Fundamental Analysis & Recommendations - QMS Advisors MSCI Emerging Markets Top 100 (MXEF Index) 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 QMS Advisors MSCI Emerging Markets Top 100 Companies by Market Caps. October 2013

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

16106085

2122.536

1122

204

220

104.29

110.52

16.83

15.88

18.52

Euro Stoxx 50 Pr

EUR

3157942

6364.757

4791

801

824

238.79

308.28

23.95

21.48

18.55

22.39

NIKKEI 225

JPY

2864320

202.9806

198

6.20

8.08

0.24

0.19

0.12

FTSE 100 INDEX

GBP

3015503

12965.11

10007

1524

1652

541.19

803.75

32.18

25.01

21.67

22.98

SWISS MARKET INDEX

CHF

1163726

11732.39

4236

988

871

458.94

570.23

22.37

19.38

18.00

25.01

S&P/TSX COMPOSITE INDEX

CAD

1745635

17941.43

7392

1854

1973

730.09

807.09

17.03

17.04

15.41

24.00

S&P/ASX 200 INDEX

AUD

1423499

6735.006

2743

584

702

222.38

331.02

22.35

18.47

15.01

21.33

HANG SENG INDEX

HKD

1770074

3608.497

1672

375

393

278.26

270.64

1.38

1.48

1.41

2.97

MSCI EM

USD

7851308

1428.931

998

190

183

85.13

88.62

12.27

12.63

11.79

19.64

SAMSUNG ELECTRONICS CO LTD

KRW

201107

172

131

183.13

133695

143843

0.01

TAIWAN SEMICONDUCTOR MANUFAC

TWD

97882

23058

25924

97.98

17001

CHINA MOBILE LTD

HKD

207816

40374

20100

108.92

72284

77002

79364

83954

TENCENT HOLDINGS LTD

HKD

103178

3089

1853

78.44

5662

6662

7822

GAZPROM OAO

RUB

113128

42588

22976

152.54

149944

157376

CHINA CONSTRUCTION BANK-H

HKD

188761

324065

250011

168

409

92021

95129

IND & COMM BK OF CHINA-H

HKD

225587

244261

349620

294

562

108451

AMERICA MOVIL SAB DE C-SER L

MXN

76586

46230

75841

110.31

HYUNDAI MOTOR CO

KRW

53913

390

209

41.88

ITAU UNIBANCO HOLDING S-PREF

BRL

74831

284

4965

200

NASPERS LTD-N SHS

ZAr

40287

650

395

CNOOC LTD

HKD

88686

91121

44646

PETROBRAS - PETROLEO BRAS-PR

BRL

107262

785

13044

SBERBANK

RUB

70655

21531

BANK OF CHINA LTD-H

HKD

128698

324334

279142

MTN GROUP LTD

ZAr

38756

1917

1861

LUKOIL OAO

RUB

55872

459

BANCO BRADESCO SA-PREF

BRL

66868

VALE SA-PREF

BRL

SASOL LTD

ZAr

CIA DE BEBIDAS DAS AME-PREF

BRL

HON HAI PRECISION INDUSTRY

TWD

33622

23622

PETROCHINA CO LTD-H

HKD

229515

120085

INFOSYS LTD

INR

30999

862

574

PETROBRAS - PETROLEO BRAS

BRL

107262

278

VALE SA

BRL

84089

CHINA LIFE INSURANCE CO-H

HKD

SHINHAN FINANCIAL GROUP LTD

KRW

CHINA PETROLEUM & CHEMICAL-H

26228

29214

110.22

124.83

10244

0.22

0.59

33125

33207

8012

0.83

0.84

0.81

0.78

1.25

1.29

1.34

10318

2266

2446

693

0.88

1.01

1.15

1.45

5.54

4.90

161583

161083

50988

58436

1.65

1.48

1.38

0.09

65600

71746

0.10

0.11

0.12

0.72

113468

75809

83779

0.09

0.10

0.73

59985

60139

60695

61802

20192

19872

4995

0.09

0.10

0.93

40867

39560

40276

42144

5635

4931

17.49

0.01

59775

55942

34700

37998

1.16

1.24

1.37

1.56

5.68

41.84

5140

6317

7393

710

1.71

1.76

2.83

3.65

73.36

31940

34617

35482

37988

15182

16781

7908

0.18

0.19

188.54

128860

134347

140519

149734

24344

27209

8509

0.74

0.96

43588

49533

35046

38887

289

407

79853

81333

51750

57068

40.89

13821

13700

13979

15190

5886

5773

3111

755

1.97

3661

3710

4225

4211

594

604

164

619

4199

141

45999

74533

30077

32476

84089

1816

5153

109.86

42824

43592

47294

49506

15738

33224

687

677

33.30

18542

19695

19900

5958

123555

3127

123.08

14760

15317

16068

17930

13018

36.39

109476

183021

248.02

283158

274578

295949

307936

42519

26.85

6552

7324

8079

9152

1874

1931

544

13044

188.54

128860

134347

140519

149734

24344

27209

8509

5153

109.86

42824

43592

47294

49506

15738

16450

66269

26089

28265

47909

52893

55578

60316

20586

1231

474

27.42

940

HKD

85321

69563

112866

111.38

352593

361424

363931

HOUSING DEVELOPMENT FINANCE

INR

20485

2118

1546

49.31

5842

POSCO

KRW

26416

184

32.42

33768

RELIANCE INDUSTRIES LTD

INR

47041

2312

2936

53.87

64469

67347

69553

SAMSUNG ELECTRONICS-PREF

KRW

20905

2.93

133695

143843

216759

233254

FOMENTO ECONOMICO MEXICA-UBD

MXN

31877

3024

3578

37.19

18444

18680

19743

22034

HYUNDAI MOBIS CO LTD

KRW

26590

224

23.93

15969

NAVER CORP

KRW

19287

351

19.02

HDFC BANK LIMITED

INR

25632

3531

2379

BRF SA

BRL

22375

870

SK HYNIX INC

KRW

21854

5848

698

GRUPO TELEVISA SAB-SER CPO

MXN

17405

3178

2395

STANDARD BANK GROUP LTD

ZAr

20661

1089

1606

MAGNIT OJSC-SPON GDR REGS

USD

30780

407

TATA CONSULTANCY SVCS LTD

INR

65550

1340

1957

63.89

MEDIATEK INC

TWD

18173

6236

1342

GRUPO FINANCIERO BANORTE-O

MXN

17783

6203

2326

KIA MOTORS CORPORATION

KRW

24448

1078

405

KB FINANCIAL GROUP INC

KRW

15144

2067

386

WALMART DE MEXICO-SER V

MXN

46308

10172

17722

PING AN INSURANCE GROUP CO-H

HKD

51407

16789

7916

LG CHEM LTD

KRW

19012

254

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

0.02

0.04

0.02

A+

08.08.2013

0.66

0.38

0.83

0.35

2.05

A+

20.04.2010

0.79

1.18

-0.02

0.70

5.56

AA-

16.12.2010

03.11.2005

3.86

6.97

7.21

4.07

7.46

4.73

A-

24.06.2013

Baa1

14.11.2011

0.10

0.11

0.09

0.35

-0.56

0.40

1.17

BBB

29.11.2006

Baa1

03.04.2009

0.70

0.66

3.09

1.82

29.11.2011

0.72

0.67

2.50

1.76

28.08.2012

0.91

0.86

1.28

1.55

0.38

1.21

2.56

A-

22.10.2013

0.00

0.01

BBB+

20.03.2012

11.08.2010

5.70

5.15

4.50

0.23

14.71

BBB

30.04.2008

(P)Baa2

03.10.2013

5.62

5.79

3.50

2.71

2.79

2.37

-0.33

0.69

1.41

0.19

1.05

1.08

1.05

0.36

3.21

-0.15

2.46

6.25

AA-

16.12.2010

0.92

1.03

4.08

4.24

3.78

6.98

3.25

-6.26

0.11

9.27

BBB

17.11.2011

0.50

0.51

0.56

0.21

0.20

0.19

0.97

0.68

Baa1

05.07.2013

0.06

0.07

0.67

0.63

2.63

1.78

29.11.2011

1.13

1.23

1.35

1.53

1.71

1.70

1.56

1.38

1.11

0.77

1.01

1.26

4.31

164

0.45

0.43

0.42

0.14

0.15

0.16

0.14

0.24

-0.07

0.13

0.51

BBB

15.04.2013

1.44

1.29

1.35

1.51

5.33

5.09

4.56

0.81

5.74

BBB

30.04.2008

Baa1

20.06.2011

16450

5541

1.97

0.41

2.16

16.38

4.50

3.14

-3.82

20.77

-18.21

1.28

17.28

A-

23.11.2011

Baa2

29.08.2008

5958

5737

5.31

5.38

5.08

4.86

0.97

0.99

1.03

1.08

0.71

0.69

2.18

0.87

3.29

7157

7373

1874

1.54

1.53

1.64

1.90

11.78

11.82

11.01

9.53

8.62

4.52

8.57

7.84

22.05

05.07.2012

27.04.2010

1858

0.24

0.25

0.27

0.35

0.32

0.55

0.71

1.12

0.16

0.06

A-

09.11.2007

0.08

0.09

0.10

1.38

1.29

1.20

1.23

2.22

0.25

0.53

544

2.68

2.71

2.95

3.43

0.32

0.30

0.26

0.32

0.30

0.12

0.28

0.43

BBB+

07.05.2010

8509

0.74

0.96

0.92

1.03

3.84

3.99

3.55

6.98

3.25

-6.26

0.11

9.27

BBB

17.11.2011

5541

1.97

0.41

2.16

17.91

4.92

3.44

3.43

-3.82

20.77

-18.21

1.28

17.28

A-

23.11.2011

Baa2

29.08.2008

0.13

0.16

3.27

2.07

1.69

0.04

0.05

0.08

881

0.98

376013

21870

23329

0.07

0.08

1.01

1.02

5467

6467

3549

0.71

0.58

0.70

0.30

29557

30931

4422

897

30.64

21.51

28.00

0.01

5420

1.15

1.16

1.33

26228

29214

167.31

176.15

2873

2938

802

0.44

0.42

15969

2373

22.10

22.30

34.39

1431

668

17.20

16.86

6981

0.47

0.58

25.67

13060

13772

14586

16273

1068

1357

439

0.43

0.64

25.04

9470

11005

13231

15615

1544

3183

-0.64

1.24

20.64

5363

5474

5680

6035

2060

2166

576

0.28

12835

13192

7786

8541

0.91

14430

18429

22996

1488

836

10227

11603

13213

15426

2929

3427

1015

17.20

2159

4364

5364

280

253

39.90

7542

8226

4172

4732

3568

3739

23.02

26518

39603

28240

2255

15.17

657

615

45.71

32354

32891

33997

37120

3157

3226

207

95.70

44053

47301

52434

59974

19.37

19355

19258

2284

2359

14.07.2005

12.08.2013

0.04

3.12

AA-

16.12.2010

-0.05

-0.01

-0.05

-0.02

0.09

0.94

1.41

2.46

-0.11

0.76

0.83

A+

16.12.2010

0.37

0.30

0.31

0.59

0.36

0.99

0.01

-0.01

0.01

-0.02

0.00

0.01

BBB+

22.10.2012

Baa1

24.10.2012

0.21

0.20

0.18

0.17

0.39

-0.08

0.14

BBB+

29.05.2013

Baa2

07.02.2006

0.01

0.00

0.02

0.04

0.02

A+

08.08.2013

14.07.2005

0.49

1.63

1.74

1.48

1.41

0.86

1.63

0.49

1.22

BBB+

24.04.2013

37.62

0.01

0.02

0.01

BBB+

20.03.2012

0.03

0.01

0.00

0.01

0.04

0.73

0.37

0.30

0.24

0.42

0.48

BBB-

17.01.2008

Baa2

30.04.2012

0.87

1.21

18.28

18.29

13.46

9.70

5.01

12.14

-8.68

11.61

4.51

BBB-

04.04.2012

Baa3

31.05.2012

3.75

4.79

0.02

0.01

0.00

0.02

-0.03

0.00

0.03

22.02.2013

27.06.2012

0.25

0.22

0.24

1.86

1.89

2.16

1.95

0.83

0.74

0.98

0.66

3.06

BBB+

02.10.2007

Baa1

02.05.2007

1.04

1.06

1.20

1.25

1.33

1.23

1.09

1.67

0.54

2.11

2.57

30.79

25.32

26.32

32.81

66.06

46.99

10.31

08.04.2013

1.15

1.30

1.51

1.79

0.42

0.36

0.30

0.47

0.41

0.40

0.42

0.48

BBB+

07.05.2010

0.42

0.43

0.64

0.81

1.06

0.72

0.56

0.61

0.07

0.81

-0.83

0.44

0.40

0.48

1.23

1.02

1.27

1.26

1.68

0.57

3.52

4.96

5.00

9.28

9.82

0.01

0.00

0.01

-0.01

0.03

0.01

BBB+

20.03.2012

17.01.2008

1.58

0.02

2.34

0.09

742

0.10

0.11

0.12

1.96

1.88

1.67

0.75

0.94

0.70

0.99

0.76

0.33

0.39

0.46

0.54

1.93

1.64

1.40

3.26

3.41

18.52

18.23

0.01

0.00

0.01

-0.02

0.02

0.01

A-

24.11.2010

Q.M.S Advisors | 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

16106085

2122.536

1122

204

220

104.29

110.52

16.83

15.88

18.52

Euro Stoxx 50 Pr

EUR

3157942

6364.757

4791

801

824

238.79

308.28

23.95

21.48

18.55

22.39

NIKKEI 225

JPY

2864320

202.9806

198

6.20

8.08

0.24

0.19

0.12

FTSE 100 INDEX

GBP

3015503

12965.11

10007

1524

1652

541.19

803.75

32.18

25.01

21.67

22.98

SWISS MARKET INDEX

CHF

1163726

11732.39

4236

988

871

458.94

570.23

22.37

19.38

18.00

25.01

S&P/TSX COMPOSITE INDEX

CAD

1745635

17941.43

7392

1854

1973

730.09

807.09

17.03

17.04

15.41

24.00

S&P/ASX 200 INDEX

AUD

1423499

6735.006

2743

584

702

222.38

331.02

22.35

18.47

15.01

21.33

HANG SENG INDEX

HKD

1770074

3608.497

1672

375

393

278.26

270.64

1.38

1.48

1.41

2.97

MSCI EM

USD

7851308

1428.931

998

190

183

85.13

88.62

12.27

12.63

11.79

19.64

CHINA OVERSEAS LAND & INVEST

HKD

24930

8330

9221

10649

12950

2981

3111

0.30

0.34

0.31

0.37

1.17

1.26

1.07

3.33

3.25

2.77

3.59

4.35

BBB+

22.04.2013

NOVATEK OAO-SPONS GDR REG S

USD

42660

134

132

210973

250050

302912

358053

97218

105949

31137

293.99

338.98

15.18

13.17

19.83

9.34

27.23

42.37

BBB-

19.11.2010

BANK CENTRAL ASIA TBK PT

IDR

23746

13272

24456

3228

3431

3012

3519

0.05

0.06

0.00

11.07.2006

ASTRA INTERNATIONAL TBK PT

IDR

24880

13675

40484

17249

17099

17951

19961

2438

2283

0.04

0.05

0.00

BBB-

11.05.2011

FIRSTRAND LTD

ZAr

20323

2483

5573

5762

6284

6938

0.27

0.28

0.31

0.35

1.30

1.37

1.19

1.06

-2.09

-0.71

BBB-

16.10.2012

MALAYAN BANKING BHD

MYR

27440

9056

8440

7215

7578

5768

6271

0.21

0.23

0.24

4.34

4.32

4.07

7.86

3.72

A-

11.07.2005

ECOPETROL SA

COP

99198

6049

41117

104.42

36629

36525

36449

36943

15705

14903

4222

0.18

0.19

0.18

0.01

0.00

0.01

0.02

BBB

24.04.2013

Baa2

13.07.2009

CHUNGHWA TELECOM CO LTD

TWD

24352

14977

7757

22.49

6494

7735

6655

2659

0.18

0.17

0.63

0.62

-0.03

-0.20

-0.17

30.12.2010

GRUPO MEXICO SAB DE CV-SER B

MXN

25263

10089

7785

2.24

788

742

752

817

364

319

0.02

1.02

1.03

0.98

-0.21

0.95

-0.74

0.07

3.33

ITAUSA-INVESTIMENTOS ITAU-PR

BRL

24170

266

5373

25.96

2589

2561

2486

2916

-5236

-3898

0.39

0.40

0.44

0.52

4.87

4.38

3.76

5.03

-4.64

-102.54

-69.70

Baa2

27.06.2012

ITC LTD

INR

43936

5058

7902

42.55

5086

5891

6894

1813

0.16

0.18

0.22

0.57

0.58

0.49

0.41

0.32

0.27

0.33

0.32

0.58

MOBILE TELESYSTEMS-SP ADR

USD

24714

1617

1989

29.86

12436

12439

12636

13247

4898

5501

1289

1.21

2.12

2.23

19.71

11.29

10.72

0.95

5.38

-5.13

0.08

44.23

BB+

25.07.2013

FORMOSA PLASTICS CORP

TWD

17233

3413

6366

18.09

5885

6616

7199

461

0.08

0.12

0.14

1.18

0.78

0.64

-0.26

0.06

-2.00

-0.47

0.27

BBB+

30.12.2010

CEMEX SAB-CPO

MXN

12224

33537

11374

29.09

15249

14846

15589

16656

2661

2053

789

-0.08

-0.10

-0.04

0.01

11.21

0.29

-0.36

1.25

-0.56

1.07

B+

26.09.2013

19.10.2006

NAN YA PLASTICS CORP

TWD

17694

2620

7931

20.12

6225

6426

6384

554

0.02

0.10

0.11

4.19

0.75

0.67

-0.19

-0.05

-1.51

-0.62

0.30

BBB+

30.12.2010

CATHAY FINANCIAL HOLDING CO

TWD

17398

22541

10300

17.60

1050

0.10

0.09

0.52

0.60

0.59

BBB+

29.04.2009

PKO BANK POLSKI SA

PLN

16068

993

1250

5844

5580

3430

3796

0.99

0.88

0.81

0.96

4.83

4.89

5.24

4.40

2.94

1.20

A-

20.09.2013

18.06.2009

BM&FBOVESPA SA

BRL

11806

1932

10.65

946

981

1033

1114

639

671

177

0.25

0.26

0.36

0.40

10.35

10.39

7.51

6.84

3.85

-0.33

9.14

31.33

BBB+

21.06.2010

Baa1

20.06.2011

CHINA STEEL CORP

TWD

13535

13920

15112

16.95

7047

8083

8722

695

242

0.01

0.03

0.04

3.00

0.91

0.78

-0.47

-0.09

-1.14

-0.66

0.34

SANLAM LTD

ZAr

11494

2960

1936

10.66

9080

9461

3883

4232

0.36

0.34

0.36

1.55

1.63

1.55

6.44

5.04

CIELO SA

BRL

23537

785

24.40

2486

2792

3214

3528

1412

1531

475

1.35

1.39

1.57

1.77

9.89

9.90

8.72

7.74

13.26

13.31

25.11

Baa2

01.11.2012

CIMB GROUP HOLDINGS BHD

MYR

18416

11190

7433

6008

6162

4552

5015

0.20

0.19

0.21

3.86

3.84

4.01

3.62

2.92

2.56

BBB-

10.09.2008

CHINA SHENHUA ENERGY CO-H

HKD

56101

20715

19890

52.56

32280

33022

32324

33652

11352

11321

2126

0.32

0.30

0.29

1.04

1.03

1.10

2.53

2.89

0.48

2.09

4.42

HYUNDAI HEAVY INDUSTRIES

KRW

19249

428

24.42

23722

1712

12.58

17.07

0.01

0.02

0.00

0.01

-0.04

0.00

0.01

HANA FINANCIAL GROUP

KRW

11034

10516

241

14.40

-25

-0.79

-0.09

0.02

-0.09

TATNEFT-CLS

RUB

14837

2123

15.71

13977

BANCO BRADESCO S.A.

BRL

66868

4199

141

TELEKOMUNIKASI INDONESIA PER

IDR

20804

113434

95745

AGRICULTURAL BANK OF CHINA-H

HKD

135019

112548

324794

167

400

ROSNEFT OAO

RUB

86274

9238

TURKIYE GARANTI BANKASI

TRY

17581

32589

4197

CREDICORP LTD

USD

11160

236

FUBON FINANCIAL HOLDING CO

TWD

14531

26171

9041

DELTA ELECTRONICS INC

TWD

12218

3980

2421

TENAGA NASIONAL BHD

MYR

16676

15351

5502

CHINA PACIFIC INSURANCE GR-H

HKD

27457

6695

9062

ADVANCED INFO SERVICE-NVDR

THB

24784

1112

WANT WANT CHINA HOLDINGS LTD

HKD

19410

6792

UNI-PRESIDENT ENTERPRISES CO

TWD

9711

CHINA MERCHANTS BANK-H

HKD

SK INNOVATION CO LTD

20927

8173

27.14

30.89

45999

17686

17307

3822

1200

0.88

1.00

0.97

0.24

0.21

0.22

-0.88

-0.02

0.56

0.34

25.08.2006

30077

32476

1.44

1.29

1.35

1.51

5.96

5.69

5.10

0.81

5.74

BBB

30.04.2008

Baa1

20.06.2011 -

7076

7392

7633

8141

3647

3756

1015

0.01

0.00

15.10.2008

84164

88170

60678

67226

0.06

0.07

0.76

0.72

0.67

2.46

17.12.2012

3091

3591

4194

4513

586

698

288

0.04

0.20

0.21

0.40

0.74

-0.33

0.32

0.61

BBB

16.04.2013

20.11.2006

8957

9239

5567

6105

0.45

0.44

0.47

4.70

4.77

4.47

7.29

99.68

BB+

05.04.2013

Baa2

03.07.2012

4136

4341

3056

3471

9.90

8.32

11.41

16.82

12.26

27.26

13.49

15.14

544

1230

533

0.06

0.12

0.82

0.83

0.42

0.41

3.33

BBB+

16.12.2008

12.56

1234

5916

6512

0.22

0.24

0.28

0.71

0.70

0.61

0.37

-0.15

0.28

0.01

0.24

21.56

11317

11669

11709

12264

3297

3348

0.17

0.31

0.23

0.24

3.01

2.98

3.99

3.82

3.53

2.78

26.03

1.36

9.06

BBB+

10.12.2009

9.18

21559

23876

26924

0.08

0.14

0.17

4.70

4.72

2.52

2.12

0.97

2.80

4539

4662

4794

5174

1971

2003

501

0.42

0.49

0.64

0.54

0.38

0.17

0.26

0.23

1.38

A-

24.10.2005

13228

2.44

433

462

512

605

104

117

0.01

3.97

3.71

3.21

1.80

2.58

4.67

3.22

3.26

3765

5154

10.59

1593

1650

1737

0.08

0.09

0.10

0.77

0.73

0.67

-0.33

0.00

0.11

-0.01

0.21

45058

18402

22080

124

22818

24103

16762

19126

0.26

0.28

0.27

0.29

0.69

0.72

0.68

3.08

2.63

BBB+

06.12.2011

KRW

13526

482

13.42

2225

1311

9.69

12.01

17.31

0.01

0.05

0.03

0.12

0.01

0.06

BBB

12.03.2008

Baa2

03.05.2013

ULTRAPAR PARTICIPACOES SA

BRL

15003

536

17.11

24693

26229

1102

1214

346

0.86

0.96

0.99

1.15

13.20

13.25

12.72

11.01

4.95

7.92

8.41

11.58

2.12

BBB

27.11.2012

REMGRO LTD

ZAr

10574

278

513

10.85

1682

2153

2340

141

0.81

0.87

1.37

1.58

2.40

2.60

1.53

1.33

2.20

1.32

-4.86

-0.09

0.37

SHOPRITE HOLDINGS LTD

ZAr

10477

959

535

10.28

9487

10747

12205

703

784

0.69

0.79

0.92

2.72

2.39

2.05

1.24

1.40

1.72

1.91

0.76

BIDVEST GROUP LTD

ZAr

8713

289

314

9.49

15692

17068

18215

987

1090

1.63

1.60

1.78

1.97

1.70

1.67

1.53

1.38

1.52

0.72

0.99

0.73

0.64

ALFA S.A.B.-A

MXN

13572

10672

5200

17.27

15492

15574

15452

16147

1878

1716

466

0.13

0.10

0.11

0.15

2.13

1.82

1.39

0.73

1.03

1.85

1.39

0.85

FORMOSA CHEMICALS & FIBRE

TWD

16545

4354

5843

18.59

9796

12157

12519

423

0.04

0.13

0.14

2.33

0.73

0.68

0.09

0.30

-2.08

-0.57

0.15

BBB+

30.12.2010

SIAM COMMERCIAL BANK P-NVDR

THB

17411

751

4766

5861

3857

4287

0.47

0.53

0.35

0.31

0.10

0.62

BBB+

23.12.2010

(P)A3

27.04.2011

PTT PCL-NVDR

THB

29396

673

89575

89402

90344

95451

6800

6927

1588

1.21

1.31

0.27

0.25

0.48

0.18

0.13

0.24

0.25

BBB+

15.04.2009

Baa1

21.02.2011

HENGAN INTL GROUP CO LTD

HKD

14453

1577

2389

2566

2820

3388

655

712

392

0.37

0.39

0.41

0.50

3.85

3.66

3.05

1.11

2.96

5.51

3.64

3.58

1229

22.72

74533

0.18

4.62

14.43

27869

30216

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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.45

2.25

2.09

2.45

1.56

1.50

1.43

1.56

11.40

11.00

10.80

11.40

9.66

8.88

8.30

9.66

15.88

14.29

12.91

15.88

2.02

2.20

2.23

2.02

1869.5

6.5%

Euro Stoxx 50 Pr

1.36

1.29

1.22

1.36

0.87

0.85

0.82

0.87

6.82

6.29

5.80

6.82

7.73

7.36

6.96

7.73

13.48

12.10

10.84

13.48

3.77

3.96

4.31

3.77

3080.6

2.0%

NIKKEI 225

1.55

1.45

1.36

1.55

0.75

0.72

0.70

0.75

8.99

8.38

7.80

8.99

9.03

8.26

7.75

9.03

18.32

16.27

14.60

18.32

1.62

1.77

1.91

1.62

15324.7

6.2%

FTSE 100 INDEX

1.86

1.73

1.60

1.86

1.08

1.04

1.01

1.08

9.03

8.21

7.47

9.03

7.85

7.19

6.75

7.85

13.41

12.22

11.21

13.41

3.67

3.98

4.32

3.67

7099.2

6.4%

SWISS MARKET INDEX

2.57

2.38

2.23

2.57

2.17

2.08

1.98

2.17

13.78

12.33

10.98

13.78

13.48

12.50

11.67

13.48

16.10

14.61

13.25

16.10

3.08

3.42

3.86

3.08

8734.6

6.4%

S&P/TSX COMPOSITE INDEX

1.80

1.69

1.56

1.80

1.74

1.60

1.56

1.74

9.14

8.27

7.50

9.14

9.10

8.08

7.47

9.10

15.90

14.05

12.80

15.90

3.02

3.14

3.30

3.02

14370.5

8.5%

S&P/ASX 200 INDEX

1.97

1.88

1.78

1.97

1.88

1.76

1.69

1.88

11.40

10.38

9.73

11.40

9.60

8.78

8.21

9.60

15.59

14.14

13.10

15.59

4.40

4.70

5.08

4.40

5431.0

1.4%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.77

1.65

1.53

1.77

8.05

7.70

7.15

8.05

9.19

8.41

7.69

9.19

10.96

10.18

9.26

10.96

3.53

3.79

4.17

3.53

25454.2

10.7%

MSCI EM

1.52

1.39

1.27

1.52

1.05

0.98

0.92

1.05

7.66

6.99

6.45

7.66

7.80

7.09

6.62

7.80

11.79

10.52

9.63

11.79

2.71

2.94

3.21

2.71

1151.4

10.2%

0.52

0.64

0.74

0.78

0.67

1815238.13

25.9%

2.70

2.69

2.70

2.74

123.05

10.9% 11.3%

SAMSUNG ELECTRONICS CO LTD TAIWAN SEMICONDUCTOR MANUFAC

17.64

CHINA MOBILE LTD

1.76

1.59

1.47

1.38

1.25

2.25

2.05

1.94

1.83

1.47

5.58

5.25

5.22

5.05

4.76

3.34

3.32

3.28

3.18

2.83

10.05

10.00

10.39

10.29

8.48

4.34

4.40

4.26

4.30

4.61

89.22

TENCENT HOLDINGS LTD

15.20

11.22

8.45

6.46

9.92

14.31

10.35

7.85

6.21

4.86

37.54

29.07

23.14

19.62

24.10

33.37

27.89

22.53

17.90

16.90

47.87

37.99

29.95

23.85

24.17

0.22

0.29

0.37

0.46

0.25

423.70

-1.5%

GAZPROM OAO

0.44

0.38

0.36

0.37

0.35

0.77

0.70

0.69

0.66

2.48

2.31

2.48

2.62

2.22

2.89

2.74

2.90

3.02

2.92

3.06

3.22

3.46

3.88

3.20

4.93

5.00

5.67

6.06

7.01

204.81

34.9%

CHINA CONSTRUCTION BANK-H

1.22

1.06

0.94

0.82

2.52

2.26

2.06

1.86

4.01

5.42

5.62

5.69

5.97

5.45

5.08

4.69

5.80

6.27

6.73

7.38

7.51

28.0%

IND & COMM BK OF CHINA-H

1.30

1.12

0.98

0.87

2.58

2.34

2.11

1.92

4.27

5.31

5.60

6.24

5.61

5.23

4.82

5.62

6.13

6.56

7.26

6.46

22.3%

AMERICA MOVIL SAB DE C-SER L

3.27

4.71

3.88

3.47

1.30

1.26

1.24

1.21

5.32

6.81

6.37

6.55

10.57

11.70

11.10

10.80

1.53

1.30

1.34

1.46

0.72

14.84

7.0%

HYUNDAI MOTOR CO

1.73

1.28

1.34

1.28

0.73

0.74

0.77

0.82

0.77

298617.66

15.5%

ITAU UNIBANCO HOLDING S-PREF

2.08

2.07

1.82

1.61

2.07

2.16

1.97

1.79

1.82

11.94

11.30

9.93

8.90

9.8%

NASPERS LTD-N SHS

7.07

6.11

5.27

4.54

8.04

6.38

5.45

4.66

3.94

44.55

57.48

44.93

33.65

CNOOC LTD

1.73

1.51

1.33

1.20

2.25

1.96

1.83

1.72

1.79

5.57

4.64

4.68

4.46

PETROBRAS - PETROLEO BRAS-PR

0.67

0.69

0.65

0.61

0.82

0.76

0.72

0.68

0.66

4.27

4.09

3.57

3.30

SBERBANK

1.20

1.22

1.05

0.91

2.42

2.02

1.82

1.62

1.41

5.96

5.59

5.11

4.69

BANK OF CHINA LTD-H

0.95

0.84

0.76

0.68

2.17

1.95

1.77

1.59

3.85

4.78

5.04

4.95

MTN GROUP LTD

3.96

3.82

3.59

3.37

2.80

2.77

2.55

2.39

2.09

9.48

8.61

7.74

7.27

6.80

6.82

6.23

5.82

LUKOIL OAO

0.68

0.64

0.58

0.53

0.41

0.42

0.37

3.12

3.48

2.89

2.92

3.30

3.35

3.11

BANCO BRADESCO SA-PREF

2.00

1.90

1.71

1.69

2.36

2.22

2.06

1.88

2.03

11.83

11.26

9.96

9.15

VALE SA-PREF

1.06

1.02

0.93

0.88

2.02

1.78

1.70

1.59

4.78

4.21

4.53

4.42

6.42

5.09

5.15

SASOL LTD

2.14

1.83

1.67

1.50

1.83

1.69

1.67

1.56

1.49

7.53

7.04

7.26

6.42

6.28

5.80

5.94

5.67

CIA DE BEBIDAS DAS AME-PREF

9.63

8.38

7.95

7.61

8.55

7.69

6.89

6.33

5.72

25.70

22.29

18.13

16.53

17.60

15.75

14.12

12.88

HON HAI PRECISION INDUSTRY

1.33

1.27

1.28

6.35

6.28

5.26

4.74

PETROCHINA CO LTD-H

1.19

1.12

1.04

0.98

5.80

5.23

4.82

4.46

INFOSYS LTD

4.93

4.11

3.49

PETROBRAS - PETROLEO BRAS

0.63

0.64

0.61

VALE SA

1.16

1.12

1.02

0.96

CHINA LIFE INSURANCE CO-H

2.09

1.79

1.61

1.42

1.18

1.26

5.41

5.50

5.41

5.53

6.37

7.25 11.67

11.25

9.83

8.64

7.34

2.66

3.01

3.31

3.80

4.42

36.85

49.58

41.14

31.96

21.83

44.10

34.19

26.45

20.45

17.12

0.43

0.53

0.66

0.83

1.29

103650.00

9.7%

4.20

4.61

4.25

3.91

3.63

3.69

8.33

8.39

8.11

7.93

9.18

2.64

3.28

3.52

3.73

3.35

17.35

12.7%

2.21

6.85

5.99

5.26

4.67

4.24

11.49

9.27

8.26

6.88

4.95

3.40

4.29

4.66

4.57

5.38

22.21

19.4%

6.60

6.40

5.89

5.28

5.13

2.54

2.94

3.46

4.03

6.03

129.30

24.3%

5.86

5.23

4.92

4.50

5.78

6.35

6.68

7.58

4.17

18.1%

4.99

17.36

15.20

13.48

12.32

11.43

4.22

4.74

5.34

5.97

7.16

20640.50

2.5%

3.12

2.81

4.58

4.76

4.95

5.06

3.72

4.16

4.91

5.46

5.77

7.72

2514.38

20.5%

11.85

11.12

9.97

8.90

7.21

2.87

2.98

3.32

3.79

4.55

35.71

9.0%

5.12

5.24

7.75

6.86

6.85

6.73

6.77

6.70

5.01

4.53

4.42

5.34

45.96

41.9%

10.72

10.07

10.52

10.02

10.27

3.67

3.95

4.07

4.37

46425.00

-7.2%

25.74

24.03

20.81

18.61

16.09

2.95

3.30

3.56

3.75

94.59

9.8%

10.45

10.38

9.50

9.23

1.84

2.02

2.12

2.06

3.98

78.75

4.6%

10.78

10.02

9.28

8.74

4.23

4.50

4.72

5.07

5.99

10.04

12.3%

20.33

18.31

15.73

13.91

1.45

1.59

1.79

2.10

3534.48

6.3%

10.79

8.70

7.76

6.47

4.65

3.05

3.15

3.52

3.81

23.02

31.8%

4.39

3.47

12.11

0.68

0.61

0.58

0.56

0.55

4.53

4.22

3.88

3.70

3.01

4.70

3.84

3.39

3.01

2.56

18.35

17.05

14.84

14.34

14.02

12.56

10.86

9.71

0.57

0.82

0.76

0.72

0.68

0.66

4.01

3.84

3.36

3.10

2.08

6.85

5.99

5.26

4.67

4.24

2.02

1.78

1.70

1.59

5.23

4.60

4.95

4.83

4.80

6.42

5.09

5.15

5.12

5.24

1.06

0.94

0.86

0.79

1.31

12.06

52.59

0.32 0.87

5.53

4.01

7.03

8.48

7.50

7.49

7.35

7.40

6.19

4.24

3.95

4.09

45.26

27.8%

40.04

16.04

13.08

11.04

9.10

1.05

1.93

2.35

2.75

2.16

22.85

14.0%

1.84

1.62

1.93

2.12

2.24

49624.14

8.2%

3.89

4.68

5.06

5.33

5.43

7.01

14.9%

874.55

8.0%

3.07

379354.84

18.5%

SHINHAN FINANCIAL GROUP LTD CHINA PETROLEUM & CHEMICAL-H

1.06

HOUSING DEVELOPMENT FINANCE

0.95

0.87

0.80

0.75

0.20

0.18

0.17

0.15

3.50

3.37

3.18

2.97

7.63

7.00

4.50

3.86

3.44

3.75

3.17

3.64

POSCO

0.69

0.65

0.62

0.59

0.78

0.89

0.85

0.82

6.61

RELIANCE INDUSTRIES LTD

1.53

1.40

1.26

1.17

0.78

0.70

0.68

0.64

8.68

1.10

0.92

0.10

0.09

2.91

2.73

1.61

1.45

SAMSUNG ELECTRONICS-PREF FOMENTO ECONOMICO MEXICA-UBD

4.08

HYUNDAI MOBIS CO LTD

1.65

1.81

1.73

1.33

23.95

7.77

7.07

14.38

17.41

19.14

16.32

3.01

5.17

4.63

4.20

3.92

7.03

7.62

7.75

6.89

6.52

10.67

5.89

9.98

9.26

7.91

6.62

13.62

0.06

0.05

11.77

10.29

9.32

12.87

1.49

9.28

3.54

7.57

8.92

8.90

7.93

7.29

6.96

6.38

22.78

18.68

16.03

1.52

1.75

2.03

2.37

14.09

10.82

10.64

2.90

2.53

2.52

2.61

12.51

10.97

9.43

1.00

1.09

1.19

1.38

5.47

5.20

1.30

1.56

27.06

22.53

19.16

16.99

1.43

1.70

1.69

2.05

9.38

7.94

7.26

6.76

0.63

0.68

0.71

0.73

0.69

0.15

0.12

0.15

0.18

0.16

616599.56

-0.2%

0.82

1.02

1.23

1.51

715.91

8.4%

0.63

0.84

1.44

1.71

0.03

0.13

0.46

0.55

6.43

NAVER CORP HDFC BANK LIMITED BRF SA

3.39

SK HYNIX INC

3.69

3.06

3.12

2.88

2.59

1.77

1.43

1.21

2.52

1.72

1.53

1.37

1.25

1.65

1.40

1.37

GRUPO TELEVISA SAB-SER CPO

3.65

3.20

2.93

2.68

2.35

3.29

3.06

2.88

2.77

STANDARD BANK GROUP LTD

1.77

1.59

1.46

1.35

1.33

3.07

2.65

2.42

2.18

MAGNIT OJSC-SPON GDR REGS

10.02

7.56

6.11

4.93

3.73

2.14

1.67

1.34

1.09

TATA CONSULTANCY SVCS LTD

10.12

7.72

6.04

4.92

6.41

4.96

4.25

3.66

2.80

2.51

1.91

1.72

MEDIATEK INC GRUPO FINANCIERO BANORTE-O

2.39

KIA MOTORS CORPORATION

1.50

1.52

1.36

4.16

3.39

2.98

4.96

4.26

3.76

3.29

0.86

0.62

0.87

1.15

2.68

24.24

16.77

13.66

11.75

10.49

24.35

22.39

16.40

16.36

16.40

15.66

11.19

9.69

8.75

7.66

10.06

0.88

28.68

20.15

16.59

13.76

3.25

27.84

21.66

18.29

16.05

21.65

2.17

17.63

15.44

13.16

10.95

43.18

14.42

11.81

10.33

4.10

3.39

3.57

9.25

8.80

8.49

8.47

8.43

7.91

18.54

14.75

29.38

21.18

17.96

8.20

6.43

6.72

26.57

27.97

25.18

22.36

19.67

0.41

0.48

0.79

0.97

13.42

12.07

10.67

9.22

8.95

3.59

3.93

4.43

5.08

42.30

30.79

25.32

20.82

14.85

0.40

0.73

1.00

1.13

1.10

1.39

1.61

1.88

73.11

14.82

4.16

3.82

3.39

1.42

1.36

1.25

1.12

PING AN INSURANCE GROUP CO-H

2.32

1.95

1.66

1.40

0.94

0.77

0.67

0.59

LG CHEM LTD

1.02

21.08

17.97

17.42

13.95

14.27

142.67

17.8%

340136.38

17.9%

59.42

6.1%

39741.67

22.3%

0.92

71.69

-8.6%

5.58

11926.86

-4.5%

1.25

67.47

3.6%

2308.89

12.0%

13.79

11.82

28.99

22.14

18.75

16.01

21.49

15.75

13.82

32.23

21.10

16.58

14.96

11.12

2.32

2.80

3.67

4.29

431.01

8.8%

29.92

22.70

18.14

17.40

15.88

13.22

11.35

10.13

0.85

1.00

1.37

1.88

2.66

94.81

14.4%

6.28

6.50

6.14

6.07

1.04

1.07

1.13

1.22

1.10

75544.12

18.6%

1.93

1.15

1.93

2.66

1.61

2.61

2.46

2.39

0.98

1.26

1.49

1.72

1.32

1.36

1.40

1.41

8.42

4.32

9.2% 59.3%

15.97

KB FINANCIAL GROUP INC WALMART DE MEXICO-SER V

2.60

979.45 1540000.00

13.56

9.21

12.26

10.77

9.70

25.42

24.35

21.57

18.87

16.17

12.72

10.89

9.60

13.53

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

17.18

45403.57

9.7%

2.52

38.62

13.9%

71.66

23.7%

1.32

372962.97

23.1%

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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.45

2.25

2.09

2.45

1.56

1.50

1.43

1.56

11.40

11.00

10.80

11.40

9.66

8.88

8.30

9.66

15.88

14.29

12.91

15.88

2.02

2.20

2.23

2.02

1869.5

6.5%

Euro Stoxx 50 Pr

1.36

1.29

1.22

1.36

0.87

0.85

0.82

0.87

6.82

6.29

5.80

6.82

7.73

7.36

6.96

7.73

13.48

12.10

10.84

13.48

3.77

3.96

4.31

3.77

3080.6

2.0%

NIKKEI 225

1.55

1.45

1.36

1.55

0.75

0.72

0.70

0.75

8.99

8.38

7.80

8.99

9.03

8.26

7.75

9.03

18.32

16.27

14.60

18.32

1.62

1.77

1.91

1.62

15324.7

6.2%

FTSE 100 INDEX

1.86

1.73

1.60

1.86

1.08

1.04

1.01

1.08

9.03

8.21

7.47

9.03

7.85

7.19

6.75

7.85

13.41

12.22

11.21

13.41

3.67

3.98

4.32

3.67

7099.2

6.4%

SWISS MARKET INDEX

2.57

2.38

2.23

2.57

2.17

2.08

1.98

2.17

13.78

12.33

10.98

13.78

13.48

12.50

11.67

13.48

16.10

14.61

13.25

16.10

3.08

3.42

3.86

3.08

8734.6

6.4%

S&P/TSX COMPOSITE INDEX

1.80

1.69

1.56

1.80

1.74

1.60

1.56

1.74

9.14

8.27

7.50

9.14

9.10

8.08

7.47

9.10

15.90

14.05

12.80

15.90

3.02

3.14

3.30

3.02

14370.5

8.5%

S&P/ASX 200 INDEX

1.97

1.88

1.78

1.97

1.88

1.76

1.69

1.88

11.40

10.38

9.73

11.40

9.60

8.78

8.21

9.60

15.59

14.14

13.10

15.59

4.40

4.70

5.08

4.40

5431.0

1.4%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.77

1.65

1.53

1.77

8.05

7.70

7.15

8.05

9.19

8.41

7.69

9.19

10.96

10.18

9.26

10.96

3.53

3.79

4.17

3.53

25454.2

10.7%

MSCI EM

1.52

1.39

1.27

1.52

1.05

0.98

0.92

1.05

7.66

6.99

6.45

7.66

7.80

7.09

6.62

7.80

11.79

10.52

9.63

11.79

2.71

2.94

3.21

2.71

1151.4

10.2%

CHINA OVERSEAS LAND & INVEST

2.32

1.87

1.59

1.35

2.90

2.34

1.93

1.61

8.20

9.40

6.23

4.90

8.66

7.17

5.91

5.06

12.40

9.80

8.33

7.10

1.59

1.98

2.35

2.73

26.57

12.3%

3.65

3.33

2.88

2.05

6.51

4.47

3.79

3.44

13.06

12.02

10.59

19.79

15.18

13.17

11.83

10.09

1.93

2.16

2.28

2.15

147.28

4.8%

2.96

9.29

7.88

6.75

5.83

69.13

19.28

17.18

14.86

22.28

19.36

16.50

14.39

13.74

1.21

1.24

1.46

1.73

1.84

10373.44

-1.2%

NOVATEK OAO-SPONS GDR REG S

3.00

9.55

BANK CENTRAL ASIA TBK PT

5.11

4.19

3.53

2.98

ASTRA INTERNATIONAL TBK PT

3.83

3.34

2.92

2.42

1.45

1.39

1.25

1.11

11.77

10.82

9.97

9.17

14.11

14.67

13.10

11.66

3.21

3.14

3.40

3.76

7133.64

6.5%

FIRSTRAND LTD

2.70

2.40

2.13

1.92

1.67

3.43

3.23

2.93

2.65

2.37

11.61

10.39

9.65

8.48

12.95

11.59

10.34

9.15

8.16

3.62

4.23

4.80

5.54

5.51

3642.93

3.4%

MALAYAN BANKING BHD

2.05

1.87

1.76

1.67

1.48

5.25

4.76

4.38

4.01

3.41

12.77

13.11

13.83

14.43

13.70

12.90

12.07

12.15

5.30

5.15

5.38

5.69

6.02

10.89

9.3%

ECOPETROL SA

3.22

2.81

2.64

2.40

2.78

2.72

2.69

2.70

2.23

8.79

9.19

8.09

7.61

11.97

13.01

13.20

14.02

10.59

5.33

5.63

4.86

4.23

4.47

4549.33

0.3%

CHUNGHWA TELECOM CO LTD

1.95

1.96

1.98

1.99

3.55

3.15

3.66

17.50

18.45

18.34

18.05

5.36

5.43

5.40

5.56

89.64

-2.9%

GRUPO MEXICO SAB DE CV-SER B

3.38

2.67

2.37

2.20

2.48

2.60

2.39

2.11

11.11

13.35

12.68

11.19

5.27

2.80

2.56

3.76

48.41

15.4%

ITAUSA-INVESTIMENTOS ITAU-PR

1.52

1.50

1.35

1.22

10.64

9.72

8.29

7.16

9.94

9.56

8.20

7.10

3.34

4.26

4.64

5.34

10.87

17.2%

ITC LTD

12.14

10.24

9.09

8.56

8.83

7.46

6.37

5.47

35.91

30.29

25.52

21.80

1.70

1.95

2.36

2.93

380.19

11.3%

MOBILE TELESYSTEMS-SP ADR

6.52

5.77

4.87

4.24

1.99

1.96

1.87

1.74

14.42

11.29

10.72

9.76

4.79

5.86

6.67

7.37

FORMOSA PLASTICS CORP

2.25

2.08

1.93

1.87

2.93

2.60

2.39

2.24

34.71

22.91

18.88

16.20

2.62

2.48

3.35

3.89

CEMEX SAB-CPO

0.50

1.09

1.06

1.03

0.82

0.78

0.73

0.69

144.90

24.49

0.30

0.00

NAN YA PLASTICS CORP

2.10

1.90

1.83

1.89

2.84

2.75

2.77

2.66

150.80

21.97

19.79

17.47

1.06

2.54

3.28

3.63

CATHAY FINANCIAL HOLDING CO

2.04

1.89

1.73

32.62

17.76

17.40

17.33

1.07

1.77

1.83

2.03

PKO BANK POLSKI SA

1.97

1.90

1.75

1.61

12.99

15.90

13.37

11.22

9.08

3.56

3.15

3.32

4.46

5.05

41.88

7.3%

BM&FBOVESPA SA

1.29

1.28

7.99

14.56

11.9%

CHINA STEEL CORP

1.41

1.35

SANLAM LTD

2.35

2.20

CIELO SA

22.16

CIMB GROUP HOLDINGS BHD CHINA SHENHUA ENERGY CO-H

2.04

3.34

0.98

1.77

1.64

0.64

7.29

7.86

9.06

7.91

33.00

28.09

23.71

22.58

5.10

5.50

5.35

5.04

17.62

18.11

16.64

14.03

8.67

10.50

7.11

7.08

22.74

33.00

24.85

24.21

13.08

6.30

6.62

4.84

4.86

13.72

12.11

10.63

6.30

6.56

6.39

6.36

8.18

8.31

8.32

8.37

5.96

6.60

6.01

5.32

23.86

19.99

16.80

14.07

5.71

5.53

5.30

5.06

35.71

28.99

22.81

19.36

11.34

10.46

9.16

8.10

38.25

27.39

24.86

45.25

5.58

4.52

4.82

6.77

7.16 1.47

4.21

4.69

4.23

3.91

3.11

6.98

13.60

12.04

11.34

1.27

12.42

11.43

10.60

9.75

8.99

18.92

14.80

14.47

12.46

1.31

1.41

1.91

1.67

1.55

1.41

1.48

11.96

13.70

12.98

12.59

2.00

1.82

3.82

2.96

2.72

2.49

21.29

18.18

16.89

14.88

17.66

14.73

12.68

8.50

7.32

6.67

6.17

20.83

14.18

15.41

12.06

2.01

1.82

1.66

1.49

4.42

4.05

3.67

3.33

36.48

25.53

26.88

25.53

1.48

1.36

1.24

1.12

1.44

1.36

1.31

1.23

5.67

5.56

5.38

5.17

HYUNDAI HEAVY INDUSTRIES

5.94

1.18

9.81

9.27

7.76

12.26

0.95

1.00

1.06

BANCO BRADESCO S.A.

2.23

2.13

1.92

TELEKOMUNIKASI INDONESIA PER

4.03

3.70

AGRICULTURAL BANK OF CHINA-H

1.20

1.05

ROSNEFT OAO

1.05

TURKIYE GARANTI BANKASI

1.68

CREDICORP LTD

0.84

0.86

0.85

0.75

5.09

5.41

5.80

5.75

1.89

2.36

2.22

2.06

1.88

2.03

13.23

12.59

11.14

10.23

3.34

2.99

2.97

2.73

2.56

2.41

2.32

7.18

6.45

6.09

5.77

0.93

0.82

1.93

1.75

1.58

1.42

3.80

5.20

0.96

0.83

0.78

0.87

0.65

0.60

3.89

2.78

2.97

3.05

1.47

1.33

1.17

3.16

2.88

2.60

6.45

5.33

4.83

4.30

2.69

2.61

2.23

1.92

3.65

3.22

2.84

13.83

16.96

12.11

10.11

FUBON FINANCIAL HOLDING CO

1.32

1.20

1.07

DELTA ELECTRONICS INC

4.35

3.87

TENAGA NASIONAL BHD

1.52

1.35

1.06

3.84 15.73

0.55

2.86

1.88

1.75

1.17

1.06

1.51

1.42

1.36

1.30

1.41

18.85 7.37

5.54

5.46

5.27

CHINA PACIFIC INSURANCE GR-H

2.08

1.89

1.72

1.55

1.01

0.90

0.80

0.72

ADVANCED INFO SERVICE-NVDR

17.91

16.56

15.43

14.54

5.56

5.17

4.79

4.45

16.02

14.60

12.75

10.64

WANT WANT CHINA HOLDINGS LTD

12.13

9.99

8.44

7.27

5.51

4.89

4.14

3.53

3.25

28.78

25.31

21.59

18.58

UNI-PRESIDENT ENTERPRISES CO

3.47

3.23

3.00

2.73

6.03

5.89

5.59

5.33

CHINA MERCHANTS BANK-H

1.32

1.10

0.96

0.83

2.41

2.11

1.85

1.62

ULTRAPAR PARTICIPACOES SA

5.43

5.06

4.72

4.39

0.61

0.54

0.50

0.46

REMGRO LTD

1.82

1.67

1.58

1.49

6.37

4.91

4.52

SHOPRITE HOLDINGS LTD

6.55

5.55

4.86

4.26

1.09

0.97

BIDVEST GROUP LTD

3.25

3.23

2.84

2.35

0.57

ALFA S.A.B.-A

3.33

3.06

2.71

2.43

FORMOSA CHEMICALS & FIBRE

2.17

1.82

1.74

1.70

SIAM COMMERCIAL BANK P-NVDR

2.54

2.18

1.90

1.65

PTT PCL-NVDR

1.41

1.34

1.21

1.10

HENGAN INTL GROUP CO LTD

8.10

7.22

6.35

5.73

25.61

1.44

13.34

11.57

3.42

3.90

4.87

5.50

23.90

15.11

13.65

12.19

10.45

68.07

26.74

22.93

20.69

13.10

1.61

2.59

2.91

3.30

25.21

-2.3%

17.97

15.95

15.13

13.58

13.82

2.98

3.57

3.95

4.37

4.39

4866.50

-9.1%

22.07

19.03

16.90

15.32

14.02

3.09

3.72

4.15

4.79

6.54

62.18

-4.9%

13.23

12.70

11.47

10.20

3.33

3.26

3.45

3.81

8.26

7.8%

8.07

8.50

8.55

8.07

4.78

4.56

4.60

4.89

27.87

14.4%

1.55

1.00

1.04

1.09

1.07

297785.72

11.3%

1.71

1.30

1.72

2.08

1.87

48644.83

21.0%

3.85

3.52

3.28

3.19

4.49

212.87

-1.6%

3.56

4.26

4.88

5.33

2473.41

9.9%

5.48

6.09

6.41

7.30

4.06

13.4%

275.32

6.4%

4.80

13.37

4.77

12.23

4.64

11.43

4.39

10.85

6.13

11.72

4.30

6.23

7.32

4.32

5.75

5.40

4.37

5.39

5.10

4.55

5.06

5.12

4.27

4.96

4.55

7.90

6.48

6.23

5.87

5.53

6.68

6.79

7.02

7.39

6.50

13.25

12.43

11.14

9.95

8.07

16.81

15.01

13.78

12.74

14.52

6.15

5.59

5.23

4.66

7.06

6.80

6.76

7.45

3.14

3.82

3.92

3.71

10.12

9.41

8.82

7.33

1.96

2.41

3.14

3.05

8.81

6.6%

14.08

16.82

12.26

10.66

1.93

1.96

1.97

2.68

155.36

11.0%

15.12

12.34

11.91

11.10

2.38

2.60

2.82

2.96

45.52

9.0%

24.29

20.58

17.98

16.10

2.97

3.78

4.30

4.86

19.46

12.65

12.09

11.26

10.29

1.70

2.62

2.79

3.08

33.34

19.53

16.43

13.93

10.97

1.19

1.71

2.00

21.67

20.03

16.92

14.73

19.70 20.97

1.70

2.11

2.09

2.57

4.09

6.59

9.99

0.00

4.0%

3.90

10.55

12.7%

2.35

1.86

32.82

19.8%

2.52

3.00

3.27

12.05

5.9%

2.88

3.06

58.75

6.0%

5.00

5.34

6.18

16.48

10.3%

23.73

19.90

17.19

14.52

35.80

28.78

24.88

21.27

60.98

90.79

90.59

67.13

22.82

21.61

19.56

17.42

6.09

5.59

5.29

4.74

11.86

12.19

8.45

6.71

1.71

2.00

2.03

2.05

2.02

189703.70

22.8%

33.18

27.80

24.04

21.42

18.79

1.73

2.06

2.51

3.10

3.33

63.56

5.6%

20185.60

0.9%

14.68

16.14

13.25

11.98

10.90

4.97

22.33

18.65

16.46

14.77

90.36

76.96

75.91

81.48

17.70

14.92

12.97

11.62

9.83

1.80

2.11

2.43

2.67

0.86

0.76

20.18

17.72

15.55

13.83

15.18

13.12

11.30

9.84

26.32

23.36

20.00

17.17

13.88

1.92

2.17

2.55

2.98

0.51

0.48

0.44

11.76

10.03

8.00

8.51

9.74

8.71

8.03

7.54

16.66

14.96

13.50

12.16

2.66

3.00

3.34

0.88

0.84

0.80

11.91

10.95

9.57

9.11

9.07

9.39

8.28

7.81

18.70

23.47

17.94

16.43

0.73

1.13

1.69

1.36

1.32

1.34

25.91

17.26

14.91

14.27

41.65

17.27

16.39

16.54

72.87

21.33

19.88

19.99

1.90

2.64

5.21

4.51

4.06

3.63

27.07

11.03

9.79

8.56

13.36

10.91

9.77

8.47

0.34

0.33

0.31

0.30

5.06

4.86

4.75

4.70

8.45

8.53

7.86

7.82

5.75

5.12

4.27

3.69

31.35

26.69

22.50

19.75

31.92

28.37

23.68

20.33

1.93

2.14

22.21

19.41

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

16.22

13.87

9.96

6.24

15.24

3.41

3.30

153.92

19.00

3.21

3.6%

14.93

19.07

0.77

-0.5%

47.23

16.40

SK INNOVATION CO LTD 0.43

15.3%

65.30

15.30

16.86

1.28

16.04

10.82

11.81 2.07

-2.1%

11.78

13.89

4.26

0.2%

77.94

13.02

11.57

0.74

1.25

0.80

0.00

23.96

14.27

0.82

1.00

9.94

15.88

HANA FINANCIAL GROUP TATNEFT-CLS

5.39

7.61

17.22

3.61

18000.20

0.3%

3.75

25620.40

-1.4%

0.98

1.26

35.62

4.4%

3.14

3.27

76.94

-7.3%

2.56

2.83

92.07

1.2%

7.47

17.43

3.41

FUNDAMENTAL SCORING Pitroski F Score

Altman Z Score

Positive Long Shares Inc. Price to Positive Quality Inc. Operati Increasi Term Current Out Asset Pitroski Currency Book Net of Gross ng Cash ng ROA Debt vs. ratio Same or Turnove F Score Ratio Income Earnings Margin Flow Assets Dec. r

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc Market Cap (Loss)

Ratio Analysis

Total Liabilities

Net Sales (T12M)

Total Shareholders Equity

Altman Z Score

Altman Z Score Bankruptcy flag

Price To Price to Price to Price to Price to PE < 40 Sales < Book < Cash Sales Book 10 10 Flow

GROWTH & VALUE CHECKLIST Price to Cash Flow < 10

Dividend Yield

Div Yield > 7%

Final Score

PEG < 0.75

PE < 20

EPS Relative Growth > Strength > 15% 0

ROCE > 12%

Market Market < Cap > 20m 1000m

FINAL SCORE

SAMSUNG ELECTRONICS CO LTD

KRW

1.9

130799107

19182008

100586462

18510436

199150502

27376186

141206377

105887869

6.27

1.00

13.2

0.525624

TAIWAN SEMICONDUCTOR MANUFAC

TWD

3.5

939723

69019

408321

176802

2514670

222975

499872

723198

8.62

1.00

15.1

3.092784

CHINA MOBILE LTD

HKD

2.0

1014291

148797

334122

155549

1459268

326800

560413

725309

3.85

1.00

11.3

3.819604

TENCENT HOLDINGS LTD

HKD

9.0

70537

15844

38417

14949

371225

33108

43894

42148

9.22

1.00

28.8

0.399208

GAZPROM OAO

RUB

0.4

11956836

928737

7845539

1285968

3306476

3476891

4764411

8479945

2.45

1.00

2.8

4.162324

CHINA CONSTRUCTION BANK-H

HKD

1.3

13969116

691721

251272

1247061

13023219

713433

949609

6.5

5.356241

IND & COMM BK OF CHINA-H

HKD

1.3

17533396

775377

304870

1474728

16413758

840810

1128459

6.1

5.759036

AMERICA MOVIL SAB DE C-SER L

MXN

3.7

858996

-43727

205383

157310

1130031

691575

775070

312323

2.38

1.00

12.4

1.342282

HYUNDAI MOTOR CO

KRW

1.2

51909710

8500895

32209329

4297228

45725445

16926273

43162401

37019656

3.79

1.00

11.3

0.869565

ITAU UNIBANCO HOLDING S-PREF

BRL

2.0

952483

30014

17241

150710

881156

130524

75998

11.9

NASPERS LTD-N SHS

ZAr

4.2

77096

8936

30473

4283

226267

47683

50249

55853

4.37

1.00

33.3

0.672078

CNOOC LTD

HKD

1.9

455097

88457

266702

84799

602645

146290

247627

309780

2.63

1.00

9.4

2.796586

PETROBRAS - PETROLEO BRAS-PR

BRL

0.7

596510

48481

137688

31392

254629

332283

281379

345434

1.33

1.00

12.0

SBERBANK

RUB

1.2

15023300

1290700

440700

2000623

13473600

1385000

1623800

5.9

2.238485

BANK OF CHINA LTD-H

HKD

0.9

12675700

545530

184847

803679

11819073

619095

861542

5.6

6.287494

MTN GROUP LTD

ZAr

3.7

147449

5097

46413

40301

330540

88497

135112

92887

4.78

1.00

16.3

4.63964

LUKOIL OAO

RUB

0.7

96997

11820

68458

14040

49954

24773

116335

74188

3.52

1.00

4.6

1.964442

BANCO BRADESCO SA-PREF

BRL

1.9

793431

40967

14632

134257

729840

100443

71346

11.9

VALE SA-PREF

BRL

1.4

248100

20371

77388

25969

217885

111288

93511

155633

1.97

1.00

22.2

SASOL LTD

ZAr

2.0

247104

53477

120914

46216

292233

96220

181269

153275

4.12

1.00

8.2

4.402836

CIA DE BEBIDAS DAS AME-PREF

BRL

9.3

31253

737

16676

13860

267601

24236

32231

29924

11.80

1.00

25.4

2.448703

HON HAI PRECISION INDUSTRY

TWD

1.6

1715645

94884

469871

45926

1052093

1069113

3218928

646532

3.00

1.00

11.1

1.687289

PETROCHINA CO LTD-H

HKD

1.5

2144754

-160416

880989

177667

1650133

988148

2195296

1180748

2.43

1.00

14.0

3.210394

INFOSYS LTD

INR

4.4

439990

272440

346380

104450

1659169

83370

403520

379940

14.47

1.00

17.5

1.453614

PETROBRAS - PETROLEO BRAS

BRL

0.7

596510

48481

137688

31392

254629

332283

281379

345434

1.33

1.00

12.0

VALE SA

BRL

1.4

248100

20371

77388

25969

217885

111288

93511

155633

1.97

1.00

22.2

CHINA LIFE INSURANCE CO-H

HKD

2.6

1898916

138960

10506

597066

1675815

371436

223101

52.2

0.687897

SHINHAN FINANCIAL GROUP LTD

KRW

0.9

27205812

17021868

587624

18422654

7546003

992378

19666921

37.6

1.801802

CHINA PETROLEUM & CHEMICAL-H

HKD

1.2

1260436

-148358

398342

99101

603193

718657

2733618

548036

3.18

1.00

9.6

4.247589

HOUSING DEVELOPMENT FINANCE

INR

4.0

2517087

219771

77217

1277669

2188164

359790

331318

18.9

1.512859

POSCO

KRW

0.7

52026596

8065958

37454452

2789597

26958311

13155888

35664933

39164547

3.17

1.00

10.8

1.719198

RELIANCE INDUSTRIES LTD

INR

1.2

2628590

464510

1368930

221510

2269473

1793530

3970620

1830040

3.49

1.00

10.9

1.164446

SAMSUNG ELECTRONICS-PREF

KRW

130799107

19182008

100586462

18510436

27376186

141206377

105887869

6.27

1.00

FOMENTO ECONOMICO MEXICA-UBD

MXN

3.0

228049

26939

129173

29227

462701

85781

238309

210161

4.83

1.00

22.3

HYUNDAI MOBIS CO LTD

KRW

2.1

17511069

4350187

11638219

2312302

27514727

4827517

16865694

13412627

6.05

1.00

12.2

0.659722

NAVER CORP

KRW

5.0

2597070

794533

1960852

684887

9881550

656535

1511391

1984916

11.91

1.00

18.6

0.271366

HDFC BANK LIMITED

INR

4.1

4077230

155763

100057

1487970

3708589

429950

368641

21.5

0.879507

BRF SA

BRL

2.5

26021

4126

2078

1366

36708

16196

28517

14576

3.15

1.00

45.1

0.748651

SK HYNIX INC

KRW

1.8

17489796

455228

3892361

-616285

17965363

8243841

10001783

9959643

2.88

1.00

GRUPO TELEVISA SAB-SER CPO

MXN

2.7

149753

18392

39776

18140

163459

96532

69290

68535

2.53

1.00

18.7

STANDARD BANK GROUP LTD

ZAr

1.7

1529533

92278

27938

190937

1414047

125473

130173

12.3

3.827389

MAGNIT OJSC-SPON GDR REGS

USD

7244

-628

1783

1126

3993

14430

3267

6.67

1.00

TATA CONSULTANCY SVCS LTD

INR

8.0

484309

197338

364315

169600

3084091

129262

629895

393410

22.11

1.00

22.2

1.396161

MEDIATEK INC

TWD

2.5

190826

28579

83192

5850

434000

22127

63474

175740

12.99

1.00

25.1

2.782013

GRUPO FINANCIERO BANORTE-O

MXN

2.4

895843

50490

14371

194138

828057

97448

88510

17.8

0.657879

KIA MOTORS CORPORATION

KRW

1.5

23049525

280130

11014806

1645332

22881666

9547124

28007913

14932983

3.57

1.00

10.7

1.150442

KB FINANCIAL GROUP INC

KRW

0.8

18380906

3925987

645191

14642729

305686

693943

18084342

22.7

1.583113

WALMART DE MEXICO-SER V

MXN

5.4

196358

16484

96319

32399

750155

82449

418051

139837

8.37

1.00

32.2

PING AN INSURANCE GROUP CO-H

HKD

2.6

2806730

68195

39731

380171

2634617

341539

209649

20.6

0.861953

LG CHEM LTD

KRW

2.1

14561427

2894784

8919439

1726960

21750732

4584153

20442790

10200634

4.81

1.00

16.9

1.212121

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

FUNDAMENTAL SCORING Pitroski F Score

Altman Z Score

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc Market Cap (Loss)

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholders Equity

Altman Z Score

Altman Z Score Bankruptcy flag

Price To Price to Price to Price to Price to PE < 40 Sales < Book < Cash Sales Book 10 10 Flow

GROWTH & VALUE CHECKLIST Price to Cash Flow < 10

Dividend Yield

Div Yield > 7%

Final Score

PEG < 0.75

PE < 20

EPS Relative Growth > Strength > 15% 0

ROCE > 12%

Market Market < Cap > 20m 1000m

FINAL SCORE

CHINA OVERSEAS LAND & INVEST

HKD

2.2

229716

96292

67631

23061

188785

142268

64581

87557

2.03

1.00

10.1

1.688312

NOVATEK OAO-SPONS GDR REG S

USD

3113

258437

85719

171832

210973

291301

9.04

1.00

BANK CENTRAL ASIA TBK PT

IDR

4.3

442994197

45889408

14255568

222551684

391096255

35188157

51897942

19.0

1.258242

ASTRA INTERNATIONAL TBK PT

IDR

4.3

179758000

21621000

68071000

19870000

307675004

92460000

188053000

89814000

3.57

1.00

15.8

2.842105

FIRSTRAND LTD

ZAr

2.2

868500

66733

20464

161234

790041

56329

79628

10.5

4.701002

MALAYAN BANKING BHD

MYR

1.8

488335

18149

7687

77648

450912

22854

43954

12.7

180

7.065217

ECOPETROL SA

COP

3.5

110467740

-250099

47507459

24206290

224497174

46536530

68852002

67343048

4.84

1.00

15.2

5.494505

CHUNGHWA TELECOM CO LTD

TWD

2.0

423715

36177

118372

46100

733079

63741

190951

365442

8.20

1.00

18.4

5.661376

GRUPO MEXICO SAB DE CV-SER B

MXN

3.4

18402

5311

6293

4082

28160

8646

10183

10139

3.58

1.00

11.9

ITAUSA-INVESTIMENTOS ITAU-PR

BRL

1.6

357691

35173

13527

-12904

46972

331308

5653

32709

4.84

1.00

10.3

ITC LTD

INR

10.6

349157

84500

189203

103071

2445222

120156

313235

233378

15.13

1.00

31.9

1.696558

MOBILE TELESYSTEMS-SP ADR

USD

4.4

12562

-693

3497

2623

16115

11151

12436

3829

2.87

1.00

16.0

5.467437

FORMOSA PLASTICS CORP

TWD

2.1

343755

72264

157281

5744

481103

117307

173035

226620

3.91

1.00

32.8

1.526718

CEMEX SAB-CPO

MXN

1.0

336326

9528

23044

17200

138889

323170

197036

155600

1.15

1.00

NAN YA PLASTICS CORP

TWD

1.8

393108

83425

158972

8467

439718

147282

183043

246566

3.15

1.00

103.7

0.535714

CATHAY FINANCIAL HOLDING CO

TWD

52.4

PKO BANK POLSKI SA

PLN

1.9

191768

23458

4820

46125

168772

17738

24708

12.3

BM&FBOVESPA SA

BRL

1.4

7635

1876

820

1302

27042

4733

2065

19414

6.73

1.00

25.2

3.972671

CHINA STEEL CORP

TWD

1.5

427124

3126

89143

2690

409229

148914

207193

278352

2.46

1.00

72.0

1.462523

SANLAM LTD

ZAr

2.3

440044

36897

10206

86679

403675

88765

39889

15.0

3.685504

CIELO SA

BRL

16.4

7792

1711

1777

2765

37292

7751

5427

2286

16.1

2.250921

CIMB GROUP HOLDINGS BHD

MYR

2.0

327199

16751

4903

56712

307705

19032

29351

13.1

1.965924

CHINA SHENHUA ENERGY CO-H

HKD

2.1

453586

5803

151698

69864

510864

150810

250260

306557

2.74

1.00

11.1

3.515177

HYUNDAI HEAVY INDUSTRIES

KRW

1.0

30264129

971218

13787248

1284650

14831802

15447947

25055014

15189935

2.22

1.00

13.4

1.033058

HANA FINANCIAL GROUP

KRW

0.7

16174987

4961213

-181092

8363733

3542252

27778

12637902

301

1.29683

TATNEFT-CLS

RUB

1.1

63782

330705

103672

462761

184374

444099

446233

4.87

1.00

6.4

3.248327

BANCO BRADESCO S.A.

