Fundamental Company Analysis - World Oil & Gas Production Sector 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 World Oil & Gas Production - Top 50 October 2012

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Index Analysis - Financial Statements Name: BBG WORLD OIL&GAS PRO IX View

Currency: USD Number of Member Stocks: 67 Current 30.12.2011 31.12.2010 CY 2012

CY1 2011

CY1 2010

31.12.2009

31.12.2008

31.12.2007

29.12.2006

30.12.2005

31.12.2004

CY1 2009

CY1 2008

CY1 2007

CY1 2006

CY1 2005

CY1 2004

31.12.2003

31.12.2002

31.12.2001

29.12.2000

31.12.1999

31.12.1998

31.12.1997

31.12.1996

29.12.1995

30.12.1994

31.12.1993

31.12.1992

CY1 2003

CY1 2002

CY1 2001

CY1 2000

CY1 1999

CY1 1998

CY1 1997

CY1 1996

CY1 1995

CY1 1994

CY1 1993

CY1 1992

Index Summary Income Statement 20.6 20.5 18.0 21.0 269.8 6.7 46.1

22.51 120.52 119.58 126.38 1906.17 22.7593 344.7

15.61 246.97 237.65 246.97 3485.57 108.525 626.62

11.04 192.45 190.9 214.07 3235.49 115.7297 605.11

104.05 130.69 140.74 141.65 1877.49 5.2533 310.04

22.66

21.67

15.37

13.68

9.3

Book Value Per Share Enterprise Value Per Share Net Debt Per Share

138.0 226.8 29.6

2256.82 8190 5966.83

2087.4 8979.21 5496.08

2153.91 7640.74 5117.82

Cash Flow Cash Flow Per Share Free Cash Flow Per Share

35.4 4.2

101.47 -34.58

30.77 -195.75

257.45 36.24

175.64 47.86

Price Ratios Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Price/EBITDA

9.3 9.3 10.6 9.1 1.4 0.7 5.4 3.5 4.1

11.3082 11.3082 11.7518 11.3082 1.2375 0.8013 90.7571 3.8859 4.457

15.4066 15.4066 15.5312 13.8504 1.4204 0.9164 11.5166 3.9032 4.8998

10.3113 10.3113 8.6643 9.4549 1.0755 0.6392 5.39 5.094 3.7728

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

191.1 405569152 3422598 3.42456E+12 2333884 51112.90299

191.2 2.03893E+11 3498351.99 3489757 2373120.75 49853.67

201.81 2.47563E+11 3518943.98 3588022 2605473.5 58820.03

196.28 3.06102E+11 3256517.5 3259032 2304561 65180.64

154.48 3.5922E+11 2525078.27 2509658 2136064.25 11304.77

285.6 2.63978E+11 4250293.71 4261577.5 3915049.75 72230.13

222 87886473687 2359280.29 2289959.25 2093509.38 99563.45

176.52 1.53167E+11 2290483.58 2126352.25 55956.64

141.1 1.44399E+11 1704536.3 1692323.5 54591.08

118.11 50175365632 1479764.9 1462200.25 35663.42

20.6 20.5 18.0 21.0 269.8 6.7 6.7 6.6 46.1 882780.0

22.51 22.2 17.91 22.76 254.09 5.8631 5.93 5.72 47.2 0.82

15.61 15.75 14.89 16.54 193.94 5.1236 5.18 5.05 38.42 0.69

11.04 7.64 13.46 11.41 160.57 5.7258 5.82 5.62 31.6 0.7

104.05 19.69 21.77 106.19 269.81 5.7949 5.89 5.76 51.6 0.78

22.66 22.74 20.39 22.66 212.21 6.1675 6.24 6.12 45.44 0.64

21.67 21.95 21.67 202.47 5.1458 5.23 5.13 42.67 0.48

15.37 16.57 15.37 148.13 3.8145 3.88 3.8 30.92 0.45

13.68 13.72 13.68 148.25 3.5011 3.59 3.49 28.72 0.44

Asset Fields Cash & Equivalents Per Share Current Assets Total Assets

18.0 72.4 274.6

17.21 70.26 260.03

15.01 58.58 230.57

11.18 50.18 212.73

15.45 63.06 229.57

11.03 61.38 215.8

11.82 55.35 179.31

10.16 48.66 148.98

7.2 37.46 129.69

5.64 30.52 118.5

Liability Fields Current Liabilities Total Debt Net Debt Per Share Total Liabilities Total Shareholders' Equity

55.8 48.0 29.6 131.3 143.3

57.42 44.18 26.84 125.73 134.3

47.66 40.2 25.14 111.26 119.31

42.27 37.87 25.82 103.43 109.29

51.72 43.26 27.49 117.11 112.49

51.35 33.47 22.29 109.17 106.63

45.26 23.75 11.91 90.44 88.87

37.81 20.35 76.82 72.16

31.47 18.07 67.72 62

29.05 21.07 64.53 53.97

Reference Items Book Value Per Share Enterprise Value Per Share Retained Earnings Capital Expenditures Goodwill

138.0 226.8 111.9 -31.0 5.7

129.32 224.33 103.2 -27.76 6.49

115.5 232.6 87.33 -24.22 6.65

102.68 201.08 79.93 -23.04 6.28

109.48 226.98 68.01 -30.04 7.4

102.14 310.81 75.67 -23.47 10.26

86.78 215.29 67.08 -16.29 11.63

62.47 183.09 52.15 -13.06 6.39

59.61 154 37.1 -11.29 6.3

52.74 131.95 29.67 -10.3 5.85

4.2 -4407010.1 -29900489.8

5.9 -4.5 -221.31

4.45 -2.8 -194.53

2.64 -1.03 -158.94

8.02 -4.51

10.27 -7.02

12.42 -8.3

9.82 -8.72

9.18 -7.95

Price/EPS P/E Before XO Diluted P/E Cont Ops Price/EPS Positive Price/Book Price/Sales Price/Cash Flow Dividend Yield Dividend Yield - Gross Dividend Yield - Net Price/EBITDA Total Debt to Total Equity Total Debt to Total Assets Sales Per Employee Current Ratio EV/T12M Sales EV/T12M EBITDA Net Debt to EBITDA

9.3 9.3 10.6 9.1 1.4 #N/A Field Not Applicable 5.4 3.5 3.5 3.5 4.1 33.5 17.5 3741313.0 1.3 0.8 4.9 0.6

8.4953 8.6144 10.673 8.4017 1.4785 0.7525 5.5945 3.0665 3.1 2.99 4.051 32.9 16.99 3341511.75 1.22 0.8829 4.753 0.57

12.9319 12.8134 13.5576 12.2033 1.7473 1.0406 6.994 2.5388 2.57 2.5 5.2524 33.69 17.43 2172419.5 1.23 1.1994 6.0539 0.65

17.7816 25.7023 14.5829 17.2067 1.9115 1.2224 7.1287 2.9172 2.97 2.86 6.2105 34.65 17.8 1989427 1.19 1.2523 6.3624 0.82

1.4847 7.846 7.0961 1.4548 1.4111 0.5726 4.1501 3.7512 3.81 3.73 2.9938 38.46 18.84 3467943.25 1.22 0.8413 4.3989 0.53

12.6036 12.5603 14.0095 12.6036 2.796 1.3458 8.4368 2.1595 2.18 2.14 6.2853 31.39 15.51 2527664 1.2 1.4646 6.8402 0.49

10.2459 10.1125 76.6239 10.2459 2.5583 1.0964 7.7782 2.3179 2.36 2.31 5.2033 26.72 13.24 2527510.75 1.22 1.0633 5.0461 0.28

11.4842 10.6552 60.9263 11.4842 2.8258 1.1917 7.9607 2.1609 2.2 2.16 5.7083 28.2 13.66 2015763.13 1.29 1.236 5.9207 -

10.3115 10.2878 48.701 10.3115 2.3672 0.9518 6.9418 2.4813 2.54 2.47 4.9124 29.14 13.93 1913275.38 1.19 1.0388 5.3617 -

Gross Margin Operating Margin Profit Margin EBITDA Margin Return on Assets Return on Common Equity Return on Capital

26.7 18.2 11.8 17.1 9.2 17.7 15.3

28.04 19.2 12.45 18.58 10.12 19.58 16.02

28.99 18.71 12.67 19.81 8.19 15.49 13.19

26.73 16.37 9.65 19.68 6.03 12.26 10.96

29.05 20.97 13.37 19.12 11.55 22.93 21.34

27.4 20.55 14.89 21.41 12.77 26.05 21.07

26.3 20.82 13.84 21.07 14.27 28.96 24.36

29.35 20 13.06 20.88 13.57 29.53 23.84

29.42 17.12 11.32 19.38 11.83 25.78 20.62

191.1 405569152.0 3422598.0 3424564500000.0 2333884.0 51112.9

191.2 2.03893E+11 3498351.99 3489757 2373120.75 49853.67

201.81 2.47563E+11 3518943.98 3588022 2605473.5 58820.03

196.28 3.06102E+11 3256517.5 3259032 2304561 65180.64

154.48 3.5922E+11 2525078.27 2509658 2136064.25 11304.77

285.6 2.63978E+11 4250293.71 4261577.5 3915049.75 72230.13

222 87886473687 2359280.29 2289959.25 2093509.38 99563.45

176.52 1.53167E+11 2290483.58 2126352.25 55956.64

141.1 1.44399E+11 1704536.3 1692323.5 54591.08

Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share EBITDA Per Share

Balance Sheet

Income Statement Earnings Per Share EPS Before XO Diluted EPS from Continuing Ops EPS Positive Sales Per Share Dividends Per Share Dividends Per Share - Gross Dividends Per Share - Net EBITDA Per Share R&D Expenditures

9.3 9.72 2.9 9.3 125.73 3.1508 3.23 3.13 22.22 0.42

Balance Sheet

Cash Flow Free Cash Flow Per Share Cash from Financing Activities Cash from Investing Activities

6.68 -7.11

Ratio Analysis 12.7023 12.1516 40.766 12.7023 2.2394 0.9394 6.9892 2.6677 2.74 2.65 5.3165 39.03 17.78 1560862.25 1.05 1.0494 5.9394 -

Profitability 27.42 14.46 9.86 17.67 9.61 21.39 16.5

Market Data Last Price Volume Index Market Cap Total Market Cap Free Float Market Cap Average Market Cap

118.11 50175365632 1479764.9 1462200.25 35663.42

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

AAA

16.12.1985

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

S&P 500 INDEX

USD

13062542

1848.455

1095

202

211

98.95

104.64

14.28

13.51

19.16

Euro Stoxx 50 Pr

EUR

2366679

5492.227

4631

760

789

148.29

303.79

28.16

14.46

13.75

20.95

NIKKEI 225

JPY

2125691

170.8217

224

5.08

7.74

0.28

0.22

0.18

0.14

FTSE 100 INDEX

GBP

2574240

11299.74

9540

1573

1643

717.53

822.22

20.78

19.66

18.13

26.07

SWISS MARKET INDEX

CHF

895161

10512.34

3951

808

791

386.54

520.25

19.63

19.31

14.59

22.32

S&P/TSX COMPOSITE INDEX

CAD

1661436

16864.97

7789

1959

1984

819.71

841.22

15.24

14.85

25.46

S&P/ASX 200 INDEX

AUD

1255500

6203.943

2889

650

702

270.76

345.56

17.79

15.01

13.94

23.99

HANG SENG INDEX

HKD

1626442

3199.112

1453

347

362

257.04

246.04

1.41

1.53

1.47

3.14

MSCI EM

USD

7323468

1378.767

964

182

181

79.75

86.36

12.50

12.94

11.54

18.98

EXXON MOBIL CORP

USD

416265

14086

4734

419.22

433526

434824

475665

456873

69687

19961

8.26

11.42

10.91

26.98

0.39

PETROCHINA CO LTD-A

CNY

258183

8018

183021

327.66

320733

325449

339797

353091

51758

0.12

0.11

0.12

0.13

2.02

1.96

1.80

5.88

1.04

0.68

CHEVRON CORP

USD

214619

8012

1981

204.69

236286

230561

241746

237967

51210

50980

13889

13.44

13.01

12.76

12.47

8.41

8.57

8.77

24.62

10.19

33.23

8.05

22.11

01.07.1987

Aa1

27.02.2009

BP PLC

GBp

132607

9108

18976

265.66

601308

602410

562213

565222

61163

47438

16840

1.71

1.47

1.48

1.61

12.17

18.77

12.04

11.06

42.26

21.09

-1.25

2.07

12.61

24.09.2010

ECOPETROL SA

COP

129050

3415

41117

132.78

36269

38406

34309

36938

17131

18151

3862

0.22

0.25

0.01

0.03

0.04

0.02

0.03

BBB-

18.03.2011

Baa2

13.07.2009

ROYAL DUTCH SHELL PLC-A SHS

GBp

219415

834

6254

378.70

752876

762170

748250

729782

89580

83912

20464

7.96

6.74

6.82

7.21

12.92

12.94

12.77

12.09

44.43

24.22

53.98

3.45

17.63

03.09.2009

Aa1

20.07.2005

TOTAL SA

EUR

118731

1809

2254

144.83

215627

227646

251933

248219

42619

41311

11816

7.04

6.21

7.02

7.08

10.46

9.26

9.18

24.03

12.66

22.50

2.94

23.49

AA-

12.04.2011

Aa1

30.08.2005

GAZPROM OAO

RUB

113960

31020

23700

145.83

147808

144880

152352

161080

62797

56842

14580

1.60

1.59

1.52

0.10

0.92

0.54

1.30

0.50

1.25

BBB

29.11.2006

Baa1

03.04.2009

ROYAL DUTCH SHELL PLC-B SHS

GBp

219304

1643

6254

379.09

752876

762170

748250

729782

89580

83912

20464

7.96

6.74

6.82

7.21

13.38

13.40

13.22

12.52

44.43

24.22

53.98

3.45

17.63

03.09.2009

Aa1

20.07.2005

CNOOC LTD

HKD

92400

56291

44659

66.69

31088

30275

30020

31243

15360

14707

6959

0.20

0.18

0.19

1.19

1.15

4.37

4.46

2.77

2.43

6.27

AA-

16.12.2010

PETROBRAS - PETROLEO BRAS

BRL

142407

135

13044

206.08

120521

129362

134811

139731

30396

27874

8340

1.26

0.73

1.05

1.36

7.51

5.20

4.01

7.53

5.71

1.89

1.43

10.64

BBB

17.11.2011

ENI SPA

EUR

82338

6383

3623

123.90

141881

154605

154665

156961

33314

33865

8163

2.45

2.37

2.68

2.82

12.39

10.93

10.39

14.54

15.22

3.83

0.26

28.36

17.01.2012

16.07.2012

ROSNEFT OAO

RUB

79421

38582

9588

102.63

86 K

93 K

95 K

102 K

20591

17663

5625

0.93

1.04

1.00

0.26

0.23

0.24

1.31

0.95

0.35

0.86

0.60

BBB- *-

25.07.2012

20.11.2006

STATOIL ASA

NOK

78929

2544

3181

85.41

112302

125537

125113

115893

45552

48299

9796

4.23

2.95

2.97

1.02

1.46

1.45

3.92

2.06

6.99

0.87

6.69

AA-

03.08.2007

Aa2

23.06.2005

BG GROUP PLC

GBp

71786

1592

3611

131.88

33744

36046

36978

38623

16054

16668

4170

1.87

1.72

2.24

2.60

31.43

24.08

24.15

20.84

36.45

17.87

25.00

13.48

74.04

CHINA PETROLEUM & CHEMICAL-A

CNY

88331

10264

86703

141.19

394348

388711

420476

447702

27364

0.13

0.10

0.11

0.12

1.59

1.49

1.30

5.01

3.38

-0.64

1.49

A+

16.12.2010

CONOCOPHILLIPS

USD

68088

6853

1286

90.52

230859

182437

100014

52319

26270

22894

5115

8.77

7.77

5.52

5.90

7.21

10.15

9.50

31.35

0.83

15.96

-4.20

12.55

07.02.2012

26.04.2012

OCCIDENTAL PETROLEUM CORP

USD

65833

4088

811

69.04

23939

24076

24181

25142

14168

13695

3386

8.21

7.76

6.96

7.63

10.47

11.69

10.65

25.70

13.11

30.99

8.71

56.88

23.06.2008

19.04.2012

LUKOIL OAO

RUB

52293

1763

774

1.83

4260

4360

4188

4209

562

514

158

0.35

0.44

0.43

0.18

0.14

1.76

0.79

0.31

0.25

0.38

BBB-

12.11.2010

SUNCOR ENERGY INC

CAD

50709

7631

1559

56.39

39766

40258

40540

42254

11297

11964

2735

3.58

3.54

3.23

3.30

9.43

10.33

10.11

23.17

24.81

36.84

20.03

30.04

BBB+

28.07.2009

Baa2

30.10.2009

RELIANCE INDUSTRIES LTD

INR

49357

2806

2979

54.07

66716

66761

64065

6534

1.23

1.19

1.26

0.65

0.49

-0.14

0.21

BBB

23.11.2005

Baa2

07.02.2006

OIL & NATURAL GAS CORP LTD

INR

43952

1465

8555

42.01

27239

29405

31036

9223

1833

0.54

0.61

0.57

0.62

0.16

0.18

0.17

0.15

0.46

0.23

0.31

0.15

0.63

04.12.2000

IMPERIAL OIL LTD

CAD

37967

909

848

38.18

29472

29793

30561

32609

4987

5089

1245

3.81

3.97

3.91

11.40

11.60

11.59

23.63

8.00

38.91

1.09

17.27

AAA

16.10.1992

15.10.2002

NOVATEK OAO

RUB

33991

1361

3036

36.51

5612

6061

6989

8759

2834

2911

3160

1.23

0.71

0.96

0.29

0.50

0.37

1.61

1.86

1.00

1.53

BBB-

19.11.2010

ANADARKO PETROLEUM CORP

USD

33449

5300

498

46.53

13656

13934

13623

15396

7353

6634

2162

2.64

3.88

3.48

4.23

17.25

19.24

15.83

20.42

5.69

21.44

2.71

47.61

BBB-

08.09.2006

Baa3

23.03.2012

CANADIAN NATURAL RESOURCES

CAD

32817

6085

1096

41.42

13840

14993

15327

18127

7511

7989

1979

2.20

2.60

1.95

2.69

11.66

15.54

11.24

5.28

8.82

2.62

7.09

53.87

BBB+

01.11.2011

Baa1

07.10.2010

APACHE CORP

USD

32522

2835

384

43.63

16810

16990

16831

18069

12551

12553

2960

11.83

10.98

9.79

10.37

7.57

8.49

8.02

37.98

18.70

40.97

16.53

73.88

A-

26.01.2001

29.11.2010

SURGUTNEFTEGAS

RUB

32136

21549

35726

20.32

25113

32128

32446

2621

0.20

0.14

0.13

0.15

0.20

0.21

0.85

0.30

TNK-BP HOLDING-CLS

USD

31644

128

14997

31.58

38774

38585

56210

56514

13598

12530

13198

0.53

0.58

0.56

3.98

3.64

3.79

30.66

18.66

35.13

12.72

32.47

06.11.2007

PTT PCL/FOREIGN

THB

31075

2856

44.90

79093

85298

84766

89182

6598

6578

1788

1.20

0.96

1.23

1.37

0.37

0.29

0.26

0.91

0.59

0.70

0.23

0.25

BBB+

15.04.2009

Baa1

21.02.2011

WOODSIDE PETROLEUM LTD

AUD

29772

2311

804

36.46

4965

5380

6227

6661

2848

3091

2839

1.95

1.92

2.79

2.74

20.11

13.83

14.11

15.02

26.85

-4.73

7.02

59.40

BBB+

03.12.2010

EOG RESOURCES INC

USD

29746

2000

269

34.48

9155

10553

10220

11385

4689

5273

1451

3.79

4.30

4.71

5.50

25.62

23.39

20.03

57.90

29.28

70.15

12.62

49.96

A-

12.04.2007

24.03.2006

PTT PCL

THB

29214

2762

2856

43.04

79093

85298

84766

89182

6598

6578

1788

1.20

0.96

1.23

1.37

0.35

0.27

0.24

0.91

0.59

0.70

0.23

0.25

BBB+

15.04.2009

Baa1

21.02.2011

PETROCHINA CO LTD-H

HKD

258172

85497

183021

264.14

258550

270732

267031

285190

41723

41851

0.10

0.09

0.10

0.11

1.56

1.53

1.49

1.34

4.74

3.34

0.84

0.55

1.99

PHILLIPS 66

USD

28161

4079

#VALUE!

33.07

196088

#VALUE!

