KRAISORN MITSUBISHI CORP CHANSIRI THIRAPHONG NIRUTTINANON CHENG CHANSIRI BUSAKORN THAI NVDR CO LTD MERRILL LYNCH INTERN SOCIAL SECURITY OFFI CHANSIRI DISPHOL CHANSIRI PORNAPA HAGOROMO FOODS CORP TIN KING CHAN CHOY YUEN CHU AMERICAN INTERNATION NIRUTTINANON CHINTAN BOONMECHOTE RITTIRON STATE STREET BANK AN BOONMECHOTE PRASERT BANK OF NEW YORK MEL SOMERS LTD

Firm Name Deutsche Bank Kim Eng Securities Bualuang Securities Asia Plus Securities DBS Vickers CIMB Phillip Securities Trinity Securities Co Ltd UOB Kay Hian IV Global Finansia Syrus Securities PCL Kasikorn Securities Credit Suisse Standard Chartered Capital Nomura Securities Macquarie Krungsri Securities AIRA SECURITIES KTB Securities Thailand Co Ltd Thanachart Securities PCL Country Group Securities PCL JPMorgan BNP Paribas Equity Research EVA Dimensions

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

Source EXCH Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst CHALINEE CONGMUANG SUTTATIP PEERASUB PRASIT SUJIRAVORAKUL THIPTAWAT SUWANTAMARONG NALYNE VIRIYASATHIEN JAKKAPUN PORNPUNNARATH NAREE APISAWAITTKAN VAJIRALUX SANGLERDSILLAPACHAI ATHAPORN ARAYASANTIPARB RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET JITIMA RATANATAM KARIM SALAMATIAN NIRGUNAN TIRUCHELVAM PLOENJAI JIRAJARUS BUNLUNG WAIYANONT SITTIDATH PRASERTRUNGRUANG NUTTAPON KUMNOUNPHON PARIN KITCHATORNPITAK AUNGKANA TUNGWIKROMKRAI DOME KUNPRAYOONSAWAD MARIA BRENDA SANCHEZ LAPIZ WANNAPPA ASAVATEVAVITH TEAM COVERAGE

Recommendation buy buy buy buy buy outperform buy buy buy buy buy buy outperform outperform neutral neutral buy buy strong buy buy long-term buy underweight buy sell

Amt Held 85'872'509 72'446'900 55'416'482 47'123'265 36'409'507 31'598'015 31'340'000 27'226'619 24'778'142 22'574'760 18'900'000 18'553'327 18'316'664 15'000'142 14'000'007 13'100'000 12'958'436 12'053'000 10'787'800 10'344'715

% Out 8.98 7.58 5.79 4.93 3.81 3.3 3.28 2.85 2.59 2.36 1.98 1.94 1.92 1.57 1.46 1.37 1.36 1.26 1.13 1.08

Latest Chg -

Weighting

Change

Target Price

5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 5 1 5 1

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

73 80 82 80 81 86 80 75 74 76 75 80 85 81 #N/A N/A 60 77 81 88 80 64 53 65 #N/A N/A

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

File Dt 25.03.2011 31.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 31.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011 25.03.2011

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

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

Date 09.03.2012 09.03.2012 09.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 07.03.2012 06.03.2012 22.02.2012 22.02.2012 10.02.2012 09.02.2012 08.02.2012 31.01.2012 25.01.2012 23.01.2012 16.12.2011 30.11.2011

12.11.2012

Charoen Pokphand Foods PCL Charoen Pokphand Foods Public Company Limited produces a wide range of food products. The Company's products include chicken, pork, shrimp, fish, eggs. and duck.