BRL

1.9

793431

40967

14632

134257

729840

100443

71346

11.9

TELEKOMUNIKASI INDONESIA PER

IDR

3.4

109926000

2423000

45428000

25301000

173299073

44391000

77143000

66978000

4.87

1.00

13.5

4.078254

AGRICULTURAL BANK OF CHINA-H

HKD

1.3

13240855

425021

187566

805105

12492988

652516

751354

6.8

5.07962

ROSNEFT OAO

RUB

1.1

121247

16134

60345

11315

81658

52099

98224

74155

1.66

1.00

7.5

3.406437

TURKIYE GARANTI BANKASI

TRY

1.8

179697

14731

4311

38864

158122

17675

21657

11.7

1.533693

CREDICORP LTD

USD

2.8

40037

3588

985

11636

36432

4136

4365

14.8

1.569323

FUBON FINANCIAL HOLDING CO

TWD

17.1

DELTA ELECTRONICS INC

TWD

3.1

118665

3244

34816

1830

257855

35436

36288

83666

5.17

1.00

15.0

4.968089

TENAGA NASIONAL BHD

MYR

1.0

88469

9352

26107

6175

37631

52071

35848

36398

1.63

1.00

8.9

2.937135

CHINA PACIFIC INSURANCE GR-H

HKD

2.1

679802

87115

8379

205412

583933

167146

97569

38.1

1.555556

ADVANCED INFO SERVICE-NVDR

THB

84323

1816

18008

45830

57426

141568

43542

11.90

1.00

WANT WANT CHINA HOLDINGS LTD

HKD

11.4

3460

1087

1282

721

18227

1858

3359

1604

8.68

1.00

32.9

2.075615

UNI-PRESIDENT ENTERPRISES CO

TWD

3.1

120171

622

33453

1994

259170

37577

46852

82601

4.98

1.00

20.9

2.626642

CHINA MERCHANTS BANK-H

HKD

1.5

3395770

178857

59500

292073

3207712

176909

200507

6.5

4.581818

SK INNOVATION CO LTD

KRW

1.2

14056358

1412412

12776604

1217522

15998325

2058561

2349805

13245173

6.51

1.00

17.0

1.83908

ULTRAPAR PARTICIPACOES SA

BRL

4.1

13331

3427

2293

1709

24831

9284

53919

6016

7.18

1.00

24.4

1.425794

REMGRO LTD

ZAr

1.6

66928

8620

55505

169

97478

11694

16446

61065

13.36

1.00

22.2

1.821532

SHOPRITE HOLDINGS LTD

ZAr

6.5

32450

6773

10865

5379

99269

18237

92747

15252

7.39

1.00

27.5

1.822102

BIDVEST GROUP LTD

ZAr

2.9

56799

7667

7556

76805

39128

153405

27551

5.02

1.00

15.7

2.939375

ALFA S.A.B.-A

MXN

2.7

134796

25342

51831

16305

142376

93081

200167

60777

3.68

1.00

15.7

1.070661

FORMOSA CHEMICALS & FIBRE

TWD

1.9

384596

81614

162869

870

425448

156503

288025

228093

3.23

1.00

60.0

0.866667

SIAM COMMERCIAL BANK P-NVDR

THB

2258463

172485

51186

2050728

148648

219155

PTT PCL-NVDR

THB

1467949

91249

548010

143897

899656

2793833

731664

3.48

1.00

HENGAN INTL GROUP CO LTD

HKD

6.1

28614

5370

13955

4519

85970

14797

18524

14408

4.50

1.00

24.4

2.430307

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

23.10.2013

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 1800000

1.2 M

1600000

1.0 M

1400000 1200000

.8 M

1000000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005930 KS EQUITY YTD Change 005930 KS EQUITY YTD % CHANGE

12/2012 06/yy 1'584'000.00 1'209'000.00 171'969.00 1442000 -8.96% 19.27% 65.60% 147.3 212'405'648.00 3'111'874.00 119'467.0 0.0 16'911'345.00 193'420'915.95

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

600000

.4 M

400000

.2 M

200000 0 o-12

n-12 d-12

j-13

f-13 m-13 a-13 m-13 j-13

j-13

a-13

.0 M s-13 o-13

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 31.12.2008 72'952'991.0 0.70x 11'753'254.0 4.32x 5'525'904.0 11.97x

.6 M

800000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 1.05x 1.02x 1.06x 1.31x 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 6.61x 5.60x 6.75x 6.70x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 18.96x 10.69x 15.82x 13.17x Profitability 27'701'730.00 18'510'436.00 13.11% 14.69% 14.37% 16.31% 17.76% 1.14% 29.6% 20.3% 14.2% 12.3% 1.77 1.38 2.34% 2.94% 7.88 17.71

Price/ Cash Flow

LTM

FY+1

1.22 108.77 0.00 10.42% -5.22% 1.224 53 4.755 177'766 248'944 246'708 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 ######### ######### 4.11x 4.54x ######### ######### 6.88x 5.08x ######### ######### ######### ######### 14.07x 10.18x S&P Issuer Ratings Long-Term Rating Date 08.08.2013 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 205.30 (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Total Debt/EBITDA 0.08 Reference Total Debt/Equity 2.9% Total Debt/Capital 2.9% Asset Turnover 1.14 Net Fixed Asset Turnover 3.87 Accounts receivable turnover-days 46.31 Inventory Days 20.60 Accounts Payable Turnover Day 23.12 Cash Conversion Cycle 38.44 Sales/Revenue/Turnover

12.00

160'000'000.0 140'000'000.0

10.00

120'000'000.0 8.00

100'000'000.0 80'000'000.0

6.00

60'000'000.0 4.00

40'000'000.0 2.00 0.00 02.01.2010

20'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name SAMSUNG ELECTRONICS SAMSUNG LIFE INSURAN NATIONAL PENSION SER SAMSUNG C&T CORP KUN HEE LEE KOREA INVESTMENT TRU CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC SAMSUNG INVESTMENT T NORGES BANK FIL LIMITED FRANKLIN RESOURCES MIRAE ASSET GLOBAL I FMR LLC JPMORGAN CHASE & CO T ROWE PRICE ASSOCIA KB ASSET MANAGEMENT SCHRODER INVESTMENT MAPS INVESTMENT MANA

Firm Name

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

Analyst

BNP Paribas Equity Research PETER YU Samsung Securities MINSEONG HWANG Hanwha Securities Co., Ltd AHN SEONG-HO Susquehanna Financial Group MEHDI HOSSEINI Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE BMO Capital Markets TIMOTHY P LONG KB Investment & Securities Co., Ltd BYUN HAN-JOON Hana Daetoo Securities DAE-JONG NAM Shinhan Investment Corp KIM YOUNG-CHAN Woori Investment & Securities PETER LEE Jefferies SUNDEEP BAJIKAR KIWOOM Securities Co Ltd KIM SUNG-IN LIG Investment Securities SUNG-HO HONG Standard Chartered SUN CHUNG Eugene Investment & Securities Co., LtdLEE JEONG Mirae Asset Securities DOH HYUN-WOO E*Trade Securities Korea JI-WOONG KIM Daewoo Securities JAMES SONG NH Investment & Securities LEE SUN-TAE Hyundai Securities YOUNG PARK HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Shinyoung Securities Co., Ltd. LIM DORI IBK Securities Co Ltd SEUNG-WOO LEE HI Investment Securities SONG MYUNG-SUP Deutsche Bank SEUNGHOON HAN Tong Yang Investment Bank HYUN PARK HSBC RICKY JUIL SEO Maybank Kim Eng WARREN LAU Nomura CHANG-WON CHUNG S&P Capital IQ APURVA PATEL Morgan Stanley SHAWN KIM Kyobo Securities CHOI DO-YEON Korea Investment & Securities SEO WON-SEOK Barclays BAE SEUNG-CHUL Wedge Partners BRIAN BLAIR Credit Suisse KEON HAN Leading Investment & Securities SANG-WOO OH Macquarie DANIEL KIM UBS NICOLAS GAUDOIS Berenberg Bank ADNAAN AHMAD Dongbu Securities Co Ltd KWON SUNG-RYUL Daiwa Securities Co. Ltd. JAE H LEE

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

Recommendation buy buy buy Positive outperform buy outperform buy buy buy buy buy buy buy outperform buy buy market perform buy buy buy buy buy buy buy buy buy overweight buy buy strong buy Equalwt/Cautious buy buy overweight no rating system outperform buy outperform buy sell buy buy

Amt Held 16'513'149 11'138'747 10'948'157 5'976'362 4'985'464 3'989'329 3'827'923 3'186'231 1'536'109 1'429'654 1'231'444 1'034'315 906'438 782'050 685'431 675'975 611'891 521'568 508'777 500'819

% Out 11.21 7.56 7.43 4.06 3.38 2.71 2.6 2.16 1.04 0.97 0.84 0.7 0.62 0.53 0.47 0.46 0.42 0.35 0.35 0.34

Weighting

Change

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

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

Latest Chg (399'465) 20'054 631'368 104'441 10'570 32'431 (71'401) (74'793) (1'895) (151'678) (63'442) 95'896 (332'810) 32'350 10'722 (170'352)

Target Price 2'300'000 1'900'000 1'900'000 1'700'000 2'400'000 1'900'000 1'600'000 1'900'000 1'750'000 1'750'000 1'900'000 2'000'000 2'100'000 1'900'000 1'650'000 1'900'000 1'800'000 1'350'000 1'900'000 1'800'000 1'800'000 1'750'000 1'700'000 1'800'000 1'700'000 1'900'000 1'700'000 1'870'000 1'880'000 1'900'000 1'800'000 1'500'000 1'700'000 1'800'000 1'900'000 #N/A N/A 1'900'000 1'920'000 1'800'000 1'800'000 1'150'000 1'800'000 1'800'000

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

File Dt 30.09.2012 01.07.2013 30.06.2013 21.03.2013 21.03.2013 30.11.2012 30.09.2013 21.10.2013 30.09.2013 31.03.2013 31.12.2012 30.09.2013 31.08.2013 30.08.2013 31.08.2013 31.08.2013 30.06.2013 31.03.2013 30.09.2013 31.03.2013

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

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

Date 23.10.2013 22.10.2013 21.10.2013 20.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 11.10.2013 10.10.2013 08.10.2013 08.10.2013 07.10.2013 07.10.2013 07.10.2013 07.10.2013 07.10.2013 07.10.2013 06.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 03.10.2013 01.10.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 11.09.2013 05.09.2013 29.08.2013

23.10.2013

Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

Price/Volume

120.0 M 100.0 M 80.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2330 TT EQUITY YTD Change 2330 TT EQUITY YTD % CHANGE

12/2012 12/yy 116.50 84.50 23'057'730.00 111 -4.72% 31.36% 84.38% 25'928.2 2'878'033.75 114'714.93 0.0 0.0 111'697.01 2'881'051.75

60.0 M

40.0 M

20.0 M

0 o-12

31.12.2009 31.12.2010 285'742.9 406'963.3 5.41x 4.32x 168'850.2 238'212.6 9.16x 7.37x 89'217.8 161'605.0 18.70x 11.38x Profitability

LTM-4Q 31.12.2011 418'245.5 4.60x 241'831.2 7.96x 134'201.3 14.63x

31.12.2012 499'871.9 5.04x 301'201.6 8.36x 166'158.8 15.13x 301'201.65 176'801.77 35.37% 36.74% 19.46% 24.57% 22.03% 0.59% 46.9% 60.3% 35.4% 33.2% 1.50 0.87 12.12% 15.86% 41.58 9.13

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.89 22'418.24 188.46 33.15% 17.64% 0.894 33 4.364 37'710'780 32'552'030 37'126'760 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 418'245.5 499'871.9 17.46x 18.17x 241'831.2 301'201.6 7.96x 8.36x 134'201.3 166'158.8 183'677.0 207'521.6 41'609.9 39'036.5 14.64x 15.14x S&P Issuer Ratings Long-Term Rating Date 20.04.2010 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 318.69 (EBITDA-Capex)/Interest Exp. 62.57 Net Debt/EBITDA 0.01 Total Debt/EBITDA 0.38 Reference Total Debt/Equity 15.9% Total Debt/Capital 13.7% Asset Turnover 0.59 Net Fixed Asset Turnover 0.96 Accounts receivable turnover-days 8.80 Inventory Days 40.07 Accounts Payable Turnover Day 15.08 Cash Conversion Cycle 33.79 Sales/Revenue/Turnover

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

n-12

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

140.0 M

100 80

Valuation Analysis

31.12.2008 321'767.1 3.13x 180'859.8 5.56x 99'933.2 11.50x

120

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Taiwan Semiconductor Manufacturing Co Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN NATIONAL DEVELOP FUN SAUDI ARABIAN MONETA BLACKROCK ABERDEEN GIC PRIVATE LIMITED VANGUARD GROUP INC COMMONWEALTH BANK OF ABU DHABI INVESTMENT NORGES BANK CATHAY LIFE INSURANC FIL LIMITED WESTMINSTER FS PACIF T ROWE PRICE ASSOCIA POLARIS SEC INVESTME SCHRODER INVESTMENT OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM FMR LLC FRANKLIN RESOURCES

Firm Name

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

Analyst

Deutsche Bank MICHAEL CHOU SinoPac SHERMAN SHANG Capital Securities Corp LIYAN CHEN Ji Asia STEVE MYERS Goldman Sachs DONALD LU Mega Securities DANIEL LU Nomura AARON JENG UBS JONAH CHENG Masterlink Securities SARENA HSU Fubon Securities CARLOS PENG Macquarie JEFFREY SU Jih Sun Securities JOE LAI S&P Capital IQ APURVA PATEL IBT Securities Co Ltd HONG YI CHEN President Capital Management TSUNG-YUEH CHEN Barclays ANDREW LU Morgan Stanley BILL LU Credit Suisse RANDY ABRAMS JPMorgan JJ Park Sanford C. Bernstein & Co MARK LI HSBC STEVEN C PELAYO Yuanta Securities Investment ConsultingGEORGE CHANG KGI Securities MICHAEL LIU CIMB JEFFREY TODER BNP Paribas Equity Research SZEHO NG E Sun Securities LAI CHI HUNG Wedge Partners JUN ZHANG Credit Agricole Securities Taiwan Co. L BRUCE LU Daiwa Securities Co. Ltd. ERIC CHEN Maybank Kim Eng WARREN LAU Mizuho Securities CHARLES PARK EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation buy buy neutral buy Buy/Neutral neutral buy neutral buy add outperform neutral buy buy buy overweight Equalwt/In-Line outperform overweight market perform overweight buy neutral outperform buy buy no rating system buy hold hold buy hold

Amt Held 2'375'728'178 1'650'000'000 813'105'396 616'693'757 570'864'704 496'005'919 453'315'156 293'334'212 271'795'529 264'833'400 255'515'235 231'645'068 226'137'807 210'801'743 209'058'468 185'601'066 179'726'334 147'600'523 135'670'925 132'422'760

% Out 9.16 6.36 3.14 2.38 2.2 1.91 1.75 1.13 1.05 1.02 0.99 0.89 0.87 0.81 0.81 0.72 0.69 0.57 0.52 0.51

Weighting

Change

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

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

Latest Chg (52'879'200) (5'148'008) (4'703'957) 13'128'871 (8'511'000) (13'080'644) 28'625'000 24'913'028 10'319'268 (52'000) 3'056 (1'087'747) (32'329'500)

Target Price 137 130 #N/A N/A 136 130 121 123 115 130 120 127 120 120 #N/A N/A 120 139 104 116 130 110 124 135 108 120 125 #N/A N/A #N/A N/A 136 107 105 125 #N/A N/A

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

File Dt 30.09.2013 31.08.2013 31.12.2012 21.10.2013 30.09.2013 31.12.2012 30.09.2013 31.05.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 31.12.2012 30.06.2013 31.08.2013 30.09.2013 31.07.2013 30.09.2013 31.08.2013 31.07.2013

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

Inst Type Investment Advisor Government Government Investment Advisor Investment Advisor Government Investment Advisor Bank Government Government Insurance Company Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 23.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 15.10.2013 11.10.2013 10.10.2013 17.01.2013

23.10.2013

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 (04.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 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

12/2012 09/yy 91.80 74.90 40'373'973.00 80.15 -12.69% 7.01% 42.90% 20'102.1 1'611'179.75 29'846.00 0.0 1'862.0 402'903.00 844'477.49

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

60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 411'810.0 2.90x 219'788.0 5.43x 112'627.0 12.19x

100 90 80 70 60 50 40 30 20 10 0 o-12

31.12.2009 31.12.2010 452'103.0 485'231.0 2.34x 2.18x 233'788.0 241'758.0 4.52x 4.37x 115'166.0 119'640.0 11.18x 10.98x Profitability

LTM-4Q 31.12.2011 527'999.0 1.77x 257'206.0 3.63x 125'870.0 9.82x

31.12.2012 560'413.0 1.94x 256'811.0 4.24x 129'274.0 11.29x 256'811.00 155'549.00 27.76% 30.57% 12.17% 18.06% 17.36% 0.56% 43.1% 25.7% 23.1% 1.50 1.39 2.84% 4.13% 46.18 -

Price/ Cash Flow

LTM

FY+1

4.44 0.67 5'210.87 -2.22% -7.42% 0.674 39 3.590 20'286'570 19'310'030 16'806'370 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 552'742.0 614'832.0 615'304.7 650'885.0 162'423.5 0.00x 0.00x 1.48x 1.38x 0.0 0.0 254'372.4 257'127.9 62'117.0 0.00x 0.00x 3.32x 3.28x 127'197.0 127'464.0 126'778.4 121'675.9 32'373.5 0.00x 0.00x 10.00x 10.39x 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. 658.49 (EBITDA-Capex)/Interest Exp. 337.92 Net Debt/EBITDA -1.64 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.1% Total Debt/Capital 4.0% Asset Turnover 0.56 Net Fixed Asset Turnover 1.21 Accounts receivable turnover-days 7.90 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0 3.00

200'000.0 2.00

100'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Mobile Ltd Holdings By:

All

Holder Name CHINA MOBILE HK BVI BLACKROCK ABERDEEN VANGUARD GROUP INC STATE STREET CORP JPMORGAN CHASE & CO FRANKLIN RESOURCES BANK OF NEW YORK MEL THORNBURG INVESTMENT NORGES BANK INVESCO LTD SCHRODER INVESTMENT FIL LIMITED PICTET FUNDS GRANTHAM MAYO VAN OT HANG SENG INVESTMENT ROBECO GROEP NV COMGEST S A WILLIAM BLAIR & COMP COMGEST GROWTH PLC

Firm Name

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

Analyst

BOCOM International Holdings LI ZHIWU UBS WANG JINJIN JPMorgan LUCY LIU Sanford C. Bernstein & Co CHRISTOPHER LANE Capital Securities Corp TEAM COVERAGE Yuanta Securities Investment ConsultingNICE WANG Haitong International Securities DANIEL WENLI WANG DBS Vickers TAM TSZ-WANG Mizuho Securities MARVIN LO China International Capital Corp CHEN HAOFEI SWS Research Co Ltd ASHLEY SHENG UOB Kay Hian VICTOR YIP New Street Research ALASTAIR JONES Deutsche Bank ALAN HELLAWELL Morgan Stanley NAVIN KILLA Credit Suisse COLIN MCCALLUM Jefferies CYNTHIA JINHONG MENG CIMB BERTRAM LAI BNP Paribas Equity Research ALEN LIN Barclays ANAND RAMACHANDRAN Nomura LEPING HUANG Macquarie DANNY CHU Standard Chartered STEVEN LIU Goldman Sachs DONALD LU HSBC TUCKER GRINNAN Ji Asia NEIL JUGGINS China Merchants Securities JEFF HAO Guotai Junan RICKY LAI Bank of China International MICHAEL MENG S&P Capital IQ JANICE CHONG Jyske Bank ROBERT JAKOBSEN Core Pacific KEVIN TAM Pacific Crest Securities STEVE CLEMENT Masterlink Securities LV HAN Citic Securities Co., Ltd CHEN JIAN ICBC International Securities KARY SEI EVA Dimensions ANDREW S ZAMFOTIS AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation long-term buy sell neutral outperform hold buy hold hold neutral hold neutral buy buy hold Equalwt/In-Line outperform hold neutral buy overweight neutral neutral outperform neutral/neutral overweight buy neutral accumulate sell hold strong buy neutral suspended coverage hold sell hold buy buy

Amt Held 14'890'116'842 185'107'232 170'393'458 161'845'642 64'507'895 57'573'449 54'553'169 49'891'826 41'597'888 37'789'538 33'034'511 32'810'423 31'686'420 31'490'562 29'324'237 29'209'853 19'842'062 19'172'359 15'299'809 14'764'667

% Out 74.07 0.92 0.85 0.81 0.32 0.29 0.27 0.25 0.21 0.19 0.16 0.16 0.16 0.16 0.15 0.15 0.1 0.1 0.08 0.07

Weighting

Change

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

M D 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 N M M M

Latest Chg 516'331 11'364'036 (2'195'000) 1'910'604 (3'700'685) 688'500 (696'000) 26'482'888 (5'647'676) (3'246'714) (8'231'906) 2'534'131 (6'655'500) 118 (165'259) (376'691) (7'504'446) 41'787

Target Price 87 72 86 115 70 91 90 78 77 86 87 94 100 80 89 100 90 76 100 100 86 87 98 91 101 99 80 91 75 90 107 #N/A N/A #N/A N/A 90 77 87 #N/A N/A 89

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

File Dt 31.12.2012 21.10.2013 30.09.2013 30.09.2013 22.10.2013 31.08.2013 31.08.2013 22.10.2013 31.08.2013 31.12.2012 21.10.2013 30.09.2013 31.08.2013 30.09.2013 31.05.2013 30.08.2013 30.04.2013 30.09.2013 30.06.2013 30.09.2013

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 23.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 18.10.2013 16.10.2013 25.09.2013 25.09.2013 24.09.2013 28.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 06.06.2013 23.04.2013 03.04.2013 27.03.2013 15.03.2013 15.03.2013 15.01.2013 03.10.2012

23.10.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (05.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.10.2013 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

Price/Volume

12/2012 06/yy 455.00 237.00 3'088'742.00 430.2 -5.45% 81.52% 92.75% 1'859.4 799'926.69 10'699.52 0.0 850.8 27'189.07 608'116.62

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

1.20

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-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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 31.12.2008 7'154.5 10.35x 3'539.9 20.91x 2'784.6 28.37x

500 450 400 350 300 250 200 150 100 50 0 o-12

31.12.2009 31.12.2010 12'440.0 19'646.0 20.68x 12.43x 6'415.5 10'382.4 40.10x 23.52x 5'155.6 8'053.6 51.84x 32.31x Profitability

LTM-4Q 31.12.2011 28'496.1 7.61x 13'357.0 16.23x 10'203.1 22.57x

31.12.2012 43'893.7 8.10x 17'569.2 20.24x 12'731.9 28.76x 17'569.23 14'948.99 34.06% 34.29% 19.48% 35.71% 29.33% 0.70% 58.5% 36.7% 31.4% 29.0% 1.77 1.43 14.22% 25.91% 19.15 49.25

LTM

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

06/yy 51'650.7 29.24x 18'960.5 22.48x 14'406.5 30.62x

FY+1

0.24 1.03 968.04 62.50% 73.33% 1.027 39 4.179 3'120'782 3'618'351 3'849'259 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 60'644.2 79'994.8 15'501.4 16'525.8 9.99x 7.38x 21'807.7 26'996.4 5'369.5 5'288.5 27.89x 22.53x 26.06x 24.74x 16'281.7 20'588.6 4'235.9 4'085.8 37.99x 29.95x 35.28x 32.88x 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

24.06.2013 ASTABLE 53.80 41.64 -1.08 0.54 25.9% 20.2% 0.70 6.15 19.06 7.41 77.20 -38.97

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 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 |

23.10.2013

Tencent Holdings Ltd Holdings By:

All

Holder Name NASPERS LTD HUATENG MA JPMORGAN CHASE & CO ZHIDONG ZHANG VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK OPPENHEIMERFUNDS INC FIL LIMITED T ROWE PRICE ASSOCIA STATE STREET CORP FMR LLC NORGES BANK WADDELL & REED FINAN SCHRODER INVESTMENT WILLIAM BLAIR & COMP CHI PING LAU HANG SENG INVESTMENT BAILLIE GIFFORD AND SHINHAN BNP PARIBAS

Firm Name

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

Analyst

Pacific Crest Securities CHENG CHENG Bank of China International THOMAS CHONG ABC International MARK YIBIAO CHEN Standard Chartered WENDY HUANG Riedel Research Group Inc DAVID R RIEDEL SWS Research Co Ltd Roy Shen BNP Paribas Equity Research VEY-SERN LING Credit Suisse DICK WEI China Merchants Securities JEFF HAO Capital Securities Corp TEAM COVERAGE S&P Capital IQ APURVA PATEL Deutsche Bank ALAN HELLAWELL Brean Capital LLC FAWNE JIANG Jefferies CYNTHIA JINHONG MENG China International Capital Corp CHEN HAOFEI Morgan Stanley TIMOTHY CHAN Wedge Partners JUAN LIN Barclays ALICIA YAP Haitong International Securities DANIEL WENLI WANG JPMorgan ALEX YAO Mizuho Securities MARVIN LO Avior Research RICHARD TESSENDORF Guotai Junan RICKY LAI Core Pacific KEVIN TAM Goldman Sachs PIYUSH MUBAYI Yuanta Securities Investment ConsultingNICE WANG Macquarie JIONG SHAO RHB Research Institute Sdn Bhd BILLY LEUNG Piper Jaffray MARK A MAROSTICA CCB International Securities Ltd RONNIE HO BOCOM International Holdings MA YUAN HSBC CHI TSANG Ji Asia JUSTIN WEISS Daiwa Securities Co. Ltd. JOHN CHOI AMTD Financial Planning Limited KENNY TANG SING HING First Shanghai Securities Ltd TSOI HO DBS Vickers BILL HUANG EVA Dimensions ANDREW S ZAMFOTIS Mega Securities TIMOTHY LI PingAn Securities ZHONGZHI LI

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

Recommendation outperform buy buy outperform hold outperform buy neutral buy buy hold hold buy buy buy Overwt/Attractive no rating system overweight hold overweight neutral neutral buy hold Buy/Neutral hold underperform sell neutral outperform buy neutral buy buy buy hold suspended coverage overweight hold strong buy

Amt Held 630'240'380 189'892'880 75'088'895 65'000'000 42'136'622 37'915'000 29'185'316 24'221'100 23'825'616 15'057'800 11'523'284 11'108'021 11'051'780 8'976'800 8'747'249 7'747'235 6'103'600 5'351'881 4'657'000 4'038'183

% Out 33.89 10.21 4.04 3.5 2.27 2.04 1.57 1.3 1.28 0.81 0.62 0.6 0.59 0.48 0.47 0.42 0.33 0.29 0.25 0.22

Weighting

Change

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

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

Latest Chg (420'860) (452'000) (44'300) (4'000) (2'205'835) (1'160'000) 392'418 (361'358) (9'033'800) (17'964) 5'970'800 500'000 (89) (1'936'600)

Target Price 480 469 479 456 436 462 465 440 455 470 440 364 410 485 500 391 #N/A N/A 450 410 433 380 387 430 360 450 390 260 336 382 410 387 396 410 380 330 300 #N/A N/A #N/A N/A 185 188

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

File Dt 31.07.2013 24.09.2013 30.09.2013 31.07.2013 30.09.2013 30.09.2013 21.10.2013 31.07.2013 30.09.2013 30.06.2013 22.10.2013 31.08.2013 31.12.2012 30.06.2013 30.09.2013 30.06.2013 27.08.2013 30.08.2013 28.06.2013 31.03.2013

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

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

Date 23.10.2013 17.10.2013 15.10.2013 10.10.2013 09.10.2013 07.10.2013 30.09.2013 26.09.2013 23.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 11.09.2013 30.08.2013 29.08.2013 22.08.2013 20.08.2013 20.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 29.07.2013 24.07.2013 04.07.2013 21.05.2013 30.04.2013 02.04.2013 23.03.2010 29.01.2010

23.10.2013

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 180

140.0 M

160

120.0 M

140

100.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAZP RM EQUITY YTD Change GAZP RM EQUITY YTD % CHANGE

12/2012 03/yy 265.00 106.50 42'587'580.00 151.84 -42.72% 42.57% 29.91% 23'673.5 3'594'586.00 1'500'592.00 0.0 309'212.0 442'682.00 4'846'941.11

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

80.0 M

60.0 M

40.0 M

20.0 M

20 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 3'518'960.0 1.10x 1'554'286.0 2.48x 742'928.0 3.39x

100

31.12.2009 31.12.2010 2'990'971.0 3'597'054.0 2.00x 1.60x 1'115'242.0 1'399'892.0 5.37x 4.10x 779'585.0 968'557.0 5.52x 4.58x Profitability

LTM-4Q 31.12.2011 4'637'090.0 1.16x 1'970'093.0 2.73x 1'307'018.0 3.00x

LTM

FY+1

.0 M o-13

1.10 5'448.66 3.78% 10.55% 1.096 22 4.091 50'472'330 48'066'220 41'269'180 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'764'411.0 ######### ######### ######### ######### 880'013.0 ######### 0.98x 4.74x 3.83x 0.98x 0.99x 1'620'130.0 ######### ######### ######### ######### 2.88x 2.95x 2.33x 2.74x 2.90x 1'182'625.0 ######### ######### ######### ######### 180'970.0 159'951.0 2.79x 3.58x 2.56x 3.22x 3.46x S&P Issuer Ratings 1'620'130.00 Long-Term Rating Date 29.11.2006 1'285'968.00 Long-Term Rating BBB 26.99% Long-Term Outlook STABLE 31.73% Short-Term Rating Date 20.08.2010 10.31% Short-Term Rating A-2 14.70% Credit Ratios 12.56% EBITDA/Interest Exp. 15.60 0.43% (EBITDA-Capex)/Interest Exp. 2.70 Net Debt/EBITDA 0.51 - Total Debt/EBITDA 0.83 37.1% Reference 29.9% Total Debt/Equity 18.4% 24.8% Total Debt/Capital 15.0% Asset Turnover 0.43 1.62 Net Fixed Asset Turnover 0.67 0.74 Accounts receivable turnover-days 44.90 12.55% Inventory Days 18.37% Accounts Payable Turnover Day 8.13 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

6'000'000.0

4.50

5'000'000.0

4.00 3.50

4'000'000.0

3.00

3'000'000.0

2.50 2.00

2'000'000.0

1.50 1.00

1'000'000.0

0.50 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

23.10.2013

Gazprom OAO Holdings By:

All

Holder Name RUSSIAN FEDERATION BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC PICTET FUNDS SWEDBANK ROBUR FONDE CAISSE DE DEPOT ET P SCHRODER INVESTMENT HANDELSBANKEN FONDER BNP PARIBAS DEKABANK DEUTSCHE GI EAST CAPITAL ASSET M UNION INVESTMENT LUX TROIKA DIALOG ASSET DFA AUSTRALIA LTD ING INVESTMENT MANAG NOMURA AIG INTERNATIONAL MA DANSKE INVEST A/S MANULIFE FUNDS DIREC

Firm Name Gazprombank UFS-Finance Investment Company Deutsche Bank AK Bars Finance Investcafe LLC Sanford C. Bernstein & Co Uralsib BCS Infina Investment Company Alfa-Bank VTB Capital Otkritie Capital Sberbank CIB JPMorgan Nomos Bank EVA Dimensions Raiffeisenbank AG RMG Securities Energocapital Brokerage Aton LLC

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios SCHRODER ISF EMERGIN Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst IVAN KHROMUSHIN ILYA BALAKIREV PAVEL KUSHNIR ALEXANDER SIDOROV GRIGORY BIRG OSWALD CLINT ALEXEI KOKIN TIMUR SALIKHOV ALEXANDER IVANISCHEV ALEXANDER KORNILOV DMITRY LOUKASHOV ALEXANDER BURGANSKY OLEG MAXIMOV ARTEM KONCHIN MIKHAIL LYAMIN DOUG WALTERS ANDREY POLISCHUK MIKHAIL LOSHININ Vasiliy Koposov ELENA SAVCHIK

Source ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-PART MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy hold hold hold outperform hold hold buy equalweight buy buy buy neutral hold buy hold buy hold buy

Amt Held 11'836'520'101 6'382'379'286 195'974'925 134'462'774 43'717'811 33'088'629 28'900'196 22'958'940 14'321'662 13'533'031 9'890'000 7'536'302 4'293'458 3'735'306 3'710'439 3'539'486 3'471'871 2'714'285 2'709'484 2'457'654

% Out 50 26.96 0.83 0.57 0.18 0.14 0.12 0.1 0.06 0.06 0.04 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01

Weighting

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

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

Latest Chg 4'360'921 (215'559) 1'073'314 10'571'531 1'836'169 3'383'000 (454'960) 500'000 (5'226'047) (154'968) 116'050 (28'205) 1'175'686 1'009'072 2'714'285 2'709'484 14'534

Target Price 257 185 132 172 157 210 136 146 220 318 169 349 195 162 167 #N/A N/A 145 184 170 228

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

File Dt 18.03.2013 31.12.2012 21.10.2013 30.09.2013 30.09.2013 31.03.2013 31.12.2012 30.08.2013 30.09.2013 30.06.2013 30.08.2013 30.09.2013 31.08.2013 30.08.2013 30.09.2013 30.06.2013 30.09.2013 31.05.2013 30.09.2013 31.07.2013

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Bank Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Unclassified

Date 23.10.2013 23.10.2013 18.10.2013 18.10.2013 17.10.2013 16.10.2013 09.10.2013 09.10.2013 01.10.2013 23.09.2013 09.09.2013 03.09.2013 18.07.2013 16.07.2013 19.06.2013 06.06.2013 13.03.2013 26.02.2013 20.01.2013 22.11.2012

23.10.2013

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

3000.0 M

2500.0 M

2000.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

1000.0 M

500.0 M

1 0 o-12

.0 M n-12

31.12.2009 31.12.2010 396'529.0 449'841.0 106'756.0 134'844.0 12.77x 10.55x Profitability

LTM-4Q 31.12.2011 575'537.0 169'258.0 6.47x

31.12.2012 713'433.0 193'179.0 6.50x 54.22% 54.26% 1.46% 22.26% 9.48% 0.05% 41.7% 9.34% 138.62% -

Price/ Cash Flow

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.13 73'180.76 6.13% 0.16% 1.130 36 4.639 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 654'757.0 737'524.0 508'592.2 556'242.6 124'481.8 135'413.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 182'716.0 206'607.0 211'281.9 225'500.5 57'185.1 43'045.5 5.90x 5.23x 5.45x 5.08x 4.94x 4.70x 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 138.6% Total Debt/Capital 57.9% Asset Turnover 0.05 Net Fixed Asset Turnover 5.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

800'000.0

8.00

700'000.0

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 388'058.0 92'599.0 9.36x

1500.0 M

12/2012 06/yy 6.75 5.00 324'065'179.00 5.87 -13.04% 17.40% 57.71% 240'417.3 1'463'448.75 1'305'403.00 0.0 7'877.0 3'173'620.00 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Construction Bank Corp Holdings By:

All

Holder Name CHINA INVESTMENT COR TEMASEK HOLDINGS PRI BLACKROCK VANGUARD GROUP INC BAOSTEEL GROUP CORP STATE GRID INTERNATI CHINA YANGTZE POWER STATE STREET CORP NORGES BANK RECA INVESTMENT LTD YINGDA INTL HOLDINGS LAZARD ASSET MANAGEM HANG SENG INVESTMENT JPMORGAN CHASE & CO CAPITAL GROUP COMPAN FIL LIMITED SCHRODER INVESTMENT DIMENSIONAL FUND ADV BANK OF NEW YORK MEL SHANDONG LUNENG GROU

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER Macquarie ISMAEL PILI Deutsche Bank TRACY YU DBS Vickers ALEXANDER LEE Jefferies TAN MING BNP Paribas Equity Research JUDY ZHANG Barclays MAY YAN CIMB TREVOR KALCIC Mizuho Securities JIM ANTOS JPMorgan KATHERINE LEI Credit Suisse SANJAY JAIN HSBC TODD DUNIVANT Nomura LUCY FENG Masterlink Securities RAINY YUAN Bank of China International YUAN LIN S&P Capital IQ PALLAVI DESHPANDE ABC International JOHANNES AU Yuanta Securities Investment ConsultingNICE WANG China International Capital Corp MAO JUNHUA UOB Kay Hian EDMOND LAW Religare Capital Markets SOPHIE JIANG BOCOM International Holdings LI SHANSHAN Morgan Stanley RICHARD XU Standard Chartered DORRIS CHEN SWS Research Co Ltd XUE HUIRU Phillip Securities CHEN XINGYU EVA Dimensions DOUG WALTERS Daiwa Securities Co. Ltd. GRACE WU AMTD Financial Planning Limited KENNY TANG SING HING Guotai Junan WILSON LI UBS IRENE HUANG Goldman Sachs NING MA Capital Securities Corp TEAM COVERAGE Citic Securities Co., Ltd FEIFEI XIAO Hua Tai Securities Co., Ltd LIU XIAOCHANG Tebon Securities Co Ltd XU MINGQIANG

Source

Amt Held ULT-AGG 142'590'494'651 ULT-AGG 17'878'670'050 ULT-AGG 2'346'428'843 ULT-AGG 2'188'298'701 Co File 2'000'000'000 Co File 1'315'282'730 Co File 1'015'613'000 ULT-AGG 910'300'356 MF-AGG 907'349'635 Co File 856'000'000 Co File 856'000'000 ULT-AGG 821'356'902 MF-AGG 751'429'494 ULT-AGG 721'157'475 ULT-AGG 718'661'701 ULT-AGG 687'973'197 MF-AGG 547'042'168 ULT-AGG 408'492'727 MF-AGG 388'428'637 Co File 374'500'000

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

Weighting

% Out 59.31 7.44 0.98 0.91 0.83 0.55 0.42 0.38 0.38 0.36 0.36 0.34 0.31 0.3 0.3 0.29 0.23 0.17 0.16 0.16

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

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 U M M M M M M M M M N

Latest Chg 4'665'000 (22'533'000) (810'000'000) 31'453'810 1'445'000 21'873 (12'829'334) (168'357'050) 72'647'551 49'312'022 9'619'919 7'678'000 -

Target Price 9 8 7 8 8 8 8 9 8 8 8 8 8 7 7 8 8 6 8 7 6 6 7 7 7 6 #N/A N/A 8 7 7 7 8 #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 17.06.2013 31.12.2012 21.10.2013 30.09.2013 31.12.2012 31.12.2012 31.12.2012 22.10.2013 31.12.2012 31.12.2012 31.12.2012 30.09.2013 30.08.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.07.2013 22.10.2013 31.12.2012

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

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Government Corporation Government Investment Advisor Government Private Equity Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation

Date 23.10.2013 22.10.2013 21.10.2013 21.10.2013 18.10.2013 15.10.2013 15.10.2013 02.10.2013 17.09.2013 11.09.2013 05.09.2013 03.09.2013 02.09.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 10.07.2013 19.06.2013 14.06.2013 06.06.2013 03.06.2013 29.04.2013 26.03.2013 01.03.2013 25.02.2013 29.10.2012 28.08.2012 26.03.2012 02.01.2009

23.10.2013

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

2500.0 M

2000.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 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

12/2012 06/yy 6.00 4.39 244'261'463.00 5.28 -12.00% 20.27% 62.73% 86'794.0 1'748'954.25 2'277'630.00 0.0 3'462.0 4'355'972.00 -

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

1000.0 M

500.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 469'928.0 110'841.0 10.73x

1500.0 M

Valuation Analysis

31.12.2009 31.12.2010 470'638.0 544'045.0 128'645.0 165'156.0 13.95x 8.83x Profitability

LTM-4Q 31.12.2011 704'382.0 208'265.0 7.07x

31.12.2012 840'810.0 238'532.0 6.10x 56.75% 57.46% 1.42% 23.19% 7.41% 0.05% 44.4% 12.98% 202.46% -

Price/ Cash Flow

LTM

FY+1

1.26 69'386.00 8.53% 2.02% 1.257 36 4.750 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 791'912.0 879'703.0 587'738.6 649'527.0 144'764.8 154'285.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 221'944.0 253'719.0 258'979.5 278'300.0 68'798.8 59'782.0 6.20x 5.53x 5.61x 5.23x 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 202.5% Total Debt/Capital 66.9% Asset Turnover 0.05 Net Fixed Asset Turnover 5.77 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350.00

900'000.0

300.00

800'000.0 700'000.0

250.00

600'000.0

200.00

500'000.0

150.00

400'000.0 300'000.0

100.00

200'000.0

50.00 0.00 01.01.2010

100'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND TEMASEK HOLDINGS PRI JPMORGAN CHASE & CO BLACKROCK CAPITAL GROUP COMPAN CITIGROUP INCORPORAT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK FIL LIMITED THORNBURG INVESTMENT STATE STREET CORP HANG SENG INVESTMENT SCHRODER INVESTMENT INVESCO LTD FMR LLC GRANTHAM MAYO VAN OT PICTET FUNDS SHINHAN BNP PARIBAS BANK OF NEW YORK MEL

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER Deutsche Bank TRACY YU DBS Vickers ALEXANDER LEE Nomura LUCY FENG Jefferies TAN MING BNP Paribas Equity Research JUDY ZHANG Barclays MAY YAN CIMB TREVOR KALCIC AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities JIM ANTOS JPMorgan KATHERINE LEI Credit Suisse SANJAY JAIN HSBC TODD DUNIVANT Capital Securities Corp TEAM COVERAGE Yuanta Securities Investment ConsultingNICE WANG Macquarie ISMAEL PILI Bank of China International YUAN LIN China International Capital Corp MAO JUNHUA S&P Capital IQ PALLAVI DESHPANDE Religare Capital Markets SOPHIE JIANG CCB International Securities Ltd WILSON LI BOCOM International Holdings LI SHANSHAN ABC International JOHANNES AU Morgan Stanley RICHARD XU Standard Chartered DORRIS CHEN Guotai Junan WILSON LI Phillip Securities CHEN XINGYU UOB Kay Hian EDMOND LAW SWS Research Co Ltd XUE HUIRU Goldman Sachs NING MA EVA Dimensions DOUG WALTERS Daiwa Securities Co. Ltd. GRACE WU UBS IRENE HUANG Masterlink Securities RAINY YUAN Citic Securities Co., Ltd ZHU YAN

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

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

Amt Held 10'405'376'524 7'002'665'393 5'920'894'436 5'086'248'748 4'783'215'667 3'377'350'593 3'022'400'039 2'142'197'205 1'158'363'069 899'891'862 798'834'688 795'018'268 698'217'436 677'848'791 586'179'754 382'474'462 309'926'018 305'022'582 298'973'776 289'741'717

% Out 11.99 8.07 6.82 5.86 5.51 3.89 3.48 2.47 1.33 1.04 0.92 0.92 0.8 0.78 0.68 0.44 0.36 0.35 0.34 0.33

Latest Chg (382'148'000) (1'115'878'560) (1'339'953'000) (79'117'000) 43'021'835 (130'000'000) 24'364'704 2'883 61'845'318 (14'919'843) 3'803'540 158'644'687 (1'620'662) (10'868'000) (4'774'000)

Weighting

Change

Target Price

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 4 5 3 5 5 5 5 3 5

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

7 7 7 7 7 7 7 7 6 7 7 6 7 6 6 6 6 6 6 7 6 6 7 6 6 6 5 6 6 7 #N/A N/A 7 6 6 #N/A N/A

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

File Dt 13.12.2012 26.06.2013 30.09.2013 21.10.2013 30.09.2013 04.07.2013 31.08.2013 30.09.2013 31.12.2012 30.09.2013 31.08.2013 22.10.2013 30.08.2013 30.09.2013 21.10.2013 31.08.2013 31.05.2013 30.09.2013 31.03.2013 22.10.2013

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

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

Date 23.10.2013 21.10.2013 21.10.2013 20.10.2013 18.10.2013 15.10.2013 15.10.2013 02.10.2013 23.09.2013 17.09.2013 11.09.2013 05.09.2013 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 16.07.2013 02.07.2013 25.06.2013 21.06.2013 19.06.2013 12.06.2013 07.06.2013 03.06.2013 01.03.2013 06.07.2012 29.06.2012

23.10.2013

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 18

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

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.10.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMXL MM EQUITY YTD Change AMXL MM EQUITY YTD % CHANGE

12/2012 06/yy 17.01 11.53 46'229'530.00 13.87 -18.46% 20.29% 42.70% 47'282.1 989'571.56 417'670.09 0.0 10'525.6 45'487.20 1'425'336.77

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

4 2 0 o-12

31.12.2009 31.12.2010 561'254.6 607'855.7 2.28x 2.73x 228'715.8 243'392.7 5.60x 6.82x 92'697.6 91'123.1 12.94x 15.38x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 665'301.5 2.33x 248'772.5 6.23x 82'853.5 15.01x

31.12.2012 775'069.6 1.95x 260'894.9 5.80x 91'440.9 12.40x 260'894.92 157'310.19 20.30% 17.87% 8.80% 36.10% 15.15% 0.79% 42.3% 33.0% 20.0% 11.8% 0.83 0.66 41.60% 138.39% 12.88 14.21

Price/ Cash Flow

LTM

FY+1

1.05 -16.52% -6.14% 1.049 19 3.053 67'355'540 72'650'890 80'487'640 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 750'366.8 777'060.6 784'235.9 798'540.5 194'304.0 199'455.0 8.33x 7.64x 1.82x 1.76x 7.32x 7.19x 264'472.8 256'766.1 257'589.2 259'169.9 64'535.0 62'835.4 6.42x 5.67x 5.53x 5.50x 5.54x 5.51x 80'530.7 86'613.4 88'990.7 91'926.7 24'011.3 20'297.0 16.87x 12.22x 11.70x 11.10x 11.36x 11.55x S&P Issuer Ratings Long-Term Rating Date 22.10.2013 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 10.47 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 1.66 Total Debt/EBITDA 1.79 Reference Total Debt/Equity 138.4% Total Debt/Capital 57.2% Asset Turnover 0.79 Net Fixed Asset Turnover 1.60 Accounts receivable turnover-days 28.34 Inventory Days 25.68 Accounts Payable Turnover Day 101.96 Cash Conversion Cycle -66.73 Sales/Revenue/Turnover

9.00

900'000.0

8.00

800'000.0

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 345'654.9 2.29x 137'313.5 5.78x 59'485.5 12.21x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

America Movil SAB de CV Holdings By:

All

Holder Name SLIM HELU CARLOS SLIM FAMILY CONTROL BLACKROCK INMOBILIARIA CARSO TELMEX TRUST NACIONAL FINANCIERA AT&T INC VANGUARD GROUP INC DODGE & COX OPERADORA INBURSA SA GRUPO FIN BANAMEX SA FUNDACION CARLOS SLI NORGES BANK FUNDACION TELMEX GRUPO FINANCIERO BBV CAISSE DE DEPOT ET P ACTINVER SA DE CV/ME GRUPO FINANCIERO SCO OPERADORA GBM SA DE CREDIT SUISSE AG

Firm Name

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

Analyst

Sanford C. Bernstein & Co ROBIN BIENENSTOCK Actinver SA MARTIN LARA UBS MARIA TEREZA AZEVEDO BBVA ALEJANDRO GALLOSTRA Banorte-IXE MANUEL JIMENEZ ZALDIVAR GBM ANDRES MEDINA-MORA Itau BBA Securities GREGORIO TOMASSI Banco Monex S.A. Institucion de Banca VALERIA ROMO MARTINEZ Goldman Sachs VERA ROSSI Interacciones Casa de Bolsa RAUL OCHOA Vector Servicios Financieros JULIO ZETINA Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO Grupo Santander VALDER NOGUEIRA EVA Dimensions ANDREW S ZAMFOTIS Banco BTG Pactual SA CARLOS SEQUEIRA Punto Casa de Bolsa HOMERO RUIZ LOPEZ Scotia Capital ANDRES COELLO HSBC RICHARD DINEEN

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

Recommendation underperform buy neutral underperform hold market outperform underperform sell Buy/Cautious hold hold hold hold overweight neutral buy sector underperform neutral

Amt Held 9'582'118'099 5'998'110'014 3'816'448'145 2'698'490'986 1'575'020'348 1'180'202'790 963'722'656 956'051'468 722'617'800 683'084'199 512'167'359 374'514'510 356'255'147 168'049'532 155'884'494 104'553'450 88'374'353 78'019'334 76'167'103 64'480'331

% Out 20.27 12.69 8.07 5.71 3.33 2.5 2.04 2.02 1.53 1.44 1.08 0.79 0.75 0.36 0.33 0.22 0.19 0.17 0.16 0.14

Weighting

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

M M M M M M M R M M M M M U M M M D

Latest Chg 5'000'000 (3'399'864) (540'000'000) (10'197'767) 50'300'000 (491'706) 21'004'952 (1'972'193) 1'338'400 (4'084'600) (225'000) (2'145'680)

Target Price 10 15 15 14 14 16 15 14 16 17 13 15 15 #N/A N/A 18 17 12 14

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

File Dt 15.07.2013 15.07.2013 21.10.2013 15.07.2013 15.07.2013 21.10.2013 04.06.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 15.07.2013 31.12.2012 15.07.2013 02.10.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.09.2013

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

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

Date 22.10.2013 22.10.2013 21.10.2013 21.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 17.09.2013 16.09.2013 19.08.2013 13.08.2013 12.08.2013 31.07.2013 26.07.2013 26.07.2013 22.03.2013 13.03.2013

23.10.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2013) 52-Week Low (19.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

Price/Volume

12/2012 06/yy 269'000.00 176'500.00 390'159.00 258500 -3.90% 46.46% 92.97% 220.3 56'941'468.00 3'015'534.00 331'011.0 0.0 13'131'318.00 44'237'474.82

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

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 o-12

31.12.2009 31.12.2010 31'859'327.0 36'761'115.0 0.64x 0.86x 3'649'386.0 4'833'935.0 5.60x 6.54x 2'961'509.0 3'476'238.0 11.11x 13.55x Profitability

LTM-4Q 31.12.2011 42'774'077.0 0.91x 6'242'388.0 6.21x 4'740'886.0 12.20x

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.12 136.47 16.91% 18.31% 1.119 47 4.872 448'094 446'778 467'977 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 43'162'401.0 ######### ######### ######### ######### ######### ######### 0.83x 3.57x 3.60x 5'951'650.0 ######### ######### 6.04x 5.73x 6.62x 5'273'448.0 ######### ######### 11.26x 11.22x 12.21x S&P Issuer Ratings 5'951'650.00 Long-Term Rating Date 20.03.2012 4'297'228.00 Long-Term Rating BBB+ 9.96% Long-Term Outlook STABLE 14.78% Short-Term Rating Date 9.22% Short-Term Rating 11.20% Credit Ratios 12.78% EBITDA/Interest Exp. 29.36 0.77% (EBITDA-Capex)/Interest Exp. 21.18 Net Debt/EBITDA -2.50 24.0% Total Debt/EBITDA 0.46 12.5% Reference 8.5% Total Debt/Equity 8.2% 12.2% Total Debt/Capital 7.5% Asset Turnover 0.77 1.76 Net Fixed Asset Turnover 3.23 1.53 Accounts receivable turnover-days 33.01 5.59% Inventory Days 20.22 8.22% Accounts Payable Turnover Day 43.51 11.06 Cash Conversion Cycle 11.73 18.05

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

50'000'000.0

9.00

45'000'000.0

8.00

40'000'000.0

7.00

35'000'000.0

6.00

30'000'000.0

5.00 4.00

25'000'000.0 20'000'000.0

3.00

15'000'000.0

2.00

10'000'000.0

1.00

5'000'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 32'189'786.0 0.20x 3'221'449.0 2.05x 1'447'904.0 7.42x

300000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Hyundai Motor Co Holdings By:

All

Holder Name HYUNDAI MOBIS NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI MOTOR CO BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN VANGUARD GROUP INC SCHRODER INVESTMENT FIL LIMITED JPMORGAN CHASE & CO SAMSUNG INVESTMENT T T ROWE PRICE ASSOCIA NORGES BANK MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU KB ASSET MANAGEMENT EASTSPRING INVESTMEN DEUTSCHE BANK AG UBS HANA ASSET MANAG

Firm Name

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

Analyst

Woori Investment & Securities CHO SOO-HONG Morgan Stanley PARK SANG-KYOO Goldman Sachs SEUNG SHIN Daewoo Securities YUN MICHAEL TAE-SIK Shinhan Investment Corp CHOI JUNGHYUK HSBC PAUL CHOI CIMB KJ HWANG Korea Investment & Securities SUH SUNGMOON Dongbu Securities Co Ltd YIM EUN-YOUNG Eugene Investment & Securities Co., LtdMOON-SOO JANG Macquarie MICHAEL SOHN KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN Mirae Asset Securities YOON-KI KIM Meritz Securities Co., Ltd JOON SUNG KIM Shinyoung Securities Co., Ltd. HYUNG-SIL LEE Kyobo Securities DONG-HA KIM KIWOOM Securities Co Ltd LEE HYUN-SOO LIG Investment Securities IN-WOO PARK Deutsche Bank SANJEEV RANA HMC Investment Securities Co Ltd LEE MYUNG-HOON Leading Investment & Securities JUNGWON JUNG BNP Paribas Equity Research JAMES HIE SUK YOON Tong Yang Investment Bank AHN SANG JUN KTB Securities NAM KYEONG MOON Hyundai Securities CHAE HEE-GUEN Hanwha Securities Co., Ltd KIM YEON-CHAN Hana Daetoo Securities SONG SUN-JAE E*Trade Securities Korea KANG SANG-MIN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Nomura ANGELA HONG UBS CHANG YOUNG-WOO Credit Suisse HENRY KWON NH Investment & Securities LEE SANG-HYUN EVA Dimensions CRAIG STERLING Ji Asia STEPHEN USHER Samsung Securities YOON PIL JOONG Barclays PAUL HWANG SK Securities Co Ltd KIM YONG-SOO JPMorgan PARK WAN SUN HI Investment Securities KOH TAE-BONG Standard Chartered DAVID KIM Daishin Securities Co., Ltd. CHUNG TAEOH IBK Securities Co Ltd SAE-HWAN AHN

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

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

Amt Held 45'782'023 15'406'112 11'408'874 11'006'710 4'558'524 4'371'884 4'307'240 2'445'058 2'406'190 2'358'806 2'133'580 1'760'509 1'599'844 1'438'321 1'176'193 954'136 851'157 842'340 789'300 728'922

% Out 20.78 6.99 5.18 5 2.07 1.98 1.96 1.11 1.09 1.07 0.97 0.8 0.73 0.65 0.53 0.43 0.39 0.38 0.36 0.33

Weighting

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

Latest Chg 2'302'666 17'256 (525'098) (675'100) 127'502 237'652 (338'842) 22'643 (342'579) 142'421 (91'197) 142'050 46'060 41'000 (12'591)

Target Price 320'000 322'000 293'000 317'000 340'000 270'000 330'000 320'000 280'000 300'000 350'000 330'000 290'000 310'000 300'000 330'000 280'000 290'000 300'000 300'000 300'000 320'000 300'000 270'000 275'000 265'000 270'000 270'000 300'000 270'000 310'000 303'000 290'000 #N/A N/A 275'000 265'000 300'000 285'000 280'000 300'000 265'000 270'000 270'000

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

File Dt 19.04.2013 22.01.2013 19.04.2013 31.12.2012 21.10.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.09.2013 31.08.2013 31.03.2013 30.06.2013 31.12.2012 30.08.2013 31.03.2013 31.03.2013 15.04.2013 31.08.2013 31.03.2013

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

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

Date 23.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 20.10.2013 20.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 10.10.2013 08.10.2013 08.10.2013 08.10.2013 08.10.2013 07.10.2013 07.10.2013 07.10.2013 04.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 27.09.2013 27.09.2013 25.09.2013 13.09.2013 03.09.2013 02.09.2013 21.08.2013 02.08.2013 02.08.2013 26.07.2013 25.07.2013 25.07.2013 21.06.2013 26.04.2013 26.04.2013

23.10.2013

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 40

30.0 M

25.0 M

30 20.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITUB4 BZ EQUITY YTD Change ITUB4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 33.97 25.63 284'300.00 33.56 -1.21% 30.95% 97.84% 2'509.8 163'402.06 436'506.00 0.0 96.0 101'494.00 -

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

10.0 M

10 5.0 M

5 0 o-12

31.12.2009 31.12.2010 113'012.0 106'419.0 14'085.0 11'708.0 11.91x 15.42x Profitability

LTM-4Q 31.12.2011 129'875.0 13'837.0 11.11x

31.12.2012 130'524.0 12'634.0 11.93x 20.91% 21.12% 1.49% 17.30% 2.93% 0.14% 15.3% 45.60% 575.09% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 06/yy 133'178.2 122'154.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 13'865.4 13'457.0 9.22x 10.62x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.99 2'509.82 34.55% 13.36% 0.987 21 4.571 10'876'940 9'820'030 10'785'430 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 75'770.2 82'971.9 19'787.5 20'492.3 14'765.0 16'879.4 3'779.4 4'368.0 11.25x 9.83x 10.36x 10.00x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 575.1% 85.2% 0.14 21.74 -

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 62'950.0 4'849.0 16.01x

15.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Itau Unibanco Holding SA Holdings By:

All

Holder Name BLACKROCK ITAU UNIBANCO SA CSHG ASSET MGMT SA VANGUARD GROUP INC NORGES BANK T ROWE PRICE ASSOCIA IBIUNA INVESTIMENTOS JPMORGAN CHASE & CO BRAM BRADESCO ASSET BTG PACTUAL GLOBAL A REAL GRANDEZA FUNDAC WILLIAM BLAIR & COMP WESTERN ASSET MANAGE ONTARIO TEACHERS PEN SPX GESTAO DE RECURS SCHRODER INVESTMENT CAISSE DE DEPOT ET P SCHRODER INVEST MGMT SANTANDER BRASIL ASS JGP GESTAO DE RECURS

Firm Name

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

Analyst

HSBC CARLOS GOMEZ-LOPEZ Grupo Santander BORIS MOLINA Goldman Sachs CARLOS G MACEDO JPMorgan SAUL MARTINEZ Votorantim CTVM Research RENATO SCHUETZ Bradesco Corretora CARLOS W FIRETTI Planner Corretora de Valores VICTOR MARTINS Banco Safra de Investimento FRANCISCO KOPS Banco BTG Pactual SA EDUARDO ROSMAN Concordia S/A CMVCC KARINA FREITAS Credit Suisse MARCELO TELLES GBM ANDRE RIVA GARGIULO UBS PHILIP FINCH Brasil Plural EDUARDO NISHIO EVA Dimensions DOUG WALTERS Sociedade Corretora Paulista MARCELO VAREJAO Agora CTVM SA ALOISIO VILLETH LEMOS Nau Securities Ltd INIGO VEGA Banco do Brasil SA NATANIEL CEZIMBRA Raymond James FEDERICO REY-MARINO Coinvalores MARCO AURELIO BARBOSA SLW Corretora de Valores e Cambio LTDPEDRO GALDI

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

Recommendation overweight buy Buy/Neutral overweight outperform market perform buy outperform neutral buy outperform market outperform buy equalweight buy Under Review hold buy Under Review outperform buy buy

Amt Held 175'185'066 47'937'461 34'877'819 34'677'432 32'965'891 32'336'286 21'382'022 17'748'590 12'618'348 11'124'341 10'629'080 9'668'055 9'172'378 8'910'000 8'875'039 7'698'349 7'112'600 6'571'004 6'484'173 6'071'267

% Out 6.98 1.91 1.39 1.38 1.31 1.29 0.85 0.71 0.5 0.44 0.42 0.39 0.37 0.36 0.35 0.31 0.28 0.26 0.26 0.24

Weighting

Change

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

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

Latest Chg 9'511'700 201'210 408'332 20'246'012 (247'889) 800'712 1'195'231 (211'909) (415'110) (1'433'149) 6'007'979 (118'022) 107'236 (880'334)

Target Price 39 39 38 34 38 37 37 38 32 36 38 39 34 34 #N/A N/A #N/A N/A 35 40 #N/A N/A 45 42 #N/A N/A

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

File Dt Inst Type 21.10.2013 Investment Advisor 08.07.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2010 Pension Fund (ERISA) 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor

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

Date 21.10.2013 17.10.2013 17.10.2013 15.10.2013 15.10.2013 14.10.2013 04.10.2013 01.10.2013 01.10.2013 23.09.2013 20.09.2013 16.08.2013 06.08.2013 30.07.2013 06.06.2013 03.06.2013 22.05.2013 21.05.2013 30.04.2013 26.04.2013 27.09.2012 27.09.2012

23.10.2013

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 120000

8.0 M 7.0 M

100000

6.0 M 80000

Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (21.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.09.2013 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

03/2013 01/yy 98'000.00 52'655.00 649'735.00 94526 -3.54% 79.52% 96.01% 415.9 393'846.28 28'901.00 0.0 2'112.0 15'813.00 409'046.27

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

4.0 M 3.0 M

40000

2.0 M 20000

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 26'690.1 2.41x 6'027.7 10.68x 5'760.8 19.35x

5.0 M

60000

Valuation Analysis

31.03.2010 31.03.2011 27'998.0 33'085.0 4.47x 4.37x 6'132.0 6'227.0 20.39x 23.23x 3'257.0 5'260.0 35.80x 32.36x Profitability

31.03.2012 39'487.0 4.73x 7'178.0 26.00x 2'894.0 33.23x

31.03.2013 50'249.0 4.81x 6'945.0 34.77x 6'047.0 33.27x 6'945.00 4'283.00 8.52% 18.51% 6.54% 11.94% 10.74% 0.54% 44.6% 13.8% 8.5% 12.0% 1.48 1.08 27.91% 53.78% 13.55 17.52

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.41 0.97 292.04 74.63% 74.73% 0.972 18 4.333 2'020'193 1'568'312 1'482'515 FY+2

03/14 Y 03/15 Y 61'753.1 72'278.2 6.58x 5.63x 8'250.9 9'943.5 49.58x 41.14x 10'266.2 13'214.8 34.19x 26.45x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

3.97 2.56 1.88 4.16 53.8% 34.1% 0.54 4.43 26.94 20.83 45.02 2.75

Sales/Revenue/Turnover

40.00

60'000.0

35.00

50'000.0

30.00

40'000.0

25.00 20.00

30'000.0

15.00

20'000.0

10.00

10'000.0 5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Naspers Ltd Holdings By:

All

Holder Name STATE STREET CUSTODI GOVERNMENT EMP PENSI JP MORGAN CUSTODIAN CAPITAL GROUP COMPAN DODGE & COX NASPERS SHARE TRUST VANGUARD GROUP INC NORTHERN TR AVFC GOV BANK OF NEW YORK OLD MUTUAL BANK OF NY CUSTODIAN GEPF CORONATION FM STATE STREET CORP BLACKROCK FMR LLC NORTHERN TRUST COMPA RBC CUSTODIAN CORONATION ASSET MAN GEPF SIM PTY LTD IND CITIBANK LONDON

Firm Name NOAH Capital Markets Renaissance Capital Morgan Stanley BPI Credit Suisse JPMorgan Barclays SBG Securities Deutsche Bank UBS Jefferies EVA Dimensions BNP Paribas Cadiz Securities Investec Avior Research Goldman Sachs

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

Analyst CRAIG HACKNEY DAVID FERGUSON EDWARD C HILL-WOOD KATE TURNER-SMITH RICHARD BARKER ZIYAD JOOSUB JOHN-PAUL DAVIDS JENNIFER HENRY RYAN EICHSTADT CHRIS GRUNDBERG DAVID REYNOLDS CRAIG STERLING IAN BRINK THANE DUFF KEVIN MATTISON ALEXANDER BALAKHNIN

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

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

Amt Held 65'997'952 50'563'483 38'471'244 26'054'544 25'087'495 12'285'435 11'798'781 9'761'305 8'757'432 7'729'709 7'093'847 6'684'662 6'630'677 6'588'283 6'317'362 5'543'961 4'715'855 4'711'207 4'185'082 4'052'454

% Out 15.87 12.16 9.25 6.26 6.03 2.95 2.84 2.35 2.11 1.86 1.71 1.61 1.59 1.58 1.52 1.33 1.13 1.13 1.01 0.97

Weighting

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

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

Latest Chg 970'259 4'887'548 215'057 660'544 (1'100'000) (158'240) 630'103 549'282 87'111 (2'174'542) (57'000) 38'016 13'313 49'291 (16'937) 4'487 (44'194) 177'800 (171'615)

Target Price 108'000 97'600 110'200 105'000 105'000 106'343 106'000 85'000 93'500 105'000 100'000 #N/A N/A 82'900 83'000 86'465 89'000

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

File Dt 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.06.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 22.10.2013 21.10.2013 31.08.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013

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

Inst Type Other Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Other Investment Advisor Unclassified Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Other Bank

Date 22.10.2013 17.10.2013 10.10.2013 09.10.2013 26.09.2013 24.09.2013 16.09.2013 06.09.2013 04.09.2013 04.09.2013 28.08.2013 02.08.2013 22.07.2013 09.07.2013 05.07.2013 04.06.2013

23.10.2013

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 18

250.0 M

16 200.0 M

14 12

150.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 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

12/2012 01/yy 17.38 12.04 91'120'924.00 15.4 -11.39% 27.91% 71.91% 44'647.5 687'570.81 57'886.00 0.0 0.0 133'709.00 568'767.45

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

50.0 M

2 0 o-12

31.12.2009 31.12.2010 105'195.1 180'036.0 4.24x 3.71x 56'272.8 97'993.0 7.93x 6.82x 29'485.6 54'410.0 16.28x 12.81x Profitability

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

31.12.2012 247'627.0 2.13x 117'702.0 4.48x 63'691.0 9.44x 117'702.00 84'799.00 34.24% 36.41% 12.87% 21.57% 0.52% 48.5% 32.0% 25.7% 2.07 1.91 12.69% 18.69% 10.71 -

Price/ Cash Flow

d-12

j-13

LTM-4Q

LTM

01/yy

01/yy -

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

3.74 1.13 15'873.58 -1.92% -4.61% 1.127 33 4.242 39'354'760 47'338'140 54'202'360 FY+2

12/13 Y 12/14 Y 275'092.0 294'516.1 2.15x 1.99x 133'695.0 145'455.2 4.25x 3.91x 63'621.1 66'361.0 8.39x 8.11x S&P Issuer Ratings

FQ+1

FQ+2

16.12.2010 AASTABLE 71.42 33.25 0.22 1.00 18.7% 15.7% 0.52 0.83 34.09 -

Sales/Revenue/Turnover

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 125'977.4 1.95x 65'262.9 3.77x 44'375.3 6.44x

100.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

CNOOC Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH VANGUARD GROUP INC BLACKROCK FRANKLIN RESOURCES JPMORGAN CHASE & CO OPPENHEIMERFUNDS INC SCHRODER INVESTMENT FIL LIMITED STATE STREET CORP THORNBURG INVESTMENT INVESCO LTD T ROWE PRICE ASSOCIA COMMONWEALTH BANK OF LAZARD ASSET MANAGEM BANK OF NEW YORK MEL ABERDEEN HANG SENG INVESTMENT SHINHAN BNP PARIBAS INVESTEC PLC CAPITAL GROUP COMPAN

Firm Name JPMorgan Jefferies Sanford C. Bernstein & Co Bank of China International UOB Kay Hian CIMB Daiwa Securities Co. Ltd. Sun Hung Kai Securities BNP Paribas Equity Research Nomura Standard Chartered UBS Ji Asia Deutsche Bank Credit Suisse VTB Capital China Merchants Securities Macquarie Mizuho Securities China International Capital Corp S&P Capital IQ BOCOM International Holdings Morgan Stanley HSBC Guotai Junan Goldman Sachs EVA Dimensions SWS Research Co Ltd ICBC International Securities Citic Securities Co., Ltd AMTD Financial Planning Limited Capital Securities Corp

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

Analyst SCOTT DARLING LABAN YU NEIL BEVERIDGE LAWRENCE LAU YAN SHI JIMMY WONG ADRIAN LOH VIK CHOPRA POR YONG LIANG GORDON KWAN DUKE SUTTIKULPANICH PETER GASTREICH SAMUEL THAWLEY DAVID HURD THOMAS WONG COLIN SMITH MICHAEL YUK JAMES HUBBARD ANDREW S F CHAN BIN GUAN AHMAD HALIM WU FEI ANDY MENG THOMAS C HILBOLDT GRACE LIU ARTHUR YAN DOUG WALTERS ALBERT MIAO ANNA YU HUANG LILI KENNY TANG SING HING TEAM COVERAGE

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

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

Amt Held 28'772'727'273 527'436'720 526'355'108 519'765'847 243'437'701 218'751'992 204'602'894 204'188'916 190'703'843 179'242'469 169'702'950 165'242'000 145'884'500 123'141'000 116'401'985 88'225'877 88'217'804 80'820'957 71'937'155 68'538'000

% Out 64.44 1.18 1.18 1.16 0.55 0.49 0.46 0.46 0.43 0.4 0.38 0.37 0.33 0.28 0.26 0.2 0.2 0.18 0.16 0.15

Weighting

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

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

Latest Chg (7'711'540) (8'243'000) (4'302'700) (8'571'116) 8'281'240 (71'813'668) 5'903'578 (70'763'833) 34'295'961 7'813'000 392'000 4'142'000 1'045'308 590'138 2'159'000 274'779 -

Target Price 17 15 22 18 14 18 20 19 17 18 18 17 10 15 21 18 17 19 18 18 17 17 16 18 18 17 #N/A N/A 19 15 19 16 #N/A N/A

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

File Dt 31.12.2012 30.09.2013 21.10.2013 31.08.2013 30.09.2013 31.07.2013 30.09.2013 31.08.2013 22.10.2013 31.08.2013 21.10.2013 30.06.2013 31.05.2013 31.08.2013 22.10.2013 30.09.2013 30.08.2013 31.03.2013 30.09.2013 30.09.2013

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

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

Date 22.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 15.10.2013 09.10.2013 08.10.2013 08.10.2013 07.10.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 12.09.2013 10.09.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 05.08.2013 13.06.2013 06.06.2013 27.03.2013 25.03.2013 18.12.2012 24.07.2012 29.03.2012

23.10.2013

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 25

80.0 M 20

70.0 M 60.0 M

Valuation Analysis

50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR4 BZ EQUITY YTD Change PETR4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 22.41 14.94 785'000.00 18.6 -17.05% 24.50% 48.33% 5'602.0 234'217.67 196'350.31 0.0 2'354.0 49'302.76 411'688.44

31.12.2008 217'265.4 0.98x 57'362.0 3.72x 34'685.1 4.59x

30.0 M 20.0 M

10.0 M 0 o-12

31.12.2009 31.12.2010 183'481.6 211'841.9 2.60x 2.07x 58'032.9 59'315.3 8.22x 7.39x 30'964.7 35'189.4 11.92x 7.66x Profitability

LTM-4Q 31.12.2011 244'176.1 1.60x 61'582.3 6.35x 33'313.1 8.41x

31.12.2012 281'379.5 1.44x 53'158.1 7.60x 21'182.4 12.02x 53'158.09 31'391.99 11.16% 9.86% 3.95% 8.06% 6.15% 0.43% 25.2% 20.3% 11.7% 7.5% 1.70 1.03 28.97% 57.23% 17.21 7.22

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.98 3'722.00 -10.83% -1.01% 0.977 21 4.238 34'935'320 24'660'940 28'959'290 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 262'088.2 293'359.8 306'837.6 326'959.3 79'352.3 81'072.5 5.75x 5.49x 1.44x 1.48x 5.36x 5.45x 57'420.8 59'413.0 68'743.6 78'229.5 18'581.3 24'313.0 6.39x 6.54x 5.99x 5.26x 19'253.7 27'208.1 26'898.2 29'675.3 7'007.6 4'070.0 12.36x 7.76x 9.27x 8.26x 9.44x 8.82x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.96 Total Debt/EBITDA 4.19 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.43 Net Fixed Asset Turnover 0.71 Accounts receivable turnover-days 21.21 Inventory Days 50.55 Accounts Payable Turnover Day 38.19 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

6.00

300'000.0

5.00

250'000.0

4.00

200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

n-12

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

90.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Petroleo Brasileiro SA Holdings By:

All

Holder Name BNDES PARTICIPACOES CAIXA DE PREVIDENCIA BLACKROCK NORGES BANK VANGUARD GROUP INC OPPORTUNITY GESTORA BTG PACTUAL GLOBAL A ITAU UNIBANCO SA BRAM BRADESCO ASSET BB GESTAO DE RECURSO PICTET FUNDS BNY MELLON ARX INV L ABERDEEN SCHRODER INVEST MGMT FMR LLC COMGEST S A CAISSE DE DEPOT ET P CAIXA ECONOMICA FEDE REAL GRANDEZA FUNDAC WESTERN ASSET MANAGE

Firm Name

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

Analyst

Bradesco Corretora AURO ROZENBAUM Goldman Sachs FELIPE MATTAR Banco do Brasil SA CAROLINA FLESCH JPMorgan CAIO M CARVALHAL SLW Corretora de Valores e Cambio LTDPEDRO GALDI Brasil Plural ANDREW MUENCH Caixa Banco de Investimento(ESN) CARLOS JESUS GBM LUANA HELSINGER Itau BBA Securities PAULA KOVARSKY Votorantim CTVM Research LEONARDO ALVES Planner Corretora de Valores LUIZ FRANCISCO CAETANO Agora CTVM SA LUIZ OTAVIO BROAD Concordia S/A CMVCC KARINA FREITAS VTB Capital COLIN SMITH EVA Dimensions DOUG WALTERS Jefferies IAIN REID Magliano SA CCVM HENRIQUE KLEINE HSBC LUIZ CARVALHO UBS LILYANNA YANG Coinvalores MARCO AURELIO BARBOSA Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation market perform Buy/Neutral outperform neutral hold equalweight buy market perform market perform outperform buy hold buy buy buy buy buy neutral buy buy Under Review

Amt Held 1'505'268'946 374'776'675 118'933'576 93'085'778 76'107'247 75'607'216 60'892'108 19'920'487 19'683'133 19'352'133 17'323'856 14'355'277 14'225'870 12'990'869 11'023'559 11'000'000 10'684'707 10'233'127 10'097'077 9'568'647

% Out 26.87 6.69 2.12 1.66 1.36 1.35 1.09 0.36 0.35 0.35 0.31 0.26 0.25 0.23 0.2 0.2 0.19 0.18 0.18 0.17

Weighting

Change

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

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

Latest Chg (639'200) 1'310'524 (10'928'352) 373'060 (1'707'890) 479'086 (436'400) (86'029) 1'586'466 (160'650) 75'472 (487'800) (787'358)

Target Price 20 22 23 26 22 21 20 22 24 20 23 20 22 22 #N/A N/A 24 24 17 21 25 #N/A N/A

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

File Dt 09.05.2013 09.05.2013 21.10.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.08.2013 30.09.2013 31.07.2013 30.09.2013 31.08.2013 31.12.2012 31.12.2012 30.09.2013 30.09.2013 30.09.2013

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

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

Date 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 04.10.2013 01.10.2013 23.09.2013 10.09.2013 16.08.2013 13.08.2013 13.08.2013 12.08.2013 04.07.2013 27.06.2013 03.06.2013

23.10.2013

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 120

16.0 M 14.0 M

100

12.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBERS RU EQUITY YTD Change SBERS RU EQUITY YTD % CHANGE

12/2010 06/yy 111.55 83.80 41'440.00 104 -6.77% 24.11% 74.41% 21'587.0 2'245'042.50 2'998'000.00 4'400.0 12'800.0 1'616'800.00 -

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

8.0 M 6.0 M

4.0 M 20

2.0 M

0 o-12

n-12

31.12.2009 31.12.2010 987'562.0 981'117.0 24'396.0 182'131.0 75.51x 12.40x Profitability

LTM-4Q 31.12.2011 1'058'036.0 316'195.0 5.43x

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.91 10'290.24 14.10% 14.55% 0.909 30 4.600 69'446 140'477 142'165 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'385'000.0 ######### ######### ######### ######### 280'744.0 281'633.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 348'800.0 315'343.0 348'300.0 357'079.9 392'013.0 89'000.0 78'600.0 5.86x 5.90x 5.94x 6.40x 5.89x 5.96x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 47.26% Long-Term Outlook 48.03% Short-Term Rating Date 2.44% Short-Term Rating 22.34% Credit Ratios 9.09% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 37.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 19.86% Inventory Days 186.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

186.6% 64.9% 0.11 3.78 -

Sales/Revenue/Turnover

16.00

1'600'000.0

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 704'252.0 97'746.0 5.07x

10.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Sberbank of Russia Holdings By:

All

Holder Name CENTRAL BANK OF RUSS VANGUARD GROUP INC BLACKROCK LAZARD ASSET MANAGEM JPMORGAN CHASE & CO SCHRODER INVESTMENT FMR LLC FRANKLIN RESOURCES SWEDBANK ROBUR FONDE CORONATION INTERNATI BARING INTERNATIONAL BNP PARIBAS RAIFFEISEN KAPITALAN ROBECO GROEP NV INVESCO LTD CAISSE DE DEPOT ET P UBS AG CAPITAL GROUP COMPAN CREDIT SUISSE AG CARNEGIE FONDER AB/S

Firm Name Goldman Sachs Uralsib UBS Societe Generale Deutsche Bank Alfa-Bank Gazprombank Morgan Stanley Sovlink Securities Infina Investment Company BCS AK Bars Finance Nomos Bank VTB Capital HSBC Credit Suisse Olma Renaissance Capital Barclays UFS-Finance Investment Company Otkritie Capital Keefe, Bruyette & Woods Investcafe LLC EVA Dimensions Wood & Company Energocapital Brokerage IFC Metropol Visor Capital Aton LLC

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

Analyst DMITRY TREMBOVOLSKY NATALIA BEREZINA DMITRY VINOGRADOV ALAN WEBBORN BOB KOMMERS JASON HURWITZ ANDREY KLAPKO MAGDALENA STOKLOSA OLGA BELENKAYA VERONIKA CHEKINA OLGA NAYDENOVA POLINA LAZICH ANDREY MIKHAJLOV SVETLANA ASLANOVA ANDRZEJ NOWACZEK HUGO SWANN RUSLAN YUNUSOV DAVID NANGLE CRISTINA MARZEA ILYA BALAKIREV VLADIMIR SAVOV RONNY REHN EKATERINA KONDRASHOVA DOUG WALTERS MARK MACRAE Alexander Ignatyuk MARK RUBINSTEIN NURLAN ASHINOV IVAN KACHKOVSKI

Source Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

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

Amt Held 11'294'290'809 313'933'784 220'855'658 200'584'018 92'070'011 84'563'975 80'185'317 73'514'423 57'825'158 54'483'973 52'949'695 44'554'265 34'729'283 34'684'751 34'089'361 29'110'811 28'329'057 22'805'111 22'684'079 21'460'000

% Out 52.32 1.45 1.02 0.93 0.43 0.39 0.37 0.34 0.27 0.25 0.25 0.21 0.16 0.16 0.16 0.13 0.13 0.11 0.11 0.1

Weighting

Change

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

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 M M M

Latest Chg 483'659 (434'678) (100'930) (49'286'196) 3'911'416 74'169'116 16'570 (7'398'401) (7'730'020) (3'882'762) (76'010) 100'000 7'270'585 (2'255'793) 16'100 (391'500) -