189621

163676

3034

2700

7.18

5.93

6.26

7.57

33.79

987.46

BBB

01.03.2012

Baa1

07.03.2012

FORMOSA PETROCHEMICAL CORP

TWD

26829

1296

9526

32.09

27260

27190

29497

30514

1582

195

407

-0.05

0.04

0.11

2.72

0.86

0.23

0.39

-1.08

-0.27

0.02

BBB+

30.12.2010

HUSKY ENERGY INC

CAD

26536

1140

958

28.78

23619

23700

23665

23372

5937

5541

1191

2.45

2.05

1.89

1.88

13.31

14.47

14.50

36.98

24.80

68.35

2.51

23.63

BBB+

27.07.2006

Baa2

05.04.2011

CENOVUS ENERGY INC

CAD

25822

2738

754

29.58

15867

17150

16517

16884

3789

4201

1184

1.77

1.99

2.16

19.55

17.42

16.00

24.43

35.20

24.76

BBB+

14.09.2009

Baa2

14.09.2009

REPSOL SA

EUR

24647

2452

1221

47.74

77838

78282

72844

75214

11016

10009

2356

2.45

2.07

2.04

2.21

12.25

12.44

11.51

15.58

3.51

-37.04

-1.46

16.55

BBB-

19.04.2012

DEVON ENERGY CORPORATION

USD

24104

2842

404

27.66

10965

10190

8799

10064

6389

5643

1260

2.51

4.73

3.17

4.55

12.60

18.81

13.09

9.46

3.02

7.63

-0.44

55.38

BBB+

18.03.2008

Baa1

21.09.2007

GAZPROM NEFT OAO-CLS

RUB

23439

476

4741

0.92

1408

1485

1434

1462

285

279

0.04

0.03

0.15

0.60

BBB-

09.01.2008

15.01.2009

INPEX CORP

JPY

21455

19.11

14866

14171

14361

9572

665.64

611.74

529.80

0.11

0.12

0.14

0.32

0.15

0.37

0.06

0.81

01.10.2008

MARATHON OIL CORP

USD

20853

12233

704

25.65

14663

14834

14695

15672

6770

7354

2103

3.21

2.64

3.27

11.20

11.18

9.03

25.43

-10.59

22.11

-7.38

49.58

BBB

01.07.2011

Baa2

28.06.2011

TULLOW OIL PLC

GBp

20443

937

905

33.94

3690

3857

3877

4466

2664

2037

1119

1.15

1.56

1.29

1.34

36.97

37.31

44.93

43.11

178.44

48.02

263.64

24.58

84.56

SEADRILL LTD

NOK

18733

596

468

5.11

729

723

777

911

403

417

108

0.32

0.54

0.62

3.76

2.24

1.97

0.76

5.48

1.97

7.40

10.03

MARATHON PETROLEUM CORP

USD

18014

2578

357

19.45

73524

75100

79442

80747

4515

4705

1888

6.70

7.03

9.14

8.20

7.57

5.83

6.49

28.36

146.18

6.26

BBB

27.01.2011

Baa2

28.06.2011

HESS CORP

USD

17885

5881

340

25.39

38466

37384

38769

40742

6203

6270

1727

7.28

5.50

5.86

6.50

9.52

8.94

8.06

13.60

10.37

7.50

5.17

16.77

BBB

22.07.2010

Baa2

28.04.2008

CHINA PETROLEUM & CHEMICAL-H

HKD

88327

74164

86703

113.82

317893

332154

326306

341323

22059

20248

0.11

0.08

0.09

0.11

1.31

1.26

1.00

4.04

3.11

-0.52

1.20

0.79

A+

16.12.2010

TRANSOCEAN LTD

USD

17821

3746

350

26.68

9142

9570

9947

10391

1853

1347

912

-5.78

-5.41

2.90

4.60

16.44

10.36

-3.42

19.94

-54.22

2.51

14.08

PTT EXPLOR & PROD PUBLIC CO

THB

16870

2735

3320

20.32

5526

6130

6543

7791

3937

4507

1313

0.44

0.48

0.53

0.58

0.35

0.33

0.31

0.28

0.67

0.73

0.67

0.43

2.39

BBB+

17.02.2011

Baa1

28.03.2011

65402

8.42

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

7.90

7.89

0.23

0.14

0.23

0.24

0.22

26.92

1.11

10.02

1.35

0.37

15.04

0.18

16.08.1993

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.09

1.90

1.74

2.09

1.29

1.25

1.19

1.29

9.36

8.76

8.61

9.36

8.74

8.16

7.58

8.74

13.51

12.20

10.96

13.51

2.24

2.43

2.61

2.24

1598.5

13.1%

Euro Stoxx 50 Pr

1.11

1.05

0.99

1.11

0.70

0.68

0.66

0.70

5.08

4.81

4.44

5.08

6.97

6.64

6.31

6.97

10.62

9.70

8.79

10.62

4.29

4.77

5.13

4.29

2713.8

8.9%

NIKKEI 225

1.09

1.02

0.96

1.09

0.50

0.47

0.48

0.50

6.40

5.88

5.60

6.40

7.16

6.55

6.18

7.16

14.50

12.76

10.85

14.50

2.32

2.34

2.66

2.32

9793.3

9.4%

FTSE 100 INDEX

1.61

1.49

1.38

1.61

0.98

0.95

0.93

0.98

7.42

6.77

6.24

7.42

6.88

6.35

5.95

6.88

11.32

10.28

9.43

11.32

4.06

4.32

4.60

4.06

6374.3

9.6%

SWISS MARKET INDEX

2.10

1.96

1.81

2.10

1.80

1.69

1.60

1.80

11.64

10.04

9.02

11.64

13.29

12.22

11.39

13.29

13.63

12.16

11.08

13.63

3.56

3.91

4.24

3.56

7145.5

7.8%

S&P/TSX COMPOSITE INDEX

1.71

1.58

1.46

1.71

1.59

1.47

1.41

1.59

8.66

7.73

7.08

8.66

8.50

7.41

6.88

8.50

14.69

12.72

11.48

14.69

2.99

3.13

3.32

2.99

14207.7

16.2%

S&P/ASX 200 INDEX

1.69

1.60

1.51

1.69

1.61

1.50

1.42

1.61

9.87

8.96

8.33

9.87

8.83

7.81

7.22

8.83

13.48

12.04

11.05

13.48

4.83

5.19

5.58

4.83

4690.9

4.1%

HANG SENG INDEX

1.41

1.30

1.19

1.41

1.93

1.79

1.65

1.93

7.19

6.67

6.32

7.19

8.84

8.03

7.36

8.84

11.41

10.55

9.52

11.41

3.39

3.63

3.97

3.39

22763.4

4.6%

MSCI EM

1.51

1.37

1.24

1.51

1.03

0.96

0.89

1.03

7.17

6.47

5.88

7.17

7.62

6.80

6.21

7.62

11.54

9.84

8.85

11.54

2.89

3.08

3.42

2.89

1132.7

13.6%

EXXON MOBIL CORP

2.69

2.50

2.27

2.10

0.86

0.88

0.91

0.93

7.80

7.77

7.29

7.05

6.27

4.76

4.90

5.17

4.93

10.71

11.42

10.91

10.65

9.87

2.05

2.40

2.62

2.78

2.80

92.94

3.1%

PETROCHINA CO LTD-A

1.59

1.51

1.41

1.34

0.89

0.76

0.73

0.72

6.31

6.01

5.05

5.02

6.09

6.28

5.71

5.72

11.38

12.23

11.23

10.52

4.47

3.51

3.62

3.39

10.25

15.9%

CHEVRON CORP

1.76

1.57

1.41

1.29

0.87

0.89

0.90

0.85

5.48

5.23

4.97

3.47

3.56

3.70

3.54

8.14

8.57

8.77

8.64

7.93

2.83

3.21

3.41

3.59

3.81

124.10

13.5%

BP PLC

1.17

1.13

1.04

0.92

0.35

0.38

0.36

4.86

5.15

4.28

3.73

3.85

3.71

4.19

3.89

3.64

6.15

7.52

6.91

6.48

6.07

4.05

4.69

5.02

5.27

5.78

500.44

15.1%

3.98

3.76

3.49

3.34

13.32

10.94

9.96

10.11

8.41

7.83

6.82

6.58

15.29

14.03

12.41

12.54

3.67

4.13

4.52

4.24

0.46

0.47

0.48

5.24

4.61

4.54

4.44

4.48

3.82

3.96

3.74

3.65

8.18

7.98

7.55

7.44

6.84

5.03

5.08

5.25

5.40

5.58

0.52

0.47

0.48

4.34

4.12

3.93

3.80

3.44

3.52

3.28

3.27

3.22

7.49

7.15

7.09

7.11

6.28

5.93

6.02

6.16

6.28

0.78

0.75

0.71

0.68

2.45

2.19

2.49

2.26

2.17

2.51

2.62

2.55

2.85

3.03

3.16

3.26

3.05

4.53

5.53

5.44

5.74

0.46

0.47

0.48

5.43

4.77

4.70

4.60

4.64

3.83

3.96

3.74

3.66

8.47

8.26

7.82

7.70

7.08

4.88

4.91

5.09

2.50

2.48

2.38

2.36

2.13

5.75

5.99

5.86

5.90

6.77

4.24

4.23

4.11

4.05

3.93

8.37

8.94

8.92

8.93

8.53

3.94

2.71

1.18

1.06

1.02

1.05

4.62

5.35

4.74

4.33

3.47

6.08

6.44

5.62

5.15

4.77

7.61

10.53

8.13

7.65

7.12

4.00

ECOPETROL SA

5268.69

-7.4%

2537.60

19.6%

6.65

44.75

15.4%

6.00

219.31

45.2%

5.26

5.29

2503.85

14.1%

2.87

2.88

3.56

17.12

6.7%

3.12

2.95

2.66

4.54

30.61

36.2% 15.5%

ROYAL DUTCH SHELL PLC-A SHS

1.28

1.15

1.06

0.98

TOTAL SA

1.32

1.18

1.07

0.99

GAZPROM OAO

0.49

0.42

0.37

0.34

ROYAL DUTCH SHELL PLC-B SHS

1.32

1.19

1.09

1.01

CNOOC LTD

2.19

1.86

1.62

1.44

PETROBRAS - PETROLEO BRAS

0.84

1.03

0.95

0.89

ENI SPA

1.17

1.05

0.97

0.91

0.80

0.58

0.53

0.52

0.49

3.93

3.45

3.17

3.09

2.84

3.47

3.16

3.15

3.05

2.77

8.93

8.44

8.03

7.60

6.93

5.93

6.16

6.31

6.44

6.59

20.21

ROSNEFT OAO

1.13

1.02

0.91

0.82

0.70

0.91

0.84

0.78

0.75

0.72

4.49

4.34

4.18

4.01

3.59

4.74

5.21

4.83

4.67

4.42

5.97

7.18

7.51

7.20

6.76

1.50

2.58

2.72

2.78

3.08

251.11

6.8%

STATOIL ASA

1.71

1.41

1.27

1.16

1.01

0.71

0.63

0.68

0.66

0.65

4.17

4.02

3.85

3.67

3.54

2.00

1.86

1.97

1.93

1.78

9.13

8.38

8.33

8.09

7.24

4.55

4.70

4.84

4.97

5.30

163.80

15.1%

BG GROUP PLC

2.47

2.18

1.92

1.69

1.35

3.59

3.11

2.98

2.60

2.06

11.08

8.57

7.77

6.66

4.88

7.83

7.22

6.21

5.38

4.18

17.21

15.08

13.02

11.38

8.26

1.11

1.22

1.33

1.45

1.71

1647.76

25.0%

CHINA PETROLEUM & CHEMICAL-A

1.14

1.06

0.96

0.88

0.24

0.21

0.20

0.18

4.11

3.91

3.51

3.27

4.93

5.43

4.49

4.23

7.10

9.33

8.14

5.98

3.76

3.72

4.52

8.67

37.4%

CONOCOPHILLIPS

1.14

1.24

1.15

1.06

0.30

0.68

1.30

1.27

4.00

5.09

4.63

4.46

4.42

2.98

3.96

3.97

3.71

6.60

10.15

9.50

9.36

7.87

4.64

4.77

4.88

5.02

5.80

61.23

9.2%

OCCIDENTAL PETROLEUM CORP

1.73

1.59

1.42

1.28

2.84

2.72

2.62

2.53

5.94

5.99

5.50

5.20

4.89

4.70

4.86

4.33

4.19

9.77

11.69

10.65

9.89

8.65

2.15

2.59

2.83

3.01

3.44

108.35

33.3%

LUKOIL OAO

0.70

0.64

0.57

0.51

0.39

0.40

0.38

3.11

3.18

3.06

2.59

2.44

2.88

3.08

3.01

2.74

2.86

4.23

4.47

4.52

4.36

4.14

4.35

4.29

4.34

4.69

5.00

2519.30

30.6%

SUNCOR ENERGY INC

1.29

1.20

1.06

1.00

1.29

1.25

1.20

1.15

5.38

5.18

4.97

5.07

5.28

4.88

4.72

4.71

4.65

9.16

10.22

10.00

10.27

10.81

1.35

1.51

1.70

1.83

1.59

42.14

29.0%

RELIANCE INDUSTRIES LTD

1.50

1.38

1.26

1.16

0.81

0.74

0.77

0.74

0.68

8.36

8.27

7.58

6.44

8.15

8.77

8.37

7.04

6.57

12.71

12.69

11.94

10.59

9.90

1.05

1.12

1.21

1.37

825.76

2.0%

OIL & NATURAL GAS CORP LTD

1.80

1.55

1.39

1.27

1.62

1.49

1.42

1.39

1.31

4.97

4.90

4.64

4.14

3.97

3.93

3.64

3.58

3.30

8.85

8.97

8.31

7.75

7.67

3.68

3.65

3.85

3.99

314.58

14.0%

IMPERIAL OIL LTD

2.72

2.36

2.02

1.76

1.23

1.24

1.16

1.25

9.69

8.86

8.70

8.81

7.01

7.34

7.43

6.58

7.00

12.03

11.47

11.31

10.87

1.00

1.07

1.12

1.18

1.15

49.82

12.4%

NOVATEK OAO

5.63

4.06

3.27

2.68

5.99

4.86

3.88

3.26

2.77

19.97

14.72

11.27

10.30

8.96

13.14

11.55

9.09

7.99

7.43

17.80

15.73

11.69

9.79

8.55

1.50

1.93

2.62

3.12

3.40

422.41

20.3%

ANADARKO PETROLEUM CORP

1.75

1.60

1.45

1.31

2.51

2.46

2.17

1.93

1.75

5.02

4.53

4.21

3.50

3.10

5.80

5.33

4.79

4.25

3.95

21.18

19.24

15.83

12.41

11.68

0.54

0.49

0.47

99.80

49.1%

CANADIAN NATURAL RESOURCES

1.41

1.31

1.17

1.04

2.40

2.14

1.81

1.83

5.09

5.00

4.22

3.58

3.33

5.40

5.33

4.42

3.99

4.02

12.83

15.37

11.12

9.56

10.33

1.18

1.39

1.50

1.55

41.44

39.8%

APACHE CORP

1.14

1.02

0.90

0.80

1.93

1.80

1.60

1.33

3.30

3.34

3.08

2.68

2.58

3.52

3.63

3.35

2.95

7.01

8.49

8.02

6.85

4.45

0.77

0.82

0.83

113.44

36.5%

SURGUTNEFTEGAS

0.76

0.71

0.67

0.58

0.50

0.92

1.00

0.99

1.02

1.15

3.03

3.01

3.17

4.18

4.04

1.87

2.04

2.16

2.30

4.85

6.33

6.73

7.25

3.38

2.41

2.43

2.41

2.25

36.38

28.9%

TNK-BP HOLDING-CLS

1.29

1.15

1.04

0.95

0.84

0.57

0.56

0.55

3.40

2.89

3.02

3.04

2.77

2.33

2.39

2.47

2.54

2.53

3.64

3.79

4.00

3.77

15.31

17.87

16.35

16.40

18.39

3.59

70.2%

PTT PCL/FOREIGN

1.65

1.48

1.31

1.18

1.09

0.42

0.37

0.35

0.34

0.33

6.37

5.99

5.19

4.65

4.66

6.65

6.06

5.52

5.12

5.64

9.00

8.87

7.95

7.55

8.31

3.57

WOODSIDE PETROLEUM LTD

2.30

1.94

1.84

1.71

1.62

6.21

4.95

4.62

4.34

4.10

12.09

7.96

8.17

7.27

6.70

11.33

8.14

7.72

7.21

7.34

16.99

13.38

13.65

12.60

11.85

3.11

3.77

3.92

4.19

4.26

EOG RESOURCES INC

2.32

2.12

1.89

1.67

3.58

2.91

2.61

2.37

1.96

6.56

5.69

5.08

4.07

3.90

6.94

5.88

5.22

4.27

3.99

31.40

23.39

20.03

14.66

0.57

0.61

0.58

0.63

PTT PCL

1.55

1.39

1.23

1.11

1.03

0.39

0.34

0.33

0.32

0.31

5.99

5.63

4.88

4.37

4.38

6.37

5.81

5.29

4.91

5.40

8.46

8.34

7.48

7.10

7.81

3.97

4.19

4.60

4.77

PETROCHINA CO LTD-H

1.56

1.46

1.36

1.25

1.11

0.86

0.78

0.73

0.70

0.67

5.21

5.03

4.61

4.50

4.04

6.15

5.90

5.38

4.99

4.37

11.46

11.51

10.42

9.56

7.97

3.88

3.89

4.27

PHILLIPS 66

1.55

1.36

1.23

1.06

0.92

0.15

0.17

0.19

11.99

6.34

6.99

7.18

6.82

4.68

4.13

4.83

5.04

4.47

8.03

6.26

7.57

7.88

7.30

0.00

0.98

FORMOSA PETROCHEMICAL CORP

3.36

3.68

3.35

3.19

3.11

1.00

0.91

0.88

0.89

23.50

25.78

17.55

12.28

16.84

25.18

16.24

15.51

33.73

79.79

25.32

23.01

3.29

HUSKY ENERGY INC

1.44

1.38

1.32

1.27

1.11

1.12

1.14

1.11

4.69

5.83

5.93

5.41

5.53

4.81

5.52

5.30

4.93

10.95

14.32

14.35

13.71

15.02

4.49

CENOVUS ENERGY INC

2.70

2.45

2.26

2.06

1.73

1.56

1.53

1.42

7.84

7.04

7.09

6.54

6.45

7.76

6.90

7.14

6.74

18.74

17.23

15.83

14.77

14.65

REPSOL SA

0.73

0.71

0.68

0.66

0.29

0.34

0.33

0.32

3.21

4.09

3.79

3.45

3.29

4.38

5.41

5.08

4.79

7.92

DEVON ENERGY CORPORATION

1.15

1.06

1.01

0.92

2.42

2.74

2.40

2.09

4.10

5.08

4.38

3.40

4.17

5.21

4.46

3.62

GAZPROM NEFT OAO-CLS

0.99

0.89

0.77

0.68

0.59

0.54

0.52

0.51

0.50

3.67

3.33

3.26

3.16

2.78

3.26

3.34

3.38

3.27

INPEX CORP

0.79

0.75

0.71

0.68

0.63

1.52

1.51

1.49

1.45

1.39

8.27

7.32

9.62

6.85

7.19

2.02

2.17

2.15

2.18

MARATHON OIL CORP

1.12

1.06

0.94

0.84

0.66

1.42

1.33

1.43

3.85

4.47

3.80

4.30

3.08

3.06

2.82

2.80

TULLOW OIL PLC

4.55

3.63

3.35

3.19

3.37

8.96

8.45

7.34

7.33

5.87

14.88

13.66

12.65

13.61

12.56

11.91

10.75

10.63

SEADRILL LTD

2.94

3.02

2.98

2.81

2.60

4.50

4.20

3.59

3.01

2.88

9.53

9.35

8.07

6.56

12.42

11.53

9.71

7.93

MARATHON PETROLEUM CORP

1.93

1.59

1.33

1.12

0.24

0.23

0.22

0.20

5.59

3.97

4.15

2.99

4.03

3.40

3.67

HESS CORP

0.92

0.85

0.77

0.70

0.50

0.46

0.44

0.42

3.46

3.03

2.77

2.41

3.87

3.43

3.15

CHINA PETROLEUM & CHEMICAL-H

1.21

1.12

1.02

0.92

0.23

0.22

0.21

0.20

0.19

3.98

4.01

3.47

3.37

2.58

5.04

5.38

4.62

4.29

TRANSOCEAN LTD

0.72

1.06

0.97

0.87

1.97

1.79

1.72

1.56

1.51

7.95

7.23

5.67

4.71

9.34

7.99

6.39

PTT EXPLOR & PROD PUBLIC CO

2.60

2.09

1.80

1.56

3.12

2.58

2.17

2.11

2.21

6.83

5.60

5.21

5.04

5.33

4.37

3.78

0.31

1.30

0.45

2.31

0.59

0.82

1.54

0.65

0.39

0.34

8.36

4.57

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

2.51

4.48

4.54

1.42

39.98

14.4%

128.67

16.8%

4.07

383.41

22.1%

4.55

5.66

11.19

4.8%

2.11

2.16

2.05

53.27

18.6%

1.37

2.86

3.53

71.73

-13.1%

4.49

28.31

5.9%

2.37

2.60

2.65

2.71

2.60

40.99

21.1%

7.63

5.42

5.76

6.12

6.04

17.76

17.2%

1.12

1.18

1.12

78.46

31.7%

9.10

9.61

8.89

8.31

9.88

18.81

13.09

9.09

3.16

4.47

4.56

4.75

4.91

4.39

4.52

5.11

4.60

4.82

5.29

209.70

35.2%

2.15

9.59

11.08

11.18

11.37

1.27

1.46

1.45

1.46

1.49

695142.88

48.4%

7.91

11.18

9.03

8.80

2.67

2.29

2.36

2.39

34.80

17.7%

9.98

32.74

28.06

26.92

29.64

27.58

0.62

0.72

0.77

0.76

0.89

1537.23

9.3%

7.16

14.94

12.86

11.32

9.01

7.97

7.53

8.57

8.79

9.42

10.24

253.40

10.4%

3.87

7.75

5.83

6.49

6.62

3.84

1.18

2.32

2.96

2.89

65.83

23.6%

3.11

8.71

8.94

8.06

8.30

6.70

0.78

0.76

64.92

24.0%

3.91

7.61

9.76

7.73

7.26

7.54

3.38

3.35

4.00

4.37

3.94

8.20

0.3%

5.51

5.58

33.62

16.44

10.36

7.87

7.64

5.00

1.24

2.11

0.98

60.81

27.6%

3.64

3.58

11.94

9.58

8.71

8.50

8.35

3.27

3.93

4.43

4.59

176.69

13.3%

9.58

24.10.2012

Exxon Mobil Corp Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XOM US EQUITY YTD Change XOM US EQUITY YTD % CHANGE

12/2011 06/yy 93.67 73.90 14'085'591.00 90.18 -3.73% 22.03% 82.35% 4'615.9 416'265.44 17'033.00 0.0 6'348.0 12'664.00 419'218.43

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 n-11

d-11

j-12

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

j-12

a-12

s-12

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

Fiscal Year Ended 31.12.2007 358'600.0 1.35x 69'905.0 6.92x 40'610.0 12.87x

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

31.12.2008 31.12.2009 425'071.0 275'564.0 0.89x 1.18x 78'669.0 38'156.0 4.82x 8.54x 45'220.0 19'280.0 9.46x 17.01x Profitability

LTM-4Q 31.12.2010 341'578.0 1.10x 54'882.0 6.87x 30'460.0 11.76x

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

31.12.2011 433'526.0 0.95x 69'687.0 5.91x 41'060.0 10.07x 69'687.00 54'104.00 12.48% 16.90% 13.75% 28.33% 26.55% 1.33% 16.4% 15.0% 11.4% 9.5% 0.94 0.66 5.15% 11.03% 12.59 21.53

Price/ Cash Flow

LTM

FY+1

.0 M o-12

2.20 1.01 4'605.60 41.09 15.29% 8.41% 1.007 28 3.929 12'807'517 12'501'464 12'211'969 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 392'725.0 434'824.0 475'665.0 456'873.0 112'670.7 122'699.0 3.90x 3.63x 0.90x 0.94x 3.72x 3.45x 65'781.0 65'402.0 85'496.3 81'018.6 19'961.0 19'754.0 6.21x 6.08x 4.90x 5.17x 5.41x 5.43x 37'930.0 45'090.0 36'222.7 36'122.1 9'064.0 8'817.2 10.69x 10.83x 11.42x 10.91x 11.08x 10.94x S&P Issuer Ratings Long-Term Rating Date 16.12.1985 Long-Term Rating AAA Long-Term Outlook STABLE Short-Term Rating Date 16.12.1985 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 82.96 (EBITDA-Capex)/Interest Exp. 46.09 Net Debt/EBITDA -0.03 Total Debt/EBITDA 0.24 Reference Total Debt/Equity 11.0% Total Debt/Capital 9.6% Asset Turnover 1.33 Net Fixed Asset Turnover 2.05 Accounts receivable turnover-days 29.07 Inventory Days 17.00 Accounts Payable Turnover Day 54.83 Cash Conversion Cycle 11.53 Sales/Revenue/Turnover

12.00

500'000.0 450'000.0

10.00

400'000.0 350'000.0

8.00

300'000.0

6.00

250'000.0 200'000.0

4.00

150'000.0 100'000.0

2.00 0.00 02.01.2009

50'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Exxon Mobil Corp Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET CORP BLACKROCK INSTITUTIO BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN CHASE & CO FIDELITY MANAGEMENT BANK OF AMERICA CORP BLACKROCK FUND ADVIS STATE FARM MUTUAL AU NORGES BANK BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA CREF INVESTMENT FAYEZ SAROFIM GOLDMAN SACHS GROUP LEGAL & GENERAL GROU ALLIANCEBERNSTEIN LP

Firm Name JPMorgan Raymond James Oppenheimer & Co Societe Generale Barclays Goldman Sachs Argus Research Corp Edward Jones Howard Weil Inc ISI Group S&P Capital IQ Tudor Pickering & Co Jefferies Credit Suisse Deutsche Bank Dahlman Rose & Co Macquarie VTB Capital National Bank AG Daiwa Securities Co. Ltd. Independent Research GmbH Morgan Stanley Phoenix Partners Group Ameriprise Advisor Services, Inc EVA Dimensions Simmons & Company International

Portfolio Name VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK INSTITUTIO BANK OF NEW YORK MEL NORTHERN TRUST CORPO WELLINGTON MANAGEMEN JP MORGAN CHASE & CO FIDELITY MANAGEMENT BANK OF AMERICA BLACKROCK FUND ADVIS STATE FARM MUTUAL AU NORGES BANK BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA GEODE CAPITAL MANAGE TIAA-CREF INVESTMENT FAYEZ SAROFIM GOLDMAN SACHS GROUP LEGAL & GENERAL GROU ALLIANCEBERNSTEIN LP

Analyst KATHERINE LUCAS MINYARD PAVEL MOLCHANOV FADEL GHEIT JOHN HERRLIN PAUL Y CHENG ARJUN N MURTI PHILIP H WEISS BRIAN YOUNGBERG BLAKE FERNANDEZ DOUGLAS T TERRESON MICHAEL KAY ROBERT KESSLER IAIN REID EDWARD WESTLAKE PAUL SANKEY ASIT SEN JASON D GAMMEL COLIN SMITH MANFRED JAISFELD HIROKAZU KABEYA SVEN DIERMEIER J EVAN CALIO CHRIS KETTENMANN LEZE THAQI TEAM COVERAGE JEFFREY A DIETERT

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

Recommendation neutral outperform outperform buy equalweight buy/attractive hold hold market perform buy strong buy hold hold neutral hold buy outperform hold buy neutral hold Equalwt/Attractive hold buy buy overweight

Amt Held 209'484'348 187'994'321 128'004'853 71'642'287 68'517'544 66'209'338 49'557'616 46'482'622 43'273'801 38'720'883 37'062'400 36'186'715 35'542'062 35'328'962 33'306'634 24'290'073 21'410'641 21'356'729 20'547'795 19'026'812

% Out 4.54 4.07 2.77 1.55 1.48 1.43 1.07 1.01 0.94 0.84 0.8 0.78 0.77 0.77 0.72 0.53 0.46 0.46 0.45 0.41

Weighting

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

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

Latest Chg 2'047'636 1'316'110 5'555'316 (1'704'658) 4'532'448 (316'745) (476'214) (4'136'959) (1'715'284) (4'205'930) 36'186'715 (7'655'604) (649'527) 552'578 (6'252'293) 741'823 3'196'094 362'081 4'858'491

Target Price 97 96 100 103 93 104 #N/A N/A #N/A N/A 92 95 103 81 85 90 96 100 97 90 100 86 90 90 77 #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 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month 18 month 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 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 Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 10.10.2012 10.10.2012 03.10.2012 27.09.2012 21.09.2012 21.08.2012 06.08.2012 26.07.2012 24.07.2012 17.02.2012 18.11.2011 10.06.2011

24.10.2012

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

Price/Volume 12

80.0 M 70.0 M

60.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (26.09.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601857 CH EQUITY YTD Change 601857 CH EQUITY YTD % CHANGE

12/2011 06/yy 10.74 8.47 8'018'018.00 8.84 -17.69% 4.37% 16.30% 161'922.1 1'613'048.75 318'002.00 0.0 79'801.0 61'590.00 2'047'146.78

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

40.0 M 30.0 M

20.0 M 2 0 o-11

10.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

50.0 M

Valuation Analysis

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

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

LTM

FY+1

0.70 3'184.45 -6.86% -6.00% 0.702 14 4.357 19'925'350 12'340'740 10'653'790 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'003'843.0 ######### ######### ######### ######### 539'863.0 0.88x 5.01x 3.89x 323'368.0 167'207.0 243'216.0 325'938.0 358'229.0 5.48x 0.00x 0.00x 6.28x 5.71x 132'961.0 140'667.0 129'012.0 124'337.0 140'246.5 21'492.0 10.74x 12.30x 11.62x 12.23x 11.23x S&P Issuer Ratings 323'368.00 Long-Term Rating Date 185'295.00 Long-Term Rating 9.25% Long-Term Outlook 9.19% Short-Term Rating Date 6.68% Short-Term Rating 12.81% Credit Ratios - EBITDA/Interest Exp. 1.05% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference 9.1% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.68 Net Fixed Asset Turnover 0.23 Accounts receivable turnover-days 16.58% Inventory Days 31.71% Accounts Payable Turnover Day 27.70 Cash Conversion Cycle -

Price/ Cash Flow

.0 M o-12

27.94 4.79 31.7% 22.7% 1.05 1.49 13.22 -

Sales/Revenue/Turnover

12.00

2'500'000.0

10.00

2'000'000.0

8.00

1'500'000.0

6.00

1'000'000.0 4.00

500'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

PetroChina Co Ltd Holdings By:

All

Holder Name CHINA NATIONAL PETRO SOCIAL SECURITY FUND CHINA LIFE INSURANCE CHINA ASSET MANAGEME CHINA UNIVERSAL ASSE GUANGXI INVESTMENT G E FUND MANAGEMENT YINHUA FUND MANAGEME LIANG NENG CONSTRUCT HARVEST FUND MANAGEM FORTUNE SGAM FUND MA LION FUND MANAGEMENT CHANGSHENG FUND MANA BANK OF COMMUNICATIO HUAAN FUND MANAGEMEN CSOP ASSET MANAGEMEN GTJA ALLIANZ FUND MA INVESCO GREAT WALL F FULLGOAL FUND MANAGE HUATAI-PINEBRIDGE FU

Firm Name Northeast Securities Co Ltd Goldman Sachs Bank of China International Citic Securities Co., Ltd HSBC Masterlink Securities SWS Research Co Ltd Guodu Securities Co Ltd Capital Securities Corp China International Capital Corp Hong Yuan Securities China Minzu Securities Co Ltd PingAn Securities Jefferies China Investment Securities China Securities Co., Ltd China Galaxy Securities Everbright Securities Co., Ltd Industrial Securities

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

Analyst WEIGANG WANG ARTHUR YAN LAWRENCE LAU HUANG LILI THOMAS C HILBOLDT LI XIN KAISHENG LIN WANG SHUANG TEAM COVERAGE BIN GUAN ZU GUANGPING QI QIUSHI DU ZHIQIANG LABAN YU RUI DINGKUN LIANG BIN LI GUOHONG CHENG LEI ZHENG FANGBIAO

Source

Amt Held EXCH 158'271'705'094 Co File 400'000'000 Co File 126'623'555 MF-AGG 52'350'919 MF-AGG 45'440'035 Co File 39'560'045 MF-AGG 31'446'927 MF-AGG 30'038'372 Co File 26'363'816 MF-AGG 23'752'009 MF-AGG 18'131'324 MF-AGG 17'425'977 MF-AGG 16'595'170 MF-AGG 14'180'934 MF-AGG 14'163'101 MF-AGG 12'878'389 MF-AGG 10'736'012 MF-AGG 10'015'534 MF-AGG 8'761'200 MF-AGG 8'722'647

Recommendation buy neutral/neutral buy overweight neutral hold outperform buy buy hold add buy buy buy buy neutral buy buy buy

Weighting

% Out 97.75 0.25 0.08 0.03 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

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

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

Latest Chg 3'854'084 (6'337'900) 1'305'841 (670'205) (12'491'248) 1'989'241 15'430'143 8'504'272 3'529'163 1'849'182 (57'175) 10'015'534 848'763 678'944

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

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

File Dt Inst Type 24.05.2012 Government 31.12.2011 Pension Fund (ERISA) 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Corporation 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 24.10.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 23.10.2012 17.10.2012 17.10.2012 10.09.2012 24.08.2012 26.07.2012 23.07.2012 11.06.2012 10.05.2012 27.04.2012 29.03.2012 01.03.2012 18.11.2011 25.05.2011 07.04.2011 08.12.2010 08.06.2010 28.04.2010 22.03.2010

24.10.2012

Chevron Corp Chevron Corporation is an integrated energy company with operations in countries located around the world. The Company produces and transports crude oil and natural gas. Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

Price/Volume 140

30.0 M

120

25.0 M

100

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVX US EQUITY YTD Change CVX US EQUITY YTD % CHANGE

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

10.0 M

5.0 M

20 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 203'970.0 0.95x 34'335.0 5.66x 18'688.0 10.64x

15.0 M

12/2011 06/yy 118.53 92.29 8'011'680.00 109.38 -7.72% 18.52% 65.13% 1'962.1 214'618.88 10'152.00 0.0 799.0 16'113.00 204'686.87

31.12.2008 31.12.2009 255'112.0 159'293.0 0.58x 0.99x 44'538.0 26'432.0 3.32x 5.94x 23'931.0 10'483.0 6.50x 13.53x Profitability

LTM-4Q 31.12.2010 189'607.0 0.96x 38'438.0 4.71x 19'024.0 9.76x

31.12.2011 236'286.0 0.87x 51'210.0 4.02x 26'895.0 7.92x 51'210.00 38'299.00 16.21% 20.16% 12.65% 21.68% 1.10% 18.7% 22.1% 16.5% 11.4% 1.58 1.13 4.85% 8.36% 10.40 25.95

Price/ Cash Flow

LTM

FY+1

.0 M o-12

3.02 1.07 1'961.57 18.68 6.34% 5.36% 1.068 29 4.276 6'274'172 6'567'471 5'889'587 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 216'773.0 230'561.0 241'745.6 237'966.8 55'289.0 56'423.7 3.53x 3.41x 0.86x 0.89x 3.72x 3.67x 45'659.0 50'980.0 57'550.5 55'389.4 13'889.2 14'475.0 4.48x 3.87x 3.56x 3.70x 3.66x 3.64x 23'006.0 26'633.0 25'276.6 24'287.4 5'942.8 6'036.8 9.08x 8.11x 8.57x 8.77x 8.99x 8.75x S&P Issuer Ratings Long-Term Rating Date 01.07.1987 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 01.07.1987 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 177.81 (EBITDA-Capex)/Interest Exp. 85.80 Net Debt/EBITDA -0.22 Total Debt/EBITDA 0.20 Reference Total Debt/Equity 8.4% Total Debt/Capital 7.7% Asset Turnover 1.10 Net Fixed Asset Turnover 1.89 Accounts receivable turnover-days 35.18 Inventory Days 14.10 Accounts Payable Turnover Day 43.61 Cash Conversion Cycle 4.01 Sales/Revenue/Turnover

9.00

300'000.0

8.00

250'000.0

7.00

200'000.0

6.00 5.00

150'000.0

4.00

100'000.0

3.00 2.00

50'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Chevron Corp Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC CAPITAL WORLD INVEST BLACKROCK INSTITUTIO FIDELITY MANAGEMENT WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CAPITAL RESEARCH GLO BLACKROCK FUND ADVIS JP MORGAN CHASE & CO BLACKROCK GROUP LIMI STATE FARM MUTUAL AU BANK OF AMERICA CORP NORGES BANK BLACKROCK ADVISERS GEODE CAPITAL MANAGE INVESCO LTD AMERIPRISE FINANCIAL

Firm Name JPMorgan Oppenheimer & Co Goldman Sachs ISI Group Independent Research GmbH Tudor Pickering & Co Jefferies Societe Generale Credit Suisse Argus Research Corp Raymond James Macquarie Deutsche Bank Morgan Stanley Howard Weil Inc S&P Capital IQ Dahlman Rose & Co Barclays Edward Jones VTB Capital Daiwa Securities Co. Ltd. Phoenix Partners Group Oracle Investment Research Ameriprise Advisor Services, Inc Cia de Professionales de Bolsa EVA Dimensions Simmons & Company International