Price/Volume 40

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

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPF TB EQUITY YTD Change CPF TB EQUITY YTD % CHANGE

12/2011 12/yy 42.25 29.50 38'463'900.00 36 -14.79% 22.03% 50.98% 7'742.9 278'745.91 69'449.23 0.0 2'921.7 24'341.35 415'591.87

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

10 5 0 m-11

a-11 m-11

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-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 134'808.9 0.55x 5'180.9 14.37x 1'275.1 25.56x

31.12.2008 31.12.2009 156'237.6 165'063.0 0.42x 0.70x 8'067.5 16'147.8 8.20x 7.17x 3'128.4 10'190.2 7.23x 7.50x Profitability

LTM-4Q 31.12.2010 189'048.5 1.09x 16'863.9 12.24x 13'562.6 12.11x

31.12.2011 206'099.5 1.30x 19'442.1 13.77x 15'837.0 13.87x 19'442.07 14'702.75 7.13% 9.14% 9.60% 26.20% 14.90% 1.45% 16.3% 5.7% 3.5% 7.7% 1.70 0.87 43.43% 109.20% 16.44 6.80

Price/ Cash Flow

LTM

FY+1

0.87 3'320.89 24.03% 12.76% 0.865 29 4.172 30'530'220 28'043'280 26'841'310 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 189'048.5 206'099.5 335'683.8 388'890.0 92'564.3 107'251.0 3.94x 4.69x 1.11x 0.95x 16'863.9 19'442.1 25'029.1 33'723.6 4'862.0 12.24x 13.77x 16.60x 12.32x 13'562.6 15'837.0 16'552.0 19'674.1 1'326.8 5'894.0 12.11x 13.87x 16.29x 13.56x 12.63x 11.84x 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

7.99 3.76 6.72 7.57 109.2% 51.1% 1.45 4.91 22.26 53.80 19.46 78.64

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

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 |

12.11.2012

Charoen Pokphand Foods PCL Holdings By:

All

Holder Name CHAROEN POKPHAND GRO THAI NVDR CO LTD UBS AG/LONDON BANGKOK AGRO-INDL PR JIRAPUMMIN WALAIPORN STATE STREET BANK AN TIEANWORN PRIN SOCIAL SECURITY OFFI BANGKOK PRODUCES PCL BANGKOK FOOD PRODUCT STATE STREET BANK EU VANGUARD GROUP INC UBS AG/HONG KONG UOB-KAY HIAN PTE LTD SOMERS LTD TMB ASSET MANAGEMENT PRINCIPAL FINANCIAL KANCHANADUL VEERAVAT ARUNANONDCHAI SUNTHO WATCHARANANAN ARUNEE

Firm Name Morgan Stanley Phillip Securities CLSA Asia Pacific Markets Kim Eng Securities Bualuang Securities EVA Dimensions CIMB Trinity Securities Co Ltd Krungsri Securities Standard Chartered Asia Plus Securities Credit Suisse DBS Vickers SCB Securities Co. Ltd. IV Global Finansia Syrus Securities PCL Kasikorn Securities Capital Nomura Securities Macquarie Deutsche Bank KTB Securities Thailand Co Ltd UOB Kay Hian Country Group Securities PCL JPMorgan KT Zmico Securities AIRA SECURITIES Thanachart Securities PCL

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

Analyst DIVYA GANGAHAR KOTHIYAL NAREE APISAWAITTKAN PATTAWAN PHANUSSOPAKUL SUTTATIP PEERASUB PRASIT SUJIRAVORAKUL TEAM COVERAGE JAKKAPUN PORNPUNNARATH VAJIRALUX SANGLERDSILLAPACHAI SITTIDATH PRASERTRUNGRUANG NIRGUNAN TIRUCHELVAM THIPTAWAT SUWANTAMARONG CHAI TECHAKUMPUCH NALYNE VIRIYASATHIEN KANCHAN KHANIJOU RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET JITIMA RATANATAM PLOENJAI JIRAJARUS BUNLUNG WAIYANONT CHALINEE CONGMUANG PARIN KITCHATORNPITAK ATHAPORN ARAYASANTIPARB DOME KUNPRAYOONSAWAD MARIA BRENDA SANCHEZ LAPIZ POLASIT TANPOONKIAT NATTAPON KUMNUALPHON SARACHADA SORNSONG