Target Price 143 127 120 134 #N/A N/A 128 119 155 119 123 142 117 112 106 145 130 130 133 126 133 146 123 112 #N/A N/A 141 116 132 135 78

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

File Dt 01.07.2013 30.09.2013 21.10.2013 30.09.2013 31.08.2013 30.08.2013 31.08.2013 30.06.2013 30.06.2013 30.09.2013 30.06.2013 30.06.2013 31.07.2013 30.04.2013 30.09.2013 31.12.2012 31.07.2013 31.07.2013 31.07.2013 30.08.2013

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

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

Date 22.10.2013 22.10.2013 21.10.2013 17.10.2013 17.10.2013 11.10.2013 08.10.2013 07.10.2013 02.10.2013 01.10.2013 26.09.2013 13.09.2013 09.09.2013 09.09.2013 06.09.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 06.06.2013 04.06.2013 30.05.2013 24.04.2013 14.12.2012 05.12.2012

23.10.2013

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 800.0 M

700.0 M 600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 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

12/2012 06/yy 4.00 2.96 324'334'234.00 3.53 -11.75% 19.26% 61.54% 83'622.3 997'781.31 2'243'457.00 0.0 36'865.0 3'157'170.00 -

400.0 M

300.0 M

200.0 M

100.0 M

0 o-12

.0 M n-12

31.12.2009 31.12.2010 337'018.0 395'271.0 80'819.0 104'418.0 11.62x 8.91x Profitability

LTM-4Q 31.12.2011 514'133.0 124'276.0 5.16x

31.12.2012 619'095.0 139'432.0 5.57x 50.02% 50.71% 1.14% 18.50% 5.26% 0.05% 37.7% 17.69% 272.04% -

Price/ Cash Flow

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

6.32 1.19 72'987.26 19.45% 8.75% 1.186 37 4.135 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 575'917.0 630'716.0 401'209.2 442'444.1 102'180.0 104'129.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 129'238.0 148'552.0 148'338.7 157'623.5 38'862.6 33'904.0 5.22x 4.74x 5.23x 4.92x 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 272.0% Total Debt/Capital 72.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.10 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

450.00

700'000.0

400.00

600'000.0

350.00

500'000.0

300.00 250.00

400'000.0

200.00

300'000.0

150.00

200'000.0

100.00

100'000.0

50.00 0.00 01.01.2010

d-12

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

900.0 M

4 3

Valuation Analysis

31.12.2008 355'641.0 64'360.0 7.47x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Bank of China Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND BLACKROCK CAPITAL GROUP COMPAN JPMORGAN CHASE & CO TEMASEK HOLDINGS PRI VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT STATE STREET CORP FIL LIMITED MITSUB UFJ FINANCIAL NORGES BANK SCHRODER INVESTMENT T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT PICTET FUNDS SHINHAN BNP PARIBAS INVESCO LTD BANK OF NEW YORK MEL FRANKLIN RESOURCES

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

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

Analyst MICHAEL WERNER TRACY YU ALEXANDER LEE TAN MING JUDY ZHANG MAY YAN TREVOR KALCIC JIM ANTOS KATHERINE LEI SANJAY JAIN CHEN XINGYU TODD DUNIVANT LUCY FENG IVAN LIN TEAM COVERAGE ISMAEL PILI YUAN LIN MAO JUNHUA SOPHIE JIANG WILSON LI LI SHANSHAN RICHARD XU JOHANNES AU PALLAVI DESHPANDE DORRIS CHEN EDMOND LAW XUE HUIRU DOUG WALTERS GRACE WU WILSON LI KENNY TANG SING HING IRENE HUANG NING MA RAINY YUAN ZHU YAN

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

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

Amt Held 7'518'157'041 6'034'099'761 5'074'408'846 4'760'850'951 3'116'864'905 2'234'354'029 1'215'037'627 954'491'686 884'209'026 780'074'232 541'152'378 422'962'873 375'267'416 352'054'100 298'404'152 287'481'549 264'017'686 263'643'890 257'346'998 234'601'100

% Out 8.99 7.22 6.07 5.69 3.73 2.67 1.45 1.14 1.06 0.93 0.65 0.51 0.45 0.42 0.36 0.34 0.32 0.32 0.31 0.28

Weighting

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

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

Latest Chg (158'792'000) (28'755'000) 10'119'141 (1'296) 17'652'939 (84'341'673) 2'504'830 40'755'742 23'718'000 158'808'512 (46'313'041) 15'319'000 67'767'000 (68'100) (60'081'000)

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

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

File Dt 28.01.2013 21.10.2013 30.06.2013 16.09.2013 04.05.2012 30.09.2013 31.07.2013 30.08.2013 22.10.2013 30.04.2013 30.09.2013 31.12.2012 30.08.2013 30.06.2013 31.05.2013 31.08.2013 31.03.2013 21.10.2013 22.10.2013 30.06.2013

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 21.10.2013 21.10.2013 18.10.2013 15.10.2013 15.10.2013 02.10.2013 17.09.2013 11.09.2013 05.09.2013 05.09.2013 03.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 02.08.2013 17.07.2013 10.07.2013 21.06.2013 19.06.2013 06.06.2013 03.06.2013 10.05.2013 26.04.2013 27.03.2013 25.02.2013 30.10.2012 29.06.2012

23.10.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 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

12/2012 01/yy 20'498.00 14'944.00 1'917'045.00 20131 -1.84% 34.71% 97.77% 1'882.1 378'882.16 32'532.00 0.0 3'881.0 32'774.00 399'745.15

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

25.0 M

20000

20.0 M

15000

15.0 M

10000

10.0 M

5000

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 102'526.0 2.16x 45'014.0 4.92x 15'315.0 12.97x

25000

31.12.2009 31.12.2010 111'947.0 114'684.0 2.08x 2.22x 46'362.0 47'452.0 5.02x 5.37x 14'650.0 14'300.0 14.68x 17.67x Profitability

31.12.2011 121'884.0 2.12x 52'360.0 4.93x 20'754.0 13.45x

31.12.2012 135'112.0 2.47x 57'547.0 5.81x 20'704.0 16.31x 57'547.00 40'301.00 29.83% 27.37% 12.50% 24.74% 24.03% 0.74% 66.5% 42.1% 28.6% 15.3% 1.09 0.83 17.94% 36.55% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.34 1.00 1'449.98 39.32% 19.24% 0.999 20 4.050 6'321'903 7'099'812 6'802'380 FY+2

12/13 Y 12/14 Y 136'659.3 148'495.8 2.82x 2.58x 58'634.9 64'141.6 6.82x 6.23x 24'766.8 27'820.5 15.20x 13.48x S&P Issuer Ratings

FQ+1

FQ+2

5.68 3.46 0.30 0.75 36.6% 25.9% 0.74 1.80 -1.98

Sales/Revenue/Turnover

12.00

160'000.0 140'000.0

10.00

120'000.0 8.00

100'000.0 80'000.0

6.00

60'000.0

4.00

40'000.0 2.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

MTN Group Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI JP MORGAN CUSTODIAN STATE STREET CUSTODI CAPITAL GROUP COMPAN VANGUARD GROUP INC M1 LTD DODGE & COX BANK OF NY CUSTODIAN NORTHERN TR AVFC GOV OLD MUTUAL BLACKROCK GEPF CORONATION FM CSFB EUROPE LTD STATE STREET CORP BANK OF NEW YORK CORONATION ASSET MAN NORTHERN TRUST COMPA CITIBANK LONDON JPMORGAN CHASE & CO OPPENHEIMERFUNDS INC

Firm Name Barclays Morgan Stanley SBG Securities HSBC Credit Suisse BNP Paribas Cadiz Securities JPMorgan Goldman Sachs UBS BPI Deutsche Bank Avior Research EVA Dimensions NOAH Capital Markets New Street Research Renaissance Capital Imara Afrifocus Securities

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

Analyst JOHN-PAUL DAVIDS EDWARD C HILL-WOOD JONATHAN KENNEDY-GOOD HERVE DROUET RICHARD BARKER IAN BRINK ZIYAD JOOSUB ALEXANDER BALAKHNIN CHRIS GRUNDBERG KATE TURNER-SMITH MICHAEL GRESTY DAVID LERCHE ANDREW S ZAMFOTIS CRAIG HACKNEY ALASTAIR JONES JOHAN SNYMAN SIBONGINKOSI NYANGA SAMEERA CASSIM

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

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

Amt Held 237'910'529 173'925'121 163'061'574 70'642'950 50'974'795 42'927'564 41'182'400 40'046'235 38'491'604 31'350'715 28'984'816 28'455'870 27'138'344 25'222'862 25'163'479 23'444'038 22'757'493 22'336'163 20'291'561 19'833'650

% Out 12.64 9.24 8.66 3.75 2.71 2.28 2.19 2.13 2.05 1.67 1.54 1.51 1.44 1.34 1.34 1.25 1.21 1.19 1.08 1.05

Weighting

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

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

Latest Chg (5'300'000) 8'238'163 1'420'982 (15'196'141) (670'933) 550'000 (417'509) 2'597'744 (2'157'286) 63'656 (115'200) 117'016 1'055'635 140'980 (382'350) (471'215) 400'878 39'634 -

Target Price 20'900 20'000 20'000 24'200 21'500 20'900 21'501 20'600 21'000 23'500 19'000 22'278 #N/A N/A 16'600 19'000 20'270 17'348 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.09.2013 21.10.2013 31.05.2013 31.05.2013 22.10.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.08.2013 31.07.2013

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

Inst Type Government Investment Advisor Other Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Other Unclassified Investment Advisor Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 15.10.2013 14.10.2013 07.10.2013 04.10.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 03.09.2013 02.09.2013 28.08.2013 21.08.2013 20.08.2013 20.08.2013 16.08.2013 01.08.2013 12.03.2013 14.12.2012

23.10.2013

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 2500

3.5 M

2000

3.0 M 2.5 M

1500

2.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (11.10.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LKOH RM EQUITY YTD Change LKOH RM EQUITY YTD % CHANGE

12/2012 06/yy 2'140.00 1'781.30 459'242.00 2087.2 -2.45% 17.17% 88.88% 850.6 1'775'295.63 6'621.00 0.0 981.0 3'200.00 62'644.74

31.12.2008 86'340.0 0.41x 17'092.0 2.07x 9'144.0 3.00x

1.5 M 1.0 M

500

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

4.0 M

31.12.2009 31.12.2010 68'025.0 86'078.0 0.84x 0.62x 14'096.0 16'050.0 4.05x 3.32x 7'011.0 9'006.0 6.82x 5.17x Profitability

LTM-4Q 31.12.2011 111'433.0 0.42x 19'291.0 2.44x 10'357.0 3.99x

31.12.2012 116'335.0 0.47x 18'872.0 2.88x 11'004.0 4.57x 18'872.00 14'040.00 12.07% 11.80% 10.89% 15.02% 13.67% 1.18% 16.3% 11.7% 9.5% 1.95 0.77 6.69% 9.04% 14.70 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.87 811.12 15.58% 9.23% 0.869 21 4.524 928'080 1'130'927 1'030'147 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 113'277.0 117'879.0 134'233.8 133'791.5 35'497.0 34'374.0 1.68x 1.78x 0.49x 0.50x 1.85x 1.96x 17'802.0 19'193.0 18'707.5 20'146.4 5'213.0 4'854.0 2.63x 2.61x 3.35x 3.11x 8'396.0 10'882.0 10'563.8 10'504.5 2'802.0 2'444.0 5.10x 3.99x 4.76x 4.95x S&P Issuer Ratings Long-Term Rating Date 15.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 35.08 (EBITDA-Capex)/Interest Exp. 13.43 Net Debt/EBITDA 0.31 Total Debt/EBITDA 0.49 Reference Total Debt/Equity 9.0% Total Debt/Capital 8.2% Asset Turnover 1.18 Net Fixed Asset Turnover 1.75 Accounts receivable turnover-days 24.82 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

23.10.2013

Lukoil OAO Holdings By:

All

Holder Name ALEKPEROV VAGIT NORGES BANK FEDUN LEONID BLACKROCK VANGUARD GROUP INC KUKURA SERGEI PETROV MAGANOV RAVIL ULIFAT KHOBA LYUBOV NIKOLAE MATYTSYN ALEXANDER K SWEDBANK ROBUR FONDE SCHRODER INVESTMENT SCHRODER INVESTMENT CAISSE DE DEPOT ET P SCHRODER INVESTMENT DEKABANK DEUTSCHE GI KAPITAL ASSET MANAGE FRANK RUSSELL TRUST UBS GLOBAL ASSET MAN PICTET FUNDS EAST CAPITAL ASSET M

Firm Name UFS-Finance Investment Company Sanford C. Bernstein & Co Deutsche Bank Investcafe LLC Alfa-Bank Gazprombank Infina Investment Company Otkritie Capital AK Bars Finance Uralsib BCS Morgan Stanley EVA Dimensions VTB Capital Raiffeisenbank AG JPMorgan Veles Capital Energocapital Brokerage Aton LLC HSBC

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios SCHRODER ISF EMERGIN SCHRODER ISF-BRIC (B Multiple Portfolios SISF EMERGING MARKET Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ILYA BALAKIREV OSWALD CLINT PAVEL KUSHNIR GRIGORY BIRG ALEXANDER KORNILOV IVAN KHROMUSHIN ALEXANDER IVANISCHEV ALEXANDER BURGANSKY ALEXANDER SIDOROV ALEXEI KOKIN TIMUR SALIKHOV PAVEL SOROKIN DOUG WALTERS DMITRY LOUKASHOV ANDREY POLISCHUK ANDREY GROMADIN VASILIY TANURKOV Vasiliy Koposov ELENA SAVCHIK ILDAR KHAZIEV

Source Co File MF-AGG Co File ULT-AGG ULT-AGG Co File Co File Co File Co File MF-AGG MF-PART MF-PART MF-AGG MF-PART MF-AGG Research MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 16'075'646 14'932'342 9'951'591 8'789'934 6'677'768 3'283'174 3'147'084 2'934'443 2'526'173 2'068'733 1'817'937 1'433'199 1'405'011 1'072'900 872'000 654'420 646'842 642'919 580'322 542'048

% Out 1.89 1.76 1.17 1.03 0.79 0.39 0.37 0.35 0.3 0.24 0.21 0.17 0.17 0.13 0.1 0.08 0.08 0.08 0.07 0.06

Weighting

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

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

Latest Chg 23'265 45'660 517'548 (86'531) 7'417 (147'437) (342'000) (18'201) (6'957) (359'500)

Target Price 2'640 1'840 2'500 2'815 2'616 2'832 2'304 2'450 2'013 2'536 2'482 2'427 #N/A N/A 3'565 2'555 2'636 3'514 2'175 1'793 2'416

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

File Dt 30.09.2012 31.12.2012 30.09.2012 21.10.2013 30.09.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.08.2013 30.08.2013 31.12.2012 30.08.2013 28.03.2013 25.04.2012 30.06.2013 31.07.2013 30.09.2013 30.09.2013

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

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

Date 23.10.2013 16.10.2013 15.10.2013 14.10.2013 11.10.2013 11.10.2013 01.10.2013 20.09.2013 13.09.2013 02.09.2013 01.08.2013 21.07.2013 06.06.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 20.01.2013 22.11.2012 29.08.2012

23.10.2013

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.

Price/Volume 40

20.0 M

12/2012 09/yy 35.38 25.50 619'000.00 32.77 -7.35% 28.51% 76.62% 2'103.6 146'013.45 307'230.10 0.0 208.7 84'145.54 -

15.0 M

10.0 M

10 5.0 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

25.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC4 BZ EQUITY YTD Change BBDC4 BZ EQUITY YTD % CHANGE

31.12.2008 76'701.0 7'018.0 4.93x

30.0 M

31.12.2009 31.12.2010 85'241.0 78'055.6 9'216.0 9'939.6 8.25x 12.36x Profitability

LTM-4Q 31.12.2011 98'694.6 10'958.1 10.71x

31.12.2012 100'442.6 11'291.6 11.89x 24.06% 25.50% 1.34% 17.77% 3.56% 0.18% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

09/yy 09/yy 159'187.2 162'749.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'213.6 11'825.2 11.09x 10.79x

FY+1

.0 M o-13

0.95 2'049.57 18.57% 4.12% 0.945 24 3.917 8'291'620 6'791'534 7'676'567 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 65'677.2 70'914.3 17'496.0 18'440.5 12'250.1 13'601.6 3'065.0 3'314.3 11.12x 9.97x 10.64x 10.33x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.18 36.61 -

Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Banco Bradesco SA Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK NCF PARTICIPACOES SA HARBOR CAPITAL ADVIS VANGUARD GROUP INC NORGES BANK T ROWE PRICE ASSOCIA ITAU UNIBANCO SA EOS INVESTIMENTOS LT BRAM BRADESCO ASSET BTG PACTUAL GLOBAL A BANCO BTG PACTUAL SA JPMORGAN CHASE & CO WESTERN ASSET MANAGE JGP GESTAO DE RECURS CAISSE DE DEPOT ET P BANCO BRADESCO SA BB GESTAO DE RECURSO REAL GRANDEZA FUNDAC MORGAN STANLEY

Firm Name

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

Analyst

JPMorgan SAUL MARTINEZ Banco Safra de Investimento FRANCISCO KOPS Itau BBA Securities REGINA SANCHEZ GBM ANDRE RIVA GARGIULO Banco do Brasil SA NATANIEL CEZIMBRA HSBC CARLOS GOMEZ-LOPEZ Votorantim CTVM Research RENATO SCHUETZ Brasil Plural EDUARDO NISHIO Goldman Sachs CARLOS G MACEDO Grupo Santander BORIS MOLINA Planner Corretora de Valores VICTOR MARTINS Banco BTG Pactual SA EDUARDO ROSMAN SLW Corretora de Valores e Cambio LTDPEDRO GALDI Credit Suisse MARCELO TELLES EVA Dimensions DOUG WALTERS UBS PHILIP FINCH Magliano SA CCVM HENRIQUE KLEINE Nau Securities Ltd INIGO VEGA Raymond James FEDERICO REY-MARINO Coinvalores FELIPE MARTINS SILVEIRA Concordia S/A CMVCC KARINA FREITAS

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

Recommendation neutral neutral outperform market perform market perform overweight market perform overweight neutral/neutral buy buy neutral hold neutral underweight neutral buy Fairly Valued outperform buy buy

Amt Held 106'864'758 58'437'345 47'121'468 37'474'317 30'727'581 26'993'244 16'257'341 10'796'398 9'645'162 8'654'253 7'366'450 7'102'257 6'982'061 6'545'066 6'484'011 5'580'000 5'259'092 4'459'786 4'368'629 4'261'271

% Out 5.08 2.78 2.24 1.78 1.46 1.28 0.77 0.51 0.46 0.41 0.35 0.34 0.33 0.31 0.31 0.27 0.25 0.21 0.21 0.2

Weighting

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

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

Latest Chg (4'535'710) 21'110 (73'175) 20'100 461'441 5'860'900 (1'027'559) (1'404'536) (1'327'031) 6'941'643 61'543 526'130 (166'210) 573'300

Target Price 36 36 37 36 37 38 36 37 34 39 37 30 35 34 #N/A N/A 30 41 38 #N/A N/A #N/A N/A 35

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

File Dt 30.06.2013 21.10.2013 12.06.2013 30.09.2013 30.09.2013 31.12.2012 30.06.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.06.2013 31.08.2013 30.09.2013 30.09.2013 31.12.2012 12.06.2013 30.09.2013 30.09.2013 30.06.2013

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

Inst Type Investment Advisor Investment Advisor Venture Capital Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 17.10.2013 16.10.2013 16.10.2013 01.10.2013 23.09.2013 20.09.2013 10.09.2013 06.08.2013 23.07.2013 21.05.2013 26.04.2013 10.04.2013 17.12.2012

23.10.2013

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 45

60.0 M

50.0 M

35 30

40.0 M

12/2012 06/yy 43.09 25.52 1'816'200.00 32.39 -24.81% 26.92% 41.43% 2'108.6 183'617.50 61'855.85 0.0 3'245.0 11'918.22 239'889.57

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

20.0 M

10.0 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'760.2 1.77x 33'997.9 3.58x 24'284.5 4.64x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE5 BZ EQUITY YTD Change VALE5 BZ EQUITY YTD % CHANGE

31.12.2009 31.12.2010 46'557.0 83'225.0 6.82x 3.87x 17'533.5 46'231.0 18.11x 6.97x 10'683.1 30'070.0 27.69x 9.58x Profitability

LTM-4Q 31.12.2011 102'018.7 2.36x 57'054.5 4.22x 37'813.7 5.47x

31.12.2012 93'511.5 2.90x 34'366.5 7.89x 9'733.7 22.18x 34'366.50 25'969.07 27.77% 7.05% 1.77% 3.01% 3.03% 0.36% 44.4% 37.7% 28.4% 10.4% 1.79 1.01 23.17% 40.59% 7.64 5.03

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.87 2'020.90 -0.80% -16.11% 0.872 17 5.000 21'444'300 17'787'550 20'957'820 FY+2

FQ+1

FQ+2

06/yy 101'130.9 10.00x 46'693.8 5.46x 28'279.5 7.37x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 95'187.7 103'270.6 108'100.8 27'288.4 27'194.2 9.88x 2.39x 2.28x 9.55x 10.09x 35'920.6 47'095.4 46'573.0 12'099.3 11'547.4 5.74x 5.09x 5.15x 5.25x 5.32x 4'732.3 24'979.8 24'839.5 6'883.9 6'191.3 32.14x 6.86x 6.85x 6.58x 6.84x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.48 Total Debt/EBITDA 1.84 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.36 Net Fixed Asset Turnover 0.54 Accounts receivable turnover-days 47.79 Inventory Days 72.54 Accounts Payable Turnover Day 59.92 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Vale SA Holdings By:

All

Holder Name ABERDEEN OPPORTUNITY GESTORA BNDES PARTICIPACOES BLACKROCK NORGES BANK VANGUARD GROUP INC VALE SA BB GESTAO DE RECURSO ITAU UNIBANCO SA BRAM BRADESCO ASSET WESTERN ASSET MANAGE SANTANDER BRASIL ASS SCHRODER INVEST MGMT CAIXA ECONOMICA FEDE PICTET FUNDS BNY MELLON ARX INV L SCHRODER INVESTMENT CAISSE DE DEPOT ET P FUNDACAO CESP BTG PACTUAL GLOBAL A

Firm Name

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

Analyst

Votorantim CTVM Research JULIANA CHU Planner Corretora de Valores LUIZ FRANCISCO CAETANO SLW Corretora de Valores e Cambio LTDPEDRO GALDI Itau BBA Securities MARCOS ASSUMPCAO Brasil Plural RENATO ANTUNES Concordia S/A CMVCC KARINA FREITAS Banco BTG Pactual SA EDMO CHAGAS Bradesco Corretora ALAN GLEZER Espirito Santo Investment Bank Research CATARINA PEDROSA Grupo Santander FELIPE REIS EVA Dimensions TIMOTHY STANISH Magliano SA CCVM HENRIQUE KLEINE Agora CTVM SA JOSE FERREIRA Banco do Brasil SA VICTOR PENNA Coinvalores MARCO AURELIO BARBOSA HSBC LEONARDO ANDRADE CORREA Sociedade Corretora Paulista MARCELO VAREJAO

Source ULT-AGG MF-AGG 20F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy outperform overweight buy buy outperform buy buy overweight buy buy outperform buy overweight Under Review

Amt Held 156'034'890 100'013'854 67'342'071 56'478'206 37'950'325 33'327'862 20'340'000 18'092'270 16'659'033 14'789'146 10'962'968 9'778'988 8'941'946 8'012'070 7'248'928 7'132'399 5'657'075 5'647'738 5'561'326 5'258'564

% Out 7.4 4.74 3.19 2.68 1.8 1.58 0.96 0.86 0.79 0.7 0.52 0.46 0.42 0.38 0.34 0.34 0.27 0.27 0.26 0.25

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 #N/A N/A

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

Latest Chg (1'901'220) 239'900 1'016'174 (209'450) (1'495'230) (1'442'289) (15'987) (101'009) 768'897 (411'200) (146'057) 3'193'883 5'250'775 36'700 437'443

Target Price 41 42 46 48 45 53 43 54 42 #N/A N/A #N/A N/A 39 54 44 43 41 #N/A N/A

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

File Dt 28.06.2013 30.09.2013 31.12.2012 21.10.2013 31.12.2012 30.09.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.08.2013 30.09.2013 31.05.2013 31.12.2012 30.09.2013 30.09.2013

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

Inst Type Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor Other 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 22.10.2013 21.10.2013 21.10.2013 08.10.2013 30.09.2013 23.09.2013 16.09.2013 13.09.2013 05.09.2013 29.08.2013 14.08.2013 12.08.2013 08.08.2013 07.08.2013 27.06.2013 20.06.2013 03.06.2013

23.10.2013

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

6.0 M

06/2013 01/yy 51'349.00 35'434.00 686'519.00 50009 -2.59% 41.13% 94.55% 649.5 324'798.50 23'853.00 0.0 3'650.0 26'797.00 325'504.51

4.0 M 3.0 M

20000

2.0 M

10000

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2010 30.06.2011 122'256.0 142'436.0 1.52x 1.70x 31'748.0 38'469.0 5.85x 6.28x 15'941.0 19'794.0 10.34x 10.52x Profitability

30.06.2012 169'446.0 1.39x 48'026.0 4.91x 23'583.0 8.10x

30.06.2013 181'269.0 1.62x 58'246.0 5.03x 26'278.0 8.20x 58'246.00 46'216.00 25.50% 21.94% 11.60% 19.12% 0.80% 57.2% 32.1% 25.5% 14.5% 2.48 1.42 9.56% 15.94% 8.08 3.47

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

3.80 0.97 426.61 41.29% 43.71% 0.971 14 2.857 1'348'071 1'652'291 1'487'747 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 06/11 Q2 09/11 Q3 192'538.2 194'546.8 1.71x 1.70x 56'085.1 54'761.4 5.80x 5.94x 29'851.9 28'248.3 10.07x 10.52x S&P Issuer Ratings

16.10.2012 NEG 19.02.2003 A-2 73.54 32.87 -0.05 0.41 15.9% 13.5% 0.80 1.30 45.17 105.27 60.81 89.63

Sales/Revenue/Turnover

10.00

200'000.0

9.00

180'000.0

8.00

160'000.0

7.00

140'000.0

6.00

120'000.0

5.00 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.07.2010

5.0 M

30000

Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (19.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 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

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

7.0 M

50000 40000

Valuation Analysis

30.06.2009 137'836.0 1.31x 31'194.0 5.81x 13'648.0 10.62x

60000

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Sasol Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI KONOIL PTY LIMITED STATE STREET CUSTODI JP MORGAN CUSTODIAN SASOL INZALO EMPL SC ALLAN GRAY UNIT TRUS VANGUARD GROUP INC OLD MUTUAL BLACKROCK NORTHERN TR AVFC GOV SASOL INZALO FOUNDAT BANK OF NEW YORK SASOL INVESTMENT COM NORGES BANK CITIBANK LONDON INVESTEC PLC SANLAM LIFE INSURANC CORONATION ASSET MAN BANK OF NY CUSTODIAN NEDCOR BANK MGMT CO

Firm Name JPMorgan Nedgroup Securities SBG Securities Barclays Deutsche Bank Macquarie BNP Paribas Cadiz Securities Morgan Stanley UBS HSBC Avior Research EVA Dimensions Goldman Sachs VSA Capital Ltd Imara

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

Analyst ALEX COMER MOHAMED KHARVA LIONEL THEROND CAROLINE LEARMONTH AVINASH KALKAPERSAD GERHARD ENGELBRECHT NIC DINHAM LEIGH BREGMAN NISHAL RAMLOUTAN SRIHARSHA PAPPU SEAN UNGERER DOUG WALTERS GEYDAR MAMEDOV DOUGIE YOUNGSON STEPHEN MEINTJES

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

Recommendation overweight sell sell equalweight not rated neutral hold Equalwt/In-Line neutral underweight underperform buy neutral/neutral not rated buy

Amt Held 71'626'357 53'266'887 34'397'871 23'794'536 23'339'310 21'607'128 16'723'994 10'649'027 9'986'963 9'716'198 9'461'882 9'393'175 8'809'886 7'964'184 6'952'275 5'727'165 5'710'033 5'700'080 5'590'605 4'978'349

% Out 11.03 8.2 5.3 3.66 3.59 3.33 2.57 1.64 1.54 1.5 1.46 1.45 1.36 1.23 1.07 0.88 0.88 0.88 0.86 0.77

Weighting

Change

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

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

Latest Chg 4'546'996 64'481 (731'210) 7'600 (221'275) 19'868 59'076 (65'478) 325'223 264'956 (841'704) 38'138 (863'434) (472'270) (376'915)

Target Price 46'700 40'000 39'000 47'500 #N/A N/A 51'000 47'000 44'400 50'500 39'000 45'520 #N/A N/A 43'900 #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 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.09.2013 30.09.2013 21.10.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 30.06.2013

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

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

Date 14.10.2013 08.10.2013 02.10.2013 19.09.2013 16.09.2013 16.09.2013 13.09.2013 10.09.2013 10.09.2013 21.07.2013 13.06.2013 06.06.2013 13.05.2013 05.12.2012 31.10.2012

23.10.2013

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 (01.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMBV4 BZ EQUITY YTD Change AMBV4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 94.29 75.31 55'300.00 86.15 -8.79% 14.39% 61.38% 1'374.8 269'793.81 3'143.85 0.0 1'060.1 9'652.15 268'748.86

8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

100 90 80 70 60 50 40 30 20 10 0 o-12

31.12.2008 20'713.2

31.12.2009 23'194.0

9'117.2

10'554.4

5'119.1

5'986.1

31.12.2010 25'233.3 5.72x 11'590.2 12.46x 7'561.4 10.32x

LTM-4Q 31.12.2011 27'126.7 7.58x 13'164.2 15.62x 8'641.0 24.23x

31.12.2012 32'231.0 8.13x 15'628.6 16.77x 10'508.1 25.43x

LTM

06/yy 28'814.1 29.57x 13'797.6 17.46x 8'937.8 26.96x

06/yy 33'445.8 30.75x 16'100.1 16.18x 10'455.2 24.95x

Profitability 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

15'628.63 13'860.00 43.00% 40.48% 21.01% 36.23% 33.40% 0.67% 68.1% 48.1% 42.4% 32.6% 1.05 0.76 5.80% 10.89% 15.85 4.11

Price/ Cash Flow

FY+1

.0 M o-13

0.43 663.66 6.61% 2.26% 0.433 15 4.000 1'433'760 1'487'383 1'770'394 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'087.1 39'151.7 8'688.3 11'122.9 7.52x 6.67x 30.85x 23.65x 17'067.5 19'032.6 4'091.9 5'933.5 15.75x 14.12x 15.17x 14.87x 11'160.5 13'019.1 2'704.6 4'126.8 24.03x 20.81x 22.88x 22.43x S&P Issuer Ratings

05.07.2012 A STABLE 21.52 17.37 -0.13 0.19 10.9% 9.5% 0.67 3.02 23.02 88.77 157.44 -111.50

Sales/Revenue/Turnover

25.00

35'000.0 30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Cia de Bebidas das Americas Holdings By:

All

Holder Name CIA DE BEBIDAS DAS A CAIXA DE PREVIDENCIA BLACKROCK VANGUARD GROUP INC NORGES BANK BTG PACTUAL GLOBAL A ITAU UNIBANCO SA BRAM BRADESCO ASSET CSHG ASSET MGMT SA WESTERN ASSET MANAGE CAISSE DE DEPOT ET P BB GESTAO DE RECURSO PICTET FUNDS SANTANDER BRASIL ASS BTG PACTUAL WM GESTA HSBC GESTAO DE RECUR INVESCO LTD SPX GESTAO DE RECURS SCHRODER INVEST MGMT FRANKLIN TEMPLETON I

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

Analyst

GBM KARLA MIRANDA Goldman Sachs LUCA CIPICCIA Espirito Santo Investment Bank Research CATARINA PEDROSA Bradesco Corretora GABRIEL VAZ DE LIMA Agora CTVM SA JOSE FERREIRA Credit Suisse ANTONIO GONZALEZ Banco BTG Pactual SA THIAGO DUARTE JPMorgan ALAN ALANIS HSBC LAUREN E TORRES UBS GUSTAVO PIRAS OLIVEIRA Banco Safra de Investimento ALAN DE SOUZA CARDOSO Coinvalores SANDRA PERES EVA Dimensions CRAIG STERLING Itau BBA Securities ALEXANDRE RUIZ MIGUEL Grupo Santander LUIS MIRANDA SLW Corretora de Valores e Cambio LTDPEDRO GALDI

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

Recommendation market underperform neutral/neutral neutral outperform buy outperform neutral overweight overweight neutral Under Review buy overweight restricted hold hold

Amt Held 637'014'821 74'109'862 19'956'847 10'882'481 8'821'021 4'148'153 2'823'874 2'537'105 2'193'456 2'106'895 2'106'496 1'793'511 1'610'394 1'504'900 1'330'013 1'242'645 1'201'094 1'165'051 994'716 976'761

% Out 46.34 5.39 1.45 0.79 0.64 0.3 0.21 0.18 0.16 0.15 0.15 0.13 0.12 0.11 0.1 0.09 0.09 0.08 0.07 0.07

Weighting

Change

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

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

Latest Chg (34'632) 35'800 202'035 1'235'505 218'917 (222'962) 100'500 (37'804) (36'130) (102'958) 236'321 1'292'900 77'206 700 529'809 (38'660) 246'100

Target Price 86 88 83 95 95 100 101 101 101 91 #N/A N/A 96 #N/A N/A #N/A N/A 101 95

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

File Dt 01.07.2013 01.07.2013 21.10.2013 30.09.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 30.09.2013

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

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

Date 18.10.2013 17.10.2013 17.10.2013 15.10.2013 01.10.2013 25.09.2013 23.09.2013 12.08.2013 01.08.2013 31.07.2013 26.07.2013 27.06.2013 06.06.2013 20.02.2013 07.01.2013 07.01.2013

23.10.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2317 TT EQUITY YTD Change 2317 TT EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 87.82 62.55 23'622'364.00 75.3 -14.25% 20.39% 51.26% 13'128.7 988'591.69 153'693.61 0.0 0.0 72'208.39 1'070'076.89

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

n-12

31.12.2009 31.12.2010 1'420'573.1 2'313'129.1 0.93x 0.51x 35'084.6 45'056.3 37.56x 26.12x 75'685.1 77'154.6 17.14x 14.67x Profitability

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

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 o-13

Market Data

LTM-4Q 31.12.2011 2'773'311.4 0.35x 41'132.9 23.49x 81'591.0 10.84x

LTM

FY+1

1.07 10'608.49 48.42 -0.48% -5.18% 1.066 28 3.893 25'593'000 33'373'510 33'797'060 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'218'928.4 ######### ######### 0.35x 1.42x 1.45x 54'644.5 41'132.9 54'644.5 170'436.0 203'300.0 20.74x 23.49x 20.74x 6.28x 5.26x 94'762.4 81'591.0 94'762.4 94'521.2 104'171.7 25'702.9 35'418.9 11.07x 10.71x 10.90x 10.38x 9.50x 10.19x 9.63x S&P Issuer Ratings 54'644.47 Long-Term Rating Date 09.11.2007 45'925.84 Long-Term Rating A1.43% Long-Term Outlook STABLE 3.34% Short-Term Rating Date 5.84% Short-Term Rating 15.48% Credit Ratios 12.61% EBITDA/Interest Exp. 24.99 1.98% (EBITDA-Capex)/Interest Exp. 22.35 Net Debt/EBITDA 1.49 4.7% Total Debt/EBITDA 2.81 1.7% Reference 1.4% Total Debt/Equity 23.8% 2.9% Total Debt/Capital 19.2% Asset Turnover 1.98 1.10 Net Fixed Asset Turnover 106.04 0.61 Accounts receivable turnover-days 55.51 8.96% Inventory Days 13.14 23.77% Accounts Payable Turnover Day 59.68 6.59 Cash Conversion Cycle 8.97 27.86

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

3'500'000.0

400.00

3'000'000.0

350.00

2'500'000.0

300.00 250.00

2'000'000.0

200.00

1'500'000.0

150.00

1'000'000.0

100.00

500'000.0

50.00 0.00 02.01.2010

d-12

Fiscal Year Ended 31.12.2008 1'473'026.3 0.34x 37'195.4 13.43x 55'133.2 8.63x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Hon Hai Precision Industry Co Ltd Holdings By:

All

Holder Name TAI-MING GOU VANGUARD GROUP INC BLACKROCK SAUDI ARABIAN MONETA GIC PRIVATE LIMITED FMR LLC ABU DHABI INVESTMENT NORGES BANK CATHAY LIFE INSURANC ABP RETIREMENT FUNDS POLARIS SEC INVESTME SCHRODER INVESTMENT LAZARD ASSET MANAGEM JUI FU INTL INVESTME FIL LIMITED HSIANG-FU YOU JPMORGAN CHASE & CO DIMENSIONAL FUND ADV SUN LIFE FINANCIAL I ROBECO GROEP NV

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

Analyst

Nomura ANNE LEE Goldman Sachs LIANG-CHUN LIN Capital Securities Corp ZIFEN HAN Daiwa Securities Co. Ltd. KYLIE HUANG Sanford C. Bernstein & Co ALBERTO MOEL Mizuho Securities CHARLES PARK Fubon Securities ARTHUR LIAO Jih Sun Securities WENWEN WANG Credit Suisse THOMPSON WU IBT Securities Co Ltd JACK LIN Morgan Stanley JASMINE LU EVA Dimensions ANDREW S ZAMFOTIS Macquarie DANIEL CHANG KGI Securities MING-CHI KUO Yuanta Securities Investment ConsultingVINCENT CHEN UBS ARTHUR HSIEH BNP Paribas Equity Research LAURA CHEN Berenberg Bank ADNAAN AHMAD President Capital Management YING-CHANG KUO Barclays KIRK YANG S&P Capital IQ APURVA PATEL SinoPac BAMBOO LIN JPMorgan GOKUL HARIHARAN HSBC JENNY LAI CIMB WANG WANLI Credit Agricole Securities Taiwan Co. L CHITRA GOPAL E Sun Securities WEITING YANG Wedge Partners JUN ZHANG Deutsche Bank JOELIAN TSENG Ji Asia STEVE MYERS Masterlink Securities JIMMY CHEN

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

Recommendation buy Buy/Neutral buy buy outperform buy add neutral neutral neutral Overwt/In-Line hold underperform not rated buy sell hold sell buy equalweight strong buy buy overweight neutral outperform underperform buy on weakness no rating system not rated buy hold

Amt Held 1'617'000'000 331'269'446 273'036'050 253'711'289 190'031'297 170'946'616 155'018'651 125'444'627 123'606'171 122'220'155 99'539'655 87'583'940 76'350'648 62'190'038 60'519'684 40'307'612 40'152'200 35'151'145 31'407'690 30'708'643

% Out 12.32 2.52 2.08 1.93 1.45 1.3 1.18 0.96 0.94 0.93 0.76 0.67 0.58 0.47 0.46 0.31 0.31 0.27 0.24 0.23

Weighting

Change

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

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

Latest Chg (3'985'244) (37'900) (1'158'434) 17'802'105 19'230'327 144'703 1 9'530'213 4'087'660 6'591'997 174'900 (546'747)

Target Price 85 88 84 87 88 87 92 #N/A N/A 75 #N/A N/A 90 #N/A N/A 64 #N/A N/A 86 58 67 60 83 68 86 85 86 69 82 69 #N/A N/A #N/A N/A #N/A N/A 89 96

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

File Dt 31.08.2013 30.09.2013 21.10.2013 28.04.2013 28.04.2013 31.08.2013 28.04.2013 31.12.2012 28.04.2013 28.04.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 31.08.2013 31.08.2013 31.07.2013 31.08.2013 30.04.2013

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

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

Date 23.10.2013 22.10.2013 21.10.2013 21.10.2013 18.10.2013 17.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 10.10.2013 07.10.2013 05.10.2013 24.09.2013 16.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 09.09.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 04.08.2013 16.07.2013 15.07.2013 02.07.2013 27.02.2013 05.09.2012

23.10.2013

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 12

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 11.32 7.73 120'085'282.00 8.94 -21.02% 15.65% 38.16% 21'098.9 1'779'408.25 444'826.00 0.0 116'738.0 46'245.00 1'922'872.18

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

150.0 M

100.0 M

2 0 o-12

50.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'072'604.0 1.78x 256'680.0 7.45x 114'453.0 9.49x

200.0 M

Valuation Analysis

31.12.2009 31.12.2010 1'019'275.0 1'465'415.0 2.57x 1.54x 237'168.0 303'643.0 11.04x 7.43x 103'387.0 139'992.0 14.65x 11.33x Profitability

LTM-4Q 31.12.2011 2'003'843.0 1.04x 323'368.0 6.43x 132'961.0 10.74x

LTM

FY+1

1.01 20'807.38 -14.82% -15.13% 1.008 32 3.938 53'736'170 73'394'700 85'940'560 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'195'296.0 ######### ######### ######### ######### 653'458.0 0.99x 4.01x 3.73x 0.87x 0.86x 329'642.0 149'425.0 168'768.0 367'578.1 398'761.4 6.57x 0.00x 0.00x 5.23x 4.82x 115'326.0 129'012.0 118'822.0 127'637.7 137'540.2 31'278.4 36'953.5 14.02x 11.62x 9.97x 10.02x 9.28x S&P Issuer Ratings 329'642.00 Long-Term Rating Date 177'667.00 Long-Term Rating 8.09% Long-Term Outlook 7.60% Short-Term Rating Date 5.41% Short-Term Rating 11.09% Credit Ratios - EBITDA/Interest Exp. 0.97% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference 8.7% Total Debt/Equity 5.3% Total Debt/Capital Asset Turnover 0.72 Net Fixed Asset Turnover 0.21 Accounts receivable turnover-days 20.51% Inventory Days 41.81% Accounts Payable Turnover Day 23.94 Cash Conversion Cycle -

Price/ Cash Flow

17.62 0.96 41.8% 27.4% 0.97 1.40 15.25 -

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

PetroChina Co Ltd Holdings By:

All

Holder Name ABERDEEN BLACKROCK FRANKLIN RESOURCES JPMORGAN CHASE & CO VANGUARD GROUP INC CHINA NATIONAL PETRO HANG SENG INVESTMENT HARBOR CAPITAL ADVIS FIL LIMITED STATE STREET CORP BANK OF NEW YORK MEL PICTET FUNDS SHINHAN BNP PARIBAS DANSKE INVEST A/S HARVEST FUND MANAGEM BARING INTERNATIONAL ROYAL BANK OF CANADA MANULIFE FUNDS DIREC VERITAS ASSET MANAGE VALUE PARTNERS LTD

Firm Name Jefferies Bank of China International Nomura UOB Kay Hian Mizuho Securities Macquarie Sanford C. Bernstein & Co JPMorgan BNP Paribas Equity Research BOCOM International Holdings Standard Chartered Deutsche Bank Credit Suisse VTB Capital CIMB S&P Capital IQ China Merchants Securities China International Capital Corp Capital Securities Corp Morgan Stanley HSBC Daiwa Securities Co. Ltd. UBS Guotai Junan Goldman Sachs Ji Asia EVA Dimensions ICBC International Securities Masterlink Securities Citic Securities Co., Ltd Everbright Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios 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 LABAN YU LAWRENCE LAU GORDON KWAN YAN SHI ANDREW S F CHAN JAMES HUBBARD NEIL BEVERIDGE SCOTT DARLING POR YONG LIANG WU FEI DUKE SUTTIKULPANICH DAVID HURD THOMAS WONG COLIN SMITH JIMMY WONG AHMAD HALIM MICHAEL YUK BIN GUAN TEAM COVERAGE ANDY MENG THOMAS C HILBOLDT ADRIAN LOH PETER GASTREICH GRACE LIU ARTHUR YAN SAMUEL THAWLEY DOUG WALTERS ANNA YU LI XIN HUANG LILI VIVIAN CHEUNG

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 20F MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy hold buy hold underperform outperform outperform overweight buy long-term buy outperform hold underperform hold neutral buy buy accumulate hold Equalwt/Attractive overweight outperform buy accumulate neutral/neutral buy buy hold hold overweight not rated

Amt Held 2'232'373'947 1'415'599'051 1'183'419'671 1'126'075'218 615'707'554 291'518'000 278'818'388 276'560'000 242'947'598 222'285'949 115'419'000 88'334'164 72'531'243 57'078'335 50'514'000 46'382'000 44'300'000 43'495'259 42'766'000 40'135'139

% Out 10.58 6.71 5.61 5.34 2.92 1.38 1.32 1.31 1.15 1.05 0.55 0.42 0.34 0.27 0.24 0.22 0.21 0.21 0.2 0.19

Weighting

Change

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

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

Latest Chg 9'933'537 (6'616'000) (7'328'000) 2'838 (49'404'000) (12'683'961) 6'420'657 298'000 8'432'406 13'774'000 (1'514'000) (9'226'000) 206'000 2'027'636 -

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

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

File Dt 30.09.2013 21.10.2013 29.08.2013 09.10.2013 30.09.2013 31.03.2013 30.08.2013 30.09.2013 31.08.2013 22.10.2013 22.10.2013 30.08.2013 31.03.2013 30.09.2013 30.06.2013 30.09.2013 28.06.2013 31.07.2013 30.09.2012 30.09.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Unclassified Investment Advisor Holding Company

Date 22.10.2013 22.10.2013 21.10.2013 21.10.2013 16.10.2013 15.10.2013 14.10.2013 11.10.2013 08.10.2013 07.10.2013 30.09.2013 25.09.2013 24.09.2013 10.09.2013 03.09.2013 26.08.2013 26.08.2013 24.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 30.07.2013 08.07.2013 07.07.2013 18.06.2013 06.06.2013 22.03.2013 28.11.2012 24.08.2012 31.05.2012

23.10.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (29.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFO IN EQUITY YTD Change INFO IN EQUITY YTD % CHANGE

03/2013 09/yy 3'377.70 2'186.00 861'894.00 3324.8 -1.57% 52.10% 97.03% 574.2 1'909'220.50 0.00 0.0 0.0 235'710.00 1'653'550.49

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

16.0 M

3500

14.0 M

3000

12.0 M

2500

10.0 M

2000

8.0 M

1500

6.0 M

1000

4.0 M

500

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 216'930.0 3.05x 72'190.0 9.16x 59'880.0 12.66x

4000

31.03.2010 31.03.2011 227'744.8 275'010.0 6.30x 6.13x 78'648.8 89'750.0 18.24x 18.79x 62'245.8 68'350.0 25.29x 27.09x Profitability

LTM-4Q 31.03.2012 337'340.0 4.25x 107'490.0 13.33x 83'320.0 19.66x

31.03.2013 403'520.0 3.53x 115'440.0 12.33x 94'290.0 17.51x 115'440.00 104'450.00 25.88% 31.72% 20.26% 24.10% 24.10% 0.96% 40.1% 26.4% 23.6% 23.4% 4.36 3.78 0.00% 0.00% 6.00 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.77 442.03 43.80% 45.93% 0.768 70 3.857 1'283'304 1'586'991 1'365'945 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/14 Y 03/15 Y 12/13 Q3 03/14 Q4 376'240.0 451'100.0 497'601.1 563'684.2 127'380.3 128'135.4 14.01x 11.47x 3.36x 2.87x 14.99x 14.90x 123'240.0 118'950.0 131'644.9 152'200.8 33'503.6 33'826.5 9.93x 12.32x 12.56x 10.86x 11.86x 11.46x 93'460.0 95'440.0 103'165.8 119'517.6 26'223.6 26'662.0 15.50x 18.04x 18.31x 15.73x 17.45x 16.90x 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 -2.15 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.96 Net Fixed Asset Turnover 7.04 Accounts receivable turnover-days 60.79 Inventory Days Accounts Payable Turnover Day 0.81 Cash Conversion Cycle Sales/Revenue/Turnover

25.00

450'000.0 400'000.0

20.00

350'000.0 300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00

50'000.0 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Infosys Ltd Holdings By:

All

Holder Name ABERDEEN LIFE INSURANCE CORP GOPALAKRISHNAN SENAP OPPENHEIMERFUNDS INC ABU DHABI INVESTMENT VANGUARD GROUP INC FRANKLIN RESOURCES GIC PRIVATE LIMITED HDFC ASSET MANAGEMEN NILEKANI NANDAN M BLACKROCK MURTHY AKSHATA MURTHY ROHAN NILEKANI ROHINI MURTHY SUDHA N DINESH ASHA ICICI PRUDENTIAL LIF JPMORGAN CHASE & CO NORGES BANK COMMONWEALTH BANK OF

Firm Name

Portfolio Name 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 n/a Multiple Portfolios n/a

Analyst

Nomura ASHWIN MEHTA Morgan Stanley VIPIN KHARE CIMB SANDEEP R SHAH Maybank Kim Eng URMIL SHAH India Infoline ANIRUDDHA MEHTA Antique Stock Broking Limited PRATISH KRISHNAN Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Ambit Capital Pvt Ltd ANKUR RUDRA Spark Capital Advisors SRIVATHSAN RAMACHANDRAN Barclays BHUVNESH SINGH IIFL SANDEEP MUTHANGI BP Equities Private Limited AMIT CHANDRA India Nivesh Ltd AMAR MOURYA JPMorgan VIJU K GEORGE Centrum Broking Pvt Ltd RAVI MENON Equirus Securities Pvt Ltd BHAVIN SHAH Standard Chartered PANKAJ KAPOOR Macquarie NITIN MOHTA Societe Generale MUKUL GARG Deutsche Bank ANIRUDDHA BHOSALE Goldman Sachs RISHI JHUNJHUNWALA Credit Suisse ANANTHA NARAYAN UBS DIVIYA NAGARAJAN Jefferies VISHAL AGARWAL HSBC YOGESH AGGARWAL Kotak Securities KAWALJEET SALUJA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN SBI Capital Markets DIPESH N MEHTA JM Financial Institutional Securities P GOVIND AGARWAL BNP Paribas Equity Research ABHIRAM ELESWARAPU Motilal Oswal Securities Ltd ASHISH CHOPRA ICICI Securities KULDEEP KOUL Batlivala & Karani Securities DEEPAN S KAPADIA Espirito Santo Investment Bank Research NITIN PADMANABHAN Axis Capital Limited PRIYA ROHIRA Phillip Securities VIBHOR SINGHAL Sunidhi Consultancy Services NAUSHIL SHAH IDFC Securities Ltd HITESH SHAH IDBI Capital Market Services Ltd PRATIK GANDHI Emkay Share & Stock Brokers MANIK TANEJA HDFC Securities MADHU BABU Tata Securities Limited ASHISH AGGARWAL Religare Capital Markets RUMIT DUGAR

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

Recommendation buy Overwt/Attractive outperform buy buy hold buy sell add overweight add buy buy overweight sell buy in-line outperform hold hold neutral/neutral neutral buy buy neutral add buy hold buy buy buy buy outperform buy buy neutral underperform outperform hold buy buy hold buy

Amt Held 30'334'235 28'751'207 18'951'351 15'148'155 13'497'161 13'376'240 11'760'827 9'804'709 9'253'433 8'345'870 8'128'989 8'106'412 7'949'782 7'501'174 7'314'660 7'047'482 6'995'658 6'573'634 5'512'977 5'230'309

% Out 5.28 5.01 3.3 2.64 2.35 2.33 2.05 1.71 1.61 1.45 1.42 1.41 1.38 1.31 1.27 1.23 1.22 1.14 0.96 0.91

Weighting

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

Latest Chg (308'000) (6'790) (148'147) (197'344) 86'314 (577'000) (738'304) (1'819'086)

Target Price

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

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

3'760 3'695 3'700 3'690 3'744 3'400 3'650 2'613 3'640 3'650 3'527 3'845 3'630 3'500 2'690 3'660 3'260 4'000 3'320 3'200 3'150 3'400 3'700 3'855 3'450 3'750 3'900 3'580 3'900 3'550 3'750 3'656 3'550 3'670 3'859 2'970 3'150 4'000 3'126 3'800 3'675 3'547 3'700

File Dt 30.09.2013 25.09.2013 30.06.2013 31.07.2013 30.06.2013 30.09.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 21.10.2013 30.06.2013 30.06.2013 19.07.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 31.05.2013

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

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

Date 22.10.2013 15.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 13.10.2013 13.10.2013 13.10.2013 12.10.2013 12.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013 11.10.2013

23.10.2013

Price/Volume

50.0 M 40.0 M 30.0 M

12/2011 06/yy 23.18 13.50 278'100.00 17.47 -24.68% 29.41% 40.29% 7'442.5 234'217.67 196'350.31 0.0 2'354.0 49'302.76 411'688.44

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR3 BZ EQUITY YTD Change PETR3 BZ EQUITY YTD % CHANGE

31.12.2008 217'265.4 0.98x 57'362.0 3.72x 34'685.1 4.59x

31.12.2009 31.12.2010 183'481.6 211'841.9 2.60x 2.07x 58'032.9 59'315.3 8.22x 7.39x 30'964.7 35'189.4 11.92x 7.66x Profitability

LTM-4Q 31.12.2011 244'176.1 1.60x 61'582.3 6.35x 33'313.1 8.41x

31.12.2012 281'379.5 1.44x 53'158.1 7.60x 21'182.4 12.02x 53'158.09 31'391.99 11.16% 9.86% 3.95% 8.06% 6.15% 0.43% 25.2% 20.3% 11.7% 7.5% 1.70 1.03 28.97% 57.23% 17.21 7.22

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.04 2'938.28 -21.26% -9.37% 1.041 13 4.231 8'686'440 8'500'933 9'322'434 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 262'088.2 293'359.8 306'837.6 326'959.3 79'352.3 81'072.5 5.75x 5.49x 1.44x 1.48x 5.36x 5.45x 57'420.8 59'413.0 68'743.6 78'229.5 18'581.3 24'313.0 6.39x 6.54x 5.99x 5.26x 19'253.7 27'208.1 26'898.2 29'675.3 7'007.6 4'070.0 12.36x 7.76x 8.70x 7.76x 8.87x 8.29x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.96 Total Debt/EBITDA 4.19 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.43 Net Fixed Asset Turnover 0.71 Accounts receivable turnover-days 21.21 Inventory Days 50.55 Accounts Payable Turnover Day 38.19 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0 3.00

100'000.0 2.00

50'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Petroleo Brasileiro SA Holdings By:

All

Holder Name UNIAO FEDERAL BRAZIL BNDES PARTICIPACOES CAIXA ECONOMICA FEDE BLACKROCK VANGUARD GROUP INC ITAU UNIBANCO SA BRAM BRADESCO ASSET BB GESTAO DE RECURSO BTG PACTUAL GLOBAL A SANTANDER BRASIL ASS DIMENSIONAL FUND ADV HSBC GESTAO DE RECUR CAIXA DE PREVIDENCIA BANCO ALFA DE INVEST BANCO SAFRA S A BTG PACTUAL WM GESTA INVESCO LTD REAL GRANDEZA FUNDAC WESTERN ASSET MANAGE ABERDEEN

Firm Name

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

Analyst

Goldman Sachs FELIPE MATTAR JPMorgan CAIO M CARVALHAL GBM LUANA HELSINGER Tudor Pickering & Co ROBERT KESSLER Votorantim CTVM Research LEONARDO ALVES Simmons & Company International GUY BABER VTB Capital COLIN SMITH Jefferies IAIN REID Grupo Santander CHRISTIAN AUDI Banco do Brasil SA CAROLINA FLESCH SLW Corretora de Valores e Cambio LTDPEDRO GALDI UBS LILYANNA YANG Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation Buy/Neutral neutral market perform accumulate outperform neutral not rated buy hold outperform buy buy market outperform

Amt Held 3'740'577'431 752'432'110 105'430'771 85'656'886 67'268'166 49'157'735 41'525'919 38'114'944 31'517'436 21'547'601 13'513'130 12'020'813 11'163'681 9'277'839 7'935'772 7'673'444 7'043'059 6'745'871 5'856'544 5'577'500

% Out 50.26 10.11 1.42 1.15 0.9 0.66 0.56 0.51 0.42 0.29 0.18 0.16 0.15 0.12 0.11 0.1 0.09 0.09 0.08 0.07

Weighting

Change

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

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

Latest Chg (218'194) 3'464'186 618'413 610'960 1'296'824 (566'900) 146'746 (92'433) (255'900) (110'435) (92'500) 968'800 47'852 (5'654) (29'000)

Target Price 21 25 20 30 18 #N/A N/A #N/A N/A 22 21 25 25 21 38

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

File Dt 09.05.2013 09.05.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.07.2013 30.09.2013 09.05.2013 30.09.2013 30.09.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 30.09.2013

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

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

Date 22.10.2013 22.10.2013 21.10.2013 18.10.2013 03.10.2013 23.09.2013 10.09.2013 13.08.2013 12.08.2013 17.07.2013 12.07.2013 03.07.2013 25.02.2013

23.10.2013

Price/Volume 45

25.0 M

40 20.0 M

35 30

15.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE3 BZ EQUITY YTD Change VALE3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 44.76 27.89 69'900.00 35.41 -20.89% 26.96% 47.42% 3'256.7 183'617.50 61'855.85 0.0 3'245.0 11'918.22 239'889.57

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

5.0 M

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'760.2 1.77x 33'997.9 3.58x 24'284.5 4.64x

10.0 M

31.12.2009 31.12.2010 46'557.0 83'225.0 6.82x 3.87x 17'533.5 46'231.0 18.11x 6.97x 10'683.1 30'070.0 27.69x 9.58x Profitability

LTM-4Q 31.12.2011 102'018.7 2.36x 57'054.5 4.22x 37'813.7 5.47x

31.12.2012 93'511.5 2.90x 34'366.5 7.89x 9'733.7 22.18x 34'366.50 25'969.07 27.77% 7.05% 1.77% 3.01% 3.03% 0.36% 44.4% 37.7% 28.4% 10.4% 1.79 1.01 23.17% 40.59% 7.64 5.03

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.90 1'262.28 4.96% -11.70% 0.904 8 5.000 7'867'620 4'721'030 4'973'741 FY+2

FQ+1

FQ+2

06/yy 101'130.9 10.00x 46'693.8 5.46x 28'279.5 7.37x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 95'187.7 103'270.6 108'100.8 27'288.4 27'194.2 9.88x 2.39x 2.28x 9.55x 10.09x 35'920.6 47'095.4 46'573.0 12'099.3 11'547.4 5.74x 5.09x 5.15x 5.25x 5.32x 4'732.3 24'979.8 24'839.5 6'883.9 6'191.3 32.14x 7.50x 7.49x 7.19x 7.48x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.48 Total Debt/EBITDA 1.84 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.36 Net Fixed Asset Turnover 0.54 Accounts receivable turnover-days 47.79 Inventory Days 72.54 Accounts Payable Turnover Day 59.92 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Vale SA Holdings By:

All

Holder Name VALEPAR SA BNDES PARTICIPACOES VALE SA CAIXA ECONOMICA FEDE BLACKROCK ITAU UNIBANCO SA BB GESTAO DE RECURSO BRAM BRADESCO ASSET VANGUARD GROUP INC SANTANDER BRASIL ASS BANK OF NEW YORK MEL HSBC GESTAO DE RECUR SCHRODER INVESTMENT CAISSE DE DEPOT ET P BANCO SAFRA S A BANESPA SA CORRETORA PICTET FUNDS CLARITAS ADMIN DE RE UNIBANCO ASSET MANAG PARVEST INVESTMENT M

Firm Name

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

Analyst

Sanford C. Bernstein & Co PAUL GAIT Votorantim CTVM Research JULIANA CHU Brasil Plural RENATO ANTUNES Banco BTG Pactual SA EDMO CHAGAS Espirito Santo Investment Bank Research CATARINA PEDROSA Banco do Brasil SA VICTOR PENNA Concordia S/A CMVCC KARINA FREITAS Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation outperform outperform overweight buy buy outperform buy market outperform

Amt Held 1'716'293'740 205'173'635 71'647'936 51'025'668 41'714'215 34'012'978 26'280'892 25'785'771 19'573'613 15'217'842 11'779'900 10'514'357 6'379'501 6'031'270 5'603'900 5'075'346 4'051'424 3'919'700 3'627'348 3'216'421

% Out 52.7 6.3 2.2 1.57 1.28 1.04 0.81 0.79 0.6 0.47 0.36 0.32 0.2 0.19 0.17 0.16 0.12 0.12 0.11 0.1

Weighting

Change 5 5 5 5 5 5 5 4

Latest Chg (350'300) 104'879 296'220 11'600 (851'812) 122'006 (305'905) (365'522) 4'640'674 (289'879) (48'700) (21'702) 202'300 (66'510) (19'300)

Target Price

M M M M M M M M

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

47 44 45 45 45 46 59 73

File Dt 28.06.2013 28.06.2013 28.06.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 22.10.2013 30.09.2013 30.08.2013 31.12.2012 30.09.2013 30.09.2013 30.08.2013 30.09.2013 30.09.2013 31.05.2013

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

Inst Type Holding Company Government Other 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 22.10.2013 22.10.2013 30.09.2013 16.09.2013 16.08.2013 07.08.2013 29.04.2013 31.08.2012

23.10.2013

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

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

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 27.35 17.00 26'089'019.00 20.05 -26.69% 17.94% 32.85% 7'441.2 513'774.69 136'480.00 0.0 2'016.0 69'452.00 -

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

1.20

5 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 299'478.0 1.74x 19'137.0 30.50x

31.12.2009 31.12.2010 339'262.0 385'446.0 2.68x 1.61x 32'881.0 33'626.0 29.11x 22.62x Profitability

LTM-4Q 31.12.2011 370'352.0 1.27x 18'331.0 23.96x

31.12.2012 371'436.0 1.79x 11'061.0 52.18x 2.83% 2.95% 0.94% 7.94% 6.25% 0.22% 3.0% 7.19% 61.73% -

LTM

FY+1

0.89 1.34 7'441.18 -11.65% -20.03% 1.339 32 3.594 15'105'190 23'384'090 27'003'310 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 376'887.0 421'555.0 430'886.9 467'627.8 0.00x 0.00x 0.86x 0.77x 0.0 0.0 0.00x 0.00x 15'002.0 17'624.0 27'609.8 34'016.3 0.00x 23.35x 16.04x 13.08x 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

AANEG 61.7% 38.0% 0.22 -

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

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 |

23.10.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK JPMORGAN CHASE & CO VANGUARD GROUP INC HANG SENG INVESTMENT STATE STREET CORP FIL LIMITED COMGEST S A SCHRODER INVESTMENT INVESCO LTD FRANKLIN RESOURCES NORGES BANK MONTGOMERY ASSET MAN DEUTSCHE BANK AG HARVEST FUND MANAGEM SHINHAN BNP PARIBAS CHINA ASSET MANAGEME ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV PIONEER MATTHEWS INTERNATION

Firm Name BNP Paribas Equity Research Capital Securities Corp CIMB Jefferies Deutsche Bank UBS Sanford C. Bernstein & Co Morgan Stanley Credit Suisse Daiwa Securities Co. Ltd. BOCOM International Holdings Barclays JPMorgan Standard Chartered Macquarie China International Capital Corp Nomura S&P Capital IQ UOB Kay Hian CCB International Securities Ltd AMTD Financial Planning Limited HSBC Phillip Securities EVA Dimensions Goldman Sachs Haitong International Securities Guotai Junan Core Pacific ICBC International Securities Bank of China International Mirae Asset Securities Sun Hung Kai Securities

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

Analyst LING TANG TEAM COVERAGE MARK KELLOCK BARON NIE ESTHER CHWEI BOB LEUNG LINDA SUN-MATTISON BEN LIN ARJAN VAN VEEN JERRY YANG LI WENBING NOEL CHAN MW KIM JENNIFER LAW SCOTT G RUSSELL TANG SHENGBO JESSE WANG PALLAVI DESHPANDE EDMOND LAW KENNETH YUE KENNY TANG SING HING JAMES GARNER CHEN XINGYU DOUG WALTERS MANCY SUN FANNY CHEN DAYTON WANG OLIVE XIA PIUS CHENG SUN PENG IVAN CHEUNG KENIX LAI

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy hold neutral hold buy restricted outperform Equalwt/In-Line neutral hold neutral equalweight neutral in-line outperform hold neutral buy buy neutral buy neutral buy sell neutral/neutral buy accumulate hold hold buy hold buy

Amt Held 507'161'721 343'590'809 216'737'363 100'112'028 75'137'362 62'586'775 59'907'208 43'287'570 41'545'891 32'566'000 24'938'321 24'805'290 22'625'000 21'841'000 17'126'342 16'689'000 13'768'500 10'942'770 10'427'000 10'111'000

% Out 6.82 4.62 2.91 1.35 1.01 0.84 0.81 0.58 0.56 0.44 0.34 0.33 0.3 0.29 0.23 0.22 0.19 0.15 0.14 0.14

Weighting

Change

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

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

Latest Chg (2'801'000) 2'631'302 673'300 19'446 18'849'890 6'324'286 2'140'000 500'000 (800'000) 175'000 (4'896'000) 16'689'000 (2'433'000) 3'027'116 7'372'000 (2'265'000)

Target Price 25 #N/A N/A 22 23 25 #N/A N/A 27 22 22 21 22 23 22 25 24 19 21 23 27 20 21 22 25 #N/A N/A 26 29 26 #N/A N/A 27 25 20 35

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

File Dt 21.10.2013 03.09.2013 30.09.2013 28.03.2013 22.10.2013 30.04.2013 30.09.2013 30.09.2013 21.10.2013 30.06.2013 31.12.2012 31.08.2013 30.08.2013 30.06.2013 31.03.2013 30.06.2013 30.09.2013 31.07.2013 31.08.2013 28.06.2013

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

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

Date 21.10.2013 17.10.2013 16.10.2013 15.10.2013 07.10.2013 30.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 11.09.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 09.07.2013 06.06.2013 16.05.2013 15.05.2013 18.04.2013 28.03.2013 14.12.2012 06.12.2012 18.10.2011 10.07.2009

23.10.2013

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 60000

7.0 M

50000

6.0 M 5.0 M

40000

Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 055550 KS EQUITY YTD Change 055550 KS EQUITY YTD % CHANGE

12/2012 06/yy 48'800.00 33'350.00 1'231'433.00 45850 -6.05% 37.48% 89.97% 474.2 21'742'052.00 7'206'951.00 274'055.0 0.0 212'783.00 28'964'441.06

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

3.0 M

20000

2.0 M

10000

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'455'904.0 8.07x 2'409'574.0 8.22x 2'020'398.0 6.64x

4.0 M

30000

Valuation Analysis

31.12.2009 31.12.2010 1'785'561.0 1'043'389.0 15.01x 29.98x 1'718'698.0 965'508.0 15.60x 32.40x 1'306'292.0 617'625.0 18.74x 64.83x Profitability

LTM-4Q 31.12.2011 2'124'112.0 11.27x 2'053'001.0 11.66x 1'672'908.0 13.50x

LTM

31.12.2012 06/yy 06/yy 992'378.0 ######### ######### 25.89x 62.25x 92.36x 930'629.0 ######### ######### 27.61x 16.08x 24.03x 590'449.0 ######### 720'519.0 37.61x 17.61x 28.36x 930'629.00 90.31% 59.35% 2.03% 2.54% 2.21% 0.03% 93.8% 59.5% 26.48% 37.16% -

Price/ Cash Flow

1.53 1.24 412.46 24.48% 18.02% 1.235 40 4.500 2'204'647 1'086'137 988'786

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M o-13

7.52 7.74 37.2% 26.8% 0.03 755.52 -

Sales/Revenue/Turnover

3'500.00

3'000'000.0

3'000.00

2'500'000.0

2'500.00

2'000'000.0

2'000.00

1'500'000.0 1'500.00

1'000'000.0 1'000.00

500'000.0

500.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Shinhan Financial Group Co Ltd Holdings By:

All

Holder Name NATIONAL PENSION SER BNP PARIBAS SA EMPLOYEE STOCK OWNER LAZARD ASSET MANAGEM BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC MIZUHO FINANCIAL GRO ABU DHABI INVESTMENT NORGES BANK SAMSUNG INVESTMENT T FIL LIMITED JAE-GEUN YOO COMMONWEALTH BANK OF KOREA INVESTMENT TRU JPMORGAN CHASE & CO ROBECO GROEP NV MIRAE ASSET GLOBAL I GRANTHAM MAYO VAN OT KYOBO AXA INVESTMENT

Firm Name

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

Analyst

HMC Investment Securities Co Ltd LEE CHANG-WOOK Meritz Securities Co., Ltd PARK SUN-HO Korea Investment & Securities LEE JOANNE Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA Mirae Asset Securities HEATHER KANG Dongbu Securities Co Ltd LEE BYUNG-GUN HSBC SINYOUNG PARK Shinyoung Securities Co., Ltd. IM IL-SUNG HI Investment Securities YOO SANG-HO Hana Daetoo Securities HAN JEONG-TAE KB Investment & Securities Co., Ltd SHIM HYUN-SOO Daishin Securities Co., Ltd. CHOI JUNG-WOOK E*Trade Securities Korea HA HAKSOO IBK Securities Co Ltd PARK JIN-HYOENG Samsung Securities JAEWOO KIM Woori Investment & Securities JASON CHOI Credit Suisse GIL HYUNG KIM Macquarie CHAN HWANG Eugene Investment & Securities Co., LtdKIM IN JPMorgan SCOTT YH SEO LIG Investment Securities SOHN JOON-BEOM Hyundai Securities KOO KYUNG-HWE KTB Securities OH JIN-WON NH Investment & Securities KIM EUN-GAB Barclays MICHELLE CHO Standard Chartered JINSANG KIM Deutsche Bank JEE HOON PARK Daewoo Securities TAYE SHIM Tong Yang Investment Bank SUNG BYUNG-SOO KIWOOM Securities Co Ltd SEO YOUNG-SOO Morgan Stanley JOON SEOK CIMB DAEHYUN KIM Daiwa Securities Co. Ltd. CHANG-HEE LEE BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS UBS SCOTT LEE Leading Investment & Securities BAE JUNG-HYUN Kyobo Securities HWANG SEOK-KYU

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

Recommendation buy buy buy buy neutral buy buy neutral buy buy buy buy buy market perform buy buy buy outperform outperform buy restricted buy buy buy market perform equalweight outperform hold buy buy market perform Overwt/In-Line outperform hold hold buy neutral buy buy

Amt Held 38'399'881 30'106'276 18'787'067 12'271'946 10'736'472 6'602'186 6'088'100 5'956'830 5'626'182 4'936'958 4'420'386 3'823'902 3'043'256 2'663'140 2'394'931 2'202'680 1'783'409 1'769'546 1'672'077 1'501'854

% Out 8.1 6.35 3.96 2.59 2.26 1.39 1.28 1.26 1.19 1.04 0.93 0.81 0.64 0.56 0.51 0.46 0.38 0.37 0.35 0.32

Weighting

Change

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

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

Latest Chg 3'892'995 (39'879) 16'050 34'110 (1'065'526) (116'653) 577'304 52'220 85'420 (1'374'320) 27'427 531'820 957'720 16'180

Target Price 54'000 52'500 51'000 58'900 50'500 51'000 55'300 49'000 52'000 50'000 51'000 53'000 51'000 42'200 52'000 47'000 52'000 54'000 52'000 54'000 #N/A N/A 54'000 46'000 47'000 #N/A N/A 48'400 47'200 40'000 50'500 46'000 41'000 45'000 52'000 39'000 41'100 #N/A N/A 41'000 50'000 54'000

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

File Dt 02.08.2013 31.12.2012 31.12.2012 30.09.2013 21.10.2013 31.07.2013 30.09.2013 31.03.2013 31.12.2011 31.12.2012 31.03.2013 30.04.2013 28.03.2013 31.05.2013 31.03.2013 31.08.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 11.10.2013 07.10.2013 07.10.2013 07.10.2013 04.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 26.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 12.09.2013 09.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 14.06.2013 08.06.2013 06.06.2013 20.05.2013 15.04.2013 12.03.2012

23.10.2013

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 700.0 M

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 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

12/2012 06/yy 7.36 5.02 69'563'099.00 6.1 -17.14% 21.51% 50.39% 25'513.4 661'487.00 284'546.00 0.0 37'122.0 10'864.00 863'544.32

31.12.2008 1'413'203.0 0.44x 79'798.0 7.84x 28'525.0 12.55x

300.0 M

3 2

200.0 M

100.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

31.12.2009 31.12.2010 1'315'915.0 1'876'758.0 0.60x 0.41x 151'557.0 178'098.0 5.24x 4.34x 63'147.0 71'782.0 8.36x 7.62x Profitability

LTM-4Q 31.12.2011 2'463'767.0 0.33x 170'962.0 4.83x 73'225.0 7.84x

LTM

FY+1

5.09 0.93 23'926.92 -0.01% -4.80% 0.928 31 4.452 53'664'200 75'971'780 84'019'230 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'733'618.0 ######### ######### ######### ######### 725'259.0 ######### 0.33x 1.35x 1.32x 0.30x 0.30x 169'557.0 0.0 0.0 186'398.0 205'510.0 - 97'344.0 5.39x 0.00x 0.00x 4.63x 4.20x 63'879.0 55'155.0 69'216.0 69'673.3 76'829.3 19'208.3 25'849.8 9.60x 8.86x 7.12x 7.93x 7.29x S&P Issuer Ratings 169'557.00 Long-Term Rating Date 16.12.2010 99'101.00 Long-Term Rating A+ 3.63% Long-Term Outlook STABLE 3.32% Short-Term Rating Date 5.67% Short-Term Rating 13.60% Credit Ratios 9.34% EBITDA/Interest Exp. 14.05 2.28% (EBITDA-Capex)/Interest Exp. 1.98 Net Debt/EBITDA 1.68 - Total Debt/EBITDA 1.74 6.5% Reference 3.8% Total Debt/Equity 55.7% 2.3% Total Debt/Capital 34.2% Asset Turnover 2.28 0.71 Net Fixed Asset Turnover 3.68 0.22 Accounts receivable turnover-days 13.42 22.46% Inventory Days 55.69% Accounts Payable Turnover Day 27.19 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

3'000'000.0

4.50

2'500'000.0

4.00 3.50

2'000'000.0

3.00

1'500'000.0

2.50 2.00

1'000'000.0

1.50 1.00

500'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name JPMORGAN CHASE & CO BLACKROCK FRANKLIN RESOURCES GIC PRIVATE LIMITED CITIGROUP INCORPORAT VANGUARD GROUP INC CREDIT SUISSE AG CHINA PETROLEUM SHEN SCHRODER INVESTMENT HANG SENG INVESTMENT STATE STREET CORP NORGES BANK DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE FIL LIMITED ROBECO GROEP NV MAPS INVESTMENT MANA SHINHAN BNP PARIBAS PICTET FUNDS GRANTHAM MAYO VAN OT