Portfolio Name STATE STREET CORPORA VANGUARD GROUP INC CAPITAL WORLD INVEST BLACKROCK INSTITUTIO FIDELITY MANAGEMENT WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA CAPITAL RESEARCH GLO BLACKROCK FUND ADVIS JP MORGAN CHASE & CO BLACKROCK GROUP LIMI STATE FARM MUTUAL AU BANK OF AMERICA NORGES BANK BLACKROCK ADVISORS L GEODE CAPITAL MANAGE INVESCO LTD AMERIPRISE FINANCIAL

Analyst KATHERINE LUCAS MINYARD FADEL GHEIT ARJUN N MURTI DOUGLAS T TERRESON SVEN DIERMEIER ROBERT KESSLER IAIN REID JOHN HERRLIN EDWARD WESTLAKE PHILIP H WEISS PAVEL MOLCHANOV JASON D GAMMEL PAUL SANKEY J EVAN CALIO BLAKE FERNANDEZ MICHAEL KAY ASIT SEN PAUL Y CHENG BRIAN YOUNGBERG COLIN SMITH HIROKAZU KABEYA CHRIS KETTENMANN LAURENCE BALTER LEZE THAQI JAMIL HALLASSOU HOLGUIN TEAM COVERAGE JEFFREY A DIETERT

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

Recommendation neutral outperform neutral/attractive buy hold hold buy buy outperform buy outperform outperform buy Overwt/Attractive market outperform strong buy hold overweight buy hold outperform sell buy buy hold buy overweight

Amt Held 100'527'536 91'072'158 59'275'793 53'707'232 40'158'943 36'327'383 29'753'783 28'041'682 26'015'538 20'686'111 19'089'877 18'994'703 17'827'479 16'281'400 16'156'576 14'238'825 14'112'123 14'083'947 13'105'358 11'946'364

% Out 5.12 4.64 3.02 2.74 2.05 1.85 1.52 1.43 1.33 1.05 0.97 0.97 0.91 0.83 0.82 0.73 0.72 0.72 0.67 0.61

Weighting

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

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

Latest Chg 170'995 1'939'185 (1'835'000) 1'768'517 (3'895'200) 327'036 2'411'636 (67'674) (120'112) 4'411'000 (404'282) (231'458) (3'090'414) 182'072 14'238'825 516'168 351'361 2'985'530 166'652

Target Price 123 130 132 120 115 126 125 130 135 130 122 123 140 120 139 #N/A N/A #N/A N/A 133 #N/A N/A 120 120 83 120 #N/A N/A 110 #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 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 18 month 6 month 12 month 12 month Not Provided 12 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 12 month Not Provided Not Provided Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2012 19.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 11.10.2012 11.10.2012 11.10.2012 10.10.2012 10.10.2012 10.10.2012 10.10.2012 10.10.2012 10.10.2012 09.10.2012 27.09.2012 21.08.2012 24.07.2012 12.06.2012 15.02.2012 24.01.2012 18.11.2011 01.08.2011

24.10.2012

BP PLC BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BP/ LN EQUITY YTD Change BP/ LN EQUITY YTD % CHANGE

12/2011 06/yy 512.00 389.50 9'108'272.00 434.6 -15.12% 11.58% 35.71% 19'055.1 82'813.27 44'213.00 21.0 1'017.0 14'599.00 165'901.77

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

100 0 o-11

31.12.2008 31.12.2009 361'143.0 239'272.0 0.47x 0.87x 41'761.0 33'392.0 4.05x 6.24x 21'157.0 16'578.0 6.81x 10.95x Profitability

d-11

j-12

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

j-12

a-12

s-12

Market Data

LTM-4Q 31.12.2010 297'107.0 0.53x 38'497.0 4.06x (3'719.0) -

31.12.2011 375'517.0 0.44x 38'196.0 4.35x 25'700.0 5.25x 38'196.00 27'061.00 7.21% 10.34% 5.95% 15.80% 11.72% 1.29% 16.5% 7.9% 4.9% 6.8% 1.13 0.50 15.09% 39.67% 11.97

Price/ Cash Flow

LTM

FY+1

4.46 1.03 19'052.18 3.66% -2.35% 1.027 32 3.875 40'480'180 27'717'780 24'689'460 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 337'004.0 376'205.0 351'101.8 352'981.1 73'196.5 73'059.5 1.90x 1.71x 0.47x 0.45x 2.28x 2.26x 41'315.0 29'625.0 39'597.6 42'688.8 10'516.3 11'296.5 4.04x 5.38x 4.19x 3.89x 3.70x 3.58x 20'324.0 17'356.0 17'786.5 19'607.9 4'105.9 4'696.2 6.83x 7.23x 7.52x 6.91x 7.24x 6.96x S&P Issuer Ratings Long-Term Rating Date 24.09.2010 Long-Term Rating A Long-Term Outlook POS Short-Term Rating Date 24.09.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 23.98 (EBITDA-Capex)/Interest Exp. 12.78 Net Debt/EBITDA 1.09 Total Debt/EBITDA 1.61 Reference Total Debt/Equity 39.7% Total Debt/Capital 28.2% Asset Turnover 1.29 Net Fixed Asset Turnover 3.27 Accounts receivable turnover-days Inventory Days 30.58 Accounts Payable Turnover Day Cash Conversion Cycle 22.12 Sales/Revenue/Turnover

18.00

400'000.0

16.00

350'000.0

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 02.01.2009

n-11

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

Fiscal Year Ended 31.12.2007 284'365.0 0.91x 37'544.0 6.90x 20'845.0 11.21x

200

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 o-12

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

BP PLC Holdings By:

All

Holder Name LEGAL & GENERAL INV CAPITAL GROUP COMPAN CAPITAL RESEARCH AND CAPITAL RESEARCH GLO BLACKROCK INV MANAGE NORGES BANK INVESTME SCOTTISH WIDOWS INVE KUWAIT INVESTMENT AU M&G INVESTMENT MANAG PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC VANGUARD GROUP INC FRANKLIN RESOURCES I FIDELITY INVESTMENTS UBS GLOBAL ASSET MGM AVIVA INVESTORS STATE STREET GLOBAL GOVT OF SINGAPORE IN BLACKROCK GROUP LIMI

Firm Name Nomura Liberum Capital Ltd Barclays Grupo Santander Societe Generale RBC Capital Markets Credit Suisse Jefferies Independent Research GmbH Oriel Securities Ltd Exane BNP Paribas Investec Sanford C. Bernstein & Co Macquarie Canaccord Genuity Corp Deutsche Bank AlphaValue Tudor Pickering & Co JPMorgan VTB Capital Jyske Bank CA Cheuvreux Day by Day HSBC Natixis S&P Capital IQ Goldman Sachs EVA Dimensions Morgan Stanley Landesbank Baden-Wuerttemberg Kepler Capital Markets CS Capital Simmons & Company International National Bank AG

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

Analyst THEEPAN JOTHILINGAM ANDREW WHITTOCK RAHIM KARIM JASON KENNEY IRENE HIMONA PETER HUTTON KIM FUSTIER IAIN REID SVEN DIERMEIER RICHARD GRIFFITH CHARLES RIOU STUART JOYNER OSWALD CLINT JASON D GAMMEL GORDON GRAY LUCAS HERRMANN ALEXANDRE ANDLAUER ROBERT KESSLER FREDERICK G LUCAS COLIN SMITH ROBERT JAKOBSEN DOMINIQUE PATRY VALERIE GASTALDY PAUL SPEDDING ANNE PUMIR CHRISTINE TISCARENO MICHELE DELLA VIGNA TEAM COVERAGE MARTIJN P RATS ACHIM WITTMANN BERTRAND HODEE CHRISTOPHER PARKINSON JEFFREY A DIETERT MANFRED JAISFELD

Source REG RNS-MAJ REG MF-AGG REG REG REG REG REG REG REG MF-AGG REG REG REG REG REG REG REG MF-AGG

Recommendation neutral hold underweight hold hold outperform outperform hold hold hold neutral buy market perform outperform buy buy reduce accumulate overweight hold buy outperform buy overweight neutral hold not rated overweight restricted hold buy buy overweight buy

Amt Held 696'265'651 609'649'091 593'016'326 483'842'665 478'644'956 427'782'709 351'155'655 328'143'792 321'791'956 258'130'496 252'489'400 226'450'073 188'045'023 187'875'430 184'115'571 180'742'491 171'088'918 157'820'711 154'353'562 153'440'896

% Out 3.65 3.2 3.11 2.54 2.51 2.24 1.84 1.72 1.69 1.35 1.33 1.19 0.99 0.99 0.97 0.95 0.9 0.83 0.81 0.81

Weighting

Change

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

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

Latest Chg (24'802'335) 31'583'434 23'687'937 (65'267'858) 8'154'405 (50'067'578) (1'560'565) (15'394'337) 11'192'747 18'974'806 1'869'460 10'823'197 (1'465'315) 4'250'881 13'421'455 12'533'618 (3'302'926)

Target Price 455 460 510 500 465 530 490 450 500 #N/A N/A 500 460 530 570 500 500 411 500 550 490 520 500 500 550 481 595 #N/A N/A #N/A N/A #N/A N/A 460 602 500 #N/A N/A 700

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

File Dt 01.08.2012 01.09.2012 01.08.2012 30.09.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 30.06.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 01.08.2012 22.10.2012

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

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

Date 24.10.2012 24.10.2012 24.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 18.10.2012 15.10.2012 02.10.2012 27.09.2012 19.09.2012 10.08.2012 10.08.2012 02.08.2012 01.08.2012 31.07.2012 08.06.2012 02.06.2012 01.06.2012 07.05.2012 16.04.2012 15.08.2011 01.08.2011 14.04.2010

24.10.2012

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 (02.05.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 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

12/2011 06/yy 5'930.00 3'824.52 3'415'413.00 5690 -4.05% 48.78% 88.60% 41'116.7 233'954'016.00 8'801'572.00 0.0 2'252'631.0 8'117'539.00 240'716'663.24

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

70.0 M

6000

60.0 M

5000

50.0 M

4000

40.0 M

3000

30.0 M

2000

20.0 M

1000

10.0 M

0 o-11

.0 M n-11

31.12.2008 31.12.2009 33'896'669.0 30'404'390.0 2.24x 3.41x 14'155'420.0 11'265'800.0 5.36x 9.20x 11'629'677.0 5'132'054.0 6.98x 19.60x Profitability

LTM-4Q 31.12.2010 41'968'311.0 4.08x 17'103'936.0 10.01x 8'146'471.0 20.37x

j-12

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

j-12

a-12

s-12

LTM

FY+1

0.93 4'731.91 49.84% 42.55% 0.928 15 2.467 5'967'546 6'196'646 6'467'682 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 65'752'268.0 ######### ######### ######### ######### ######### ######### 2.68x 12.30x 11.06x 31'056'068.0 ######### ######### ######### ######### ######### 5.68x 6.82x 6.43x 7.83x 6.82x 15'452'334.0 ######### ######### ######### ######### ######### 11.22x 13.77x 12.30x 14.03x 12.41x 8.93x S&P Issuer Ratings 31'056'068.00 Long-Term Rating Date 18.03.2011 25'690'963.00 Long-Term Rating BBB39.07% Long-Term Outlook POS 35.96% Short-Term Rating Date 18.72% Short-Term Rating 35.94% Credit Ratios - EBITDA/Interest Exp. 74.79 0.79% (EBITDA-Capex)/Interest Exp. 50.25 Net Debt/EBITDA 0.13 44.2% Total Debt/EBITDA 0.33 47.3% Reference 39.8% Total Debt/Equity 16.1% 23.5% Total Debt/Capital 13.4% Asset Turnover 0.79 1.21 Net Fixed Asset Turnover 2.42 0.81 Accounts receivable turnover-days 22.02 9.54% Inventory Days 25.74 16.09% Accounts Payable Turnover Day 104.84 16.62 Cash Conversion Cycle 3.76 14.22

Price/ Cash Flow

Sales/Revenue/Turnover

14.00

70'000'000.0

12.00

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 02.01.2009

d-11

Fiscal Year Ended 31.12.2007 22'332'320.0 3.23x 9'555'212.0 7.54x 5'179'792.0 15.78x

7000

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Ecopetrol SA Holdings By:

All

Holder Name REPUBLIC OF COLOMBIA BLACKROCK INSTITUTIO BLACKROCK FUND ADVIS VANGUARD GROUP INC WILLIAM BLAIR & COMP HARRIS TRUST & SAVIN PICTET & CIE FIDELITY MANAGEMENT GARTMORE INVESTMENT SEB FONDFORVALTNING EATON VANCE MANAGEME NORTHERN TRUST CORPO WILLIAM BLAIR & CO L TIAA CREF INVESTMENT NORD EST ASSET MANAG EATON VANCE ADVISORS PYRAMIS GLOBAL ADVIS PICTET ASSET MANAGEM PRUDENTIAL FINANCIAL CHARLES SCHWAB INVES

Firm Name JPMorgan Correval SA Asesores en Valores SA Goldman Sachs Interbolsa SA VTB Capital EVA Dimensions Acciones y Valores Ultrabursatiles Alianza Valores Grupo Santander Larrain Vial Corredores de Bolsa Davivalores SA Valores Bancolombia Bolsa y Renta S.A. Corredores Asociados Itau BBA Securities

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

Analyst CAIO M CARVALHAL CESAR CUERVO OMAR ESCORCIA FELIPE MATTAR JUAN DAVID PINEROS COLIN SMITH TEAM COVERAGE JORGE EDUARDO BELLO DIEGO USME ROMERO JUAN DAVID BALLEN RAMIREZ CHRISTIAN AUDI JUAN CARLOS DELGADO MALCA EDGAR ROMERO GARCIA SAMUEL DAVID GARCIA MAURICIO RESTREPO DEL TORO MAURICIO HERNANDEZ PAULA KOVARSKY

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

Recommendation underweight hold sell neutral/neutral hold sell buy hold sell maintain buy sell no rating system no rating system sell hold market perform

Amt Held 36'384'788'817 65'486'940 51'772'416 43'966'630 43'834'268 28'847'800 24'957'813 17'036'618 9'515'827 5'205'204 4'612'890 3'969'954 3'166'649 2'019'807 1'618'600 1'366'617 1'210'279 1'185'600 1'167'200 765'675

% Out 88.49 0.16 0.13 0.11 0.11 0.07 0.06 0.04 0.02 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0

Weighting

Change

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

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

Latest Chg 346'356 835'781 (1'708'948) 5'116'700 2'980'482 (35'105) (226'000) 354'283 595'757 219'135 15'298 71'500 (41'111) 9'200 68'900 765'675

Target Price 4'620 #N/A N/A 5'710 5'200 5'030 5'000 #N/A N/A 5'460 5'060 5'183 6'560 5'400 4'800 5'070 5'000 4'930 4'500

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

File Dt Inst Type 31.03.2012 Government 22.10.2012 Investment Advisor 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Unclassified 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 24.10.2012 22.10.2012 19.10.2012 17.10.2012 17.10.2012 27.09.2012 09.08.2012 01.08.2012 31.07.2012 31.07.2012 30.07.2012 25.07.2012 25.07.2012 25.07.2012 24.07.2012 18.07.2012 05.05.2011

24.10.2012

Royal Dutch Shell PLC Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 2500 2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RDSA LN EQUITY YTD Change RDSA LN EQUITY YTD % CHANGE

12/2011 06/yy 2'409.50 1'956.50 833'709.00 2122 -11.93% 8.46% 34.55% 3'738.1 137'024.50 37'175.00 0.0 1'486.0 11'292.00 236'499.52

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

0 o-11

31.12.2008 31.12.2009 458'361.0 278'188.0 0.37x 0.76x 57'301.0 29'079.0 2.98x 7.28x 26'277.0 12'518.0 6.16x 14.87x Profitability

d-11

j-12

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

j-12

a-12

s-12

Market Data

LTM-4Q 31.12.2010 368'056.0 0.65x 41'839.0 5.69x 20'127.0 10.16x

31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x 55'943.00 42'715.00 9.08% 11.84% 7.54% 15.35% 12.95% 1.37% 15.7% 11.0% 8.1% 6.6% 1.17 0.58 10.77% 21.93% 6.49 13.02

Price/ Cash Flow

LTM

FY+1

5.00 1.00 3'736.84 -0.58% -7.14% 0.995 27 3.852 2'786'214 2'708'340 2'651'479 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 422'610.0 475'975.0 467'282.2 455'749.2 128'516.5 127'794.5 2.29x 2.01x 0.52x 0.52x 1.85x 1.86x 45'825.0 52'403.0 59'763.5 63'291.2 12'780.0 14'351.0 5.45x 4.47x 3.96x 3.74x 3.85x 3.48x 27'695.0 26'258.0 26'684.2 28'362.2 6'382.4 7'141.0 7.94x 8.00x 7.98x 7.55x 7.67x 7.41x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 19.04.2004 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 27.33 (EBITDA-Capex)/Interest Exp. 14.48 Net Debt/EBITDA 0.30 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 21.9% Total Debt/Capital 17.9% Asset Turnover 1.37 Net Fixed Asset Turnover 3.14 Accounts receivable turnover-days 56.40 Inventory Days 28.11 Accounts Payable Turnover Day 70.85 Cash Conversion Cycle 23.58 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 355'782.0 0.77x 53'932.0 5.09x 31'331.0 8.37x

500

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 o-12

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Royal Dutch Shell PLC Holdings By:

All

Holder Name LEGAL & GENERAL INV CAPITAL RESEARCH AND BLACKROCK INV MANAGE SCOTTISH WIDOWS INVE PEOPLES REPUBLIC OF VANGUARD GROUP INC GOVT OF SINGAPORE IN VANGUARD GROUP INC MASSACHUSETTS FINANC FRANKLIN RESOURCES I FIDELITY INTERNATION BLACKROCK GROUP LIMI BP INVESTMENT MANAGE STATE STREET GLOBAL BLACKROCK FUND ADVIS UBS PRIVATE BANKING NORTHERN TRUST GLOBA MASSACHUSETTS FINANC STANDARD LIFE INVEST CAPITAL GROUP COMPAN

Firm Name Barclays Canaccord Genuity Corp AlphaValue RBC Capital Markets Tudor Pickering & Co Credit Suisse Jefferies Sanford C. Bernstein & Co National Bank AG Macquarie JPMorgan Theodoor Gilissen Securities VTB Capital Oriel Securities Ltd ING Wholesale Banking CA Cheuvreux Day by Day Landesbank Baden-Wuerttemberg Independent Research GmbH HSBC Deutsche Bank Investec Kepler Capital Markets Morgan Stanley Hamburger Sparkasse S&P Capital IQ Simmons & Company International

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

Analyst RAHIM KARIM GORDON GRAY ALEXANDRE ANDLAUER PETER HUTTON ROBERT KESSLER KIM FUSTIER IAIN REID OSWALD CLINT STEFFEN MANSKE JASON D GAMMEL FREDERICK G LUCAS JOS VERSTEEG COLIN SMITH RICHARD GRIFFITH QUIRIJN MULDER DOMINIQUE PATRY VALERIE GASTALDY ACHIM WITTMANN SVEN DIERMEIER PAUL SPEDDING LUCAS HERRMANN STUART JOYNER BERTRAND HODEE MARTIJN P RATS INGO SCHMIDT CHRISTINE TISCARENO JEFFREY A DIETERT

Source REG REG REG REG REG MF-AGG REG REG REG MF-AGG MF-AGG MF-AGG REG REG MF-AGG REG REG MF-AGG REG RNS-MAJ

Recommendation equalweight buy reduce sector perform buy neutral buy market perform buy outperform neutral buy hold buy buy select list hold buy hold neutral buy sell hold not rated buy hold overweight

Amt Held 146'391'199 114'728'248 79'672'958 47'741'763 46'562'611 44'767'083 38'067'192 29'054'931 26'758'182 25'445'923 24'413'006 22'542'731 22'111'200 21'850'380 20'383'369 19'174'824 16'257'907 16'115'834 15'694'208 13'926'993

% Out 3.92 3.07 2.13 1.28 1.25 1.2 1.02 0.78 0.72 0.68 0.65 0.6 0.59 0.58 0.55 0.51 0.43 0.43 0.42 0.37

Weighting

Change

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

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 D M

Latest Chg 1'987'795 (276'856) (2'566'666) 2'645'995 667'388 5'123'434 8'356'439 83'577 179'362 (186'892) 1'367'293 1'099'355 63'620 113'132 (53'412) 219'873 (4'068'105) -

Target Price 2'650 2'680 2'001 2'580 2'700 2'400 2'450 2'410 2'662 2'550 2'500 2'722 2'500 #N/A N/A 2'617 2'549 #N/A N/A 2'580 2'271 2'488 2'475 1'875 2'272 #N/A N/A #N/A N/A 2'315 #N/A N/A

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

File Dt 01.09.2012 01.09.2012 01.09.2012 01.09.2012 01.09.2012 30.06.2012 01.09.2012 01.09.2012 01.09.2012 28.09.2012 31.03.2012 22.10.2012 01.09.2012 01.09.2012 22.10.2012 01.09.2012 01.09.2012 31.08.2012 01.09.2012 03.09.2012

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

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

Date 24.10.2012 18.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 11.10.2012 03.10.2012 02.10.2012 02.10.2012 27.09.2012 17.09.2012 03.09.2012 10.08.2012 10.08.2012 03.08.2012 26.07.2012 24.07.2012 03.07.2012 02.07.2012 18.05.2012 03.05.2012 02.05.2012 03.10.2011 01.08.2011

24.10.2012

Total SA Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.

Price/Volume

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FP FP EQUITY YTD Change FP FP EQUITY YTD % CHANGE

12/2011 06/yy 42.97 33.42 1'809'139.00 38.775 -9.76% 16.02% 52.72% 2'365.1 91'708.09 32'232.00 0.0 1'352.0 14'725.00 111'868.08

20.0 M

15.0 M

10.0 M

5.0 M

5 0 o-11

31.12.2008 31.12.2009 160'331.0 112'153.0 0.62x 1.03x 29'887.0 22'234.0 3.32x 5.22x 10'590.0 8'447.0 8.21x 11.87x Profitability

LTM-4Q 31.12.2010 140'476.0 0.74x 28'045.0 3.72x 10'571.0 8.38x

31.12.2011 166'550.0 0.65x 32'919.0 3.28x 12'276.0 7.23x 32'919.00 24'290.00 14.58% 16.00% 6.76% 16.26% 11.24% 1.10% 18.1% 12.9% 7.4% 1.36 0.74 19.65% 47.37% 9.25 -

Price/ Cash Flow

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

5.93 0.89 2'126.55 8.43% 2.54% 0.890 34 3.882 4'961'261 5'377'580 5'156'412 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 153'055.0 175'834.0 194'593.2 191'724.4 46'034.3 45'963.7 2.76x 2.29x 0.57x 0.58x 2.27x 2.37x 30'721.0 31'909.0 34'109.7 34'268.4 9'126.5 8'746.5 3.58x 3.14x 3.28x 3.27x 3.16x 3.17x 11'529.0 10'851.0 12'210.2 12'448.3 3'088.0 2'877.0 7.76x 7.40x 7.15x 7.09x 7.23x 7.23x S&P Issuer Ratings Long-Term Rating Date 12.04.2011 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 13.09.1999 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 46.17 (EBITDA-Capex)/Interest Exp. 20.99 Net Debt/EBITDA 0.59 Total Debt/EBITDA 1.06 Reference Total Debt/Equity 47.4% Total Debt/Capital 31.7% Asset Turnover 1.10 Net Fixed Asset Turnover 2.81 Accounts receivable turnover-days 39.59 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

8.00

180'000.0

7.00

160'000.0

6.00

140'000.0 120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

n-11

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

35.0 M

40 35

Valuation Analysis

31.12.2007 136'824.0 1.03x 31'249.0 4.50x 13'181.0 9.73x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Total SA Holdings By:

All

Holder Name TOTAL SA GROUPE BRUXELLES LAM AMUNDI NATIXIS ASSET MANAGE CIE NATIONALE A PORT AMUNDI VANGUARD GROUP INC CAPITAL WORLD INVEST FRANKLIN RESOURCES I BLACKROCK FUND ADVIS ONTARIO TEACHERS PEN AVIVA PLC BANK OF NEW YORK MEL LBPAM GRANTHAM MAYO VAN OT BLACKROCK ASSET MANA MERCURY ASSET MANAGE WADDELL & REED FINAN DODGE & COX AMUNDI

Firm Name Societe Generale Barclays JPMorgan Canaccord Genuity Corp AlphaValue Goldman Sachs RBC Capital Markets Macquarie Tudor Pickering & Co Credit Suisse Jefferies Exane BNP Paribas Sanford C. Bernstein & Co Grupo Santander CM - CIC Securities(ESN) VTB Capital Independent Research GmbH Nomura Day by Day HSBC Hamburger Sparkasse Landesbank Baden-Wuerttemberg Banco Sabadell Natixis Morgan Stanley S&P Capital IQ Deutsche Bank Investec CA Cheuvreux Kepler Capital Markets EVA Dimensions Simmons & Company International National Bank AG

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst IRENE HIMONA LYDIA RAINFORTH NITIN SHARMA GORDON GRAY ALEXANDRE ANDLAUER MICHELE DELLA VIGNA PETER HUTTON JASON D GAMMEL ROBERT KESSLER KIM FUSTIER IAIN REID ALEXANDRE MARIE OSWALD CLINT JASON KENNEY JEAN-LUC ROMAIN COLIN SMITH SVEN DIERMEIER THEEPAN JOTHILINGAM VALERIE GASTALDY PAUL SPEDDING INGO SCHMIDT ACHIM WITTMANN JORGE GONZALEZ SADORNIL ANNE PUMIR MARTIJN P RATS CHRISTINE TISCARENO LUCAS HERRMANN STUART JOYNER DOMINIQUE PATRY BERTRAND HODEE TEAM COVERAGE JEFFREY A DIETERT MANFRED JAISFELD

Source Co File Research Research MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold equalweight overweight hold reduce Sell/Cautious outperform neutral accumulate neutral buy neutral outperform hold buy buy hold neutral buy overweight buy buy buy buy Equalwt/In-Line buy hold hold outperform buy buy overweight buy

Amt Held 108'732'635 94'077'367 78'390'326 38'657'294 35'456'294 28'398'633 26'046'448 16'124'600 13'678'419 12'139'350 11'200'000 10'700'948 9'756'697 8'443'176 8'009'376 6'773'910 6'563'938 6'092'378 5'868'600 5'658'031

% Out 4.6 3.98 3.31 1.63 1.5 1.2 1.1 0.68 0.58 0.51 0.47 0.45 0.41 0.36 0.34 0.29 0.28 0.26 0.25 0.24

Weighting

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

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

Latest Chg (1'113'285) 7'469'137 1'274'137 1'998'600 (298'176) 103'485 205'817 201'397 247'012 39'770 4'883'200 -

Target Price 43 45 49 40 40 40 44 42 46 43 48 48 51 45 54 50 42 40 46 45 #N/A N/A 45 48 46 40 49 42 38 44 47 #N/A N/A #N/A N/A 46

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

File Dt 31.12.2011 15.03.2012 06.01.2012 01.07.2012 31.12.2011 31.05.2012 30.06.2012 30.09.2012 28.09.2012 22.10.2012 31.12.2011 28.09.2012 23.10.2012 31.07.2012 29.02.2012 22.10.2012 22.10.2012 30.06.2012 30.09.2012 31.05.2012

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

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

Date 24.10.2012 24.10.2012 23.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 12.10.2012 09.10.2012 08.10.2012 27.09.2012 25.09.2012 25.09.2012 24.09.2012 02.08.2012 01.08.2012 31.07.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 03.07.2012 02.07.2012 30.04.2012 16.04.2012 28.12.2011 01.08.2011 19.05.2010

24.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAZP RM EQUITY YTD Change GAZP RM EQUITY YTD % CHANGE

12/2011 03/yy 203.90 136.50 31'020'160.00 151.02 -24.91% 10.64% 24.93% 23'673.5 3'575'174.00 1'540'162.00 0.0 297'420.0 525'335.00 4'575'091.02

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

250.0 M 200.0 M 150.0 M 100.0 M 50.0 M

n-11

31.12.2008 31.12.2009 3'518'960.0 2'990'971.0 1.10x 2.00x 1'554'286.0 1'115'242.0 2.48x 5.37x 742'928.0 779'585.0 3.39x 5.52x Profitability

LTM-4Q 31.12.2010 3'597'054.0 1.60x 1'399'892.0 4.10x 968'557.0 4.58x

j-12

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

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

1.08 5'119.17 -6.10% -6.87% 1.080 19 4.368 35'941'940 38'846'240 37'059'380 FY+2

FQ+1

FQ+2

31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 4'637'090.0 ######### ######### ######### ######### ######### 1.16x 5.61x 4.74x 1.01x 0.95x 1'970'093.0 ######### ######### ######### ######### 457'399.6 2.73x 4.20x 2.97x 2.62x 2.55x 1'307'018.0 ######### ######### ######### ######### 372'530.5 3.00x 4.72x 3.60x 3.03x 3.16x S&P Issuer Ratings 1'970'093.00 Long-Term Rating Date 29.11.2006 1'694'909.00 Long-Term Rating BBB 36.55% Long-Term Outlook STABLE 36.23% Short-Term Rating Date 20.08.2010 11.61% Short-Term Rating A-2 16.52% Credit Ratios 14.14% EBITDA/Interest Exp. 61.57 0.44% (EBITDA-Capex)/Interest Exp. 13.03 Net Debt/EBITDA 0.39 - Total Debt/EBITDA 0.79 39.2% Reference 32.9% Total Debt/Equity 20.6% 28.2% Total Debt/Capital 16.6% Asset Turnover 0.44 1.71 Net Fixed Asset Turnover 0.73 0.81 Accounts receivable turnover-days 40.95 14.13% Inventory Days 20.64% Accounts Payable Turnover Day 8.94 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