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

Recommendation Underwt/In-Line accumulate buy buy trading buy hold outperform buy trading underperform buy outperform buy buy buy buy buy neutral outperform buy strong buy buy trading buy overweight buy buy on weakness buy

Amt Held 3'246'891'295 391'234'737 288'490'080 145'684'000 128'100'000 109'275'580 95'400'000 90'827'900 82'885'000 69'110'720 67'736'744 64'889'500 57'250'000 50'295'200 37'823'300 19'153'800 18'784'400 16'915'170 14'748'299 7'639'999

% Out 41.93 5.05 3.73 1.88 1.65 1.41 1.23 1.17 1.07 0.89 0.87 0.84 0.74 0.65 0.49 0.25 0.24 0.22 0.19 0.1

Weighting

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

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

Latest Chg 2'599'400 (1'313'700) 402'600 -

Target Price 34 39 42 39 38 #N/A N/A 48 45 37 29 47 48 42 45 42 42 42 #N/A N/A 43 41 37 40 37 39 40 38 40

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

File Dt 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 25.08.2011 31.12.2011 25.08.2011 25.08.2011 25.08.2011 29.02.2012 31.01.2012 31.12.2009 31.12.2009 31.12.2009

Date 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided 12 month

Inst Type Holding Company Corporation Investment Advisor Other n/a Bank n/a Unclassified Corporation Other n/a Investment Advisor Bank Corporation Other Unclassified Investment Advisor n/a n/a n/a

Date 19.03.2012 15.03.2012 12.03.2012 09.03.2012 09.03.2012 05.03.2012 02.03.2012 02.03.2012 27.02.2012 24.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 22.02.2012 22.02.2012 09.02.2012 02.02.2012 01.02.2012 25.01.2012 17.01.2012 28.12.2011 29.11.2011 28.11.2011

12.11.2012

Amata Corp PCL Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.05.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMATA TB EQUITY YTD Change AMATA TB EQUITY YTD % CHANGE

Price/Volume

12/2011 12/yy 18.30 10.50 2'322'700.00 15.3 -16.39% 45.71% 61.54% 1'067.0 16'325.10 7'234.23 0.0 715.7 1'542.91 22'985.29

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

31.12.2008 31.12.2009 3'858.8 2'035.1 2.52x 6.57x 1'804.8 494.5 5.39x 27.04x 1'192.3 372.3 3.64x 21.00x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M a-11 m-11

LTM-4Q 31.12.2010 3'096.3 6.54x 1'183.2 17.10x 695.9 22.15x

31.12.2011 3'747.9 5.30x 1'441.7 13.77x 932.2 14.48x 1'441.67 1'239.49 33.07% 33.59% 5.93% 17.84% 11.83% 0.25% 49.6% 37.3% 32.3% 24.9% 1.25 0.31 39.93% 120.09% 18.87 0.43

Price/ Cash Flow

12/yy 3'096.3 23.08x 1'183.2 17.10x 695.9 22.15x

j-11

a-11

LTM 12/yy 3'747.9 20.74x 1'441.7 13.77x 932.2 14.48x

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

1.39 544.10 37.68% 23.12% 1.389 21 4.762 4'012'000 5'013'530 5'055'081 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'159.3 6'611.7 1'171.0 4.30x 3.20x 2'054.8 2'604.3 498.0 11.19x 8.83x 1'230.7 1'714.8 320.0 13.24x 9.59x S&P Issuer Ratings

4.92 3.57 3.43 4.45 120.1% 51.8% 0.25 0.63 19.40 858.49 27.43 879.95

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.01.2009

60.0 M

Fiscal Year Ended 31.12.2007 4'314.7 5.24x 1'683.1 13.42x 1'027.2 18.44x

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

12.11.2012

Amata Corp PCL Holdings By:

All

Holder Name KROMADIT VIKROM KROMADIT VITOON THAI NVDR CO LTD ITOCHU MANAGEMENT TH STATE STREET BANK AN YODMANI CHAVALIT STATE STREET BANK EU AMERICAN INTERNATION BANGKOK INSURANCE PC SOMERS LTD CACEIS KOOHRATTANAPISAL SOR SIHANATKATHAKUL MONT EGAT EMPLOYEE RETIRE BOONPRASERT ARICH KOOHRATTANAPISAL SOO SRICHAROENLAMSAM SIR PANUPONG CHALIYA SIHANATKATHAKUL ANUC VANGUARD GROUP INC