Firm Name Bank of China International Nomura UOB Kay Hian Sanford C. Bernstein & Co JPMorgan Jefferies BNP Paribas Equity Research Deutsche Bank Standard Chartered Macquarie Mizuho Securities CIMB Credit Suisse VTB Capital China Merchants Securities Masterlink Securities Capital Securities Corp BOCOM International Holdings HSBC Daiwa Securities Co. Ltd. S&P Capital IQ Morgan Stanley UBS Guotai Junan Goldman Sachs EVA Dimensions ICBC International Securities SWS Research Co Ltd AMTD Financial Planning Limited Citic Securities Co., Ltd China International Capital Corp

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

Analyst LAWRENCE LAU GORDON KWAN YAN SHI NEIL BEVERIDGE SCOTT DARLING LABAN YU POR YONG LIANG DAVID HURD DUKE SUTTIKULPANICH JAMES HUBBARD ANDREW S F CHAN JIMMY WONG THOMAS WONG COLIN SMITH MICHAEL YUK LI XIN TEAM COVERAGE WU FEI THOMAS C HILBOLDT ADRIAN LOH AHMAD HALIM ANDY MENG PETER GASTREICH GRACE LIU ARTHUR YAN DOUG WALTERS ANNA YU ALBERT MIAO KENNY TANG SING HING YIN XIAODONG BIN GUAN

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

Recommendation buy buy buy market perform overweight hold buy buy outperform outperform buy outperform neutral hold buy buy buy buy underweight hold strong buy Overwt/Attractive buy accumulate Buy/Neutral buy buy buy buy buy restricted

Amt Held 2'464'649'664 2'102'214'808 1'493'857'513 1'032'397'800 788'219'226 748'164'152 565'493'078 553'150'000 420'142'093 293'646'558 283'396'046 251'263'472 217'351'718 197'746'095 167'170'019 153'836'295 112'183'705 111'532'645 106'715'560 102'821'356

% Out 9.66 8.24 5.86 4.05 3.09 2.93 2.22 2.17 1.65 1.15 1.11 0.98 0.85 0.78 0.66 0.6 0.44 0.44 0.42 0.4

Weighting

Change

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

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 N M M

Latest Chg 101'571'697 (25'953'400) (8'823'200) 18'719'544 (2'383) 38'030'933 366'600 63'866'400 (68'414'738) 9'347'952 31'158'123 24'200'801 67'369'052 23'728'005

Target Price 7 8 7 8 8 6 7 7 7 7 7 7 7 7 7 7 8 7 6 6 7 7 8 7 7 #N/A N/A 8 8 8 8 11

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

File Dt 04.09.2013 21.10.2013 30.08.2013 15.01.2013 04.06.2013 30.09.2013 31.05.2013 09.01.2012 30.09.2013 31.07.2013 22.10.2013 31.12.2012 31.07.2013 30.09.2013 30.09.2013 30.04.2013 31.03.2013 31.03.2013 30.08.2013 10.06.2013

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

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

Date 23.10.2013 21.10.2013 21.10.2013 14.10.2013 11.10.2013 08.10.2013 08.10.2013 03.10.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 10.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 30.07.2013 25.06.2013 13.06.2013 06.06.2013 12.04.2013 06.03.2013 08.02.2012 11.01.2012 29.08.2011

23.10.2013

Housing Development Finance Corp Housing Development Finance Corporation Ltd. HDFC provides housing finance in India. The Company provides long-term housing loans to low and middle income individuals, as well as to corporations. HDFC also provides construction finance to real estate developers, besides providing lease financing facilities to companies and development authorities for infrastructure and other assets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFC IN EQUITY YTD Change HDFC IN EQUITY YTD % CHANGE

03/2013 09/yy 931.40 632.20 2'117'792.00 809.7 -13.07% 28.08% 59.66% 1'558.2 1'261'674.50 1'636'626.90 0.0 10'714.7 15'168.60 3'036'705.48

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

31.03.2010 31.03.2011 123'566.6 257'695.6 14.26x 8.57x 113'182.5 132'096.2 15.57x 16.71x 32'409.8 45'284.1 23.91x 22.56x Profitability

LTM-4Q 31.03.2012 302'853.4 7.97x 178'473.4 13.52x 54'625.1 18.14x

31.03.2013 359'789.7 8.09x 218'561.7 13.31x 66'397.2 18.91x 218'561.70 35.19% 24.97% 2.86% 23.60% 3.83% 0.15% 60.7% 18.5% 64.96% 510.48% -

Price/ Cash Flow

20.0 M 15.0 M 10.0 M 5.0 M

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.54 0.99 1'465.13 9.49% -0.85% 0.994 49 3.633 2'394'908 4'371'675 4'821'924 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/14 Y 03/15 Y 12/13 Q3 03/14 Q4 177'385.9 396'361.0 336'736.7 398'283.3 12.71x 14.82x 0.0 181'304.0 0.00x 0.00x 28'507.6 73'872.2 75'667.3 93'373.5 0.00x 16.00x 22.78x 18.68x 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

7.42 7.49 510.5% 83.2% 0.15 57.03 -

Sales/Revenue/Turnover

160.00

400'000.0

140.00

350'000.0

120.00

300'000.0

100.00

250'000.0

80.00

200'000.0

60.00

150'000.0

40.00

100'000.0

20.00

50'000.0

0.00 04.04.2010

25.0 M

Fiscal Year Ended 31.03.2009 117'064.2 10.70x 105'974.0 11.82x 23'105.0 17.38x

1000 900 800 700 600 500 400 300 200 100 0 o-12

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Housing Development Finance Corp Holdings By:

All

Holder Name ABERDEEN CAPITAL GROUP COMPAN JPMORGAN CHASE & CO OPPENHEIMERFUNDS INC VANGUARD GROUP INC LIFE INSURANCE CORP ICICI PRUDENTIAL LIF BLACKROCK VIRTUS EMERGING MARK HARRIS TRUST & SAVIN T ROWE PRICE ASSOCIA CARMIGNAC GESTION GIC PRIVATE LIMITED VONTOBEL ASSET MANAG ABU DHABI INVESTMENT FMR LLC MATTHEWS INTERNATION CARNEGIE FUND MANAGE HDFC ASSET MANAGEMEN JP MORGAN CHASE BANK

Firm Name

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

Analyst

KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Deutsche Bank MANISH SHUKLA Morgan Stanley ANIL AGARWAL Macquarie SURESH GANAPATHY SBI Capital Markets RAVIKANT BHAT JM Financial Institutional Securities P PUNEET GULATI Motilal Oswal Securities Ltd ALPESH MEHTA Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Batlivala & Karani Securities VISHAL SHETH Angel Broking Limited VAIBHAV AGRAWAL Antique Stock Broking Limited ALOK KAPADIA Ambit Capital Pvt Ltd PANKAJ AGARWAL Spark Capital Advisors JYOTHI KUMAR VARMA ICICIdirect.com KAJAL GANDHI IIFL SAMPATH S K KUMAR Quant Broking Pvt Ltd NITIN KUMAR Goldman Sachs RAHUL JAIN Credit Suisse ASHISH GUPTA JPMorgan SESHADRI K SEN Jefferies NILANJAN KARFA HSBC SACHIN SHETH CIMB JATINDER AGARWAL Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Kotak Securities NISCHINT CHAWATHE Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA BNP Paribas Equity Research AVNEESH SUKHIJA ICICI Securities SANTANU CHAKRABARTI Axis Capital Limited PRAVEEN AGRAWAL Nomura ABHISHEK BHATTACHARYA Phillip Securities MANISH AGARWALLA IDFC Securities Ltd MANISH CHOWDHARY Emkay Share & Stock Brokers KASHYAP JHAVERI Tata Securities Limited BIJOY SHAH Religare Capital Markets SIDDHARTH TELI Edelweiss Capital KUNAL SHAH Sharekhan Ltd TEAM COVERAGE Espirito Santo Investment Bank Research SANTOSH SINGH Barclays ANISH TAWAKLEY Standard Chartered MAHRUKH ADAJANIA Avendus Capital Private Ltd JAYNEE SHAH UBS VISHAL GOYAL EVA Dimensions DOUG WALTERS Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File Co File ULT-AGG Co File MF-AGG MF-AGG Co File ULT-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy Overwt/Cautious underperform hold buy buy hold outperform neutral hold sell sell hold add reduce Sell/Neutral outperform overweight hold overweight neutral outperform add accumulate buy add hold neutral neutral neutral hold hold buy hold hold buy overweight in-line buy buy underweight buy

Amt Held 103'051'139 60'890'086 53'191'575 47'397'757 42'453'253 32'479'221 29'206'831 26'141'488 25'829'164 25'829'164 24'065'643 23'989'660 23'673'678 20'440'461 18'754'783 18'649'167 13'681'787 11'108'560 8'204'338 7'928'750

% Out 6.61 3.91 3.41 3.04 2.72 2.08 1.87 1.68 1.66 1.66 1.54 1.54 1.52 1.31 1.2 1.2 0.88 0.71 0.53 0.51

Weighting

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

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

Latest Chg 320'000 (19'679'000) (2'690'649) 2'807'656 (375'219) 86'208 922'600 5'809'780 220'200 (6'295'117) 1'877'700 (1'900) -

Target Price 960 950 915 730 890 1'000 875 873 950 #N/A N/A 840 621 720 763 950 860 690 1'045 890 830 1'007 793 889 850 840 823 900 846 860 825 865 760 876 1'000 909 865 865 876 820 925 950 #N/A N/A 924

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

File Dt 09.06.2011 30.09.2013 31.08.2013 31.07.2013 30.09.2013 30.06.2013 30.06.2013 21.10.2013 30.06.2013 28.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 31.08.2013 28.06.2013 30.09.2013 30.09.2013 30.06.2013

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Insurance Company Investment Advisor n/a Unclassified Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 07.10.2013 29.08.2013 21.08.2013 12.08.2013 09.08.2013 29.07.2013 08.06.2013

23.10.2013

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 (04.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005490 KS EQUITY YTD Change 005490 KS EQUITY YTD % CHANGE

12/2012 06/yy 374'500.00 286'000.00 183'549.00 320000 -14.55% 11.89% 37.85% 87.2 27'899'788.00 9'611'108.00 0.0 0.0 2'668'637.88 34'236'532.15

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

4.0 M

350000

3.5 M

300000

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 30'642'410.0 1.00x 8'448'098.8 3.61x 4'446'933.0 6.45x

400000

31.12.2009 31.12.2010 26'953'944.9 32'582'037.0 1.74x 1.34x 5'207'546.3 7'503'502.7 9.02x 5.82x 3'172'263.5 3'784'361.1 14.93x 9.91x Profitability

LTM-4Q 31.12.2011 39'171'703.0 0.99x 6'103'603.2 6.36x 3'188'844.8 9.21x

LTM

FY+1

1.88 1.00 69.39 -5.96% -7.69% 0.999 44 4.455 168'496 323'770 241'306 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 35'664'933.0 ######### ######### ######### ######### ######### 0.95x 3.95x 4.07x 1.12x 1.07x 4.31x 4'670'790.1 ######### ######### ######### ######### 947'375.5 7.26x 6.94x 6.65x 7.75x 6.89x 7.55x 2'499'522.2 ######### ######### ######### ######### 500'650.8 10.79x 12.43x 11.41x 14.09x 10.82x 11.92x S&P Issuer Ratings 4'670'790.05 Long-Term Rating Date 2'789'597.11 Long-Term Rating 7.82% Long-Term Outlook 8.75% Short-Term Rating Date 4.76% Short-Term Rating 6.51% Credit Ratios 5.74% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 13.0% Total Debt/EBITDA 13.1% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 18.37% Inventory Days 24.54% Accounts Payable Turnover Day 8.59 Cash Conversion Cycle 4.95

Price/ Cash Flow

.0 M o-13

FQ+2 12/13 Q4 ######### 4.19x ######### 7.15x 485'084.8 11.98x 22.10.2012 BBB+ NEG 10.20 4.75 1.48 2.06 24.5% 19.7% 0.68 1.63 42.63 73.98 14.83 101.77

Sales/Revenue/Turnover

12.00

45'000'000.0 40'000'000.0

10.00

35'000'000.0 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 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER FRANKLIN RESOURCES EMPLOYEE STOCK OWNER BLACKROCK CAPITAL GROUP COMPAN MITSUBISHI CORP NORGES BANK DIMENSIONAL FUND ADV MACKENZIE FINANCIAL VANGUARD GROUP INC SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT JPMORGAN CHASE & CO KYOBO AXA INVESTMENT WADDELL & REED FINAN MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU KB ASSET MANAGEMENT

Firm Name Hyundai Securities JPMorgan HSBC Deutsche Bank Daiwa Securities Co. Ltd. IBK Securities Co Ltd Woori Investment & Securities HI Investment Securities Goldman Sachs Barclays Tong Yang Investment Bank KIWOOM Securities Co Ltd LIG Investment Securities Nomura Shinyoung Securities Co., Ltd. KB Investment & Securities Co., Ltd HMC Investment Securities Co Ltd KTB Securities Korea Investment & Securities Credit Suisse DBS Vickers Hanwha Securities Co., Ltd Kyobo Securities Samsung Securities Sanford C. Bernstein & Co E*Trade Securities Korea Daewoo Securities Morgan Stanley EVA Dimensions BNP Paribas Equity Research Standard Chartered VTB Capital Shinhan Investment Corp SK Securities Co Ltd UBS S&P Capital IQ BS Securities Co Ltd Taurus Investment Securities Co Ltd Mirae Asset Securities Dongbu Securities Co Ltd Ji Asia Meritz Securities Co., Ltd Leading Investment & Securities

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

Analyst KIM JI-HWAN DANIEL KANG BRIAN CHO CHANWOOK PARK CHUNG SUNG-YOP PARK BYUNGCHIL WILL BYUN BANG MINJIN SEUNG SHIN EPHREM RAVI KEE-HYUN PARK CHANG-HO KIM YOON-SANG KIM CINDY PARK KANG-UN CHO KIM HYUN-TAE PARK HYUN-WOOK SHIM HYE-SUN MOON SUN CHOI SINN MIN-SEOK LEE EUN YOUNG KIM KANG-OH UM JIN-SEOK TEAM COVERAGE VANESSA LAU KANG TAE-HYUN JEON SEUNG-HUN YOUNG SUK SHIN TIMOTHY STANISH TOSHIYUKI JOHNO JAMES KP HONG WIKTOR BIELSKI JINJOO HONG LEE WON JAE SON YONG-SUK NG SU PENG YOON KWAN-CHUL JI-WOONG YOO KWON HAE-SOON LEE JAE-HOON SAMUEL THAWLEY LEE JONG-HYOUNG PARK JOON-MO

Source Co File Co File Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

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

Amt Held 13'823'736 9'942'391 5'225'654 1'902'586 1'671'466 1'639'867 1'007'400 880'587 777'233 761'951 753'623 687'552 649'534 341'556 315'440 262'454 260'870 247'477 232'515 176'091

% Out 15.86 11.4 5.99 2.18 1.92 1.88 1.16 1.01 0.89 0.87 0.86 0.79 0.74 0.39 0.36 0.3 0.3 0.28 0.27 0.2

Weighting

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

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

Latest Chg 874'925 (14'888) (1'442) 187'500 (1'913) (132'695) 59'650 (90'887) 2'011 241'150 30'631 1'195 (19'769)

Target Price 430'000 350'000 400'000 358'000 320'000 400'000 400'000 380'000 330'000 375'000 395'000 373'000 380'000 400'000 380'000 360'000 410'000 400'000 420'000 350'000 380'000 390'000 390'000 380'000 400'000 430'000 430'000 340'000 #N/A N/A 330'000 400'000 422'000 410'000 300'000 410'000 370'000 440'000 380'000 400'000 370'000 470'000 420'000 420'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.08.2013 31.12.2012 21.10.2013 30.09.2013 31.03.2013 31.12.2012 31.07.2013 30.06.2013 30.09.2013 31.03.2013 31.05.2013 31.08.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 22.10.2013 22.10.2013 22.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 13.10.2013 09.10.2013 08.10.2013 08.10.2013 07.10.2013 02.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 05.09.2013 26.08.2013 22.08.2013 21.08.2013 08.08.2013 05.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 10.07.2013 07.06.2013 22.04.2013 07.01.2013 10.12.2012 27.08.2012

23.10.2013

Reliance Industries Ltd Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIL IN EQUITY YTD Change RIL IN EQUITY YTD % CHANGE

03/2013 01/yy 955.00 761.00 2'311'858.00 896.75 -6.10% 17.84% 73.81% 3'230.9 2'897'283.75 1'072'190.00 0.0 9'490.0 661'360.00 3'317'603.65

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

31.03.2010 31.03.2011 2'037'397.2 2'658'106.0 1.78x 1.35x 303'332.8 380'722.6 11.96x 9.40x 245'031.4 192'936.8 13.05x 16.20x Profitability

31.03.2012 3'585'010.0 0.69x 351'080.0 7.09x 197'240.0 11.35x

31.03.2013 3'970'620.0 0.68x 333'830.0 8.06x 208'790.0 10.91x 333'830.00 221'510.00 5.58% 6.60% 6.06% 11.88% 8.30% 1.15% 8.4% 5.6% 5.3% 1.48 0.79 29.59% 58.89% 29.75 -

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

FY+1 -

.0 M o-13

1.00 1.12 1'519.57 11.94% 8.00% 1.118 56 4.000 4'604'473 3'625'605 3'772'488 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 12/13 Q3 03/14 Q4 ######### ######### 0.79x 0.77x 358'370.8 419'174.6 9.26x 7.91x 224'532.3 257'340.8 12.51x 10.97x 11.71x 11.39x S&P Issuer Ratings

29.05.2013 BBB+ NEG 12.97 1.03 1.23 3.21 58.9% 36.9% 1.15 3.25 12.27 -

Sales/Revenue/Turnover

18.00

4'500'000.0

16.00

4'000'000.0

14.00

3'500'000.0

12.00

3'000'000.0

10.00

2'500'000.0

8.00

2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 04.04.2010

14.0 M

Fiscal Year Ended 31.03.2009 1'512'240.1 1.99x 242'169.1 12.44x 149'687.2 14.09x

1000 900 800 700 600 500 400 300 200 100 0 o-12

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Reliance Industries Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP KANKHAL INVES & TRAD BHUVANESH ENTERPRISE AJITESH ENTERPRISES BADRI COMMERCIALS LL ABHAYAPRADA ENTERPRI TRILOKESH COMMERCIAL PETROLEUM TRUST FARM ENTERPRISES LTD TARAN ENTERPRISES LL PITAMBAR ENTERPRISES ADISESH ENTERPRISES RELIANCE CHEMICALS P RELIANCE POLYOLEFINS RISHIKESH ENTERPRISE FRANKLIN RESOURCES VANGUARD GROUP INC PAVANA ENTERPRISES L JANUS CAPITAL MANAGE DIMENSIONAL FUND ADV

Firm Name Axis Capital Limited Nomura JPMorgan Firstcall India Equity Advisors Pvt Ltd Standard Chartered Deutsche Bank Jefferies Sanford C. Bernstein & Co HSBC Macquarie JM Financial Institutional Securities P BNP Paribas Equity Research Motilal Oswal Securities Ltd Sunidhi Consultancy Services IDBI Capital Market Services Ltd Emkay Share & Stock Brokers HDFC Securities Tata Securities Limited Religare Capital Markets Karvy Stock Broking Ltd India Infoline Angel Broking Limited Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Sharekhan Ltd Ambit Capital Pvt Ltd Barclays IIFL Quant Broking Pvt Ltd Equirus Securities Pvt Ltd India Nivesh Ltd Morgan Stanley CIMB Kotak Securities ICICI Securities Batlivala & Karani Securities IDFC Securities Ltd Edelweiss Capital Goldman Sachs Credit Suisse Ajcon Global Services Ltd. Brics Securities Daiwa 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 n/a

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG

Analyst AMIT MISHRA ANIL SHARMA SAMUEL SW LEE TEAM COVERAGE RAHUL SINGH HARSHAD KATKAR ARYA SEN NEIL BEVERIDGE KUMAR MANISH ABHISHEK AGARWAL MEHUL THANAWALA AMIT SHAH HARSHAD BORAWAKE ROHIT NAGRAJ SUDEEP ANAND DHAVAL JOSHI AISHWARYA DEEPAK SWARNENDU BHUSHAN NITIN TIWARI VINAY V NAIR PRAYESH JAIN BHAVESH CHAUHAN AMIT RUSTAGI NISHA SHARMA TEAM COVERAGE DAYANAND MITTAL SOMSHANKAR SINHA BHASKAR CHAKRABORTY GAGAN DIXIT MAULIK PATEL ABHISHEK JAIN VINAY JAISING AVADHOOT SABNIS SANJEEV PRASAD ROHIT AHUJA BHAVIN GANDHI PRAKASH JOSHI NIRAJ MANSINGKA NILESH BANERJEE SANJAY MOOKIM AKASH AJAY JAIN NILESH RAMESH GHUGE NIRMAL RAGHAVAN

Recommendation buy buy overweight buy in-line buy hold outperform neutral outperform buy hold neutral outperform buy accumulate neutral hold hold hold market perform accumulate buy accumulate buy sell equalweight reduce buy neutral buy Overwt/Attractive neutral buy buy outperform outperform buy Buy/Neutral outperform buy reduce hold

Amt Held 271'114'032 148'490'952 134'616'811 127'041'799 127'041'799 124'514'168 124'513'168 120'471'003 118'978'113 106'373'069 104'900'070 81'099'093 62'239'998 61'194'924 60'409'418 55'673'525 50'692'957 35'673'400 28'542'670 24'926'757

% Out 8.39 4.6 4.17 3.93 3.93 3.85 3.85 3.73 3.68 3.29 3.25 2.51 1.93 1.89 1.87 1.72 1.57 1.1 0.88 0.77

Weighting

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

Latest Chg (1'248'231) (585'709) (2'650'149) 358'779

Target Price

M M M M M M M M M M M M M U U M M M M M M M M M M M M M M M M M M M 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 |

1'130 1'075 1'000 955 907 1'060 890 960 910 1'100 979 847 957 1'005 1'000 982 980 819 910 860 950 931 944 990 1'010 856 900 840 1'107 870 1'053 1'156 850 980 1'122 997 1'013 1'055 1'170 1'044 1'110 914 945

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.09.2013 30.06.2013 30.06.2013 31.07.2013

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

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

Date 22.10.2013 20.10.2013 19.10.2013 18.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 14.10.2013 07.10.2013 07.10.2013 16.08.2013 01.08.2013 22.07.2013

23.10.2013

Price/Volume 1200000 1000000 800000 600000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005935 KS EQUITY YTD Change 005935 KS EQUITY YTD % CHANGE

12/2012 06/yy 1'000'000.00 768'000.00 14'522.00 967000 -3.30% 25.91% 87.07% 22.8 22'079'924.00 3'111'874.00 119'467.0 0.0 16'911'345.00 3'095'195.91

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

1.20 1.00

200000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 1.05x 1.02x 1.06x 1.31x 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 6.61x 5.60x 6.75x 6.70x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 Profitability 27'701'730.00 18'510'436.00 13.11% 14.69% 14.37% 16.31% 17.76% 1.14% 29.6% 20.3% 14.2% 12.3% 1.77 1.38 2.34% 2.94% 7.88 17.71

s-13

Market Data

Fiscal Year Ended 31.12.2008 72'952'991.0 0.70x 11'753'254.0 4.32x 5'525'904.0 -

400000

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M o-13

LTM

FY+1

1.13 22.83 23.89% 13.56% 1.132 2 5.000 20'062 31'907 28'162 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 ######### ######### ######### ######### ######### ######### 4.11x 4.54x ######### ######### ######### ######### 6.88x 5.08x 0.06x 0.05x ######### ######### ######### ######### ######### ######### 0.00x 0.00x 5.47x 5.20x S&P Issuer Ratings Long-Term Rating Date 08.08.2013 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 205.30 (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Total Debt/EBITDA 0.08 Reference Total Debt/Equity 2.9% Total Debt/Capital 2.9% Asset Turnover 1.14 Net Fixed Asset Turnover 3.87 Accounts receivable turnover-days 46.31 Inventory Days 20.60 Accounts Payable Turnover Day 23.12 Cash Conversion Cycle 38.44 Sales/Revenue/Turnover

160'000'000.0 140'000'000.0 120'000'000.0

0.80 0.60

100'000'000.0 80'000'000.0 60'000'000.0

0.40 0.20

40'000'000.0 20'000'000.0 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 |

23.10.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name ABERDEEN SKAGEN AS BLACKROCK ORBIS HOLDINGS LIMIT COMMONWEALTH BANK OF KOREA INVESTMENT TRU ROBECO GROEP NV DANSKE INVEST A/S CAPITAL GROUP COMPAN TAUBE HODSON STONEX FIL LIMITED NORDEA INVESTMENT FU JYSKE INVEST OVERSEAS ASSURANCE C ARTISAN PARTNERS HOL DANSKE INVEST MANAGE SCHRODER INVESTMENT EDINBURGH FUND MANAG FIRST STATE INVESTME CAISSE DE DEPOT ET P

Firm Name Sanford C. Bernstein & Co Maybank Kim Eng Morgan Stanley

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

Analyst MARK C NEWMAN WARREN LAU SHAWN KIM

Source ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy Overwt/Attractive

Amt Held 2'874'466 1'058'496 410'146 360'000 240'645 160'380 136'589 133'821 102'000 96'499 82'174 81'607 79'611 74'980 74'062 71'000 67'089 64'060 55'800 55'151

% Out 12.59 4.64 1.8 1.58 1.05 0.7 0.6 0.59 0.45 0.42 0.36 0.36 0.35 0.33 0.32 0.31 0.29 0.28 0.24 0.24

Weighting

Change 5 5 5

M M N

Latest Chg 2'873 (5'000) 4'951 (12'883) (110) (800) (80'841) 481 20'103 (5'039) 16'269 (3'000) -

Target Price 1'680'000 1'400'000 1'024'000

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

File Dt 30.09.2013 30.09.2013 21.10.2013 31.12.2012 31.05.2013 31.03.2013 30.04.2013 30.09.2013 30.09.2013 31.08.2013 30.04.2013 31.07.2013 31.08.2013 31.08.2013 31.03.2013 28.06.2013 28.02.2013 31.08.2013 30.08.2013 31.12.2012

Date 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 04.10.2013 16.10.2012

23.10.2013

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 40.0 M

120

35.0 M 30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.04.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FEMSAUBDMM EQUITY YTD Change FEMSAUBDMM EQUITY YTD % CHANGE

12/2012 06/yy 153.21 115.40 3'024'387.00 121.08 -20.97% 4.92% 15.02% 2'161.2 411'882.53 37'357.53 0.0 54'901.5 38'116.06 480'480.89

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

45.0 M

140 100

Valuation Analysis

31.12.2008 168'021.7 1.25x 29'819.0 7.07x 6'707.6 22.07x

160

31.12.2009 31.12.2010 158'503.0 169'702.0 1.71x 1.66x 26'319.0 28'031.0 10.32x 10.06x 9'908.0 40'251.0 33.84x 19.20x Profitability

LTM-4Q 31.12.2011 201'540.1 1.97x 30'646.7 12.97x 15'331.7 22.64x

31.12.2012 238'309.0 2.17x 37'116.9 13.92x 20'706.8 22.35x 37'116.93 29'227.39 12.26% 15.11% 6.98% 13.89% 12.22% 0.82% 42.5% 15.7% 12.2% 8.7% 1.56 0.93 12.62% 24.06% 39.59 9.21

Price/ Cash Flow

LTM

FY+1

0.91 0.88% -5.70% 0.907 16 3.750 2'691'426 2'956'200 3'450'409 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 220'616.9 241'360.1 255'098.6 284'704.9 63'752.0 70'473.5 7.51x 8.68x 1.84x 1.61x 7.48x 6.71x 32'311.8 37'964.1 40'839.5 46'710.5 10'357.2 13'098.0 14.80x 14.47x 11.77x 10.29x 11.20x 10.86x 16'320.2 20'564.1 19'161.7 22'392.7 4'615.0 8'604.0 26.10x 23.37x 22.53x 19.16x 20.53x 19.25x S&P Issuer Ratings Long-Term Rating Date 24.04.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.81 (EBITDA-Capex)/Interest Exp. 8.89 Net Debt/EBITDA 0.28 Total Debt/EBITDA 1.51 Reference Total Debt/Equity 24.1% Total Debt/Capital 15.1% Asset Turnover 0.82 Net Fixed Asset Turnover 4.05 Accounts receivable turnover-days 9.22 Inventory Days 39.63 Accounts Payable Turnover Day 58.07 Cash Conversion Cycle -8.13 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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Fomento Economico Mexicano SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK OPPENHEIMERFUNDS INC GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV EMERGING GLOBAL SHAR JPMORGAN CHASE & CO CAISSE DE DEPOT ET P GRUPO FINANCIERO SCO INVESCO LTD FMR LLC ACTINVER SA DE CV/ME Alliance Trust Savin DIMENSIONAL FUND ADV GESTION SANTANDER ME IMPULSORA DEL FONDO EATON VANCE MANAGEME CREDIT SUISSE AG

Firm Name Goldman Sachs BBVA Actinver SA Banorte-IXE Banco BTG Pactual SA Scotia Capital Invex Casa de Bolsa SA de CV GBM Vector Servicios Financieros Credit Suisse Itau BBA Securities UBS EVA Dimensions Punto Casa de Bolsa Grupo Santander

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

Analyst LUCA CIPICCIA FERNANDO OLVERA GUSTAVO TERAN MARISOL HUERTA MONDRAGON RAFAEL SHIN RODRIGO ECHAGARAY MONTSERRAT ANTON HONORATO KARLA MIRANDA MARCO MONTANEZ TORRES ANTONIO GONZALEZ THIAGO CAPUCCI MACRUZ GUSTAVO PIRAS OLIVEIRA CRAIG STERLING CRISTINA MORALES LUIS MIRANDA

Source MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation Buy/Neutral outperform hold buy buy sector outperform buy market perform hold underperform market perform neutral hold buy hold

Amt Held 83'325'650 62'166'340 59'229'238 42'945'174 28'810'733 18'757'011 13'040'735 7'208'218 7'026'090 5'220'040 5'172'326 4'723'096 4'450'463 4'176'204 3'724'549 3'641'829 3'437'970 2'900'000 2'835'174 2'680'697

% Out 3.86 2.88 2.74 1.99 1.33 0.87 0.6 0.33 0.33 0.24 0.24 0.22 0.21 0.19 0.17 0.17 0.16 0.13 0.13 0.12

Weighting

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

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

Latest Chg (240'040) (875'711) 18'146 2'663'214 696'730 6'990'421 640'000 2'300 (72'899) 261'500 2'090'052 (98'500) 267'479 235'400 (47'850)

Target Price 141 150 137 155 139 144 144 141 144 130 142 140 #N/A N/A 189 141

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

File Dt 21.10.2013 30.09.2013 21.10.2013 31.07.2013 30.09.2013 31.12.2012 02.10.2013 22.10.2013 31.07.2013 31.12.2012 30.09.2013 21.10.2013 31.08.2013 30.09.2013 31.07.2013 31.07.2013 30.09.2013 31.08.2013 31.07.2013 30.09.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 17.10.2013 15.10.2013 23.09.2013 23.09.2013 23.09.2013 04.09.2013 21.08.2013 26.07.2013 25.07.2013 25.07.2013 08.07.2013 06.06.2013 08.05.2013 25.04.2013

23.10.2013

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 350000

1.2 M

300000

1.0 M

250000

.8 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (29.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

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

.4 M

100000

.2 M

50000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 9'373'390.0 0.49x 1'325'678.0 3.45x 1'089'995.0 4.96x

.6 M

150000

12/2012 06/yy 318'500.00 245'000.00 224'398.00 288500 -9.42% 17.76% 62.59% 97.3 28'083'704.00 1'158'773.00 127.0 0.0 3'576'949.00 25'272'796.48

31.12.2009 31.12.2010 10'633'020.0 13'695'717.0 1.50x 1.92x 1'652'601.0 2'160'724.0 9.62x 12.15x 1'615'220.0 1'628'807.0 9.60x 16.66x Profitability

LTM-4Q 31.12.2011 15'886'201.0 1.72x 2'316'807.0 11.79x 1'742'742.0 15.99x

LTM

31.12.2012 06/yy 06/yy 16'865'694.0 ######### ######### 1.49x 6.70x 6.05x 2'505'963.0 ######### ######### 10.01x 10.49x 9.69x 2'251'252.0 ######### ######### 12.23x 13.16x 12.25x 2'505'963.00 2'312'302.00 13.71% 16.82% 12.95% 18.23% 16.42% 0.97% 20.4% 14.9% 13.7% 13.3% 2.07 1.82 6.35% 8.64% 4.35 16.93

Price/ Cash Flow

0.66 0.89 59.81 -0.39% 0.17% 0.891 44 4.818 167'122 199'755 231'985

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

- ######### 7.94x 7.26x S&P Issuer Ratings

.0 M o-13

20.03.2012 BBB+ STABLE 92.28 79.57 -0.98 0.46 8.6% 8.0% 0.97 8.79 84.05 21.62 53.61 52.06

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 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI STEEL CO CAPITAL GROUP COMPAN HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC LAZARD ASSET MANAGEM INVESCO LTD SAMSUNG INVESTMENT T NORGES BANK KOREA INVESTMENT TRU JPMORGAN CHASE & CO SCHRODER INVESTMENT MATTHEWS INTERNATION ROBECO GROEP NV UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

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

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

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

Amt Held 16'427'074 6'983'490 6'778'966 5'504'846 4'630'383 1'806'616 1'688'805 1'358'943 1'324'005 1'310'353 1'299'706 636'231 621'635 558'994 550'078 439'381 331'762 321'983 302'329 287'419

% Out 16.88 7.17 6.96 5.66 4.76 1.86 1.73 1.4 1.36 1.35 1.34 0.65 0.64 0.57 0.57 0.45 0.34 0.33 0.31 0.3

Weighting

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

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

Latest Chg (573'768) 3'342 (42'868) (2'669) (22'272) 135'376 (43'591) 68'438 (412'257) (16'260) 3'510 (360) 36'315 84'039

Target Price 315'000 365'000 410'000 360'000 360'000 330'000 360'000 330'000 360'000 320'000 360'000 380'000 350'000 370'000 310'000 305'000 340'000 380'000 310'000 360'000 360'000 350'000 410'000 322'000 325'000 380'000 310'000 320'000 370'000 340'000 270'000 333'000 325'000 295'000 374'000 360'000 325'000 340'000 270'000 350'000 #N/A N/A 370'000

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

File Dt 19.04.2013 31.12.2012 19.04.2013 19.04.2013 30.09.2013 31.12.2012 21.10.2013 30.06.2013 30.09.2013 31.08.2013 21.10.2013 31.03.2013 31.12.2012 31.03.2013 31.08.2013 30.08.2013 28.06.2013 30.04.2013 31.03.2013 31.03.2013

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

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

Date 22.10.2013 21.10.2013 21.10.2013 21.10.2013 20.10.2013 17.10.2013 14.10.2013 14.10.2013 10.10.2013 08.10.2013 08.10.2013 08.10.2013 08.10.2013 08.10.2013 07.10.2013 07.10.2013 04.10.2013 04.10.2013 01.10.2013 27.09.2013 24.09.2013 16.09.2013 26.08.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 28.06.2013 28.06.2013 29.04.2013 14.03.2013 02.05.2012

23.10.2013

NAVER Corp Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development. The Company also offers marketing service through text and banner advertisement.

Price/Volume 700000

2.5 M

600000

2.0 M

500000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 035420 KS EQUITY YTD Change 035420 KS EQUITY YTD % CHANGE

12/2012 06/yy 687'000.00 336'967.40 351'174.00 618000 -10.04% 83.40% 90.86% 33.0 20'370'936.00 294'540.66 0.0 0.0 887'169.74 20'087'153.96

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

1.5 M

300000

1.0 M

200000

31.12.2009 31.12.2010 1'237'110.9 1'311'639.3 6.75x 7.39x 556'584.1 630'228.8 15.00x 15.37x 421'693.9 473'658.4 20.63x 21.48x Profitability

0 o-12

LTM-4Q 31.12.2011 1'435'148.2 6.08x 673'960.3 12.95x 471'703.0 19.86x

n-12

d-12

j-13

LTM

31.12.2012 06/yy 06/yy 1'511'390.5 ######### ######### 6.15x 26.83x 30.64x 705'090.8 695'886.0 702'301.0 13.17x 15.12x 17.60x 536'116.2 492'014.7 546'394.9 18.61x 22.44x 23.28x 705'090.76 684'887.05 45.32% 47.21% 23.18% 29.95% 27.21% 0.65% 46.7% 45.3% 35.5% 3.19 2.95 11.15% 14.84% 8.33 -

Price/ Cash Flow

f-13 m-13 a-13 m-13

j-13

a-13

s-13

.0 M o-13

0.15 0.61 23.97 55.06% 73.71% 0.605 41 4.561 363'739 279'971 228'123

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

89.74 75.80 -0.84 0.42 14.8% 12.9% 0.65 4.83 43.92 -

Sales/Revenue/Turnover

45.00

1'600'000.0

40.00

1'400'000.0

35.00

1'200'000.0

30.00

1'000'000.0

25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 02.01.2010

.5 M

100000

Fiscal Year Ended 31.12.2008 1'208'126.6 4.67x 531'258.8 10.62x 363'096.2 16.33x

400000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

NAVER Corp Holdings By:

All

Holder Name NHN CORP NATIONAL PENSION SER OPPENHEIMERFUNDS INC BAILLIE GIFFORD OVER CAPITAL GROUP COMPAN NORGES BANK HAE-JIN LEE LAZARD ASSET MANAGEM JOON-HO LEE BLACKROCK VANGUARD GROUP INC FMR LLC MATTHEWS INTERNATION COMMONWEALTH BANK OF MIRAE ASSET GLOBAL I INVESCO LTD COMGEST S A MAPS INVESTMENT MANA SAMSUNG INVESTMENT T ALLIANZ GLOBAL INVES

Firm Name

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

Analyst

NH Investment & Securities KIM JIN-GU Deutsche Bank HANJOON KIM Daishin Securities Co., Ltd. YOON-JIN JOSEPH KIM CIMB HOWON RIM Daiwa Securities Co. Ltd. THOMAS Y KWON HSBC HONGSIK JO KB Investment & Securities Co., Ltd HOON CHOI Barclays SEYON PARK Nomura ERIC CHA Daewoo Securities CHANG KWEAN KIM KTB Securities CHOI CHAN-SEOK BNP Paribas Equity Research JUSTIN LEE HMC Investment Securities Co Ltd HAN-WOO PARK Samsung Securities JAY PARK Woori Investment & Securities JOSEPH CHUNG E*Trade Securities Korea SUNG JONG-HWA UBS JI CHUNG Macquarie EUGENE JUNG Credit Suisse TAEWON KIM Korea Investment & Securities HONG JONG-GIL Morgan Stanley SAM MIN JPMorgan SCOTT YH SEO Shinhan Investment Corp JOSHUA KONG Tong Yang Investment Bank LEE CHANG-YOUNG Ji Asia JUSTIN WEISS Hana Daetoo Securities HWANG SEUNG-TAEK EVA Dimensions ANDREW S ZAMFOTIS Eugene Investment & Securities Co., LtdKIM DENNY Shinyoung Securities Co., Ltd. CHOI YUN-MEE Goldman Sachs MICHAEL BANG LIG Investment Securities JEONG DAE-HO KIWOOM Securities Co Ltd AHN JAE-MIN Hyundai Securities KIM MIN IBK Securities Co Ltd ANNE SEONAE LEE Heungkuk Securities Co., Ltd. LEE SEUNG-HOON SK Securities Co Ltd CHOI GWAN-SOON Dongbu Securities Co Ltd DAE-UP PARK Riedel Research Group Inc DAVID R RIEDEL Meritz Securities Co., Ltd DONG HEE KIM Leading Investment & Securities JINA KIM Mirae Asset Securities JEONG WOO-CHEOL Hanwha Securities Co., Ltd RAH TAEYEARL Taurus Investment Securities Co Ltd SOO-JI LEE

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

Recommendation buy buy buy neutral buy overweight buy underweight buy buy suspended coverage buy buy buy buy buy buy outperform outperform buy Overwt/Attractive restricted buy buy buy buy hold buy buy neutral/neutral buy buy buy buy buy buy buy sell buy buy buy buy buy

Amt Held 3'148'242 2'924'746 1'840'353 1'728'606 1'653'031 1'595'181 1'530'945 1'416'978 1'232'820 759'165 624'071 595'673 418'248 410'053 409'137 394'718 381'369 326'410 293'523 231'017

% Out 9.55 8.87 5.58 5.24 5.01 4.84 4.64 4.3 3.74 2.3 1.89 1.81 1.27 1.24 1.24 1.2 1.16 0.99 0.89 0.7

Latest Chg -

Weighting

Change

Target Price

5 5 5 3 5 5 5 1 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 #N/A N/A 5 5 5 5 3 5 5 3 5 5 5 5 5 5 5 1 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 U M M M U M M M M M M M M M M M M M N M M M M

1 (431'646) (471) 1'395 (6'849) 28'263 16'678 (56'982) (146'703) (201'571) (184'643) 28'889 169'742

900'000 693'000 840'000 620'000 760'000 850'000 720'000 440'000 660'000 700'000 #N/A N/A 750'000 680'000 415'000 770'000 730'000 680'000 650'000 700'000 640'000 450'000 #N/A N/A 660'000 700'000 660'000 550'000 #N/A N/A 450'000 500'000 430'720 430'000 736'626 532'879 556'388 579'897 548'552 642'589 385'553 548'552 492'913 564'224 470'187 532'879

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

File Dt 31.12.2012 31.12.2012 31.07.2013 29.08.2013 15.10.2013 07.12.2010 31.12.2012 30.06.2013 31.12.2012 21.10.2013 30.09.2013 31.08.2013 28.06.2013 31.05.2013 30.08.2013 21.10.2013 30.09.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 23.10.2013 22.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 20.10.2013 17.10.2013 16.10.2013 16.10.2013 15.10.2013 14.10.2013 14.10.2013 14.10.2013 09.10.2013 03.10.2013 30.09.2013 26.09.2013 24.09.2013 19.09.2013 17.09.2013 16.09.2013 11.09.2013 09.09.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 09.08.2013 09.08.2013 15.07.2013 10.07.2013 29.04.2013 22.04.2013 11.04.2013 19.03.2013 11.03.2013 10.08.2012 10.08.2012

23.10.2013

HDFC Bank Ltd HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFCB IN EQUITY YTD Change HDFCB IN EQUITY YTD % CHANGE

03/2013 01/yy 727.30 528.00 3'531'397.00 660.2 -9.23% 25.04% 70.75% 2'391.2 1'578'702.13 474'417.82 0.0 2'213.4 276'228.64 -

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

16.0 M

700

14.0 M

600

12.0 M

500

10.0 M

400

8.0 M

300

6.0 M

200

4.0 M

100

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.03.2009 197'464.0 22'489.9 18.38x

800

31.03.2010 31.03.2011 204'385.1 246'291.8 30'036.5 39'924.9 28.09x 27.13x Profitability

31.03.2012 341'844.8 52'740.2 23.03x

31.03.2013 429'950.2 68'696.4 21.49x 42.94% 42.95% 1.83% 20.55% 9.28% 0.11% 29.5% 11.64% 129.47% -

Price/ Cash Flow

0.83 1.04 1'815.37 4.99% -1.89% 1.037 68 3.985 3'869'126 4'045'310 4'961'540

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/14 Y

03/15 Y

12/13 Q3

03/14 Q4

84'520.0 106'000.0 18.54x 14.75x S&P Issuer Ratings

17.01.2008 BBBNEG 17.01.2008 A-3 129.5% 56.3% 0.11 16.69 -

Sales/Revenue/Turnover

30.00

500'000.0 450'000.0

25.00

400'000.0 350'000.0

20.00

300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00 0.00 04.04.2010

50'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

HDFC Bank Ltd Holdings By:

All

Holder Name HOUSING DEVELOPMENT HDFC INVESTMENTS LTD LIFE INSURANCE CORP CAPITAL GROUP COMPAN ABU DHABI INVESTMENT ICICI PRUDENTIAL LIF GIC PRIVATE LIMITED DB INTERNATIONAL ASI BLACKROCK JPMORGAN CHASE & CO VANGUARD GROUP INC HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG UTI ASSET MANAGEMENT FMR LLC PRUDENTIAL ICICI ASS SCHRODER INVESTMENT ABERDEEN RELIANCE CAPITAL TRU HDFC ASSET MANAGEMEN

Firm Name Nomura Axis Capital Limited NVS Brokerage Limited Anand Rathi Securities Pvt. Ltd. Sunidhi Consultancy Services India Infoline Angel Broking Limited Edelweiss Capital Almondz Global Securities Ltd Antique Stock Broking Limited Asian Markets Securities Pvt. Ltd Ambit Capital Pvt Ltd Spark Capital Advisors ICICIdirect.com IIFL Elara Securities India Pvt Ltd Khambatta Securities Ltd Nirmal Bang Institutional Equities Morgan Stanley Goldman Sachs Macquarie Motilal Oswal Securities Ltd Religare Capital Markets Karvy Stock Broking Ltd Barclays Right Horizons Financial Services Deutsche Bank Ajcon Global Services Ltd. Credit Suisse JPMorgan Jefferies HSBC CIMB Daiwa Securities Co. Ltd. Kotak Securities Prabhudas Lilladher Pvt Ltd SBI Capital Markets JM Financial Institutional Securities P ICICI Securities Batlivala & Karani Securities Phillip Securities IDFC Securities Ltd IDBI Capital Market Services 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst ABHISHEK BHATTACHARYA PRAVEEN AGRAWAL TEAM COVERAGE CLYTON FERNANDES AMIT JAIN RAJIV MEHTA VAIBHAV AGRAWAL NILESH PARIKH SHIVRAJ GUPTA ALOK KAPADIA ASUTOSH KUMAR MISHRA PANKAJ AGARWAL JYOTHI KUMAR VARMA KAJAL GANDHI SAMPATH S K KUMAR RAKESH KUMAR RAJ KUMAR JHA HEMINDRA HAZARI ANIL AGARWAL TABASSUM INAMDAR SURESH GANAPATHY ALPESH MEHTA SIDDHARTH TELI HATIM K BROACHWALA ANISH TAWAKLEY TUSHAR PENDHARKAR MANISH KARWA TEAM COVERAGE ASHISH GUPTA SESHADRI K SEN NILANJAN KARFA SACHIN SHETH JATINDER AGARWAL PUNIT SRIVASTAVA MB MAHESH ADARSH PARASRAMPURIA RAVIKANT BHAT PUNEET GULATI SHASHIN UPADHYAY ANAND DAMA MANISH AGARWALLA MANISH CHOWDHARY JIGNESH SHIAL

Source Co File Co File Co File ULT-AGG Co File Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold neutral buy buy hold accumulate buy buy sell buy hold add reduce market perform hold Overwt/Cautious Sell/Neutral outperform neutral buy hold overweight underperform buy hold outperform overweight buy overweight outperform outperform reduce buy buy buy add outperform neutral outperform hold

Amt Held 393'211'100 150'000'000 106'873'198 69'752'797 48'208'892 46'278'212 30'987'727 30'375'784 28'611'319 25'354'944 25'188'803 17'695'279 17'057'317 15'961'919 15'936'391 15'927'834 15'374'607 14'925'000 12'924'178 11'885'930

% Out 16.44 6.27 4.47 2.92 2.02 1.94 1.3 1.27 1.2 1.06 1.05 0.74 0.71 0.67 0.67 0.67 0.64 0.62 0.54 0.5

Weighting

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

Latest Chg 47'826 (3'883'325) (378'971) 887'400 79'230 58'907 1'779'252 620'664 345'000 556'029 845'795

Target Price

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

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

750 724 692 725 680 730 752 735 688 710 743 575 774 600 690 651 717 704 740 540 850 725 760 725 711 500 760 740 770 750 770 822 717 722 645 725 770 825 723 670 654 745 622

File Dt 30.06.2013 30.06.2013 30.06.2013 30.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 21.10.2013 31.08.2013 30.09.2013 28.06.2013 30.04.2013 30.09.2013 31.08.2013 30.09.2013 30.09.2013 31.08.2013 30.09.2013 30.09.2013

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

Inst Type Corporation Corporation Government Investment Advisor Government Insurance Company Government Bank Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor

Date 22.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013

23.10.2013

BRF SA BRF SA is a food processor in Latin America. The Company operates in the segments of poultry meats, pork and beef, industrialized meats, margarines, pastas, pizzas and frozen vegetables as well as being one of the leading milk collectors and dairy product processers in Brazil.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (09.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS3 BZ EQUITY YTD Change BRFS3 BZ EQUITY YTD % CHANGE

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

4.0 M

2.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'393.0 0.84x 1'079.9 8.83x 54.4 112.97x

6.0 M

12/2012 06/yy 59.32 36.20 98'700.00 56 -5.60% 54.70% 86.51% 872.5 48'858.50 9'518.32 0.0 37.5 2'627.06 56'059.41

31.12.2009 31.12.2010 15'905.8 22'681.3 2.74x 1.21x 619.4 2'320.6 70.41x 11.85x 123.0 804.1 222.84x 29.61x Profitability

LTM-4Q 31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 23.19x

31.12.2012 28'517.4 1.53x 2'333.1 18.70x 813.2 45.11x 2'333.14 1'366.48 4.79% 2.87% 3.88% 8.55% 7.60% 0.96% 22.6% 9.9% 6.2% 2.9% 1.55 0.76 30.93% 65.47% 10.16 7.45

Price/ Cash Flow

LTM

06/yy 26'570.6 5.26x 2'411.8 13.75x 645.6 40.94x

06/yy 30'072.5 5.87x 2'963.6 16.67x 1'220.6 34.53x

FY+1

.0 M o-13

0.68 700.85 51.08% 34.64% 0.684 20 3.950 1'720'160 1'948'110 2'227'194 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'849.3 35'534.4 7'953.4 9'035.9 1.75x 1.56x 7.07x 6.18x 3'886.6 4'745.5 958.3 1'222.8 14.42x 11.81x 12.36x 1'684.7 2'285.3 385.6 636.4 29.38x 21.18x 22.04x S&P Issuer Ratings

04.04.2012 BBBSTABLE 3.98 0.76 2.42 3.30 65.5% 39.5% 0.96 2.90 35.92 49.00 47.16 18.19

Sales/Revenue/Turnover

40.00

30'000.0

35.00

25'000.0

30.00

20'000.0

25.00 20.00

15'000.0

15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

BRF SA Holdings By:

All

Holder Name CAIXA DE PREVIDENCIA FUNDACAO PETROBRAS D TARPON INVESTIMENTOS BLACKROCK BTG PACTUAL GLOBAL A WEG PARTICIPACOES E GOVERNANCA & GESTAO FUND VALE DO RIO DOC VANGUARD GROUP INC ONTARIO TEACHERS PEN FUND SISTEL DE SEGUR GUEPARDO INVESTIMENT NORGES BANK FURLAN LUIZ FERNANDO COMGEST S A REAL GRANDEZA FUNDAC MORGAN STANLEY T ROWE PRICE ASSOCIA JPMORGAN CHASE & CO SCHRODER INVESTMENT

Firm Name

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

Analyst

Source EXCH EXCH EXCH ULT-AGG MF-AGG 20F MF-AGG EXCH ULT-AGG Research EXCH MF-AGG MF-AGG 20F MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

Votorantim CTVM Research LUIZ CARLOS CESTA market perform GBM MIGUEL T MAYORGA market underperform Bradesco Corretora GABRIEL VAZ DE LIMA outperform Planner Corretora de Valores RICARDO TADEU MARTINS Under Review Agora CTVM SA JOSE FERREIRA buy Credit Suisse ALEXANDRE FUENTES VAN AMSON outperform Goldman Sachs LUCA CIPICCIA Buy/Neutral Morgan Stanley JAVIER MARTINEZ Equalwt/In-Line UBS GUSTAVO PIRAS OLIVEIRA buy Banco BTG Pactual SA THIAGO DUARTE buy HSBC LAUREN E TORRES neutral JPMorgan ALAN ALANIS neutral SLW Corretora de Valores e Cambio LTDPEDRO GALDI hold Magliano SA CCVM HENRIQUE KLEINE buy Banco do Brasil SA NATANIEL CEZIMBRA outperform Banco Safra de Investimento ALAN DE SOUZA CARDOSO Under Review Coinvalores SANDRA PERES buy Itau BBA Securities GIOVANA ARAUJO outperform EVA Dimensions CRAIG STERLING underweight Nau Securities Ltd JOHN NELSON FERREIRA sell Grupo Santander LUIS MIRANDA buy

Amt Held 106'441'731 105'569'258 69'972'351 44'757'875 31'179'730 26'346'620 26'013'234 25'039'981 18'393'479 13'400'000 10'295'184 9'052'500 6'678'985 5'944'216 5'355'000 4'798'314 4'624'702 4'325'673 4'323'391 4'107'166

% Out 12.2 12.1 8.02 5.13 3.57 3.02 2.98 2.87 2.11 1.54 1.18 1.04 0.77 0.68 0.61 0.55 0.53 0.5 0.5 0.47

Weighting

Change

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

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

Latest Chg (172'681) 213'100 44'443 293'000 (405'700) (106'900) (238'128) 2'504'215

Target Price 66 50 65 #N/A N/A 65 55 63 56 70 66 61 54 52 56 56 #N/A N/A 59 53 #N/A N/A 45 47

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

File Dt Inst Type 29.05.2013 Government 29.05.2013 Other 29.05.2013 Investment Advisor 21.10.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Other 30.09.2013 Investment Advisor 29.05.2013 Other 30.09.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 29.05.2013 Pension Fund (ERISA) 30.09.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 31.12.2012 Unclassified 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 30.08.2013 Investment Advisor

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

Date 23.10.2013 21.10.2013 15.10.2013 04.10.2013 01.10.2013 13.09.2013 09.09.2013 06.09.2013 03.09.2013 02.09.2013 22.08.2013 12.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 06.06.2013 30.04.2013 29.04.2013

23.10.2013

SK Hynix Inc SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 40000

25.0 M

35000

20.0 M

30000 25000

Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2013 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

12/2012 06/yy 35'000.00 23'050.00 5'848'372.00 32500 -7.14% 41.00% 79.92% 710.2 23'081'528.00 5'744'740.00 0.0 0.0 1'517'747.00 26'447'918.96

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

10.0 M

15000 10000

5.0 M

5000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'495'367.1 1.20x (300'341.2) (4'719'632.9) -

15.0 M

20000

Valuation Analysis

31.12.2009 31.12.2010 7'521'457.8 11'973'426.0 2.32x 1.44x 1'722'031.7 4'979'793.0 10.13x 3.47x (347'785.3) 2'785'945.0 5.08x Profitability

LTM-4Q 31.12.2011 10'188'162.0 1.69x 2'347'248.0 7.35x 129'142.0 100.69x

LTM

FY+1

.0 M o-13

1.07 472.32 41.00% 26.21% 1.067 46 4.630 5'201'635 6'767'940 6'087'490 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'001'783.0 ######### ######### ######### ######### 2.22x 7.89x 7.90x 1.82x 1.40x 1'630'975.0 ######### ######### ######### ######### 13.61x 15.01x 7.48x 4.10x 3.39x (489'990.0) ######### 904'187.0 ######### ######### 0.00x 23.87x 8.20x 6.43x S&P Issuer Ratings 1'630'975.00 Long-Term Rating Date 22.02.2013 -616'285.00 Long-Term Rating BB -6.16% Long-Term Outlook STABLE -5.77% Short-Term Rating Date 4.71% Short-Term Rating 8.55% Credit Ratios - EBITDA/Interest Exp. 5.54 0.61% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 0.99 10.5% Total Debt/EBITDA 1.64 28.9% Reference 9.0% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.61 1.11 Net Fixed Asset Turnover 1.29 0.74 Accounts receivable turnover-days 61.16 31.56% Inventory Days 44.08 57.68% Accounts Payable Turnover Day 35.30 5.97 Cash Conversion Cycle 67.85 8.28

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 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER KOREA FINANCE CORPOR BLACKROCK VANGUARD GROUP INC MIRAE ASSET GLOBAL I NORGES BANK KOREA INVESTMENT TRU SAMSUNG INVESTMENT T MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT FIL LIMITED KYOBO AXA INVESTMENT ALLIANCE BERNSTEIN SHINHAN BNP PARIBAS PUTNAM INVESTMENT MA T ROWE PRICE ASSOCIA FMR LLC GOLDMAN SACHS GROUP

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

Analyst

Standard Chartered SUN CHUNG Samsung Securities MINSEONG HWANG Hanwha Securities Co., Ltd AHN SEONG-HO Nomura CHANG-WON CHUNG Susquehanna Financial Group MEHDI HOSSEINI Sanford C. Bernstein & Co MARK C NEWMAN KTB Securities JIN SUNG-HAE KB Investment & Securities Co., Ltd BYUN HAN-JOON Hana Daetoo Securities DAE-JONG NAM Deutsche Bank SEUNGHOON HAN Shinhan Investment Corp KIM YOUNG-CHAN Woori Investment & Securities PETER LEE BNP Paribas Equity Research PETER YU KIWOOM Securities Co Ltd KIM SUNG-IN LIG Investment Securities SUNG-HO HONG Goldman Sachs MARCUS SHIN Leading Investment & Securities SANG-WOO OH Hyundai Securities YOUNG PARK IBK Securities Co Ltd SEUNG-WOO LEE Kyobo Securities CHOI DO-YEON Mirae Asset Securities DOH HYUN-WOO Tong Yang Investment Bank HYUN PARK Mizuho Securities CHARLES PARK Korea Investment & Securities SEO WON-SEOK Credit Suisse KEON HAN Eugene Investment & Securities Co., LtdLEE JEONG JPMorgan JJ Park Morgan Stanley LEE KA KEUN HSBC RICKY JUIL SEO Shinyoung Securities Co., Ltd. LIM DORI UBS NICOLAS GAUDOIS Daewoo Securities JAMES SONG Barclays BAE SEUNG-CHUL HI Investment Securities SONG MYUNG-SUP Wedge Partners JUN ZHANG EVA Dimensions ANDREW S ZAMFOTIS Macquarie DANIEL KIM E*Trade Securities Korea JI-WOONG KIM NH Investment & Securities LEE SUN-TAE HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Capital Securities Corp LIYAN CHEN Daiwa Securities Co. Ltd. JAE H LEE CIMB DO-HOON LEE

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

Recommendation outperform buy buy buy Positive outperform buy buy buy buy buy buy buy buy buy neutral/attractive buy buy buy buy buy buy buy buy outperform buy overweight Underwt/Cautious overweight buy buy buy overweight buy no rating system underweight outperform neutral buy buy neutral buy neutral

Amt Held 146'100'000 66'862'226 24'772'435 14'062'250 6'208'135 5'592'093 4'831'677 4'790'622 4'704'705 4'188'224 3'314'700 3'214'764 3'137'221 1'996'980 1'849'930 1'758'533 1'723'730 1'559'140 1'507'427 1'414'710

% Out 20.57 9.41 3.49 1.98 0.87 0.79 0.68 0.67 0.66 0.59 0.47 0.45 0.44 0.28 0.26 0.25 0.24 0.22 0.21 0.2

Weighting

Change

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

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

Latest Chg (7'640'500) 220'940 109'150 799'456 1'122'841 (518'190) 942'560 517'160 905'609 (5'203'056) 93'630 234'460 404'200 (453'040) 1'365'570 250'834 318'612

Target Price 41'200 44'000 42'000 40'000 36'500 45'000 41'000 39'000 40'000 43'000 45'000 37'000 46'000 50'000 42'000 32'000 45'000 42'000 40'000 38'000 39'000 34'000 38'000 39'000 47'000 38'000 39'000 28'000 43'000 35'000 41'000 38'000 39'000 38'000 #N/A N/A #N/A N/A 43'000 29'000 37'000 40'000 #N/A N/A 40'000 30'000

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

File Dt 10.10.2013 31.12.2012 14.02.2012 21.10.2013 30.09.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.09.2013 31.03.2013 31.08.2013 31.03.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013

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

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

Date 22.10.2013 22.10.2013 21.10.2013 20.10.2013 20.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 11.10.2013 10.10.2013 08.10.2013 08.10.2013 04.10.2013 03.10.2013 02.10.2013 01.10.2013 30.09.2013 27.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 08.09.2013 05.09.2013 21.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 17.06.2013

23.10.2013

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 90

25.0 M

80 20.0 M

70 60

15.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLEVICPOMM EQUITY YTD Change TLEVICPOMM EQUITY YTD % CHANGE

12/2012 06/yy 79.43 58.50 3'178'353.00 78.4 -1.30% 34.02% 95.08% 2'868.5 224'890.41 57'962.57 0.0 7'890.6 24'380.62 266'683.60

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

5.0 M

10 0 o-12

31.12.2009 31.12.2010 52'352.5 57'856.8 2.75x 3.48x 20'086.5 22'161.9 7.16x 9.09x 6'007.1 7'683.4 21.89x 23.11x Profitability

LTM-4Q 31.12.2011 62'581.5 2.90x 23'635.2 7.68x 6'665.9 20.90x

31.12.2012 69'290.4 2.96x 26'613.8 7.70x 8'760.6 18.66x 26'613.79 18'139.55 26.18% 20.38% 5.48% 15.01% 10.45% 0.44% 46.9% 39.6% 26.6% 12.6% 1.51 1.20 35.11% 95.58% 5.44 24.14

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 66'396.6 11.68x 25'358.7 7.99x 7'125.9 21.70x

06/yy 70'734.6 12.36x 27'985.6 8.13x 8'753.7 19.82x

a-13 m-13

j-13

a-13

s-13

FY+1

0.93 30.24% 15.49% 0.930 14 2.714 3'612'313 3'510'106 3'626'859 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 73'388.7 77'973.8 18'579.0 21'034.3 3.60x 3.31x 14.38x 12.69x 28'822.4 30'294.1 7'448.7 8'000.7 9.25x 8.80x 9.19x 9.16x 7'947.9 8'884.1 2'516.2 2'535.5 27.97x 25.18x 25.84x 25.77x S&P Issuer Ratings

02.10.2007 BBB+ STABLE 6.09 3.48 1.19 2.33 95.6% 45.8% 0.44 1.58 67.10 15.12 88.46 33.77

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 47'972.3 2.08x 19'438.9 5.12x 7'803.7 12.32x

10.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Grupo Televisa SAB Holdings By:

All

Holder Name AZCARRAGA TRUST NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV EMERGING GLOBAL SHAR CAISSE DE DEPOT ET P FMR LLC GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME CREDIT SUISSE AG EATON VANCE MANAGEME IMPULSORA DEL FONDO SWEDBANK ROBUR FONDE DIMENSIONAL FUND ADV GESTION SANTANDER ME PICTET FUNDS AXA FUNDS MANAGEMENT

Firm Name

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

Analyst

BBVA ALEJANDRO GALLOSTRA Banco Monex S.A. Institucion de Banca VALERIA ROMO MARTINEZ UBS MARIA TEREZA AZEVEDO Itau BBA Securities GREGORIO TOMASSI Goldman Sachs VERA ROSSI GBM ANDRES MEDINA-MORA Actinver SA MARTIN LARA Banorte-IXE MANUEL JIMENEZ ZALDIVAR Punto Casa de Bolsa HOMERO RUIZ LOPEZ Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO Vector Servicios Financieros JULIO ZETINA Scotia Capital ANDRES COELLO HSBC RICHARD DINEEN EVA Dimensions CRAIG STERLING

Source 20F MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation underperform sell neutral underperform neutral/cautious market perform sell hold hold buy buy sector perform overweight underweight

Amt Held 455'345'419 94'278'370 75'914'698 75'566'210 37'138'123 25'056'735 10'199'684 8'227'167 6'907'667 5'286'657 5'124'763 4'102'411 3'388'900 3'216'060 3'042'000 3'038'851 2'924'309 2'873'969 2'664'800 2'075'282

% Out 15.87 3.29 2.65 2.63 1.29 0.87 0.36 0.29 0.24 0.18 0.18 0.14 0.12 0.11 0.11 0.11 0.1 0.1 0.09 0.07

Weighting

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

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

Latest Chg (271'592) 681'895 (997'500) 30'384 (248'380) (23'100) (52'600) (98'300) (130'500) 610'000 390'595 481'369 48'330 (32'700) 9'555

Target Price 65 70 79 75 79 66 64 76 70 71 73 65 85 #N/A N/A

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

File Dt 28.02.2013 21.10.2013 21.10.2013 30.09.2013 30.09.2013 31.12.2012 02.10.2013 22.10.2013 31.12.2012 31.08.2013 30.09.2013 30.09.2013 31.07.2013 31.07.2013 31.08.2013 31.03.2013 31.07.2013 30.09.2013 30.06.2013 30.09.2013

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

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

Date 21.10.2013 17.10.2013 14.10.2013 14.10.2013 17.09.2013 01.08.2013 01.08.2013 31.07.2013 10.07.2013 08.05.2013 11.04.2013 22.03.2013 01.02.2013 17.01.2013

23.10.2013

Standard Bank Group Ltd 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 14000

16.0 M

12000

14.0 M

10000

12.0 M 10.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.10.2013 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

12/2012 01/yy 12'845.00 10'316.00 1'088'715.00 12483 -2.77% 21.01% 89.01% 1'618.1 201'985.31 155'823.00 5'503.0 14'300.0 170'181.00 -

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

6.0 M

4000

4.0 M

2000

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 145'080.0 14'461.0 8.28x

8.0 M

6000

31.12.2009 31.12.2010 159'993.0 105'806.0 11'585.0 11'161.0 13.23x 14.63x Profitability

31.12.2011 107'845.0 13'571.0 11.13x

31.12.2012 125'473.0 16'498.0 12.34x 30.83% 28.49% 1.08% 15.36% 12.68% 0.08% 18.2% 10.09% 141.18% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.81 0.77 1'044.45 23.08% 9.53% 0.771 18 3.000 3'206'344 3'827'137 3'965'229 FY+2

12/13 Y 12/14 Y 76'120.8 83'501.5 16'731.5 18'950.6 12.07x 10.67x S&P Issuer Ratings

FQ+1

FQ+2

141.2% 54.5% 0.08 8.32 -

Sales/Revenue/Turnover

30.00

180'000.0 160'000.0

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Standard Bank Group Ltd Holdings By:

All

Holder Name INDUSTRIAL & COMM BA GOVERNMENT EMP PENSI STATE STREET CUSTODI JP MORGAN CUSTODIAN ALLAN GRAY UNIT TRUS VANGUARD GROUP INC DODGE & COX STATE STREET CORP BLACKROCK CITIBANK NEW YORK BANK OF NY CUSTODIAN OLD MUTUAL CORONATION ASSET MAN COMMONWEALTH BANK OF BANK OF NEW YORK DIMENSIONAL FUND ADV NORTHERN TR AVFC GOV CITIBANK LONDON NORTHERN TRUST COMPA OPPENHEIMERFUNDS INC

Firm Name HSBC UBS BNP Paribas Cadiz Securities Macquarie Renaissance Capital Arqaam Capital Limited Goldman Sachs SBG Securities Barclays JPMorgan Nedgroup Securities Deutsche Bank Morgan Stanley NOAH Capital Markets EVA Dimensions Avior Research

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

Analyst AYBEK ISLAMOV STEPHAN POTGIETER DEBBIE TREDOUX CHARLES RUSSELL ILAN STERMER JAAP MEIJER WALEED MOHSIN VOYT KRZYCHYLKIEWICZ CHANTELLE BAPTISTE NANA FRANCOIS DAVID S DANILOWITZ STEFAN SWANEPOEL GREG SAFFY LISA HAAKMAN DOUG WALTERS HARRY BOTHA

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

Recommendation underweight neutral buy neutral sell hold Sell/Neutral hold underweight overweight sell buy Underwt/In-Line buy overweight outperform

Amt Held 324'963'464 169'262'210 145'471'258 41'435'684 36'292'574 35'546'103 28'198'309 27'975'296 24'808'269 23'465'758 22'009'073 20'764'080 20'332'268 19'386'896 18'460'582 17'806'186 17'324'047 15'464'836 13'571'520 12'644'862

% Out 20.08 10.46 8.99 2.56 2.24 2.2 1.74 1.73 1.53 1.45 1.36 1.28 1.26 1.2 1.14 1.1 1.07 0.96 0.84 0.78

Weighting

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

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

Latest Chg (2'800'000) 1'025'049 (1'637'335) 7'741'470 (2'140'035) 566'014 3'678'230 (95'848) 431'253 1'195'983 (2'413'376) 2'299'058 375'131 (951'274) (2'124'397) 2'043'192 (736) 191'410 -

Target Price 12'100 12'400 13'298 12'200 11'500 11'650 10'600 12'500 11'338 12'500 10'390 13'300 11'200 12'436 #N/A N/A 13'007

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.09.2013 30.06.2013 22.10.2013 21.10.2013 31.05.2013 31.05.2013 30.09.2013 30.06.2013 31.05.2013 31.05.2013 31.07.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013

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

Inst Type Government Government Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Bank Investment Advisor Investment Advisor Other Bank Investment Advisor Investment Advisor

Date 08.10.2013 04.10.2013 03.10.2013 25.09.2013 23.09.2013 21.09.2013 09.09.2013 27.08.2013 23.08.2013 19.08.2013 16.08.2013 15.08.2013 15.08.2013 04.07.2013 06.06.2013 29.04.2013

23.10.2013

Magnit OJSC Magnit retails food. The Company operates a chain of discount supermarkets.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.10.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGNT LI EQUITY YTD Change MGNT LI EQUITY YTD % CHANGE

12/2012 09/yy 66.70 33.38 407'074.00 65.1 -2.40% 95.03% 94.30% 472.8 30'779.72 2'086.37 0.0 0.0 438.86 -

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

1.20 1.00

1.5 M

1.0 M

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 5'347.8 0.30x 398.0 4.09x 187.6 -

2.0 M

31.12.2009 31.12.2010 5'354.5 7'777.4 1.20x 1.63x 497.0 613.4 12.95x 20.65x 275.2 333.7 Profitability

LTM-4Q 31.12.2011 11'423.3 0.82x 896.2 10.44x 418.7 -

31.12.2012 14'429.7 1.15x 1'488.3 11.19x 807.8 1'488.27 1'125.82 7.80% 7.20% 12.71% 28.30% 19.31% 2.27% 26.5% 10.3% 7.8% 5.6% 0.75 0.17 28.73% 63.86% 9.40

LTM

09/yy 13'326.0 0.00x 0.0 0.00x 1'040.6 0.00x

09/yy 17'344.3 0.00x 0.0 0.00x 731.0 0.00x

FY+1

.0 M o-13

1.12 88.72% 63.54% 1.124 21 4.143 916'167 999'980 936'231 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 18'429.3 22'995.6 1.79x 1.44x 1'930.3 2'332.1 1'004.4 1'200.1 30.79x 25.32x S&P Issuer Ratings

08.04.2013 BB STABLE 11.41 -0.26 1.11 1.40 63.9% 39.0% 2.27 3.19 38.94 40.21 -

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 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 |

23.10.2013

Magnit OJSC Holdings By:

All

Holder Name GALITSKIY SERGEY LAVRENO LTD LABINI INVESTMENTS L GORDEYCHUK VLADIMIR VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK T ROWE PRICE ASSOCIA JPMORGAN CHASE & CO COMGEST S A SCHRODER INVESTMENT ABERDEEN CORONATION INTERNATI FISHER INVESTMENTS I BARING INTERNATIONAL OYSTER ASSET MANAGEM UBS AG VAN ECK ASSOCIATES C EMERGING GLOBAL SHAR CREDIT SUISSE AG

Firm Name Renaissance Capital Uralsib Deutsche Bank Otkritie Capital Morgan Stanley Gazprombank UBS JPMorgan VTB Capital Credit Suisse HSBC Goldman Sachs UFS-Finance Investment Company Barclays Sberbank CIB IFC Metropol Raiffeisenbank AG Alfa-Bank RMG Securities Wood & Company

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios FISHER INVESTMENTS Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst DAVID FERGUSON MARAT IBRAGIMOV NATALIA SMIRNOVA MIKHAIL TERENTIEV NICHOLAS ASHWORTH VITALY BAIKIN ULYANA LENVALSKAYA ELENA V JOURONOVA MARIA KOLBINA VICTORIA PETROVA RAJ SINHA ANTON FARLENKOV ILYA BALAKIREV BORIS VILIDNITSKY MIKHAIL KRASNOPEROV EVGENY GOLOSNOY NATALIA KOLUPAEVA ANDREI NIKITIN MIKHAIL LOSHININ PATRICK SHIELDS

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

Recommendation buy hold buy hold Overwt/In-Line neutral buy overweight hold outperform overweight neutral/neutral hold overweight buy buy hold equalweight Under Review hold

Amt Held 180'352'486 22'466'208 16'148'977 12'990'362 9'138'043 8'416'891 5'495'984 4'672'576 4'266'645 2'950'000 2'348'128 2'191'861 2'068'178 1'876'276 1'718'707 1'517'100 1'273'604 1'110'599 1'094'769 1'002'242

% Out 38.15 4.75 3.42 2.75 1.93 1.78 1.16 0.99 0.9 0.62 0.5 0.46 0.44 0.4 0.36 0.32 0.27 0.23 0.23 0.21

Weighting

Change

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

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

Latest Chg 952'461 (1'957) (227'315) 210'335 (304'884) 392'954 933'577 (183'725) 111'594 166'000 524'576 (1'367) (9'570)

Target Price 74 61 69 66 65 44 76 66 73 70 68 62 61 73 64 70 58 53 #N/A N/A 34

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

File Dt 31.12.2009 25.10.2010 31.12.2009 31.12.2009 30.09.2013 30.09.2013 21.10.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.03.2013 30.06.2013 22.10.2013 22.10.2013 30.09.2013

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

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

Date 21.10.2013 10.10.2013 09.10.2013 09.10.2013 04.10.2013 30.09.2013 24.09.2013 24.09.2013 24.09.2013 16.09.2013 02.09.2013 22.08.2013 24.07.2013 23.07.2013 19.07.2013 16.07.2013 31.05.2013 23.05.2013 14.01.2013 05.11.2012

23.10.2013

Tata Consultancy Services Ltd Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

Price/Volume

2000

5.0 M 4.0 M 3.0 M

1000

03/2013 09/yy 2'258.85 1'197.00 1'340'398.00 2061.15 -8.75% 72.19% 84.04% 1'958.7 4'037'232.00 2'322.70 1'000.0 6'953.1 76'806.60 3'935'005.98

2.0 M

500

1.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

6.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2013) 52-Week Low (18.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCS IN EQUITY YTD Change TCS IN EQUITY YTD % CHANGE