5'000'000.0

4.50

4'500'000.0

4.00

4'000'000.0

3.50

3'500'000.0

3.00

3'000'000.0

2.50 2.00

2'500'000.0 2'000'000.0

1.50

1'500'000.0

1.00

1'000'000.0

0.50

500'000.0

0.00 04.01.2009

d-11

Fiscal Year Ended 31.12.2007 2'390'467.0 4.02x 885'355.0 10.85x 658'038.0 12.19x

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

0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Gazprom OAO Holdings By:

All

Holder Name RUSSIAN FEDERAL PROP BANK OF NEW YORK MEL ROSNEFTEGAZ ROSGAZIFIKATSIYA OAO BLACKROCK FUND ADVIS VANGUARD GROUP INC PICTET & CIE SWEDBANK ROBUR FONDE BNP PARIBAS ASSET MG HANDELSBANKEN FONDER BLACKROCK GROUP LIMI JUPITER ASSET MANAGE DEKA INTERNATIONAL S MACKENZIE FINANCIAL URALSIB JSC DEUTSCHE BANK AG ING INVESTMENT MANAG PICTET ASSET MANAGEM VAZHENIN YURI IVANOV SANPAOLO IMI ASSET M

Firm Name Gazprombank VTB Capital Uralsib JPMorgan Deutsche Bank Infina Investment Company Alfa-Bank Nomos Bank IFC Metropol Credit Suisse Otkritie Capital RMG Securities Raiffeisenbank AG UFS-Finance Investment Company Sberbank CIB EVA Dimensions Aton LLC Societe Generale

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

Analyst IVAN KHROMUSHIN DMITRY LOUKASHOV ALEXEI KOKIN ARTEM KONCHIN PAVEL KUSHNIR ALEXANDER IVANISCHEV MARIYA YEGIKYAN DENIS BORISOV SERGEY VAKHRAMEEV ANDREY OVCHINNIKOV ALEXANDER BURGANSKY MIKHAIL LOSHININ ANDREY POLISCHUK ILYA BALAKIREV OLEG MAXIMOV TEAM COVERAGE ELENA SAVCHIK EVGENY SOLOVYOV

Source Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

Recommendation overweight hold hold neutral buy buy overweight hold buy neutral buy buy buy buy buy buy buy buy

Amt Held 9'083'527'196 6'711'441'126 2'542'535'368 210'457'537 128'791'902 82'703'753 38'571'548 19'612'593 13'967'991 9'731'965 9'598'512 8'017'000 6'959'999 5'655'000 4'106'000 3'845'260 3'548'600 2'358'300 2'248'984 2'158'247

% Out 38.37 28.35 10.74 0.89 0.54 0.35 0.16 0.08 0.06 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

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

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

Latest Chg 3'721'800 7'285'441 12'722'596 1'566'000 (198'000) 395'000 1'499'998 (5'145'000) (509'000) (391'700) (12'000) (335'125)

Target Price 250 174 181 205 200 263 206 181 220 170 374 229 197 228 249 #N/A N/A 247 236

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

File Dt Inst Type 31.12.2011 Government 31.12.2011 Investment Advisor 31.12.2011 Government 31.12.2011 Government 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 22.10.2012 Investment Advisor 30.03.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.12.2010 n/a 30.06.2011 Mutual Fund Manager

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

Date 24.10.2012 22.10.2012 17.10.2012 04.10.2012 02.10.2012 01.10.2012 21.09.2012 17.09.2012 11.09.2012 07.09.2012 07.09.2012 12.07.2012 02.07.2012 02.07.2012 21.05.2012 09.05.2012 20.01.2012 15.10.2009

24.10.2012

Price/Volume 3000

14.0 M

2500

12.0 M 10.0 M

2000

12/2011 06/yy 2'499.00 2'020.00 1'643'470.00 2193.5 -12.22% 8.59% 31.84% 2'630.0 136'955.28 37'175.00 0.0 1'486.0 11'292.00 236'744.79

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

6.0 M

1000

4.0 M

500

2.0 M

0 o-11

31.12.2008 31.12.2009 458'361.0 278'188.0 0.37x 0.76x 57'301.0 29'079.0 2.98x 7.28x 26'277.0 12'518.0 6.16x 14.87x Profitability

LTM-4Q 31.12.2010 368'056.0 0.65x 41'839.0 5.69x 20'127.0 10.16x

31.12.2011 470'171.0 0.55x 55'943.0 4.60x 30'918.0 7.39x 55'943.00 42'715.00 9.08% 11.84% 7.54% 15.35% 12.95% 1.37% 15.7% 11.0% 8.1% 6.6% 1.17 0.58 10.77% 21.93% 6.49 13.02

Price/ Cash Flow

d-11

j-12

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

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

4.83 0.98 2'628.32 -0.06% -7.34% 0.976 18 3.556 3'525'807 3'057'119 2'740'898 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 422'610.0 475'975.0 467'282.2 455'749.2 128'516.5 127'794.5 2.29x 2.01x 0.52x 0.52x 1.85x 1.86x 45'825.0 52'403.0 59'763.5 63'291.2 12'780.0 14'351.0 5.45x 4.47x 3.96x 3.74x 3.85x 3.48x 27'695.0 26'258.0 26'684.2 28'362.2 6'382.4 7'141.0 7.94x 8.00x 8.26x 7.82x 7.95x 7.67x S&P Issuer Ratings Long-Term Rating Date 03.09.2009 Long-Term Rating AA Long-Term Outlook STABLE Short-Term Rating Date 19.04.2004 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 27.33 (EBITDA-Capex)/Interest Exp. 14.48 Net Debt/EBITDA 0.30 Total Debt/EBITDA 0.63 Reference Total Debt/Equity 21.9% Total Debt/Capital 17.9% Asset Turnover 1.37 Net Fixed Asset Turnover 3.14 Accounts receivable turnover-days 56.40 Inventory Days 28.11 Accounts Payable Turnover Day 70.85 Cash Conversion Cycle 23.58 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 355'782.0 0.77x 53'932.0 5.09x 31'331.0 8.37x

8.0 M

1500

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Royal Dutch Shell PLC Holdings By:

All

Holder Name BLACKROCK INV MANAGE CAPITAL RESEARCH AND CAPITAL GROUP COMPAN LEGAL & GENERAL INV CREDIT SUISSE PRIVAT CAPITAL RESEARCH GLO SCOTTISH WIDOWS INVE M&G INVESTMENT MANAG VANGUARD GROUP INC QATAR INVESTMENT AUT BLACKROCK GROUP LIMI PEOPLES REPUBLIC OF STANDARD LIFE INVEST AXA INVESTMENT MANAG VANGUARD GROUP INC THREADNEEDLE ASSET M CAPITAL WORLD INVEST BREWIN DOLPHIN LIMIT FRANKLIN RESOURCES I ABERDEEN ASSET MANAG

Firm Name Nomura Barclays Exane BNP Paribas Canaccord Genuity Corp Societe Generale Goldman Sachs RBC Capital Markets Sanford C. Bernstein & Co JPMorgan Grupo Santander Liberum Capital Ltd Natixis HSBC Deutsche Bank Morgan Stanley EVA Dimensions

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

Analyst THEEPAN JOTHILINGAM RAHIM KARIM ALEXANDRE MARIE GORDON GRAY IRENE HIMONA MICHELE DELLA VIGNA PETER HUTTON OSWALD CLINT FREDERICK G LUCAS JASON KENNEY ANDREW WHITTOCK ANNE PUMIR PAUL SPEDDING LUCAS HERRMANN MARTIJN P RATS TEAM COVERAGE

Source REG REG RNS-MAJ REG REG MF-AGG REG REG MF-AGG REG MF-AGG REG REG REG REG REG MF-AGG REG REG REG

Recommendation buy equalweight outperform buy hold Sell/Cautious sector perform market perform neutral underweight hold buy neutral buy Overwt/In-Line buy

Amt Held 156'192'884 101'521'110 100'088'987 95'417'163 75'473'452 71'080'651 54'308'100 52'029'010 50'563'411 43'033'446 38'341'027 35'923'585 35'365'103 33'758'455 33'562'595 29'330'068 28'461'431 28'018'816 22'967'969 21'590'673

% Out 5.94 3.86 3.81 3.63 2.87 2.7 2.06 1.98 1.92 1.64 1.46 1.37 1.34 1.28 1.28 1.12 1.08 1.07 0.87 0.82

Weighting

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

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

Latest Chg 8'193'299 (858'917) (2'751'874) 10'069'351 49'861'905 (9'903'499) (4'081'597) 3'985'643 858'048 (433'000) (3'672'622) (327'714) 4'057'596 5'404'782 2'772'600 (339'341) (4'081'561) 554'889

Target Price 2'500 2'650 2'650 2'650 2'450 2'260 2'580 2'410 2'500 2'480 2'360 2'725 2'505 2'475 2'600 #N/A N/A

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

File Dt 01.09.2012 01.09.2012 03.09.2012 01.09.2012 01.09.2012 30.09.2012 01.09.2012 01.09.2012 30.06.2012 01.09.2012 22.10.2012 01.09.2012 01.09.2012 01.09.2012 01.09.2012 01.09.2012 30.09.2012 01.09.2012 01.09.2012 01.09.2012

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

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

Date 24.10.2012 24.10.2012 19.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 11.10.2012 02.10.2012 18.09.2012 04.09.2012 27.07.2012 24.07.2012 03.07.2012 01.07.2012 30.11.2011

24.10.2012

CNOOC Ltd CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas. The Group's core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Internationally, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2011 01/yy 18.20 13.18 56'291'042.00 16.04 -11.87% 21.70% 62.55% 44'646.3 716'126.81 37'995.00 0.0 0.0 99'197.00 516'853.73

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

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

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

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

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

d-11

j-12

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

LTM-4Q

LTM

01/yy

01/yy -

f-12 m-12

a-12 m-12

j-12

a-12

s-12

.0 M o-12

FY+1 -

2.71 1.27 15'873.58 20.83% 21.72% 1.267 35 3.514 47'267'360 56'820'880 55'443'620 FY+2

12/12 Y 12/13 Y 232'667.0 242'144.5 2.42x 2.27x 122'111.4 125'660.3 4.23x 4.11x 64'135.3 63'932.5 8.94x 8.92x S&P Issuer Ratings

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

FQ+1

FQ+2

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

Sales/Revenue/Turnover

1.20

300'000.0

1.00

250'000.0

0.80

200'000.0

0.60

180.0 M

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

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

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

CNOOC Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 28'772'727'273 766'813'686 536'787'247 426'036'001 306'196'683 273'113'880 250'568'200 157'111'003 152'169'600 142'406'000 138'905'500 121'732'000 107'771'467 99'157'375 80'512'000 75'586'000 67'404'957 63'636'436 63'498'000 59'064'000

% Out 64.45 1.72 1.2 0.95 0.69 0.61 0.56 0.35 0.34 0.32 0.31 0.27 0.24 0.22 0.18 0.17 0.15 0.14 0.14 0.13

Weighting

Change

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

M M 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 N

Latest Chg 12'825'912 (8'067'400) 9'130'000 11'864'213 (25'381'876) 7'237'000 (2'211'309) (1'421'000) 7'363'000 (4'520'000) 9'576'000 24'815'000 19'253'000 (4'656'000) (24'685'000) (561'000) (375'000) (5'614'000)

Target Price 21 18 13 16 18 17 13 16 19 17 16 17 21 18 13 16 18 18 14 20 18 18 21 21 #N/A N/A #N/A N/A 16 18 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 14 #N/A N/A

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

File Dt Inst Type 31.03.2012 Government 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 22.10.2012 Investment Advisor 31.07.2012 Investment Advisor 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.08.2012 Investment Advisor 30.06.2012 Investment Advisor 23.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 24.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 17.10.2012 15.10.2012 02.10.2012 27.09.2012 27.09.2012 24.09.2012 24.09.2012 18.09.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 02.08.2012 25.07.2012 24.07.2012 26.06.2012 15.06.2012 11.05.2012 29.03.2012 30.11.2011 22.11.2011 07.11.2011 20.07.2009

24.10.2012

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

Price/Volume 25.0 M

20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.10.2012 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

12/2011 06/yy 28.26 18.05 134'600.00 22.47 -20.56% 24.49% 43.58% 7'442.5 288'516.16 155'554.69 2'384.7 58'302.82 417'526.29

31.12.2007 170'718.9 2.95x 52'508.7 9.58x 25'564.5 33.19x

10.0 M

5.0 M

5 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

31.12.2008 31.12.2009 217'220.4 183'481.6 0.98x 2.60x 57'350.1 58'032.9 3.73x 8.22x 38'932.0 30'964.7 4.09x 11.92x Profitability

LTM-4Q 31.12.2010 211'841.9 2.07x 59'315.3 7.39x 35'189.4 7.66x

31.12.2011 244'176.1 1.56x 61'582.3 6.17x 33'313.1 8.41x 61'582.35 43'842.85 17.96% 18.16% 3.26% 5.84% 5.05% 0.44% 31.6% 21.5% 13.9% 13.6% 1.78 1.02 25.96% 47.16% 16.68 6.76

Price/ Cash Flow

LTM

FY+1

.0 M o-12

1.01 3'081.92 7.78% -0.09% 1.013 16 4.250 5'768'180 6'284'857 6'084'779 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 223'163.6 262'088.2 273'126.1 283'095.6 72'844.0 73'980.7 7.82x 5.77x 1.60x 1.61x 5.87x 5.82x 61'581.1 56'472.1 64'776.5 74'306.3 16'896.9 20'576.0 6.42x 6.50x 6.44x 5.62x 5.39x 5.14x 41'096.0 19'253.7 28'650.3 35'360.6 7'418.6 11'061.5 6.69x 12.36x 10.53x 8.13x 8.09x 7.75x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 2.25 Total Debt/EBITDA 3.17 Reference Total Debt/Equity 47.2% Total Debt/Capital 31.9% Asset Turnover 0.44 Net Fixed Asset Turnover 0.77 Accounts receivable turnover-days 21.94 Inventory Days 54.12 Accounts Payable Turnover Day 38.76 Cash Conversion Cycle 35.52 Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00 4.00

150'000.0

3.00

100'000.0

2.00

50'000.0 1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Petroleo Brasileiro SA Holdings By:

All

Holder Name UNIAO FEDERAL BRAZIL BNDES PARTICIPACOES BB GESTAO DE RECURSO CAIXA ECONOMICA FEDE BLACKROCK FUND ADVIS ITAU UNIBANCO SA VANGUARD GROUP INC BRAM BRADESCO ASSET BTG PACTUAL ASSET MG SANTANDER BRASIL ASS HSBC GESTAO DE RECUR BLACKROCK GROUP LIMI BANCO ALFA DE INVEST UNIBANCO ASSET MANAG BANCO SAFRA S A FUNDACAO CESP SCHRODER INVEST MGMT BNP PARIBAS ASSET MA REAL GRANDEZA FUNDAC WESTERN ASSET MANAGE

Firm Name

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

Analyst

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

Recommendation

JPMorgan CAIO M CARVALHAL Banco Safra de Investimento LEONARDO ALVES Sociedade Corretora Paulista MARCELO VAREJAO Tudor Pickering & Co ROBERT KESSLER Jefferies IAIN REID GBM BIANCA FAIWICHOW VTB Capital COLIN SMITH Banco do Brasil SA NATANIEL CEZIMBRA Espirito Santo Investment Bank Research OSWALDO ALCANTARA TELLES FILHO HSBC ANISA REDMAN Goldman Sachs FELIPE MATTAR Grupo Santander CHRISTIAN AUDI Simmons & Company International JEFFREY A DIETERT Concordia S/A CMVCC LEONARDO GIRELA ZANFELICIO Banco BTG Pactual SA GUSTAVO GATTASS Ativa S/A CTV MONICA ARAUJO Bradesco Corretora AURO ROZENBAUM

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

Amt Held 3'739'088'941 621'444'917 331'703'203 113'901'674 92'357'520 53'923'604 48'521'005 43'046'998 31'280'770 27'204'582 16'062'121 12'576'329 9'915'694 9'639'782 8'782'072 8'496'003 8'144'776 8'085'347 7'477'171 7'372'002

% Out 50.24 8.35 4.46 1.53 1.24 0.72 0.65 0.58 0.42 0.37 0.22 0.17 0.13 0.13 0.12 0.11 0.11 0.11 0.1 0.1

Weighting

Change

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

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

Latest Chg (355'800) (1'398'300) 232'800 931'382 1'322'829 (744'401) (130'537) (116'902) 356'586 13'400 (40'900) 44'965 (139'000) (86'300) (1'992'469) 499'575 49'271

Target Price 25 31 38 30 26 23 28 28 35 41 31 24 #N/A N/A 44 47 #N/A N/A 38

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

File Dt 24.07.2012 24.07.2012 30.09.2012 30.09.2012 22.10.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 22.10.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012

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

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

Date 24.10.2012 23.10.2012 23.10.2012 16.10.2012 15.10.2012 01.10.2012 27.09.2012 10.08.2012 06.08.2012 01.08.2012 18.07.2012 15.06.2012 14.06.2012 26.12.2011 29.08.2011 26.07.2011 11.11.2009

24.10.2012

Eni SpA Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (24.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ENI IM EQUITY YTD Change ENI IM EQUITY YTD % CHANGE

12/2011 06/yy 18.72 14.37 6'383'070.00 17.5 -6.52% 21.78% 66.44% 3'634.2 63'598.24 29'597.00 0.0 4'921.0 1'762.00 95'700.24

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

31.12.2008 31.12.2009 108'082.0 83'227.0 0.74x 1.10x 26'939.0 20'817.0 2.98x 4.39x 8'825.0 4'367.0 6.89x 14.71x Profitability

70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M n-11

LTM-4Q 31.12.2010 98'523.0 0.91x 24'992.0 3.58x 6'318.0 9.39x

31.12.2011 109'589.0 0.83x 25'732.0 3.53x 6'860.0 8.47x 25'732.00 17'435.00 15.91% 16.86% 4.91% 12.61% 0.85% 21.9% 14.5% 6.3% 1.08 0.55 20.71% 53.35% 7.54 -

Price/ Cash Flow

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

0.85 2'532.64 15.75% 16.40% 0.855 37 4.000 12'128'610 26'008'930 19'570'770 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 103'343.0 119'417.0 119'462.9 121'236.8 32'031.5 31'870.7 3.49x 3.07x 0.70x 0.67x 2.50x 2.44x 24'420.0 26'157.0 30'256.6 30'398.2 6'305.0 7'152.0 3.93x 3.80x 3.16x 3.15x 3.54x 3.48x 6'073.0 6'903.0 7'596.9 7'854.2 1'606.6 2'102.3 9.48x 9.18x 8.44x 8.03x 8.68x 8.32x S&P Issuer Ratings Long-Term Rating Date 17.01.2012 Long-Term Rating A Long-Term Outlook NEG Short-Term Rating Date 19.05.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 27.91 (EBITDA-Capex)/Interest Exp. 15.26 Net Debt/EBITDA 1.04 Total Debt/EBITDA 1.22 Reference Total Debt/Equity 53.4% Total Debt/Capital 32.9% Asset Turnover 0.85 Net Fixed Asset Turnover 1.82 Accounts receivable turnover-days 48.51 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

80.0 M

Fiscal Year Ended 31.12.2007 87'256.0 1.25x 25'897.0 4.20x 10'011.0 9.18x

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Eni SpA Holdings By:

All

Holder Name CASSA DEPOSITI E PRE MINISTERO DELL'ECONO BNP PARIBAS ARBITRAG FIDELITY MANAGEMENT CAPITAL RESEARCH GLO BLACKROCK ADVISORS U VANGUARD GROUP INC BLACKROCK INSTITUTIO BNP PARIBAS SA BLACKROCK GROUP LIMI T ROWE PRICE ASSOCIA BLACKROCK FUND ADVIS FRANKLIN RESOURCES I BNP PAR SEC SER SA ABERDEEN ASSET MANAG THORNBURG INVESTMENT BLACKROCK ASSET MANA NATIXIS ASSET MANAGE BNP PARIBAS ASSET MG MERCURY ASSET MANAGE

Firm Name Nomura Barclays Mediobanca SpA JPMorgan Macquarie Exane BNP Paribas Canaccord Genuity Corp AlphaValue Goldman Sachs RBC Capital Markets Banca IMI ICBPI. Credit Suisse Jefferies Societe Generale Sanford C. Bernstein & Co Banca Akros(ESN) Kepler Capital Markets VTB Capital Day by Day Independent Research GmbH Grupo Santander Deutsche Bank EVA Dimensions Hamburger Sparkasse CA Cheuvreux HSBC Landesbank Baden-Wuerttemberg S&P Capital IQ Banco Sabadell Natixis Investec Morgan Stanley National Bank AG Equita SIM SpA Pareto Securities

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

Analyst THEEPAN JOTHILINGAM RAHIM KARIM ANDREA SCAURI NITIN SHARMA JASON D GAMMEL CHARLES RIOU GORDON GRAY ALEXANDRE ANDLAUER MICHELE DELLA VIGNA PETER HUTTON ROBERTO RANIERI LUCA ARENA KIM FUSTIER IAIN REID IRENE HIMONA OSWALD CLINT DARIO MICHI ENRICO COCO COLIN SMITH VALERIE GASTALDY SVEN DIERMEIER JASON KENNEY MARK BLOOMFIELD TEAM COVERAGE INGO SCHMIDT DOMINIQUE PATRY PAUL SPEDDING ACHIM WITTMANN CHRISTINE TISCARENO JORGE GONZALEZ SADORNIL ANNE PUMIR STUART JOYNER MARTIJN P RATS MANFRED JAISFELD DOMENICO GHILOTTI THOMAS AARRESTAD

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

Recommendation buy overweight outperform overweight neutral underperform sell add Buy/Cautious sector perform buy not rated outperform buy buy market perform buy hold hold buy hold buy buy buy sell outperform neutral buy buy buy buy sell Equalwt/In-Line hold hold hold

Amt Held 958'298'322 142'968'850 41'175'319 40'129'237 39'687'688 35'687'700 32'155'070 28'819'089 28'455'671 24'886'434 13'560'315 12'319'888 12'124'168 11'484'026 11'179'000 11'151'200 10'022'351 9'590'569 7'995'059 7'909'627

% Out 26.37 3.93 1.13 1.1 1.09 0.98 0.88 0.79 0.78 0.68 0.37 0.34 0.33 0.32 0.31 0.31 0.28 0.26 0.22 0.22

Weighting

Change

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

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

Latest Chg 1'535'382 6'292'688 1'368'094 126'399 (1'027'526) (780'954) 54'600 47'938 (762'949) (49'194) -

Target Price 19 21 22 22 19 19 17 20 23 19 21 #N/A N/A 21 20 20 20 22 18 21 20 18 21 21 #N/A N/A #N/A N/A 21 19 20 23 20 21 15 19 17 21 #N/A N/A

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

File Dt Inst Type 08.10.2012 Other 08.10.2012 Government 08.10.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 08.10.2012 Investment Advisor 30.06.2012 Investment Advisor 08.10.2012 Investment Advisor 08.10.2012 Bank 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 08.10.2012 Investment Advisor 28.09.2012 Investment Advisor 08.10.2012 n/a 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 22.10.2012 Investment Advisor 01.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 22.10.2012 Investment Advisor

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

Date 24.10.2012 24.10.2012 23.10.2012 23.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 10.10.2012 27.09.2012 24.09.2012 21.09.2012 18.09.2012 29.08.2012 27.08.2012 14.08.2012 13.08.2012 08.08.2012 06.08.2012 01.08.2012 30.07.2012 13.07.2012 02.07.2012 01.07.2012 24.05.2012 04.05.2012 23.04.2010

24.10.2012

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 250

60.0 M

200

50.0 M 40.0 M

150

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.04.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROSN RM EQUITY YTD Change ROSN RM EQUITY YTD % CHANGE

100

12/2011 06/yy 242.04 188.23 38'582'490.00 235.1 -2.90% 24.90% 69.76% 10'598.2 2'491'631.75 754'000.00 0.0 34'000.0 162'000.00 3'219'631.67

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

10.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 1'258'514.8 2.36x 358'176.5 8.30x 328'897.5 7.21x

20.0 M

31.12.2008 31.12.2009 1'716'596.1 1'472'000.0 0.84x 2.10x 422'686.1 425'000.0 3.40x 7.29x 276'681.7 155'000.0 3.24x 15.60x Profitability

LTM-4Q 31.12.2010 1'915'000.0 1.42x 582'000.0 4.68x 293'000.0 7.16x

LTM

FY+1

.0 M o-12

1.02 1'612.26 16.97% 13.95% 1.020 18 3.889 22'537'920 11'056'560 9'407'702 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'702'000.0 ######### ######### ######### ######### 757'058.0 759'514.0 0.99x 4.58x 3.41x 1.02x 0.95x 4.09x 4.21x 646'000.0 647'156.5 554'156.5 617'487.2 666'248.3 176'484.0 179'993.0 4.15x 4.27x 4.73x 5.21x 4.83x 316'000.0 360'256.8 278'415.9 314'206.0 333'673.8 94'930.0 94'069.0 6.49x 6.68x 7.04x 7.18x 7.51x S&P Issuer Ratings 646'000.00 Long-Term Rating Date 25.07.2012 433'000.00 Long-Term Rating BBB- *16.03% Long-Term Outlook 14.99% Short-Term Rating Date 8.74% Short-Term Rating 15.01% Credit Ratios 11.01% EBITDA/Interest Exp. 34.00 0.92% (EBITDA-Capex)/Interest Exp. 13.42 Net Debt/EBITDA 1.25 - Total Debt/EBITDA 1.50 18.9% Reference 12.0% Total Debt/Equity 37.1% 11.7% Total Debt/Capital 26.7% Asset Turnover 0.92 1.97 Net Fixed Asset Turnover 1.40 0.85 Accounts receivable turnover-days 20.59 22.33% Inventory Days 37.05% Accounts Payable Turnover Day 17.77 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

3'000'000.0

9.00

2'500'000.0

8.00 7.00

2'000'000.0

6.00

1'500'000.0

5.00 4.00

1'000'000.0

3.00 2.00

500'000.0

1.00 0.00 04.01.2009

0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Rosneft OAO Holdings By:

All

Holder Name ROSNEFTEGAZ RN-RAZVITIYE BLACKROCK FUND ADVIS KHUDAINATOV EDUARD Y VANGUARD GROUP INC URALSIB JSC SWEDBANK ROBUR FONDE KALANDA LARISA PICTET & CIE HANDELSBANKEN FONDER FEDOROV PAVEL RN-STROY LLC DEKA INTERNATIONAL S DEKA INVESTMENT GMBH BANK OF MOSCOW RUDLOFF HANS-JOERG AMERIPRISE FINANCIAL SANPAOLO IMI ASSET M KAPITAL ASSET MANAGE SEB FONDFORVALTNING

Firm Name UFS-Finance Investment Company Credit Suisse Nomos Bank Otkritie Capital Uralsib Deutsche Bank Infina Investment Company VTB Capital EVA Dimensions HSBC Veles Capital Alfa-Bank RMG Securities Raiffeisenbank AG IFC Metropol Sberbank CIB Aton LLC Societe Generale JPMorgan

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

Analyst ILYA BALAKIREV ZOLTAN PALFI DENIS BORISOV ALEXANDER BURGANSKY ALEXEI KOKIN PAVEL KUSHNIR ALEXANDER IVANISCHEV DMITRY LOUKASHOV TEAM COVERAGE ILDAR KHAZIEV VASILIY TANURKOV MARIYA YEGIKYAN MIKHAIL LOSHININ ANDREY POLISCHUK SERGEY VAKHRAMEEV OLEG MAXIMOV ELENA SAVCHIK EVGENY SOLOVYOV NADIA KAZAKOVA

Source Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG Co File Research MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG Research MF-AGG

Recommendation hold underperform hold buy buy hold buy buy hold underweight buy equalweight buy buy buy hold buy hold neutral

Amt Held 7'965'590'385 1'010'006'338 15'583'815 6'411'898 4'810'800 2'182'880 1'770'000 1'250'585 1'034'600 756'153 731'274 667'685 642'000 540'000 513'856 508'713 437'422 421'076 405'530 375'500

% Out 75.16 9.53 0.15 0.06 0.05 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0

Weighting

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

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

Latest Chg 544'090 (3'722'804) 2'059'230 (3'437'031) 87'000 43'000 200'000 162'162 (192'894) (1'227) 187'750

Target Price 230 175 240 280 237 215 333 287 #N/A N/A 171 305 261 295 258 251 253 277 260 287