Firm Name Kasikorn Securities DBS Vickers Trinity Securities Co Ltd Kim Eng Securities Capital Nomura Securities Asia Plus Securities Phillip Securities Finansia Syrus Securities PCL AIRA SECURITIES Country Group Securities PCL CIMB Bualuang Securities KGI Securities Macquarie Thanachart Securities PCL Krungsri Securities EVA Dimensions SCB Securities Co. Ltd. Citi Deutsche Bank UOB Kay Hian RBS KTB Securities Thailand Co Ltd Globlex Securities Co Ltd

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

Analyst SORAPONG JAKTEERUGKUL CHANPEN SIRITHANARATTANAKUL SURACHAI PRAMUALCHAROENKIT TERMPORN TANTIVIVAT PIYACHAT RATANASUVAN THERDSAK THAVEETEERATHAM DANAI TUNYAPISITCHAI WORARAT POWPAKA CHITRADA LEKHRAPHAN DOME KUNPRAYOONSAWAD WATTAIPUN EKATAKSIN CHAIYATORN SRICHAROEN TAREETIP WONGSAENGPAIBOON PATTI TOMAITRICHITR PHANNARAI TIYAPITTAYARUT CHATREE SRISMAICHAROEN TEAM COVERAGE YUPHARET LIKITSANSUK SUCHART TECHAPOSAI NATHAVUT SHIVARUCHIWONG WANIDA GEISLER DAVID BELLER NARONGSAK SONPUAK ARTIT JANSAWANG

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

Recommendation buy buy buy buy buy buy trading buy buy buy speculative buy outperform buy outperform outperform buy trading underweight buy buy buy sell buy long-term buy buy

Amt Held 263'710'000 62'069'270 59'421'450 50'000'000 45'867'254 38'061'170 21'498'500 16'500'000 13'025'600 11'530'900 9'436'600 9'250'000 8'584'300 7'229'600 6'628'020 6'520'000 6'350'000 6'275'000 5'534'000 2'928'170

% Out 24.72 5.82 5.57 4.69 4.3 3.57 2.01 1.55 1.22 1.08 0.88 0.87 0.8 0.68 0.62 0.61 0.6 0.59 0.52 0.27

Weighting

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

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

Latest Chg 345'300

Target Price 22 20 21 21 #N/A N/A 24 18 22 23 17 25 20 18 21 25 17 #N/A N/A 23 19 18 9 21 20 20

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

File Dt 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 06.05.2011 31.12.2011

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

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

Date 19.03.2012 16.03.2012 14.03.2012 09.03.2012 24.02.2012 22.02.2012 22.02.2012 22.02.2012 22.02.2012 21.02.2012 21.02.2012 21.02.2012 20.02.2012 20.02.2012 14.02.2012 10.02.2012 31.01.2012 27.01.2012 19.01.2012 06.01.2012 15.12.2011 09.11.2011 10.01.2011 28.10.2010

12.11.2012

Bangkok Bank PCL Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBL TB EQUITY YTD Change BBL TB EQUITY YTD % CHANGE

12/2011 12/yy 203.00 136.00 4'503'300.00 178.5 -12.07% 31.25% 63.43% 1'908.8 340'728.47 214'913.94 0.0 871.9 303'361.54 -

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

31.12.2008 31.12.2009 100'765.2 90'690.6 1.00x 0.13x 20'243.0 20'562.0 6.51x 10.77x Profitability

LTM-4Q 31.12.2010 96'966.4 24'593.4 11.41x

31.12.2011 103'242.4 1.99x 27'337.6 10.72x 38.13% 39.64% 1.40% 12.40% 6.55% 0.06% 31.7% 10.20% 88.15% -