31.03.2009 278'128.8 1.77x 71'698.0 6.88x 52'564.2 10.04x

2500

31.03.2010 31.03.2011 300'289.2 373'245.1 4.87x 6.08x 86'945.5 111'790.7 16.81x 20.31x 70'006.4 90'570.4 21.88x 25.58x Profitability

LTM-4Q 31.03.2012 488'938.3 4.56x 144'564.9 15.42x 104'134.9 22.01x

31.03.2013 629'894.8 4.79x 180'399.1 16.73x 139'173.1 22.19x 180'399.10 169'599.90 26.93% 28.72% 29.94% 38.44% 38.15% 1.37% 29.5% 27.9% 22.1% 2.67 1.84 0.44% 0.60% 4.79 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.68 456.94 59.26% 66.33% 0.682 71 3.930 2'503'325 1'724'404 1'656'468 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/14 Y 03/15 Y 12/13 Q3 03/14 Q4 569'528.0 714'643.2 813'781.5 950'070.5 208'389.0 211'857.8 16.24x 16.57x 4.82x 4.05x 19.40x 19.09x 87'731.8 211'062.2 246'454.3 285'362.4 62'518.0 61'697.0 0.00x 17.41x 15.97x 13.79x 15.20x 14.60x 126'117.3 156'465.1 182'282.7 215'357.4 47'110.0 47'011.5 20.11x 24.12x 22.14x 18.75x 20.30x 19.43x 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. 372.03 (EBITDA-Capex)/Interest Exp. 317.63 Net Debt/EBITDA -0.51 Total Debt/EBITDA 0.02 Reference Total Debt/Equity 0.6% Total Debt/Capital 0.6% Asset Turnover 1.37 Net Fixed Asset Turnover 8.74 Accounts receivable turnover-days 76.22 Inventory Days Accounts Payable Turnover Day 42.68 Cash Conversion Cycle Sales/Revenue/Turnover

40.00

700'000.0

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0

15.00

200'000.0

10.00

100'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

Tata Consultancy Services Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP FRANKLIN RESOURCES ABERDEEN VANGUARD GROUP INC JPMORGAN CHASE & CO COMMONWEALTH BANK OF OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM BLACKROCK HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT WILLIAM BLAIR & COMP NORGES BANK SCHRODER INVESTMENT BLACKSTONE ASIA ADVI SBI FUNDS MANAGEMENT ICICI PRUDENTIAL LIF SBI LIFE INSURANCE C VONTOBEL ASSET MANAG

Firm Name Nomura NVS Brokerage Limited BP Equities Private Limited Dalal & Broacha Societe Generale Deutsche Bank UBS CIMB Maybank Kim Eng Sunidhi Consultancy Services India Infoline Edelweiss Capital Antique Stock Broking Limited KR Choksey Shares & Sec Pvt Ltd Ambit Capital Pvt Ltd Spark Capital Advisors IIFL Quant Broking Pvt Ltd Centrum Broking Pvt Ltd Equirus Securities Pvt Ltd India Nivesh Ltd Khambatta Securities Ltd Nirmal Bang Institutional Equities Standard Chartered Goldman Sachs JPMorgan Macquarie JM Financial Institutional Securities P Motilal Oswal Securities Ltd HDFC Securities Microsec Capital Firstcall India Equity Advisors Pvt Ltd ICICIdirect.com Barclays Morgan Stanley Ajcon Global Services Ltd. Credit Suisse Jefferies HSBC Kotak Securities Prabhudas Lilladher Pvt Ltd SBI Capital Markets BNP Paribas Equity Research

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

Analyst ASHWIN MEHTA TEAM COVERAGE AMIT CHANDRA APURVA SHAH MUKUL GARG ANIRUDDHA BHOSALE DIVIYA NAGARAJAN SANDEEP R SHAH URMIL SHAH NAUSHIL SHAH ANIRUDDHA MEHTA SANDIP KUMAR AGARWAL PRATISH KRISHNAN HARDIK R SHAH ANKUR RUDRA SRIVATHSAN RAMACHANDRAN SANDEEP MUTHANGI BASUDEB BANERJEE RAVI MENON BHAVIN SHAH AMAR MOURYA DEVANG BHATT HARIT SHAH PANKAJ KAPOOR RISHI JHUNJHUNWALA VIJU K GEORGE NITIN MOHTA GOVIND AGARWAL ASHISH CHOPRA MADHU BABU NITIN PRAKASH DAGA TEAM COVERAGE ABHISHEK SHINDADKAR BHUVNESH SINGH VIPIN KHARE TEAM COVERAGE ANANTHA NARAYAN VISHAL AGARWAL YOGESH AGGARWAL KAWALJEET SALUJA SHASHI BHUSAN DIPESH N MEHTA ABHIRAM ELESWARAPU

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

Recommendation buy buy buy hold sell buy buy neutral buy neutral market perform hold buy hold Under Review add reduce accumulate buy neutral buy underperform hold outperform Buy/Neutral neutral outperform buy neutral neutral buy buy buy equalweight Overwt/Attractive hold outperform buy overweight add accumulate hold hold

Amt Held 1'443'451'698 55'568'386 42'242'621 14'440'000 13'831'929 13'375'998 11'305'539 11'139'798 10'474'394 8'265'135 6'601'085 5'712'035 5'089'069 3'625'866 3'136'438 2'770'000 2'640'823 2'639'808 2'634'446 2'527'878

% Out 73.69 2.84 2.16 0.74 0.71 0.68 0.58 0.57 0.53 0.42 0.34 0.29 0.26 0.19 0.16 0.14 0.13 0.13 0.13 0.13

Weighting

Change

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

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

Latest Chg (1'332'172) (14'000) (155'132) 1'364'975 3'206'477 (11'486) (84'145) 162'318 124'505 (2'098'694) (575'834) (100'000) (24'061) 207'777 251'968 (16'200)

Target Price 2'440 2'200 2'448 2'052 1'960 2'750 2'650 2'125 2'456 2'360 2'261 1'982 2'500 2'226 #N/A N/A 2'330 2'054 2'138 2'530 2'277 2'430 2'083 2'370 2'410 2'470 2'100 2'600 2'340 2'180 2'292 2'345 2'440 2'450 2'100 2'285 1'815 2'650 2'545 2'540 2'250 2'300 2'370 2'150

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

File Dt 30.06.2013 30.06.2013 31.07.2013 31.08.2013 30.09.2013 31.08.2013 31.05.2013 31.07.2013 31.08.2013 21.10.2013 30.09.2013 30.09.2013 30.06.2013 31.12.2012 30.09.2013 28.06.2013 30.09.2013 30.09.2013 30.09.2013 30.04.2013

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

Inst Type Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Insurance Company Insurance Company Investment Advisor

Date 22.10.2013 22.10.2013 19.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013 15.10.2013

23.10.2013

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 450

30.0 M

400

25.0 M

350 300

20.0 M

250

12/2012 12/yy 397.50 287.99 6'235'720.00 396 -0.38% 37.51% 94.52% 1'349.4 534'350.50 2'179.15 0.0 0.0 30'934.56 505'595.11

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

150

10.0 M

100

5.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'015.5 2.89x 19'806.1 9.91x 19'190.0 12.24x

15.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2013) 52-Week Low (07.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

31.12.2009 31.12.2010 77'310.8 71'988.4 7.04x 5.70x 23'857.8 19'364.5 22.81x 21.20x 36'705.6 30'961.4 16.35x 14.68x Profitability

LTM-4Q 31.12.2011 53'842.4 5.31x 6'633.9 43.13x 13'623.1 22.47x

31.12.2012 63'474.0 6.38x 8'221.2 49.29x 15'687.5 25.08x 8'221.23 5'850.32 9.22% 25.93% 9.34% 10.74% 10.67% 0.38% 35.8% 13.0% 9.2% 24.7% 2.38 1.64 1.10% 1.24% 20.35 4.83

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.32 1'121.59 94.40 25.95% 25.56% 1.316 31 4.323 5'850'318 6'257'241 6'339'479 FY+2

FQ+1

FQ+2

12/yy 53'842.4 23.11x 6'633.9 43.13x 13'623.1 22.31x

12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 63'474.0 128'304.0 157'716.5 37'069.5 34'786.0 21.50x 8'221.2 23'531.0 32'096.0 7'442.0 6'213.0 49.29x 21.49x 15.75x 18.16x 16.83x 15'687.5 25'407.0 33'712.8 8'018.1 6'907.5 25.35x 21.10x 16.58x 18.44x 17.39x 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

4741.19 4492.53 -3.50 0.27 1.2% 1.2% 0.38 9.93 17.99 75.71 54.73 38.97

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 02.01.2010

10'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

MediaTek Inc Holdings By:

All

Holder Name LI TSUI-HSIN MING-CHIEH TSAI VANGUARD GROUP INC GIC PRIVATE LIMITED BLACKROCK CHIH-CHE CHO CATHAY LIFE INSURANC LIU TING-JEN CIVIL SERVANTS PENSI SCOTLAND FS PACIFIC BUREAU OF LABOR INSU COMMONWEALTH BANK OF SCHRODER INVESTMENT FRANKLIN RESOURCES LAZARD ASSET MANAGEM NORGES BANK POLARIS SEC INVESTME FIL LIMITED FMR LLC HSIANG FA INVESTMENT

Firm Name

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

Analyst

BNP Paribas Equity Research LAURA CHEN Daiwa Securities Co. Ltd. ERIC CHEN Deutsche Bank JESSICA CHANG Sanford C. Bernstein & Co MARK LI President Capital Management PITERSON YANG UBS JONAH CHENG Morgan Stanley BILL LU IBT Securities Co Ltd JESSICA CHIU Wedge Partners JUN ZHANG Capital Securities Corp TEAM COVERAGE Jih Sun Securities WENWEN WANG Nomura AARON JENG SinoPac SHERMAN SHANG Credit Agricole Securities Taiwan Co. L CK CHENG Berenberg Bank ADNAAN AHMAD Macquarie JEFFREY SU Credit Suisse RANDY ABRAMS HSBC YOLANDA WANG Yuanta Securities Investment ConsultingGEORGE CHANG Maybank Kim Eng WARREN LAU CIMB JACK LU JPMorgan ALVIN KWOCK KGI Securities MICHAEL LIU Barclays ANDREW LU Mizuho Securities CHRIS YIM Mega Securities HUNG CHIH-TING Masterlink Securities CHELSEY SU Fubon Securities CARLOS PENG EVA Dimensions ANDREW S ZAMFOTIS E Sun Securities LIU KUAN-MING Goldman Sachs DONALD LU

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

Recommendation buy buy buy outperform buy buy Overwt/In-Line buy no rating system neutral hold buy buy buy sell underperform outperform overweight buy buy outperform overweight outperform overweight buy neutral buy add underweight buy on weakness not rated

Amt Held 48'206'145 41'006'187 36'148'556 34'211'226 33'559'424 30'325'222 22'399'741 20'941'763 20'256'391 19'910'000 18'746'038 15'338'000 15'177'479 14'703'633 13'549'109 13'003'188 11'038'363 9'207'949 8'115'765 7'794'085

% Out 3.57 3.04 2.68 2.54 2.49 2.25 1.66 1.55 1.5 1.48 1.39 1.14 1.12 1.09 1 0.96 0.82 0.68 0.6 0.58

Weighting

Change

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

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 M M U M M

Latest Chg (257'000) (1'062'000) (6'422'000) 3'068'930 271'000 (113'000) 1'088'104 (666'803) 80'791 -

Target Price 460 480 500 470 460 425 430 #N/A N/A #N/A N/A #N/A N/A 390 460 448 465 210 305 440 435 435 500 450 450 438 410 460 415 430 410 #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 23.04.2013 31.08.2013 30.09.2013 23.04.2013 21.10.2013 31.08.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 31.05.2013 30.08.2013 30.06.2013 31.08.2013 31.12.2012 31.08.2013 30.09.2013 31.08.2013 31.08.2013

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

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

Date 23.10.2013 22.10.2013 21.10.2013 16.10.2013 16.10.2013 15.10.2013 11.10.2013 11.10.2013 11.10.2013 08.10.2013 08.10.2013 07.10.2013 02.10.2013 02.10.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 28.08.2013 28.08.2013 28.08.2013 23.08.2013 06.08.2013 05.08.2013 05.08.2013 24.06.2013 07.05.2013 27.06.2012

23.10.2013

Grupo Financiero Banorte SAB de CV Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico. The Company offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFNORTEOMM EQUITY YTD Change GFNORTEOMM EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 101.07 68.98 6'203'098.00 82.84 -18.04% 20.09% 43.19% 2'773.7 229'775.75 299'427.00 0.0 6'628.0 68'976.00 515'545.75

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

120.0 M

100

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 59'991.0 4.13x 44'075.0 5.62x 7'014.0 7.15x

120

31.12.2009 31.12.2010 55'966.0 54'141.0 4.74x 5.23x 38'740.0 36'083.0 6.85x 7.85x 5'854.0 6'705.0 16.48x 17.72x Profitability

LTM-4Q 31.12.2011 83'713.0 4.14x 37'875.0 9.14x 8'517.0 11.56x

31.12.2012 97'448.0 4.43x 46'107.0 9.35x 10'888.0 17.83x 46'107.00 21.49% 16.63% 1.31% 15.27% 3.30% 0.11% 45.5% 11.2% 32.67% 365.68% -

Price/ Cash Flow

LTM

06/yy 06/yy 93'893.0 106'289.0 15.36x 17.17x 42'715.3 48'314.0 9.38x 9.61x 9'753.0 12'149.8 16.49x 14.69x

FY+1

0.89 16.21% 0.13% 0.887 25 4.080 5'892'307 6'338'897 8'843'126 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 53'912.2 61'142.2 12'849.8 13'591.7 3.94x 17'231.0 22'713.0 29.92x 22.70x 13'235.4 16'931.7 3'430.4 3'808.0 15.88x 13.22x 14.69x 13.92x S&P Issuer Ratings

5.83 6.97 365.7% 77.2% 0.11 8.96 -

Sales/Revenue/Turnover

70.00

120'000.0

60.00

100'000.0

50.00

80'000.0

40.00

60'000.0 30.00

40'000.0 20.00

20'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Grupo Financiero Banorte SAB de CV Holdings By:

All

Holder Name ABERDEEN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV GRUPO FIN BANAMEX SA JPMORGAN CHASE & CO WILLIAM BLAIR & COMP GRUPO FINANCIERO BBV T ROWE PRICE ASSOCIA FIL LIMITED FMR LLC OPPENHEIMERFUNDS INC DANSKE INVEST A/S SCHRODER INVESTMENT UMB BANK N A GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME MONTGOMERY ASSET MAN FRANKLIN RESOURCES

Firm Name Barclays HSBC BBVA JPMorgan Goldman Sachs Scotia Capital Interacciones Casa de Bolsa Nomura Banco BTG Pactual SA BX+ Actinver SA Credit Suisse Brasil Plural Nau Securities Ltd Itau BBA Securities UBS Deutsche Bank Morgan Stanley Vector Servicios Financieros GBM Invex Casa de Bolsa SA de CV Grupo Santander EVA Dimensions

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

Analyst CRISTINA MARZEA CARLOS GOMEZ-LOPEZ ERNESTO GABILONDO MARQUEZ SAUL MARTINEZ CARLOS G MACEDO CLAUDIA A BENAVENTE ENRIQUE MENDOZA DARAGH QUINN EDUARDO ROSMAN ANDRES AUDIFFRED MARTIN LARA MARCELO TELLES EDUARDO NISHIO INIGO VEGA REGINA SANCHEZ PHILIP FINCH MARIO PIERRY JORGE KURI RAFAEL ESCOBAR LILIAN OCHOA MARTIN GONZALEZ BADILLO BORIS MOLINA DOUG WALTERS

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

Recommendation overweight neutral outperform neutral Buy/Neutral sector outperform hold neutral buy strong buy hold neutral overweight neutral outperform buy hold Overwt/No Rating buy market outperform buy buy hold

Amt Held 147'026'242 96'261'190 85'539'512 77'999'755 53'954'372 33'955'059 25'933'355 17'146'531 16'742'604 15'571'177 12'569'578 12'018'483 11'786'280 9'357'026 9'123'041 8'830'432 7'962'690 7'542'652 7'511'984 6'934'768

% Out 5.3 3.47 3.08 2.81 1.95 1.22 0.93 0.62 0.6 0.56 0.45 0.43 0.42 0.34 0.33 0.32 0.29 0.27 0.27 0.25

Weighting

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

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

Latest Chg 2'451'145 (277'304) 10'161'502 (554'044) (3'081'613) 1'947 (140'505) 1'277'000 (2'792'295) 893'900 290'085 518'005 11'786'280 (393'000) 1'267'539 390'800 521'843 657'958 -

Target Price 100 92 92 87 96 100 86 80 100 115 86 91 103 86 106 101 89 105 99 97 86 90 #N/A N/A

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

File Dt 30.09.2013 21.10.2013 30.09.2013 21.10.2013 31.07.2013 30.09.2013 31.08.2013 30.06.2013 02.10.2013 30.06.2013 30.04.2013 31.08.2013 31.07.2013 30.09.2013 30.08.2013 31.07.2013 30.09.2013 30.09.2013 31.08.2013 31.03.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank 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 23.10.2013 21.10.2013 18.10.2013 16.10.2013 11.10.2013 11.10.2013 09.10.2013 04.10.2013 01.10.2013 25.09.2013 11.09.2013 10.09.2013 05.09.2013 02.09.2013 29.08.2013 22.08.2013 21.08.2013 20.08.2013 13.08.2013 30.07.2013 25.07.2013 08.07.2013 06.06.2013

23.10.2013

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology.

Price/Volume 80000

6.0 M

70000

5.0 M

60000 4.0 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (28.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 68'900.00 47'850.00 1'077'939.00 63700 -7.55% 33.12% 74.35% 405.4 25'821'646.00 3'018'853.00 0.0 0.0 3'141'286.00 24'317'727.20

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

2.0 M

20000 1.0 M

10000 0 o-12

31.12.2009 31.12.2010 18'415'739.0 23'222'969.0 0.57x 0.95x 1'827'909.0 2'402'792.0 5.70x 9.21x 1'450'260.0 1'420'636.0 5.08x 13.96x Profitability

LTM-4Q 31.12.2011 27'742'277.0 1.01x 2'597'837.0 10.77x 1'804'842.0 14.72x

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.02 1.01 230.79 -1.34% 12.74% 1.011 45 4.778 1'246'963 1'392'132 1'300'619 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'007'913.0 ######### ######### ######### ######### ######### ######### 0.81x 4.07x 3.49x 2'382'062.0 ######### ######### 9.55x 11.08x 10.08x 2'136'797.0 ######### ######### ######### - 983'000.0 ######### 10.70x 13.84x 10.86x 6.50x 6.14x S&P Issuer Ratings 2'382'062.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% Long-Term Outlook STABLE 9.32% Short-Term Rating Date 8.93% Short-Term Rating 15.27% Credit Ratios 12.76% EBITDA/Interest Exp. 22.92 1.17% (EBITDA-Capex)/Interest Exp. 12.18 Net Debt/EBITDA -0.05 20.9% Total Debt/EBITDA 1.27 8.5% Reference 5.9% Total Debt/Equity 20.2% 7.6% Total Debt/Capital 16.8% Asset Turnover 1.17 1.04 Net Fixed Asset Turnover 3.98 0.77 Accounts receivable turnover-days 28.43 12.33% Inventory Days 19.72 20.22% Accounts Payable Turnover Day 55.14 12.87 Cash Conversion Cycle -6.99 18.56

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 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 16'382'231.0 0.43x 1'023'733.0 6.85x 113'784.0 19.97x

3.0 M

30000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER EUI-SUN CHUNG BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC JPMORGAN CHASE & CO FIL LIMITED NORGES BANK GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ALLIANCE BERNSTEIN SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT ARTISAN PARTNERS HOL PRINCIPAL FINANCIAL FMR LLC

Firm Name

Portfolio Name 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 Multiple Portfolios n/a n/a

Analyst

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

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

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

Amt Held 137'318'251 28'541'644 7'061'331 6'546'996 6'433'717 3'291'284 3'074'283 2'624'488 2'499'466 2'360'914 2'246'981 1'408'663 1'406'125 1'358'620 1'292'306 1'090'595 1'071'148 924'485 868'703 843'226

% Out 33.88 7.04 1.74 1.62 1.59 0.81 0.76 0.65 0.62 0.58 0.55 0.35 0.35 0.34 0.32 0.27 0.26 0.23 0.21 0.21

Weighting

Change 5 3 5 5 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 3 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 M M M M M M M M M M D M M M M M M D M M M M M M M M M M

Latest Chg 4'166'935 110'255 (1'065'000) 78'670 571'630 (1'253'922) 2'322'482 (400'714) 96'869 27'897 34'260 113'075 77'803 687'998 408'979 360'410

Target Price 87'000 59'000 85'000 70'000 76'000 70'000 81'000 80'000 100'000 72'000 75'000 67'000 80'000 83'000 75'000 85'000 78'000 83'000 72'000 77'000 74'000 73'000 74'000 71'000 75'000 70'000 66'000 82'000 78'000 70'000 79'000 79'000 #N/A N/A 74'000 74'000 77'000 75'000 70'000 73'000 72'000 68'000 69'000 88'000

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

File Dt 24.05.2013 28.08.2013 24.05.2013 21.10.2013 30.09.2013 30.09.2013 31.08.2013 30.04.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.08.2013 31.08.2013 30.09.2013 31.12.2012 31.03.2013 31.03.2013 31.08.2013 31.08.2013

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

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

Date 22.10.2013 22.10.2013 22.10.2013 21.10.2013 21.10.2013 20.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 10.10.2013 10.10.2013 08.10.2013 08.10.2013 08.10.2013 08.10.2013 07.10.2013 07.10.2013 07.10.2013 06.10.2013 04.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 05.09.2013 03.09.2013 29.08.2013 06.08.2013 29.07.2013 29.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 29.04.2013 29.01.2013 30.01.2012

23.10.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (10.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KS EQUITY YTD Change 105560 KS EQUITY YTD % CHANGE

12/2012 06/yy 44'250.00 31'100.00 2'067'209.00 41400 -6.44% 33.12% 89.73% 386.4 15'994'960.00 0.00 0.0 0.0 16'026'623.09

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

31.12.2009 31.12.2010 696'562.0 131'459.0 34.26x 599'907.0 95'109.0 39.78x 539'818.0 41'575.0 35.99x 495.87x Profitability

LTM-4Q 31.12.2011 26'999.0 (19'210.0) (63'678.0) -

31.12.2012 693'943.0 21.10x 649'703.0 22.54x 646'235.0 22.65x 649'703.00 93.38% 92.93% 3.50% 3.61% 3.59% 0.04% 93.6% 93.1% 0.00% 0.00% -

Price/ Cash Flow

20.0 M 15.0 M 10.0 M 5.0 M

n-12

d-12

j-13

LTM

09/yy 06/yy 698'234.0 285'085.0 21.97x 147.31x 651'903.0 249'602.0 23.53x 0.00x 638'524.0 237'190.0 24.06x 0.00x

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

1.45 1.15 347.42 10.40% 9.23% 1.146 39 4.538 2'126'043 1'391'704 1'199'915

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.00 0.00 0.0% 0.0% 0.04 1250.35 -

Sales/Revenue/Turnover

800.00

800'000.0

700.00

700'000.0

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 02.01.2010

25.0 M

Fiscal Year Ended 31.12.2008 635'268.0 20.05x 616'576.0 20.66x 611'927.0 15.79x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 o-12

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

KB Financial Group Inc Holdings By:

All

Holder Name NATIONAL PENSION SER THE BANK OF NEW YORK FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC JPMORGAN CHASE & CO EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T ORBIS HOLDINGS LIMIT PLATINUM INVESTMENT FMR LLC FIL LIMITED KOREA INVESTMENT TRU KB ASSET MANAGEMENT ING GROEP NV GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

HMC Investment Securities Co Ltd LEE CHANG-WOOK Meritz Securities Co., Ltd PARK SUN-HO Korea Investment & Securities LEE JOANNE Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA Mirae Asset Securities HEATHER KANG Dongbu Securities Co Ltd LEE BYUNG-GUN Shinhan Investment Corp KIM SOO-HYUN SEAN HSBC SINYOUNG PARK Samsung Securities JAEWOO KIM HI Investment Securities YOO SANG-HO IBK Securities Co Ltd PARK JIN-HYOENG Daishin Securities Co., Ltd. CHOI JUNG-WOOK Hyundai Securities KOO KYUNG-HWE Woori Investment & Securities JASON CHOI Hana Daetoo Securities HAN JEONG-TAE E*Trade Securities Korea HA HAKSOO Macquarie CHAN HWANG Eugene Investment & Securities Co., LtdKIM IN Shinyoung Securities Co., Ltd. IM IL-SUNG KTB Securities OH JIN-WON LIG Investment Securities SOHN JOON-BEOM Barclays MICHELLE CHO Standard Chartered JINSANG KIM NH Investment & Securities KIM EUN-GAB Deutsche Bank JEE HOON PARK Daewoo Securities TAYE SHIM Tong Yang Investment Bank SUNG BYUNG-SOO Credit Suisse GIL HYUNG KIM KIWOOM Securities Co Ltd SEO YOUNG-SOO Morgan Stanley JOON SEOK JPMorgan SCOTT YH SEO CIMB DAEHYUN KIM Daiwa Securities Co. Ltd. CHANG-HEE LEE BNP Paribas Equity Research TEAM COVERAGE EVA Dimensions DOUG WALTERS UBS SCOTT LEE Kyobo Securities HWANG SEOK-KYU

Source EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13G MF-AGG MF-AGG

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

Amt Held 35'699'841 35'026'464 28'273'169 8'753'726 8'302'410 4'483'846 3'938'921 3'723'489 3'646'012 3'179'794 3'124'997 3'093'312 3'044'495 2'963'681 2'299'109 2'114'981 2'048'742 2'002'062 1'920'521 1'711'755

% Out 9.24 9.07 7.32 2.27 2.15 1.16 1.02 0.96 0.94 0.82 0.81 0.8 0.79 0.77 0.6 0.55 0.53 0.52 0.5 0.44

Weighting

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

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

Latest Chg 2'541'584 3'960'786 330 (11'490) (406'259) (17'700) 679'510 (881'480) (10'787) 281'956 1'758'673 (337'568) (95'797) 1'398'091 623'118

Target Price 46'500 49'000 48'000 53'800 48'000 46'000 53'100 48'000 43'000 45'000 45'000 45'000 47'000 43'000 49'000 50'000 38'400 50'000 42'000 46'500 44'000 51'000 44'500 44'600 #N/A N/A 37'000 50'700 43'000 42'000 39'000 39'000 44'000 44'000 40'000 38'500 #N/A N/A 42'000 57'500

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

File Dt Inst Type 23.07.2013 Government 31.12.2012 Bank 22.08.2013 Investment Advisor 21.10.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 Government 31.07.2013 Investment Advisor 30.09.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 n/a 31.03.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 18.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 15.10.2013 10.10.2013 10.10.2013 07.10.2013 07.10.2013 07.10.2013 01.10.2013 30.09.2013 30.09.2013 24.09.2013 24.09.2013 16.09.2013 12.09.2013 20.08.2013 09.08.2013 08.08.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 26.07.2013 26.07.2013 17.07.2013 07.06.2013 06.06.2013 20.05.2013 02.04.2012

23.10.2013

Wal-Mart de Mexico SAB de CV Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets, Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.

Price/Volume 45

350.0 M

300.0 M

250.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (05.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WALMEXV MM EQUITY YTD Change WALMEXV MM EQUITY YTD % CHANGE

12/2012 06/yy 42.89 31.29 10'172'034.00 33.89 -20.99% 8.31% 22.41% 17'655.4 598'340.69 13'246.23 0.0 135.7 28'163.23 590'589.02

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

200.0 M

150.0 M

100.0 M

50.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 244'917.0 1.24x 23'887.1 12.75x 14'672.8 21.36x

31.12.2009 31.12.2010 269'396.8 335'857.4 1.76x 1.85x 26'914.7 33'236.6 17.59x 18.65x 16'806.1 19'550.4 29.05x 32.35x Profitability

LTM-4Q 31.12.2011 380'906.6 1.75x 37'414.9 17.80x 22'253.8 30.49x

31.12.2012 418'051.0 1.76x 40'792.1 18.03x 23'275.2 32.23x 40'792.14 32'399.04 7.75% 7.85% 11.35% 18.30% 16.46% 2.03% 22.6% 9.8% 7.8% 5.6% 1.27 0.56 5.96% 9.48% 84.77 9.50

Price/ Cash Flow

LTM

FY+1

0.87 -11.15% -18.39% 0.874 23 3.565 12'295'870 17'209'840 23'366'970 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 401'941.6 424'986.6 439'278.1 479'628.8 101'735.4 128'160.3 6.54x 6.38x 1.31x 1.19x 5.66x 4.48x 38'940.2 41'685.6 43'537.9 48'191.3 9'585.6 15'103.0 16.25x 15.30x 13.56x 12.26x 13.05x 12.62x 22'604.2 23'745.7 24'813.9 27'757.7 5'258.3 9'167.3 28.05x 27.25x 24.35x 21.57x 23.20x 22.41x 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

41.59 21.19 -0.19 0.32 9.5% 8.7% 2.03 3.68 4.31 38.43 45.03 -4.27

Sales/Revenue/Turnover

30.00

450'000.0 400'000.0

25.00

350'000.0 300'000.0

20.00

250'000.0 15.00

200'000.0 150'000.0

10.00

100'000.0 5.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Wal-Mart de Mexico SAB de CV Holdings By:

All

Holder Name INTERSALT S DE RL DE NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC GRUPO FIN BANAMEX SA THORNBURG INVESTMENT HARRIS TRUST & SAVIN T ROWE PRICE ASSOCIA CAPITAL GROUP COMPAN JPMORGAN CHASE & CO VONTOBEL ASSET MANAG COMGEST S A GRUPO FINANCIERO BBV FIL LIMITED FRANKLIN RESOURCES FMR LLC EMERGING GLOBAL SHAR MORGAN STANLEY CI INVESTMENTS INC JP MORGAN CHASE BANK

Firm Name Goldman Sachs Interacciones Casa de Bolsa BBVA Barclays Actinver SA HSBC Vector Servicios Financieros Deutsche Bank GBM Banorte-IXE BX+ Itau BBA Securities UBS Scotia Capital JPMorgan Grupo Santander Banco BTG Pactual SA Credit Suisse Invex Casa de Bolsa SA de CV Punto Casa de Bolsa EVA Dimensions

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

Analyst IRMA SGARZ FRANCISCO GUZMAN MIGUEL ULLOA SUAREZ BENJAMIN M THEURER GUSTAVO TERAN FRANCISCO J CHEVEZ GASPAR QUIJANO JOSE J YORDAN LUIS R WILLARD MARISOL HUERTA MONDRAGON JUAN ELIZALDE JOAQUIN LEY GUSTAVO PIRAS OLIVEIRA RODRIGO ECHAGARAY ANDREA FARIA TEIXEIRA REINALDO SANTANA RAFAEL SHIN ANTONIO GONZALEZ ANA HERNANDEZ VELAZQUEZ CRISTINA MORALES CRAIG STERLING

Source Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral/neutral buy outperform equalweight buy overweight buy hold market outperform hold overweight underperform neutral sector perform neutral hold neutral underperform hold buy overweight

Amt Held 12'306'000'000 204'136'040 178'739'039 164'137'162 139'224'293 118'056'300 103'960'130 98'375'279 95'339'420 60'927'971 59'663'490 55'000'000 36'781'420 27'590'646 26'327'700 22'180'034 20'819'857 19'973'865 19'307'395 18'495'350

% Out 69.7 1.16 1.01 0.93 0.79 0.67 0.59 0.56 0.54 0.35 0.34 0.31 0.21 0.16 0.15 0.13 0.12 0.11 0.11 0.1

Weighting

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

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

Latest Chg (588'064) 306'020 (2'636'400) 1'229'949 (10'508'700) 10'460'300 8'352'100 (4'444'000) (4'223'830) (7'000) (2'631'320) 12'085'345 1'182'800 (161'984) (24'874) (9'548'437) 186'600 -

Target Price 36 40 42 40 37 41 36 35 41 38 41 37 37 39 38 40 43 37 35 44 #N/A N/A

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

File Dt 31.12.2012 21.10.2013 21.10.2013 30.09.2013 30.09.2013 31.08.2013 28.06.2013 30.06.2013 30.09.2013 31.08.2013 30.04.2013 31.12.2012 02.10.2013 30.04.2013 28.06.2013 31.08.2013 22.10.2013 30.06.2013 28.06.2013 30.06.2013

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

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 18.10.2013 18.10.2013 17.10.2013 15.10.2013 15.10.2013 14.10.2013 07.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 04.10.2013 03.10.2013 03.10.2013 30.09.2013 25.09.2013 11.09.2013 04.09.2013 02.09.2013 26.07.2013 11.07.2013

23.10.2013

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 80

1200.0 M

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 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

12/2012 06/yy 72.70 47.85 16'788'994.00 57.95 -20.29% 21.11% 41.25% 3'129.7 398'554.38 1'601'021.00 0.0 50'032.0 169'047.00 741'952.46

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

400.0 M

20 200.0 M

10 0 o-12

31.12.2009 31.12.2010 152'961.0 195'052.0 4.16x 4.27x 13'883.0 17'311.0 31.68x 32.03x Profitability

LTM-4Q 31.12.2011 272'683.0 5.13x 19'475.0 16.61x

31.12.2012 341'539.0 5.45x 20'050.0 20.64x 11.63% 9.47% 0.83% 15.02% 0.13% 5.9% 56.29% 1003.04% -

Price/ Cash Flow

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.33 1'564.20 -7.56% -9.76% 1.327 32 4.469 6'247'594 10'179'110 12'632'680 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 306'171.0 366'721.0 406'512.2 464'970.7 13.05x 14.91x 1.49x 1.31x 0.0 0.0 0.00x 0.00x 20'677.0 24'001.0 28'185.5 32'941.7 19.34x 13.62x 12.72x 10.89x 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

1003.0% 88.4% 0.13 -

Sales/Revenue/Turnover

16.00

400'000.0

14.00

350'000.0

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 87'666.0 4.28x 1'418.0 173.82x

600.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name CHAROEN POKPHAND GRO DIAMOND EPOCH LTD JPMORGAN CHASE & CO BLACKROCK UBS AG JINJUN CO LTD VANGUARD GROUP INC CITIGROUP INCORPORAT FIL LIMITED WADDELL & REED FINAN MATTHEWS INTERNATION HANG SENG INVESTMENT T ROWE PRICE ASSOCIA STATE STREET CORP MAPS INVESTMENT MANA COMGEST S A CITIGROUP INCORPORAT BARING INTERNATIONAL GAM INTERNATIONAL MA UNIVERSAL INVEST LUX

Firm Name

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

Analyst

JPMorgan MW KIM BNP Paribas Equity Research LING TANG EVA Dimensions DOUG WALTERS Capital Securities Corp XIE JIYONG CIMB MARK KELLOCK Jefferies BARON NIE Standard Chartered JENNIFER LAW Sanford C. Bernstein & Co LINDA SUN-MATTISON Deutsche Bank ESTHER CHWEI Yuanta Securities Investment ConsultingNICE WANG Daiwa Securities Co. Ltd. JERRY YANG BOCOM International Holdings LI WENBING Barclays NOEL CHAN UOB Kay Hian EDMOND LAW Credit Suisse ARJAN VAN VEEN HSBC JAMES GARNER Morgan Stanley BEN LIN Nomura JESSE WANG S&P Capital IQ PALLAVI DESHPANDE UBS BOB LEUNG Macquarie SCOTT G RUSSELL Core Pacific OLIVE XIA CCB International Securities Ltd KENNETH YUE Phillip Securities CHEN XINGYU Goldman Sachs MANCY SUN Haitong International Securities FANNY CHEN Bank of China International SUN PENG ICBC International Securities PIUS CHENG JF Apex Securities Bhd TEAM COVERAGE Guotai Junan FELIX LUO AMTD Financial Planning Limited KENNY TANG SING HING China International Capital Corp TANG SHENGBO Mirae Asset Securities IVAN CHEUNG China Merchants Securities LUO JINMING

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

Recommendation overweight buy hold buy outperform buy outperform underperform buy buy buy buy overweight buy outperform neutral Overwt/In-Line neutral strong buy buy neutral Under Review outperform buy Buy/Neutral buy hold buy hold accumulate buy restricted hold buy

Amt Held % Out 1'232'815'614 39.39 256'694'218 8.2 241'456'877 7.71 155'511'321 4.97 (122'411'902) -3.91 76'000'000 2.43 55'581'826 1.78 52'836'734 1.69 41'058'558 1.31 37'613'500 1.2 33'481'500 1.07 27'434'933 0.88 23'379'300 0.75 20'343'308 0.65 18'229'820 0.58 16'918'821 0.54 (16'482'251) -0.53 10'542'500 0.34 10'266'000 0.33 9'630'000 0.31

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

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

Latest Chg 1 (120'000'000) (569'000) (651'042) (9'642'500) 2'162'500 (139'649) (1'834'500) 733'573 150'512 16'231'649 (161'000) -

Target Price 78 80 #N/A N/A 70 69 83 82 51 79 72 78 75 73 84 75 64 73 61 71 73 59 #N/A N/A 60 72 81 #N/A N/A 65 75 74 73 64 77 58 60

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

File Dt 06.02.2013 01.02.2013 06.09.2013 21.10.2013 23.09.2013 24.08.2011 30.09.2013 21.05.2013 31.08.2013 30.06.2013 28.06.2013 30.08.2013 30.06.2013 22.10.2013 31.03.2013 31.07.2013 21.05.2013 30.06.2013 31.05.2013 30.04.2013

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

Inst Type Holding Company Other Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.10.2013 21.10.2013 18.10.2013 17.10.2013 17.10.2013 15.10.2013 12.10.2013 11.10.2013 07.10.2013 23.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 06.08.2013 19.07.2013 16.05.2013 03.05.2013 15.03.2013 15.03.2013 05.02.2013 31.10.2012 16.10.2012 27.10.2011 18.10.2011 12.02.2009

23.10.2013

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 400000

.9 M

350000

.8 M

300000

.7 M .6 M

250000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 345'000.00 230'000.00 253'868.00 303000 -12.17% 31.74% 66.52% 66.3 20'080'144.00 1'922'549.00 38'144.0 0.0 1'080'967.00 20'455'153.30

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

.4 M

150000

.3 M

100000

.2 M

50000

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 12'645'000.0 0.49x 1'728'420.0 3.61x 1'002'585.0 6.26x

.5 M

200000

31.12.2009 31.12.2010 13'694'516.0 16'850'454.0 1.16x 1.54x 2'390'188.0 3'019'236.0 6.67x 8.60x 1'384'472.0 1'970'993.0 12.28x 14.59x Profitability

LTM-4Q 31.12.2011 19'809'874.0 1.08x 3'095'214.0 6.89x 2'028'321.0 11.51x

LTM

31.12.2012 06/yy 06/yy 20'442'790.0 ######### ######### 1.11x 4.31x 3.94x 2'412'043.0 ######### ######### 9.38x 7.80x 6.84x 1'440'317.0 ######### ######### 16.85x 13.64x 13.14x 2'412'043.00 1'726'960.00 8.45% 8.74% 9.48% 13.33% 12.00% 1.36% 14.5% 12.2% 8.4% 7.0% 1.85 1.12 13.00% 18.92% 6.79 8.39

Price/ Cash Flow

1.40 37.90 -1.39% -8.18% 1.395 39 4.744 292'662 257'223 239'791

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

12/13 Q4

03/14 Q1

S&P Issuer Ratings

.0 M o-13

24.11.2010 ASTABLE 43.63 13.58 0.14 0.83 18.9% 15.9% 1.36 2.92 53.72 43.49 29.39 66.98

Sales/Revenue/Turnover

18.00

25'000'000.0

16.00

20'000'000.0

14.00 12.00

15'000'000.0

10.00 8.00

10'000'000.0

6.00

5'000'000.0

4.00 2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER BLACKROCK SCHRODER INVESTMENT CAPITAL GROUP COMPAN VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T LG CHEM LTD FIL LIMITED UBS AG UBS HANA ASSET MANAG KB ASSET MANAGEMENT JPMORGAN CHASE & CO FMR LLC KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I WADDELL & REED FINAN ROBECO GROEP NV CAISSE DE DEPOT ET P

Firm Name

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

Analyst

Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Daewoo Securities PARK YEON-JU Daishin Securities Co., Ltd. JAE-SUNG YOON NH Investment & Securities CHOI JI-HWAN Meritz Securities Co., Ltd HWANG YOU SIK Korea Investment & Securities MATTHEW YANG Eugene Investment & Securities Co., LtdKWAK JIN-HEE HMC Investment Securities Co Ltd HYUNG-WOOK KIM Shinhan Investment Corp LEE EUNG-JU Woori Investment & Securities KIM SUN-WOO Credit Suisse KENNETH WHEE UBS JOHN CHUNG KTB Securities YOO YOUNG KOOK Hanwha Securities Co., Ltd LEE DA-SOL HI Investment Securities LEE HEE-CHEOL Kyobo Securities YOUNG-JOO SON E*Trade Securities Korea SEUNG-JAE HAN Morgan Stanley KYLE KIM JPMorgan SAMUEL SW LEE HSBC BRIAN SOHN Standard Chartered DANIEL DO YEON LEE Samsung Securities SEUNGWOO KIM Deutsche Bank SHAWN PARK CIMB PETER K LEE BNP Paribas Equity Research POR YONG LIANG Nomura CINDY PARK Hana Daetoo Securities WON YONG-JIN IBK Securities Co Ltd CHOONG-JAE LEE Mirae Asset Securities YOUNG-BAE KWON Hyundai Securities BAEK YOUNG-CHAN LIG Investment Securities PARK YOUNG-HOON KIWOOM Securities Co Ltd KYUNG-HYUK MIN BS Securities Co Ltd SEUK-WON CHOI Daiwa Securities Co. Ltd. JUNYONG BANG EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. OH JUNG-IL

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy outperform neutral buy buy buy buy buy Overwt/Attractive neutral overweight in-line buy buy outperform hold buy buy buy buy buy buy buy buy outperform hold buy

Amt Held 22'219'326 5'769'047 1'159'914 696'570 542'400 528'458 430'892 425'232 359'790 322'935 290'403 286'350 283'895 272'817 227'246 224'785 202'631 160'500 141'400 124'498

% Out 33.53 8.71 1.75 1.05 0.82 0.8 0.65 0.64 0.54 0.49 0.44 0.43 0.43 0.41 0.34 0.34 0.31 0.24 0.21 0.19

Weighting

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

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

Latest Chg 675'507 1'335 100'997 188'600 (305) (171'533) (198'831) (4'583) (47'642) 2'071 (254'093) 21'172 (54'452) (143'566) (38'180) (16'000) -

Target Price 380'000 370'000 380'000 380'000 380'000 360'000 404'000 384'000 380'000 400'000 380'000 400'000 320'000 370'000 380'000 380'000 351'000 350'000 360'000 320'000 410'000 345'000 375'000 350'000 440'000 285'000 400'000 410'000 350'000 400'000 370'000 367'000 350'000 330'000 300'000 #N/A N/A 310'000

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

File Dt 31.12.2012 06.09.2013 21.10.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 31.03.2013 31.12.2012 30.04.2013 30.09.2013 31.03.2013 31.03.2013 31.08.2013 31.08.2013 31.03.2013 31.03.2013 30.06.2013 30.04.2013 31.12.2012

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

Inst Type Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government 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 22.10.2013 22.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 20.10.2013 20.10.2013 20.10.2013 19.10.2013 19.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 18.10.2013 17.10.2013 11.10.2013 24.09.2013 31.07.2013 23.07.2013 23.07.2013 22.07.2013 06.06.2013 20.05.2013

23.10.2013

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

Price/Volume 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 688 HK EQUITY YTD Change 688 HK EQUITY YTD % CHANGE

12/2012 09/yy 25.60 17.70 20'926'958.00 23.65 -7.62% 33.62% 80.38% 8'172.6 193'282.38 59'613.84 0.0 312.8 40'880.41 210'422.24

31.12.2008 18'892.4 5.45x 6'867.9 14.98x 5'048.6 16.64x

30.0 M

20.0 M

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 37'321.6 44'313.0 3.60x 3.03x 10'532.8 16'214.3 12.76x 8.29x 7'468.9 12'373.2 17.90x 9.52x Profitability

LTM-4Q 31.12.2011 51'332.3 2.53x 19'021.7 6.83x 15'464.1 6.87x

31.12.2012 64'580.7 3.22x 23'113.1 8.99x 18'722.2 10.09x 23'113.08 23'060.58 35.71% 45.56% 9.11% 24.29% 14.54% 0.30% 41.8% 33.7% 33.6% 29.0% 2.15 0.51 25.94% 68.33% 31.71 0.35

Price/ Cash Flow

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 09/yy 76'118.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.78 1.32 3'805.44 19.22% 4.26% 1.323 38 4.395 12'426'870 17'167'010 18'499'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 82'561.0 100'400.8 2.56x 2.02x 29'364.4 35'602.4 7.17x 5.91x 19'652.2 23'424.8 9.80x 8.33x S&P Issuer Ratings

22.04.2013 BBB+ STABLE 12.82 11.87 0.70 2.84 68.3% 40.5% 0.30 2.89 11.51 1044.50 54.92 918.39

Sales/Revenue/Turnover

80.00

70'000.0

70.00

60'000.0

60.00

50'000.0

50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Overseas Land & Investment Ltd Holdings By:

All

Holder Name CHINA OVERSEAS HOLDI SILVER LOT DEVELOPME JPMORGAN CHASE & CO BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION DEUTSCHE BANK AG FIL LIMITED CAPITAL GROUP COMPAN WILLIAM BLAIR & COMP SCHRODER INVESTMENT EII CAPITAL MANAGEME STATE STREET CORP ROBECO GROEP NV BARING INTERNATIONAL MAPS INVESTMENT MANA SHINHAN BNP PARIBAS GAM INTERNATIONAL MA SCHRODER KOREA LTD FRANKLIN RESOURCES

Firm Name

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

Analyst

SWS Research Co Ltd KRIS LI Standard Chartered RAYMOND CHENG Sanford C. Bernstein & Co KENNETH TSANG DBS Vickers CAROL WU Jefferies VENANT CHIANG Orient Finance Holdings Hong Kong Ltd JACK GONG AMTD Financial Planning Limited KENNY TANG SING HING Deutsche Bank TONY TSANG Credit Suisse JINSONG DU CCB International Securities Ltd EDISON BIAN Goldman Sachs WANG YI China Merchants Securities DUAN FEIQIN UBS EVA LEE BNP Paribas Equity Research LEE WEE LIAT EVA Dimensions DOUG WALTERS Guotai Junan DONALD YU Morgan Stanley BRIAN LEUNG JPMorgan RYAN LI Yuanta Securities Investment ConsultingNICE WANG Macquarie DAVID NG CIMB JOHNSON HU Mizuho Securities ALAN JIN China International Capital Corp ERIC YU ZHANG Citic Securities Co., Ltd ADRIAN NGAN Emperor Securities Limited FRANKIE CHAN S&P Capital IQ TAM CHING WAH UOB Kay Hian SYLVIA WONG JF Apex Securities Bhd TEAM COVERAGE First Shanghai Securities Ltd MICHAEL KE ABC International KENNETH TUNG HSBC MICHELLE KWOK Daiwa Securities Co. Ltd. JONAS KAN Ji Asia WU GONGLIANG KGI Securities ALICE JI Bank of China International CHRISTINA NGAI Capital Securities Corp LANTIS LI Everbright Securities Co., Ltd TIMOTHY YEUNG GuoSen Securities Co Ltd HUI CAO Masterlink Securities TEAM COVERAGE

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

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

Amt Held 3'837'380'380 509'136'928 509'006'808 176'144'320 153'458'812 148'531'969 146'164'628 126'478'392 87'840'000 72'157'000 69'716'356 57'338'230 41'753'150 38'638'562 32'314'080 28'025'101 27'843'652 23'144'000 21'386'000 19'894'791

% Out 46.95 6.23 6.23 2.16 1.88 1.82 1.79 1.55 1.07 0.88 0.85 0.7 0.51 0.47 0.4 0.34 0.34 0.28 0.26 0.24

Weighting

Change

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

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

Latest Chg (1'094'000) 8'167'000 (26'425'631) 10'758'000 10'409'000 (8'950'000) 1'623'000 1'500'821 (1'303'820) 5'608'000 7'004'147 888'000 1'748'000 5'843'721

Target Price 25 24 21 26 28 25 26 30 24 28 25 19 27 31 #N/A N/A 26 22 22 26 27 27 29 26 24 27 25 26 #N/A N/A 29 26 32 28 25 24 20 25 #N/A N/A 18 18

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

File Dt 31.12.2012 31.12.2012 31.08.2013 21.10.2013 30.09.2013 28.06.2013 17.05.2012 31.08.2013 30.09.2013 30.06.2013 30.06.2013 30.09.2013 22.10.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.07.2013

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 13 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month

Inst Type Government Other 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 23.10.2013 22.10.2013 22.10.2013 22.10.2013 15.10.2013 15.10.2013 11.10.2013 10.10.2013 10.10.2013 10.10.2013 02.10.2013 30.09.2013 09.09.2013 09.09.2013 09.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 03.05.2013 11.04.2013 19.03.2013 18.03.2013 27.06.2012 31.05.2012 26.04.2012 23.05.2011

23.10.2013

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 160

6.0 M

140

5.0 M

120 4.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.10.2013 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

12/2012 06/yy 142.80 98.00 133'890.00 140.5 -1.61% 43.37% 97.10% 303.6 42'660.10 132'487.00 0.0 1'251.0 18'420.00 -

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

2.0 M

40 1.0 M

20 0 o-12

31.12.2009 31.12.2010 89'954.0 117'024.0 6.26x 9.42x 39'344.0 56'200.0 14.30x 19.61x 26'043.0 40'533.0 Profitability

LTM-4Q 31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 -

31.12.2012 210'973.0 5.53x 97'218.0 11.99x 69'458.0 97'218.00 85'719.00 40.63% 40.87% 16.70% 25.42% 19.65% 0.57% 42.4% 37.4% 32.9% 1.06 0.59 28.61% 45.68% -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.08 20.78% 19.47% 1.078 20 4.200 455'529 471'692 417'455 FY+2

FQ+1

FQ+2

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

d-12

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 190'145.0 250'050.0 302'912.0 358'052.5 75'396.0 85'164.0 25.00x 18.15x 4.81x 4.01x 19.38x 17.02x 90'757.0 105'949.0 125'510.9 138'426.5 31'137.0 37'402.0 11.80x 11.18x 117'289.0 72'863.0 88'074.7 101'613.5 21'149.0 26'236.0 0.00x 0.00x 15.18x 13.17x 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. 11.57 (EBITDA-Capex)/Interest Exp. 7.12 Net Debt/EBITDA 1.20 Total Debt/EBITDA 1.27 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.3% Asset Turnover 0.57 Net Fixed Asset Turnover 1.24 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle -

1.20

0.80

n-12

Fiscal Year Ended 31.12.2008 79'272.0 2.06x 36'798.0 4.43x 22'899.0 -

3.0 M

150'000.0 100'000.0

0.40

50'000.0 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 |

23.10.2013

NovaTek OAO Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC BLACKROCK VANGUARD GROUP INC JPMORGAN CHASE & CO T ROWE PRICE ASSOCIA BARING INTERNATIONAL BNP PARIBAS VAN ECK ASSOCIATES C ALLIANZ ASSET MANAGE SWEDBANK ROBUR FONDE SCHRODER INVESTMENT EAST CAPITAL ASSET M CARNEGIE FONDER AB/S PICTET FUNDS UBS AG ROBECO GROEP NV NORDEA INVESTMENT FU CREDIT SUISSE AG DWS INVESTMENTS LAZARD ASSET MANAGEM

Firm Name JPMorgan HSBC Uralsib Sanford C. Bernstein & Co Renaissance Capital BCS Sberbank CIB Deutsche Bank Societe Generale Gazprombank Alfa-Bank Morgan Stanley UBS UFS-Finance Investment Company Goldman Sachs VTB Capital Aton LLC Barclays Raiffeisenbank AG

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

Analyst ARTEM KONCHIN ILDAR KHAZIEV ALEXEI KOKIN OSWALD CLINT ILDAR DAVLETSHIN TIMUR SALIKHOV OLEG MAXIMOV PAVEL KUSHNIR EVGENY SOLOVYOV ALEXANDER NAZAROV ALEXANDER KORNILOV PAVEL SOROKIN MAXIM MOSHKOV ILYA BALAKIREV GEYDAR MAMEDOV DMITRY LOUKASHOV ELENA SAVCHIK MATTHEW THOMAS ANDREY POLISCHUK

Source MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation neutral overweight buy market perform buy buy buy hold sell overweight equalweight Overwt/In-Line buy hold Buy/Neutral hold buy overweight buy

Amt Held 6'482'178 2'200'448 1'886'239 1'563'788 1'459'342 1'005'008 960'312 549'427 534'483 514'390 478'128 440'361 410'000 403'734 346'671 323'900 302'824 288'089 288'000 269'594

% Out 2.13 0.72 0.62 0.52 0.48 0.33 0.32 0.18 0.18 0.17 0.16 0.15 0.14 0.13 0.11 0.11 0.1 0.09 0.09 0.09

Weighting

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

Latest Chg (83'751) (38'108) 184'935 153'317 (57'294) 192 (13'424) (174'199) (77'498) (209'642) 10'352 (35'725) (2'000) (3'045) (52'600) (21'765)

Target Price

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

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

142 165 125 137 130 145 188 130 109 185 148 153 155 126 151 142 163 140 140

File Dt 31.07.2013 21.10.2013 30.09.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 22.10.2013 31.08.2013 31.03.2013 30.06.2013 31.03.2013 30.08.2013 30.06.2013 28.06.2013 30.04.2013 31.07.2013 30.09.2013 31.07.2013 31.08.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified 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 21.10.2013 21.10.2013 21.10.2013 16.10.2013 11.10.2013 09.10.2013 08.10.2013 07.10.2013 04.10.2013 27.09.2013 23.09.2013 06.09.2013 03.09.2013 14.08.2013 13.08.2013 04.07.2013 22.11.2012 12.11.2012 18.10.2012

23.10.2013

Bank Central Asia Tbk PT PT Bank Central Asia Tbk provides banking and related services. The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions. Through its subsidiaries, the Bank also provides leasing and consumer financing services.

Price/Volume 12000

70.0 M

10000

60.0 M 50.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBCA IJ EQUITY YTD Change BBCA IJ EQUITY YTD % CHANGE

12/2012 06/yy 12'500.00 8'050.00 13'271'500.00 10500 -16.00% 30.43% 56.18% 24'655.0 258'877'600.00 4'980'190.00 0.0 71'167.0 ########### -

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

30.0 M

4000

20.0 M

2000

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 23'163'363.0 5'776'139.0 13.77x

40.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 27'242'770.0 28'070'381.0 6'807'242.0 8'479'273.0 17.38x 18.39x Profitability

LTM-4Q 31.12.2011 31'780'230.0 10'819'309.0 18.02x

LTM

FY+1

1.13 12'533.10 29.52% 16.13% 1.131 36 3.139 10'312'300 12'364'770 12'477'850 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'188'157.0 ######### ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'721'717.0 ######### ######### ######### ######### ######### ######### 18.96x 15.70x 19.21x 19.36x 16.50x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 51.76% Long-Term Outlook 53.32% Short-Term Rating Date 2.94% Short-Term Rating 24.73% Credit Ratios 21.98% EBITDA/Interest Exp. 0.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 42.6% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.12% Inventory Days 9.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M o-13

NR 9.6% 8.8% 0.09 6.26 -

Sales/Revenue/Turnover

25.00

40'000'000.0 35'000'000.0

20.00

30'000'000.0 25'000'000.0

15.00

20'000'000.0 10.00

15'000'000.0 10'000'000.0

5.00

0.00 01.01.2010

5'000'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Bank Central Asia Tbk PT Holdings By:

All

Holder Name FARINDO INVESTMENTS FRANKLIN RESOURCES SALIM ANTHONI VANGUARD GROUP INC BLACKROCK JPMORGAN CHASE & CO FIL LIMITED MATTHEWS INTERNATION HARRIS TRUST & SAVIN AIA FINANCIAL PT FORTIS INVESTMENTS P VONTOBEL ASSET MANAG FMR LLC PT ASURANSI ALLIANZ INVESCO LTD CAISSE DE DEPOT ET P GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV NORGES BANK PRUDENTIAL PLC

Firm Name Morgan Stanley PT Batavia Prosperindo Sekuritas BNP Paribas Equity Research JPMorgan Mandiri Sekuritas PT/Indonesia Indo Premier Securities Deutsche Bank HSBC DBS Vickers Sanford C. Bernstein & Co Maybank Kim Eng UOB Kay Hian Danareksa Bahana Securities Credit Suisse Samuel Sekuritas Indonesia AmCapital Indonesia MNC Securities Standard Chartered Panin Sekuritas Ciptadana Sekuritas Andalan Artha Advisindo Sekuritas PT Nomura PT Valbury Asia Securities UBS Trimegah Securities Tbk PT Sucorinvest Central Gani Goldman Sachs CIMB Barclays EVA Dimensions RHB Research Institute Sdn Bhd Macquarie

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

Analyst MULYA CHANDRA ANDY FERDINAND IGOR NYOMAN HARSH WARDHAN MODI TJANDRA LIENANDJAJA STEPHAN HASJIM RAYMOND KOSASIH LOO KAR WENG SUE LIN LIM KEVIN KWEK RAHMI SARI MARINA RUFINA TAM EKA SAVITRI TEGUH P. HARTANTO TEDDY OETOMO JOSEPH PANGARIBUAN YAP SWIE CU MARTHA CHRISTINA PUSPITASARI JAJ SINGH RAYMOND BUDIMAN SYAIFUL ADRIAN A INDRAJATRI WILIANTO IE BUDI RUSTANTO JOSHUA TANJA ROBBY HAFIL ISFHAN HELMY BENJAMIN KOO ERWAN TEGUH TEH ANISH TAWAKLEY DOUG WALTERS ROCKY INDRAWAN NICOLAOS OENTUNG

Source Co File ULT-AGG Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation Overwt/Attractive hold buy underweight neutral hold buy overweight hold market perform buy hold hold hold neutral hold hold buy on weakness underperform buy hold hold reduce buy sell hold buy Sell/Neutral underperform overweight underweight neutral neutral

Amt Held 11'625'990'000 629'140'053 434'079'976 355'854'064 308'078'058 173'615'438 167'474'276 115'688'500 82'807'746 78'941'656 52'708'005 40'380'500 38'189'319 38'035'780 35'559'500 32'753'098 32'053'000 28'279'000 27'910'895 26'457'200

% Out 47.15 2.55 1.76 1.44 1.25 0.7 0.68 0.47 0.34 0.32 0.21 0.16 0.15 0.15 0.14 0.13 0.13 0.11 0.11 0.11

Weighting

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

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

Latest Chg (10'170'000) (6'142'000) 1'455'630 (18'069'088) (20'530'220) 20'011'246 (3'326'156) (36'192'895) (654'602) 3'089'537 3'236'000 1'863'500 (12'107'000)

Target Price 10'966 10'500 10'800 9'000 10'000 10'500 12'500 13'900 10'000 10'600 12'300 11'000 10'150 10'700 10'000 9'700 10'800 10'400 8'330 12'000 10'100 10'800 8'600 12'000 9'350 10'500 11'400 9'240 9'600 10'500 #N/A N/A 12'000 10'300

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

File Dt 31.03.2013 31.07.2013 31.03.2013 30.09.2013 21.10.2013 31.08.2013 30.04.2013 28.06.2013 28.06.2013 31.08.2013 30.04.2013 30.04.2013 31.08.2013 30.09.2013 21.10.2013 31.12.2012 30.06.2013 31.07.2013 31.12.2012 28.06.2013

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

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

Date 22.10.2013 18.10.2013 15.10.2013 11.10.2013 11.10.2013 10.10.2013 09.10.2013 07.10.2013 04.10.2013 03.10.2013 24.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 05.09.2013 16.08.2013 14.08.2013 12.08.2013 02.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 14.06.2013 06.06.2013 28.05.2013 11.04.2013

23.10.2013

Astra International Tbk PT PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts. Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Price/Volume 9000

140.0 M

8000

120.0 M

7000

100.0 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASII IJ EQUITY YTD Change ASII IJ EQUITY YTD % CHANGE

12/2012 06/yy 8'300.00 5'100.00 13'674'500.00 6700 -19.28% 31.37% 48.44% 40'483.6 271'239'808.00 56'757'000.00 0.0 18'613'000.0 11'227'000.00 336'775'806.04

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

80.0 M

4000

60.0 M

3000

40.0 M

2000

20.0 M

1000 0 o-12

n-12

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 98'526'000.0 129'038'000.0 162'564'000.0 188'053'000.0 1.65x 1.98x 2.13x 1.98x 16'473'000.0 19'286'000.0 23'217'000.0 26'583'000.0 9.87x 13.22x 14.94x 13.99x 10'040'000.0 14'366'000.0 17'785'000.0 19'421'000.0 13.99x 15.37x 16.85x 15.83x Profitability 26'583'000.00 19'870'000.00 10.57% 14.84% 10.07% 26.68% 15.48% 1.01% 19.2% 13.3% 9.5% 10.3% 1.40 0.51 31.14% 79.71% 10.27 10.70

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.25 20'180.66 -13.16% -9.16% 1.251 30 3.467 27'119'700 34'741'850 31'858'650 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 ######### ######### ######### ######### ######### ######### 7.30x 7.83x 1.70x 1.54x ######### ######### ######### ######### 13.10x 14.02x 13.72x 12.11x ######### ######### ######### ######### ######### ######### 14.70x 15.29x 14.67x 13.10x S&P Issuer Ratings Long-Term Rating Date 11.05.2011 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 26.04 (EBITDA-Capex)/Interest Exp. 15.88 Net Debt/EBITDA 1.81 Total Debt/EBITDA 2.40 Reference Total Debt/Equity 79.7% Total Debt/Capital 38.7% Asset Turnover 1.01 Net Fixed Asset Turnover 3.76 Accounts receivable turnover-days 35.53 Inventory Days 34.11 Accounts Payable Turnover Day 38.77 Cash Conversion Cycle 29.71 Sales/Revenue/Turnover

45.00

200'000'000.0

40.00

180'000'000.0

35.00

160'000'000.0 140'000'000.0

30.00

120'000'000.0

25.00 20.00

100'000'000.0 80'000'000.0

15.00

60'000'000.0

10.00

40'000'000.0

5.00

20'000'000.0

0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 97'064'000.0 0.67x 14'790'000.0 4.39x 9'191'000.0 4.65x

5000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Astra International Tbk PT Holdings By:

All

Holder Name JARDINE CYCLE & CARR FRANKLIN RESOURCES ABERDEEN OPPENHEIMERFUNDS INC CARMIGNAC GESTION VANGUARD GROUP INC JPMORGAN CHASE & CO BLACKROCK CAPITAL GROUP COMPAN GRANTHAM MAYO VAN OT MATTHEWS INTERNATION FIL LIMITED LAZARD ASSET MANAGEM NORGES BANK T ROWE PRICE ASSOCIA INVESCO LTD AIA FINANCIAL PT DANSKE INVEST A/S EMERGING GLOBAL SHAR UBS AG

Firm Name Deutsche Bank RHB Research Institute Sdn Bhd Nomura JPMorgan Bahana Securities Mandiri Sekuritas PT/Indonesia PT ONIX Capital Tbk CIMB Morgan Stanley HSBC Danareksa Credit Suisse DBS Vickers PT Valbury Asia Securities Goldman Sachs Trimegah Securities Tbk PT UOB Kay Hian Maybank Kim Eng Sucorinvest Central Gani BNP Paribas Equity Research Macquarie UBS BNI Securities AmCapital Indonesia EVA Dimensions Ciptadana Sekuritas PT Batavia Prosperindo Sekuritas

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

Analyst RACHMAN KOESWANTO ANDREY WIJAYA WILIANTO IE ADITYA SRINATH LEONARDO HENRY GAVAZA ADRIAN JOEZER BAGUS HANANTO PETER PAULUS SUTEDJA HOZEFA TOPIWALLA MARK CARMERON ROSS WEBB HELMY KRISTANTO TEDDY OETOMO JAY KIM BUDI RUSTANTO MIANG CHUEN KOH FREDERICK DANIEL TANGGELA STEFANUS DARMAGIRI PANDU ANUGRAH ARIEF BUDIMAN ELVIRA TJANDRAWINATA LYALL TAYLOR BONNY BUDI SETIAWAN THENDRA CRISNANDA AKHMAD NURCAHYADI CRAIG STERLING MITCHEL JAUWANTO WISNU KARTO

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy neutral buy overweight hold sell buy underperform Underwt/No Rating overweight buy outperform hold buy neutral/neutral buy buy buy hold hold neutral neutral buy buy sell hold hold

Amt Held 20'288'255'040 1'696'858'840 1'381'822'704 674'026'020 641'096'730 583'819'928 461'860'443 411'812'830 372'682'000 266'537'500 229'488'800 211'252'309 191'334'500 179'008'673 174'523'000 132'698'390 124'494'062 96'159'000 85'274'131 85'001'730

% Out 50.11 4.19 3.41 1.66 1.58 1.44 1.14 1.02 0.92 0.66 0.57 0.52 0.47 0.44 0.43 0.33 0.31 0.24 0.21 0.21

Weighting

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

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

Latest Chg (12'693'000) 16'729'850 23'970'992 22'091'699 (9'846'000) (114'163'315) 5'899'000 14'949'000 36'717'500 31'500'000 (1'054'220) 6'058'500 (8'214'500) 7'591'000 (6'888'942) (4'957'500)

Target Price 8'700 6'900 8'800 7'700 6'300 5'500 8'000 6'000 5'100 7'500 7'750 8'370 #N/A N/A 8'000 6'300 8'000 7'900 8'000 7'200 7'120 6'200 7'000 8'600 8'900 #N/A N/A 7'500 7'450

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

File Dt 31.03.2013 31.07.2013 30.09.2013 31.07.2013 28.06.2013 30.09.2013 31.08.2013 21.10.2013 30.09.2013 31.05.2013 28.06.2013 30.04.2013 31.08.2013 31.12.2012 30.06.2013 21.10.2013 31.08.2013 30.09.2013 22.10.2013 30.06.2013

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

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

Date 22.10.2013 21.10.2013 20.10.2013 17.10.2013 17.10.2013 17.10.2013 17.10.2013 10.10.2013 08.10.2013 07.10.2013 03.10.2013 24.09.2013 20.09.2013 17.09.2013 16.09.2013 16.09.2013 11.09.2013 23.08.2013 14.08.2013 12.08.2013 31.07.2013 18.07.2013 01.05.2013 26.04.2013 21.03.2013 09.01.2013 17.12.2012

23.10.2013

FirstRand Ltd FirstRand Limited is a financial services group providing banking and insurance products and services to retail, commercial, corporate and public sector customers through its portfolio of separately branded franchises. In addition to South Africa, the Group operates in African territories.