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

File Dt 31.12.2011 31.12.2011 22.10.2012 06.06.2012 30.09.2012 31.05.2012 30.06.2012 06.06.2012 31.07.2012 30.09.2012 31.12.2011 31.03.2011 30.11.2011 20.06.2012 29.06.2012 02.08.2012 31.08.2012 30.06.2011 25.04.2012 30.06.2012

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

Inst Type Government Unclassified Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Mutual Fund Manager Investment Advisor n/a Unclassified Mutual Fund Manager Mutual Fund Manager Bank n/a Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 24.10.2012 23.10.2012 23.10.2012 22.10.2012 17.10.2012 02.10.2012 01.10.2012 19.09.2012 05.09.2012 29.08.2012 24.08.2012 02.08.2012 12.07.2012 02.07.2012 18.04.2012 07.02.2012 20.01.2012 30.08.2011 31.03.2011

24.10.2012

Statoil ASA Statoil ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume 180

14.0 M

160

12.0 M

140

10.0 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STL NO EQUITY YTD Change STL NO EQUITY YTD % CHANGE

12/2011 06/yy 162.80 133.20 2'543'721.00 142.3 -12.65% 6.83% 30.41% 3'188.6 453'744.50 131'458.00 0.0 6'239.0 60'474.00 490'988.49

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

8.0 M

6.0 M

4.0 M

2.0 M

20 0 o-11

31.12.2008 31.12.2009 651'977.0 462'292.0 0.63x 1.16x 240'545.0 173'918.0 1.71x 3.08x 43'265.0 18'313.0 8.39x 25.17x Profitability

LTM-4Q 31.12.2010 526'950.0 0.98x 186'787.0 2.77x 38'082.0 11.58x

31.12.2011 645'599.0 0.88x 261'870.0 2.16x 78'787.0 6.20x 261'870.00 210'520.00 32.61% 33.12% 10.80% 28.74% 1.01% 50.5% 38.5% 30.3% 12.2% 1.16 0.86 17.10% 47.13% 14.78

Price/ Cash Flow

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

0.89 945.74 3.60% -3.08% 0.888 38 3.526 2'848'175 3'293'814 3'052'492 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 574'346.0 721'688.0 719'248.2 666'247.0 156'875.9 161'707.6 3.46x 2.80x 0.72x 0.79x 3.14x 3.05x 229'027.0 277'664.0 264'361.5 249'064.9 56'317.7 65'075.9 2.07x 1.76x 1.86x 1.97x 2.02x 1.99x 66'250.0 77'428.0 54'749.9 54'607.5 11'774.9 14'081.5 6.56x 5.81x 8.38x 8.33x 8.65x 8.42x S&P Issuer Ratings Long-Term Rating Date 03.08.2007 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 03.08.2007 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 95.12 (EBITDA-Capex)/Interest Exp. 64.22 Net Debt/EBITDA 0.13 Total Debt/EBITDA 0.43 Reference Total Debt/Equity 47.1% Total Debt/Capital 31.6% Asset Turnover 1.01 Net Fixed Asset Turnover 1.86 Accounts receivable turnover-days Inventory Days 24.77 Accounts Payable Turnover Day Cash Conversion Cycle 41.00 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 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 521'665.0 1.09x 175'967.0 3.23x 44'096.0 12.25x

100

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Statoil ASA Holdings By:

All

Holder Name MINISTRY OF PETROLEU BANK OF NEW YORK MEL GOVERNMENT PENSION F STATE STREET BANK AN CLEARSTREAM BANKING NORTHERN TRUST CO JP MORGAN CHASE BANK SIX SIS AG VANGUARD GROUP INC DNB NOR ASSET MANAGE FRANKLIN RESOURCES I WADDELL & REED FINAN STOREBRAND FUND MANA LEGAL & GENERAL ASSU EUROCLEAR BANK SA WILLIAM BLAIR & COMP SWEDBANK ROBUR FONDE DEUTSCHE BANK AG BLACKROCK FUND ADVIS ODIN FORVALTNING AS

Firm Name Nomura Barclays JPMorgan SpareBank 1 Markets AS Tudor Pickering & Co Societe Generale RBC Capital Markets DNB Markets Swedbank First Securities Macquarie Nordea Equity Research ABG Sundal Collier Carnegie Canaccord Genuity Corp Handelsbanken Exane BNP Paribas AlphaValue Goldman Sachs Credit Suisse Sanford C. Bernstein & Co Pareto Securities Grupo Santander Jefferies Morgan Stanley Danske Markets Deutsche Bank S&P Capital IQ Landesbank Baden-Wuerttemberg SEB Enskilda Arctic Securities ASA HSBC Investec Fondsfinans AS EVA Dimensions CA Cheuvreux Simmons & Company International

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

Analyst THEEPAN JOTHILINGAM RAHIM KARIM NITIN SHARMA ODDVAR BJORGAN ROBERT KESSLER IRENE HIMONA PETER HUTTON ESPEN HENNIE TEODOR SVEEN NILSEN JASON D GAMMEL HELGE ANDRE MARTINSEN JOHN A SCHJ OLAISEN MARTIN VOLD GORDON GRAY ANNE GJOEN CHARLES RIOU ALEXANDRE ANDLAUER MICHELE DELLA VIGNA KIM FUSTIER OSWALD CLINT SIGURD-ERIK NISSEN-MEYER JASON KENNEY BRENDAN MICHAEL WARN HAYTHEM RASHED ENDRE STORLOKKEN MARK BLOOMFIELD CHRISTINE TISCARENO ACHIM WITTMANN LARS HENRIK ROREN TROND OMDAL PAUL SPEDDING STUART JOYNER MORTEN EVJENTH LINDBACK TEAM COVERAGE DOMINIQUE PATRY JEFFREY A DIETERT

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

Recommendation reduce equalweight underweight neutral accumulate hold top pick hold buy neutral sell buy buy buy accumulate outperform reduce neutral/cautious underperform market perform buy underweight buy Underwt/In-Line buy hold buy buy buy buy neutral hold buy buy underperform overweight

Amt Held 2'136'393'559 126'078'868 106'305'084 97'232'316 64'375'398 36'591'041 28'481'676 21'638'727 17'740'505 17'239'816 11'640'573 11'465'900 9'909'647 8'355'762 8'336'655 7'778'818 5'881'947 5'641'195 5'090'076 3'325'000

% Out 67 3.95 3.33 3.05 2.02 1.15 0.89 0.68 0.56 0.54 0.37 0.36 0.31 0.26 0.26 0.24 0.18 0.18 0.16 0.1

Weighting

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

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

Latest Chg 942'426 (148'565) (73'406) 4'828'400 (241'431) 144'679 2'051'166 69'418 -

Target Price 145 170 145 160 163 148 175 160 170 160 145 180 #N/A N/A 185 165 190 152 165 161 135 200 155 200 143 165 170 184 175 163 180 155 150 185 #N/A N/A 155 #N/A N/A

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

File Dt Inst Type 15.10.2012 Corporation 15.10.2012 Investment Advisor 15.10.2012 Government 15.10.2012 Bank 15.10.2012 Bank 15.10.2012 Investment Advisor 15.10.2012 Investment Advisor 15.10.2012 Bank 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 15.10.2012 Unclassified 15.10.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 22.10.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

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

Date 24.10.2012 24.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 15.10.2012 12.10.2012 11.10.2012 18.09.2012 17.09.2012 13.09.2012 03.09.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 26.07.2012 24.07.2012 02.07.2012 08.05.2012 30.11.2011 16.11.2011 08.08.2011

24.10.2012

BG Group PLC BG Group plc specializes in the exploration, production, transmission and distribution of gas, oil and liquefied natural gas. The Group also develops, owns and operates gas-fired power generation plants.

Price/Volume 1800

25.0 M

1600 20.0 M

1400 1200

15.0 M

1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG/ LN EQUITY YTD Change BG/ LN EQUITY YTD % CHANGE

12/2011 06/yy 1'554.00 1'177.00 1'592'070.00 1318 -15.12% 11.98% 35.68% 3'401.4 44'830.30 15'137.00 0.0 291.0 3'601.00 82'361.84

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

400

5.0 M

200 0 o-11

n-11

d-11

j-12

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

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 16'588.8 4.98x 7'575.1 10.91x 3'493.4 22.30x

10.0 M

600

31.12.2008 31.12.2009 23'270.8 15'992.8 2.83x 4.28x 11'459.5 8'440.4 5.75x 8.10x 5'790.9 3'394.9 10.25x 17.40x Profitability

LTM-4Q 31.12.2010 17'166.0 4.68x 8'672.0 9.27x 3'351.0 20.19x

31.12.2011 21'073.0 4.22x 10'026.0 8.87x 4'234.0 17.08x 10'026.00 7'735.00 36.71% 35.83% 6.46% 13.47% 9.49% 0.37% 46.2% 35.3% 20.1% 1.37 0.67 24.66% 51.51% -

Price/ Cash Flow

LTM

06/yy 18'413.0 17.79x 9'375.0 9.30x 3'629.0 21.01x

06/yy 22'511.0 14.97x 10'409.0 7.67x 3'898.0 18.96x

FY+1

.0 M o-12

1.18 1.21 3'259.67 0.51% -3.10% 1.210 29 4.379 5'389'962 6'159'360 5'377'117 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 23'092.8 24'119.9 5'581.7 6'039.3 3.66x 3.65x 14.97x 13.50x 11'411.9 13'262.7 2'604.0 2'870.5 7.22x 6.21x 6.85x 6.41x 4'720.5 5'563.4 1'096.5 1'176.5 15.08x 13.02x 13.67x 12.67x S&P Issuer Ratings

22.04 -0.60 0.99 1.50 51.5% 33.8% 0.37 0.64 -

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00 12.00

15'000.0

10.00 8.00

10'000.0

6.00

5'000.0

4.00 2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

BG Group PLC Holdings By:

All

Holder Name BLACKROCK INV MANAGE NORGES BANK INVESTME LEGAL & GENERAL INV INVESCO LTD VANGUARD GROUP INC FIDELITY INVESTMENTS SCOTTISH WIDOWS INVE VANGUARD GROUP INC PEOPLES REPUBLIC OF GOVT OF SINGAPORE IN BLACKROCK GROUP LIMI SCHRODER INVESTMENT STANDARD LIFE INVEST ALECTA INVESTMENT MA STATE FARM MUTUAL AU FIDELITY INTERNATION AXA INVESTMENT MANAG THORNBURG INVESTMENT FIDELITY MANAGEMENT THREADNEEDLE ASSET M

Firm Name Nomura Barclays Canaccord Genuity Corp AlphaValue Goldman Sachs RBC Capital Markets Credit Suisse Societe Generale Sanford C. Bernstein & Co Grupo Santander Exane BNP Paribas Liberum Capital Ltd Macquarie JPMorgan Tudor Pickering & Co EVA Dimensions CA Cheuvreux Jefferies Oriel Securities Ltd Morgan Stanley Day by Day Investec Independent Research GmbH HSBC Equita SIM SpA S&P Capital IQ Deutsche Bank Shore Capital Stockbrokers Simmons & Company International

Analyst THEEPAN JOTHILINGAM RAHIM KARIM GORDON GRAY ALEXANDRE ANDLAUER MICHELE DELLA VIGNA PETER HUTTON THOMAS YOICHI ADOLFF IRENE HIMONA OSWALD CLINT JASON KENNEY CHARLES RIOU ANDREW WHITTOCK JASON D GAMMEL FREDERICK G LUCAS ANISH KAPADIA TEAM COVERAGE JEAN-CHARLES LACOSTE BRENDAN MICHAEL WARN RICHARD GRIFFITH MARTIJN P RATS VALERIE GASTALDY STUART JOYNER SVEN DIERMEIER PAUL SPEDDING MASSIMO BONISOLI CHRISTINE TISCARENO LUCAS HERRMANN GERARD LANE JEFFREY A DIETERT

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

Recommendation buy overweight buy sell Buy/Cautious sector perform neutral buy outperform buy outperform buy outperform overweight buy hold suspended coverage buy buy Equalwt/In-Line buy hold hold overweight buy hold buy not rated overweight

Amt Held 157'002'339 151'353'335 123'402'542 110'650'521 87'056'438 66'182'650 61'357'273 60'362'224 53'899'172 44'689'166 43'785'009 42'370'054 40'418'943 40'085'000 38'987'000 36'960'841 36'462'193 35'146'162 34'020'979 32'982'470

% Out 4.62 4.45 3.63 3.25 2.56 1.95 1.8 1.77 1.58 1.31 1.29 1.25 1.19 1.18 1.15 1.09 1.07 1.03 1 0.97

Weighting

Change

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

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

Latest Chg (8'803'434) 34'432'029 (7'735'550) (1'087'721) 3'783'973 (9'585'695) (4'236'263) 7'032'910 2'322'067 20'565'316 (2'784'937) 1'576'379 1'489'372 (200'000) (66'300) 6'726'960 (1'049'699) 4'514'972 (2'033'967) (1'337'021)

Target Price 1'700 1'800 1'625 1'013 1'780 1'450 1'450 1'650 2'020 1'616 1'750 1'557 1'950 1'700 1'600 #N/A N/A #N/A N/A 1'800 #N/A N/A 1'450 1'550 1'405 1'400 1'870 1'610 1'500 1'700 #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 01.10.2012 01.10.2012 01.10.2012 01.10.2012 30.06.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 22.10.2012 01.10.2012 01.10.2012 01.10.2012 01.10.2012 31.03.2012 01.10.2012 01.10.2012 31.08.2012 01.10.2012

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

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Government Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.10.2012 24.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 15.10.2012 11.10.2012 11.10.2012 04.10.2012 04.10.2012 04.10.2012 03.10.2012 02.10.2012 24.09.2012 24.09.2012 20.09.2012 17.09.2012 10.09.2012 15.08.2012 07.08.2012 02.08.2012 31.07.2012 30.07.2012 30.07.2012 26.07.2012 03.07.2012 05.03.2012 01.08.2011

24.10.2012

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

Price/Volume 8

80.0 M

12/2011 06/yy 7.93 5.75 10'263'986.00 6.31 -20.43% 9.74% 25.23% 69'922.0 551'864.75 240'555.00 0.0 35'016.0 25'197.00 882'105.75

60.0 M

40.0 M

2 20.0 M

1 0 o-11

n-11

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

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

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

LTM

FY+1

.0 M o-12

0.72 3'836.89 -6.45% -8.01% 0.723 13 4.231 32'204'300 24'024'320 21'375'700 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'463'767.0 ######### ######### ######### ######### 690'513.0 0.35x 1.56x 1.35x 0.35x 0.35x 170'962.0 0.0 0.0 162'538.5 196'286.0 5.05x 0.00x 0.00x 5.43x 4.49x 73'225.0 75'523.0 55'155.0 54'824.0 71'019.8 11'670.0 7.84x 7.47x 8.86x 9.33x 8.14x S&P Issuer Ratings 170'962.00 Long-Term Rating Date 16.12.2010 107'146.00 Long-Term Rating A+ 4.35% Long-Term Outlook STABLE 4.24% Short-Term Rating Date 4.92% Short-Term Rating 11.76% Credit Ratios - EBITDA/Interest Exp. 18.19 2.17% (EBITDA-Capex)/Interest Exp. 4.17 Net Debt/EBITDA - Total Debt/EBITDA - Reference 3.5% Total Debt/Equity 50.9% 3.0% Total Debt/Capital 32.2% Asset Turnover 2.17 0.77 Net Fixed Asset Turnover 3.53 0.25 Accounts receivable turnover-days 14.33 21.02% Inventory Days 33.97 50.93% Accounts Payable Turnover Day 28.15 25.53 Cash Conversion Cycle 10.77

Price/ Cash Flow

Sales/Revenue/Turnover

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 02.01.2009

d-11

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

100.0 M

6 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2012) 52-Week Low (10.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600028 CH EQUITY YTD Change 600028 CH EQUITY YTD % CHANGE

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

120.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

China Petroleum & Chemical Corp Holdings By:

All

Holder Name CHINA PETROCHEMICAL GUOTAI JUNAN SECURIT HUAAN FUND MANAGEMEN CHINA LIFE INSURANCE CHINA ASSET MANAGEME HARVEST FUND MANAGEM CHINA SOUTHERN FUND YINHUA FUND MANAGEME CHANGSHENG SEPARABLE E FUND MANAGEMENT SOCIAL SECURITY FUND PICC LIFE INSURANCE CHANGSHENG FUND MANA CHINA UNIVERSAL ASSE GTJA ALLIANZ FUND MA BANK OF COMMUNICATIO PING AN INSURANCE GR CSOP ASSET MANAGEMEN BOSERA FUND MANAGEME HFT INVESTMENT MANAG

Firm Name Northeast Securities Co Ltd Everbright Securities Co., Ltd Goldman Sachs Bank of China International SWS Research Co Ltd Citic Securities Co., Ltd Capital Securities Corp Masterlink Securities HSBC Guodu Securities Co Ltd Hong Yuan Securities PingAn Securities China Investment Securities China International Capital Corp Jefferies China Minzu Securities Co Ltd Founder Securities China Securities Co., Ltd HuaChuang Securities Central China Securities China Galaxy Securities Industrial Securities Sealand Securities

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

Analyst WEIGANG WANG CHENG LEI ARTHUR YAN LAWRENCE LAU KAISHENG LIN HUANG LILI TEAM COVERAGE LI XIN THOMAS C HILBOLDT WANG SHUANG CHAI QINHU DU ZHIQIANG ZHEJIAN SONG BIN GUAN LABAN YU CAIXIA FU ZHENGHUA ZHANG LIANG BIN GAO LI LI LINLIN LI GUOHONG ZHENG FANGBIAO LILI LIU

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

Recommendation buy buy Buy/Neutral buy buy buy hold hold underweight strong buy neutral buy buy buy buy add add add buy add buy buy add

Amt Held 65'797'127'692 254'483'524 140'539'464 113'667'653 83'642'326 73'399'784 45'123'228 40'190'710 34'526'814 34'162'400 33'242'732 29'099'737 28'039'325 19'850'786 19'530'010 18'744'884 18'000'000 15'554'468 15'437'192 14'103'771

% Out 94.1 0.36 0.2 0.16 0.12 0.1 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

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

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

Latest Chg 59'955'516 30'235'918 (27'117'658) 3'402'138 (36'009'201) (4'000'026) 26'737'859 228'696 6'916'533 (6'384'156) 2'224'301 5'733'719 2'909'010

Target Price 12 #N/A N/A 8 7 #N/A N/A 9 #N/A N/A 7 6 #N/A N/A 8 #N/A N/A #N/A N/A 12 10 9 12 10 #N/A N/A #N/A N/A 13 #N/A N/A #N/A N/A

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

File Dt Inst Type 09.01.2012 Government 03.03.2010 Investment Advisor 31.12.2011 Investment Advisor 03.03.2010 Government 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 03.03.2010 n/a 31.12.2011 Investment Advisor 03.03.2010 Pension Fund (ERISA) 03.03.2010 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 30.06.2009 Insurance Company 24.10.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 23.10.2012 22.10.2012 17.10.2012 17.10.2012 11.09.2012 10.09.2012 27.08.2012 26.07.2012 29.06.2012 11.06.2012 26.03.2012 18.11.2011 07.09.2011 29.08.2011 25.05.2011 07.04.2011 25.01.2011 08.12.2010 06.12.2010 17.11.2010 08.06.2010 22.03.2010 28.08.2009

24.10.2012

ConocoPhillips ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

Price/Volume 70

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COP US EQUITY YTD Change COP US EQUITY YTD % CHANGE

12/2011 06/yy 59.68 50.41 6'853'487.00 56.06 -6.07% 11.20% 60.93% 1'214.5 68'087.64 22'623.00 0.0 510.0 6'361.00 90'523.64

31.12.2007 171'500.0 0.93x 30'681.0 5.22x 11'891.0 9.12x

15.0 M

10.0 M

5.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

20.0 M

31.12.2008 31.12.2009 225'424.0 136'016.0 0.46x 0.77x 35'740.0 17'606.0 2.92x 5.94x (16'998.0) 4'414.0 4.81x 15.52x Profitability

LTM-4Q 31.12.2010 175'752.0 0.63x 22'655.0 4.91x 11'358.0 11.50x

31.12.2011 230'859.0 0.48x 26'270.0 4.20x 12'436.0 8.31x 26'270.00 18'336.00 7.94% 9.96% 8.18% 19.32% 14.38% 1.33% 9.5% 12.5% 8.7% 5.4% 1.08 0.75 14.76% 34.69% 16.42 39.83

Price/ Cash Flow

LTM

FY+1

.0 M o-12

4.71 0.98 1'211.89 23.41 6.67% 5.57% 0.979 22 3.545 5'653'740 6'098'587 6'412'740 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 207'103.0 182'437.0 100'014.0 52'319.0 12'515.7 13'716.7 2.20x 2.32x 0.85x 1.66x 6.79x 6.16x 24'432.0 22'894.0 22'888.3 22'814.9 5'114.5 5'595.0 4.86x 3.94x 3.96x 3.97x 4.15x 4.03x 11'526.0 11'210.0 7'034.5 7'102.2 1'512.4 1'720.8 10.70x 7.19x 10.15x 9.50x 10.14x 9.64x S&P Issuer Ratings Long-Term Rating Date 07.02.2012 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 07.02.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 17.99 (EBITDA-Capex)/Interest Exp. 8.91 Net Debt/EBITDA 0.96 Total Debt/EBITDA 1.00 Reference Total Debt/Equity 34.7% Total Debt/Capital 25.6% Asset Turnover 1.33 Net Fixed Asset Turnover 2.35 Accounts receivable turnover-days 22.30 Inventory Days 9.19 Accounts Payable Turnover Day 31.58 Cash Conversion Cycle 0.77 Sales/Revenue/Turnover

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 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

ConocoPhillips Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET CORP BLACKROCK INSTITUTIO BERKSHIRE HATHAWAY I CAPITAL WORLD INVEST WADDELL & REED FINAN BARROW HANLEY MEWHIN CAPITAL RESEARCH GLO BANK OF NEW YORK MEL NORTHERN TRUST CORPO BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV FRANKLIN RESOURCES I AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN LSV ASSET MANAGEMENT JP MORGAN CHASE & CO NORGES BANK NFJ INVESTMENT GROUP

Firm Name JPMorgan Barclays Alembic Global Advisors Oppenheimer & Co Goldman Sachs ISI Group Argus Research Corp Tudor Pickering & Co Jefferies Credit Suisse Deutsche Bank Edward Jones Raymond James Societe Generale Macquarie EVA Dimensions Morgan Stanley S&P Capital IQ Howard Weil Inc RBC Capital Markets Simmons & Company International

Portfolio Name VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK INSTITUTIO BERKSHIRE HATHAWAY I CAPITAL WORLD INVEST WADDELL & REED FINAN BARROW HANLEY MEWHIN CAPITAL RESEARCH GLO BANK OF NEW YORK MEL NORTHERN TRUST CORPO BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV FRANKLIN ADVISERS IN AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN LSV ASSET MANAGEMENT JP MORGAN CHASE & CO NORGES BANK NFJ INVESTMENT GROUP

Analyst KATHERINE LUCAS MINYARD PAUL Y CHENG JAMES J SULLIVAN FADEL GHEIT ARJUN N MURTI DOUGLAS T TERRESON PHILIP H WEISS ROBERT KESSLER IAIN REID EDWARD WESTLAKE PAUL SANKEY BRIAN YOUNGBERG PAVEL MOLCHANOV JOHN HERRLIN JASON D GAMMEL TEAM COVERAGE J EVAN CALIO MICHAEL KAY BLAKE FERNANDEZ SCOTT HANOLD JEFFREY A DIETERT

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

Recommendation overweight equalweight neutral outperform neutral/attractive buy buy hold hold neutral hold buy underperform buy neutral buy Underwt/Attractive buy restricted outperform overweight

Amt Held 54'513'582 50'406'316 36'132'640 28'868'637 26'298'000 22'761'790 20'981'731 20'652'860 19'948'890 18'210'380 13'237'211 11'983'324 11'170'710 10'241'620 10'186'360 9'974'501 9'820'940 9'498'470 9'228'191 9'158'100

% Out 4.49 4.15 2.97 2.38 2.17 1.87 1.73 1.7 1.64 1.5 1.09 0.99 0.92 0.84 0.84 0.82 0.81 0.78 0.76 0.75

Weighting

Change

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

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

Latest Chg 330'737 (51'752) 2'109'864 (232'300) (864'607) (167'218) (14'847'000) 126'745 1'107'060 (867'469) 10'604 (59'552) (424'570) 1'411'644 (2'838'378) (419'735) (4'039'243) 9'228'191 2'185'050

Target Price 65 62 65 65 55 64 #N/A N/A 56 60 65 62 #N/A N/A #N/A N/A 65 55 #N/A N/A 55 64 #N/A N/A 63 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012

Date 12 month Not Provided 12 month 18 month 6 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

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

Date 24.10.2012 23.10.2012 22.10.2012 19.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 12.10.2012 10.10.2012 09.10.2012 08.10.2012 05.10.2012 03.10.2012 11.08.2012 26.07.2012 25.07.2012 01.05.2012 24.04.2012 14.07.2011

24.10.2012

Occidental Petroleum Corp Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas. The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OXY US EQUITY YTD Change OXY US EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 106.68 76.59 4'087'953.00 81.28 -23.81% 6.12% 15.59% 809.9 65'832.52 5'871.00 0.0 0.0 3'781.00 69'042.52

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

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-11

31.12.2008 31.12.2009 24'217.0 14'814.0 2.05x 4.58x 14'622.0 7'755.0 3.39x 8.75x 6'857.0 2'915.0 6.70x 21.02x Profitability

LTM-4Q 31.12.2010 19'045.0 4.32x 10'816.0 7.61x 4'530.0 17.12x

31.12.2011 23'939.0 3.26x 14'168.0 5.51x 6'771.0 11.41x 14'168.00 10'577.00 44.18% 45.29% 10.59% 16.83% 14.69% 0.41% 51.6% 56.9% 40.1% 28.3% 1.45 1.15 9.78% 15.61% 4.59 9.16

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 21'725.0 14.77x 12'635.0 6.87x 5'769.0 14.41x

06/yy 24'076.0 12.04x 13'695.0 5.31x 6'292.0 11.05x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

2.46 1.36 797.93 6.06 -4.75% -11.67% 1.360 24 4.417 4'292'451 4'506'510 3'936'327 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 24'180.6 25'141.8 5'641.5 5'610.8 2.88x 2.72x 12.51x 12.57x 14'217.4 15'934.4 3'386.3 3'577.0 4.86x 4.33x 4.74x 4.55x 5'596.9 6'213.6 1'305.0 1'546.0 11.69x 10.65x 11.48x 10.96x S&P Issuer Ratings

23.06.2008 A STABLE 23.06.2008 A-1 47.54 22.32 0.23 0.56 15.6% 13.5% 0.41 0.53 79.82 39.95 151.41 -43.68

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 18'784.0 3.38x 10'232.0 6.20x 5'400.0 15.62x

120

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Occidental Petroleum Corp Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET CORP FIDELITY MANAGEMENT WELLINGTON MANAGEMEN JP MORGAN CHASE & CO BLACKROCK INSTITUTIO DODGE & COX DAVIS SELECTED ADVIS BARROW HANLEY MEWHIN BANK OF NEW YORK MEL MASSACHUSETTS FINANC NORTHERN TRUST CORPO JENNISON ASSOCIATES NEUBERGER BERMAN LLC CAPITAL WORLD INVEST AMERIPRISE FINANCIAL TIAA CREF INVESTMENT IRANI RAY R BLACKROCK ADVISERS BLACKROCK FUND ADVIS

Firm Name JPMorgan Argus Research Corp Capital One Southcoast, Inc. Susquehanna Financial Group Oppenheimer & Co Goldman Sachs ISI Group Tudor Pickering & Co RBC Capital Markets Credit Suisse Sterne, Agee & Leach Macquarie Deutsche Bank S&P Capital IQ Edward Jones Raymond James Societe Generale Barclays Howard Weil Inc EVA Dimensions Morgan Stanley Simmons & Company International

Portfolio Name VANGUARD GROUP INC STATE STREET CORPORA FIDELITY MANAGEMENT WELLINGTON MANAGEMEN JP MORGAN CHASE & CO BLACKROCK INSTITUTIO DODGE & COX DAVIS SELECTED ADVIS BARROW HANLEY MEWHIN BANK OF NEW YORK MEL MASSACHUSETTS FINANC NORTHERN TRUST CORPO JENNISON ASSOCIATES NEUBERGER BERMAN GRO CAPITAL WORLD INVEST AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a BLACKROCK ADVISORS L BLACKROCK FUND ADVIS

Analyst KATHERINE LUCAS MINYARD PHILIP H WEISS ELIOT JAVANMARDI DUANE GRUBERT FADEL GHEIT ARJUN N MURTI DOUGLAS T TERRESON MATTHEW PORTILLO LEO P MARIANI EDWARD WESTLAKE TIM A REZVAN JASON D GAMMEL PAUL SANKEY MICHAEL KAY BRIAN YOUNGBERG PAVEL MOLCHANOV JOHN HERRLIN THOMAS R DRISCOLL PETER KISSEL TEAM COVERAGE J EVAN CALIO JEFFREY A DIETERT

Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F Form 4 13F 13F

Recommendation overweight buy add neutral outperform buy/attractive buy buy sector perform outperform buy outperform buy buy buy market perform buy equalweight market outperform overweight Equalwt/Attractive overweight

Amt Held 34'254'022 32'926'098 26'521'610 26'466'940 23'137'003 21'737'086 16'853'663 15'238'618 13'942'929 13'505'816 12'868'720 10'217'509 9'432'772 9'060'856 8'198'900 8'114'736 8'097'800 7'978'867 7'868'306 7'863'539

% Out 4.23 4.07 3.27 3.27 2.86 2.68 2.08 1.88 1.72 1.67 1.59 1.26 1.16 1.12 1.01 1 1 0.99 0.97 0.97

Weighting

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

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

Latest Chg (218'290) 1'101'151 (4'430'027) (179'349) 6'262'326 1'286'159 (88'601) (1'112'321) (169'684) (592'093) 772'280 947'184 2'155'697 (1'034'521) (584'244) (2'012'883) (344'163) 175'316 1'269'785 (179'432)

Target Price 114 #N/A N/A 120 94 110 101 115 119 93 114 112 137 100 100 #N/A N/A #N/A N/A 95 98 119 #N/A N/A 100 #N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 20.07.2012 30.06.2012 30.06.2012

Date 12 month Not Provided Not Provided 12 month 18 month 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

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

Date 24.10.2012 23.10.2012 23.10.2012 23.10.2012 19.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 12.10.2012 12.10.2012 11.10.2012 10.10.2012 10.10.2012 09.10.2012 08.10.2012 05.10.2012 05.10.2012 23.08.2012 11.08.2012 19.07.2012 04.10.2011

24.10.2012

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

Price/Volume 2500

7.0 M

2000

6.0 M 5.0 M

1500

4.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 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

12/2011 06/yy 2'045.90 1'500.00 1'762'572.00 1928.8 -5.73% 28.59% 80.55% 850.6 1'640'566.50 9'092.00 0.0 (172.0) 2'910.00 57'333.87

31.12.2007 66'858.0 1.15x 15'366.0 4.99x 9'511.0 7.38x

3.0 M 2.0 M

500

1.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

8.0 M

31.12.2008 31.12.2009 86'340.0 68'025.0 0.41x 0.84x 17'092.0 14'096.0 2.07x 4.05x 9'144.0 7'011.0 3.00x 6.82x Profitability

LTM-4Q 31.12.2010 86'078.0 0.62x 16'050.0 3.32x 9'006.0 5.17x

31.12.2011 133'650.0 0.35x 17'628.0 2.67x 10'357.0 3.99x 17'628.00 13'155.00 9.84% 9.82% 9.08% 12.67% 11.07% 1.48% 11.8% 8.5% 7.7% 2.12 1.07 9.97% 13.44% 16.68 -

Price/ Cash Flow

LTM

FY+1

.0 M o-12

0.91 811.08 13.59% 18.41% 0.906 21 4.238 1'732'379 1'602'276 1'497'816 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 110'201.0 136'770.0 131'379.9 132'037.0 33'442.5 33'767.5 2.06x 1.39x 0.44x 0.46x 1.76x 1.72x 18'847.0 16'139.0 18'586.1 19'021.9 4'946.5 4'831.0 2.99x 2.90x 3.08x 3.01x 11'772.0 8'396.0 10'869.8 10'936.6 2'796.5 2'680.0 4.28x 5.11x 4.47x 4.52x S&P Issuer Ratings Long-Term Rating Date 12.11.2010 Long-Term Rating BBBLong-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 25.40 (EBITDA-Capex)/Interest Exp. 13.51 Net Debt/EBITDA 0.32 Total Debt/EBITDA 0.55 Reference Total Debt/Equity 13.4% Total Debt/Capital 11.9% Asset Turnover 1.48 Net Fixed Asset Turnover 2.37 Accounts receivable turnover-days 21.94 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

160'000.0 140'000.0

5.00

120'000.0 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0 1.00 0.00 04.01.2009

20'000.0 0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Lukoil OAO Holdings By:

All

Holder Name ALEKPEROV VAGIT Y FEDUN LEONID ARNOLID BLACKROCK FUND ADVIS KUKURA SERGEI PETROV MAGANOV RAVIL ULIFAT KHOBA LYUBOV NIKOLAE VANGUARD GROUP INC MATYTSYN ALEXANDER K FIDELITY INTERNATION SWEDBANK ROBUR FONDE HANDELSBANKEN FONDER KAPITAL ASSET MANAGE MIKHAILOV SERGEI ANA URALSIB JSC PICTET & CIE BLACKROCK GROUP LIMI DEKA INTERNATIONAL S STATE STREET CORP NEKRASOV VLADIMIR IV DEUTSCHE BANK AG

Firm Name JPMorgan Uralsib VTB Capital Otkritie Capital Deutsche Bank Infina Investment Company Morgan Stanley Nomos Bank Alfa-Bank Credit Suisse HSBC Veles Capital RMG Securities Raiffeisenbank AG UFS-Finance Investment Company EVA Dimensions IFC Metropol ING Wholesale Banking Aton LLC Sberbank CIB Societe Generale Otkritie Capital

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

Analyst ANDREY GROMADIN ALEXEI KOKIN DMITRY LOUKASHOV ALEXANDER BURGANSKY PAVEL KUSHNIR ALEXANDER IVANISCHEV PAVEL SOROKIN DENIS BORISOV MARIYA YEGIKYAN ZOLTAN PALFI ILDAR KHAZIEV VASILIY TANURKOV MIKHAIL LOSHININ ANDREY POLISCHUK ILYA BALAKIREV TEAM COVERAGE SERGEY VAKHRAMEEV IGOR KURINNYY ELENA SAVCHIK OLEG MAXIMOV EVGENY SOLOVYOV VADIM MITROSHIN

Source Research Research MF-AGG Research Research Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG

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

Amt Held 16'101'163 9'951'591 5'921'827 3'285'726 3'147'084 2'934'443 2'917'612 2'526'173 2'042'177 1'688'255 691'357 654'420 501'832 471'563 415'550 395'575 395'000 309'110 306'203 300'000

% Out 1.89 1.17 0.7 0.39 0.37 0.35 0.34 0.3 0.24 0.2 0.08 0.08 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.04

Weighting

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

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

Latest Chg 174'298 311'348 1'904'777 (120'344) 41'900 25'000 (6'719) 8'506 -

Target Price 2'286 2'153 4'060 2'243 2'900 2'153 2'327 2'159 2'225 1'700 2'416 3'609 2'579 1'870 2'580 #N/A N/A 2'105 2'061 1'540 2'229 2'400 2'055

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

File Dt Inst Type 19.01.2012 n/a 10.02.2012 n/a 22.10.2012 Investment Advisor 14.02.2012 n/a 03.02.2012 n/a 30.09.2011 n/a 30.09.2012 Investment Advisor 30.09.2011 n/a 30.12.2011 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 25.04.2012 Investment Advisor 31.12.2011 n/a 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 22.10.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 31.08.2012 Investment Advisor 30.01.2012 n/a 31.08.2012 Investment Advisor

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

Date 24.10.2012 17.10.2012 17.10.2012 08.10.2012 02.10.2012 01.10.2012 23.09.2012 17.09.2012 03.09.2012 31.08.2012 29.08.2012 24.08.2012 12.07.2012 02.07.2012 07.06.2012 09.05.2012 18.04.2012 22.03.2012 20.01.2012 05.07.2011 26.05.2011 22.03.2010

24.10.2012

Suncor Energy Inc Suncor Energy, Inc. is a integrated energy company focused on developing the Athabasca oil sands basin. The Company extracts and upgrades oil sands into refinery feedstock and diesel fuel, explores for, develops and produces natural gas, refines crude oil and markets a range of petroleum and petrochemical products, and operates crude oil pipelines and retail petroleum stations.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SU CN EQUITY YTD Change SU CN EQUITY YTD % CHANGE

12/2011 06/yy 37.28 26.96 7'631'025.00 32.66 -12.39% 21.14% 55.23% 1'535.9 50'161.41 10'779.00 0.0 0.0 3'803.00 55'785.41

8.0 M

6.0 M

4.0 M

2.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

18.0 M

35 25

Valuation Analysis

31.12.2007 18'535.0 2.87x 4'179.0 12.73x 2'983.0 19.58x

31.12.2008 31.12.2009 28'609.0 24'404.0 1.03x 2.93x 5'083.0 2'859.0 5.79x 24.98x 2'137.0 1'146.0 8.47x 29.77x Profitability

LTM-4Q 31.12.2010 32'003.0 2.22x 8'190.0 8.69x 3'829.0 22.92x

31.12.2011 39'337.0 1.34x 11'175.0 4.72x 4'304.0 8.30x 11'175.00 7'223.00 18.36% 17.97% 6.23% 11.86% 0.55% 40.5% 29.7% 18.7% 10.9% 1.37 0.89 14.41% 27.92% 8.60 6.60

Price/ Cash Flow

LTM

06/yy 34'897.0 7.97x 9'578.0 7.02x 4'100.0 13.13x

06/yy 39'823.0 5.28x 11'835.0 4.32x 4'504.0 8.41x

FY+1

1.41 1.57 1'534.29 19.79 6.45% 12.50% 1.575 24 4.750 5'637'393 6'934'330 5'923'036 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 40'101.7 41'798.0 9'930.7 10'663.4 1.39x 1.30x 5.60x 5.23x 11'432.4 11'819.2 2'705.3 2'952.3 4.88x 4.72x 4.86x 4.65x 4'855.7 5'258.8 1'201.9 1'163.3 10.22x 10.00x 10.16x 9.79x S&P Issuer Ratings

28.07.2009 BBB+ STABLE 17.10.2011 A-2 9.16 3.55 0.48 0.91 27.9% 21.8% 0.55 0.71 42.54 55.42 107.57 0.88

Sales/Revenue/Turnover

25.00

45'000.0 40'000.0

20.00

35'000.0 30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00

5'000.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Suncor Energy Inc Holdings By:

All

Holder Name CAPITAL WORLD INVEST RBC GLOBAL ASSET MAN CI INVESTMENTS INC BMO FINANCIAL CORP PYRAMIS GLOBAL ADVIS TD ASSET MANAGEMENT CAPITAL RESEARCH GLO BANK OF NEW YORK MEL FIDELITY MANAGEMENT CIBC WORLD MARKETS I CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE JARISLOWSKY FRASER L CAISSE DE DEPOT ET P FIERA SCEPTRE INC INVESCO LTD IA CLARINGTON INVEST GREYSTONE MANAGED IN WENTWORTH HAUSER AND GREAT WEST LIFE ASSU

Firm Name JPMorgan TD Securities National Bank Financial Barclays BMO Capital Markets Canaccord Genuity Corp EVA Dimensions RBC Capital Markets CIBC World Markets Macquarie Goldman Sachs Credit Suisse Deutsche Bank NCP Northland Capital Partners Inc Peters & Co Ltd Simmons & Company International Raymond James Edward Jones FirstEnergy Capital Corp Stifel Nicolaus Veritas Investment Research Co Scotia Capital

Portfolio Name CAPITAL WORLD INVEST RBC GLOBAL ASSET MGM Multiple Portfolios BMO FINANCIAL CORP PYRAMIS GLOBAL ADVIS TD ASSET MANAGEMENT Multiple Portfolios BANK OF NEW YORK MEL FIDELITY MANAGEMENT CIBC WORLD MARKETS I CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE JARISLOWSKY FRASER L CAISSE DE DEPOT ET P FIERA SCEPTRE INC INVESCO LTD Multiple Portfolios GREYSTONE MANAGED IN WENTWORTH HAUSER AND GREAT WEST LIFE ASSU

Analyst KATHERINE LUCAS MINYARD MENNO HULSHOF KYLE PRESTON PAUL Y CHENG RANDY J OLLENBERGER PHILIP R SKOLNICK TEAM COVERAGE GREG M PARDY ANDREW POTTER CHRIS FELTIN ARJUN N MURTI BRIAN C DUTTON PAUL SANKEY ROBERT PLEXMAN KAM S SANDHAR JEFFREY A DIETERT JUSTIN BOUCHARD LANNY PENDILL MICHAEL P DUNN AMIR ARIF SAM LA BELL MARK POLAK

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

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

Amt Held 67'094'245 40'608'198 40'019'006 35'489'011 33'854'650 32'303'084 31'198'020 29'787'716 24'718'466 23'217'554 22'951'276 22'407'822 21'621'157 18'195'949 17'505'114 17'094'665 16'033'983 14'521'881 14'095'868 12'173'071

% Out 4.37 2.64 2.61 2.31 2.2 2.1 2.03 1.94 1.61 1.51 1.49 1.46 1.41 1.18 1.14 1.11 1.04 0.95 0.92 0.79

Weighting

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

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

Latest Chg (4'378'176) 3'474'921 4'324'140 (3'890'598) (4'377'239) 465'151 1'240'918 1'432'002 1'975'735 1'512'054 (1'229'219) 2'128'388 38'500 8'333'925 (1'156'911) 287'300 (1'732'190) 397'501 12'285

Target Price 44 42 43 48 41 45 #N/A N/A 44 42 40 37 49 36 39 38 #N/A N/A 37 #N/A N/A 38 38 47 42

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Insurance Company

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 18 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month

Date 23.10.2012 23.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 19.10.2012 18.10.2012 17.10.2012 12.10.2012 10.10.2012 09.10.2012 05.10.2012 05.10.2012 01.10.2012 26.09.2012 17.09.2012 05.09.2012 26.07.2012 24.07.2012

24.10.2012

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 (04.11.2011) 52-Week Low (16.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 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

03/2012 01/yy 905.00 673.05 2'806'440.00 809.95 -10.50% 20.34% 59.02% 3'274.6 2'652'223.00 924'470.00 0.0 7'990.0 679'040.00 2'905'643.08

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

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-11

d-11

j-12

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

j-12

a-12

s-12

Fiscal Year Ended 31.03.2008 1'371'466.6 2.72x 222'702.8 16.76x 195'678.3 16.83x

1000 900 800 700 600 500 400 300 200 100 0 o-11

31.03.2009 31.03.2010 1'512'240.1 2'037'397.2 1.99x 1.78x 242'169.1 303'332.8 12.44x 11.96x 149'687.2 245'031.4 14.09x 13.05x Profitability

31.03.2011 2'658'106.0 1.35x 380'722.6 9.40x 192'936.8 16.20x

31.03.2012 3'585'010.0 0.69x 351'080.0 7.09x 197'240.0 11.35x 351'080.00 227'070.00 6.33% 7.09% 6.22% 12.19% 8.54% 1.13% 9.8% 6.3% 5.5% 1.82 1.07 28.25% 54.56% 21.97 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.05 1.06 1'543.81 -3.16% 18.29% 1.061 50 3.120 4'377'377 4'486'736 3'882'571 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 ######### ######### 0.80x 0.84x 331'411.4 346'974.0 8.77x 8.37x 202'096.4 214'618.4 12.69x 11.94x S&P Issuer Ratings

23.11.2005 BBB POS 16.05 8.56 0.70 2.63 54.6% 35.2% 1.13 2.70 16.66 -

Sales/Revenue/Turnover

30.00

4'000'000.0 3'500'000.0

25.00

3'000'000.0 20.00

2'500'000.0 2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0 5.00 0.00 05.04.2009

500'000.0 0.0 05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

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

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

24.10.2012

Reliance Industries Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP KANKHAL INVES & TRAD BHUVANESH ENTERPRISE BADRI COMMERCIALS LL AJITESH ENTERPRISES ABHAYAPRADA ENTERPRI TRILOKESH COMMERCIAL PETROLEUM TRUST TARAN ENTERPRISES LL PITAMBAR ENTERPRISES FARM ENTERPRISES LTD ADISESH ENTERPRISES RELIANCE CHEMICALS P PAVANA ENTERPRISES L RELIANCE POLYOLEFINS RISHIKESH ENTERPRISE VANGUARD GROUP INC JANUS CAPITAL MANAGE FRANKLIN RESOURCES I GOVT OF SINGAPORE IN

Firm Name Sanford C. Bernstein & Co Daiwa Securities Co. Ltd. Batlivala & Karani Securities Goldman Sachs KR Choksey Shares & Sec Pvt Ltd Standard Chartered Credit Suisse JPMorgan Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P BNP Paribas Equity Research Motilal Oswal Securities Ltd IDBI Capital Market Services Ltd Emkay Share & Stock Brokers HDFC Securities Tata Securities Limited LKP Shares and Securities Ltd Religare Capital Markets Brics Securities India Infoline Antique Stock Broking Limited Systematix Shares & Stocks Ltd Ambit Capital Pvt Ltd IIFL Quant Broking Pvt Ltd Centrum Broking Pvt Ltd Elara Securities India Pvt Ltd Equirus Securities Pvt Ltd BOB Capital Markets Morgan Stanley Jefferies HSBC Kotak Securities ICICI Securities Enam Securities Pvt Ltd Nomura IDFC Securities Ltd Angel Broking Limited Edelweiss Capital Macquarie Deutsche Bank EVA Dimensions IFCI Financial Services

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 Multiple Portfolios Multiple Portfolios n/a n/a

Analyst NEIL BEVERIDGE NIRMAL RAGHAVAN BHAVIN GANDHI NILESH BANERJEE YOGESH S PATIL RAHUL SINGH SANJAY MOOKIM BRYNJAR EIRIK BUSTNES DEEPAK PAREEK MEHUL THANAWALA AMIT SHAH HARSHAD BORAWAKE SUDEEP ANAND JAGDISH MEGHNANI AISHWARYA DEEPAK SWARNENDU BHUSHAN CHIRAG DHAIFULE BALLABH MODANI NILESH RAMESH GHUGE PRAYESH JAIN AMIT RUSTAGI SUDARSHAN NARASIMHAN DAYANAND MITTAL BHASKAR CHAKRABORTY GAGAN DIXIT ROHIT NAGRAJ ALOK DESHPANDE MAULIK PATEL NEELABH SHARMA VINAY JAISING ARYA SEN KUMAR MANISH SANJEEV PRASAD ROHIT AHUJA AMIT MISHRA ANIL SHARMA PRAKASH JOSHI BHAVESH CHAUHAN NIRAJ MANSINGKA JAL IRANI HARSHAD KATKAR TEAM COVERAGE ABHIJEET BORA

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 Co File MF-AGG MF-AGG Co File Co File

Recommendation market perform neutral outperform Buy/Neutral accumulate in-line outperform underweight reduce hold hold neutral hold hold outperform hold neutral hold add market perform hold hold sell reduce reduce neutral accumulate sell reduce Underwt/Cautious hold underweight sell add hold buy outperform neutral buy neutral buy hold hold

Amt Held 251'894'910 148'490'952 134'616'811 127'041'799 127'041'799 124'514'168 124'513'168 120'471'003 106'373'069 104'900'070 92'077'290 81'099'093 62'239'998 61'673'400 61'194'924 60'409'418 58'951'943 40'242'144 39'612'971 39'434'159

% Out 7.69 4.53 4.11 3.88 3.88 3.8 3.8 3.68 3.25 3.2 2.81 2.48 1.9 1.88 1.87 1.84 1.8 1.23 1.21 1.2

Weighting

Change 3 3 5 5 4 3 5 1 2 3 3 3 3 3 5 3 3 3 4 3 3 3 1 2 2 3 4 1 2 1 3 1 1 4 3 5 5 3 5 3 5 3 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 D M U M D M M D M M M M M M M M M U M

Latest Chg 1'000'840 15'889 -

Target Price 800 810 810 1'010 875 817 865 675 805 781 795 780 825 827 855 758 803 790 854 780 820 866 758 740 784 808 900 710 853 742 747 800 775 900 850 860 860 #N/A N/A 906 820 900 #N/A N/A 771

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

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

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

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

Date 19.10.2012 19.10.2012 19.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 05.10.2012 04.10.2012 11.09.2012 06.09.2012 22.07.2012

24.10.2012

Oil & Natural Gas Corp Ltd Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

Price/Volume 350

12.0 M

300

10.0 M

250

8.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.02.2012) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ONGC IN EQUITY YTD Change ONGC IN EQUITY YTD % CHANGE

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

4.0 M

100

2.0 M

50 0 o-11

.0 M n-11

31.03.2009 31.03.2010 1'045'883.9 1'017'545.7 1.52x 2.24x 369'067.1 354'383.0 4.31x 6.43x 197'953.4 194'035.3 8.46x 12.11x Profitability

31.03.2011 1'175'251.0 2.02x 424'779.1 5.60x 224'559.3 11.10x

31.03.2012 1'463'694.7 1.50x 495'573.3 4.42x 281'436.2 8.16x 495'573.27 366'378.95 25.03% 29.24% 13.25% 22.36% 20.58% 0.69% 33.9% 25.0% 19.2% 1.19 0.80 6.90% 11.72% 13.50 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

FY+1 -

3.53 0.77 1'104.97 3.63% 11.60% 0.768 59 4.186 1'943'513 3'389'848 2'832'071 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 ######### ######### 221'893.0 1.31x 1.19x 574'680.1 620'294.7 98'498.0 3.93x 3.64x 257'333.6 281'195.7 60'154.0 8.97x 8.31x S&P Issuer Ratings

131.20 80.53 -0.25 0.32 11.7% 10.3% 0.69 2.07 27.11 -

Sales/Revenue/Turnover

10.00

1'600'000.0

9.00

1'400'000.0

8.00

1'200'000.0

7.00

1'000'000.0

6.00 5.00

800'000.0

4.00

600'000.0

3.00

400'000.0

2.00

200'000.0

1.00 0.00 05.04.2009

d-11

Fiscal Year Ended 31.03.2008 967'821.8 2.00x 365'859.0 5.28x 200'760.2 10.45x

6.0 M

150

03/2012 01/yy 304.25 227.40 1'465'368.00 276.05 -9.27% 21.39% 63.31% 8'555.5 2'361'742.75 159'842.06 0.0 22'084.3 286'004.65 2'257'664.56

0.0 05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

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

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

24.10.2012

Oil & Natural Gas Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP INDIAN OIL CORP LTD GAIL INDIA LTD FRANKLIN RESOURCES I VANGUARD GROUP INC HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT TEMPLETON ASSET MGMT BANK OF NEW YORK MEL SBI FUNDS MANAGEMENT BLACKROCK FUND ADVIS PRUDENTIAL ICICI ASS TEMPLETON INVESTMENT EASTSPRING INVESTMEN TATA ASSET MANAGEMEN INVESTEC ASSET MANAG INVESCO LTD RELIANCE CAPITAL TRU JF ASSET MANAGEMENT

Firm Name Sanford C. Bernstein & Co BOB Capital Markets Goldman Sachs MF Global Equities Research Asian Markets Securities Pvt. Ltd Emkay Share & Stock Brokers Jefferies Credit Suisse JM Financial Institutional Securities P Ambit Capital Pvt Ltd Enam Securities Pvt Ltd Prabhudas Lilladher Pvt Ltd Motilal Oswal Securities Ltd Nomura ICICIdirect.com Edelweiss Capital Centrum Broking Pvt Ltd Nirmal Bang Institutional Equities HDFC Securities Brics Securities Antique Stock Broking Limited VTB Capital BNP Paribas Equity Research Macquarie Batlivala & Karani Securities Elara Securities India Pvt Ltd Daiwa Securities Co. Ltd. Deutsche Bank Kotak Securities ICICI Securities Karvy Stock Broking Ltd India Infoline Quant Broking Pvt Ltd India Nivesh Ltd IIFL IDBI Capital Market Services Ltd SBI Capital Markets Religare Capital Markets Spark Capital Advisors Morgan Stanley Standard Chartered LKP Shares and Securities Ltd FinQuest Securities (P) Ltd.

Analyst NEIL BEVERIDGE NEELABH SHARMA NILESH BANERJEE GAURI ANAND SUJIT LODHA JAGDISH MEGHNANI ARYA SEN SANJAY MOOKIM MEHUL THANAWALA DAYANAND MITTAL AMIT MISHRA DEEPAK PAREEK HARSHAD BORAWAKE ANIL SHARMA MAYUR MATANI NIRAJ MANSINGKA ROHIT NAGRAJ ASHUTOSH BHARDWAJ AISHWARYA DEEPAK SANDEEP RANDERY AMIT RUSTAGI COLIN SMITH AMIT SHAH JAL IRANI BHAVIN GANDHI ALOK DESHPANDE NIRMAL RAGHAVAN HARSHAD KATKAR SANJEEV PRASAD ROHIT AHUJA VINAY V NAIR TEAM COVERAGE GAGAN DIXIT DALJEET SINGH KOHLI BHASKAR CHAKRABORTY SUDEEP ANAND GUNJAN PODDAR BALLABH MODANI MAYUR PATEL VINAY JAISING RAHUL SINGH CHIRAG DHAIFULE HARISHCHANDRA SABLE

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

Recommendation market perform buy Buy/Neutral buy buy accumulate buy neutral buy buy hold accumulate buy reduce buy buy buy hold buy add buy sell hold outperform outperform reduce outperform buy add reduce buy buy reduce buy add hold add buy add Equalwt/Cautious outperform buy buy

Amt Held 5'922'546'522 664'445'162 657'923'428 205'601'068 103'814'591 34'201'253 26'566'501 14'875'399 14'090'929 13'684'656 11'585'295 10'467'772 10'295'717 7'914'420 7'666'861 7'383'539 6'017'987 5'907'706 5'483'977 4'327'101

% Out 69.23 7.77 7.69 2.4 1.21 0.4 0.31 0.17 0.16 0.16 0.14 0.12 0.12 0.09 0.09 0.09 0.07 0.07 0.06 0.05

Weighting

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

Latest Chg (1'397'420) 1'702'339 (1'049) 63'801 (7'014) 57'658 (121'581) (248'569) (91'973) (41'052) 4'327'101

Target Price

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

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

290 336 350 315 329 327 311 315 333 300 300 301 316 250 330 321 366 323 338 306 306 290 298 325 295 290 300 335 310 287 321 320 264 358 290 290 311 335 308 302 320 335 300

File Dt Inst Type 30.06.2012 Government 30.06.2012 Government 30.06.2012 Government 30.06.2012 n/a 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2011 Investment Advisor 16.04.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 23.10.2012 Investment Advisor 30.09.2012 Other 30.09.2011 Mutual Fund Manager

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

Date 19.10.2012 18.10.2012 17.10.2012 15.10.2012 15.10.2012 12.10.2012 11.10.2012 10.10.2012 10.10.2012 10.10.2012 09.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 05.10.2012 05.10.2012 04.10.2012 03.10.2012 01.10.2012 01.10.2012 27.09.2012 24.09.2012 21.09.2012 21.09.2012 20.09.2012 17.09.2012 14.09.2012 14.09.2012 14.09.2012 14.09.2012 14.09.2012 14.09.2012 14.09.2012 13.09.2012 11.09.2012 10.09.2012 10.09.2012 10.09.2012 29.08.2012 25.08.2012 17.08.2012 16.08.2012

24.10.2012

Imperial Oil Ltd Imperial Oil Ltd. produces and refines natural gas and petroleum products and manufactures petrochemicals. The Company's oil and gas operations are concentrated in Canada.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (24.02.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IMO CN EQUITY YTD Change IMO CN EQUITY YTD % CHANGE

12/2011 06/yy 49.26 38.87 908'715.00 44.31 -10.05% 14.00% 52.36% 847.6 37'557.11 1'207.00 0.0 0.0 1'202.00 37'766.11

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

1.5 M

1.0 M

.5 M

0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 23'762.0 2.03x 4'821.0 10.01x 3'188.0 16.86x

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 29'928.0 20'024.0 1.12x 1.70x 5'665.0 2'880.0 5.89x 11.84x 3'878.0 1'579.0 9.92x 22.59x Profitability

LTM-4Q 31.12.2010 23'630.0 1.48x 3'562.0 9.80x 2'210.0 16.23x

31.12.2011 29'154.0 1.32x 4'933.0 7.80x 3'371.0 12.04x 4'933.00 4'169.00 14.30% 15.11% 14.00% 26.00% 23.88% 1.17% 17.1% 14.5% 11.6% 0.85 0.59 4.75% 9.06% 13.26 -

Price/ Cash Flow

LTM

06/yy 26'004.0 6.19x 4'291.0 11.70x 2'724.0 14.31x

06/yy 29'471.0 4.94x 5'034.0 7.22x 3'514.0 10.84x

FY+1

1.04 1.15 257.36 6.92 7.91% -1.59% 1.147 16 3.250 894'994 968'676 843'420 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 30'231.4 32'257.0 7'280.5 7'602.5 1.27x 1.23x 5.24x 5.04x 5'085.3 5'737.4 1'231.3 1'169.3 7.43x 6.58x 7.98x 7.90x 3'184.8 3'408.9 848.0 733.0 11.47x 11.47x 11.91x 11.90x S&P Issuer Ratings

29.07.2002 AAA STABLE 24.07.1989 A-1+ 259.63 53.37 0.04 0.24 9.1% 8.3% 1.17 1.53 27.59 -

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 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Imperial Oil Ltd Holdings By:

All

Holder Name EXXON MOBIL CORP JARISLOWSKY FRASER L RBC GLOBAL ASSET MAN WELLINGTON MANAGEMEN CAPITAL WORLD INVEST MANUFACTURERS LIFE I TD ASSET MANAGEMENT CAISSE DE DEPOT ET P HARTFORD INVESTMENT TORONTO DOMINION BAN BMO FINANCIAL CORP GREAT WEST LIFE ASSU PYRAMIS GLOBAL ADVIS AMERICAN CENTURY COM HARDING LOEVNER LP MARATHON ASSET MANAG NORGES BANK CI INVESTMENTS INC TETREM CAPITAL MANAG MACKENZIE FINANCIAL

Firm Name Macquarie BMO Capital Markets RBC Capital Markets CIBC World Markets Credit Suisse EVA Dimensions Barclays Edward Jones FirstEnergy Capital Corp TD Securities Peters & Co Ltd Scotia Capital Veritas Investment Research Co

Portfolio Name n/a JARISLOWSKY FRASER L RBC GLOBAL ASSET MGM WELLINGTON MANAGEMEN CAPITAL WORLD INVEST MANUFACTURERS LIFE I TD ASSET MANAGEMENT CAISSE DE DEPOT ET P Multiple Portfolios TORONTO DOMINION BAN BMO FINANCIAL CORP GREAT WEST LIFE ASSU PYRAMIS GLOBAL ADVIS AMERICAN CENTURY COM HARDING LOEVNER LP MARATHON ASSET MANAG NORGES BANK Multiple Portfolios TETREM CAPITAL MANAG MACKENZIE FINANCIAL

Analyst CHRIS FELTIN RANDY J OLLENBERGER GREG M PARDY ANDREW POTTER BRIAN C DUTTON TEAM COVERAGE PAUL Y CHENG LANNY PENDILL MICHAEL P DUNN MENNO HULSHOF KAM S SANDHAR MARK POLAK SAM LA BELL

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

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

Amt Held 589'928'303 10'715'785 10'655'761 7'885'206 7'066'667 5'316'822 4'589'539 4'321'086 4'122'946 3'803'415 3'695'995 3'409'853 3'218'399 3'100'649 2'903'620 2'657'438 2'497'622 2'437'218 2'349'804 2'344'998

% Out 69.6 1.26 1.26 0.93 0.83 0.63 0.54 0.51 0.49 0.45 0.44 0.4 0.38 0.37 0.34 0.31 0.29 0.29 0.28 0.28

Weighting

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

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

Latest Chg (10) (419'990) 896'161 (2'488'950) 929'984 26'240 841'907 (870) (53'026) (1'175'486) 390'302 (1'444'810) 12'765 178'454 (918'048) 2'497'622 374'400 (148'375) (215'546)

Target Price 47 50 51 44 53 #N/A N/A 60 #N/A N/A 50 46 50 47 52

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

File Dt Inst Type 30.06.2009 Corporation 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Insurance Company 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Insurance Company 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Hedge Fund Manager 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor

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

Date 18.10.2012 16.10.2012 16.10.2012 15.10.2012 12.10.2012 09.10.2012 05.10.2012 26.09.2012 17.09.2012 06.09.2012 28.08.2012 26.07.2012 01.02.2012

24.10.2012

NovaTek OAO NovaTek OAO is a Russian independent producer of natural gas. The Company explores for,produces, processes, transports and markets natural gas and liquid hydrocarbons. The Company's primary production and processing assets are located in the Yamal-Nenets Autonomous Region in Western Siberia.