Price/ Cash Flow

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-11 m-11

j-11

LTM

12/yy 12/yy 96'506.3 108'228.1 4.35x 8.05x 0.0 0.0 0.00x 0.00x 24'458.0 27'337.6 11.48x 10.71x

a-11

s-11

o-11

n-11

d-11

j-12

f-12

FY+1

1.13 1'224.00 31.99% 19.95% 1.126 36 4.556 5'965'880 6'295'537 5'279'225 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 87'413.2 96'271.1 22'853.0 23'522.0 32'999.8 37'950.6 8'081.5 9'492.5 10.34x 8.99x 9.05x 8.56x S&P Issuer Ratings

01.11.2006 BBB+ STABLE 01.11.2006 A-2 88.1% 46.8% 0.06 3.65 -

Sales/Revenue/Turnover

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 02.01.2009

35.0 M

Fiscal Year Ended 31.12.2007 101'993.5 1.12x 19'217.9 11.72x

200 180 160 140 120 100 80 60 40 20 0 m-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

12.11.2012

Bangkok Bank PCL Holdings By:

All

Holder Name THAI NVDR CO LTD STATE STREET BANK AN THAILAND SECURITIES STATE STREET BANK EU BANK OF NEW YORK MEL MORGAN STANLEY & CO BANGKOK INSURANCE PC ABU DHABI INVESTMENT UOB-KAY HIAN PTE LTD SOCIAL SECURITY OFFI GOVT OF SINGAPORE IN VANGUARD GROUP INC HSBC BANK PLC SOPHONPANICH CHATRI GOVT SAVINGS BANK FU SAWAIPRAPAS & SON CO RBC DEXIA INVESTOR S CHATRIEN HOLDING LTD SELANGOR HOLDINGS IN T ROWE PRICE ASSOCIA

Firm Name KT Zmico Securities Bualuang Securities BNP Paribas Equity Research KGI Securities Trinity Securities Co Ltd CLSA Asia Pacific Markets Kim Eng Securities DBS Vickers Goldman Sachs Nomura Standard Chartered Krungsri Securities Asia Plus Securities HSBC Phillip Securities SCB Securities Co. Ltd. UOB Kay Hian Finansia Syrus Securities PCL Kasikorn Securities KTB Securities Thailand Co Ltd AIRA SECURITIES Deutsche Bank Thanachart Securities PCL IV Global OSK (Asia) Securities JPMorgan Macquarie RBS Globlex Securities Co Ltd Country Group Securities PCL CIMB Daiwa Securities Capital Markets Co. Capital Nomura Securities EVA Dimensions

Portfolio Name 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 n/a Multiple Portfolios

Analyst CHALIE KUEYEN SUWAT BUMRUNGCHARTUDOM WANNAPPA ASAVATEVAVITH THANINEE SATIRAREUNGCHAI NUTTACHART MEKMASIN JAMES MOSS WORAPHON WIROONSRI SUGITTRA KONGKHAJORNKIDSUK MELISSA KUANG ANAND PATHMAKANTHAN KRISHNA GUHA TANADECH RUNGSRITHANANON USANEE LIURUT XIUSHI CAI SASIKORN CHAROENSUWAN KITTIMA SATTAYAPAN THANANCHAI JITTANOON SUNANTA VASAPINYOKUL SIRINATTHA TECHASIRIWAN SARANRAT PANTHACHOTIRAT CHITRADA LEKHRAPHAN PEACH PATHARAVANAKUL SARACHADA SORNSONG SIRIANONT SRIKUREJA KEITH WEE ANNE JIRAJARIYAVECH PASSAKORN LINMANEECHOTE MARCIN SPIEWAK WILASINEE BOONMASUNGSONG CHAIYOT JIWANGKUL MONCHAI JATURANPINYO SRIKANTH VADLAMANI PRAPHARAS NONTHAPIBOON TEAM COVERAGE

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

Recommendation buy buy buy outperform buy buy hold buy Buy/Neutral buy in-line buy buy overweight trading buy buy buy buy outperform hold buy buy buy buy buy neutral outperform buy buy long-term buy neutral outperform buy buy