Price/Volume 4000

60.0 M

3500

50.0 M

3000 40.0 M

2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FSR SJ EQUITY YTD Change FSR SJ EQUITY YTD % CHANGE

06/2013 01/yy 3'595.00 2'598.00 2'482'548.00 3524 -1.97% 35.64% 94.98% 5'637.9 198'681.08 0.00 4'519.0 2'924.0 49'620.00 -

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

20.0 M

1000 10.0 M

500 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 30.06.2009 72'074.0 6'965.0 10.55x

30.0 M

1500

30.06.2010 30.06.2011 65'620.0 67'752.0 9'788.0 20'366.0 10.03x 10.84x Profitability

30.06.2012 70'829.0 13'471.0 11.40x

30.06.2013 56'329.0 14'836.0 10.46x 36.33% 37.02% 1.81% 22.03% 19.93% 0.07% 26.3% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.86 0.79 2'742.05 32.12% 18.40% 0.790 19 3.526 5'917'931 12'502'820 10'149'270 FY+2

06/14 Y 06/15 Y 61'434.4 67'823.5 17'023.7 19'120.3 11.59x 10.34x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2012 BBBNEG 16.10.2012 A-3 0.0% 0.0% 0.07 4.32 -

Sales/Revenue/Turnover

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0 15.00

40'000.0 10.00

20'000.0

5.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

FirstRand Ltd Holdings By:

All

Holder Name RMB HOLDINGS LTD GOVERNMENT EMP PENSI FIRST RAND EMPOWERME STATE STREET CUSTODI JP MORGAN CUSTODIAN JP MORGAN EQUITIES L NORTHERN TR AVFC GOV VANGUARD GROUP INC JPMORGAN CHASE & CO LIBERTY LIFE ASSURAN BLACKROCK OLD MUTUAL BANK OF NEW YORK WILLIAM BLAIR & COMP CITIBANK NEW YORK STATE STREET CORP BANK OF NY CUSTODIAN CITIBANK LONDON UMB BANK N A MOMENTUM

Firm Name Morgan Stanley Renaissance Capital HSBC UBS BNP Paribas Cadiz Securities Goldman Sachs Macquarie Arqaam Capital Limited Barclays Deutsche Bank JPMorgan Nedgroup Securities SBG Securities NOAH Capital Markets EVA Dimensions Avior Research Afrifocus Securities

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

Analyst GREG SAFFY ILAN STERMER AYBEK ISLAMOV STEPHAN POTGIETER DEBBIE TREDOUX WALEED MOHSIN CHARLES RUSSELL JAAP MEIJER CHANTELLE BAPTISTE STEFAN SWANEPOEL NANA FRANCOIS DAVID S DANILOWITZ VOYT KRZYCHYLKIEWICZ LISA HAAKMAN DOUG WALTERS HARRY BOTHA JOHANN SCHOLTZ

Source SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG ULT-AGG ULT-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG 13F SJ-REG ULT-AGG SJ-REG SJ-REG MF-AGG MF-AGG

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

Amt Held 1'912'687'952 465'081'340 285'953'846 254'616'025 211'865'030 105'219'793 94'701'575 85'225'552 71'518'066 71'035'035 59'505'677 56'823'196 46'552'695 44'059'975 42'255'534 37'787'035 33'903'444 33'070'925 27'736'487 26'892'176

% Out 33.93 8.25 5.07 4.52 3.76 1.87 1.68 1.51 1.27 1.26 1.06 1.01 0.83 0.78 0.75 0.67 0.6 0.59 0.49 0.48

Weighting

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

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

Latest Chg (63'000'000) 5'315'497 4'920'234 (773'151) 4'620'766 (1'682'075) 3'454'577 (8'103'208) (138'172) 946'668 4'824'209 (13'607'922) 614'595 347'178 (6'251'678) 171'269 16'093'432

Target Price 3'675 3'380 3'700 3'650 3'620 3'600 3'700 3'810 3'601 3'300 3'300 3'675 3'600 5'638 #N/A N/A 2'961 3'302

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.08.2013 31.05.2013 21.10.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 22.10.2013 31.05.2013 31.05.2013 31.07.2013 30.06.2013

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

Inst Type Holding Company Government Other Other Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 16.10.2013 11.10.2013 07.10.2013 04.10.2013 03.10.2013 02.10.2013 25.09.2013 21.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 04.07.2013 06.06.2013 29.04.2013 16.04.2013

23.10.2013

Malayan Banking Bhd Malayan Banking Berhad provides commercial and Islamic banking services in Malaysia, Singapore, and other locations. Through its subsidiaries, the Company provides services such as general and life insurance, stock and futures broking, and leasing and factoring. Maybank also has operation in discount house, unit management, property investment, and venture capital. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (22.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAY MK EQUITY YTD Change MAY MK EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 10.80 8.70 9'055'500.00 9.96 -7.78% 14.48% 59.52% 8'727.1 86'922.25 68'124.52 0.0 1'725.5 65'064.33 -

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2009 16'111.6 691.9 49.17x

30.06.2010 30.06.2011 16'440.1 18'297.8 3'818.2 4'450.3 14.03x 14.56x Profitability

LTM-4Q 31.12.2011 18'297.8 4'450.3 14.56x

31.12.2012 22'854.3 5'744.7 12.65x 46.62% 47.73% 1.17% 14.87% 5.19% 0.05% 34.8% 13.77% 161.32% -

Price/ Cash Flow

LTM

06/yy 21'025.4 0.00x 0.0 0.00x 5'081.7 12.90x

06/yy 24'004.6 0.00x 0.0 0.00x 6'034.2 14.34x

FY+1

.0 M o-13

0.98 3'826.80 16.43% 14.53% 0.978 26 3.500 6'962'500 8'445'920 10'832'660 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'270.3 19'865.0 4'694.7 5'083.0 6'262.7 6'804.4 1'577.0 1'749.5 13.70x 12.90x 14.03x 14.23x S&P Issuer Ratings

11.07.2005 ASTABLE 26.03.2003 A-2 161.3% 60.8% 0.05 9.69 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 03.01.2013 03.07.2013

0.0 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 |

23.10.2013

Malayan Banking Bhd Holdings By:

All

Holder Name SKIM AMANAH SAHAM BU EMPLOYEES PROVIDENT YAYASAN PELABURAN BU VANGUARD GROUP INC BLACKROCK NORGES BANK HARRIS TRUST & SAVIN FIL LIMITED VONTOBEL ASSET MANAG PICTET FUNDS BANK OF NEW YORK MEL JPMORGAN CHASE & CO DIMENSIONAL FUND ADV CAISSE DE DEPOT ET P SEB PRINCIPAL FINANCIAL CIMB-PRINCIPAL ASSET STATE STREET CORP DJE INVESTMENT SA ROBECO GROEP NV

Firm Name DBS Vickers UBS Macquarie TA Securities Holdings Berhad UOB Kay Hian Standard Chartered KAF Seagroatt & Campbell RHB Research Institute Sdn Bhd AmResearch Sdn Bhd Affin Securities Sdn Bhd Hong Leong Investment Bank Bhd Alliance Research Sdn Bhd Morgan Stanley Kenanga Investment Bank Bhd Credit Suisse S&P Capital IQ Goldman Sachs CIMB Nomura JPMorgan HSBC Deutsche Bank EVA Dimensions ECM Libra

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

Analyst SUE LIN LIM KHAIRUL RIFAIE MATTHEW SMITH TEAM COVERAGE ONG BOON LEONG DIKSHA GERA CHEHAN PERERA DAVID CHONG RACHEL HUANG EILEEN TAN LOW YEE HUAP KING YOONG CHEAH NICK LORD TEAM COVERAGE DANNY GOH SITI RUDZIAH SALIKIN BENJAMIN KOO WINSON NG JULIAN CHUA HARSH WARDHAN MODI LOO KAR WENG TRACY YU DOUG WALTERS TEAM COVERAGE

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

Recommendation buy neutral neutral buy buy in-line hold neutral hold add buy buy Underwt/Cautious outperform neutral hold neutral/neutral outperform buy neutral underweight not rated underweight hold

Amt Held 3'394'705'835 1'057'937'039 447'084'267 130'108'438 114'633'463 70'279'923 57'779'046 43'830'380 41'890'195 36'378'771 28'303'646 23'612'680 12'517'477 11'300'247 10'951'500 10'410'400 10'147'546 8'858'811 8'219'000 7'562'985

% Out 38.9 12.12 5.12 1.49 1.31 0.81 0.66 0.5 0.48 0.42 0.32 0.27 0.14 0.13 0.13 0.12 0.12 0.1 0.09 0.09

Weighting

Change

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

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

Latest Chg 3'430'000 3'354'100 2'000'000 (615'500) 2'439'219 2'206'101 (10'467'918) (567'500) (604'100) (2'098'800) (10'001'877) 2'044'270 2'832'900 475'300 (727'187) (702'100) (32'609)

Target Price 12 11 10 12 11 11 10 11 10 11 11 12 9 11 10 11 11 12 12 11 7 #N/A N/A #N/A N/A 9

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

File Dt 11.10.2013 16.10.2013 11.10.2013 30.09.2013 21.10.2013 31.12.2012 28.06.2013 30.04.2013 30.04.2013 30.06.2013 22.10.2013 31.08.2013 31.07.2013 31.12.2012 30.06.2013 31.08.2013 30.09.2013 22.10.2013 31.07.2013 30.04.2013

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

Inst Type Other Government Other Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 18.10.2013 15.10.2013 10.10.2013 08.10.2013 04.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 19.09.2013 08.09.2013 03.09.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 26.07.2013 13.06.2013 10.06.2013 06.06.2013 12.11.2012

23.10.2013

Ecopetrol SA Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECOPETL CB EQUITY YTD Change ECOPETL CB EQUITY YTD % CHANGE

12/2012 06/yy 5'747.76 3'845.00 6'048'826.00 4535 -21.10% 17.95% 36.26% 41'116.7 186'464'224.00 15'977'669.00 0.0 2'602'167.0 9'312'249.00 196'279'524.52

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

30.0 M

5000

25.0 M

4000

20.0 M

3000

15.0 M

2000

10.0 M

1000

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 33'896'669.0 2.24x 13'158'465.0 5.76x 11'629'677.0 6.98x

6000

31.12.2009 31.12.2010 30'404'390.0 41'968'311.0 3.41x 4.08x 10'563'196.0 17'103'936.0 9.81x 10.01x 5'132'054.0 8'146'471.0 19.60x 20.37x Profitability

LTM-4Q 31.12.2011 65'967'514.0 2.71x 30'720'740.0 5.83x 15'452'334.0 11.08x

LTM

FY+1

0.91 4'731.91 -15.28% -11.71% 0.914 15 3.000 7'993'519 5'117'067 5'622'669 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 68'852'002.0 ######### ######### ######### ######### ######### 3.40x 11.09x 12.41x 2.94x 2.95x 11.26x 29'521'039.0 ######### ######### ######### ######### ######### 7.92x 6.46x 6.34x 6.56x 6.39x 14'778'947.0 ######### ######### ######### ######### ######### 15.19x 12.31x 12.27x 13.01x 13.20x 13.00x S&P Issuer Ratings 29'521'039.00 Long-Term Rating Date 24'206'290.00 Long-Term Rating 35.16% Long-Term Outlook 32.43% Short-Term Rating Date 12.94% Short-Term Rating 24.83% Credit Ratios 21.38% EBITDA/Interest Exp. 0.65% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 41.1% Total Debt/EBITDA 40.8% Reference 32.8% Total Debt/Equity 21.5% Total Debt/Capital Asset Turnover 0.99 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 14.03% Inventory Days 24.68% Accounts Payable Turnover Day 13.13 Cash Conversion Cycle 12.12

Price/ Cash Flow

FQ+2 12/13 Q4 ######### 11.17x ######### ######### 13.05x 24.04.2013 BBB STABLE 50.76 24.16 0.24 0.55 24.7% 19.2% 0.65 1.90 27.80 30.11 153.64 -18.85

Sales/Revenue/Turnover

14.00

80'000'000.0

12.00

70'000'000.0 60'000'000.0

10.00

50'000'000.0 8.00

40'000'000.0 6.00

30'000'000.0

4.00

20'000'000.0

2.00

10'000'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Ecopetrol SA Holdings By:

All

Holder Name REPUBLIC OF COLOMBIA BLACKROCK VANGUARD GROUP INC NORGES BANK HARRIS TRUST & SAVIN WILLIAM BLAIR & COMP FMR LLC CAISSE DE DEPOT ET P SEB EATON VANCE MANAGEME PICTET FUNDS FIDUCIARIA BANCOLOMB SERFINCO SA COMISION NORTHERN TRUST CORPO DEUTSCHE BANK AG HIRTLE CALLAGHAN & C EATON VANCE ADVISORS CORREDORES ASOCIADOS JOHN HANCOCK ADVISER UBS AG

Firm Name Larrain Vial Corredores de Bolsa Correval SA Ultrabursatiles VTB Capital Helm Comisionista de Bolsa EVA Dimensions Asesores en Valores SA Davivalores SA Grupo Santander Goldman Sachs Serfinco Corredores Asociados JPMorgan Acciones y Valores Alianza Valores Valores Bancolombia

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

Analyst

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

Recommendation

JOHANNA CASTRO CASTRO VALERIA MARCONI OVALLE DIEGO USME ROMERO COLIN SMITH ANDRES SANCHEZ FRANCO DOUG WALTERS OMAR ESCORCIA MARTINEZ EDGAR ROMERO GARCIA CHRISTIAN AUDI FELIPE MATTAR MARIA ADELAIDA VELASQUEZ MEJIA SEBASTIAN GALLEGO CAIO M CARVALHAL JORGE EDUARDO BELLO JUAN DAVID BALLEN RAMIREZ SAMUEL DAVID GARCIA

hold hold hold sell hold buy hold no rating system hold neutral/neutral neutral hold neutral buy hold no rating system

Amt Held 36'384'788'817 221'516'712 73'296'652 46'706'218 21'754'940 20'971'936 13'780'607 13'241'550 6'809'237 6'165'590 5'525'078 4'148'241 3'498'857 3'113'808 2'173'000 2'065'911 1'769'717 1'764'788 1'746'168 1'563'329

% Out 88.49 0.54 0.18 0.11 0.05 0.05 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0

Weighting

Change

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

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

Latest Chg 102'427 25'010'337 (9'579'352) (465'562) (56'813) 1'058'514 630'900 (76'900) 259'229 146'700 (32'610)

Target Price 4'432 4'810 4'411 3'700 4'420 #N/A N/A 4'620 4'629 4'800 5'000 5'070 4'650 4'470 5'460 4'900 5'140

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

File Dt 31.03.2013 21.10.2013 30.09.2013 31.12.2012 28.06.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 31.07.2013 31.07.2013 30.09.2013 30.09.2013 30.06.2013 30.08.2013 28.03.2013 30.04.2013 30.09.2013 31.08.2013 30.06.2013

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

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

Date 22.10.2013 10.10.2013 17.09.2013 10.09.2013 06.09.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 23.07.2013 11.06.2013 03.05.2013 11.04.2013 01.02.2013

23.10.2013

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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.06.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2412 TT EQUITY YTD Change 2412 TT EQUITY YTD % CHANGE

Price/Volume

12/2012 03/yy 101.23 89.91 14'976'739.00 92.3 -8.82% 2.65% 6.06% 7'757.4 716'012.38 0.00 0.0 0.0 54'759.65 661'252.73

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

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 184'040.3 186'410.9 2.67x 3.38x 91'113.9 89'400.1 5.39x 7.06x 43'757.4 47'608.9 13.19x 15.09x Profitability

LTM-4Q 31.12.2011 192'462.1 3.70x 83'154.6 8.55x 47'068.4 16.56x

31.12.2012 190'950.8 3.55x 78'195.6 8.67x 39'904.0 18.39x 78'195.56 46'100.37 24.14% 24.81% 42.8% 20.9% 1.68 1.46 0.00% 0.00% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.51 4'611.74 15.64 5.72% 3.15% 0.510 26 2.423 13'846'470 8'852'692 7'226'317 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 192'622.2 143'206.5 227'440.0 195'668.0 57'042.0 58'143.0 14.41x 14.13x 80'072.3 59'757.0 79'587.0 79'499.0 7.98x 0.00x 8.31x 8.32x 44'723.0 30'414.5 38'812.9 38'990.1 10'286.6 9'768.6 15.77x 0.00x 18.45x 18.34x 17.99x 17.97x S&P Issuer Ratings Long-Term Rating Date 10.04.2008 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 339980.68 (EBITDA-Capex)/Interest Exp. 199221.33 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 10.55 Sales/Revenue/Turnover

12.00

195'000.0

10.00

190'000.0

8.00

185'000.0

6.00

180'000.0

4.00

175'000.0

2.00

170'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 186'780.7 2.28x 95'133.8 4.49x 45'010.3 11.53x

120

165'000.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Chunghwa Telecom Co Ltd Holdings By:

All

Holder Name MINISTRY OF TRANS & FUBON LIFE INSURANCE CATHAY LIFE INSURANC CHUNGHWA TELECOM CO CHINA LIFE INSURANCE NAN SHAN LIFE INSURA CHUNGHWA POST CO LTD SHIN KONG LIFE INSUR BLACKROCK BUREAU OF LABOR INSU VANGUARD GROUP INC NORGES BANK POLARIS SEC INVESTME BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT PICTET FUNDS INVESCO LTD CAISSE DE DEPOT ET P DWS INVESTMENTS ROBECO GROEP NV

Firm Name

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

Analyst

SinoPac JERRY LU Yuanta Securities Investment ConsultingBONNIE CHANG KGI Securities VINCENT LIAO Morgan Stanley GARY YU Nomura EASON HUNG Barclays ANAND RAMACHANDRAN Deutsche Bank PETER MILLIKEN Credit Agricole Securities Taiwan Co. L FRANK LIN Capital Securities Corp LIU YIHO Mizuho Securities MARVIN LO S&P Capital IQ JANICE CHONG Credit Suisse CHATE BENCHAVITVILAI JPMorgan LUCY LIU BNP Paribas Equity Research ALEN LIN HSBC NEALE ANDERSON UBS WANG JINJIN Macquarie JOSEPH QUINN Standard Chartered STEVEN LIU Fubon Securities LEWIS LIU New Street Research ALASTAIR JONES Goldman Sachs PIYUSH MUBAYI Mega Securities LU CALVIN EVA Dimensions ANDREW S ZAMFOTIS President Capital Management CHARLIE YEH Masterlink Securities STEVEN SU Jih Sun Securities CHEN CHUN-CHUNG

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

Recommendation buy hold neutral Equalwt/Cautious neutral underweight buy underperform neutral neutral sell underperform neutral hold underweight neutral underperform in-line neutral reduce Sell/Neutral neutral hold neutral hold buy

Amt Held 2'740'000'000 467'321'087 308'856'727 168'111'274 152'542'779 138'311'174 137'373'719 128'397'184 109'284'673 97'715'644 52'691'735 36'659'651 35'694'916 23'487'912 19'720'449 18'994'544 11'642'012 8'676'635 6'656'980 6'382'000

% Out 35.32 6.02 3.98 2.17 1.97 1.78 1.77 1.66 1.41 1.26 0.68 0.47 0.46 0.3 0.25 0.24 0.15 0.11 0.09 0.08

Weighting

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

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

Latest Chg (881'149) (351'000) 3'786'905 3'760'120 1'585'000 (105'000) 5'884'080 718'000

Target Price 107 90 87 85 93 84 105 92 #N/A N/A 91 90 82 102 88 76 95 76 90 100 84 84 101 #N/A N/A 92 91 121

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

File Dt 31.08.2013 19.07.2012 19.07.2012 31.03.2013 19.07.2012 19.07.2012 31.03.2013 19.07.2012 21.10.2013 19.07.2012 30.09.2013 31.12.2012 31.08.2013 22.10.2013 31.05.2013 30.06.2013 21.10.2013 31.12.2012 31.07.2013 30.04.2013

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

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

Date 23.10.2013 21.10.2013 21.10.2013 20.10.2013 18.10.2013 17.10.2013 15.10.2013 10.10.2013 03.09.2013 29.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 11.08.2013 25.07.2013 23.07.2013 19.06.2013 30.05.2013 14.05.2013 12.05.2013 03.05.2013 15.01.2013 29.10.2012 04.05.2012 30.12.2011

23.10.2013

Grupo Mexico SAB de CV Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold, molybdenum, lead, and zinc. The Company holds concessions to operate the Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMEXICOBMM EQUITY YTD Change GMEXICOBMM EQUITY YTD % CHANGE

12/2012 06/yy 51.99 34.60 10'089'397.00 41.93 -19.35% 21.18% 42.15% 7'785.0 326'425.06 5'552.65 0.0 1'833.3 3'700.19 28'895.01

30.0 M

20.0 M

10.0 M

0 o-12

31.12.2009 31.12.2010 4'868.9 8'139.5 4.26x 4.12x 2'133.8 4'008.9 9.73x 8.37x 867.9 1'659.4 19.75x 18.80x Profitability

31.12.2011 10'465.0 2.46x 5'204.9 4.94x 2'456.9 9.33x

31.12.2012 10'182.9 3.13x 4'708.6 6.76x 2'364.0 11.91x 4'708.65 4'082.16 40.09% 41.89% 10.81% 22.26% 17.04% 0.54% 45.8% 43.0% 36.0% 23.2% 4.39 3.00 29.56% 66.86% 10.32 4.90

Price/ Cash Flow

d-12

j-13

LTM-4Q

LTM

06/yy 10'492.1 9.16x 5'328.6 4.80x 2'571.4 8.96x

06/yy 9'585.1 12.73x 4'120.4 6.32x 1'917.2 11.69x

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1

1.18 3.33% -8.95% 1.182 20 3.850 7'919'763 11'720'030 12'850'600 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'714.4 10'561.7 2'311.9 2'346.3 3.08x 2.83x 12.16x 11.85x 4'376.6 4'805.2 1'036.0 1'093.3 6.60x 6.01x 6.64x 6.50x 1'905.5 2'064.0 373.4 479.5 13.35x 12.68x 15.45x 14.17x S&P Issuer Ratings

26.01.2012 STABLE 17.23 9.47 0.42 1.35 66.9% 35.4% 0.54 0.99 35.28 74.35 28.45 64.30

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

.0 M n-12

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

70.0 M

50 40

Valuation Analysis

31.12.2008 5'946.0 0.97x 2'860.1 2.02x 1'071.0 4.53x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Grupo Mexico SAB de CV Holdings By:

All

Holder Name EMPRESARIOS IND DE M MOTA-VELASCO GERMAN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK NORGES BANK GRUPO FIN BANAMEX SA LAZARD ASSET MANAGEM DIMENSIONAL FUND ADV FIL LIMITED GRUPO FINANCIERO BBV FMR LLC SCHRODER INVESTMENT OPERADORA GBM SA DE WILLIAM BLAIR & COMP OPERADORA INBURSA SA GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME SEB CAISSE DE DEPOT ET P

Firm Name BBVA Scotia Capital Itau BBA Securities Morgan Stanley Banco BTG Pactual SA GBM Banorte-IXE Credit Suisse Invex Casa de Bolsa SA de CV Vector Servicios Financieros Goldman Sachs Deutsche Bank Punto Casa de Bolsa Grupo Santander HSBC JPMorgan UBS EVA Dimensions

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

Analyst JEAN-BAPTISTE BRUNY ALFONSO SALAZAR MARCOS ASSUMPCAO CARLOS DE ALBA EDMO CHAGAS RODRIGO C GARCILAZO MARISSA GARZA OSTOS SANTIAGO PEREZ TEUFFER OCTAVIO DIAZ ESCAMILLA JULIO ZETINA MARCELO AGUIAR LEANDRO CAPPA JULIO CESAR MARTINEZ WALTER CHIARVESIO LEONARDO ANDRADE CORREA RODOLFO R DE ANGELE ANDREAS BOKKENHEUSER TIMOTHY STANISH

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

Recommendation underperform sector perform outperform Overwt/No Rating neutral market outperform buy outperform buy hold neutral/attractive hold buy hold neutral overweight neutral hold

Amt Held 2'811'209'084 1'213'830'907 150'104'195 113'179'517 107'558'780 62'932'377 49'423'815 43'149'653 40'158'989 34'364'115 31'276'345 27'844'460 20'807'140 19'145'561 18'882'067 13'662'278 12'755'235 11'781'692 10'532'646 10'263'783

% Out 36.11 15.59 1.93 1.45 1.38 0.81 0.63 0.55 0.52 0.44 0.4 0.36 0.27 0.25 0.24 0.18 0.16 0.15 0.14 0.13

Weighting

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

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

Latest Chg (432'412) (1'599'000) 3'220'098 20'408 (2'594'204) 174'488 17'273'793 3'191'955 9'448'167 8'185'786 (528'595) (49'764'399) 20'447 (445'000) 474'600 (2'042'200) -

Target Price 45 50 48 46 50 48 48 52 47 46 42 58 53 43 40 51 40 #N/A N/A

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

File Dt 29.04.2011 29.04.2011 21.10.2013 30.09.2013 21.10.2013 31.12.2012 30.09.2013 31.08.2013 31.07.2013 30.04.2013 02.10.2013 31.08.2013 30.06.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.12.2012

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

Inst Type Other n/a Investment Advisor Investment Advisor Investment Advisor Government Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 22.10.2013 22.10.2013 11.10.2013 07.10.2013 16.09.2013 09.09.2013 09.09.2013 05.09.2013 03.09.2013 13.08.2013 07.08.2013 24.07.2013 23.07.2013 17.07.2013 16.07.2013 10.07.2013 01.07.2013 06.06.2013

23.10.2013

Itausa - Investimentos Itau SA Itausa - Investimentos Itau S.A. is a holding company. The Company operates in the finance, insurance, construction materials, electronics, chemicals, real estate, and telecommunications industries. Itausa has operations in Portugal, the United States, Luxembourg, Argentina, Germany, and Belgium.

Price/Volume 12

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITSA4 BZ EQUITY YTD Change ITSA4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 9.78 7.50 266'100.00 9.27 -5.21% 23.60% 81.16% 3'364.4 52'777.19 0.0 2'682.0 191'495.00 56'686.19

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

15.0 M

10.0 M

5.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 15'734.7 9'342.0 2'699.7 11.52x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'299.0 5'240.0 (12'926.0) (13'154.0) 4'362.0 4'417.0 5.74x 6.53x Profitability

LTM-4Q 31.12.2011 5'094.0 (3'530.0) 4'837.0 10.25x

31.12.2012 5'653.0 (11'434.0) 4'539.0 10.35x -11'434.00 -12'904.00 -228.27% 117.34% 2.60% 14.98% 0.03% 28.6% -152.2% -170.1% 80.3% 1.20 1.08 0.00% 0.00% 0.16 2.08

Price/ Cash Flow

LTM

06/yy 4'796.0 0.00x (6'941.0) 0.00x 4'754.0 9.09x

06/yy 5'593.0 18.63x (8'512.0) 0.00x 4'644.0 9.50x

FY+1

.0 M o-13

0.97 2'754.80 27.26% 8.77% 0.971 8 4.750 13'482'520 11'714'400 13'499'760 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'428.0 6'368.0 1'446.0 1'574.0 5'241.5 6'168.5 9.56x 8.20x 8.28x S&P Issuer Ratings

-0.64 -0.72 -0.30 0.0% 0.03 1.25 2311.94 175.82 -

Sales/Revenue/Turnover

30.00

18'000.0 16'000.0

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Itausa - Investimentos Itau SA Holdings By:

All

Holder Name BLACKROCK BARRETTO VI ANA LUCI ARRUDA VILL ALFREDO RUDRIC ITH SA FRANKLIN RESOURCES VANGUARD GROUP INC DYNAMO INTERNACIONAL INVESTIDOR PROFISSIO SETUBAL MARIA ALICE MARINO RODOLFO VILLE MARINO RICARDO VILLE CSHG ASSET MGMT SA SETUBAL ROBERTO EGYD SETUBAL NETO PAULO QUATRO A ADMIN DE RE BTG PACTUAL GLOBAL A SETUBAL RICARDO EGYD SETUBAL JR OLAVO EGY SETUBAL ALFREDO EGYD ITAU UNIBANCO SA

Firm Name

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

Analyst

Goldman Sachs CARLOS G MACEDO Credit Suisse MARCELO TELLES EVA Dimensions DOUG WALTERS UBS PHILIP FINCH Nau Securities Ltd PEDRO BAPTISTA Agora CTVM SA ALOISIO VILLETH LEMOS Grupo Santander BORIS MOLINA SLW Corretora de Valores e Cambio LTDPEDRO GALDI

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

Recommendation Buy/Neutral outperform overweight buy buy hold buy buy

Amt Held 244'449'649 147'026'057 147'026'057 105'979'881 89'098'236 82'697'692 44'407'625 29'647'676 27'251'969 26'915'525 26'915'525 23'394'911 22'541'753 22'541'753 21'008'598 20'395'298 20'186'644 20'186'644 19'513'756 18'230'480

% Out 7.27 4.37 4.37 3.15 2.65 2.46 1.32 0.88 0.81 0.8 0.8 0.7 0.67 0.67 0.62 0.61 0.6 0.6 0.58 0.54

Weighting

Change 5 5 5 5 5 3 5 5

M M U M U M M M

Latest Chg (259'573) 735'281 (388'876) (62'475) (604'975) (30'829) (481'470) (4'360'954) (972'521)

Target Price 11 11 #N/A N/A 10 11 11 12 #N/A N/A

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

File Dt 21.10.2013 29.05.2013 29.05.2013 29.05.2013 31.07.2013 30.09.2013 30.09.2013 30.09.2013 29.05.2013 29.05.2013 29.05.2013 30.09.2013 29.05.2013 29.05.2013 30.09.2013 30.09.2013 29.05.2013 29.05.2013 29.05.2013 30.09.2013

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

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

Date 17.10.2013 01.10.2013 20.08.2013 06.08.2013 22.05.2013 07.05.2013 07.01.2013 31.10.2012

23.10.2013

ITC Ltd ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (11.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC IN EQUITY YTD Change ITC IN EQUITY YTD % CHANGE

03/2013 01/yy 380.00 272.10 5'057'805.00 341.6 -10.11% 25.54% 64.37% 7'921.7 2'706'037.75 1'023.80 0.0 1'798.9 88'084.70 2'620'775.82

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

40.0 M

350

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 o-12

31.03.2010 31.03.2011 191'358.7 222'791.1 4.97x 6.05x 63'787.9 77'161.0 14.91x 17.46x 41'681.8 50'179.3 23.89x 27.87x Profitability

31.03.2012 261'795.2 6.51x 92'983.7 18.33x 62'581.4 28.18x

31.03.2013 313'234.5 7.53x 111'661.9 21.13x 76'080.7 31.94x 111'661.90 103'070.80 32.91% 35.49% 23.25% 35.70% 35.90% 0.96% 35.6% 32.9% 24.3% 1.80 0.97 0.29% 0.44% 24.13 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

1.54 0.84 4'827.94 19.61% 20.95% 0.840 52 4.365 6'200'641 6'936'713 8'566'308 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 362'814.5 424'603.8 7.29x 6.19x 131'120.5 155'998.3 19.99x 16.80x 89'508.4 106'676.6 30.29x 25.52x S&P Issuer Ratings

167.51 127.84 -0.78 0.01 0.4% 0.4% 0.96 2.44 15.12 -

Sales/Revenue/Turnover

45.00

350'000.0

40.00

300'000.0

35.00

250'000.0

30.00 25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 165'561.4 4.03x 51'170.1 13.05x 33'245.9 20.96x

400

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

04.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

23.10.2013

ITC Ltd Holdings By:

All

Holder Name TOBACCO MANUFACTURER LIFE INSURANCE CORP UNIT TRUST OF INDIA MYDDLETON INVEST COY NEW INDIA ASSURANCE GENERAL INSURANCE CO ORIENTAL INSURANCE C NATIONAL INSURANCE C ROTHMANS INTL ENTERP ABERDEEN ICICI PRUDENTIAL LIF HARRIS TRUST & SAVIN CAPITAL GROUP COMPAN JPMORGAN CHASE & CO VONTOBEL ASSET MANAG VANGUARD GROUP INC BLACKROCK HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT FMR LLC

Firm Name

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

Analyst

Nomura MANISH JAIN Daiwa Securities Co. Ltd. MIHIR P SHAH Barclays BALAJI V PRASAD Standard Chartered SANJAY SINGH BNP Paribas Equity Research VIJAY CHUGH Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI Deutsche Bank MANOJ MENON Elara Securities India Pvt Ltd AASHISH UPGANLAWAR Motilal Oswal Securities Ltd GAUTAM DUGGAD Dolat Capital Market Ltd. AMIT PUROHIT CIMB VARUN LOHCHAB Spark Capital Advisors TEJASH SHAH IIFL PERCY PANTHAKI EVA Dimensions CRAIG STERLING Kotak Securities ROHIT CHORDIA ICICI Securities ANAND MOUR Goldman Sachs PUNEET JAIN Sharekhan Ltd TEAM COVERAGE Credit Suisse ARNAB MITRA Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Antique Stock Broking Limited ABHIJEET KUNDU JPMorgan LATIKA CHOPRA Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY HSBC AMIT SACHDEVA Batlivala & Karani Securities ASHIT DESAI Shah Investor's Home Limited AMEYA HARDAS Morgan Stanley NILLAI SHAH Angel Broking Limited SRINIVASAN VISWANATHAN Edelweiss Capital ABNEESH ROY Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Macquarie AMIT MISHRA SBI Capital Markets SAGARIKA MUKHERJEE Espirito Santo Investment Bank Research NITIN MATHUR Phillip Securities NAVEEN KULKARNI HDFC Securities HARSH MEHTA India Infoline VANMALA NAGWEKAR KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL ICICIdirect.com SANJAY MANYAL Jefferies RAJASA KAKULAVARAPU IDFC Securities Ltd NIKHIL K VORA Tata Securities Limited SAMEER DESHMUKH Religare Capital Markets GAURANG KAKKAD VCK Share & Stock Broking Services TEAM COVERAGE

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

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

Amt Held 1'985'564'880 997'795'083 896'724'540 324'207'960 159'074'568 143'750'540 128'050'513 119'307'220 103'303'260 100'861'044 80'430'119 74'735'253 68'896'325 58'804'510 56'685'405 56'297'952 45'923'544 40'775'847 35'854'474 35'681'070

% Out 25.07 12.6 11.32 4.09 2.01 1.81 1.62 1.51 1.3 1.27 1.02 0.94 0.87 0.74 0.72 0.71 0.58 0.51 0.45 0.45

Weighting

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

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

Latest Chg (6'586'459) 1'699'600 (3'450'025) (1'819'652) 685'802 (715'836) (368'278) (7'284) (797'685) 1'746'861

Target Price 392 392 409 354 380 380 385 399 385 350 360 394 370 #N/A N/A 375 372 357 379 385 366 356 390 371 400 355 382 425 #N/A N/A 388 396 421 400 325 300 382 398 400 328 413 346 394 350 396

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

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.09.2013 30.06.2013 28.06.2013 30.09.2013 31.08.2013 30.04.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 31.08.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 18 month 12 month 12 month 12 month

Inst Type Unclassified Government Investment Advisor Holding Company Government Government Insurance Company Insurance Company Private Equity Investment Advisor Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.10.2013 17.10.2013 17.10.2013 16.10.2013 15.10.2013 10.10.2013 09.10.2013 09.10.2013 04.10.2013 04.10.2013 27.09.2013 26.09.2013 26.09.2013 18.09.2013 17.09.2013 13.09.2013 11.09.2013 05.09.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 21.08.2013 09.08.2013 05.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013

23.10.2013

Mobile Telesystems OJSC Mobile TeleSystems OJSC ("MTS") is a telecommunications group, offering mobile and fixed voice, broadband and pay TV services. Including its subsidiaries, the Group services over 100 million mobile subscribers in Russia, Ukraine, Turkmenistan, Armenia and Belarus.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBT US EQUITY YTD Change MBT US EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 24.06 16.21 1'617'167.00 23.92 -0.58% 47.56% 98.22% 1'033.2 24'714.31 7'641.90 0.0 183.3 857.63 29'860.35

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

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'900.9 1.12x 5'849.7 2.27x 2'000.1 3.64x

31.12.2009 31.12.2010 9'823.5 11'293.2 2.18x 2.06x 4'462.2 4'862.9 4.80x 4.79x 1'004.5 1'380.6 13.86x 11.80x Profitability

LTM-4Q 31.12.2011 12'318.7 1.49x 5'163.1 3.55x 1'443.9 7.80x

31.12.2012 12'435.7 1.86x 4'898.3 4.71x 1'007.3 16.00x 4'898.35 2'623.48 21.10% 13.03% 16.13% 79.73% 27.03% 0.79% 71.6% 44.2% 26.0% 8.1% 0.81 0.52 51.01% 209.63% 10.64 13.38

Price/ Cash Flow

LTM

06/yy 12'392.4 6.35x 5'359.3 3.80x 585.3 24.59x

06/yy 12'432.6 7.25x 5'497.3 4.10x 2'521.6 6.83x

FY+1

0.89 4.87 45.77% 36.31% 0.886 24 4.500 1'668'383 1'633'053 1'662'654 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'636.2 13'246.6 2'977.4 3'226.0 2.46x 2.31x 5'401.2 5'633.9 1'288.7 1'441.0 5.53x 5.30x 2'003.9 2'100.2 454.2 494.5 11.29x 10.72x 13.55x 14.15x S&P Issuer Ratings

25.07.2013 BB+ STABLE 7.30 3.36 0.96 1.43 209.6% 66.6% 0.79 1.53 34.30 27.29 96.63 -21.55

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Mobile Telesystems OJSC Holdings By:

All

Holder Name LAZARD ASSET MANAGEM CAPITAL GROUP COMPAN JPMORGAN CHASE & CO BLACKROCK UBS AG VANGUARD GROUP INC SCHRODER INVESTMENT BARING INTERNATIONAL WELLS FARGO & COMPAN COMGEST S A SUN LIFE FINANCIAL I STATE STREET CORP FIL LIMITED NORGES BANK CREDIT SUISSE AG BANK OF NEW YORK MEL DEUTSCHE BANK AG MACQUARIE GROUP GOLDMAN SACHS GROUP LSV ASSET MANAGEMENT

Firm Name Gazprombank VTB Capital Morgan Stanley Barclays HSBC Uralsib Infina Investment Company JPMorgan Deutsche Bank EVA Dimensions Alfa-Bank UFS-Finance Investment Company Otkritie Capital New Street Research Raiffeisenbank AG Sberbank CIB Credit Suisse Goldman Sachs UBS Renaissance Capital IFC Metropol RMG Securities Riedel Research Group Inc

Portfolio Name n/a n/a n/a n/a n/a n/a SCHRODER INVESTMENT BARING INTERNATIONAL n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a BANK OF NEW YORK MEL n/a n/a n/a LSV ASSET MANAGEMENT

Analyst SERGEY VASIN IVAN KIM CESAR TIRON JOHN-PAUL DAVIDS HERVE DROUET KONSTANTIN B CHERNYSHEV MARIA SHIPOVSKIKH ALEXEI GOGOLEV IGOR SEMENOV ANDREW S ZAMFOTIS ELINA KULIEVA ANNA MILOSTNOVA ALEXANDER VENGRANOVICH CHRIS HOARE SERGEY LIBIN ANNA LEPETUKHINA OLGA BYSTROVA ALEXANDER BALAKHNIN ALEXANDER WRIGHT ALEXANDER KAZBEGI EVGENY GOLOSNOY KSENIA ARUTYUNOVA DAVID R RIEDEL

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

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

Amt Held 49'978'714 47'110'896 22'806'302 21'927'908 19'449'745 16'180'263 13'184'355 11'452'307 8'942'195 7'908'000 7'525'695 6'866'884 5'533'411 5'316'728 4'857'015 4'737'824 4'404'956 4'309'224 4'162'652 4'071'149

% Out 4.84 4.56 2.21 2.12 1.88 1.57 1.28 1.11 0.87 0.77 0.73 0.66 0.54 0.51 0.47 0.46 0.43 0.42 0.4 0.39

Weighting

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

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

Latest Chg 1'450'442 1'683'500 (1'182'786) (1'264'051) (1'932'708) 492'165 (1'037'456) (122'984) 1'014'727 335'750 (70'823) 217'685 90'608 (801'884) 2'190'412 399'519 546'050 4'100

Target Price 27 26 25 23 27 24 22 27 21 #N/A N/A 25 21 22 23 24 24 25 25 25 23 25 24 23

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

File Dt 30.06.2013 30.09.2013 31.08.2013 30.06.2013 30.09.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 30.06.2013 22.10.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013

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

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

Date 22.10.2013 21.10.2013 16.10.2013 15.10.2013 08.10.2013 02.10.2013 01.10.2013 12.09.2013 11.09.2013 05.09.2013 03.09.2013 22.08.2013 21.08.2013 20.08.2013 17.07.2013 28.06.2013 07.06.2013 05.06.2013 16.05.2013 16.05.2013 21.03.2013 13.12.2012 10.07.2012

23.10.2013

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.

Price/Volume 90

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 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

12/2012 12/yy 80.20 64.71 3'412'614.00 79.6 -0.75% 23.01% 97.42% 6'365.7 506'712.97 85'471.27 0.0 0.0 60'235.18 531'949.05

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

20.0 M

15.0 M

10.0 M

5.0 M

10 0 o-12

31.12.2009 31.12.2010 156'969.6 194'446.0 2.59x 2.90x 21'577.5 36'835.0 18.87x 15.30x 27'533.4 45'546.4 14.96x 13.10x Profitability

LTM-4Q 31.12.2011 187'603.3 2.65x 32'857.5 15.15x 35'724.5 13.84x

31.12.2012 173'034.8 2.93x 13'543.3 37.39x 14'662.5 32.75x 13'543.31 5'744.26 3.32% 9.48% 4.30% 6.27% 5.05% 0.51% 8.5% 7.8% 3.3% 8.5% 2.53 1.51 24.85% 37.72% 15.20 9.02

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.95 3'961.28 18.99 7.22% 6.94% 0.946 21 3.143 5'601'776 6'507'305 6'705'964 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 187'603.3 173'034.8 194'523.4 211'666.6 44'676.7 40'151.3 11.68x 11.85x 2.88x 2.65x 32'857.5 13'543.3 18'352.0 23'321.0 15.15x 37.39x 28.99x 22.81x 35'724.5 14'662.5 21'566.4 27'095.6 6'603.8 5'124.4 13.85x 32.83x 22.91x 18.88x 22.02x 19.96x 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. 11.53 (EBITDA-Capex)/Interest Exp. 6.63 Net Debt/EBITDA 1.86 Total Debt/EBITDA 6.31 Reference Total Debt/Equity 37.7% Total Debt/Capital 27.4% Asset Turnover 0.51 Net Fixed Asset Turnover 3.26 Accounts receivable turnover-days 24.07 Inventory Days 40.57 Accounts Payable Turnover Day 28.92 Cash Conversion Cycle 35.73 Sales/Revenue/Turnover

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 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 182'042.2 1.56x 17'430.5 16.28x 19'709.5 12.64x

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Formosa Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA CHEMICALS & MERRILL LYNCH SEC TA NAN YA PLASTICS CORP YUNG-TSAI WANG CHIN'S INTL INVESTME WAN SHUN INTL INVEST VANGUARD GROUP INC FORMOSA PETROCHEMICA BLACKROCK MING CHI UNIV OF TEC NORGES BANK POLARIS SEC INVESTME CAPITAL GROUP COMPAN MIN-TING HO EASTSPRING INVESTMEN BANK OF NEW YORK MEL WEN-CHAO WANG DIMENSIONAL FUND ADV SWEDBANK ROBUR FONDE

Firm Name

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

Analyst

Capital Securities Corp ZHAN MINGFENG Jih Sun Securities STEPHEN WAN BNP Paribas Equity Research POR YONG LIANG KGI Securities AARON LIU Nomura JESSE WANG SinoPac MATT TSAI CIMB ANDRE CHANG Mega Securities YOU JIANHENG Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN Yuanta Securities Investment ConsultingYVONNE TSAI Macquarie CORINNE JIAN UBS JOHN CHUNG HSBC DENNIS HYUNCHUL YOO Deutsche Bank SHAWN PARK EVA Dimensions TIMOTHY STANISH Fubon Securities KERRY WU E Sun Securities HONG CLIFF President Capital Management TOM HUNG Barclays SIDNEY YEH JPMorgan SAMUEL SW LEE

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

Recommendation neutral neutral reduce neutral buy neutral outperform neutral Overwt/Attractive outperform hold outperform neutral neutral not rated sell neutral neutral neutral equalweight Rating Suspended

Amt Held 601'000'000 487'000'000 398'731'554 295'000'000 281'748'388 264'692'768 194'241'528 142'295'855 131'000'000 108'806'613 90'155'577 61'472'133 42'594'006 39'665'600 27'824'363 20'352'800 15'521'886 11'967'727 10'390'785 9'903'902

% Out 9.44 7.65 6.26 4.63 4.43 4.16 3.05 2.24 2.06 1.71 1.42 0.97 0.67 0.62 0.44 0.32 0.24 0.19 0.16 0.16

Weighting

Change

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

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

Latest Chg (11'035) 110'870 206'895 (470'402) (460'365) (1'071'760) 39'972'784 20'000 (1'678'560)

Target Price #N/A N/A #N/A N/A 60 77 90 78 82 82 88 86 71 92 70 78 #N/A N/A #N/A N/A 74 #N/A N/A 78 70 #N/A N/A

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

File Dt 31.08.2013 31.08.2013 16.04.2013 31.08.2013 16.04.2013 16.04.2013 16.04.2013 30.09.2013 31.08.2013 21.10.2013 16.04.2013 31.12.2012 31.08.2013 30.06.2013 31.08.2013 15.04.2013 22.10.2013 31.08.2013 31.07.2013 31.03.2013

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

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

Date 21.10.2013 14.10.2013 08.10.2013 07.10.2013 27.09.2013 26.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 06.08.2013 22.07.2013 21.07.2013 02.07.2013 06.06.2013 06.05.2013 06.02.2013 15.01.2013 11.10.2012 10.05.2012

23.10.2013

Cemex SAB de CV Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEMEXCPOMM EQUITY YTD Change CEMEXCPOMM EQUITY YTD % CHANGE

12/2012 06/yy 16.16 10.60 33'536'853.00 13.91 -13.92% 31.27% 59.56% 11'354.8 157'945.89 218'026.00 0.0 14'488.0 12'478.00 375'882.43

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

450.0 M

400.0 M

350.0 M

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 225'665.0 1.75x 45'787.0 8.63x 2'278.0 518.42x

31.12.2009 31.12.2010 197'801.0 177'641.0 1.98x 2.05x 36'153.0 29'844.0 10.85x 12.23x 1'409.0 (13'482.0) 22.87x Profitability

LTM-4Q 31.12.2011 189'887.0 1.74x 29'600.0 11.18x (24'788.0) -

31.12.2012 197'036.0 1.82x 34'384.0 10.44x (11'881.0) 34'384.00 17'200.00 8.73% -2.60% -2.93% -9.98% 0.39% 29.6% 13.8% 5.7% -6.0% 1.18 0.67 45.54% 154.51% 6.70 7.95

Price/ Cash Flow

LTM

FY+1

1.51 23.33% 13.91% 1.508 12 4.417 35'140'590 35'035'450 37'436'640 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 198'553.4 191'820.8 201'429.3 215'211.0 53'190.7 50'760.5 6.47x 7.52x 1.84x 1.68x 6.93x 7.10x 31'606.2 26'528.3 35'938.5 41'012.9 10'193.9 8'706.8 10.38x 14.12x 10.46x 9.16x 9.94x 9.48x (14'148.1) (14'465.3) (5'773.3) 1'669.9 175.4 (919.3) 0.00x 0.00x 144.90x S&P Issuer Ratings Long-Term Rating Date 26.09.2013 Long-Term Rating B+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1.88 (EBITDA-Capex)/Interest Exp. 1.57 Net Debt/EBITDA 7.68 Total Debt/EBITDA 8.05 Reference Total Debt/Equity 154.5% Total Debt/Capital 58.4% Asset Turnover 0.39 Net Fixed Asset Turnover 0.90 Accounts receivable turnover-days 54.44 Inventory Days 45.90 Accounts Payable Turnover Day 57.49 Cash Conversion Cycle 37.26 Sales/Revenue/Turnover

80.00

250'000.0

70.00

200'000.0

60.00 50.00

150'000.0

40.00

100'000.0

30.00 20.00

50'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Cemex SAB de CV Holdings By:

All

Holder Name BLACKROCK SOUTHEASTERN ASSET M NACIONAL FINANCIERA VANGUARD GROUP INC GRUPO FIN BANAMEX SA CITIGROUP INCORPORAT GRUPO FINANCIERO BBV GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME CAISSE DE DEPOT ET P IMPULSORA DEL FONDO EATON VANCE MANAGEME ONTARIO TEACHERS PEN GESTION SANTANDER ME SWEDBANK ROBUR FONDE OPERADORA GBM SA DE CREDIT SUISSE AG AMUNDI LUXEMBOURG SA PICTET FUNDS BTG PACTUAL GLOBAL A

Firm Name

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

Analyst

Actinver SA RAMON ORTIZ Banco Monex S.A. Institucion de Banca FERNANDO E BOLANOS HSBC JONATHAN BRANDT Banorte-IXE CARLOS HERMOSILLO Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO EVA Dimensions TIMOTHY STANISH BBVA FRANCISCO CHAVEZ MARTINEZ UBS MARIMAR TORREBLANCA Itau BBA Securities VIVIAN SALOMON Vector Servicios Financieros JORGE PLACIDO Scotia Capital MARCOS DURAN Y CASAHONDA Grupo Santander ANA GABRIELA REYNAL

Source ULT-AGG 13G MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy buy neutral buy buy hold market perform buy outperform speculative buy sector outperform buy

Amt Held 1'155'662'641 495'104'075 435'205'385 321'796'245 149'849'997 133'166'657 90'332'576 40'389'706 39'208'956 29'580'277 26'020'800 23'307'946 22'880'000 21'978'606 20'982'013 18'952'500 14'102'628 12'011'732 11'617'506 8'597'604

% Out 10.18 4.36 3.83 2.83 1.32 1.17 0.8 0.36 0.35 0.26 0.23 0.21 0.2 0.19 0.18 0.17 0.12 0.11 0.1 0.08

Weighting

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

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

Latest Chg 301'112'814 (1'253'716) (4'611'572) 11'369'229 7'287'726 2'766'800 2'081'400 1'834'899 2'428'814 1'354'201 800'000 (397'300) 835'000 26'600 6'393'058

Target Price 17 18 16 17 18 #N/A N/A 10 18 16 16 16 15

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

File Dt Inst Type 21.10.2013 Investment Advisor 30.04.2013 Investment Advisor 21.10.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Bank 31.12.2012 Investment Advisor 02.10.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 30.09.2013 Investment Advisor 31.03.2013 Investment Advisor 30.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.09.2013 20.09.2013 13.09.2013 10.09.2013 27.08.2013 02.08.2013 26.07.2013 25.07.2013 17.06.2013 11.04.2013 24.01.2013 07.01.2013

23.10.2013

Nan Ya Plastics Corp Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber products. The Company's products include polyester filament yarns, flexible PVC (Polyvinyl Chloride) film products, plastic leather products, and rigid film products. Nan Ya also manufactures printed circuit boards.

Price/Volume 70

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1303 TT EQUITY YTD Change 1303 TT EQUITY YTD % CHANGE

12/2012 12/yy 66.34 45.54 2'619'977.00 65.6 -1.11% 44.03% 98.38% 7'930.8 520'261.88 109'413.72 0.0 0.0 37'950.86 591'724.74

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

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 160'964.4 212'248.6 3.20x 2.82x 17'312.1 35'054.5 29.75x 17.09x 16'403.8 40'973.8 27.89x 13.93x Profitability

LTM-4Q 31.12.2011 194'021.8 2.76x 29'311.3 18.28x 23'143.0 20.37x

31.12.2012 183'042.9 2.79x 16'278.4 31.40x 4'216.0 103.70x 16'278.38 8'466.51 4.63% 2.48% 1.05% 1.65% 1.64% 0.46% 10.7% 8.9% 4.6% 2.3% 3.03 1.42 27.78% 44.37% 9.45 6.74

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.14 4'440.49 8.06 23.75% 18.89% 1.139 24 3.667 3'595'503 6'602'022 6'828'535 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 194'021.8 183'042.9 188'953.1 187'718.7 45'634.0 47'811.7 12.68x 11.75x 3.29x 3.34x 29'311.3 16'278.4 21'603.7 23'803.2 18.28x 31.40x 27.39x 24.86x 23'143.0 4'216.0 23'742.8 26'734.3 6'911.9 4'681.4 20.42x 104.16x 21.97x 19.79x 23.35x 22.41x 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. 8.38 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 4.39 Total Debt/EBITDA 6.72 Reference Total Debt/Equity 44.4% Total Debt/Capital 30.7% Asset Turnover 0.46 Net Fixed Asset Turnover 2.78 Accounts receivable turnover-days 38.73 Inventory Days 54.33 Accounts Payable Turnover Day 25.76 Cash Conversion Cycle 67.30 Sales/Revenue/Turnover

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 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 208'718.6 1.65x 19'881.2 17.37x 9'386.4 28.70x

30.0 M

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Nan Ya Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA PLASTICS COR YUNG-TSAI WANG FORMOSA CHEMICALS & CHANG GUNG UNIVERSIT WAN SHUN INTL INVEST FORMOSA PETROCHEMICA VANGUARD GROUP INC CHIN'S INTL INVESTME BLACKROCK FAN CHIA TE CATHAY LIFE INSURANC NORGES BANK POLARIS SEC INVESTME JUI-YU WANG BANK OF NEW YORK MEL DIMENSIONAL FUND ADV KUI-YUN WANG CAISSE DE DEPOT ET P FIL LIMITED

Firm Name

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

Analyst

Capital Securities Corp ZHAN MINGFENG Jih Sun Securities STEPHEN WAN KGI Securities AARON LIU Nomura JESSE WANG E Sun Securities HONG CLIFF BNP Paribas Equity Research POR YONG LIANG IBT Securities Co Ltd FILOLI TSAI Mega Securities YOU JIANHENG Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN Yuanta Securities Investment ConsultingYVONNE TSAI CIMB ANDRE CHANG Macquarie CORINNE JIAN HSBC DENNIS HYUNCHUL YOO SinoPac MATT TSAI Deutsche Bank SHAWN PARK EVA Dimensions TIMOTHY STANISH Masterlink Securities FRANK FU Fubon Securities KERRY WU Barclays SIDNEY YEH President Capital Management TOM HUNG UBS JOHN CHUNG JPMorgan SAMUEL SW LEE

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

Recommendation neutral buy outperform neutral buy reduce neutral buy on weakness Overwt/Attractive neutral buy neutral outperform underweight buy not rated sell buy add overweight buy sell Rating Suspended

Amt Held 877'000'000 783'000'000 428'697'324 413'000'000 317'469'186 189'777'620 179'000'000 165'089'746 147'556'933 121'077'569 116'988'743 110'607'120 75'646'811 44'197'230 19'052'421 15'965'476 13'613'852 11'613'271 8'226'225 7'736'492

% Out 11.06 9.87 5.41 5.21 4 2.39 2.26 2.08 1.86 1.53 1.48 1.39 0.95 0.56 0.24 0.2 0.17 0.15 0.1 0.1

Weighting

Change

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

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

Latest Chg (260'376) (327'751) (214'423) (900'021) (135'550) 270'185 (1) 1'518'030 (1) 4'472'955

Target Price #N/A N/A 69 71 63 #N/A N/A 50 69 68 68 61 75 62 67 57 71 #N/A N/A #N/A N/A 74 71 68 64 50 #N/A N/A

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

File Dt 31.08.2013 31.08.2013 26.04.2013 31.08.2013 26.04.2013 26.04.2013 31.08.2013 30.09.2013 26.04.2013 21.10.2013 26.04.2013 26.04.2013 31.12.2012 31.08.2013 31.08.2013 22.10.2013 31.07.2013 31.08.2013 31.12.2012 31.10.2012

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

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

Date 21.10.2013 14.10.2013 07.10.2013 27.09.2013 17.09.2013 03.09.2013 28.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 06.08.2013 21.07.2013 10.07.2013 02.07.2013 06.06.2013 22.05.2013 06.05.2013 02.05.2013 24.04.2013 28.02.2013 10.05.2012

23.10.2013

Cathay Financial Holding Co Ltd Cathay Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.10.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2882 TT EQUITY YTD Change 2882 TT EQUITY YTD % CHANGE

12/2012 03/yy 47.00 28.41 22'541'371.00 45.6 -2.98% 60.51% 95.70% 11'218.4 511'558.34 23'774.56 0.0 0.0 17'798.89 517'534.01

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

2'196.0 158.70x

160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009

31.12.2010

11'050.0 52.37x Profitability

LTM-4Q 31.12.2011

31.12.2012 -

98.76% 96.81% 16.24% 18.81% 16.69% 0.17% 96.6% 11.87% 13.56% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 7'490.6 0.00x

LTM 03/yy 0.0 #DIV/0! 0.0 0.00x 7'856.7 0.00x

1.09 6'658.69 119.24 52.44% 47.85% 1.089 29 4.069 18'151'880 21'513'480 19'393'310

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

29'192.9 30'043.0 10'477.6 17.76x 17.40x 17.24x S&P Issuer Ratings

5'892.3 13.70x 29.04.2009 BBB+ STABLE 13.05.2002 A-2 13.6% 11.9% 0.17 -

Sales/Revenue/Turnover

35.00

35'000.0

30.00

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 06.01.2007 06.07.2007 06.01.2008 06.07.2008 06.01.2009 06.07.2009 06.01.2010 06.07.2010 06.01.2011 06.07.2011 06.01.2012 06.07.2012 06.01.2013 06.07.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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

23.10.2013

Cathay Financial Holding Co Ltd Holdings By:

All

Holder Name WAN PAO DEVELOPMENT LIN YUAN INVESTMENT VANGUARD GROUP INC BLACKROCK FANCHIAO TE NEW LABOR PENSION FU GIC PRIVATE LIMITED CIVIL SERVANTS PENSI PO HAN INVESTMENT CO NORGES BANK POLARIS SEC INVESTME CHENG-DA TSAI CATHAY REAL ESTATE HONG-TU TSAI CHIA I INVESTMENT CATHAY LIFE EMPLOYEE CHEN-CHIU TSAI FIL LIMITED CHEN SHENG CORP SCHRODER INVESTMENT

Firm Name

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

Analyst

Capital Securities Corp BAIJUN HUANG Jih Sun Securities ERIC CHANG President Capital Management TINA YENG PING CHEN KGI Securities WEN-YEN FANG BNP Paribas Equity Research LING TANG Deutsche Bank PANDORA LEE Yuanta Securities Investment ConsultingPEGGY SHIH Morgan Stanley BEN LIN EVA Dimensions DOUG WALTERS CIMB NORA HOU Masterlink Securities TOM LIANG S&P Capital IQ PALLAVI DESHPANDE UBS KELVIN CHU Mega Securities CHUANG PIYEN IBT Securities Co Ltd WU YUCONG SinoPac LILY HSIAO Credit Agricole Securities Taiwan Co. L PETER SUTTON Credit Suisse CHUNG HSU JPMorgan JEMMY S HUANG HSBC BRUCE B WARDEN Nomura JESSE WANG Barclays NOEL CHAN Macquarie DEXTER HSU Goldman Sachs VINCENT CHANG Daiwa Securities Co. Ltd. JERRY YANG Fubon Securities LIN CHIU-SIANG E Sun Securities HONG CLIFF

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

Recommendation buy buy buy outperform hold buy buy Overwt/Attractive sell neutral buy buy buy buy on weakness buy neutral underperform neutral overweight underweight neutral overweight outperform neutral/neutral buy add buy

Amt Held 1'960'000'000 1'690'000'000 204'617'501 172'153'508 141'026'280 140'260'781 120'265'008 92'283'387 91'466'691 80'803'175 63'369'059 55'413'530 46'485'333 45'595'229 43'549'362 30'852'893 30'259'767 24'429'232 24'256'606 23'109'856

% Out 17.47 15.06 1.82 1.53 1.26 1.25 1.07 0.82 0.82 0.72 0.56 0.49 0.41 0.41 0.39 0.28 0.27 0.22 0.22 0.21

Weighting

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

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

Latest Chg 3'100'669 (163'081) (6'991'900) 16'639'842 6'417'729

Target Price 47 47 50 47 41 51 52 48 #N/A N/A 47 49 47 52 47 #N/A N/A 45 44 45 48 26 45 51 50 48 58 45 #N/A N/A

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

File Dt Inst Type 31.08.2013 Other 31.08.2013 Corporation 30.09.2013 Investment Advisor 21.10.2013 Investment Advisor 03.05.2013 n/a 03.05.2013 Pension Fund (ERISA) 03.05.2013 Government 03.05.2013 Other 03.05.2013 Corporation 31.12.2012 Government 31.08.2013 Investment Advisor 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 Other 31.08.2013 n/a 30.04.2013 Investment Advisor 31.08.2013 Corporation 30.08.2013 Investment Advisor

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

Date 18.10.2013 18.10.2013 18.10.2013 17.10.2013 17.10.2013 15.10.2013 14.10.2013 16.09.2013 16.09.2013 12.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 27.08.2013 30.07.2013 29.07.2013 06.05.2013 16.04.2013

23.10.2013

Powszechna Kasa Oszczednosci Bank Polski SA Powszechna Kasa Oszczednosci Bank Polski S.A. attracts deposits and offers commercial banking services. The Bank offers all types of banking services present on the Polish banking market, money market and capital market for institutional and individual clients.

Price/Volume 45

25.0 M

40 20.0 M

35 30

15.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (24.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PKO PW EQUITY YTD Change PKO PW EQUITY YTD % CHANGE

12/2012 06/yy 39.60 32.15 992'552.00 39.02 -1.46% 21.37% 93.96% 1'250.0 48'775.00 16'490.53 0.0 (0.3) 13'532.65 -

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

5.0 M

5 0 o-12

31.12.2009 31.12.2010 13'824.8 14'751.9 2'305.5 3'216.9 18.49x 16.84x Profitability

LTM-4Q 31.12.2011 16'283.2 3'807.2 10.55x

31.12.2012 17'737.9 3'748.6 12.30x 38.17% 36.78% 1.71% 14.27% 8.30% 0.09% 29.7% 8.52% 66.74% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 17'206.4 0.00x 0.0 0.00x 3'922.2 11.03x

06/yy 16'936.8 0.00x 0.0 0.00x 3'329.5 13.37x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.93 857.58 15.04% 10.99% 0.929 28 3.750 3'758'840 3'521'396 3'434'657 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'410.5 11'523.8 2'651.0 2'723.0 3'090.4 3'655.5 765.0 891.0 15.90x 13.37x S&P Issuer Ratings

20.09.2013 ANEG 08.05.2012 A-2 66.7% 40.0% 0.09 6.57 -

Sales/Revenue/Turnover

50.00

20'000.0

45.00

18'000.0

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 13'199.2 3'120.7 11.38x

10.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Powszechna Kasa Oszczednosci Bank Polski SA Holdings By:

All

Holder Name POLAND STATE TREASUR ING OFE AVIVA OFE OFE PZU ZLOTA JESIEN VANGUARD GROUP INC BLACKROCK METLIFE AMPLICO AXA OFE AVIVA INVESTORS POLA AEGON OFE NORDEA OFE ASSICURAZIONI GENERA JPMORGAN CHASE & CO ING INVESTMENT MANAG PIONEER NORGES BANK LEGG MASON TFI SA BZ WBK TOWARZYSTWO F ALLIANZ SCHRODER INVESTMENT

Firm Name

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

Analyst

Deutsche Bank MARCIN JABLCZYNSKI Dom Inwestycyjny BRE Banku MICHAL KONARSKI Societe Generale ALAN WEBBORN ING Bank PIOTR PALENIK Dom Maklerski Banku BPS MARTA CZAJKOWSKA-BALDYGA Keefe, Bruyette & Woods RONNY REHN UniCredit Research PAWEL KOZUB Mediobanca SpA RICCARDO ROVERE Raiffeisenbank AG JOVAN SIKIMIC Erste Group MAGDALENA KOMARACKA EVA Dimensions DOUG WALTERS HSBC ANDRZEJ NOWACZEK Barclays IVAN BOKHMAT Dom Maklerski BZ WBK DARIUSZ GORSKI Credit Suisse HUGO SWANN Morgan Stanley DANIEL E COWAN Wood & Company MARK MACRAE Espirito Santo Investment Bank Research KAMIL STOLARSKI Goldman Sachs PAWEL DZIEDZIC UBS DMITRY VINOGRADOV Renaissance Capital ARMEN GASPARYAN JPMorgan PAUL FORMANKO Dom Maklerski IDM SA MICHAL SOBOLEWSKI Concorde Securities Rt ATTILA GYURCSIK Millennium Dom Maklerski MARCIN MATERNA Ipopema Securities SA TOMASZ BURSA

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

Recommendation buy accumulate buy buy buy market perform buy neutral buy accumulate hold underweight equalweight buy underperform Equalwt/In-Line sell buy neutral/neutral neutral hold overweight buy underweight accumulate buy

Amt Held 392'406'277 67'239'229 55'745'770 37'164'265 25'068'876 25'064'264 21'340'121 14'546'854 13'004'065 11'434'924 11'134'944 10'738'690 9'769'396 8'784'776 8'516'178 7'859'636 7'855'936 7'445'569 6'872'533 6'600'990

% Out 31.39 5.38 4.46 2.97 2.01 2.01 1.71 1.16 1.04 0.91 0.89 0.86 0.78 0.7 0.68 0.63 0.63 0.6 0.55 0.53

Weighting

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

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

Latest Chg (320'722) 459'119 (673'855) 212'727 221'982 (343'243) 3'409'800 3'059'042 226'374

Target Price 49 40 45 43 45 35 39 39 42 42 #N/A N/A 31 40 43 30 35 35 42 40 35 34 43 38 33 41 45

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

File Dt 22.10.2013 31.12.2012 31.12.2012 31.12.2012 30.09.2013 21.10.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.08.2013 30.08.2013 30.04.2013 31.12.2012 31.08.2013 30.06.2013 31.12.2012 30.08.2013

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

Inst Type Government Pension Fund (ERISA) Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Insurance Company Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor

Date 21.10.2013 21.10.2013 17.10.2013 17.10.2013 17.10.2013 09.10.2013 09.10.2013 08.10.2013 24.09.2013 18.09.2013 10.09.2013 06.09.2013 30.08.2013 23.07.2013 09.07.2013 17.06.2013 14.06.2013 14.06.2013 07.06.2013 20.05.2013 17.05.2013 08.05.2013 23.04.2013 05.03.2013 18.01.2013 09.01.2013

23.10.2013

BM&FBovespa SA BM&FBOVESPA SA combines activities of BOVESPA, the Brazilian Stock Exchange, and BM&F, the futures and commodities exchange. The Company operates as a regional exchange and provides integrated business model, including clearing and settlement activities, financial products for trading in equity and commodity derivatives, as well as full service Central Security Depository.

Price/Volume 16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVMF3 BZ EQUITY YTD Change BVMF3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 14.63 11.13 75'700.00 13.02 -11.14% 16.98% 55.14% 1'980.0 25'779.60 1'279.12 0.0 16.0 3'850.64 23'250.51

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

4 2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 1'602.0 913.5 645.6 18.75x

31.12.2009 31.12.2010 1'502.5 1'889.8 14.21x 12.61x 975.1 1'311.1 21.90x 18.17x 881.1 1'144.6 28.42x 22.95x Profitability

LTM-4Q 31.12.2011 1'904.7 8.56x 1'163.2 14.01x 1'048.0 18.22x

31.12.2012 2'064.8 11.86x 1'395.4 17.55x 1'074.3 25.16x 1'395.41 1'301.67 63.04% 80.39% 4.54% 5.73% 5.63% 0.09% 68.4% 63.6% 52.0% 2.13 2.01 5.30% 6.59% 37.34 -

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M o-13

06/yy 2'227.1 31.26x 1'304.1 12.99x 1'063.6 18.67x

LTM 06/yy 2'141.6 42.00x 1'465.0 14.44x 1'111.6 21.45x

FY+1

1.02 1'733.94 4.76% -3.61% 1.020 19 4.053 8'377'160 8'283'360 10'708'880 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'255.2 2'432.7 549.2 548.8 10.43x 9.48x 42.69x 42.57x 1'629.6 1'785.4 386.3 375.7 14.27x 13.02x 15.14x 14.81x 1'550.5 1'710.9 379.8 405.0 16.40x 14.93x 17.38x 16.44x S&P Issuer Ratings

21.06.2010 BBB+ NEG 21.06.2010 A-2 17.40 16.56 -1.74 0.95 6.6% 6.2% 0.09 6.10 9.78 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

BM&FBovespa SA Holdings By:

All

Holder Name VONTOBEL ASSET MANAG BLACKROCK OPPENHEIMERFUNDS INC CMEG BRASIL I PARTIC LONE PINE CAPITAL LL VANGUARD GROUP INC BM&F BOVESPA HARRIS TRUST & SAVIN DIMENSIONAL FUND ADV INVESCO LTD T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG FMR LLC FIL LIMITED ITAU UNIBANCO SA PICTET FUNDS SUN LIFE FINANCIAL I JPMORGAN CHASE & CO BTG PACTUAL GLOBAL A BRAM BRADESCO ASSET

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

Analyst

Bradesco Corretora RAFAEL FRADE Banco Safra de Investimento FRANCISCO KOPS Itau BBA Securities ALEXANDRE SPADA Deutsche Bank MARIO PIERRY Banco BTG Pactual SA EDUARDO ROSMAN Agora CTVM SA ALOISIO VILLETH LEMOS Goldman Sachs CARLOS G MACEDO Credit Suisse VICTOR SCHABBEL Votorantim CTVM Research RENATO SCHUETZ Morgan Stanley JORGE KURI UBS FREDERIC ROZEIRA DE MARIZ EVA Dimensions DOUG WALTERS SLW Corretora de Valores e Cambio LTDPEDRO GALDI HSBC MARIEL SANTIAGO Coinvalores MARCO AURELIO BARBOSA Riedel Research Group Inc DAVID R RIEDEL JPMorgan KENNETH B WORTHINGTON Grupo Santander HENRIQUE NAVARRO

Source EXCH ULT-AGG EXCH EXCH Research ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation outperform outperform market perform hold buy buy neutral/neutral outperform outperform Equalwt/No Rating buy hold hold overweight hold buy overweight underperform

Amt Held 129'888'000 104'742'000 102'960'000 101'178'000 98'159'351 79'914'425 46'728'000 43'226'861 39'216'502 32'892'677 31'695'881 28'147'745 27'277'741 18'847'324 17'752'909 16'175'770 16'026'940 15'562'427 12'822'737 12'298'952

% Out 6.56 5.29 5.2 5.11 4.96 4.04 2.36 2.18 1.98 1.66 1.6 1.42 1.38 0.95 0.9 0.82 0.81 0.79 0.65 0.62

Weighting

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

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

Latest Chg (2'424'649) (205'106) (555'344) 28'672'382 (518'500) (5'141'032) 2'467'206 400'881 1'823'661 807'200 (2'472'815) 1'757'846 (330'765)

Target Price 16 14 14 12 15 16 14 15 15 14 15 #N/A N/A 15 16 #N/A N/A 18 16 12

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

File Dt Inst Type 21.06.2013 Investment Advisor 21.10.2013 Investment Advisor 21.06.2013 Investment Advisor 21.06.2013 Other 22.02.2012 Hedge Fund Manager 30.09.2013 Investment Advisor 21.06.2013 Corporation 28.06.2013 Unclassified 31.07.2013 Investment Advisor 21.10.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 30.09.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor

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

Date 14.10.2013 14.10.2013 14.10.2013 08.10.2013 01.10.2013 01.10.2013 26.09.2013 24.09.2013 06.09.2013 03.09.2013 20.08.2013 19.08.2013 12.08.2013 01.07.2013 27.06.2013 17.06.2013 21.05.2013 07.01.2013

23.10.2013

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 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 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

12/2012 12/yy 28.12 22.77 13'919'610.00 25.8 -8.25% 13.30% 54.76% 15'425.2 397'970.28 103'228.06 382.7 0.0 3'345.91 498'235.10

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

30.0 M

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 256'358.0 1.33x 44'728.8 7.64x 24'030.4 11.38x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 165'408.9 239'186.9 2.61x 2.14x 21'270.7 50'776.6 20.29x 10.07x 19'602.5 37'586.8 21.43x 11.84x Profitability

LTM-4Q 31.12.2011 240'376.0 2.11x 30'706.0 16.50x 19'493.7 21.18x

31.12.2012 207'193.1 2.46x 20'440.7 24.93x 5'811.5 71.97x 20'440.71 2'689.57 1.30% 2.96% 1.37% 2.03% 1.88% 0.49% 4.3% 9.9% 1.3% 2.8% 1.05 0.12 24.16% 37.14% 45.08 3.45

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.69 10'607.91 523.34 3.59% -3.22% 0.690 26 2.769 10'847'240 12'968'590 14'292'990 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 240'376.0 207'193.1 237'673.2 256'453.8 50'643.5 51'953.0 8.71x 9.94x 2.30x 2.13x 30'706.0 20'440.7 32'971.0 36'497.0 7'109.0 4'112.0 16.50x 24.93x 15.11x 13.65x 19'493.7 5'811.5 14'853.2 17'149.2 2'937.3 3'943.5 20.64x 92.49x 26.74x 22.93x 24.50x 22.09x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.29 0.21 4.89 5.05 37.1% 27.1% 0.49 1.08 8.12 106.01 9.77 104.35

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 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

China Steel Corp Holdings By:

All

Holder Name MINISTRY OF ECONOMIC CHINA STEEL ESOT VANGUARD GROUP INC BLACKROCK YUN HUNG INVESTMENT CHUNGHWA POST CO LTD YUN YING INVESTMENT MARUICHI STEEL TUBE GIC PRIVATE LIMITED CIVIL SERVANTS PENSI NORGES BANK POLARIS SEC INVESTME HKSSTEEL TECH CORP DIMENSIONAL FUND ADV ROBECO GROEP NV BANK OF NEW YORK MEL CREDIT SUISSE AG EATON VANCE MANAGEME PICTET FUNDS YODOGAWA STEEL WORKS

Firm Name

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

Analyst

Capital Securities Corp IVY LIU Jih Sun Securities ERIC CHANG KGI Securities MARC WANG IBT Securities Co Ltd PETER TZENG Macquarie DAVID LIAO Barclays EPHREM RAVI Ji Asia SAMUEL THAWLEY Deutsche Bank JAMES KAN E Sun Securities KUN HSIEN LEE Sanford C. Bernstein & Co VANESSA LAU Yuanta Securities Investment ConsultingYVONNE TSAI Credit Suisse JEREMY CHEN S&P Capital IQ NG SU PENG UBS SON YONG-SUK Fubon Securities KEVIN LIN President Capital Management WEICHUN TSENG BNP Paribas Equity Research JENNY TSAI VTB Capital WIKTOR BIELSKI HSBC SIMON FRANCIS Masterlink Securities CHARLES KO EVA Dimensions TIMOTHY STANISH SinoPac CHEN YILI JPMorgan DANIEL KANG

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

Recommendation neutral neutral outperform neutral neutral underweight sell hold buy on weakness market perform buy underperform hold neutral add neutral reduce hold underweight hold sell neutral neutral

Amt Held 3'090'000'000 583'303'861 354'928'148 327'709'575 242'966'011 229'406'067 155'781'705 150'766'445 145'840'190 127'385'606 110'417'537 92'553'370 68'925'082 36'497'824 21'826'784 20'190'877 14'367'853 13'904'432 12'444'555 8'613'785

% Out 20.03 3.78 2.3 2.12 1.58 1.49 1.01 0.98 0.95 0.83 0.72 0.6 0.45 0.24 0.14 0.13 0.09 0.09 0.08 0.06

Weighting

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

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

Latest Chg (1'950'551) 64'510 (6'026'269) 2'002'123 2'487'029 (326'230) 424'488 (117'160) -

Target Price #N/A N/A #N/A N/A 30 #N/A N/A 24 21 22 25 #N/A N/A 25 29 22 27 26 30 27 22 26 25 28 #N/A N/A #N/A N/A 28

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

File Dt 31.08.2013 31.12.2012 30.09.2013 21.10.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.08.2013 31.07.2013 30.04.2013 22.10.2013 31.07.2013 31.07.2013 30.06.2013 31.03.2013

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

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

Date 21.10.2013 21.10.2013 18.10.2013 18.10.2013 10.10.2013 09.10.2013 27.09.2013 18.09.2013 16.09.2013 13.09.2013 10.09.2013 30.08.2013 27.08.2013 23.08.2013 19.08.2013 16.08.2013 13.08.2013 05.08.2013 26.07.2013 11.06.2013 06.06.2013 26.04.2013 26.03.2013

23.10.2013

Sanlam Ltd Sanlam Limited is a financial services group in South Africa. Through its subsidiaries, Sanlam is a provider of life insurance, retirement annuities, unit trusts, health insurance, and employee benefits. In addition, the Group provides investment and risk products to group funds. Sanlam has investments in companies involved in securities trading, short-term insurance, and commercial banking.