Price/Volume 450

7.0 M

400

6.0 M

350

5.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVTK RM EQUITY YTD Change NVTK RM EQUITY YTD % CHANGE

12/2011 06/yy 442.73 269.66 1'361'000.00 351.21 -20.67% 30.24% 47.00% 3'036.3 1'066'381.00 95'478.00 0.0 669.0 23'831.00 1'145'353.00

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

4.0 M

200

3.0 M

150

2.0 M

100

1.0 M

50 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 62'321.0 9.03x 29'157.0 19.31x 18'736.0 29.89x

250

31.12.2008 31.12.2009 79'272.0 89'954.0 2.06x 6.26x 36'798.0 39'271.0 4.43x 14.33x 22'899.0 26'043.0 6.43x 19.80x Profitability

LTM-4Q 31.12.2010 117'024.0 9.42x 56'200.0 19.61x 40'533.0 25.12x

31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 9.99x 88'917.00 79'442.00 45.12% 76.69% 33.83% 54.02% 37.31% 0.55% 48.0% 42.5% 68.0% 1.16 0.77 24.90% 39.62% -

Price/ Cash Flow

LTM

FY+1

.0 M o-12

0.96 1'222.09 -9.16% -9.32% 0.956 10 3.600 1'359'928 1'599'250 1'419'869 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 149'013.0 190'145.0 219'246.5 274'796.5 28.45x 25.01x 5.14x 4.00x 73'878.0 91'324.0 99'126.9 126'053.3 15.51x 11.73x 11.55x 9.09x 55'486.0 117'289.0 69'823.2 90'210.1 18.90x 8.45x 15.73x 11.69x S&P Issuer Ratings Long-Term Rating Date 19.11.2010 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 41.36 (EBITDA-Capex)/Interest Exp. 29.58 Net Debt/EBITDA 0.85 Total Debt/EBITDA 1.03 Reference Total Debt/Equity 39.6% Total Debt/Capital 28.3% Asset Turnover 0.55 Net Fixed Asset Turnover 1.01 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

30.00

200'000.0 180'000.0

25.00

160'000.0 140'000.0

20.00

120'000.0

15.00

100'000.0 80'000.0

10.00

60'000.0 40'000.0

5.00 0.00 04.01.2009

20'000.0 0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

NovaTek OAO Holdings By:

All

Holder Name SANTATA OOO TOTAL E&P ARCTIC ROS WHITE SEAL HOLDINGS GAZFIN CYPRUS LTD ZAO LEVIT BELONA SWGI GROWTH FUND CYP MIKHELSON LEONID V KUZNETSOVA TATYANA S POPOV MIKHAIL VIKTOR YANOVSKIY KIRILL NIK FRIDMAN ALEXANDER KAPITAL ASSET MANAGE BNP PARIBAS ASSET MG AMERIPRISE FINANCIAL VANGUARD GROUP INC URALSIB JSC BASKOV VLADIMIR ALEK DEXIA ASSET MANAGEME HANDELSBANKEN FONDER

Firm Name Raiffeisenbank AG Infina Investment Company Alfa-Bank Otkritie Capital Nomos Bank EVA Dimensions RMG Securities VTB Capital Aton LLC IFC Metropol Gazprombank

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 Multiple Portfolios Multiple Portfolios

Analyst ANDREY POLISCHUK ALEXANDER IVANISCHEV MARIYA YEGIKYAN ALEXANDER BURGANSKY DENIS BORISOV TEAM COVERAGE MIKHAIL LOSHININ DMITRY LOUKASHOV ELENA SAVCHIK SERGEY VAKHRAMEEV ALEXANDER NAZAROV

Source Co File Co File Research Co File Co File Co File Co File Co File Co File Co File Co File Co File Research MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG

Recommendation buy hold equalweight hold hold underweight buy hold buy buy buy

Amt Held 398'666'966 367'089'384 303'545'574 303'326'960 222'257'592 188'554'597 187'036'444 14'228'129 5'902'579 4'372'281 3'191'158 2'186'140 1'915'220 1'560'646 1'340'055 1'240'090 930'670 874'456 592'500 485'156

% Out 13.13 12.09 10 9.99 7.32 6.21 6.16 0.47 0.19 0.14 0.11 0.07 0.06 0.05 0.04 0.04 0.03 0.03 0.02 0.02

Weighting

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

N M M M D D M M M M N

Latest Chg (4'000) 557'945 30'437 (72'760) 40'000 42'000

Target Price 431 423 417 390 438 #N/A N/A 442 412 564 523 475

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

File Dt 08.09.2011 08.09.2011 30.09.2010 08.09.2011 08.09.2011 08.09.2011 08.09.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 25.04.2012 31.08.2012 31.08.2012 30.09.2012 31.05.2012 31.12.2011 31.08.2012 30.09.2012

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

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

Date 18.10.2012 01.10.2012 21.09.2012 19.09.2012 17.09.2012 10.09.2012 12.07.2012 20.03.2012 20.01.2012 28.09.2011 20.05.2011

24.10.2012

Anadarko Petroleum Corp Anadarko Petroleum Corporation is an independent oil and gas exploration and production company with international operations. In the United States, the Company operates in Texas and surrounding states, the Rocky Mountain region, Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration and/or production operations in Africa, Asia, South America, and the Caribbean.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APC US EQUITY YTD Change APC US EQUITY YTD % CHANGE

12/2011 06/yy 88.70 56.42 5'299'723.00 66.94 -24.53% 18.65% 32.59% 499.7 33'448.51 15'230.00 878.0 2'697.00 46'528.51

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

31.12.2008 31.12.2009 13'740.0 8'537.0 2.04x 4.74x 7'596.0 3'561.0 3.70x 11.36x 3'260.0 (135.0) 8.53x Profitability

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M n-11

LTM-4Q 31.12.2010 11'340.0 4.22x 6'055.0 7.91x 761.0 51.81x

31.12.2011 13'656.0 3.77x 7'353.0 7.00x (2'649.0) 28.91x 7'353.00 3'523.00 25.80% -25.07% -2.53% -6.44% 0.26% 41.4% 47.6% 20.2% -19.4% 1.41 0.81 29.41% 84.12% 11.85 51.22

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 12'508.0 14.89x 6'702.0 7.30x 845.0 34.12x

06/yy 13'934.0 13.77x 6'634.0 6.96x (1'342.0) 17.06x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

0.54 1.38 498.30 5.92 -15.05% -11.97% 1.385 34 4.647 3'386'514 3'452'983 3'614'102 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 13'623.0 15'395.6 3'373.3 3'575.4 3.41x 2.91x 13.68x 12.76x 8'724.7 9'703.6 2'161.9 2'314.7 5.33x 4.79x 5.03x 4.84x 1'591.0 2'217.9 363.2 430.6 19.24x 15.83x 19.22x 17.81x S&P Issuer Ratings

08.09.2006 BBBPOS 15.09.2009 NR 7.46 1.73 1.81 2.24 84.1% 44.5% 0.26 0.37 30.88 7.15 118.59 -96.89

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00 10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 02.01.2009

14.0 M

Fiscal Year Ended 31.12.2007 11'232.0 3.94x 5'578.0 7.94x 3'781.0 18.00x

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Anadarko Petroleum Corp Holdings By:

All

Holder Name WELLINGTON MANAGEMEN FIDELITY MANAGEMENT VANGUARD GROUP INC STATE STREET CORP BLACKROCK INSTITUTIO CARMIGNAC GESTION CLEARBRIDGE ADVISORS JP MORGAN CHASE & CO T ROWE PRICE ASSOCIA NEUBERGER BERMAN LLC INVESCO LTD BANK OF NEW YORK MEL BLACKROCK GROUP LIMI BLACKROCK ADVISERS NORTHERN TRUST CORPO JENNISON ASSOCIATES FRANKLIN RESOURCES I NORGES BANK BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV

Firm Name FBR Capital Markets Global Hunter Securities Sanford C. Bernstein & Co Macquarie Alembic Global Advisors Jefferies Robert W. Baird & Co Johnson Rice & Co Oppenheimer & Co Wells Fargo Securities, LLC Goldman Sachs Tudor Pickering & Co RBC Capital Markets Deutsche Bank JPMorgan Canaccord Genuity Corp Simmons & Company International Credit Suisse Stifel Nicolaus Buckingham Research Group Capital One Southcoast, Inc. Raymond James Societe Generale Barclays Guggenheim Securities LLC S&P Capital IQ Howard Weil Inc Credit Agricole Securities (USA) Morgan Stanley Argus Research Corp EVA Dimensions

Portfolio Name WELLINGTON MANAGEMEN FIDELITY MANAGEMENT VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK INSTITUTIO Multiple Portfolios CLEARBRIDGE ADVISORS JP MORGAN CHASE & CO T ROWE PRICE ASSOCIA NEUBERGER BERMAN GRO INVESCO LTD BANK OF NEW YORK MEL BLACKROCK GROUP LIMI BLACKROCK ADVISORS L NORTHERN TRUST CORPO JENNISON ASSOCIATES FRANKLIN ADVISERS IN NORGES BANK BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV

Analyst REHAN RASHID JOHN MALONE BOB BRACKETT JOSEPH MAGNER JAMES J SULLIVAN SUBASH CHANDRA MICHAEL A HALL CHARLES MEADE FADEL GHEIT DAVID R TAMERON BRIAN SINGER BRIAN LIVELY SCOTT HANOLD STEPHEN RICHARDSON JOSEPH D ALLMAN JOHN J GERDES DAVID W KISTLER ARUN JAYARAM AMIR ARIF ROBERT L CHRISTENSEN JR ELIOT JAVANMARDI ANDREW COLEMAN JOHN HERRLIN THOMAS R DRISCOLL ROBERT CORDRAY MICHAEL KAY PETER KISSEL JEB S ARMSTRONG J EVAN CALIO PHILIP H WEISS TEAM COVERAGE

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

Recommendation market perform buy outperform outperform overweight buy neutral overweight outperform outperform buy/attractive buy outperform buy neutral buy overweight outperform buy buy strong buy outperform buy overweight buy buy focus list buy Overwt/Attractive hold sell

Amt Held 33'127'804 26'628'082 21'557'484 20'093'889 16'454'451 15'749'500 13'036'135 9'804'861 7'205'913 7'102'174 7'076'603 7'025'368 6'844'573 6'707'795 6'264'749 5'523'388 5'437'656 5'141'781 4'923'637 4'848'966

% Out 6.63 5.33 4.31 4.02 3.29 3.15 2.61 1.96 1.44 1.42 1.42 1.41 1.37 1.34 1.25 1.11 1.09 1.03 0.99 0.97

Weighting

Change 3 5 5 5 5 5 3 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 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 M M M M M M

Latest Chg 6'134'469 (1'963'648) 822'119 (121'466) 3'342'145 (40'000) 263'252 1'620'684 1'035'190 (407'099) (1'979'478) 188'416 (1'259'109) 1'773'701 614'452 (6'064'593) 2'228'976 5'141'781 (41'558) (3'374)

Target Price 90 98 85 102 101 96 97 #N/A N/A 90 #N/A N/A 98 114 99 85 90 119 117 99 95 112 132 81 82 85 100 89 114 93 95 #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 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 29.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 6 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 24.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 11.10.2012 09.10.2012 08.10.2012 05.10.2012 05.10.2012 20.09.2012 14.09.2012 23.08.2012 01.08.2012 31.07.2012 01.06.2012 18.11.2011

24.10.2012

Canadian Natural Resources Ltd Canadian Natural Resources Ltd. acquires, explores for, develops, and produces natural gas, crude oil, and related products. The Company operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan. Canadian Natural also operates in areas which have access for exploration activities and where pipeline systems already exist.

Price/Volume 45

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.02.2012) 52-Week Low (10.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNQ CN EQUITY YTD Change CNQ CN EQUITY YTD % CHANGE

12/2011 06/yy 41.12 25.58 6'085'499.00 29.64 -27.92% 15.87% 26.13% 1'095.2 32'462.61 8'571.00 0.0 0.0 34.00 40'974.61

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

6.0 M

15 10

4.0 M

2.0 M

0 o-11

31.12.2008 31.12.2009 12'296.0 11'395.0 3.20x 4.46x 7'710.0 6'564.0 5.11x 7.75x 4'985.0 1'580.0 7.39x 16.81x Profitability

LTM-4Q 31.12.2010 13'011.0 4.37x 7'242.0 7.85x 1'673.0 21.63x

31.12.2011 13'691.0 3.68x 7'430.0 6.78x 2'643.0 17.50x 7'430.00 3'826.00 27.95% 28.56% 6.18% 12.55% 0.32% 29.9% 53.3% 26.7% 19.3% 0.69 0.52 18.13% 37.43% 8.76 17.52

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 12'622.0 17.26x 6'365.0 8.32x 1'262.0 21.97x

06/yy 14'831.0 11.90x 7'903.0 4.87x 2'848.0 10.63x

a-12 m-12

j-12

a-12

s-12

FY+1

1.32 1.48 1'050.57 17.60 -13.03% -21.51% 1.480 25 4.600 3'792'331 4'930'289 4'593'852 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 15'161.5 17'931.5 3'725.3 3'884.3 2.78x 2.34x 11.07x 10.64x 7'694.7 9'262.1 1'958.0 2'126.8 5.33x 4.42x 4.83x 4.53x 2'138.0 3'178.4 541.0 661.3 15.37x 11.12x 12.56x 11.20x S&P Issuer Ratings

01.11.2011 BBB+ STABLE 14.71 2.43 1.08 1.08 37.4% 27.2% 0.32 0.35 41.78 20.90 16.97 51.86

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00 5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 02.01.2009

.0 M n-11

Fiscal Year Ended 31.12.2007 10'990.0 4.56x 6'765.0 7.40x 2'608.0 12.47x

8.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Canadian Natural Resources Ltd Holdings By:

All

Holder Name DAVIS SELECTED ADVIS CAPITAL RESEARCH GLO RBC GLOBAL ASSET MAN JARISLOWSKY FRASER L BMO FINANCIAL CORP EDWARDS NORMAN MURRA CAPITAL WORLD INVEST WELLINGTON MANAGEMEN TD ASSET MANAGEMENT ONTARIO TEACHERS PEN CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE CIBC WORLD MARKETS I NWQ INVESTMENT MANAG TORONTO DOMINION BAN PYRAMIS GLOBAL ADVIS IA CLARINGTON INVEST MARKIN ALLAN P FIERA SCEPTRE INC INVESCO LTD

Firm Name JPMorgan Canaccord Genuity Corp RBC Capital Markets Macquarie Goldman Sachs BMO Capital Markets CIBC World Markets Credit Suisse Cormark Securities Inc. Societe Generale Barclays National Bank Financial Raymond James Edward Jones FirstEnergy Capital Corp EVA Dimensions TD Securities Veritas Investment Research Co Peters & Co Ltd Scotia Capital Stifel Nicolaus Deutsche Bank

Portfolio Name DAVIS SELECTED ADVIS CAPITAL RESEARCH GLO RBC GLOBAL ASSET MGM JARISLOWSKY FRASER L BMO FINANCIAL CORP n/a CAPITAL WORLD INVEST WELLINGTON MANAGEMEN TD ASSET MANAGEMENT ONTARIO TEACHERS PEN CIBC GLOBAL ASSET MA IG INVESTMENT MANAGE CIBC WORLD MARKETS I NWQ INVESTMENT MANAG TORONTO DOMINION BAN PYRAMIS GLOBAL ADVIS Multiple Portfolios n/a FIERA SCEPTRE INC INVESCO LTD

Analyst KATHERINE LUCAS MINYARD PHILIP R SKOLNICK GREG M PARDY CHRIS FELTIN ARJUN N MURTI RANDY J OLLENBERGER ANDREW POTTER BRIAN C DUTTON TODD KEPLER JOHN HERRLIN THOMAS R DRISCOLL KYLE PRESTON JUSTIN BOUCHARD LANNY PENDILL MICHAEL P DUNN TEAM COVERAGE MENNO HULSHOF SAM LA BELL KAM S SANDHAR MARK POLAK AMIR ARIF PAUL SANKEY

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

Recommendation neutral buy outperform outperform neutral/attractive market perform sector outperform outperform buy buy overweight outperform outperform buy top pick overweight action list buy buy sector outperform sector outperform hold hold

Amt Held 42'738'611 35'955'000 34'038'782 25'180'141 22'420'594 21'234'864 19'754'000 19'706'309 18'440'266 17'157'200 17'152'542 15'480'300 15'443'880 14'303'443 13'794'282 13'388'361 12'741'000 11'764'844 11'555'219 11'248'951

% Out 3.9 3.28 3.11 2.3 2.05 1.94 1.8 1.8 1.68 1.57 1.57 1.41 1.41 1.31 1.26 1.22 1.16 1.07 1.06 1.03

Weighting

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

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

Latest Chg 64'371 2'565'000 2'943'257 (743'740) (2'163'235) 59'958 2'956'102 4'463'956 528'785 784'141 (1'361'680) 1'296'920 2'429'577 208'670 6'061'121 103'400 (22'727) 5'034'409 3'599'480

Target Price 50 42 42 42 34 36 34 47 42 35 36 42 35 #N/A N/A 41 #N/A N/A 42 46 43 44 #N/A N/A 32

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 08.02.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 03.04.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.10.2012 22.10.2012 21.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 05.10.2012 05.10.2012 04.10.2012 01.10.2012 26.09.2012 17.09.2012 11.09.2012 06.09.2012 10.08.2012 09.08.2012 09.08.2012 20.07.2012 16.07.2012

24.10.2012

Apache Corp Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in the United States, Canada, Egypt, Australia, offshore the United Kingdom in the North Sea, and Argentina.

Price/Volume 120

7.0 M

100

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.02.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APA US EQUITY YTD Change APA US EQUITY YTD % CHANGE

12/2011 06/yy 112.09 77.93 2'835'330.00 83.13 -25.84% 6.67% 15.22% 391.2 32'521.73 7'216.00 1'227.0 0.0 295.00 43'625.73

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

3.0 M

2.0 M

1.0 M

0 o-11

31.12.2008 31.12.2009 12'327.8 8'573.9 2.27x 4.40x 3'654.3 3'027.6 7.66x 12.46x 712.0 (284.4) 35.66x 20.51x Profitability

LTM-4Q 31.12.2010 12'183.0 4.50x 8'903.0 6.16x 3'032.0 13.34x

31.12.2011 16'810.0 2.55x 12'551.0 3.42x 4'584.0 7.66x 12'551.00 8'347.00 49.65% 48.14% 6.45% 11.91% 9.40% 0.33% 52.4% 73.9% 39.1% 27.3% 0.97 0.68 13.86% 25.99% 6.64 14.29

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 14'754.0 14.34x 10'909.8 5.07x 3'860.0 11.72x

06/yy 16'990.0 10.27x 12'553.0 3.62x 3'344.0 8.00x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

0.77 1.42 389.35 5.49 -13.91% -7.56% 1.425 32 4.531 2'810'608 2'764'045 2'585'804 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 16'830.6 18'069.1 4'044.8 4'289.9 2.78x 2.56x 11.71x 11.15x 12'020.8 13'030.1 2'960.2 3'221.4 3.63x 3.35x 3.49x 3.41x 3'604.0 4'125.9 837.1 919.3 8.49x 8.02x 8.73x 8.44x S&P Issuer Ratings

26.01.2001 ASTABLE 05.05.2000 A-2 18.03 7.86 0.79 0.82 26.0% 19.9% 0.33 0.38 55.15 25.62 38.42 43.20

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 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 9'962.0 4.02x 7'320.9 5.46x 2'812.4 12.82x

4.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Apache Corp Holdings By:

All

Holder Name CAPITAL RESEARCH GLO VANGUARD GROUP INC STATE STREET CORP BLACKROCK INSTITUTIO FIDELITY MANAGEMENT HARRIS ASSOCIATES LP FRANKLIN RESOURCES I CAPITAL WORLD INVEST BANK OF NEW YORK MEL NORTHERN TRUST CORPO NWQ INVESTMENT MANAG BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS MASSACHUSETTS FINANC EATON VANCE MANAGEME BLACKROCK ADVISERS AMERIPRISE FINANCIAL JP MORGAN CHASE & CO WELLINGTON MANAGEMEN BANK OF AMERICA CORP

Firm Name Global Hunter Securities Sanford C. Bernstein & Co Macquarie Guggenheim Securities LLC Alembic Global Advisors Robert W. Baird & Co Raymond James Johnson Rice & Co Stifel Nicolaus Oppenheimer & Co Wells Fargo Securities, LLC Goldman Sachs RBC Capital Markets Edward Jones Simmons & Company International Credit Suisse Howard Weil Inc Buckingham Research Group Capital One Southcoast, Inc. Tudor Pickering & Co Societe Generale Barclays JPMorgan FBR Capital Markets Argus Research Corp Credit Agricole Securities (USA) Peters & Co Ltd Deutsche Bank EVA Dimensions Ameriprise Advisor Services, Inc

Portfolio Name CAPITAL RESEARCH GLO VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK INSTITUTIO FIDELITY MANAGEMENT HARRIS ASSOC LP FRANKLIN MUTUAL ADVI CAPITAL WORLD INVEST BANK OF NEW YORK MEL NORTHERN TRUST CORPO NWQ INVESTMENT MANAG BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS MASSACHUSETTS FINANC EATON VANCE MANAGEME BLACKROCK ADVISORS L AMERIPRISE FINANCIAL JP MORGAN CHASE & CO WELLINGTON MANAGEMEN BANK OF AMERICA

Analyst JOHN MALONE BOB BRACKETT JOSEPH MAGNER ROBERT CORDRAY JAMES J SULLIVAN MICHAEL A HALL JOHN FREEMAN CHARLES MEADE AMIR ARIF FADEL GHEIT DAVID R TAMERON BRIAN SINGER LEO P MARIANI BRIAN YOUNGBERG PEARCE W HAMMOND ARUN JAYARAM PETER KISSEL ROBERT L CHRISTENSEN JR ELIOT JAVANMARDI MATTHEW PORTILLO JOHN HERRLIN THOMAS R DRISCOLL JOSEPH D ALLMAN REHAN RASHID PHILIP H WEISS JEB S ARMSTRONG KAM S SANDHAR STEPHEN RICHARDSON TEAM COVERAGE LEZE THAQI

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

Recommendation buy outperform outperform buy overweight outperform outperform equalweight buy outperform outperform neutral/attractive sector perform buy overweight outperform market outperform buy add accumulate buy overweight overweight market perform hold buy sector perform buy buy buy

Amt Held 21'038'436 16'321'124 16'298'441 10'805'569 9'244'445 8'911'680 7'983'538 6'700'000 6'167'802 5'721'456 5'523'031 4'960'959 3'863'481 3'765'057 3'522'647 3'420'833 3'389'762 3'283'259 3'203'580 3'124'482

% Out 5.38 4.17 4.17 2.76 2.36 2.28 2.04 1.71 1.58 1.46 1.41 1.27 0.99 0.96 0.9 0.87 0.87 0.84 0.82 0.8

Weighting

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

Latest Chg 832'000 440'968 802'214 769'528 32'069 (276'094) 1'657'652 (2'090'000) (274'422) 434'206 (85'794) 1'963 (7'801) (242'397) (289'142) 364'600 (1'434'141) (247'169) (1'563'302) (94'405)

Target Price 105 119 124 111 112 112 100 #N/A N/A 100 105 #N/A N/A 103 105 #N/A N/A 130 104 121 129 124 108 106 116 110 100 #N/A N/A 127 95 110 #N/A N/A #N/A N/A

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

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 18 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 11.10.2012 11.10.2012 09.10.2012 09.10.2012 05.10.2012 05.10.2012 02.10.2012 02.10.2012 28.09.2012 03.08.2012 02.08.2012 16.07.2012 18.11.2011 29.03.2010

24.10.2012

Surgutneftegas OAO Surgutneftegas explores for, extracts, transports, refines, and markets oil and natural gas from fields mainly in Western Siberia. The Company operates oil and gas fields, dehydrates gas, extracts liquid hydrocarbons, and produces propane. Surgutneftegas produces fuel oil, engine fuel, and main grades of petroleum bitumen.