Amt Held 464'434'206 97'219'656 78'378'582 38'158'772 38'064'646 37'846'675 35'412'030 34'684'100 32'931'250 29'918'800 25'489'300 18'108'238 15'094'859 13'562'778 13'332'200 11'409'700 10'511'281 10'483'110 10'002'847 6'026'300

% Out 24.33 5.09 4.11 2 1.99 1.98 1.86 1.82 1.73 1.57 1.34 0.95 0.79 0.71 0.7 0.6 0.55 0.55 0.52 0.32

Weighting

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

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

Latest Chg 359'600 357'100

Target Price 210 196 190 220 190 210 164 208 220 210 166 196 221 193 201 194 222 202 175 180 189 195 200 197 172 190 177 190 211 184 162 183 189 #N/A N/A

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

File Dt 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 31.12.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 12.09.2011 31.12.2011

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

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

Date 16.03.2012 16.03.2012 14.03.2012 13.03.2012 12.03.2012 12.03.2012 09.03.2012 08.03.2012 28.02.2012 27.02.2012 24.02.2012 24.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 23.02.2012 22.02.2012 21.02.2012 14.02.2012 13.02.2012 07.02.2012 06.02.2012 01.02.2012 30.01.2012 25.01.2012 23.01.2012 20.01.2012 11.01.2012 30.11.2011

12.11.2012

Kasikornbank PCL Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand. The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen, and representative offices in Shanghai, Beijing, and Kunmin.

Price/Volume 180

40.0 M

160

35.0 M

140

30.0 M

120

25.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KBANK TB EQUITY YTD Change KBANK TB EQUITY YTD % CHANGE

12/2011 12/yy 188.00 109.00 6'300'400.00 182.5 -2.93% 67.43% 93.04% 2'393.3 436'770.00 137'354.72 0.0 12'166.7 244'206.30 -

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

15.0 M

60 40

10.0 M

5.0 M

0 m-11

31.12.2008 31.12.2009 82'740.9 83'687.3 0.60x 2.51x 15'333.3 14'732.4 7.02x 13.80x Profitability

LTM-4Q 31.12.2010 120'680.1 2.13x 20'046.7 14.98x

31.12.2011 154'839.0 1.78x 24'225.6 12.06x 31.47% 31.44% 1.62% 18.64% 8.69% 0.09% 19.0% 7.97% 88.73% -

Price/ Cash Flow

j-11

a-11

s-11

o-11

n-11

d-11

j-12

f-12

LTM

FY+1

1.15 1'639.62 58.51% 52.02% 1.148 34 4.765 5'832'740 4'549'624 4'490'172 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 120'106.7 154'874.8 105'057.1 118'005.0 27'146.5 28'507.0 8.95x 7.16x 0.0 0.0 0.00x 0.00x 20'598.5 24'225.6 35'293.4 42'141.5 7'092.0 10'865.0 14.58x 12.06x 12.37x 10.36x 10.81x 10.16x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 28.09.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 88.7% Total Debt/Capital 45.1% Asset Turnover 0.09 Net Fixed Asset Turnover 4.45 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

80.00

180'000.0

70.00

160'000.0

60.00

140'000.0 120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 02.01.2009

.0 M a-11 m-11

Fiscal Year Ended 31.12.2007 74'293.5 2.41x 15'004.9 13.85x

20.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

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 |

12.11.2012

Kasikornbank PCL Holdings By:

All

Holder Name THAI NVDR CO LTD STATE STREET BANK AN STATE STREET BANK EU BANK OF NEW YORK MEL THAILAND SECURITIES SOCIAL SECURITY OFFI GOVT OF SINGAPORE IN T ROWE PRICE ASSOCIA VANGUARD GROUP INC CREDIT SUISSE FIRST TMB ASSET MANAGEMENT LAMSAM BANTHOON LAMSAM BANYONG PRINCIPAL FINANCIAL MACKAY SHIELDS LLC MORGAN STANLEY WILLIAM BLAIR & COMP PACIFIC LIFE INSURAN DIMENSIONAL FUND ADV TRANSAMERICA INVESTM