Price/Volume

30.0 M 25.0 M 20.0 M

3000

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLM SJ EQUITY YTD Change SLM SJ EQUITY YTD % CHANGE

12/2012 01/yy 5'518.00 3'745.38 2'959'863.00 5351 -3.04% 42.87% 98.98% 2'100.0 112'371.00 5'463.00 0.0 2'970.0 14'952.00 104'186.00

15.0 M

2000

10.0 M

1000

5.0 M

0 o-12

31.12.2009 31.12.2010 60'880.0 67'501.0 0.70x 0.77x 4'388.0 5'523.0 10.15x 10.74x Profitability

31.12.2011 54'481.0 0.93x 5'166.0 11.13x

31.12.2012 88'765.0 0.90x 5'655.0 14.98x 11.50% 11.36% 1.49% 19.35% 18.08% 0.20% 6.4% 1.23% 14.80% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

FY+1 -

3.08 0.93 1'381.88 46.82% 25.28% 0.932 9 3.000 7'767'837 4'701'222 4'021'111 FY+2

12/13 Y 12/14 Y 37'963.0 41'373.0 6'530.6 7'038.0 15.95x 15.13x S&P Issuer Ratings

FQ+1

FQ+2

14.8% 12.0% 0.20 -

Sales/Revenue/Turnover

16.00

100'000.0

14.00

90'000.0 80'000.0

12.00

70'000.0

10.00

60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

n-12

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

35.0 M

5000 4000

Valuation Analysis

31.12.2008 19'944.0 1.64x 2'494.0 12.56x

6000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Sanlam Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI UBUNTU-BOTHO INVEST STATE STREET CUSTODI SANLAM LIFE INSURANC JP MORGAN CUSTODIAN ALLAN GRAY UNIT TRUS VANGUARD GROUP INC STATE STREET CORP NORTHERN TR AVFC GOV DIMENSIONAL FUND ADV CITIBANK NEW YORK BLACKROCK LAZARD ASSET MANAGEM SANLAM LTD SHARE INC CAPITAL GROUP COMPAN OLD MUTUAL GEPF SIM PTY LTD FIN LIBERTY LIFE ASSURAN CITIBANK LONDON BANK OF NY CUSTODIAN

Firm Name JPMorgan Barclays SBG Securities Investec UBS Nedgroup Securities EVA Dimensions Avior Research Credit Suisse

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

Analyst FRANCOIS DU TOIT LARISSA VAN-DEVENTER RISTO KETOLA MARK SALMON MICHAEL CHRISTELIS DAVID S DANILOWITZ DOUG WALTERS HARRY BOTHA BRIAN MUSHONGA

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

Recommendation overweight overweight sell sell neutral hold hold underperform outperform

Amt Held 271'515'581 226'000'000 133'301'259 124'995'285 71'993'754 57'223'372 54'526'830 52'862'785 51'922'297 37'674'880 37'402'666 34'754'852 32'217'356 32'126'209 28'482'800 24'508'891 23'239'208 22'200'272 21'181'243 19'119'824

% Out 12.93 10.76 6.35 5.95 3.43 2.72 2.6 2.52 2.47 1.79 1.78 1.65 1.53 1.53 1.36 1.17 1.11 1.06 1.01 0.91

Weighting

Change 5 5 1 1 3 3 3 1 5

M M M M M M D M U

Latest Chg (4'637'403) 32'271 (17'561'681) (6'880'787) (913'629) 480'840 2'826'065 (315'918) 937'230 122'330 (45'320) (45'396) (24'442'300) 333'891 166'967 187'704 6'590

Target Price 5'400 5'400 4'600 4'549 4'850 4'400 #N/A N/A 4'907 5'000

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.09.2013 22.10.2013 31.05.2013 31.07.2013 31.05.2013 21.10.2013 31.08.2013 31.05.2013 30.09.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 07.10.2013 17.09.2013 09.09.2013 06.09.2013 06.09.2013 06.09.2013 16.08.2013 13.06.2013 14.05.2013

23.10.2013

Cielo SA Cielo SA is an electronic payment solutions company based in Brazil and Latin America. The Company is responsible for accreditation of commercial establishments, capture, transmission, processing and settlement of transactions made with credit cards and debit cards as well as network management services.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIEL3 BZ EQUITY YTD Change CIEL3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 67.47 37.13 54'400.00 65.38 -3.07% 76.07% 92.52% 786.1 51'396.23 2'114.14 0.0 8.9 431.16 53'290.42

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

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 2'747.8 2'126.0 1'342.1 -

31.12.2009 31.12.2010 3'309.5 3'992.5 6.16x 2'274.5 2'564.0 8.97x 1'533.8 1'829.3 13.65x 10.00x Profitability

LTM-4Q 31.12.2011 4'208.7 6.21x 2'388.5 10.94x 1'810.3 14.49x

31.12.2012 5'427.4 7.18x 3'082.6 12.65x 2'314.6 16.09x 3'082.59 2'765.27 50.95% 64.70% 28.35% 106.56% 69.30% 0.70% 65.9% 54.8% 48.9% 42.6% 1.37 1.36 21.06% 92.84% 1.12 -

Price/ Cash Flow

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 o-13

06/yy 4'710.0 25.68x 2'711.9 14.23x 2'077.5 20.54x

LTM 06/yy 6'096.6 26.11x 3'342.9 13.68x 2'463.4 18.49x

FY+1

0.47 334.10 82.15% 43.35% 0.468 25 3.360 2'422'720 1'946'753 1'880'828 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'017.5 7'704.4 1'836.4 1'994.2 7.48x 6.76x 29.13x 26.53x 3'986.7 4'355.9 1'037.0 1'242.3 13.37x 12.23x 11.21x 10.59x 2'623.3 2'922.8 674.8 722.0 19.03x 16.90x 18.26x 17.55x S&P Issuer Ratings

81.88 79.48 0.56 0.69 92.8% 48.0% 0.70 12.31 324.93 537.53 -

Sales/Revenue/Turnover

45.00

6'000.0

40.00

5'000.0

35.00

4'000.0

30.00 25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Cielo SA Holdings By:

All

Holder Name BB BCO DE INVESTIMEN COLUMBUS HOLDINGS SA LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC BTG PACTUAL GLOBAL A NORGES BANK INVESCO LTD JPMORGAN CHASE & CO BTG PACTUAL WM GESTA GRANTHAM MAYO VAN OT BB GESTAO DE RECURSO HARRIS TRUST & SAVIN MODAL ADMIN DE RECUR SQUADRA INV GESTAO D DYNAMO INTERNACIONAL BRAM BRADESCO ASSET VONTOBEL ASSET MANAG BNY MELLON ARX INV L ITAU UNIBANCO SA

Firm Name

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

Analyst

Deutsche Bank MARIO PIERRY UBS FREDERIC ROZEIRA DE MARIZ JPMorgan DOMINGOS FALAVINA Votorantim CTVM Research RENATO SCHUETZ Banco BTG Pactual SA EDUARDO ROSMAN Barclays GERARDUS VOS Itau BBA Securities ALEXANDRE SPADA Morgan Stanley JORGE KURI Bradesco Corretora RAFAEL FRADE Planner Corretora de Valores LUIZ FRANCISCO CAETANO Agora CTVM SA ALOISIO VILLETH LEMOS Credit Suisse VICTOR SCHABBEL Goldman Sachs CARLOS G MACEDO GBM BIANCA FAIWICHOW Brasil Plural EDUARDO NISHIO Banco do Brasil SA NATANIEL CEZIMBRA EVA Dimensions ANDREW S ZAMFOTIS SLW Corretora de Valores e Cambio LTDPEDRO GALDI Banco Safra de Investimento FRANCISCO KOPS Coinvalores SANDRA PERES Grupo Santander HENRIQUE NAVARRO HSBC MARIEL SANTIAGO

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-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 neutral market perform neutral equalweight market perform Overwt/No Rating market perform neutral hold outperform neutral/neutral market underperform overweight market perform hold hold outperform buy underperform neutral

Amt Held 225'222'085 225'222'085 80'098'903 15'052'712 12'005'551 10'128'348 7'066'963 6'501'185 6'461'506 6'431'488 5'594'532 5'545'826 5'477'967 3'764'974 3'609'230 3'095'104 2'903'448 2'654'319 2'460'475 2'216'134

% Out 28.65 28.65 10.19 1.91 1.53 1.29 0.9 0.83 0.82 0.82 0.71 0.71 0.7 0.48 0.46 0.39 0.37 0.34 0.31 0.28

Weighting

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

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

Latest Chg (280'607) 2'440 (598) 1'064'818 19'079 (141'593) 1'180'400 2'366'340 64'230 1'868'867 42'200 668'827 95'913 (395'657) 344'243 19'679 (183'779)

Target Price 49 71 62 58 60 60 67 77 66 60 66 67 64 57 67 63 #N/A N/A 59 52 73 52 45

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

File Dt 29.05.2013 29.05.2013 30.09.2013 21.10.2013 30.09.2013 30.09.2013 31.12.2012 21.10.2013 31.08.2013 30.09.2013 31.05.2013 30.09.2013 28.06.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.04.2013 30.09.2013 30.09.2013

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

Inst Type Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 16.10.2013 16.10.2013 16.10.2013 15.10.2013 15.10.2013 14.10.2013 11.10.2013 07.10.2013 04.10.2013 01.10.2013 27.09.2013 26.09.2013 13.09.2013 12.09.2013 22.08.2013 15.08.2013 08.08.2013 07.08.2013 27.06.2013 06.05.2013 04.03.2013

23.10.2013

CIMB Group Holdings Bhd CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Price/Volume 9

80.0 M

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (20.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIMB MK EQUITY YTD Change CIMB MK EQUITY YTD % CHANGE

12/2012 06/yy 8.70 6.90 11'189'600.00 7.66 -11.95% 11.01% 38.33% 7'615.8 58'337.39 51'717.46 200.0 774.8 42'522.14 -

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

30.0 M

3 2

20.0 M

10.0 M

0 o-12

31.12.2009 31.12.2010 14'797.0 15'955.1 2'806.8 3'500.8 16.15x 17.45x Profitability

LTM-4Q 31.12.2011 17'421.8 4'030.8 13.73x

31.12.2012 19'031.8 4'344.8 13.07x 38.05% 44.06% 1.37% 16.26% 5.71% 0.06% 33.7% 15.34% 182.25% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 18'482.6 0.00x 0.0 0.00x 4'264.6 13.21x

06/yy 19'520.9 0.00x 0.0 0.00x 4'664.9 13.21x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.50 4'114.51 5.12% 4.57% 1.500 28 3.393 8'506'300 11'454'200 14'884'640 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'420.3 15'884.6 3'640.5 3'768.5 4'437.5 4'991.9 1'054.0 1'220.0 12.70x 11.47x S&P Issuer Ratings

10.09.2008 BBBSTABLE 17.11.2006 A-3 182.3% 63.8% 0.06 12.77 -

Sales/Revenue/Turnover

90.00

20'000.0

80.00

18'000.0

70.00

16'000.0 14'000.0

60.00

12'000.0

50.00 40.00

10'000.0 8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 12'932.1 1'952.0 10.12x

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

CIMB Group Holdings Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT MITSUB UFJ FINANCIAL ABERDEEN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA FIL LIMITED ABDUL RAZAK MOHAMED NORGES BANK WILLIAM BLAIR & COMP JPMORGAN CHASE & CO CAPITAL GROUP COMPAN FMR LLC CARMIGNAC GESTION DIMENSIONAL FUND ADV MORGAN STANLEY SCHRODER INVESTMENT CAISSE DE DEPOT ET P DANSKE INVEST A/S

Firm Name DBS Vickers AmResearch Sdn Bhd Public Investment Bank Berhad Affin Securities Sdn Bhd Nomura UBS Maybank Kim Eng UOB Kay Hian Alliance Research Sdn Bhd TA Securities Holdings Berhad Standard Chartered KAF Seagroatt & Campbell RHB Research Institute Sdn Bhd Hong Leong Investment Bank Bhd Morgan Stanley Macquarie Kenanga Investment Bank Bhd Credit Suisse JPMorgan S&P Capital IQ Goldman Sachs Sanford C. Bernstein & Co HSBC Deutsche Bank EVA Dimensions ECM Libra

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

Analyst SUE LIN LIM RACHEL HUANG WENG JIN CHING EILEEN TAN JULIAN CHUA KHAIRUL RIFAIE DESMOND CHNG ONG BOON LEONG KING YOONG CHEAH TEAM COVERAGE DIKSHA GERA CHEHAN PERERA DAVID CHONG LOW YEE HUAP EDWARD GOH MATTHEW SMITH TEAM COVERAGE DANNY GOH HARSH WARDHAN MODI SITI RUDZIAH SALIKIN BENJAMIN KOO KEVIN KWEK LOO KAR WENG TRACY YU DOUG WALTERS LEONG HON SZE

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

Recommendation hold hold outperform add buy neutral hold hold trading buy buy outperform buy buy hold Underwt/Cautious underperform market perform neutral overweight hold neutral/neutral market perform overweight not rated underweight hold

Amt Held 2'287'306'267 1'161'132'632 767'733'670 209'215'303 141'911'790 105'224'517 100'737'356 70'429'580 52'165'481 51'383'990 39'181'387 29'459'700 20'768'269 17'220'041 16'801'145 15'302'590 14'937'892 14'052'900 13'208'642 12'411'600

% Out 30.03 15.25 10.08 2.75 1.86 1.38 1.32 0.92 0.68 0.67 0.51 0.39 0.27 0.23 0.22 0.2 0.2 0.18 0.17 0.16

Weighting

Change

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

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

Latest Chg 64'839'500 2'408'900 (561'800) (3'311'392) (1'331'500) 102'520 (5'149'200) 8'055'362 381'200 15'701'800 (10'874'900) 1'483'645 (637'001) 16'801'145 750'736 275'000 11'198'100 -

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

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

File Dt 09.05.2013 16.10.2013 14.10.2013 30.09.2013 30.09.2013 21.10.2013 30.06.2013 30.04.2013 08.05.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 31.08.2013 28.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 30.09.2013

Date 2 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

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

Date 23.10.2013 22.10.2013 22.10.2013 22.10.2013 20.10.2013 18.10.2013 17.10.2013 17.10.2013 17.10.2013 10.10.2013 04.10.2013 01.10.2013 01.10.2013 01.10.2013 08.09.2013 06.09.2013 03.09.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 13.06.2013 10.06.2013 06.06.2013 21.11.2012

23.10.2013

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

60.0 M

50.0 M

30 40.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.10.2013 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

12/2012 06/yy 35.45 18.10 20'715'245.00 24.35 -31.31% 34.53% 38.62% 3'398.6 434'942.03 87'184.00 0.0 49'968.0 55'599.00 407'507.84

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

20.0 M

10 10.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 104'416.0 3.62x 50'621.0 7.47x 25'959.0 11.07x

30.0 M

31.12.2009 31.12.2010 117'526.0 157'662.0 6.12x 3.31x 58'355.0 72'181.0 12.32x 7.22x 30'276.0 38'834.0 21.98x 14.16x Profitability

LTM-4Q 31.12.2011 209'225.0 2.69x 84'836.0 6.64x 45'846.0 11.86x

31.12.2012 250'260.0 2.37x 88'014.0 6.73x 48'858.0 11.12x 88'014.00 69'864.00 27.92% 27.18% 10.48% 18.94% 16.33% 0.57% 33.0% 34.3% 27.2% 19.5% 1.05 0.72 19.06% 33.98% 11.38 9.73

Price/ Cash Flow

LTM

FY+1

5.02 1.15 3'388.20 -22.60% -23.97% 1.146 33 4.303 23'975'210 19'823'490 19'890'140 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225'853.0 252'577.0 250'604.1 260'897.5 64'966.5 66'570.0 9.29x 7.97x 1.64x 1.56x 6.53x 0.0 0.0 85'410.1 87'806.4 16'479.0 0.00x 0.00x 4.77x 4.64x 48'327.0 46'787.0 44'786.1 44'188.5 10'479.3 12'442.0 9.12x 6.66x 8.50x 8.55x 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

23.62 9.30 0.20 0.70 34.0% 22.1% 0.57 0.85 32.07 37.52 59.10 -3.13

Sales/Revenue/Turnover

14.00

300'000.0

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name JPMORGAN CHASE & CO BLACKROCK WALTER SCOTT & PARTN VANGUARD GROUP INC FRANKLIN RESOURCES BANK OF NEW YORK MEL MATTHEWS INTERNATION HANG SENG INVESTMENT STATE STREET CORP INVESCO LTD INVESTEC PLC EASTSPRING INVESTMEN NORGES BANK ALLIANZ ASSET MANAGE PRUDENTIAL PLC MANULIFE FUNDS DIREC MITSUBISHI CORP SHINHAN BNP PARIBAS CAPITAL GROUP COMPAN FIL LIMITED

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL W PARKER Morgan Stanley SARA CHAN Maybank Kim Eng ALEXANDER LATZER Barclays EPHREM RAVI JPMorgan DANIEL KANG Jefferies LABAN YU Nomura JOSEPH C LAM Standard Chartered CHEN YAN Bank of China International LAWRENCE LAU UOB Kay Hian HELEN LAU UBS GHEE PEH Macquarie MATTY ZHAO Guotai Junan LEO WU Deutsche Bank JAMES KAN Ji Asia SAMUEL THAWLEY Capital Securities Corp ZHENG CHUNMING Masterlink Securities LI XIN ABC International MARK YIBIAO CHEN Credit Suisse TRINA CHEN Yuanta Securities Investment ConsultingNICE WANG Haitong International Securities CHO FOOK TAT DBS Vickers JUNE NG China International Capital Corp CAI HONGYU S&P Capital IQ HOOI TOW CHEW Goldman Sachs JULIAN ZHU HSBC SIMON FRANCIS BOCOM International Holdings WANG RONGJUAN EVA Dimensions DOUG WALTERS ICBC International Securities ANNA YU Citic Securities Co., Ltd ZU GUOPENG Religare Capital Markets TRACY HUANG KGI Securities FLANNERY HUEI-CHEN AMTD Financial Planning Limited KENNY TANG SING HING Cinda Securities Ltd CASTOR PANG

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

Recommendation underperform Overwt/Attractive buy overweight overweight underperform neutral in-line buy buy restricted neutral buy buy buy buy buy buy outperform buy buy buy accumulate buy Buy/Neutral overweight buy buy buy buy buy neutral buy buy

Amt Held 394'953'475 304'970'700 176'584'372 110'873'192 56'505'630 55'869'581 48'920'500 45'787'215 34'955'037 29'590'669 26'161'000 18'776'500 14'382'108 12'113'500 12'090'000 12'043'500 10'378'500 9'815'630 9'243'687 8'753'721

% Out 11.62 8.97 5.2 3.26 1.66 1.64 1.44 1.35 1.03 0.87 0.77 0.55 0.42 0.36 0.36 0.35 0.31 0.29 0.27 0.26

Weighting

Change

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

Latest Chg (1'554'500) 2'310'000 2'518'500 7'174'000 1'235'393 (8'995'595) 184'500 (1'550'000) 125'000 (6'269'500) 30'500 (9'945'570)

Target Price 15 30 29 35 27 21 30 25 33 38 #N/A N/A 28 41 26 29 18 33 30 32 29 29 28 28 28 26 31 29 #N/A N/A 32 35 36 36 30 35

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

File Dt 12.09.2013 21.10.2013 23.07.2013 30.09.2013 31.08.2013 22.10.2013 28.06.2013 28.03.2013 22.10.2013 21.10.2013 30.06.2013 15.04.2013 31.12.2012 30.09.2013 28.06.2013 30.06.2012 31.03.2012 31.03.2013 31.07.2013 30.04.2013

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided 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 Government Investment Advisor Investment Advisor Unclassified Corporation Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 22.10.2013 22.10.2013 17.10.2013 14.10.2013 10.10.2013 10.10.2013 07.10.2013 30.09.2013 19.09.2013 17.09.2013 09.09.2013 02.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 25.08.2013 25.07.2013 06.06.2013 23.05.2013 05.11.2012 29.10.2012 13.08.2012 16.07.2012 07.07.2010

23.10.2013

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 350000

.8 M

300000

.7 M .6 M

250000

.5 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 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

12/2012 06/yy 291'500.00 172'000.00 427'807.00 267500 -8.23% 55.52% 89.54% 76.0 20'330'000.00 6'542'331.00 0.0 0.0 662'942.85 25'787'741.57

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

.3 M

100000

.2 M

50000

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 19'957'080.9 0.48x 2'596'964.1 3.66x 2'256'664.8 5.34x

.4 M

150000

31.12.2009 31.12.2010 21'142'196.7 22'408'120.0 0.50x 1.34x 2'666'205.3 4'031'444.7 4.00x 7.43x 2'146'488.8 2'835'399.0 4.86x 9.51x Profitability

LTM-4Q 31.12.2011 25'019'604.0 0.76x 3'116'212.7 6.12x 1'945'941.6 8.09x

LTM

31.12.2012 06/yy 06/yy 25'055'014.3 ######### ######### 0.83x 3.38x 3.02x 1'807'708.9 ######### ######### 11.46x 8.79x 11.58x 1'105'092.3 ######### 955'847.7 13.42x 14.00x 11.77x 1'807'708.90 1'284'649.90 5.13% 5.70% 3.65% 7.39% 6.07% 0.83% 11.2% 7.2% 5.1% 4.4% 1.08 0.61 21.35% 43.07% 4.04 7.78

Price/ Cash Flow

0.93 1.34 39.66 14.77% 10.54% 1.338 37 4.243 312'125 300'810 279'528

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M o-13

11.43 7.81 3.25 3.62 43.1% 30.1% 0.83 3.08 90.63 47.07 110.58 27.11

Sales/Revenue/Turnover

50.00

30'000'000.0

45.00

25'000'000.0

40.00 35.00

20'000'000.0

30.00

15'000'000.0

25.00 20.00

10'000'000.0

15.00 10.00

5'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER KCC CORP EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T JPMORGAN CHASE & CO DIMENSIONAL FUND ADV KB ASSET MANAGEMENT FMR LLC ROBECO GROEP NV KYOBO AXA INVESTMENT SCHRODER INVESTMENT MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU CHINA INTERNATIONAL

Firm Name

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

Analyst

Daewoo Securities SUNG KI-JONG Dongbu Securities Co Ltd KIM HONG-GYUN Shinyoung Securities Co., Ltd. UM KYUNG-A KIWOOM Securities Co Ltd CHOI WON-KYUNG Nomura ANGELA HONG Samsung Securities YOUNGSOO HAN KTB Securities LEE KANG-ROK Standard Chartered JAMES KP HONG Korea Investment & Securities RICHARD PARK LIG Investment Securities CHOI GWANG-SHIK KB Investment & Securities Co., Ltd LEE SANG-WON Macquarie LEE JUWON Daishin Securities Co., Ltd. JEON JAE-CHEON BNP Paribas Equity Research JAMES HIE SUK YOON Hana Daetoo Securities SANG-WOO LEE SK Securities Co Ltd LEE JI-HOON Mirae Asset Securities CHUNG WOO CHANG Shinhan Investment Corp KIM HYUN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Hanwha Securities Co., Ltd DONG-IK JEONG S&P Capital IQ AHMAD HALIM Tong Yang Investment Bank LEE JAE-WON JPMorgan LEE SOKJE Deutsche Bank SANJEEV RANA Credit Suisse HENRY KWON E*Trade Securities Korea PARK MOO-HYUN EVA Dimensions TIMOTHY STANISH CIMB KJ HWANG BS Securities Co Ltd KWAK MIN-JUNG Morgan Stanley PARK SANG-KYOO HSBC PAUL CHOI Meritz Securities Co., Ltd KIM SEUNG CHURL Hyundai Securities LEE SANG-HWA Eugene Investment & Securities Co., LtdMOON-SOO JANG UBS SON YONG-SUK

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

Recommendation buy buy buy buy buy buy buy in-line buy buy buy outperform buy buy buy neutral buy buy outperform buy buy buy neutral buy outperform buy sell outperform hold Overwt/Attractive underweight buy market perform hold restricted

Amt Held 14'711'560 7'717'769 6'063'000 4'273'118 2'369'393 1'176'066 1'021'711 516'576 439'295 438'799 339'476 230'755 198'116 186'623 174'198 172'218 170'666 157'591 151'899 147'384

% Out 19.36 10.15 7.98 5.62 3.12 1.55 1.34 0.68 0.58 0.58 0.45 0.3 0.26 0.25 0.23 0.23 0.22 0.21 0.2 0.19

Weighting

Change

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

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

Latest Chg (2'739'670) 2'684 6'542 (130'401) (195'458) 2'465 8'553 14'553 (223) (3'038) 121'256 26'915 (36'352) 45'800

Target Price 340'000 320'000 340'000 350'000 320'000 310'000 320'000 280'000 320'000 370'000 270'000 370'000 300'000 325'000 286'000 270'000 328'000 330'000 300'000 270'000 299'000 260'000 250'000 295'000 290'000 270'000 #N/A N/A 264'000 220'000 281'000 160'000 265'000 220'000 251'000 #N/A N/A

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

File Dt 31.12.2012 29.03.2013 29.03.2013 31.12.2012 13.01.2012 31.12.2012 21.10.2013 30.09.2013 31.12.2012 31.03.2013 30.06.2013 31.07.2013 31.03.2013 31.08.2013 30.04.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.12.2012

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

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

Date 22.10.2013 21.10.2013 21.10.2013 18.10.2013 15.10.2013 14.10.2013 14.10.2013 10.10.2013 08.10.2013 08.10.2013 07.10.2013 04.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 23.09.2013 23.09.2013 12.09.2013 12.09.2013 09.09.2013 04.09.2013 02.09.2013 19.08.2013 19.08.2013 13.08.2013 01.08.2013 26.07.2013 25.07.2013 24.06.2013 31.01.2013 09.01.2013 29.10.2012 10.10.2012

23.10.2013

Hana Financial Group Inc Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Price/Volume 45000

12.0 M

40000

10.0 M

35000 30000

8.0 M

25000

12/2012 06/yy 43'100.00 30'100.00 10'515'666.00 40200 -6.73% 33.55% 86.54% 289.9 11'653'741.00 3'465'063.00 0.0 0.0 60'230.00 15'211'713.29

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

15000

4.0 M

10000

2.0 M

5000 0 o-12

31.12.2009 31.12.2010 479'301.0 2'110'865.0 18.34x 435'457.0 2'082'194.0 20.19x 306'290.0 1'926'300.0 22.44x 4.71x Profitability

LTM-4Q 31.12.2011 421'026.0 381'205.0 184'468.0 50.00x

d-12

j-13

LTM

31.12.2012 06/yy 06/yy 27'778.0 114'114.0 157'424.0 423.67x 428.89x 313.86x (26'689.0) 59'779.0 112'254.0 199.53x 117.56x (181'130.0) (104'152.0) (60'866.0) 0.00x 0.00x -26'689.00 -653.63% -1.10% -1.41% -1.12% 0.00% -96.1% -652.1% 21.42% 27.42% -

Price/ Cash Flow

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

1.12 1.29 263.01 27.69% 16.37% 1.290 41 4.659 1'201'489 992'906 885'147

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

12/13 Q4

03/14 Q1

S&P Issuer Ratings

-129.83 27.4% 21.5% 0.00 8.17 -

Sales/Revenue/Turnover

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 533'134.0 10.48x 494'083.0 11.31x 483'446.0 8.47x

6.0 M

20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 086790 KS EQUITY YTD Change 086790 KS EQUITY YTD % CHANGE

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Hana Financial Group Inc Holdings By:

All

Holder Name NATIONAL PENSION SER CAPITAL GROUP COMPAN GS DEJAKOO LLC WELLINGTON MANAGEMEN ALLIANCE BERNSTEIN L BLACKROCK FRANKLIN RESOURCES DIMENSIONAL FUND ADV VANGUARD GROUP INC GRANTHAM MAYO VAN OT NORGES BANK FMR LLC SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ROBECO GROEP NV HANA FINANCIAL GROUP KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER UBS HANA ASSET MANAG FIL LIMITED

Firm Name

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

Analyst

Samsung Securities JAEWOO KIM Daewoo Securities TAYE SHIM Daishin Securities Co., Ltd. CHOI JUNG-WOOK Meritz Securities Co., Ltd PARK SUN-HO Korea Investment & Securities LEE JOANNE Eugene Investment & Securities Co., LtdKIM IN HMC Investment Securities Co Ltd LEE CHANG-WOOK Tong Yang Investment Bank SUNG BYUNG-SOO Woori Investment & Securities JASON CHOI Credit Suisse GIL HYUNG KIM KTB Securities OH JIN-WON Hanwha Securities Co., Ltd KYU-SUN SHIM KB Investment & Securities Co., Ltd SHIM HYUN-SOO KIWOOM Securities Co Ltd SEO YOUNG-SOO Mirae Asset Securities HEATHER KANG E*Trade Securities Korea HA HAKSOO IBK Securities Co Ltd PARK JIN-HYOENG Morgan Stanley JOON SEOK JPMorgan SCOTT YH SEO HI Investment Securities YOO SANG-HO Nomura MICHAEL NA Macquarie CHAN HWANG Standard Chartered JINSANG KIM UBS SCOTT LEE Dongbu Securities Co Ltd LEE BYUNG-GUN Shinhan Investment Corp KIM SOO-HYUN SEAN HSBC SINYOUNG PARK Shinyoung Securities Co., Ltd. IM IL-SUNG Barclays MICHELLE CHO Hyundai Securities KOO KYUNG-HWE EVA Dimensions DOUG WALTERS NH Investment & Securities KIM EUN-GAB Deutsche Bank JEE HOON PARK Leading Investment & Securities BAE JUNG-HYUN CIMB DAEHYUN KIM LIG Investment Securities SOHN JOON-BEOM BNP Paribas Equity Research TEAM COVERAGE Daiwa Securities Co. Ltd. CHANG-HEE LEE Kyobo Securities HWANG SEOK-KYU

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

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

Amt Held 22'732'503 14'769'740 10'844'689 9'774'707 7'229'434 6'533'598 6'406'409 4'646'662 4'110'882 2'854'978 2'528'441 2'517'543 2'507'043 2'349'671 2'170'456 2'020'000 1'700'528 1'697'504 1'483'154 1'337'546

% Out 7.84 5.09 3.74 3.37 2.49 2.25 2.21 1.6 1.42 0.98 0.87 0.87 0.86 0.81 0.75 0.7 0.59 0.59 0.51 0.46

Weighting

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

Latest Chg 9'220 (7'500'000) (2'663'766) (5'793'825) (48'591) 1'629'687 96'710 (44'854) 1'722'229 169'915 118'032 553'527 24'304 (579'673) (218'840) 1'325'494

Target Price 51'000 52'000 50'000 49'000 50'000 42'000 52'000 50'000 48'000 47'000 51'000 54'800 55'000 41'000 49'500 39'100 47'000 43'000 46'000 47'000 55'000 52'000 49'500 56'000 53'900 45'000 48'000 49'500 50'700 45'000 #N/A N/A #N/A N/A 43'000 51'000 44'000 53'000 44'700 50'000 48'000

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

File Dt 31.12.2011 16.10.2013 21.04.2011 12.12.2011 31.08.2011 21.10.2013 31.07.2013 31.07.2013 30.09.2013 31.05.2013 31.12.2012 31.08.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2011 31.03.2013 31.12.2011 31.03.2013 30.04.2013

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

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

Date 23.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 21.10.2013 20.10.2013 20.10.2013 20.10.2013 20.10.2013 19.10.2013 18.10.2013 18.10.2013 16.10.2013 16.10.2013 16.10.2013 07.10.2013 16.09.2013 12.09.2013 10.09.2013 20.08.2013 09.08.2013 05.08.2013 21.07.2013 17.07.2013 07.06.2013 12.04.2013 02.12.2011

23.10.2013

Tatneft OAO Tatneft explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe.

Price/Volume 250

.0 M .0 M

200

.0 M .0 M

150

.0 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATNS RU EQUITY YTD Change TATNS RU EQUITY YTD % CHANGE

12/2008 06/yy 234.00 169.21 30.00 216.38 -7.53% 27.88% 72.80% 2'178.7 471'425.09 70'087.00 746.0 16'279.0 28'014.00 499'209.10

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

.0 M .0 M

0 o-12

31.12.2009 31.12.2010 380'648.0 468'032.0 0.95x 0.89x 81'910.0 76'235.0 4.42x 5.48x 54'372.0 46'673.0 5.48x 6.74x Profitability

LTM-4Q 31.12.2011 615'867.0 0.71x 103'005.0 4.23x 61'428.0 5.56x

31.12.2012 444'099.0 1.18x 121'442.0 4.30x 73'473.0 6.39x 121'442.00 103'672.00 23.34% 22.93% 16.5% 1.83 1.02 11.11% 16.33% -

Price/ Cash Flow

d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

LTM

FY+1

s-13

0.95 1'462.11 11.39% 3.21% 0.952 20 2.650 0 2'518 1'149 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 616'121.0 388'510.0 561'951.8 549'907.6 120'938.0 144'941.5 2.80x 3.71x 0.94x 0.91x 4.35x 3.59x 102'533.0 94'118.0 115'526.6 114'210.7 38'130.0 30'869.0 4.31x 0.00x 4.32x 4.37x 54'836.0 59'699.0 70'082.0 68'594.8 24'775.0 18'110.5 6.98x 6.97x 6.79x 7.02x 19.34x 46.63x S&P Issuer Ratings Long-Term Rating Date 25.08.2006 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.83 (EBITDA-Capex)/Interest Exp. 8.63 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 16.3% Total Debt/Capital 13.6% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 444'332.0 0.33x 46'026.0 3.20x 8'413.0 14.78x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Tatneft OAO Holdings By:

All

Holder Name SVYAZINVESTNEFTEKHIM BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT RAIFFEISEN KAPITALAN TAKHAUTDINOV SHAFAGA DEKABANK DEUTSCHE GI UNION INVESTMENT LUX HANDELSBANKEN FONDER MUSLIMOV RENAT KHALI PICTET FUNDS LAVUSHCHENK VLADIMIR SHCHELKOV FEDOR LAZA ERSTE SPARINVEST KAG KBM INFOND MANAGEMEN RAKHMANOV RIFKAT MAZ FIRST TRUST IBRAGIMOV NAIL GABDU KHISAMOV RAIS SALIKH SWEDBANK ROBUR FONDE

Firm Name HSBC Alfa-Bank Deutsche Bank JPMorgan BCS Otkritie Capital AK Bars Finance UFS-Finance Investment Company Investcafe LLC Gazprombank Goldman Sachs Uralsib EVA Dimensions Veles Capital Energocapital Brokerage VTB Capital Raiffeisenbank AG Aton LLC UBS RMG Securities

Portfolio Name n/a n/a n/a SCHRODER ISF EMERGIN Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst ILDAR KHAZIEV ALEXANDER KORNILOV TATIANA KAPUSTINA ANDREY GROMADIN TIMUR SALIKHOV ALEXANDER BURGANSKY ALEXANDER SIDOROV ILYA BALAKIREV BIRG SEMEN ALEXANDER NAZAROV GEYDAR MAMEDOV ALEXEI KOKIN DOUG WALTERS VASILIY TANURKOV Vasiliy Koposov DMITRY LOUKASHOV ANDREY POLISCHUK ELENA SAVCHIK CONSTANTINE CHEREPANOV MIKHAIL LOSHININ

Source Co File ULT-AGG ULT-AGG MF-PART MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG Co File Co File MF-AGG MF-AGG Co File ULT-AGG Co File Co File MF-AGG

Recommendation underweight equalweight hold overweight sell hold hold hold hold neutral Sell/Neutral hold buy hold sell sell reduce buy suspended coverage hold

Amt Held 708'292'338 25'370'564 15'015'546 6'202'052 4'975'432 2'699'616 1'782'500 1'750'604 1'719'094 1'516'804 1'506'916 1'049'911 686'723 660'000 521'177 472'340 450'345 450'335 430'291 400'000

% Out 32.51 1.16 0.69 0.28 0.23 0.12 0.08 0.08 0.08 0.07 0.07 0.05 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change

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

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

Latest Chg 46'440 133'715 14'000 (197'500) 88'240 (70'000) (17'908) 90'000 (52'289) 400'000

Target Price 193 215 220 280 216 213 218 210 202 198 176 197 #N/A N/A 183 215 187 198 218 #N/A N/A 225

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

File Dt 14.05.2012 21.10.2013 30.09.2013 31.07.2013 31.07.2013 31.12.2012 28.03.2013 31.08.2013 30.09.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.08.2013 31.12.2012 22.10.2013 31.12.2012 31.12.2012 30.09.2012

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

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

Date 21.10.2013 11.10.2013 10.10.2013 10.10.2013 09.10.2013 20.09.2013 13.09.2013 11.09.2013 11.09.2013 09.09.2013 13.08.2013 20.06.2013 06.06.2013 28.05.2013 08.04.2013 14.03.2013 13.03.2013 22.11.2012 14.09.2012 10.09.2012

23.10.2013

Price/Volume

60.0 M 50.0 M

40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC3 BZ EQUITY YTD Change BBDC3 BZ EQUITY YTD % CHANGE

12/2012 09/yy 37.36 23.57 16'000.00 36.64 -1.93% 55.43% 96.30% 2'103.6 146'013.45 307'230.10 0.0 208.7 84'145.54 -

30.0 M

15 10

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

70.0 M

35 30

Valuation Analysis

31.12.2008 76'701.0 7'018.0 4.93x

31.12.2009 31.12.2010 85'241.0 78'055.6 9'216.0 9'939.6 8.25x 12.36x Profitability

LTM-4Q 31.12.2011 98'694.6 10'958.1 10.71x

31.12.2012 100'442.6 11'291.6 11.89x 24.06% 25.50% 1.34% 17.77% 3.56% 0.18% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

09/yy 09/yy 159'187.2 162'749.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'213.6 11'825.2 11.09x 10.79x

FY+1

.0 M o-13

0.86 547.37 58.61% 20.38% 0.858 0 1'278'480 1'281'073 1'446'382 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 65'677.2 70'914.3 17'496.0 18'440.5 12'250.1 13'601.6 3'065.0 3'314.3 12.43x 11.14x 11.90x 11.55x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.18 36.61 -

Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Banco Bradesco SA Holdings By:

All

Holder Name CIDADE DEUS CIA CIAL FUNDACAO BRADESCO NCF PARTICIPACOES SA MITSUB UFJ FINANCIAL VANGUARD GROUP INC ABERDEEN BLACKROCK CSHG ASSET MGMT SA COMMONWEALTH BANK OF CREDIT SUISSE AG BANCO BRADESCO SA ITAU UNIBANCO SA FUNDACAO CESP BRAM BRADESCO ASSET REAL GRANDEZA FUNDAC SCHRODER INVESTMENT CAISSE DE DEPOT ET P BB GESTAO DE RECURSO PICTET FUNDS HSBC BANK BRAZIL SA

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios SISF LATIN AMERICAN Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Source EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-PART MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

Amt Held 1'022'367'683 358'459'780 172'498'251 52'446'992 21'041'119 19'169'040 16'321'845 8'483'896 5'573'001 3'172'120 2'945'092 2'425'285 1'309'745 1'272'526 1'170'600 1'146'245 1'106'380 896'298 654'400 625'060

% Out 48.6 17.04 8.2 2.49 1 0.91 0.78 0.4 0.26 0.15 0.14 0.12 0.06 0.06 0.06 0.05 0.05 0.04 0.03 0.03

Weighting

Change

Latest Chg (12'484) 354'349 (112'059) 69'030 33'410 671'456 (768'491) 43'300 659'592 (429'767) 2'450 (16'600) (88'700)

Target Price

#N/A N/A

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

File Dt 12.06.2013 12.06.2013 12.06.2013 28.01.2013 30.09.2013 30.09.2013 21.10.2013 30.09.2013 31.05.2013 30.09.2013 12.06.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 31.07.2013 31.12.2012 30.09.2013 30.06.2013 30.08.2013

Date

Inst Type Holding Company Other Venture Capital Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

23.10.2013

Telekomunikasi Indonesia Persero Tbk PT PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (03.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLKM IJ EQUITY YTD Change TLKM IJ EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 2'566.04 1'720.64 113'433'500.00 2250 -12.32% 30.77% 62.62% 100'800.0 226'799'984.00 19'275'000.00 0.0 15'437'000.0 17'456'000.00 247'692'991.90

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

600.0 M

2500

500.0 M

2000

400.0 M

1500

300.0 M

1000

200.0 M

500

100.0 M

0 o-12

n-12

31.12.2009 67'677'518.0 3.12x 36'762'440.0 5.75x 11'398'826.0 16.31x Profitability

31.12.2010 68'629'181.0 2.64x 37'102'578.0 4.88x 11'536'999.0 13.55x

LTM-4Q 31.12.2011 71'253'000.0 2.22x 36'558'000.0 4.32x 10'965'000.0 12.60x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

.0 M o-13

LTM

FY+1

1.03 49'197.61 20.87% 28.89% 1.031 30 4.333 93'196'100 ######### ######### FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 77'143'000.0 ######### ######### ######### ######### ######### 2.47x 8.97x 10.58x 2.87x 2.64x 39'757'000.0 ######### ######### ######### ######### ######### 4.79x 4.70x 5.79x 5.75x 5.39x 5.58x 12'850'000.0 ######### ######### ######### ######### ######### 13.52x 13.79x 15.91x 15.01x 13.78x 14.14x S&P Issuer Ratings 39'757'000.00 Long-Term Rating Date 25'301'000.00 Long-Term Rating 32.80% Long-Term Outlook 31.41% Short-Term Rating Date 12.72% Short-Term Rating 27.97% Credit Ratios 26.35% EBITDA/Interest Exp. 0.76% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 50.8% Reference 32.9% Total Debt/Equity 16.7% Total Debt/Capital Asset Turnover 1.10 Net Fixed Asset Turnover 0.94 Accounts receivable turnover-days 17.31% Inventory Days 37.40% Accounts Payable Turnover Day 13.24 Cash Conversion Cycle -

Price/ Cash Flow

FQ+2 12/13 Q4 ######### ######### 5.52x ######### 13.99x 15.10.2008 NR 19.35 15.35 0.19 0.49 37.4% 22.3% 0.76 1.04 27.56 -

Sales/Revenue/Turnover

10.00

90'000'000.0

9.00

80'000'000.0

8.00

70'000'000.0

7.00

60'000'000.0

6.00

50'000'000.0

5.00

40'000'000.0

4.00

30'000'000.0

3.00

20'000'000.0

2.00

10'000'000.0

1.00 0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 60'689'784.0 2.61x 34'620'691.0 4.58x 10'619'470.0 12.83x

3000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Telekomunikasi Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI BANK OF NEW YORK MEL VANGUARD GROUP INC BLACKROCK JPMORGAN CHASE & CO PICTET FUNDS INVESCO LTD NORGES BANK WILLIAM BLAIR & COMP FIL LIMITED MATTHEWS INTERNATION AIA FINANCIAL PT GRANTHAM MAYO VAN OT SCHRODER INVESTMENT PT ASURANSI ALLIANZ GOLDMAN SACHS GROUP SEB PRUDENTIAL PLC PRINCIPAL FINANCIAL CAISSE DE DEPOT ET P

Firm Name Sanford C. Bernstein & Co BNP Paribas Equity Research Credit Suisse Deutsche Bank Morgan Stanley RHB Research Institute Sdn Bhd HSBC UBS Barclays Macquarie Nomura Goldman Sachs EVA Dimensions JPMorgan PT Batavia Prosperindo Sekuritas New Street Research AmCapital Indonesia Daiwa Securities Co. Ltd. Samuel Sekuritas Indonesia Sucorinvest Central Gani Ciptadana Sekuritas DBS Vickers UOB Kay Hian Danareksa CIMB Trimegah Securities Tbk PT Bahana Securities

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

Analyst CHRISTOPHER LANE FOONG CHOONG CHEN COLIN MCCALLUM RAYMOND KOSASIH NAVIN KILLA JEFFREY TAN LUIS HILADO SURESH A MAHADEVAN ANAND RAMACHANDRAN RIAZ HYDER SACHIN GUPTA SACHIN SALGAONKAR ANDREW S ZAMFOTIS PRINCY SINGH ARANDI NUGRAHA CHRIS HOARE AKHMAD NURCAHYADI RAMAKRISHNA MARUVADA ADRIANUS BIAS PRASURYO ARIEF BUDIMAN TRIWIRA JUNIARTA TJANDRA SACHIN MITTAL JONATHAN KOH CHANDRA S PASARIBU KELVIN GOH ROBBY HAFIL HARRY SU

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

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

Amt Held 51'602'353'555 9'694'120'580 3'817'720'168 1'327'977'462 754'764'027 728'699'989 633'890'000 568'543'955 559'710'000 538'011'783 447'485'000 421'906'717 352'705'000 254'394'995 157'337'731 154'320'000 152'131'345 140'677'500 136'698'500 135'258'305

% Out 51.19 9.62 3.79 1.32 0.75 0.72 0.63 0.56 0.56 0.53 0.44 0.42 0.35 0.25 0.16 0.15 0.15 0.14 0.14 0.13

Latest Chg 2'339'358'368 (28'310'873) (87'613'473) 414'512'500 44'360'000 (141'135'000) (536'330'441) 282'164'000 17'637'500 4'528'555 20'377'500 13'036'500 (50'547'800) 49'820'500 -

Weighting

Change

Target Price

3 3 3 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 3 5 3 3 5 5 5 3 5

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

2'300 2'150 2'400 2'700 2'500 2'500 2'300 2'600 2'500 2'500 2'100 2'840 #N/A N/A 2'770 2'415 2'540 2'580 2'675 2'300 2'740 2'400 2'000 2'610 2'650 2'900 2'080 2'900

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

File Dt 30.06.2013 30.06.2013 30.09.2013 21.10.2013 31.08.2013 31.07.2013 21.10.2013 31.12.2012 30.06.2013 28.08.2013 28.06.2013 31.08.2013 28.08.2013 30.06.2013 30.09.2013 30.06.2013 30.06.2013 28.06.2013 31.08.2013 31.12.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 17.10.2013 17.10.2013 04.10.2013 02.10.2013 27.09.2013 24.09.2013 16.09.2013 11.09.2013 04.09.2013 03.09.2013 03.09.2013 29.08.2013 29.08.2013 28.08.2013 23.08.2013 20.08.2013 16.08.2013 30.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 22.07.2013 22.07.2013 20.07.2013 19.07.2013 31.05.2013

23.10.2013

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

Price/Volume 5

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

4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1288 HK EQUITY YTD Change 1288 HK EQUITY YTD % CHANGE

12/2012 06/yy 4.44 2.94 112'547'506.00 3.58 -19.37% 21.77% 47.33% 30'738.8 1'046'786.63 1'293'154.00 0.0 1'539.0 3'098'724.00 -

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

1 1 0 o-12

n-12

31.12.2009 31.12.2010 339'235.0 409'295.0 64'992.0 94'873.0 10.02x Profitability

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 547'924.0 121'927.0 7.13x

31.12.2012 652'516.0 145'094.0 6.85x 43.79% 43.87% 1.16% 21.19% 7.25% 0.05% 33.9% 9.76% 172.46% -

Price/ Cash Flow

LTM

FY+1

1.24 30'738.82 13.71% -0.54% 1.243 38 4.211 95'842'700 ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 612'975.0 683'573.0 470'432.7 521'196.1 118'360.7 119'782.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 135'759.0 156'947.0 162'896.1 174'506.4 44'255.6 28'574.0 6.03x 5.31x 5.59x 5.23x S&P Issuer Ratings Long-Term Rating Date 17.12.2012 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 17.12.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 172.5% Total Debt/Capital 63.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.34 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

18.00

700'000.0

16.00

600'000.0

14.00

500'000.0

12.00 10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 335'717.0 51'474.0 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Agricultural Bank of China Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN CITIGROUP INCORPORAT BLACKROCK JPMORGAN CHASE & CO STANDARD CHARTERED B VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT FIL LIMITED SEB HARVEST FUND MANAGEM PICTET FUNDS ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS LAZARD ASSET MANAGEM BANK OF NEW YORK MEL CHINA INTERNATIONAL GRANTHAM MAYO VAN OT GOLDMAN SACHS GROUP MATTHEWS INTERNATION

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

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

Analyst MICHAEL WERNER TRACY YU ALEXANDER LEE TAN MING JUDY ZHANG MAY YAN TREVOR KALCIC JIM ANTOS KATHERINE LEI KENNY TANG SING HING SANJAY JAIN TODD DUNIVANT LUCY FENG IVAN LIN MAO JUNHUA CHEN XINGYU PALLAVI DESHPANDE EDMOND LAW SOPHIE JIANG WILSON LI LI SHANSHAN JOHANNES AU RICHARD XU IRENE HUANG ISMAEL PILI DORRIS CHEN RAINY YUAN XUE HUIRU DOUG WALTERS GRACE WU WILSON LI TEAM COVERAGE NING MA YUAN LIN TEAM COVERAGE ZHU YAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

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

Amt Held 2'142'992'000 2'013'023'778 1'839'551'204 1'355'826'770 1'217'281'000 676'442'703 278'259'000 199'342'531 174'418'955 150'949'000 108'920'000 95'658'294 82'892'000 81'227'000 80'386'500 78'501'000 74'013'000 72'144'000 67'816'000 58'704'000

% Out 6.97 6.55 5.98 4.41 3.96 2.2 0.91 0.65 0.57 0.49 0.35 0.31 0.27 0.26 0.26 0.26 0.24 0.23 0.22 0.19

Weighting

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

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

Latest Chg (10'383'000) 537'000 10'878'486 (759'000) 41'977'000 15'554'284 (14'989'000) (2'458'000) (3'424'000) (2'000) 44'434'000 72'144'000 1'549'000 (21'084'000)

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

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

File Dt 30.09.2013 13.09.2013 21.10.2013 31.08.2013 31.12.2012 30.09.2013 31.07.2013 30.06.2012 30.04.2013 30.06.2013 30.06.2013 30.08.2013 30.09.2013 31.03.2013 31.08.2013 22.10.2013 31.12.2012 31.05.2013 30.09.2013 28.06.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2013 21.10.2013 21.10.2013 18.10.2013 15.10.2013 15.10.2013 02.10.2013 17.09.2013 11.09.2013 10.09.2013 05.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 16.07.2013 28.06.2013 19.06.2013 06.06.2013 03.06.2013 09.04.2013 27.03.2013 25.02.2013 29.01.2013 22.11.2012 29.06.2012

23.10.2013

Rosneft OAO Rosneft Oil Company produces and markets petroleum products. The Company explores, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia.

Price/Volume 300

1.6 M 1.4 M

250

1.2 M 200

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROSNS RU EQUITY YTD Change ROSNS RU EQUITY YTD % CHANGE

12/2009 06/yy 276.19 204.70 32.00 258.66 -6.35% 26.36% 81.55% 10'598.2 2'741'324.75 31'874.34 0.0 1'178.1 9'555.76 146'827.98

31.12.2008 68'991.0 0.84x 16'988.0 3.40x 11'120.0 3.24x

.8 M .6 M

100

.4 M 50

.2 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

1.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 46'549.1 63'088.0 2.10x 1.42x 13'439.8 19'173.5 7.29x 4.68x 4'901.6 9'652.6 15.60x 7.16x Profitability

LTM-4Q 31.12.2011 92'124.1 0.99x 22'025.2 4.15x 10'773.9 6.49x

31.12.2012 98'224.1 1.05x 18'632.6 5.56x 10'992.6 7.46x 18'632.60 11'314.95 11.52% 14.34% 7.15% 15.77% 9.80% 0.69% 19.4% 11.9% 11.2% 2.15 1.16 25.25% 43.68% 13.93 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.61 1'254.09 18.82% -0.79% 0.612 21 3.857 698 4'991 3'968 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'061.6 113'986.2 133'268.3 143'393.5 41'928.9 39'656.4 3.28x 4.09x 1.09x 0.98x 3.72x 3.87x 18'802.1 22'122.0 27'212.4 28'816.6 9'143.7 8'042.2 4.61x 6.34x 5.40x 5.10x 9'621.6 11'769.6 12'526.8 12'525.8 4'546.3 3'474.3 6.75x 5.77x 6.80x 6.76x S&P Issuer Ratings Long-Term Rating Date 16.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.82 (EBITDA-Capex)/Interest Exp. 2.87 Net Debt/EBITDA 2.68 Total Debt/EBITDA 3.44 Reference Total Debt/Equity 43.7% Total Debt/Capital 30.1% Asset Turnover 0.69 Net Fixed Asset Turnover 1.01 Accounts receivable turnover-days 26.20 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Rosneft OAO Holdings By:

All

Holder Name RUSSIAN FEDERATION BP PLC BLACKROCK VANGUARD GROUP INC SECHIN IGOR IVANOVIC KHUDAINATOV EDUARD Y SWEDBANK ROBUR FONDE CAISSE DE DEPOT ET P DEKABANK DEUTSCHE GI KALANDA LARISA PICTET FUNDS FRANK RUSSELL TRUST HANDELSBANKEN FONDER RUDLOFF HANS-JOERG KAPITAL ASSET MANAGE AVDEEV DMITRY VIKTOR NOMURA ALLIANZ ASSET MANAGE PRUDENTIAL FINANCIAL DANSKE INVEST A/S

Firm Name Deutsche Bank UFS-Finance Investment Company Gazprombank Investcafe LLC Sanford C. Bernstein & Co Uralsib Alfa-Bank Otkritie Capital Sberbank CIB Infina Investment Company AK Bars Finance EVA Dimensions BCS Veles Capital RMG Securities Raiffeisenbank AG Energocapital Brokerage Aton LLC VTB Capital HSBC

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

Analyst PAVEL KUSHNIR ILYA BALAKIREV IVAN KHROMUSHIN GRIGORY BIRG OSWALD CLINT ALEXEI KOKIN ALEXANDER KORNILOV ALEXANDER BURGANSKY OLEG MAXIMOV ALEXANDER IVANISCHEV ALEXANDER SIDOROV DOUG WALTERS TIMUR SALIKHOV VASILIY TANURKOV MIKHAIL LOSHININ ANDREY POLISCHUK Vasiliy Koposov ELENA SAVCHIK DMITRY LOUKASHOV ILDAR KHAZIEV

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Research Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG Co File Research Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation sell hold neutral hold market perform hold equalweight buy hold buy hold overweight hold buy buy hold buy buy buy underweight

Amt Held 7'365'816'383 1'960'449'797 20'034'381 11'222'434 8'997'853 6'411'898 5'610'000 3'413'124 1'799'999 1'250'585 1'226'491 724'658 639'296 508'713 405'530 392'133 324'121 304'893 269'380 265'793

% Out 69.5 18.5 0.19 0.11 0.08 0.06 0.05 0.03 0.02 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0

Weighting

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

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

Latest Chg 34'140 361'918 3'710'000 (335'001) (149'696) 245'000 80'588 298'783 269'380 265'793

Target Price 175 280 281 288 320 234 268 290 243 320 257 #N/A N/A 275 434 281 246 290 259 288 171

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

File Dt 01.04.2013 01.04.2013 21.10.2013 30.09.2013 29.08.2013 31.03.2013 31.12.2012 31.12.2012 28.03.2013 31.03.2013 30.06.2013 30.06.2013 30.09.2013 31.03.2013 25.04.2012 31.03.2013 31.12.2012 30.09.2013 31.07.2013 30.09.2013

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

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

Date 23.10.2013 23.10.2013 21.10.2013 17.10.2013 16.10.2013 16.10.2013 11.10.2013 10.10.2013 08.10.2013 01.10.2013 13.09.2013 05.08.2013 01.08.2013 25.06.2013 08.04.2013 13.03.2013 14.02.2013 22.11.2012 31.10.2012 29.08.2012

23.10.2013

Turkiye Garanti Bankasi AS Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial banking services. The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services. Turkiye Garanti Bankasi operates in Turkey, the Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.

Price/Volume 12

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2012 06/yy 11.35 6.58 32'588'734.00 8.26 -27.22% 25.53% 36.48% 4'200.0 34'692.00 45'583.99 0.0 140.5 26'337.81 -

80.0 M 60.0 M

40.0 M 2

20.0 M

0 o-12

31.12.2009 31.12.2010 14'640.5 13'694.0 3'085.7 3'381.1 8.64x 9.71x Profitability

LTM-4Q 31.12.2011 15'453.2 3'326.3 7.45x

31.12.2012 17'675.4 3'334.1 11.66x 41.98% 41.98% 2.03% 18.19% 5.78% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 16'704.9 0.00x 0.0 0.00x 3'170.9 9.40x

06/yy 18'231.1 0.00x 0.0 0.00x 3'740.0 9.45x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

FY+1

1.17 1.11% -9.59% 1.167 32 3.469 66'680'380 66'711'750 63'753'810 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'986.0 12'047.0 2'155.3 3'611.0 3'898.6 643.1 9.41x 8.82x S&P Issuer Ratings

05.04.2013 BB+ STABLE 211.9% 67.8% 0.10 4.23 -

Sales/Revenue/Turnover

160.00

20'000.0

140.00

18'000.0 16'000.0

120.00

14'000.0

100.00

12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

n-12

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

140.0 M

Valuation Analysis

31.12.2008 12'829.6 1'879.4 5.81x

160.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK JPMORGAN CHASE & CO T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK UMB BANK N A MORGAN STANLEY THAMES RIVER CAPITAL JP MORGAN CHASE BANK GOLDMAN SACHS GROUP DANSKE INVEST A/S EAST CAPITAL ASSET M BNP PARIBAS BARING INTERNATIONAL

Firm Name Morgan Stanley Erste Group FinansInvest Seker Securities Societe Generale Ak Investment Credit Suisse Burgan Securities Renaissance Capital Eczacibasi Securities HSBC IS Investment & Securities Ekspres Invest Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Barclays Deutsche Bank Keefe, Bruyette & Woods EVA Dimensions Global Menkul Degerler JPMorgan Yatirim Finansman Securities Tera Stock Brokers IBG Research (ESN) Yapi Kredi Yatirim ve Menkul Degerler

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

Analyst MAGDALENA STOKLOSA CAN YURTCAN MUGE DAGISTAN NESLIHAN KARAGOZ ALAN WEBBORN HAKAN AYGUN ATES BULDUR DUYGUN KUTUCU YAVUZ UZAY SERCAN SOYLU TAMER SENGUN BULENT SENGONUL CIHAN SARAOGLU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK CRISTINA MARZEA KAZIM ANDAC RONNY REHN DOUG WALTERS SEVGI ONUR PAUL FORMANKO ZUMRUT CAN HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

Source Research Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Equalwt/In-Line accumulate neutral outperform hold market perform neutral hold hold market perform neutral market perform sell neutral/neutral hold market outperform hold hold market perform buy equalweight buy market perform buy buy neutral market perform neutral accumulate hold

Amt Held 1'050'420'000 1'017'476'545 131'991'189 104'629'262 91'522'112 73'834'666 41'130'919 31'138'164 30'723'505 22'446'646 21'914'217 20'221'825 14'755'799 12'405'000 12'316'491 9'987'823 8'978'800 8'785'103 7'807'547 7'318'184

% Out 25.01 24.23 3.14 2.49 2.18 1.76 0.98 0.74 0.73 0.53 0.52 0.48 0.35 0.3 0.29 0.24 0.21 0.21 0.19 0.17

Weighting

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

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

Latest Chg 4'063'000 (814'579) (239'406) (5'941'053) 1'461'163 (8'215'942) 3'225'962 (1'193'380) 2'993'637 275'800 (612'200) (802'924) (2'882'478)

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

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

File Dt 27.09.2013 27.09.2013 30.09.2013 30.09.2013 21.10.2013 31.08.2013 30.06.2013 31.08.2013 30.09.2013 30.06.2013 31.12.2012 31.07.2013 30.06.2013 30.09.2012 30.06.2013 30.06.2013 30.09.2013 31.03.2013 30.08.2013 30.06.2013

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

Inst Type Bank Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 22.10.2013 21.10.2013 21.10.2013 21.10.2013 17.10.2013 11.10.2013 09.10.2013 09.10.2013 03.10.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 23.08.2013 30.07.2013 30.07.2013 22.07.2013 28.06.2013 24.06.2013 30.04.2013 26.04.2013 23.04.2013 11.02.2013

23.10.2013

Credicorp Ltd Credicorp Limited is a holding company for Banco de Credito del Peru, El Pacifico-Peruano Suiza Insurance Company and Atlantic Security Holding Corporation, among others. Credicorp provides a full range of financial services including commercial banking, corporate finance, brokerage services, asset management, trust and insurance.

Price/Volume 180

1.2 M

160

1.0 M

140 120

.8 M

100

12/2012 06/yy 167.63 111.05 236'053.00 139.92 -16.53% 26.00% 51.03% 79.8 11'160.22 7'469.65 0.0 197.4 9'049.32 -

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

1.20

.4 M

.2 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'027.4 357.8 10.03x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (19.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAP US EQUITY YTD Change BAP US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 2'171.8 2'756.5 469.8 571.3 12.88x 16.52x Profitability

LTM-4Q 31.12.2011 3'249.8 709.3 12.30x

31.12.2012 4'135.7 788.8 14.80x 28.61% 30.79% 1.77% 17.56% 5.92% 0.12% 22.9% 18.31% 179.22% -

06/yy 3'612.2 0.00x 0.0 0.00x 721.1 13.93x

LTM 06/yy 4'340.8 0.00x 0.0 0.00x 663.7 15.38x

FY+1

3.50 0.83 48.51 0.99 14.42% -2.93% 0.832 16 4.000 259'932 339'689 378'892 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'056.1 3'471.3 772.7 840.0 668.9 910.7 196.3 232.0 16.82x 12.26x 12.99x 12.58x S&P Issuer Ratings

179.2% 63.1% 0.12 7.88 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

23.10.2013

Credicorp Ltd Holdings By:

All

Holder Name ATLANTIC SECURITY HO AFP INTEGRA SA URIGELER INTERNACION BAILLIE GIFFORD AND BLACKROCK MONDRIAN INVESTMENT BIRMINGHAM MERCHANT PROFUTURO CARTADM MORGAN STANLEY SUN LIFE FINANCIAL I FRANKLIN RESOURCES CARMIGNAC GESTION STATE STREET CORP BANCO DE CHILE E INV THE BANK OF NOVA SCO VANGUARD GROUP INC JPMORGAN CHASE & CO LA RONCADORA SA SARASIN & PARTNERS L CREDIT AGRICOLE SA

Firm Name HSBC Banco BTG Pactual SA Inteligo SAB Larrain Vial Corredores de Bolsa UBS Itau BBA Securities Deutsche Bank Goldman Sachs Morgan Stanley EVA Dimensions Kallpa Securities SAB JPMorgan Grupo Santander Seminarios SAB

Portfolio Name n/a n/a n/a BAILLIE GIFFORD & CO n/a MONDRIAN INVESTMENT n/a n/a n/a n/a n/a CARMIGNAC GESTION n/a n/a THE BANK OF NOVA SCO n/a n/a n/a SARASIN PARTNERS LLP CREDIT AGRICOLE SA

Analyst CARLOS GOMEZ-LOPEZ ALONSO ARAMBURU LUIS ORDONEZ JAVIER PIZARRO PHILIP FINCH REGINA SANCHEZ TITO LABARTA CARLOS G MACEDO JORGE KURI AUSTIN BURKETT MARCO CONTRERAS SAUL MARTINEZ BORIS MOLINA HUMBERTO AGURTO

Source 20F EXCH 13G 13F ULT-AGG 13F 13G EXCH ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 20F 13F ULT-AGG ULT-AGG 13G 13F 13F

Recommendation overweight buy hold sell buy outperform buy neutral/neutral Equalwt/No Rating underweight overweight overweight buy hold

Amt Held 14'620'846 6'380'918 5'285'672 4'073'658 3'920'282 2'874'908 2'693'868 2'392'844 2'275'485 2'145'211 2'131'780 1'985'202 1'812'592 1'710'000 1'648'071 1'229'904 1'114'196 1'064'356 943'776 879'583

% Out 18.33 8 6.63 5.11 4.92 3.6 3.38 3 2.85 2.69 2.67 2.49 2.27 2.14 2.07 1.54 1.4 1.33 1.18 1.1

Weighting

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

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

Latest Chg (339'265) 84'400 51'745 31'331 (545'800) (244'562) 176'266 366 (60'139) 133'197 180'240 (391'847)

Target Price 171 134 149 135 151 174 160 144 #N/A N/A #N/A N/A 155 157 150 155

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

File Dt Inst Type 13.02.2012 Holding Company 27.05.2013 Pension Fund (ERISA) 19.07.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Hedge Fund Manager 19.07.2013 Unclassified 27.05.2013 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 22.10.2013 Investment Advisor 13.02.2012 Bank 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 19.07.2013 Corporation 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 21.10.2013 18.10.2013 18.10.2013 14.10.2013 08.10.2013 07.10.2013 27.09.2013 26.09.2013 21.08.2013 17.08.2013 16.08.2013 13.08.2013 12.08.2013 26.04.2013

23.10.2013

Fubon Financial Holding Co Ltd Fubon Financial Holding Co., Ltd. is a financial holding company, formed through the merger of Fubon Insurance, Fubon Securities, Fubon Commercial Bank, and Fubon Life Assurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.10.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2881 TT EQUITY YTD Change 2881 TT EQUITY YTD % CHANGE

12/2012 06/yy 44.25 29.40 26'171'242.00 41.75 -5.65% 42.01% 89.90% 10'233.6 427'251.34 19'092.70 0.0 0.0 1'305.68 445'038.36

10'810.0 17.07x

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

15'665.50 93.48% 8.44% 9.90% 8.55% 0.09% 98.0% 93.9% 10.67% 12.18% -

Price/ Cash Flow

LTM

09/yy 3'314.1 81.97x 3'191.1 0.00x 5'710.4 0.00x

06/yy 0.0 #DIV/0! 0.0 0.00x 15'523.3 0.00x

FY+1

1.14 6'035.03 21.33 36.52% 21.94% 1.141 26 4.077 15'679'370 16'783'550 16'808'450 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 03/13 Q1 06/13 Q2 - 36'172.0 33'660.0 35'086.2 8'568.0 6'391.0 12.34x 11.91x 13.16x 13.22x S&P Issuer Ratings

16.12.2008 BBB+ STABLE 06.09.2005 A-2 1.14 1.22 12.2% 10.9% 0.09 2476.05 -

Sales/Revenue/Turnover

10.00

18'000.0

9.00

16'000.0

8.00

14'000.0

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 31.12.2005 30.06.2006 31.12.2006 30.06.2007 31.12.2007 30.06.2008 31.12.2008 30.06.2009 31.12.2009 30.06.2010 31.12.2010 30.06.2011 31.12.2011 30.06.2012 31.12.2012 30.06.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

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

23.10.2013

Fubon Financial Holding Co Ltd Holdings By:

All

Holder Name CITY OF TAIPEI TAIWA MING TUNG INDUSTRIAL TAO YING INDUSTRIAL MING-HSING TSAI MING-CHUNG TSAI HUNG FU INVESTMENT C VANGUARD GROUP INC BLACKROCK CHUNG HSING DEVELOPM BUREAU OF LABOR INSU TSAI WAN-TSAI DIMENSIONAL FUND ADV NORGES BANK POLARIS SEC INVESTME INVESTEC PLC ROBECO GROEP NV JPMORGAN CHASE & CO CAISSE DE DEPOT ET P PRINCIPAL FINANCIAL ACADIAN ASSET MANAGE

Firm Name

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

Analyst

BNP Paribas Equity Research LING TANG Nomura JESSE WANG Capital Securities Corp BAIJUN HUANG Jih Sun Securities ERIC CHANG President Capital Management TINA YENG PING CHEN KGI Securities WEN-YEN FANG Deutsche Bank PANDORA LEE Credit Agricole Securities Taiwan Co. L PETER SUTTON E Sun Securities HONG CLIFF Mega Securities CHUANG PIYEN Barclays NOEL CHAN Macquarie DEXTER HSU Masterlink Securities TOM LIANG SinoPac LILY HSIAO Goldman Sachs VINCENT CHANG Credit Suisse CHUNG HSU UBS KELVIN CHU HSBC BRUCE B WARDEN Yuanta Securities Investment ConsultingPEGGY SHIH CIMB NORA HOU Daiwa Securities Co. Ltd. JERRY YANG EVA Dimensions DOUG WALTERS Morgan Stanley LILY CHOI JPMorgan JEMMY S HUANG IBT Securities Co Ltd WU YUCONG

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

Recommendation buy buy buy buy buy outperform hold buy buy on weakness buy on weakness overweight underperform buy neutral Buy/Neutral neutral neutral underweight buy outperform buy sell Overwt/In-Line restricted buy

Amt Held 1'340'000'000 860'000'000 756'595'000 284'000'000 266'000'000 260'858'000 210'844'047 153'458'315 144'573'000 142'225'000 130'046'000 99'366'405 70'258'048 61'613'936 31'789'942 17'264'035 15'869'415 15'256'607 15'231'248 15'057'520

% Out 13.09 8.4 7.39 2.78 2.6 2.55 2.06 1.5 1.41 1.39 1.27 0.97 0.69 0.6 0.31 0.17 0.16 0.15 0.15 0.15

Weighting

Change

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

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

Latest Chg (1'279'000) 135'000 1'745'999 635'696 372'000 10'127'010 (1'516'030) 6'080'000 -

Target Price 47 52 47 44 47 47 46 54 #N/A N/A 47 48 32 51 43 48 43 44 35 51 49 49 #N/A N/A 45 #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 31.08.2013 31.08.2013 16.04.2013 31.08.2013 31.08.2013 16.04.2013 30.09.2013 21.10.2013 16.04.2013 16.04.2013 16.04.2013 31.07.2013 31.12.2012 31.08.2013 30.06.2013 30.04.2013 31.08.2013 31.12.2012 31.08.2013 31.07.2013

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

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

Date 21.10.2013 20.10.2013 18.10.2013 18.10.2013 18.10.2013 17.10.2013 15.10.2013 15.10.2013 25.09.2013 02.09.2013 29.08.2013 26.08.2013 19.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 22.07.2013 15.07.2013 03.07.2013 18.03.2013

23.10.2013

Delta Electronics Inc Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors. Delta also manufactures magnetic and networking components.