Firm Name KT Zmico Securities Bualuang Securities BNP Paribas Equity Research Trinity Securities Co Ltd Kim Eng Securities EVA Dimensions DBS Vickers Goldman Sachs Standard Chartered Krungsri Securities HSBC Asia Plus Securities Finansia Syrus Securities PCL CLSA Asia Pacific Markets Deutsche Bank KGI Securities Nomura Thanachart Securities PCL SCB Securities Co. Ltd. IV Global CIMB OSK (Asia) Securities JPMorgan Macquarie RBS AIRA SECURITIES Globlex Securities Co Ltd Country Group Securities PCL Capital Nomura Securities Phillip Securities Daiwa Securities Capital Markets Co. UOB Kay Hian KTB Securities Thailand Co Ltd

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

Analyst CHALIE KUEYEN SUWAT BUMRUNGCHARTUDOM WANNAPPA ASAVATEVAVITH NUTTACHART MEKMASIN WORAPHON WIROONSRI TEAM COVERAGE SUGITTRA KONGKHAJORNKIDSUK MELISSA KUANG KRISHNA GUHA TANADECH RUNGSRITHANANON XIUSHI CAI USANEE LIURUT SUNANTA VASAPINYOKUL TIM TAYLOR PEACH PATHARAVANAKUL THANINEE SATIRAREUNGCHAI ANAND PATHMAKANTHAN SARACHADA SORNSONG KITTIMA SATTAYAPAN SIRIANONT SRIKUREJA MONCHAI JATURANPINYO KEITH WEE ANNE JIRAJARIYAVECH PASSAKORN LINMANEECHOTE MARCIN SPIEWAK CHITRADA LEKHRAPHAN WILASINEE BOONMASUNGSONG CHAIYOT JIWANGKUL PRAPHARAS NONTHAPIBOON SASIKORN CHAROENSUWAN SRIKANTH VADLAMANI THANANCHAI JITTANOON SARANRAT PANTHACHOTIRAT

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

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

Amt Held 596'569'130 246'931'467 113'429'867 55'485'809 36'917'854 29'492'850 23'356'100 22'600'400 21'159'108 12'670'578 6'095'700 4'580'000 3'364'420 3'006'800 2'987'000 2'618'300 1'647'100 1'536'600 1'189'000 813'900

% Out 24.93 10.32 4.74 2.32 1.54 1.23 0.98 0.94 0.88 0.53 0.25 0.19 0.14 0.13 0.12 0.11 0.07 0.06 0.05 0.03

Weighting

Change 5 5 5 5 3 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

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

Latest Chg 5'692'100 898'200 (418'000) (1'029'600) (508'500) 33'700 (1'519'200) 1'523'100 (67'000)

Target Price 167 157 155 164 135 #N/A N/A 167 178 156 143 178 159 150 149 165 176 157 165 157 171 161 177 170 166 163 140 155 141 #N/A N/A 164 165 169 137

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

File Dt 09.09.2011 09.09.2011 09.09.2011 09.09.2011 09.09.2011 09.09.2011 09.09.2011 31.12.2011 31.12.2011 09.09.2011 29.02.2012 31.12.2009 31.12.2009 31.01.2012 31.01.2012 31.12.2011 31.12.2011 31.01.2012 31.07.2011 31.12.2011

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

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

Date 16.03.2012 16.03.2012 14.03.2012 12.03.2012 09.03.2012 09.03.2012 29.02.2012 28.02.2012 24.02.2012 24.02.2012 23.02.2012 22.02.2012 22.02.2012 22.02.2012 21.02.2012 21.02.2012 21.02.2012 21.02.2012 14.02.2012 14.02.2012 13.02.2012 13.02.2012 07.02.2012 06.02.2012 01.02.2012 01.02.2012 30.01.2012 25.01.2012 11.01.2012 11.01.2012 05.12.2011 30.11.2011 01.11.2011