Price/Volume 160

100

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.10.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2308 TT EQUITY YTD Change 2308 TT EQUITY YTD % CHANGE

12/2012 12/yy 151.50 98.00 3'979'753.00 148 -2.31% 51.02% 92.52% 2'427.4 359'249.94 16'315.00 0.0 0.0 6'321.28 369'243.66

10.0 M

60 40

5.0 M

20 0 o-12

31.12.2009 31.12.2010 29'550.8 34'051.6 7.84x 10.22x 2'023.7 2'197.4 114.43x 158.34x 11'657.5 15'754.2 19.23x 21.29x Profitability

LTM-4Q 31.12.2011 32'701.5 5.70x 2'399.8 77.64x 10'991.0 15.72x

31.12.2012 36'287.6 7.38x 2'596.6 103.15x 16'109.5 14.96x 2'596.58 1'830.23 5.04% 49.87% 13.49% 19.95% 16.23% 0.30% 10.7% 7.2% 5.0% 44.4% 1.23 0.94 13.70% 19.50% 6.06 38.25

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.81 1'768.24 5.23 51.17% 44.07% 0.808 26 4.192 3'034'725 4'103'672 4'717'654 FY+2

FQ+1

FQ+2

12/yy 32'701.5 27.85x 2'399.8 77.64x 10'991.0 15.71x

12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 36'287.6 173'955.0 191'473.0 46'100.0 45'500.0 27.83x 2'596.6 103.15x 16'109.5 14.96x 20.58x 17.98x 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

19.25 0.03 3.85 6.28 19.5% 16.3% 0.30 4.45 60.38 9.57 79.01 -9.06

Sales/Revenue/Turnover

90.00

70'000.0

80.00

60'000.0

70.00

50'000.0

60.00 50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 02.01.2010

n-12

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

20.0 M

120

Valuation Analysis

31.12.2008 37'906.4 3.67x 1'476.8 94.20x 10'250.9 13.54x

25.0 M

140

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Delta Electronics Inc Holdings By:

All

Holder Name HSIANG TA INTERNATIO YING TA HOLDING CO L CAPITAL GROUP COMPAN CHUNG-HUA CHENG COMMONWEALTH BANK OF CAPITAL INCOME DEVLP JPMORGAN CHASE & CO VANGUARD GROUP INC CAPITAL WORLD GROWTH BLACKROCK MATTHEWS INTERNATION SAUDI ARABIAN MONETA HSIEH YING-I NORGES BANK POLARIS SEC INVESTME EASTSPRING INVESTMEN JP MORGAN CHASE BANK PICTET FUNDS ROBECO GROEP NV PING CHENG

Firm Name

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

Analyst

CIMB FELIX PAN KGI Securities JENNIFER LIANG HSBC JENNY LAI Morgan Stanley GRACE CHEN Credit Agricole Securities Taiwan Co. L CHITRA GOPAL BNP Paribas Equity Research CHARLES HSU Jih Sun Securities WENWEN WANG Goldman Sachs ROBERT YEN Daiwa Securities Co. Ltd. CHRISTINE WANG UBS ARTHUR HSIEH JPMorgan GOKUL HARIHARAN Macquarie TAMMY LAI Credit Suisse PAULINE CHEN Capital Securities Corp TEAM COVERAGE Masterlink Securities JUSTINA HSIAO Mega Securities LU CALVIN Yuanta Securities Investment ConsultingDENNIS CHAN Fubon Securities KEVIN CHANG President Capital Management YING-CHANG KUO SinoPac BAMBOO LIN Barclays KIRK YANG Nomura ANNE LEE Deutsche Bank JOELIAN TSENG E Sun Securities LIU KUAN-MING EVA Dimensions ANDREW S ZAMFOTIS

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

Recommendation outperform neutral overweight Equalwt/In-Line outperform buy neutral Buy/Neutral outperform buy overweight neutral neutral neutral buy neutral buy add buy buy overweight neutral not rated buy on weakness hold

Amt Held 254'000'000 207'324'184 195'704'692 140'000'000 116'424'811 84'649'233 70'578'865 60'111'967 59'003'873 56'439'949 51'792'000 45'911'802 45'677'948 23'448'270 15'839'000 13'783'424 13'496'000 13'202'554 11'299'115 8'304'645

% Out 10.46 8.54 8.06 5.77 4.8 3.49 2.91 2.48 2.43 2.33 2.13 1.89 1.88 0.97 0.65 0.57 0.56 0.54 0.47 0.34

Weighting

Change

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

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

Latest Chg (1'034'000) 27'760'000 (3'632'736) (960'000) 1'369'000 (4'749'692) 1'539'000 (970'126) -

Target Price 166 152 170 150 158 155 #N/A N/A 160 155 160 150 120 149 #N/A N/A 166 145 146 160 149 164 160 146 #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 31.08.2013 09.04.2013 30.09.2013 31.08.2013 31.05.2013 09.04.2013 31.08.2013 30.09.2013 09.04.2013 21.10.2013 09.04.2013 09.04.2013 09.04.2013 31.12.2012 30.06.2013 15.04.2013 30.06.2013 30.06.2013 30.04.2013 31.08.2013

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

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

Date 23.10.2013 11.10.2013 08.10.2013 02.10.2013 29.09.2013 17.09.2013 06.09.2013 28.08.2013 28.08.2013 21.08.2013 20.08.2013 20.08.2013 16.08.2013 02.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 02.07.2013 17.06.2013 30.05.2013

23.10.2013

Tenaga Nasional Bhd Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNB MK EQUITY YTD Change TNB MK EQUITY YTD % CHANGE

08/2012 05/yy 9.41 6.74 15'350'700.00 9.36 -0.53% 38.87% 91.39% 5'643.6 52'824.20 24'465.70 0.0 261.0 8'635.40 68'305.50

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

31.08.2009 31.08.2010 28'785.6 30'317.4 1.78x 1.70x 7'188.5 8'241.7 7.13x 6.24x 917.9 3'200.8 37.87x 15.04x Profitability

30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M n-12

LTM-4Q 31.08.2011 32'241.2 1.41x 5'723.4 7.92x 965.4 29.64x

31.08.2012 35'848.4 1.50x 10'443.3 5.14x 4'197.6 8.90x

10'443.30 6'175.20 17.23% 15.45% 6.02% 15.25% 10.12% 0.41% 28.7% 16.9% 11.7% 2.00 1.54 27.65% 67.70% 4.67 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

05/yy 35'633.8 5.43x 0.0 0.00x 2'895.6 12.57x

05/yy 36'963.3 6.10x 10'605.2 5.88x 5'402.7 8.52x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.97 2'429.28 39.70% 36.50% 0.967 25 4.680 6'563'280 7'726'234 10'532'030 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 37'091.1 38'848.6 9'648.0 9'727.0 1.82x 1.72x 10'548.5 10'960.7 6.48x 6.23x 4'168.2 4'294.1 1'261.0 1'005.0 12.65x 12.09x 12.16x 12.82x S&P Issuer Ratings

10.12.2009 BBB+ STABLE 12.69 4.18 1.43 2.29 67.7% 40.2% 0.41 0.57 78.08 -

Sales/Revenue/Turnover

1'000.00

40'000.0

900.00

35'000.0

800.00

30'000.0

700.00

25'000.0

600.00 500.00

20'000.0

400.00

15'000.0

300.00

10'000.0

200.00

5'000.0

100.00 0.00 04.09.2009 04.03.2010

35.0 M

Fiscal Year Ended 31.08.2008 24'755.3 2.09x 7'363.8 7.02x 2'594.0 13.20x

10 9 8 7 6 5 4 3 2 1 0 o-12

0.0 04.09.2010 04.03.2011

04.09.2011 04.03.2012

04.09.2012 04.03.2013

04.09.2013

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

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

23.10.2013

Tenaga Nasional Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT SKIM AMANAH SAHAM BU KUMPULAN WANG PERSAR BLACKROCK CIMB-PRINCIPAL ASSET VANGUARD GROUP INC T ROWE PRICE ASSOCIA INVESTEC PLC PRINCIPAL FINANCIAL NORGES BANK FIL LIMITED SEB JPMORGAN CHASE & CO RAIFFEISEN KAPITALAN AMERIPRISE FINANCIAL STATE STREET CORP ACADIAN ASSET MANAGE ROBECO GROEP NV CAISSE DE DEPOT ET P

Firm Name Macquarie RHB Research Institute Sdn Bhd CIMB AmResearch Sdn Bhd Deutsche Bank Kenanga Investment Bank Bhd DBS Vickers TA Securities Holdings Berhad Hong Leong Investment Bank Bhd Public Investment Bank Berhad JPMorgan Maybank Kim Eng Morgan Stanley Affin Securities Sdn Bhd BIMB Securities Sdn Bhd KAF Seagroatt & Campbell HSBC Credit Suisse Nomura Alliance Research Sdn Bhd UBS EVA Dimensions

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

Analyst PREM JEARAJASINGAM KONG HENG SIONG SYED AHMAD FAISAL ALEX GOH CHIA AUN-LING TEH KIAN YEONG JUNE NG JAMES RATNAM DANIEL WONG SIEW JIN LING AJAY NARAYAN MIRCHANDANI TAN CHI WEI MAYANK MAHESHWARI CHONG LEE LEN CHIONG TONG CHAI CHUE KWOK YAN ARUN KUMAR SINGH ANNUAR AZIZ DANIEL RAATS JEREMY GOH EDWIN SIOW DOUG WALTERS

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

Recommendation outperform buy outperform buy buy outperform buy buy buy outperform overweight hold Overwt/Attractive buy neutral buy neutral outperform buy trading buy neutral buy

Amt Held 1'829'655'861 688'105'919 422'580'100 273'901'075 79'139'245 50'029'242 45'217'882 33'578'100 28'764'757 24'467'700 20'464'715 18'589'906 13'244'000 12'811'300 8'547'632 8'243'200 8'224'650 8'138'300 8'058'418 7'361'428

% Out 32.42 12.19 7.49 4.85 1.4 0.89 0.8 0.59 0.51 0.43 0.36 0.33 0.23 0.23 0.15 0.15 0.15 0.14 0.14 0.13

Weighting

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

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

Latest Chg (50'000'000) (1'670'700) 1'000'000 (302'800) 5'051'100 764'288 (347'500) 4'174'900 11'554'900 7'868'900 (1'344'961) 7'729'900 5'532'100 3'681'000 311'600 (169'500) (31'532) -

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

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

File Dt 04.06.2013 11.10.2013 10.10.2013 04.07.2012 21.10.2013 30.09.2013 30.09.2013 30.06.2013 30.06.2013 30.09.2013 31.12.2012 31.10.2012 30.06.2013 31.08.2013 31.07.2013 30.08.2013 22.10.2013 31.07.2013 30.04.2013 31.12.2012

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

Inst Type Government Government Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.10.2013 22.10.2013 21.10.2013 21.10.2013 10.10.2013 08.10.2013 04.10.2013 30.09.2013 30.09.2013 27.09.2013 26.09.2013 18.09.2013 21.08.2013 13.08.2013 07.08.2013 26.07.2013 23.07.2013 19.07.2013 19.07.2013 19.07.2013 11.07.2013 06.06.2013

23.10.2013

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

Price/Volume 35

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2601 HK EQUITY YTD Change 2601 HK EQUITY YTD % CHANGE

12/2012 06/yy 32.50 22.45 6'694'640.00 27.4 -15.69% 22.05% 54.23% 2'775.3 212'867.81 65'722.00 0.0 1'392.0 23'875.00 71'186.83

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

150.0 M

100.0 M

10 50.0 M

5 0 o-12

31.12.2009 31.12.2010 104'175.0 141'127.0 1.92x 1.45x 7'356.0 8'557.0 26.97x 22.90x Profitability

LTM-4Q 31.12.2011 155'446.0 1.21x 8'313.0 19.80x

31.12.2012 167'146.0 1.49x 5'077.0 38.14x 5.01% 3.66% 0.81% 5.87% 5.01% 0.27% 3.0% 9.64% 68.33% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.63 1.35 2'033.96 11.26% -2.72% 1.347 33 4.364 5'449'565 7'552'088 8'048'725 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'384.0 184'010.0 185'108.5 208'738.0 2.15x 1.59x 0.92x 0.81x 0.0 0.0 0.00x 0.00x 5'135.0 7'903.0 9'986.1 11'896.4 37.15x 18.05x 19.53x 16.43x 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

68.3% 40.2% 0.27 -

Sales/Revenue/Turnover

5.00

180'000.0

4.50

160'000.0

4.00

140'000.0

3.50

120'000.0

3.00

100'000.0

2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 76'135.0 1.03x 2'569.0 33.70x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name JPMORGAN CHASE & CO GIC PRIVATE LIMITED NORGES BANK BLACKROCK AZ EURO INVESTMENTS CAPITAL GROUP COMPAN TEMASEK HOLDINGS PRI MORGAN STANLEY SCHRODER INVESTMENT ABU DHABI INVESTMENT SCHRODER INVESTMENT VANGUARD GROUP INC FMR LLC ALLIANZ FINANCE II L FRANKLIN RESOURCES BARING INTERNATIONAL FIL LIMITED SCHRODER INVESTMENT SCHRODER KOREA LTD SHINHAN BNP PARIBAS

Firm Name Sanford C. Bernstein & Co BNP Paribas Equity Research Jefferies CIMB Guotai Junan Standard Chartered Deutsche Bank Core Pacific Morgan Stanley Daiwa Securities Co. Ltd. BOCOM International Holdings Credit Suisse Barclays JPMorgan Capital Securities Corp Haitong International Securities China International Capital Corp UOB Kay Hian HSBC Macquarie Nomura CCB International Securities Ltd AMTD Financial Planning Limited UBS EVA Dimensions Goldman Sachs Guoyuan Securities (HK) Ltd ICBC International Securities Bank of China International Phillip Securities Masterlink Securities Mirae Asset Securities

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

Analyst LINDA SUN-MATTISON LING TANG BARON NIE MARK KELLOCK DAYTON WANG JENNIFER LAW ESTHER CHWEI OLIVE XIA BEN LIN JERRY YANG LI WENBING ARJAN VAN VEEN NOEL CHAN MW KIM TEAM COVERAGE FANNY CHEN TANG SHENGBO EDMOND LAW JAMES GARNER SCOTT G RUSSELL JESSE WANG KENNETH YUE KENNY TANG SING HING BOB LEUNG DOUG WALTERS MANCY SUN TEAM COVERAGE PIUS CHENG SUN PENG CHEN XINGYU LI YAN IVAN CHEUNG

Source ULT-AGG ULT-AGG EXCH ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG EXCH Research EXCH ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG

Recommendation outperform buy buy outperform accumulate outperform buy hold Overwt/In-Line buy long-term buy outperform equalweight overweight buy buy hold buy overweight outperform neutral outperform buy buy sell neutral/neutral buy buy hold buy buy buy

Amt Held 359'278'138 293'830'400 231'734'200 195'511'574 191'940'303 143'163'600 139'592'200 96'842'838 95'155'400 76'187'483 72'828'618 66'162'928 48'377'843 41'517'800 33'823'140 25'926'103 25'816'939 22'035'600 21'271'000 20'281'000

% Out 12.95 10.59 8.35 7.04 6.92 5.16 5.03 3.49 3.43 2.75 2.62 2.38 1.74 1.5 1.22 0.93 0.93 0.79 0.77 0.73

Weighting

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

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

Latest Chg 55'160'000 (1'176'740) 1'963'833 27'827'879 (486'800) 3'700'893 (263'400) 1'241'800

Target Price 32 33 33 33 32 37 32 32 38 39 32 38 32 32 32 38 24 35 34 32 28 32 28 33 #N/A N/A 32 36 32 25 28 28 32

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

File Dt 18.07.2013 15.11.2012 14.11.2012 21.10.2013 14.11.2012 30.09.2013 11.07.2013 30.06.2013 04.09.2013 14.11.2012 04.09.2013 30.09.2013 31.08.2013 14.11.2012 30.06.2013 30.06.2013 30.04.2013 04.09.2013 31.03.2013 31.03.2013

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

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

Date 23.10.2013 21.10.2013 15.10.2013 15.10.2013 14.10.2013 12.10.2013 07.10.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 11.09.2013 30.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 13.08.2013 10.07.2013 06.06.2013 16.05.2013 31.01.2013 14.12.2012 06.12.2012 16.11.2012 07.06.2012 18.10.2011

23.10.2013

Advanced Info Service PCL Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services. The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

Price/Volume 350

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

300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADVANC-R TB EQUITY YTD Change ADVANC-R TB EQUITY YTD % CHANGE

12/2012 06/yy 311.00 184.00 1'111'810.00 260 -16.40% 41.30% 59.84% 2'973.1 773'004.81 20'349.76 0.0 188.7 21'173.27 -

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

1.20 1.00

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 110'791.5 2.31x 51'930.8 4.94x 16'409.0 -

100

31.12.2009 31.12.2010 102'451.8 111'339.2 2.62x 2.46x 46'147.5 51'985.1 5.82x 5.28x 17'055.4 20'513.5 Profitability

LTM-4Q 31.12.2011 126'437.2 3.33x 56'912.6 7.39x 22'217.7 -

31.12.2012 141'568.3 4.38x 61'460.3 10.10x 34'883.2 61'460.32 45'830.45 32.37% 32.22% 35.52% 79.19% 54.72% 1.42% 40.7% 43.0% 32.2% 24.6% 1.05 0.81 20.15% 46.94% 18.48 63.19

LTM

FY+1

1.00 28.18% 30.02% 0.997 0 4'150'304 2'561'564 2'520'924 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 133'823.4 145'402.4 149'518.1 161'386.0 34'678.0 38'919.3 14.08x 19.14x 5.24x 4.89x 20.01x 59'368.4 62'485.7 65'672.8 76'931.1 15'638.1 16'690.0 9.04x 13.31x 27'471.5 36'361.4 38'686.7 45'645.8 9'072.7 9'665.0 0.00x 0.00x 20.03x 16.92x 18.97x 17.85x S&P Issuer Ratings Long-Term Rating Date 03.11.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 56.24 (EBITDA-Capex)/Interest Exp. 47.46 Net Debt/EBITDA -0.11 Total Debt/EBITDA 0.32 Reference Total Debt/Equity 46.9% Total Debt/Capital 31.9% Asset Turnover 1.42 Net Fixed Asset Turnover 3.36 Accounts receivable turnover-days 19.75 Inventory Days 5.78 Accounts Payable Turnover Day 23.63 Cash Conversion Cycle 1.43 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

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 |

23.10.2013

Advanced Info Service PCL Holdings By:

All

Holder Name BLACKROCK UBS AG ROBECO GROEP NV MORGAN STANLEY NOMURA ACADIAN ASSET MANAGE NORDEA INV MANAGEMEN PICTET FUNDS SUMITOMO MITSUI TRUS CHARLES SCHWAB INVES ARTISAN PARTNERS HOL JF ASSET MANAGEMENT CIMB-PRINCIPAL ASSET RAIFFEISEN KAPITALAN VANGUARD GROUP INC NORTHERN TRUST CORPO JPMORGAN CHASE & CO SCHRODER INVESTMENT SCHAFER CULLEN CAPIT DWS INVESTMENTS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios SCHAFER CULLEN CAPIT Multiple Portfolios

Analyst

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

Recommendation

Amt Held 27'061'337 4'535'400 4'255'948 2'686'300 2'064'802 1'874'300 1'297'600 1'053'300 841'600 770'649 695'300 619'200 561'326 559'300 491'700 465'499 435'900 430'500 422'350 380'000

% Out 0.91 0.15 0.14 0.09 0.07 0.06 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 55'100 (71'700) (193'398) 2'686'300 136'300 926'300 (61'400) (92'600) 3'050 (16'700) 62'000 (61'200) (28'600) 21'460 50'000

Target Price

#N/A N/A

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

File Dt 21.10.2013 28.06.2013 30.04.2013 30.06.2013 28.06.2013 31.07.2013 30.06.2013 30.06.2013 21.01.2013 22.10.2013 31.03.2013 10.09.2012 31.07.2013 31.07.2013 30.06.2013 31.03.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

23.10.2013

Want Want China Holdings Ltd Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials. The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods. Most of the company's production facilities are located in China and Taiwan.

Price/Volume 14

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 151 HK EQUITY YTD Change 151 HK EQUITY YTD % CHANGE

12/2012 06/yy 12.52 9.63 6'792'283.00 11.38 -9.11% 18.17% 66.09% 13'223.7 150'486.16 1'003.00 0.0 8.1 1'499.21 18'925.70

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

31.12.2009 31.12.2010 1'710.9 2'244.1 5.22x 5.04x 398.6 500.1 22.39x 22.63x 312.6 358.4 29.60x 32.33x Profitability

20.0 M

10.0 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 2'946.5 4.34x 594.0 21.52x 419.5 31.48x

31.12.2012 3'358.7 5.28x 809.2 21.92x 553.8 32.89x 809.16 721.33 21.48% 22.30% 18.50% 41.17% 23.09% 1.05% 39.5% 25.2% 22.6% 16.5% 1.92 1.41 28.98% 62.87% 41.22 5.49

Price/ Cash Flow

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 510.7 0.00x 110.1 0.00x 73.6 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

2.16 0.71 5'604.17 16.14% 8.75% 0.713 35 3.600 10'309'880 13'560'360 15'038'660 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'973.1 4'691.6 4.74x 3.97x 951.2 1'101.1 19.90x 17.19x 668.4 772.8 28.78x 24.88x S&P Issuer Ratings

58.74 41.07 -0.54 1.31 62.9% 38.5% 1.05 3.07 8.86 66.43 27.66 57.33

Sales/Revenue/Turnover

40.00

4'000.0

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

30.0 M

Fiscal Year Ended 31.12.2008 1'553.9 3.45x 333.9 16.04x 262.7 20.71x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Want Want China Holdings Ltd Holdings By:

All

Holder Name ENG-MENG TSAI IWATSUKA CONFECTIONE MR BIG LTD OPPENHEIMERFUNDS INC COMMONWEALTH BANK OF BLACKROCK WEN-HSIEN CHENG T ROWE PRICE ASSOCIA TSAI WANG-CHIA SHAO-CHUNG TSAI JPMORGAN CHASE & CO VANGUARD GROUP INC STATE STREET CORP FIL LIMITED CARMIGNAC GESTION NORGES BANK WILLIAM BLAIR & COMP HANG SENG INVESTMENT FMR LLC EMERGING GLOBAL SHAR

Firm Name

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

Analyst

KGI Securities ANSON CHAN AMTD Financial Planning Limited KENNY TANG SING HING Standard Chartered CHARLES YAN Sanford C. Bernstein & Co JEAN CHAN BNP Paribas Equity Research CHARLIE Y CHEN SWS Research Co Ltd SEAN ZHANG Credit Suisse KEVIN YIN Macquarie LINDA HUANG DBS Vickers TITUS WU Maybank Kim Eng JACQUELINE KO China International Capital Corp DAN WANG Citic Securities Co., Ltd MOHAN SINGH UOB Kay Hian RENEE TAI Religare Capital Markets KA LEONG LO China Merchants Securities HUA LING Barclays VINEET SHARMA Morgan Stanley LILLIAN LOU JPMorgan KURUMLU EBRU SENER Yuanta Securities Investment ConsultingNICE WANG CIMB Yang Lei Nomura EMMA LIU Oriental Patron Securities Ltd TRACY SUN CCB International Securities Ltd FORREST CHAN HSBC CHRISTOPHER K LEUNG Jefferies JESSIE GUO BOCOM International Holdings SUMMER WANG Goldman Sachs LISA DENG EVA Dimensions CRAIG STERLING First Shanghai Securities Ltd PATRICK WONG UBS CHRISTINE PENG Bank of China International LI YAN Haitong International Securities GLORIA WANG Capital Securities Corp TEAM COVERAGE Everbright Securities Co., Ltd DONGLIANG CHANG Phillip Securities BING WANG

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

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

Amt Held 6'343'843'100 616'434'480 299'490'000 239'496'992 208'168'000 158'840'117 158'568'040 117'473'000 100'042'000 100'000'000 85'153'000 77'319'127 73'013'588 65'271'221 55'310'033 50'450'767 40'783'217 35'976'676 35'096'019 30'903'100

% Out 47.97 4.66 2.26 1.81 1.57 1.2 1.2 0.89 0.76 0.76 0.64 0.58 0.55 0.49 0.42 0.38 0.31 0.27 0.27 0.23

Weighting

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

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

Latest Chg 44'848'000 (1'469'000) 151'000 9'995'000 1'653'000 2'062'229 6'636'838 (3'950'000) 19'502'000 (208'615) (16'780'858) -

Target Price 13 13 12 9 8 12 12 14 12 9 12 13 13 13 12 13 12 10 12 13 12 12 13 12 9 12 13 #N/A N/A 13 10 12 11 10 7 7

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

File Dt 21.06.2013 31.03.2013 31.12.2012 31.07.2013 31.05.2013 21.10.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.08.2013 30.09.2013 22.10.2013 30.04.2013 28.06.2013 31.12.2012 30.06.2013 30.09.2013 31.08.2013 22.10.2013

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

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

Date 16.10.2013 24.09.2013 20.09.2013 18.09.2013 04.09.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 28.07.2013 11.07.2013 28.06.2013 27.06.2013 06.06.2013 11.03.2013 06.03.2013 06.03.2013 29.10.2012 05.09.2012 21.07.2011 17.03.2011

23.10.2013

Uni-President Enterprises Corp Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts. The Company also operates vending machines and food distribution centers in Taiwan.

Price/Volume 70

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (22.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1216 TT EQUITY YTD Change 1216 TT EQUITY YTD % CHANGE

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

10.0 M

5.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 49'444.8 2.76x 2'875.9 47.50x 3'600.8 30.10x

15.0 M

12/2012 12/yy 64.43 46.51 3'765'309.00 55.4 -14.02% 19.12% 50.16% 5'154.2 285'543.97 26'627.21 0.0 0.0 776.56 311'394.62

31.12.2009 31.12.2010 44'784.1 48'962.4 4.00x 4.28x 2'934.8 2'758.5 61.05x 75.94x 7'860.8 10'929.0 19.53x 16.96x Profitability

LTM-4Q 31.12.2011 51'829.5 4.41x 2'780.6 82.25x 9'447.7 21.27x

31.12.2012 46'851.6 6.08x 2'873.7 99.18x 12'407.3 20.90x 2'873.74 1'994.20 4.26% 26.85% 10.74% 15.91% 12.11% 0.41% 28.0% 6.1% 4.3% 26.5% 1.06 0.69 22.16% 32.24% 8.06 11.10

Price/ Cash Flow

LTM

12/yy 51'829.5 16.16x 2'780.6 82.25x 9'447.7 21.09x

12/yy 46'851.6 21.78x 2'873.7 99.18x 12'407.3 20.66x

FY+1

.0 M o-13

0.56 4'065.84 11.94 17.14% 12.74% 0.562 20 3.300 6'014'356 8'874'319 10'801'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 48'506.3 51'077.6 13'525.0 11'360.0 6.37x 6.05x 3'429.8 3'437.5 90.79x 90.59x 13'129.9 14'320.7 4'033.1 2'848.4 21.61x 19.56x 20.56x 19.80x S&P Issuer Ratings

8.35 5.31 9.00 9.27 32.2% 24.4% 0.41 2.83 45.43 32.96 21.40 56.99

Sales/Revenue/Turnover

80.00

60'000.0

70.00

50'000.0

60.00

40'000.0

50.00 40.00

30'000.0

30.00

20'000.0

20.00

10'000.0 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

Uni-President Enterprises Corp Holdings By:

All

Holder Name COMMONWEALTH BANK OF KAO CHUAN INVESTMENT PO-MING HOU SAUDI ARABIAN MONETA VANGUARD GROUP INC BNP PARIBAS/SINGAPOR PO-YU HOU BLACKROCK GOV OF SINGAPORE FUN T ROWE PRICE ASSOCIA HSIU-LING KAO VANGUARD EMS INDEX F HSIU-JEN LIU RBS FS GLOBAL EMERGI FIL LIMITED NORGES BANK TSANG-SHENG LIN PING-CHIH WU JPMORGAN CHASE & CO POLARIS SEC INVESTME

Firm Name

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

Analyst

Capital Securities Corp IVY LIU KGI Securities DAVE CHIOU UBS ALLY CHEN CIMB JACK LIN Deutsche Bank JOELIAN TSENG Fubon Securities CHLOE WU Credit Agricole Securities Taiwan Co. L KEN SHIH Credit Suisse JEREMY CHEN JPMorgan CAREN HUANG Yuanta Securities Investment ConsultingBONNIE CHANG Daiwa Securities Co. Ltd. CHRISTINE WANG BNP Paribas Equity Research MICHELLE CHENG Barclays SIDNEY YEH HSBC ABEL LEE Mega Securities YOU JIANHENG EVA Dimensions CRAIG STERLING E Sun Securities AMBROSE WU Macquarie LINDA HUANG SinoPac JERRY LU Jih Sun Securities REGINA LEE

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

Recommendation neutral outperform neutral neutral hold neutral underperform neutral neutral hold hold buy equalweight overweight buy on weakness sell buy on weakness neutral neutral buy

Amt Held 273'268'610 225'000'000 134'000'000 128'379'483 128'086'180 122'469'945 117'000'000 115'291'469 99'118'819 92'477'259 84'527'321 83'359'392 80'023'773 72'164'815 53'366'216 48'308'630 45'402'447 40'101'173 36'389'216 34'341'418

% Out 5.3 4.37 2.6 2.49 2.49 2.38 2.27 2.24 1.92 1.79 1.64 1.62 1.55 1.4 1.04 0.94 0.88 0.78 0.71 0.67

Weighting

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

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

Latest Chg 248'132 (27'047) (909'060) 57'815 122'898 6'205'240 (1) (22'971'449) (1) (1) (9'657'922) (9'359'337)

Target Price #N/A N/A 64 55 56 65 58 56 53 53 59 57 64 57 63 68 #N/A N/A #N/A N/A 50 44 47

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

File Dt 31.05.2013 31.08.2013 31.08.2013 31.12.2012 30.09.2013 31.12.2012 31.08.2013 21.10.2013 31.12.2012 30.06.2013 31.08.2013 31.12.2012 31.08.2013 31.12.2012 08.08.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 31.08.2013

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

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

Date 21.10.2013 10.09.2013 09.09.2013 08.09.2013 04.09.2013 02.09.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 08.08.2013 26.07.2013 17.07.2013 24.10.2012 15.06.2012 09.05.2012

23.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3968 HK EQUITY YTD Change 3968 HK EQUITY YTD % CHANGE

12/2012 06/yy 18.59 11.69 18'402'081.00 14.94 -19.62% 27.83% 50.91% 4'590.9 349'326.50 610'425.00 0.0 73.0 962'670.00 -

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

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 82'401.0 21'077.0 8.50x

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

31.12.2009 31.12.2010 78'480.0 100'188.0 18'235.0 25'769.0 19.00x 10.41x Profitability

LTM-4Q 31.12.2011 142'837.0 36'129.0 7.11x

31.12.2012 176'909.0 45'273.0 6.55x 51.66% 51.71% 1.35% 24.47% 5.54% 0.05% 39.3% 17.91% 304.55% -

Price/ Cash Flow

LTM

FY+1

5.25 1.38 4'590.90 7.72% -5.76% 1.382 37 3.946 17'997'510 25'349'620 24'116'530 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'362.0 186'464.0 129'953.1 148'281.7 32'191.0 33'705.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 40'903.0 48'167.0 48'816.0 54'478.0 12'816.2 11'678.5 5.77x 5.20x 5.59x 5.29x 4.84x 4.60x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 304.6% Total Debt/Capital 75.3% Asset Turnover 0.05 Net Fixed Asset Turnover 9.32 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

250.00

200'000.0 180'000.0 160'000.0

200.00

140'000.0 150.00

120'000.0

100.00

100'000.0 80'000.0 60'000.0 40'000.0

50.00

20'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

China Merchants Bank Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES JPMORGAN CHASE & CO BLACKROCK COMMONWEALTH BANK OF VANGUARD GROUP INC EASTSPRING INVESTMEN WILLIAM BLAIR & COMP HANG SENG INVESTMENT FIL LIMITED ROBECO GROEP NV PRUDENTIAL PLC GAM INTERNATIONAL MA MATTHEWS INTERNATION FMR LLC JP MORGAN CHASE BANK MAPS INVESTMENT MANA SEB BANK OF NEW YORK MEL DIMENSIONAL FUND ADV BNP PARIBAS

Firm Name

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

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER Deutsche Bank TRACY YU DBS Vickers ALEXANDER LEE Jefferies TAN MING BNP Paribas Equity Research JUDY ZHANG Barclays MAY YAN CIMB TREVOR KALCIC Daiwa Securities Co. Ltd. LEON QI Goldman Sachs NING MA Morgan Stanley RICHARD XU UOB Kay Hian EDMOND LAW Mizuho Securities JIM ANTOS JPMorgan KATHERINE LEI EVA Dimensions DOUG WALTERS Credit Suisse SANJAY JAIN HSBC TODD DUNIVANT Capital Securities Corp TEAM COVERAGE Nomura LUCY FENG Masterlink Securities RAINY YUAN SWS Research Co Ltd XUE HUIRU Yuanta Securities Investment ConsultingNICE WANG Macquarie ISMAEL PILI Bank of China International YUAN LIN Phillip Securities CHEN XINGYU S&P Capital IQ PALLAVI DESHPANDE Religare Capital Markets SOPHIE JIANG CCB International Securities Ltd WILSON LI BOCOM International Holdings LI SHANSHAN ABC International JOHANNES AU Standard Chartered DORRIS CHEN Guotai Junan WILSON LI AMTD Financial Planning Limited KENNY TANG SING HING ICBC International Securities IVAN LIN CMB International Capital Corp Ltd TEAM COVERAGE Citic Securities Co., Ltd ZHU YAN China International Capital Corp MAO JUNHUA

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

Recommendation underperform buy buy buy hold overweight neutral outperform Buy/Neutral Equalwt/In-Line hold buy neutral overweight neutral overweight buy buy hold neutral buy outperform buy buy hold sell neutral long-term buy buy in-line accumulate buy hold buy buy restricted

Amt Held 455'929'981 371'586'716 370'323'594 125'610'266 114'732'229 45'729'000 38'599'500 35'163'498 28'254'524 21'376'599 20'551'000 18'812'000 17'937'614 16'937'358 14'152'054 12'720'554 12'659'144 11'682'421 10'896'117 10'697'379

% Out 9.93 8.09 8.07 2.74 2.5 1 0.84 0.77 0.62 0.47 0.45 0.41 0.39 0.37 0.31 0.28 0.28 0.25 0.24 0.23

Weighting

Change

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

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

Latest Chg 1'443'000 408'000 92'008 (19'707'000) (4'788'228) 2'676'190 4'211'000 (700'000) (27'676'850) 4'977'000 (9'422'959) 3'744'200 (31'805) (4'178'072)

Target Price 11 19 18 18 16 18 15 17 20 15 15 19 17 #N/A N/A 18 18 18 20 16 14 17 17 21 17 16 10 16 16 17 16 17 17 18 16 #N/A N/A 26

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

File Dt 30.09.2013 30.09.2013 21.10.2013 31.05.2013 30.09.2013 15.04.2013 30.06.2013 28.03.2013 30.04.2013 30.04.2013 28.06.2013 31.05.2013 28.06.2013 31.08.2013 30.06.2013 31.03.2013 30.06.2013 22.10.2013 31.07.2013 30.06.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified

Date 23.10.2013 21.10.2013 21.10.2013 18.10.2013 15.10.2013 15.10.2013 02.10.2013 01.10.2013 27.09.2013 24.09.2013 18.09.2013 17.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 23.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 16.07.2013 24.04.2013 04.03.2013 20.02.2013 22.11.2012 29.06.2012 19.07.2011

23.10.2013

SK Innovation Co Ltd SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 096770 KS EQUITY YTD Change 096770 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 183'500.00 127'000.00 482'096.00 154500 -15.80% 21.65% 54.87% 92.5 14'285'930.00 1'253'140.01 0.0 834'365.71 14'171'823.16

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

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

31.12.2009 31.12.2010 35'827'543.8 43'863'585.0 0.46x 0.57x 1'521'006.6 2'231'677.0 10.74x 11.24x 679'761.8 881'923.6 16.07x 20.46x Profitability

LTM-4Q 31.12.2011 1'526'207.0 8.48x 623'643.0 20.76x 1'703'394.4 7.77x

LTM

31.12.2012 06/yy 06/yy 2'349'805.0 ######### ######### 6.99x 23.38x 38.36x 1'384'305.0 ######### 556'783.0 11.86x 9.22x 22.17x 953'729.5 ######### 268'286.8 17.00x 5.58x 47.08x 1'384'305.00 1'217'522.00 51.81% 50.66% 6.32% 7.29% 6.95% 0.16% 66.3% 58.9% 51.8% 40.6% 3.11 1.49 8.19% 9.46% 15.78 16.59

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M o-13

Market Data

Fiscal Year Ended 31.12.2008 45'737'325.8 0.29x 2'434'368.4 5.37x 888'084.9 7.80x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 o-12

2.07 1.24 52.08 -2.87% -11.21% 1.240 40 4.750 442'765 394'077 348'737

FY+1

FY+2

12/13 Y

12/14 Y

FQ+1

FQ+2

09/13 Q3 12/13 Q4 - 337'400.0 305'600.0 12.19x 8.45x S&P Issuer Ratings

12.03.2008 BBB STABLE 21.14 15.48 0.30 0.91 9.5% 8.6% 0.16 1.74 23.19 22.06 2.48 42.77

Sales/Revenue/Turnover

140.00

50'000'000.0 45'000'000.0

120.00

40'000'000.0

100.00

35'000'000.0 30'000'000.0

80.00

25'000'000.0 20'000'000.0

60.00

15'000'000.0

40.00

10'000'000.0 20.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

23.10.2013

SK Innovation Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD FRANKLIN RESOURCES NATIONAL PENSION SER BLACKROCK JX HOLDINGS INC VANGUARD GROUP INC DIMENSIONAL FUND ADV NORGES BANK KOREA INVESTMENT TRU SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I SK ENERGY CO LTD MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT SCHRODER INVESTMENT KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS JPMORGAN CHASE & CO

Firm Name

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

Analyst

Tong Yang Investment Bank HWANG KYU-WON KB Investment & Securities Co., Ltd PARK JAE-CHUL Hanwha Securities Co., Ltd LEE DA-SOL Hana Daetoo Securities WON YONG-JIN Dongbu Securities Co Ltd YOO DEOK-SANG Shinhan Investment Corp LEE EUNG-JU Woori Investment & Securities KIM SUN-WOO Meritz Securities Co., Ltd HWANG YOU SIK Korea Investment & Securities MATTHEW YANG Daewoo Securities PARK YEON-JU HMC Investment Securities Co Ltd HYUNG-WOOK KIM BNP Paribas Equity Research POR YONG LIANG Kyobo Securities YOUNG-JOO SON E*Trade Securities Korea SEUNG-JAE HAN Credit Suisse KENNETH WHEE Samsung Securities SEUNGWOO KIM Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daishin Securities Co., Ltd. JAE-SUNG YOON NH Investment & Securities CHOI JI-HWAN KTB Securities YOO YOUNG KOOK Hyundai Securities BAEK YOUNG-CHAN Shinyoung Securities Co., Ltd. OH JUNG-IL CIMB PETER K LEE Standard Chartered DUKE SUTTIKULPANICH Morgan Stanley KYLE KIM UBS JOHN CHUNG Deutsche Bank SHAWN PARK JPMorgan SAMUEL SW LEE EVA Dimensions DOUG WALTERS HI Investment Securities LEE HEE-CHEOL KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON Mizuho Securities ANDREW S F CHAN Nomura CINDY PARK IBK Securities Co Ltd CHOONG-JAE LEE BS Securities Co Ltd SEOG-WON CHOI LIG Investment Securities PARK YOUNG-HOON HSBC DENNIS HYUNCHUL YOO

Source EXCH ULT-AGG Co File ULT-AGG Co File ULT-AGG ULT-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 ULT-AGG

Recommendation buy buy buy buy buy buy buy buy hold buy buy buy strong buy buy outperform buy buy buy buy buy buy buy outperform in-line Overwt/Cautious buy buy overweight buy buy buy buy neutral buy buy buy buy underweight

Amt Held 30'883'788 10'523'584 7'946'224 1'496'455 913'642 822'553 729'741 727'500 683'679 651'172 579'416 521'638 521'165 494'347 445'649 385'666 360'468 278'133 242'990 188'687

% Out 33.4 11.38 8.59 1.62 0.99 0.89 0.79 0.79 0.74 0.7 0.63 0.56 0.56 0.53 0.48 0.42 0.39 0.3 0.26 0.2

Weighting

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

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

Latest Chg (1'021'635) 4'610 9'598 7'161 (16'967) (56'886) 519'129 212'280 259'575 (30'992) 43'831 (73'069) 1'724 (6'265) 88'683

Target Price 220'000 195'000 210'000 215'000 200'000 200'000 180'000 200'000 #N/A N/A 220'000 190'000 185'000 184'000 200'000 170'000 180'000 170'000 210'000 180'000 210'000 200'000 210'000 194'000 121'000 170'000 175'000 190'000 180'000 #N/A N/A 190'000 200'000 180'000 159'000 220'000 165'000 230'000 170'000 140'000

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

File Dt 19.04.2013 16.09.2013 31.12.2012 21.10.2013 31.03.2013 30.09.2013 31.07.2013 31.12.2012 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013

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

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

Date 22.10.2013 22.10.2013 15.10.2013 15.10.2013 14.10.2013 14.10.2013 14.10.2013 10.10.2013 10.10.2013 08.10.2013 08.10.2013 08.10.2013 08.10.2013 07.10.2013 04.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 23.09.2013 13.09.2013 12.09.2013 04.09.2013 03.09.2013 03.09.2013 28.08.2013 28.08.2013 20.08.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 01.07.2013 10.06.2013 29.04.2013 26.04.2013

23.10.2013

Ultrapar Participacoes SA Ultrapar Participacoes S.A. is a Brazilian holding company. The Company's holdings include a gas distribution company, a petrochemical company, and a petrochemical and gas storage and transportation company.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.10.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UGPA3 BZ EQUITY YTD Change UGPA3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 60.77 41.01 10'500.00 60.18 -0.99% 46.74% 97.12% 544.4 32'761.03 6'240.68 0.0 25.5 3'161.72 37'368.44

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 o-12

31.12.2009 31.12.2010 36'097.1 42'481.7 0.36x 0.39x 1'449.4 1'855.3 9.02x 8.89x 437.1 765.3 98.15x 73.59x Profitability

LTM-4Q 31.12.2011 48'661.3 0.41x 2'032.1 9.83x 848.8 20.14x

31.12.2012 53'919.4 0.52x 2'405.3 11.61x 1'011.0 24.45x 2'405.26 1'708.93 3.17% 2.68% 7.58% 18.26% 11.35% 3.89% 7.6% 4.6% 3.3% 1.9% 1.91 1.42 40.79% 104.18% 23.24 38.98

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 51'096.7 1.78x 2'143.0 12.79x 866.4 27.86x

06/yy 57'273.9 2.10x 2'650.9 12.49x 1'115.3 25.43x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.56 375.24 46.38% 33.29% 0.557 13 4.385 721'300 970'403 1'031'716 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 60'853.8 65'980.7 16'069.7 16'213.5 0.61x 0.56x 2.30x 2.30x 2'819.5 3'118.4 755.0 751.5 13.25x 11.98x 12.95x 12.79x 1'166.8 1'333.9 341.3 341.5 27.80x 24.04x 25.86x 25.75x S&P Issuer Ratings

27.11.2012 BBB STABLE 5.53 3.77 1.73 2.56 104.2% 50.9% 3.89 12.58 15.71 9.36 6.76 15.52

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 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 28'268.0 0.30x 1'079.4 7.76x 390.3 17.43x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

23.10.2013

Ultrapar Participacoes SA Holdings By:

All

Holder Name ULTRA SA PARTICIPACO PARTH INVESTMENTS CO ABERDEEN CAIXA DE PREVIDENCIA BLACKROCK VANGUARD GROUP INC JPMORGAN CHASE & CO ULTRAPAR PARTICIPACO SCHRODER INVESTMENT REAL GRANDEZA FUNDAC BRAM BRADESCO ASSET FMR LLC SQUADRA INV GESTAO D GERACAO FUTURO CORRE NORGES BANK ITAU UNIBANCO SA DANSKE INVEST A/S CSHG ASSET MGMT SA JP MORGAN CHASE BANK MORGAN STANLEY

Firm Name Itau BBA Securities Brasil Plural Agora CTVM SA Bradesco Corretora Morgan Stanley JPMorgan Banco BTG Pactual SA Grupo Santander HSBC UBS EVA Dimensions Coinvalores Credit Suisse

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

Analyst PAULA KOVARSKY ANDREW MUENCH LUIZ OTAVIO BROAD AURO ROZENBAUM BRUNO MONTANARI FELIPE DOS SANTOS GUSTAVO GATTASS CHRISTIAN AUDI LUIZ CARVALHO LILYANNA YANG DOUG WALTERS MARCO AURELIO BARBOSA EMERSON LEITE

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

Recommendation outperform equalweight buy outperform Overwt/No Rating overweight neutral buy overweight sell buy buy neutral

Amt Held 128'855'686 42'843'019 35'864'434 32'336'408 13'822'830 10'952'238 8'138'784 7'948'006 5'051'663 3'970'300 3'356'772 3'105'111 2'863'553 2'830'666 2'635'050 2'502'928 2'223'000 1'941'126 1'895'200 1'789'200

% Out 23.67 7.87 6.59 5.94 2.54 2.01 1.5 1.46 0.93 0.73 0.62 0.57 0.53 0.52 0.48 0.46 0.41 0.36 0.35 0.33

Weighting

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

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

Latest Chg (769'000) 53'064 (71'979) 337'086 (59'463) (118'640) (115'318) (215'139) 465'750 (298'850) (80'000) (143'540) (182'600)

Target Price 70 57 69 69 67 68 54 54 62 50 #N/A N/A #N/A N/A 29

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

File Dt 31.05.2013 31.05.2013 30.09.2013 31.05.2013 21.10.2013 30.09.2013 31.08.2013 31.05.2013 30.08.2013 30.09.2013 30.09.2013 31.08.2013 30.06.2013 31.08.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.06.2013

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

Inst Type Holding Company Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 20.10.2013 13.10.2013 11.10.2013 09.10.2013 01.10.2013 05.08.2013 01.08.2013 31.07.2013 18.07.2013 06.06.2013 06.06.2013 20.05.2013 23.02.2011

23.10.2013

Remgro Ltd Remgro Ltd is an investment holding company that invests in banking and financial services, packaging, glass products, medical services, mining, petroleum, wine and spirits, food and home and personal care products. It holds investments, amongst others, in FirstRand Bank, RMB Holdings, Rainbow Chicken, Medi-Clinic Corp., Unilever South Africa, Tsb Sugar and Total South Africa.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (18.10.2013) 52-Week Low (22.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REM SJ EQUITY YTD Change REM SJ EQUITY YTD % CHANGE

06/2013 01/yy 20'450.00 14'500.00 277'957.00 20009 -2.02% 37.99% 94.96% 481.1 103'369.04 6'135.00 0.0 1'955.0 5'361.00 106'098.04

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

5000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 30.06.2009 11'455.0 2.29x 855.0 30.67x 45'330.0 6.83x

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 o-13

30.06.2010 30.06.2011 11'849.0 12'222.0 3.86x 4.23x 1'141.0 966.0 40.10x 53.51x 3'060.0 9'715.0 14.20x 13.71x Profitability

30.06.2012 13'532.0 4.46x 1'129.0 53.40x 9'284.0 13.22x

30.06.2013 16'446.0 6.09x 593.0 168.98x 4'438.0 22.23x 593.00 169.00 1.03% 28.43% 6.79% 7.89% 7.54% 0.25% 3.6% 1.0% 27.0% 3.16 1.34 8.43% 10.38% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.73 0.88 371.72 38.51% 26.75% 0.883 7 2.143 675'649 853'915 801'937 FY+2

06/14 Y 06/15 Y 21'048.5 22'877.5 4.92x 4.47x 1'378.0 1'397.0 76.96x 75.91x 6'963.2 8'032.8 14.92x 12.97x S&P Issuer Ratings

FQ+1

FQ+2

3.43 15.48 1.31 10.35 10.4% 9.1% 0.25 3.72 -

Sales/Revenue/Turnover

35.00

18'000.0

30.00

16'000.0 14'000.0

25.00

12'000.0

20.00

10'000.0

15.00

8'000.0 6'000.0

10.00

4'000.0

5.00 0.00 02.04.2010

2'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

02.10.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Remgro Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI ALLAN GRAY UNIT TRUS JP MORGAN CUSTODIAN STATE STREET CUSTODI VANGUARD GROUP INC BANK OF NEW YORK OLD MUTUAL BLACKROCK HARRIS TRUST & SAVIN FRANKLIN RESOURCES NORTHERN TR AVFC GOV GEPF CORONATION FM GEPF SIM PTY LTD IND JPMORGAN CHASE & CO RBC INVESTOR SERVICE LIBERTY LIFE ASSURAN NORTHERN TRUST COMPA CITIBANK LONDON VONTOBEL ASSET MANAG SIMLEND MAIN ACCOUNT

Firm Name Avior Research EVA Dimensions Deutsche Bank UBS Renaissance Capital Investec JPMorgan

Portfolio Name n/a Multiple Portfolios 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 n/a n/a Multiple Portfolios n/a

Analyst RICHARD TESSENDORF TIMOTHY STANISH WARREN GOLDBLUM DHERSAN CHETTY REY WIUM THANE DUFF NECESSITY NGORIMA

Source SJ-REG MF-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG ULT-AGG ULT-AGG MF-AGG ULT-AGG SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG

Recommendation neutral sell sell neutral sell hold neutral

Amt Held 65'355'668 23'444'601 22'789'915 22'663'849 14'024'109 10'842'625 9'044'046 8'606'582 7'474'348 7'393'425 7'192'020 6'859'272 6'024'426 6'010'303 5'344'375 5'222'752 4'472'897 4'181'000 4'048'438 4'038'101

% Out 13.58 4.87 4.74 4.71 2.91 2.25 1.88 1.79 1.55 1.54 1.49 1.43 1.25 1.25 1.11 1.09 0.93 0.87 0.84 0.84

Weighting

Change 3 1 1 3 1 3 3

U D M M M M M

Latest Chg 1'650'000 (3'716'637) 823'877 183'675 (241'728) 890'348 (119'276) 27'629 1'283'068 1'421'994 1'235'057 4'311'127 837'300 (18'711) 287'158 (15'394) 213'176 (97'772)

Target Price 22'533 #N/A N/A 18'500 21'070 18'600 20'225 19'567

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 30.06.2013 21.10.2013 28.06.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.08.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month

Inst Type Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Other Other Other Investment Advisor Investment Advisor Insurance Company Investment Advisor Bank Investment Advisor Other

Date 02.10.2013 24.09.2013 20.09.2013 20.09.2013 17.09.2013 29.08.2013 07.08.2013

23.10.2013

Shoprite Holdings Ltd Shoprite Holdings Limited is an investment holding company with subsidiaries operating in the supermarket, produce distribution, furniture retailing, and property holding industries. Retail chains of the Group include "Shoprite", "Checkers", "OK", "Hyperama", "Freshmark", and "Sentra".

Price/Volume 25000

16.0 M 14.0 M

20000

12.0 M 10.0 M

15000

8.0 M

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (28.12.2012) 52-Week Low (27.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHP SJ EQUITY YTD Change SHP SJ EQUITY YTD % CHANGE

06/2013 01/yy 20'776.00 15'545.00 958'944.00 17951 -13.71% 15.48% 46.45% 570.6 102'424.72 4'158.69 0.0 68.2 6'138.67 100'512.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2010 30.06.2011 67'402.4 72'297.8 0.65x 0.77x 4'386.6 5'018.7 9.98x 11.06x 2'266.5 2'509.8 18.19x 20.06x Profitability

30.06.2012 82'730.6 0.93x 5'878.8 13.07x 3'026.6 24.82x

30.06.2013 92'747.3 1.05x 6'869.0 14.17x 3'597.7 27.47x 6'869.04 5'379.27 5.80% 5.60% 11.14% 25.76% 21.58% 2.87% 21.0% 7.4% 5.8% 3.9% 1.51 0.56 12.42% 27.39% 73.57 7.72

Price/ Cash Flow

2.0 M

0 o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

FY+1 -

1.88 0.77 485.56 1.49% -10.42% 0.766 18 2.944 1'645'130 1'736'926 1'951'184 FY+2

06/14 Y 06/15 Y 105'066.1 119'314.3 0.95x 0.83x 7'661.8 8'894.7 13.12x 11.30x 4'118.6 4'828.6 23.36x 20.00x S&P Issuer Ratings

FQ+1

FQ+2

16.00 16.00 -0.29 0.61 27.4% 21.4% 2.87 8.68 4.96 47.29 39.69 12.56

Sales/Revenue/Turnover

40.00

100'000.0

35.00

90'000.0 80'000.0

30.00

70'000.0

25.00

60'000.0

20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.07.2010

4.0 M

Fiscal Year Ended 30.06.2009 59'318.6 0.46x 3'737.4 7.27x 1'998.2 13.71x

6.0 M

5000

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Shoprite Holdings Ltd Holdings By:

All

Holder Name JP MORGAN CUSTODIAN GOVERNMENT EMP PENSI STATE STREET CUSTODI CAPITAL GROUP COMPAN STATE STREET CORP LAZARD ASSET MANAGEM JPMORGAN CHASE & CO VANGUARD GROUP INC NORTHERN TR AVFC GOV T ROWE PRICE ASSOCIA BLACKROCK BANK OF NY CUSTODIAN BANK OF NEW YORK COMMONWEALTH BANK OF OPPENHEIMERFUNDS INC CITIBANK LONDON NORTHERN TRUST COMPA CARMIGNAC GESTION CITIBANK NEW YORK OLD MUTUAL

Firm Name Deutsche Bank Goldman Sachs UBS Barclays NOAH Capital Markets BNP Paribas Cadiz Securities Credit Suisse Avior Research Imara BPI Investec JPMorgan HSBC Macquarie SBG Securities Renaissance Capital EVA Dimensions Riedel Research Group Inc

Portfolio Name 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 Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a

Analyst SEAN HOLMES TATYANA LUKINA DARREN PETER COHN KITRISHIA NAIDOO ROGER TEJWANI SHAMIL ISMAIL MARK WADLEY MICHAEL MCLEOD WARWICK LUCAS LUIS COLACO ROHAN DYER STEPHEN CARROTT JEANINE WOMERSLEY DAVID SMITH KIRSTY LASCHINGER ZAHEER JOOSUB CRAIG STERLING DAVID R RIEDEL

Source SJ-REG SJ-REG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG SJ-REG MF-AGG ULT-AGG SJ-REG SJ-REG ULT-AGG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG ULT-AGG

Recommendation buy Buy/Neutral sell overweight buy hold underperform underperform accumulate hold sell neutral underweight neutral sell buy underweight sell

Amt Held 94'358'612 62'024'748 56'425'728 47'477'827 25'491'406 17'771'386 12'717'547 12'581'589 12'491'460 11'259'365 9'925'298 9'622'029 8'851'029 5'212'481 4'998'502 4'956'093 4'565'376 4'227'544 4'022'733 3'612'147

% Out 16.54 10.87 9.89 8.32 4.47 3.11 2.23 2.21 2.19 1.97 1.74 1.69 1.55 0.91 0.88 0.87 0.8 0.74 0.71 0.63

Weighting

Change 5 5 1 5 5 3 1 1 4 3 1 3 1 3 1 5 1 1

M M M M M M N M U M M U M M M N M N

Latest Chg (948'341) (5'936'699) 1'697'869 (9'187'585) (224'313) (25'209) 749'603 (232'787) 1'335'937 996'956 (59'793) 938'772 430'492 2'078'139 958'975 56'191 (223'406) 152'404 218'671 (187'982)

Target Price 20'300 23'600 16'500 18'900 18'900 15'800 14'500 18'048 #N/A N/A 16'350 16'100 17'800 15'000 18'000 17'105 20'400 #N/A N/A 11'200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 30.09.2013 22.10.2013 31.08.2013 31.08.2013 30.09.2013 31.05.2013 30.06.2013 21.10.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013 31.05.2013 31.05.2013 28.06.2013 31.05.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Government Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Unclassified Unclassified

Date 17.10.2013 17.10.2013 02.10.2013 02.10.2013 30.09.2013 04.09.2013 28.08.2013 28.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 06.06.2013 02.07.2012

23.10.2013

Bidvest Group Ltd Bidvest Group Limited is the holding company for a group of companies operating in a range of sectors. Subsidiaries manufacture and distribute food and allied products to the catering industry, as well as packaging, stapling, fastening and adhesive tapes, office products, cosmetics, toiletries and skin care products. Bidvest supplies cleansing products and provides laundering services.

Price/Volume 30000

3.0 M

06/2013 01/yy 26'640.00 20'300.00 288'693.00 25989 -2.38% 28.02% 95.43% 327.7 85'175.04 15'173.00 0.0 1'177.1 8'728.73 92'796.43

2.0 M 1.5 M

10000

1.0 M 5000

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2010 30.06.2011 109'789.2 118'482.7 0.39x 0.45x 7'372.7 7'858.0 5.84x 6.82x 3'345.2 3'538.7 11.39x 13.00x Profitability

30.06.2012 133'533.6 0.43x 8'803.7 6.52x 4'442.9 12.35x

30.06.2013 153'404.5 0.55x 9'652.8 8.75x 4'772.4 15.70x 9'652.84 7'555.58 4.93% 4.46% 7.79% 19.88% 15.97% 2.50% 19.8% 6.3% 4.9% 3.1% 1.25 0.29 22.76% 57.53% 11.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.77 0.89 246.17 30.82% 24.15% 0.888 10 3.200 864'306 947'695 802'541 FY+2

06/14 Y 06/15 Y 166'854.0 178'075.0 0.53x 0.49x 10'651.6 11'552.8 8.71x 8.03x 5'468.7 6'110.0 14.96x 13.50x S&P Issuer Ratings

FQ+1

FQ+2

11.48 8.52 0.67 1.57 57.5% 35.5% 2.50 11.66 32.76 20.58

Sales/Revenue/Turnover

18.00

180'000.0

16.00

160'000.0

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 02.07.2010

2.5 M

15000

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVT SJ EQUITY YTD Change BVT SJ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

20000

Valuation Analysis

30.06.2009 112'427.8 0.30x 6'482.5 5.23x 2'802.4 10.40x

4.0 M

25000

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Bidvest Group Ltd Holdings By:

All

Holder Name STATE STREET CUSTODI GOVERNMENT EMP PENSI JP MORGAN CUSTODIAN STATE STREET CORP BB INV CO (PTY) LTD LAZARD ASSET MANAGEM JPMORGAN CHASE & CO VANGUARD GROUP INC NORTHERN TR AVFC GOV BANK OF NY CUSTODIAN WILLIAM BLAIR & COMP BLACKROCK BANK OF NEW YORK OLD MUTUAL NORTHERN TRUST COMPA GEPF SIM PTY LTD IND SANLAM LIFE INSURANC CITIBANK LONDON NORTHERN TRUST CUSTO SKAGEN AS

Firm Name Renaissance Capital Avior Research Macquarie Investec JPMorgan EVA Dimensions UBS Barclays BPI

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst ROY MUTOONI MARK HODGSON PETER STEYN ANTHONY GEARD NECESSITY NGORIMA TIMOTHY STANISH KWAME ANTWI KANYISA NTONTELA BRENT MADEL

Source ULT-AGG SJ-REG SJ-REG ULT-AGG SJ-REG ULT-AGG ULT-AGG ULT-AGG SJ-REG SJ-REG 13F ULT-AGG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG

Recommendation sell underperform neutral buy overweight hold buy overweight sell

Amt Held 39'710'663 39'634'349 23'754'670 15'161'158 13'434'678 10'359'558 9'919'953 7'918'677 7'644'993 7'440'259 6'735'500 5'899'429 5'877'023 5'495'182 4'845'055 4'181'629 4'149'684 3'871'960 3'740'320 2'878'881

% Out 12.12 12.09 7.25 4.63 4.1 3.16 3.03 2.42 2.33 2.27 2.06 1.8 1.79 1.68 1.48 1.28 1.27 1.18 1.14 0.88

Weighting

Change 1 1 3 5 5 3 5 5 1

M M M U M M M M D

Latest Chg 452'186 (1'050'000) 209'257 (82'281) (359'080) (14'572) 527'019 (157'927) 667'638 183'192 2'618'254 (33'298) 931'893 48'830 212'848 (550'721) 25'588 30'307 26'181 -

Target Price 23'000 26'502 26'100 27'500 27'912 #N/A N/A 28'500 25'000 22'320

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 22.10.2013 31.05.2013 31.08.2013 31.08.2013 30.09.2013 31.05.2013 31.05.2013 30.06.2013 21.10.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided

Inst Type Other Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Other Insurance Company Bank Other Investment Advisor

Date 04.09.2013 04.09.2013 28.08.2013 27.08.2013 07.08.2013 06.06.2013 22.05.2013 05.04.2013 02.04.2013

23.10.2013

Alfa SAB de CV Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing, automotive and telecommunication businesses. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel.

Price/Volume 45

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFAA MM EQUITY YTD Change ALFAA MM EQUITY YTD % CHANGE

12/2012 09/yy 39.79 23.63 10'672'224.00 34.1 -14.30% 44.31% 64.79% 5'142.5 175'359.23 51'773.00 0.0 8'735.0 13'661.00 223'125.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

5.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 116'190.0 0.51x 10'478.0 5.71x (9'513.0) -

20.0 M

25 20

31.12.2009 31.12.2010 115'632.0 136'395.0 0.74x 0.78x 14'280.0 15'952.0 5.95x 6.63x 2'021.0 4'927.0 23.09x 13.65x Profitability

LTM-4Q 31.12.2011 182'967.0 0.74x 19'587.0 6.88x 4'748.0 17.07x

31.12.2012 200'167.0 0.95x 24'267.0 7.80x 8'994.0 15.74x 24'267.00 16'305.00 8.15% 6.78% 4.07% 11.80% 7.71% 1.28% 17.8% 11.0% 7.0% 4.5% 1.75 1.06 33.65% 99.48% 9.78 7.64

Price/ Cash Flow

LTM

FY+1

1.11 43.34% 25.69% 1.113 15 2.800 6'197'967 6'928'334 6'951'253 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 200'670.0 201'228.6 199'658.0 208'632.4 48'180.5 53'557.0 3.07x 4.16x 1.09x 1.00x 4.61x 4.17x 23'219.8 22'172.7 23'757.7 26'940.3 6'017.5 6'413.0 7.35x 10.34x 9.39x 8.28x 7.91x 7.70x 8'445.9 6'392.2 7'697.4 10'485.9 1'884.0 1'765.0 14.61x 28.41x 23.47x 17.94x 23.04x 22.73x 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

5.84 4.08 1.74 2.33 99.5% 46.0% 1.28 2.76 37.33 47.78 44.18 27.47

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Alfa SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV GRUPO FIN BANAMEX SA FIL LIMITED GRUPO FINANCIERO BBV NORGES BANK MORGAN STANLEY SCHRODER INVESTMENT JPMORGAN CHASE & CO PRINCIPAL FINANCIAL EATON VANCE MANAGEME AMERIPRISE FINANCIAL IMPULSORA DEL FONDO THREADNEEDLE ASSET M ACTINVER SA DE CV/ME PRUDENTIAL FINANCIAL CAISSE DE DEPOT ET P BNP PARIBAS

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Source MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation

BBVA JEAN-BAPTISTE BRUNY underperform Morgan Stanley NIKOLAJ LIPPMANN Underwt/No Rating GBM LILIAN OCHOA market underperform HSBC JUAN CARLOS MATEOS overweight Banco Monex S.A. Institucion de Banca FERNANDO E BOLANOS hold Credit Suisse VANESSA QUIROGA outperform Vector Servicios Financieros RAFAEL ESCOBAR hold Invex Casa de Bolsa SA de CV ANA EUGENIA SEPULVEDA DEL VILLAR hold Banorte-IXE CARLOS HERMOSILLO sell JPMorgan CASSIO LUCIN neutral EVA Dimensions TIMOTHY STANISH sell UBS MARIMAR TORREBLANCA buy Grupo Santander LUIS MIRANDA underperform

Amt Held 148'711'500 131'413'075 82'771'672 69'772'109 41'713'900 35'091'586 25'197'772 23'336'429 19'483'030 18'428'095 17'909'012 13'180'916 11'699'120 10'756'770 10'500'000 10'474'800 10'434'151 10'242'459 7'616'450 7'409'989

% Out 2.89 2.56 1.61 1.36 0.81 0.68 0.49 0.45 0.38 0.36 0.35 0.26 0.23 0.21 0.2 0.2 0.2 0.2 0.15 0.14

Weighting

Change 1 1 2 5 3 5 3 3 1 3 1 5 1

M M M M U M M U M D D U M

Latest Chg (428'400) (4'277'500) (1'279'946) (960'594) 813'140 6'122'219 3'621'320 2'441'600 12'388'114 (497'500) 6'702'012 690'400 (343'400) 4'957'800 651'500 8'129'759 (681'218)

Target Price 30 31 29 43 38 44 37 38 31 33 #N/A N/A 39 30

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.10.2013 21.10.2013 30.09.2013 31.07.2013 30.09.2013 30.04.2013 02.10.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 31.08.2013 31.07.2013 30.08.2013 31.08.2013 31.07.2013 30.09.2013 30.08.2013 31.12.2012 30.06.2013

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 23.10.2013 22.10.2013 22.10.2013 22.10.2013 21.10.2013 11.09.2013 13.08.2013 12.08.2013 31.07.2013 24.07.2013 22.07.2013 15.07.2013 22.04.2013

23.10.2013

Formosa Chemicals & Fibre Corp Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical products, nylon fiber, and rayon staple fiber. Formosa sells its products in Taiwan and exports to Asia.

Price/Volume 90

30.0 M

25.0 M

70 60

20.0 M

12/2012 12/yy 84.20 56.99 4'354'186.00 83 -1.43% 45.64% 98.16% 5'861.2 486'478.44 121'908.17 0.0 0.0 61'869.40 546'517.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 249'817.5 1.04x 5'495.2 47.30x 6'097.6 36.36x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1326 TT EQUITY YTD Change 1326 TT EQUITY YTD % CHANGE

31.12.2009 31.12.2010 219'729.5 283'121.2 1.87x 1.92x 24'196.4 37'204.1 16.95x 14.63x 29'439.5 47'275.2 13.37x 11.79x Profitability

LTM-4Q 31.12.2011 280'813.6 1.70x 31'920.3 14.98x 32'970.9 13.75x

31.12.2012 288'024.9 1.69x 12'428.9 39.06x 7'094.3 60.00x 12'428.90 869.63 0.30% 2.48% 1.89% 2.98% 2.54% 0.77% 2.7% 4.3% 0.3% 2.5% 2.19 1.31 31.70% 53.45% 12.34 9.67

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.04 3'414.45 13.52 17.27% 14.93% 1.035 24 3.042 5'267'637 5'128'007 4'686'977 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 280'813.6 288'024.9 357'441.9 368'092.1 74'047.5 76'179.5 7.63x 6.84x 1.59x 1.54x 31'920.3 12'428.9 31'650.8 33'345.5 14.98x 39.06x 17.27x 16.39x 32'970.9 7'094.3 23'344.3 24'842.5 6'722.0 4'838.0 13.75x 59.99x 21.33x 19.88x 21.50x 19.89x 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. 7.41 (EBITDA-Capex)/Interest Exp. 5.12 Net Debt/EBITDA 4.83 Total Debt/EBITDA 9.81 Reference Total Debt/Equity 53.4% Total Debt/Capital 34.8% Asset Turnover 0.77 Net Fixed Asset Turnover 4.09 Accounts receivable turnover-days 29.66 Inventory Days 37.83 Accounts Payable Turnover Day 24.64 Cash Conversion Cycle 42.85 Sales/Revenue/Turnover

50.00

350'000.0

45.00

300'000.0

40.00 35.00

250'000.0

30.00

200'000.0

25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Formosa Chemicals & Fibre Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F CHIN'S INTL INVESTME WAN SHUN INTL INVEST FORMOSA PLASTICS COR NAN YA PLASTICS CORP VANGUARD GROUP INC LIEN HE POWER DEVELO CHUANG SHIH CAPITAL BLACKROCK KENTE ELETRONIC DEVE WEN-YUAN WANG FORMOSA PETROCHEMICA NORGES BANK POLARIS SEC INVESTME WEN-HSIANG WANG JUI-YU WANG WEN-CHAO WANG BANK OF NEW YORK MEL DIMENSIONAL FUND ADV EATON VANCE MANAGEME

Firm Name

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 Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Capital Securities Corp ZHAN MINGFENG KGI Securities AARON LIU Jih Sun Securities STEPHEN WAN BNP Paribas Equity Research POR YONG LIANG Nomura JESSE WANG Fubon Securities KERRY WU Masterlink Securities FRANK FU Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN Yuanta Securities Investment ConsultingYVONNE TSAI CIMB ANDRE CHANG UBS JOHN CHUNG Macquarie CORINNE JIAN HSBC DENNIS HYUNCHUL YOO President Capital Management TOM HUNG Deutsche Bank SHAWN PARK SinoPac MATT TSAI EVA Dimensions TIMOTHY STANISH Mega Securities YOU JIANHENG Barclays SIDNEY YEH IBT Securities Co Ltd FILOLI TSAI E Sun Securities HONG CLIFF JPMorgan SAMUEL SW LEE

Source EXCH Co File Co File EXCH EXCH ULT-AGG Co File Co File ULT-AGG Co File EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG

Recommendation neutral outperform buy hold neutral add buy Equalwt/Attractive neutral hold neutral sell neutral neutral buy not rated buy sell neutral underweight sell buy on weakness Rating Suspended

Amt Held 1'090'000'000 371'938'815 222'450'494 199'000'000 140'000'000 126'868'911 95'386'877 80'007'905 78'725'621 72'168'326 63'150'587 48'567'575 42'016'129 34'947'856 27'775'955 18'627'185 16'819'721 13'998'957 9'181'960 4'163'613

% Out 18.6 6.35 3.8 3.4 2.39 2.16 1.63 1.37 1.34 1.23 1.08 0.83 0.72 0.6 0.47 0.32 0.29 0.24 0.16 0.07

Weighting

Change

3 5 5 3 3 4 5 3 3 3 3 1 3 3 5 #N/A N/A 5 1 3 1 1 5 #N/A N/A

M M M M M M M M M M M M M M M M U M M M N M M

Latest Chg 256'064 (449'268) (354'722) (355'820) (3'409'883) 1'315'310 201'200

Target Price #N/A N/A 99 84 73 72 85 90 82 74 68 77 69 72 78 78 #N/A N/A 86 #N/A N/A 80 63 #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 31.08.2013 23.04.2013 23.04.2013 31.08.2013 31.08.2013 30.09.2013 23.04.2013 23.04.2013 21.10.2013 23.04.2013 31.08.2013 31.08.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 31.08.2013 22.10.2013 31.07.2013 31.07.2013

Date Not Provided 12 month 6 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Other Other Corporation Corporation Investment Advisor Corporation Other Investment Advisor Corporation n/a Corporation Government Investment Advisor n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor

Date 21.10.2013 18.10.2013 14.10.2013 08.10.2013 27.09.2013 25.09.2013 10.09.2013 12.08.2013 09.08.2013 09.08.2013 09.08.2013 06.08.2013 06.08.2013 21.07.2013 10.07.2013 02.07.2013 02.07.2013 06.06.2013 06.03.2013 04.03.2013 22.12.2012 14.12.2012 10.05.2012

23.10.2013

Siam Commercial Bank PCL Siam Commercial Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.

Price/Volume 250

12.0 M

200

10.0 M 8.0 M

150

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCB-R TB EQUITY YTD Change SCB-R TB EQUITY YTD % CHANGE

100

12/2012 09/yy 199.50 134.00 750'800.00 160 -19.80% 19.40% 39.69% 3'394.0 543'041.69 249'243.05 75.9 1'554.2 194'077.45 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 87'779.9 21'413.7 -

4.0 M

31.12.2009 31.12.2010 81'015.4 85'342.9 20'758.1 24'206.0 Profitability

LTM-4Q 31.12.2011 144'348.7 36'272.7 -

31.12.2012 148'648.1 40'219.9 47.68% 47.68% 2.10% 21.86% 10.80% 0.08% 37.5% 10.98% 114.58% -

LTM

FY+1

1.20 2.20% -9.06% 1.198 0 4'079'010 2'958'642 2'734'872 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/13 Y 12/14 Y 12/13 Q4 03/14 Q1 155'436.1 182'794.4 120'305.8 133'713.0 31'222.3 32'574.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 36'625.3 48'259.4 49'827.8 55'862.1 12'482.7 13'568.5 0.00x 0.00x 10.91x 9.77x 10.27x 9.92x S&P Issuer Ratings Long-Term Rating Date 23.12.2010 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 114.6% Total Debt/Capital 53.2% Asset Turnover 0.08 Net Fixed Asset Turnover 5.25 Accounts receivable turnover-days 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

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 |

23.10.2013

Siam Commercial Bank PCL Holdings By:

All

Holder Name BLACKROCK ROBECO GROEP NV PICTET FUNDS FIDEURAM GESTIONS SA MIRABAUD ASSET MANAG BNP PARIBAS CI INVESTMENTS INC NORTHERN TRUST CORPO CIMB-PRINCIPAL ASSET NOMURA CHARLES SCHWAB INVES BAILLIE GIFFORD AND CREDIT SUISSE AG CREDIT SUISSE AG UNION INVESTMENT LUX INTERFUND ADVISORY C BSI SA ARTEMIS FUND MANAGER BELGRAVE CAPITAL MAN FORWARD MANAGEMENT L

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios CREDIT SUISSE SOLUTI n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-LUX ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 41'908'400 7'034'546 1'822'200 1'490'600 1'204'200 1'125'600 1'044'366 746'976 733'400 613'002 520'700 517'600 511'700 511'700 450'000 385'000 252'000 219'547 197'600 183'600

% Out 1.23 0.21 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 146'500 (8'324) (21'400) 255'000 (295'300) (69'000) 95'300 124'900 (50'000) 55'447 24'700 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.10.2013 30.04.2013 30.06.2013 01.10.2013 30.06.2013 30.04.2013 28.06.2013 31.03.2013 31.12.2012 10.05.2013 22.10.2013 28.06.2013 31.05.2013 31.05.2013 28.03.2013 01.10.2013 28.06.2013 31.12.2012 30.06.2013 31.08.2013

Date

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

23.10.2013

PTT PCL PTT PCL is a state-controlled fully integrated gas and oil company. The company explores for, produces, transports, and sells natural gas and crude oil. It also produces, transports and markets refined petroleum products.

Price/Volume 400

7.0 M

350

6.0 M

300

5.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (18.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT-R TB EQUITY YTD Change PTT-R TB EQUITY YTD % CHANGE

12/2012 06/yy 368.00 305.00 673'120.00 321 -12.77% 5.25% 25.40% 2'856.3 916'872.19 455'221.09 0.0 125'880.2 143'322.88 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

150 100

2.0 M

1.0 M

0 o-12

31.12.2009 31.12.2010 1'586'174.5 1'898'682.2 0.64x 0.64x 129'141.0 166'568.6 7.86x 7.31x 59'547.6 83'992.1 Profitability

LTM-4Q 31.12.2011 2'428'126.1 0.53x 203'702.5 6.27x 106'260.3 -

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

0.74 4.55% 0.46% 0.737 0 1'941'491 1'283'927 1'304'611 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'793'833.1 ######### ######### ######### ######### 700'894.7 750'624.3 0.50x 1.97x 2.00x 0.47x 0.43x 212'079.8 203'012.9 216'042.4 232'377.8 253'144.8 49'528.0 56'105.0 6.54x 6.64x 6.58x 104'665.8 85'163.7 107'150.0 107'770.2 116'191.2 27'811.7 28'557.0 0.00x 0.00x 8.53x 7.86x 8.11x 7.98x S&P Issuer Ratings 212'079.83 Long-Term Rating Date 01.11.2006 143'897.02 Long-Term Rating BBB+ 5.15% Long-Term Outlook STABLE 6.16% Short-Term Rating Date 6.80% Short-Term Rating 17.56% Credit Ratios 12.38% EBITDA/Interest Exp. 10.73 1.77% (EBITDA-Capex)/Interest Exp. 4.92 Net Debt/EBITDA 1.56 7.4% Total Debt/EBITDA 2.10 7.7% Reference 5.2% Total Debt/Equity 75.1% 3.7% Total Debt/Capital 38.4% Asset Turnover 1.77 1.24 Net Fixed Asset Turnover 4.04 1.02 Accounts receivable turnover-days 31.86 27.91% Inventory Days 6.52 75.15% Accounts Payable Turnover Day 33.54 11.46 Cash Conversion Cycle 1.09 55.95 Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

.0 M n-12

Fiscal Year Ended 31.12.2008 2'000'815.8 0.35x 148'987.3 4.69x 51'704.8 -

4.0 M

200

Valuation Analysis

1'500'000.0 1'000'000.0

0.40

500'000.0 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 |

23.10.2013

PTT PCL Holdings By:

All

Holder Name BLACKROCK BANK OF NEW YORK MEL ROBECO GROEP NV RAIFFEISEN KAPITALAN ACADIAN ASSET MANAGE PICTET FUNDS AGF INVESTMENTS INC NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE CREDIT SUISSE AG AXA INVESTMENT MANAG MIRABAUD ASSET MANAG FIDEURAM GESTIONS SA ACADIAN ASSET MANAGE CIMB-PRINCIPAL ASSET SUMITOMO MITSUI TRUS NOMURA BSI SA SCHRODER INVESTMENT MANULIFE ASSET MANAG

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 19'709'677 6'201'794 3'551'067 968'300 959'900 872'800 824'200 791'500 789'300 727'000 720'437 541'700 427'200 391'500 390'400 323'100 322'802 315'000 301'100 287'826

% Out 0.69 0.22 0.12 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 256'400 (1'800) 72'147 201'400 41'300 (11'400) (59'000) 71'100 (196'100) 57'800 101'300 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.10.2013 22.10.2013 30.04.2013 31.07.2013 31.07.2013 30.06.2013 28.03.2013 30.06.2013 30.09.2013 31.05.2013 30.08.2013 30.06.2013 01.10.2013 28.06.2013 31.12.2012 21.01.2013 10.05.2013 28.06.2013 30.06.2013 30.09.2013

Date

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 Bank Unclassified Investment Advisor Investment Advisor Investment Advisor

Date

23.10.2013

Hengan International Group Co Ltd Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China. The Company's products are sold under the Anerle brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (14.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1044 HK EQUITY YTD Change 1044 HK EQUITY YTD % CHANGE

12/2012 01/yy 94.50 67.00 1'577'430.00 91 -3.70% 35.82% 88.36% 1'231.4 112'056.01 11'227.80 0.0 330.0 9'544.38 111'864.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 10'833.8 13'431.7 6.39x 6.08x 2'897.5 3'203.6 23.88x 25.51x 2'117.5 2'438.3 32.54x 33.59x Profitability

31.12.2011 17'050.6 5.20x 3'559.6 24.90x 2'648.8 33.63x

31.12.2012 18'524.2 4.75x 5'079.3 17.32x 3'518.7 24.43x 5'079.28 4'518.53 24.39% 24.50% 11.54% 26.44% 13.67% 0.61% 44.9% 27.8% 24.5% 19.0% 1.50 1.05 38.45% 79.75% 11.30 2.99

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

1.98 0.60 725.16 22.94% 32.78% 0.596 33 3.848 1'267'225 1'677'264 1'683'163 FY+2

12/13 Y 12/14 Y 21'866.3 26'264.2 5.14x 4.27x 5'764.3 6'896.6 19.41x 16.22x 3'945.7 4'730.1 28.37x 23.68x S&P Issuer Ratings

FQ+1

FQ+2

22.61 11.62 -0.10 3.58 79.8% 43.8% 0.61 1.99 32.31 122.10 57.70 97.72

Sales/Revenue/Turnover

40.00

20'000.0

35.00

18'000.0 16'000.0

30.00

14'000.0

25.00

12'000.0

20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

14.0 M

Fiscal Year Ended 31.12.2008 8'001.5 3.63x 1'767.3 16.46x 1'340.9 21.25x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

23.10.2013

Hengan International Group Co Ltd Holdings By:

All

Holder Name TIN LEE INVESTMENTS AN PING INVESTMENTS JPMORGAN CHASE & CO VANGUARD GROUP INC FIL LIMITED SKYFUL HOLDINGS LTD BLACKROCK CHUN MAN XU CAPITAL GROUP COMPAN COMMONWEALTH BANK OF MATTHEWS INTERNATION SCHRODER INVESTMENT GO-AHEAD GROUP LTD FMR LLC STATE STREET CORP NORGES BANK WAN LI CO LTD CAISSE DE DEPOT ET P SHINHAN BNP PARIBAS UBS AG

Firm Name Nomura GF Securities Co. Ltd. Standard Chartered Sanford C. Bernstein & Co Barclays SWS Research Co Ltd EVA Dimensions Sun Hung Kai Securities Deutsche Bank Credit Suisse Macquarie Bank of China International DBS Vickers China International Capital Corp UOB Kay Hian First Shanghai Securities Ltd Religare Capital Markets BOCOM International Holdings UBS JPMorgan HSBC CIMB BNP Paribas Equity Research CCB International Securities Ltd Maybank Kim Eng Guotai Junan Goldman Sachs Ji Asia JF Apex Securities Bhd Capital Securities Corp Citic 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 Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst EMMA LIU LI YINLIN CHARLES YAN JEAN CHAN VINEET SHARMA SEAN ZHANG CRAIG STERLING STUWART CHEN WINNIE MAK KEVIN YIN JAMIE ZHOU TIFFANY FENG PATRICIA YEUNG YANG CHEN RENEE TAI PATRICK WONG KA LEONG LO SUMMER WANG SPENCER LEUNG KURUMLU EBRU SENER WALDEN SHING Yang Lei CHARLIE Y CHEN FORREST CHAN JACQUELINE KO SUNNY KWOK LISA DENG WU GONGLIANG TEAM COVERAGE LANTIS LI ERIC NG

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG

Recommendation buy buy in-line market perform overweight outperform hold buy buy neutral neutral hold buy hold buy hold buy buy neutral neutral neutral outperform buy outperform hold neutral Sell/Neutral sell hold hold sell

Amt Held 228'228'999 224'669'751 59'261'046 21'304'330 17'294'056 17'270'000 16'827'500 15'625'121 15'572'500 13'468'000 12'626'500 10'641'691 10'000'000 8'870'396 7'716'941 7'363'081 7'000'000 5'916'190 5'873'021 5'437'600

% Out 18.53 18.25 4.81 1.73 1.4 1.4 1.37 1.27 1.26 1.09 1.03 0.86 0.81 0.72 0.63 0.6 0.57 0.48 0.48 0.44

Weighting

Change 5 5 3 3 5 5 3 5 5 3 3 3 5 3 5 3 5 5 3 3 3 5 5 5 3 3 1 1 3 3 1

M M M N M U U M M M M M M N M M M M D M M M M M D D M M M D D

Latest Chg (269'985) (3'114'953) 89'000 (100'000) (4'500) (1'512'000) 1'621'500 3'826'691 (407'933) 202'198 (28'500) (53'500)

Target Price 106 #N/A N/A 75 97 97 97 #N/A N/A 95 93 92 84 82 94 86 97 96 96 95 88 82 93 95 92 93 86 85 78 66 #N/A N/A 84 54

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.07.2012 27.07.2012 05.08.2013 30.09.2013 30.04.2013 31.12.2011 21.10.2013 17.10.2013 30.09.2013 31.05.2013 28.06.2013 31.08.2013 21.07.2011 31.08.2013 22.10.2013 31.12.2012 27.07.2012 31.12.2012 31.03.2013 30.06.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor n/a Investment Advisor Bank Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Government Holding Company Investment Advisor Investment Advisor Investment Advisor

Date 21.10.2013 20.10.2013 15.10.2013 18.09.2013 03.09.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 29.07.2013 29.07.2013 28.07.2013 23.04.2013 27.03.2013 22.03.2013 31.08.2011