Price/Volume 35 30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (30.03.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SNGS RM EQUITY YTD Change SNGS RM EQUITY YTD % CHANGE

12/2011 01/yy 33.89 21.00 21'548'900.00 28.22 -16.75% 34.38% 54.79% 35'726.0 1'008'187.56 164.00 7'702.0 15.0 378'660.00 637'408.54

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

1.20

5 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Market Data

Fiscal Year Ended 31.12.2007 617'278.2 1.48x 83'180.4 13.74x

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 o-12

31.12.2008 31.12.2009 576'571.6 526'609.6 0.34x 1.06x 146'479.6 116'262.1 4.30x 8.86x Profitability

31.12.2010 621'513.0 1.40x 130'464.0 9.49x

31.12.2011 787'854.0 0.68x 237'768.0 4.09x 223'403.00 28.36% 37.73% 15.18% 15.15% 16.19% 0.50% 36.1% 28.4% 30.2% 6.86 4.42 0.01% 0.01% 7.32

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.13 1.04 35'570.70 14.71% 14.06% 1.044 16 4.250 22'130'480 33'153'730 31'146'900 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 ######### ######### 206'568.0 197'975.0 0.27x 0.24x 0.44x 0.47x 313'141.9 294'752.5 82'239.5 68'337.5 2.04x 2.16x 183'216.4 168'484.5 34'381.0 45'268.5 6.33x 6.73x S&P Issuer Ratings

0.0% 0.0% 0.50 1.36 49.87 -

Sales/Revenue/Turnover

900'000.0 800'000.0

1.00 0.80

700'000.0 600'000.0 500'000.0

0.60

400'000.0 300'000.0

0.40 0.20

200'000.0 100'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Surgutneftegas OAO Holdings By:

All

Holder Name BOGDANOV VLADIMIR LE BLACKROCK FUND ADVIS VANGUARD GROUP INC REZYAPOV ALEXANDER DEKA INTERNATIONAL S URALSIB JSC PICTET & CIE EROKHIN VLADIMIR PET SHASHKOV VLADIMIR BANK OF MOSCOW DEKA INVESTMENT GMBH LOGINOVSKAYA LYUDMIL SANPAOLO IMI ASSET M HANDELSBANKEN FONDER ANANIEV SERGEY KLINOVSKAYA TAISIYA PICTET ASSET MANAGEM BLACKROCK GROUP LIMI PIONEER INVESTMENTS FIRST TRUST ADVISORS

Firm Name Goldman Sachs Uralsib Otkritie Capital Deutsche Bank Infina Investment Company VTB Capital Nomos Bank EVA Dimensions HSBC Credit Suisse IFC Metropol Arbat Capital Renaissance Capital Aton LLC Sberbank CIB ING Wholesale Banking

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

Analyst GEYDAR MAMEDOV ALEXEI KOKIN ALEXANDER BURGANSKY PAVEL KUSHNIR ALEXANDER IVANISCHEV DMITRY LOUKASHOV DENIS BORISOV TEAM COVERAGE ILDAR KHAZIEV ZOLTAN PALFI SERGEY VAKHRAMEEV SERGEY FUNDOBNY ILDAR DAVLETSHIN SLAVA BUNKOV OLEG MAXIMOV IGOR KURINNYY

Source Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG Research MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral buy buy buy buy buy buy sell neutral neutral buy buy buy buy hold hold

Amt Held 131'221'584 91'207'092 28'857'126 8'574'239 8'465'000 7'000'000 5'890'140 4'501'476 4'108'490 3'820'100 3'250'000 2'500'820 2'073'710 1'961'134 1'929'204 1'893'478 1'851'400 1'833'920 1'783'284 1'503'824

% Out 0.37 0.26 0.08 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0

Weighting

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

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

Latest Chg 2'499'200 3'962'678 765'000 647'940 (215'700) (16'805) -

Target Price 46 34 34 45 41 36 45 #N/A N/A 32 26 38 28 44 33 24 21

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

File Dt 30.06.2012 22.10.2012 30.09.2012 30.06.2012 30.11.2011 31.05.2012 31.07.2012 30.06.2012 30.06.2012 29.06.2012 20.06.2012 30.06.2011 30.06.2011 30.09.2012 30.06.2012 30.06.2012 31.07.2012 22.10.2012 31.05.2011 23.10.2012

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

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

Date 17.10.2012 17.10.2012 08.10.2012 02.10.2012 01.10.2012 26.09.2012 17.09.2012 05.09.2012 29.08.2012 31.07.2012 18.04.2012 05.04.2012 29.03.2012 20.01.2012 29.01.2010 13.11.2009

24.10.2012

TNK-BP Holding TNK-BP Holding produces and refines oil. The Company operates in Russia and Ukraine.

Price/Volume 4

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2012) 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 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNBP RU EQUITY YTD Change TNBP RU EQUITY YTD % CHANGE

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

.4 M

.2 M

1 0 n-11

31.12.2008 31.12.2009 31'605.0 23'491.0 9'797.0 8'461.0 6'367.0 5'175.0 Profitability

LTM-4Q 31.12.2010 29'675.0 1.44x 10'063.0 4.25x 6'540.0 6.12x

31.12.2011 38'774.0 1.05x 13'598.0 3.01x 9'208.0 4.21x 13'598.00 11'617.00 29.96% 30.63% 22.81% 34.80% 1.09% 32.5% 27.2% 23.7% 2.40 1.51 4.57% 6.31% 5.36 -

Price/ Cash Flow

j-12

f-12

m-12

LTM

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

m-12

j-12

a-12

s-12

o-12

FY+1

26.72 523.39 17 4.529 174'000 32'549 17'909 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 56'210.1 56'513.7 15'113.0 15'881.0 0.60x 0.60x 13'197.5 12'808.7 3'926.0 3'588.0 2.39x 2.47x 8'640.4 8'276.3 2'359.0 2'040.0 3.64x 3.79x S&P Issuer Ratings

412.06 276.21 -0.12 0.02 6.3% 5.7% 1.09 1.89 68.22 -

Sales/Revenue/Turnover

5.00

45'000.0

4.50

40'000.0

4.00

35'000.0

3.50

30'000.0

3.00

25'000.0

2.50

20'000.0

2.00

15'000.0

1.50

10'000.0

1.00

5'000.0

0.50 0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 25'739.0 8'684.0 5'732.0 -

.6 M

12/2011 06/yy 3.46 2.05 128'000.00 2.11 -39.02% 2.93% 0.00% 14'997.0 31'643.60 1'603.00 16.0 1'229.0 717.00 31'579.60

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

TNK-BP Holding Holdings By:

All

Holder Name NOVY INVESTMENTS LTD LAZARD ASSET MANAGEM FRANKLIN RESOURCES I BNP PARIBAS ASSET MG FIDELITY MANAGEMENT SWEDBANK ROBUR FONDE INVESCO LTD CARNEGIE FONDER AB/S EAST CAPITAL ASSET M US GLOBAL INVESTORS BANCO FONDER AB SEB ASSET MANAGEMENT PARVEST INVESTMENT M NORDEA INVESTMENT FU WOORI ASSET MANAGEME ALLIANZ GLOBAL INV O SHINHAN BNP PARIBAS ALLIANZ GLOBAL INVES FIDELITY INTERNATION AMUNDI

Firm Name Societe Generale JPMorgan Nomos Bank Renaissance Capital Gazprombank VTB Capital Uralsib Otkritie Capital Deutsche Bank Infina Investment Company Veles Capital Goldman Sachs Credit Suisse RMG Securities IFC Metropol Aton LLC EVA Dimensions Sberbank CIB

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

Analyst EVGENY SOLOVYOV ANDREY GROMADIN DENIS BORISOV BRADLEY WAY ALEXANDER NAZAROV DMITRY LOUKASHOV ALEXEI KOKIN ALEXANDER BURGANSKY TATIANA KAPUSTINA ALEXANDER IVANISCHEV VASILIY TANURKOV GEYDAR MAMEDOV ZOLTAN PALFI MIKHAIL LOSHININ SERGEY VAKHRAMEEV ELENA SAVCHIK TEAM COVERAGE ALEX FAK

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

Recommendation buy overweight hold hold underweight buy buy buy buy buy buy not rated outperform buy buy buy buy buy

Amt Held 14'473'574'541 42'710'227 36'753'615 34'240'674 14'844'869 13'142'121 10'300'740 9'341'483 6'961'464 5'114'800 4'986'766 3'979'694 3'595'000 3'218'603 2'697'042 2'330'572 2'283'300 2'244'277 2'194'398 2'103'751

% Out 96.51 0.28 0.25 0.23 0.1 0.09 0.07 0.06 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg (4'291'202) 3'026'244 (4'865'447) (99'500) 150'000 800'000 3'979'694 (200'000) 437'042 584'792 (38'002) -

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

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

File Dt 31.12.2011 30.09.2012 30.06.2012 31.08.2012 31.08.2012 30.06.2012 30.06.2012 31.08.2012 30.06.2012 29.06.2012 30.06.2012 31.08.2012 31.05.2012 31.08.2012 31.03.2012 30.06.2012 31.03.2012 30.06.2012 31.03.2012 31.05.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 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 Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 24.10.2012 24.10.2012 23.10.2012 22.10.2012 22.10.2012 18.10.2012 17.10.2012 09.10.2012 02.10.2012 01.10.2012 24.08.2012 27.07.2012 24.07.2012 12.07.2012 18.04.2012 20.01.2012 13.01.2012 08.04.2011

24.10.2012

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

.1 M

350

.1 M

300 .0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT/F TB EQUITY YTD Change PTT/F TB EQUITY YTD % CHANGE

12/2010 06/yy 360.00 301.00 100.00 334 -7.22% 10.96% 55.93% 2'856.3 954'004.06 407'923.15 0.0 88'028.4 127'093.72 1'378'450.70

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

.0 M

100 .0 M

50 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 1'508'129.4 0.82x 147'713.2 8.41x 97'803.6 10.80x

.0 M

150

31.12.2008 31.12.2009 2'000'815.8 1'586'174.5 0.35x 0.64x 148'987.3 129'141.0 4.69x 7.86x 51'704.8 59'547.6 9.55x 11.68x Profitability

LTM-4Q 31.12.2010 1'898'682.2 0.64x 166'568.6 7.31x 83'992.1 10.82x

LTM

FY+1

o-12

2'856.30 0 20 2'757 2'798 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'428'164.7 ######### ######### ######### ######### 663'266.3 836'659.7 0.53x 2.38x 1.97x 0.51x 0.47x 202'571.5 189'151.4 201'934.6 227'335.7 249'543.6 54'881.0 57'990.0 6.30x 7.17x 6.67x 6.06x 5.52x 105'296.4 111'392.6 84'143.8 108'073.0 119'644.5 30'236.3 27'634.3 8.62x 8.56x 10.96x 8.87x 7.95x 8.09x 7.96x S&P Issuer Ratings 202'571.46 Long-Term Rating Date 01.11.2006 142'654.94 Long-Term Rating BBB+ 5.88% Long-Term Outlook STABLE 6.94% Short-Term Rating Date 5.90% Short-Term Rating 15.19% Credit Ratios 10.81% EBITDA/Interest Exp. 11.23 1.84% (EBITDA-Capex)/Interest Exp. 5.24 Net Debt/EBITDA 1.61 8.1% Total Debt/EBITDA 2.18 7.7% Reference 5.3% Total Debt/Equity 73.4% 4.3% Total Debt/Capital 38.8% Asset Turnover 1.84 1.14 Net Fixed Asset Turnover 4.17 0.89 Accounts receivable turnover-days 28.15 29.09% Inventory Days 7.83 73.38% Accounts Payable Turnover Day 29.52 13.00 Cash Conversion Cycle 5.40 46.76

Price/ Cash Flow

Sales/Revenue/Turnover

9.00

3'000'000.0

8.00

2'500'000.0

7.00

2'000'000.0

6.00 5.00

1'500'000.0

4.00

1'000'000.0

3.00 2.00

500'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

PTT PCL Holdings By:

All

Holder Name FRANKLIN RESOURCES I FIDELITY INTERNATION VANGUARD GROUP INC MATTHEWS INTERNATION SCHRODER INVESTMENT TEMPLETON INVESTMENT FIDELITY MANAGEMENT PICTET & CIE ALLIANCEBERNSTEIN LU BLACKROCK INVESTMENT NOMURA ASSET MANAGEM BLACKROCK GROUP LIMI JF ASSET MANAGEMENT MONTGOMERY ASSET MAN AMERIPRISE FINANCIAL FIRST STATE INVESTME AMUNDI LUXEMBOURG SA GUARDIAN CAPITAL INC STATE STREET CORP EATON VANCE MANAGEME

Firm Name

Analyst

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

Recommendation

Amt Held 78'651'401 14'753'212 10'121'289 8'719'200 5'791'914 5'226'728 5'052'087 4'976'900 4'057'600 3'586'670 3'377'100 3'276'795 3'017'300 2'413'300 2'332'330 2'212'000 1'748'339 1'580'800 1'364'127 1'280'760

% Out 2.75 0.52 0.35 0.31 0.2 0.18 0.18 0.17 0.14 0.13 0.12 0.11 0.11 0.08 0.08 0.08 0.06 0.06 0.05 0.04

Weighting

Change

Latest Chg 80'400 1'125'767 118'900 (2'841'900) (15'004) 1'343'800 (29'100) (786'100) 50'000 38'100 (534'200) (71'700) (73'900) 73'600

Target Price

#N/A N/A

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

File Dt 28.09.2012 31.03.2012 30.09.2012 29.06.2012 30.06.2012 31.03.2011 31.08.2012 31.07.2012 31.08.2012 30.06.2012 30.03.2012 22.10.2012 30.09.2011 31.08.2012 31.08.2012 29.06.2012 31.05.2012 31.05.2012 23.10.2012 31.08.2012

Date

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

Date

24.10.2012

Woodside Petroleum Ltd Woodside Petroleum Limited explores for and produces oil and gas from offshore and onshore facilities located in Western Australia and Northern Territory. The Company operates numerous oil and gas fields and pipelines throughout Australia, United States and Mauritania and its products include liquefied natural gas, domestic gas, condensate, crude oil and liquefied petroleum gas.

Price/Volume 40

8.0 M

12/2011 01/yy 38.16 30.00 2'311'058.00 34.95 -8.41% 16.50% 67.65% 823.9 28'795.68 5'102.00 0.0 611.0 41.00 35'262.57

6.0 M

4.0 M

10 2.0 M

5 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

10.0 M

30 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.02.2012) 52-Week Low (20.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPL AU EQUITY YTD Change WPL AU EQUITY YTD % CHANGE

31.12.2007 3'221.4 9.18x 2'359.2 12.53x 863.9 26.66x

12.0 M

31.12.2008 31.12.2009 5'103.3 3'487.0 4.75x 10.26x 3'818.5 2'482.0 6.35x 14.42x 1'521.6 1'474.0 14.06x 20.18x Profitability

31.12.2010 4'193.0 9.20x 2'887.0 13.37x 1'575.0 21.34x

31.12.2011 4'802.0 6.44x 2'755.0 11.23x 1'507.0 16.53x 2'755.00 2'091.00 43.54% 45.52% 6.53% 11.70% 8.26% 0.23% 65.5% 57.5% 41.6% 31.4% 0.42 0.16 22.44% 40.31% 9.19 13.33

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-12

3.32 1.13 633.52 2.01 4.28% 17.79% 1.129 16 3.625 3'200'076 2'665'914 2'482'248 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/11 Q3 12/11 Q4 6'022.8 6'442.5 5.50x 5.04x 4'331.7 4'569.4 8.14x 7.72x 2'253.1 2'207.3 13.38x 13.65x S&P Issuer Ratings

03.12.2010 BBB+ STABLE 25.04.2001 NR 102.04 -30.70 1.62 1.82 40.3% 27.8% 0.23 0.28 39.81 27.46 162.12 -3.70

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Woodside Petroleum Ltd Holdings By:

All

Holder Name SHELL ENERGY HOLDING VANGUARD GROUP INC CARMIGNAC GESTION BLACKROCK FUND ADVIS DEUTSCHE BANK AG BANK OF NEW YORK MEL CAPITAL RESEARCH GLO ONTARIO TEACHERS PEN FRANKLIN RESOURCES I VANGUARD INVESTMENTS AUSTRALIAN FOUNDATIO STATE FARM MUTUAL AU FIDELITY MANAGEMENT ARGO INVESTMENTS LTD MACQUARIE INVESTMENT CREDIT SUISSE ASSET DJERRIWARRH INVESTME INVESCO LTD MELLON GLOBAL MANAGE EARNEST PARTNERS LLC

Firm Name Macquarie Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Sanford C. Bernstein & Co Commonwealth Bank Bell Potter RBS EVA Dimensions Nomura Hartleys Intersuisse Ltd

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios STATE FARM MUTUAL AU Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios EARNEST PARTNERS LLC

Analyst ADRIAN WOOD JOHN HIRJEE STUART BAKER MARK WISEMAN ANDREW WILLIAMS PAUL MCTAGGART BENJAMIN X. WILSON NEIL BEVERIDGE LUKE SMITH JOHAN HEDSTROM STUART NIELSEN TEAM COVERAGE RICHARD J JOHNSON DAVID WALL NICK WIRUBOV

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

Recommendation neutral buy Overwt/Attractive neutral/neutral underperform neutral overweight market perform buy buy hold sell suspended coverage buy buy

Amt Held 190'119'364 10'276'255 7'400'153 6'198'987 5'950'709 3'955'302 3'453'472 3'400'000 3'230'216 3'205'741 2'711'000 2'580'656 2'577'051 1'700'873 1'625'502 1'026'542 948'000 836'021 754'654 616'768

% Out 23.08 1.25 0.9 0.75 0.72 0.48 0.42 0.41 0.39 0.39 0.33 0.31 0.31 0.21 0.2 0.12 0.12 0.1 0.09 0.07

Weighting

Change

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

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

Latest Chg 402'371 2'751 36'277 30'233 (1'765'372) 3'000'000 (210'665) 121'627 624'441 2'650 (741) 6'654 84'223

Target Price 38 40 42 40 36 38 43 41 42 45 41 #N/A N/A #N/A N/A 55 51

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

File Dt 04.04.2012 30.06.2012 29.06.2012 22.10.2012 31.08.2012 23.10.2012 30.09.2012 31.12.2011 28.09.2012 29.06.2012 30.06.2011 30.06.2012 31.08.2012 30.06.2011 31.08.2011 31.08.2012 30.06.2011 23.10.2012 31.08.2012 30.06.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Mutual Fund Manager Investment Advisor Insurance Company Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor

Date 19.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 22.08.2012 20.08.2012 29.04.2012 23.03.2012 10.11.2010

24.10.2012

EOG Resources Inc EOG Resources, Inc. explores for, develops, produces and markets natural gas and crude oil. The Company operates in major producing basins in the United States, Canada, Trinidad, the United Kingdom North Sea, China and, from time to time, select other international areas.

Price/Volume 140

9.0 M

120

8.0 M 7.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.02.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EOG US EQUITY YTD Change EOG US EQUITY YTD % CHANGE

12/2011 06/yy 119.97 82.48 2'000'451.00 110.16 -8.18% 33.56% 73.83% 270.0 29'745.79 5'009.17 0.0 0.0 615.73 34'477.31

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

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 4'221.8 5.48x 2'696.5 8.58x 1'089.9 20.66x

6.0 M

31.12.2008 31.12.2009 6'249.9 5'084.2 2.91x 5.25x 4'216.8 2'817.2 4.31x 9.47x 2'436.9 546.6 8.89x 32.43x Profitability

LTM-4Q 31.12.2010 5'797.9 4.77x 2'756.0 10.04x 160.7 78.80x

31.12.2011 9'154.7 3.37x 4'689.3 6.59x 1'091.1 25.99x 4'689.29 2'172.91 23.74% 20.86% 5.53% 10.86% 8.45% 0.42% 52.2% 50.0% 22.5% 11.9% 1.29 0.82 20.17% 39.63% 7.95 8.54

Price/ Cash Flow

LTM

06/yy 7'225.1 16.90x 3'313.8 9.57x 412.3 44.87x

06/yy 10'553.2 11.14x 5'272.9 5.51x 1'381.4 20.96x

FY+1

.0 M o-12

0.60 1.23 267.27 3.86 21.74% 12.56% 1.229 36 4.417 1'578'774 1'552'363 1'756'993 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 10'219.7 11'385.5 2'529.7 2'614.3 3.42x 3.18x 13.72x 13.70x 5'862.1 6'608.2 1'450.5 1'501.3 5.88x 5.22x 5.75x 5.59x 1'253.4 1'508.1 266.1 314.9 23.39x 20.03x 23.37x 22.14x S&P Issuer Ratings

12.04.2007 ASTABLE 04.11.1999 A-2 17.49 -8.44 0.90 0.95 39.6% 28.4% 0.42 0.49 46.04 42.87 149.28 -54.99

Sales/Revenue/Turnover

12.00

10'000.0 9'000.0

10.00

8'000.0 7'000.0

8.00

6'000.0

6.00

5'000.0 4'000.0

4.00

3'000.0 2'000.0

2.00 0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

EOG Resources Inc Holdings By:

All

Holder Name CAPITAL RESEARCH GLO VANGUARD GROUP INC BANK OF NEW YORK MEL STATE STREET CORP T ROWE PRICE ASSOCIA JP MORGAN CHASE & CO FIDELITY MANAGEMENT ABERDEEN ASSET MANAG BLACKROCK INSTITUTIO DAVIS SELECTED ADVIS CAPITAL WORLD INVEST DELAWARE MANAGEMENT MASSACHUSETTS FINANC WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT NEUBERGER BERMAN LLC BROWN BROTHERS HARRI ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO AMERIPRISE FINANCIAL

Firm Name FBR Capital Markets Susquehanna Financial Group Credit Suisse Sanford C. Bernstein & Co Macquarie Alembic Global Advisors US Capital Advisors Jefferies Robert W. Baird & Co Johnson Rice & Co Stifel Nicolaus Oppenheimer & Co Deutsche Bank Wunderlich Securities Wells Fargo Securities, LLC Goldman Sachs Tudor Pickering & Co RBC Capital Markets Edward Jones Raymond James Simmons & Company International Canaccord Genuity Corp Howard Weil Inc Capital One Southcoast, Inc. Societe Generale Barclays JPMorgan Guggenheim Securities LLC Miller Tabak + Co., LLC S&P Capital IQ Peters & Co Ltd Brean Murray Carret & Co EVA Dimensions Finncap

Portfolio Name CAPITAL RESEARCH GLO VANGUARD GROUP INC BANK OF NEW YORK MEL STATE STREET CORPORA T ROWE PRICE ASSOCIA JP MORGAN CHASE & CO FIDELITY MANAGEMENT ABERDEEN ASSET MANAG BLACKROCK INSTITUTIO DAVIS SELECTED ADVIS CAPITAL WORLD INVEST DELAWARE MANAGEMENT MASSACHUSETTS FINANC WELLINGTON MANAGEMEN PRIMECAP MANAGEMENT NEUBERGER BERMAN GRO BROWN BROTHERS HARRI ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO AMERIPRISE FINANCIAL

Analyst REHAN RASHID DUANE GRUBERT ARUN JAYARAM BOB BRACKETT JOSEPH MAGNER JAMES J SULLIVAN CAMERON HORWITZ BIJU Z PERINCHERIL HSULIN PENG CHARLES MEADE AMIR ARIF FADEL GHEIT STEPHEN RICHARDSON IRENE O HAAS DAVID R TAMERON BRIAN SINGER BRIAN LIVELY LEO P MARIANI BRIAN YOUNGBERG ANDREW COLEMAN PEARCE W HAMMOND JOHN J GERDES PETER KISSEL MARSHALL H CARVER VI JOHN HERRLIN THOMAS R DRISCOLL JOSEPH D ALLMAN ROBERT CORDRAY ADAM MICHAEL MICHAEL KAY KAM S SANDHAR RAYMOND DEACON TEAM COVERAGE WILLIAM ARNSTEIN

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

Recommendation outperform neutral neutral outperform neutral overweight buy buy neutral overweight hold outperform buy buy outperform buy/attractive accumulate outperform buy outperform overweight buy market outperform add hold overweight overweight neutral buy buy sector outperform buy hold corporate

Amt Held 23'883'968 13'658'909 11'062'138 11'034'024 9'732'782 7'337'473 7'267'895 7'026'487 7'005'567 6'631'572 6'227'837 6'205'370 4'144'355 3'966'181 3'788'877 3'728'397 3'631'201 3'607'524 3'359'038 3'175'313

% Out 8.85 5.06 4.1 4.09 3.6 2.72 2.69 2.6 2.59 2.46 2.31 2.3 1.53 1.47 1.4 1.38 1.34 1.34 1.24 1.18

Weighting

Change

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

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

Latest Chg 2'103'768 529'619 213'017 274'819 (1'513'068) 2'410'237 (486'856) 329'601 438'535 (6'173'222) 1'500'000 77'961 1'324'445 (1'026'300) (2'198'912) (1'243'914) 638'709 (519'000) 387'663 (39'520)

Target Price 140 104 115 127 122 122 149 135 126 #N/A N/A #N/A N/A 130 135 128 #N/A N/A 142 120 137 #N/A N/A 130 127 158 125 134 117 139 143 104 124 131 130 137 #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 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 18 month 12 month 18 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 24.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 16.10.2012 16.10.2012 15.10.2012 10.10.2012 09.10.2012 05.10.2012 05.10.2012 02.10.2012 20.09.2012 12.09.2012 28.08.2012 03.08.2012 11.05.2012 07.03.2012 21.10.2011

24.10.2012

Price/Volume 400

18.0 M

350

16.0 M

300

14.0 M 12.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (25.10.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT TB EQUITY YTD Change PTT TB EQUITY YTD % CHANGE

12/2011 06/yy 369.00 289.00 2'761'800.00 314 -14.91% 8.65% 37.50% 2'856.3 896'878.06 407'923.15 0.0 88'028.4 127'093.72 1'321'324.71

31.12.2007 1'508'129.4 0.82x 147'713.2 8.41x 97'803.6 10.80x

8.0 M

150

6.0 M

100

4.0 M

2.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

10.0 M

200

31.12.2008 31.12.2009 2'000'815.8 1'586'174.5 0.35x 0.64x 148'987.3 129'141.0 4.69x 7.86x 51'704.8 59'547.6 9.55x 11.68x Profitability

LTM-4Q 31.12.2010 1'898'682.2 0.64x 166'568.6 7.31x 83'992.1 10.82x

LTM

FY+1

1.18 1'248.39 14.43% 2.19% 1.184 32 4.531 3'351'820 4'146'220 3'517'060 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'428'164.7 ######### ######### ######### ######### 663'266.3 836'659.7 0.53x 2.38x 1.97x 0.48x 0.45x 202'571.5 189'151.4 201'934.6 227'335.7 249'543.6 54'881.0 57'990.0 6.30x 7.17x 6.67x 5.81x 5.29x 105'296.4 111'392.6 84'143.8 108'073.0 119'644.5 30'236.3 27'634.3 8.62x 8.56x 10.96x 8.34x 7.48x 7.61x 7.48x S&P Issuer Ratings 202'571.46 Long-Term Rating Date 01.11.2006 142'654.94 Long-Term Rating BBB+ 5.88% Long-Term Outlook STABLE 6.94% Short-Term Rating Date 5.90% Short-Term Rating 15.19% Credit Ratios 10.81% EBITDA/Interest Exp. 11.23 1.84% (EBITDA-Capex)/Interest Exp. 5.24 Net Debt/EBITDA 1.61 8.1% Total Debt/EBITDA 2.18 7.7% Reference 5.3% Total Debt/Equity 73.4% 4.3% Total Debt/Capital 38.8% Asset Turnover 1.84 1.14 Net Fixed Asset Turnover 4.17 0.89 Accounts receivable turnover-days 28.15 29.09% Inventory Days 7.83 73.38% Accounts Payable Turnover Day 29.52 13.00 Cash Conversion Cycle 5.40 46.76

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

PTT PCL Holdings By:

All

Holder Name FINANCE MINISTRY VAYUPAK FUND I THAI NVDR CO LTD STATE STREET BANK AN VANGUARD GROUP INC STATE STREET BANK EU SOCIAL SECURITY OFFI GOVT OF SINGAPORE IN BANK OF NEW YORK MEL TMB ASSET MANAGEMENT FIDELITY MANAGEMENT THRIVENT FINANCIAL F SANFORD C BERNSTEIN MORGAN STANLEY THREADNEEDLE ASSET M ALLIANCEBERNSTEIN LP SEB FONDFORVALTNING DAIWA SB INVESTMENTS ING INVESTMENT MANAG RE ADVISERS CORPORAT

Firm Name KT Zmico Securities Kasikorn Securities Goldman Sachs KTB Securities Thailand Co Ltd Credit Suisse Bualuang Securities BNP Paribas Equity Research Morgan Stanley Asia Plus Securities SCB Securities Co. Ltd. Macquarie EVA Dimensions Kim Eng Securities HSBC UOB Kay Hian Daiwa Securities Co. Ltd. OSK (Asia) Securities Deutsche Bank CIMB Trinity Securities JPMorgan Phillip Securities DBS Vickers Krungsri Securities Globlex Securities Co Ltd Thanachart Securities PCL KGI Securities Country Group Securities PCL Finansia Syrus Securities PCL Nomura

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 #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

PATCHARIN KARSEMARNUNTANA buy SIRINATTHA TECHASIRIWAN outperform PATRICK TIAH neutral/neutral PARIN KITCHATORNPITAK buy PAWORAMON SUVARNATEMEE neutral THANATTHEP CHANTARAKARN buy TANAPORN VISARUTHAPHONG buy MAYANK MAHESHWARI Equalwt/In-Line NALINRAT KITTIKUMPOLRAT buy CHAIPAT THANAWATTANO buy TREVOR BUCHINSKI outperform TEAM COVERAGE buy SUTTHICHAI KUMWORACHAI buy THOMAS C HILBOLDT underweight CHAIWAT ARSIRAWICHAI buy ADRIAN LOH outperform KANNIKA SIAMWALLA trading buy THAPANA PHANICH restricted SUWAT SINSADOK outperform VAJIRALUX SANGLERDSILLAPACHAI buy AVIN SONY overweight PREEYANUN TRIPETCHCHUPORN accumulate NAPHAT CHANTARASEREKUL buy CHARNVUT TAECHA-AMORNTANAKIJ buy ARTIT JANSAWANG buy SUPANNA SUWANKIRD hold PIYATHIDA VONGVIVATHCHAI outperform MONGKOL PUANGPETRA buy SONGKLOD WONGCHAI buy STEWART CALLAGHAN suspended coverage

Amt Held 1'459'885'575 435'800'000 104'844'600 34'240'032 25'578'036 24'886'102 24'019'200 17'812'200 15'813'217 6'901'600 3'408'800 1'667'350 963'400 893'600 791'400 717'300 497'500 406'700 390'600 331'750

% Out 51.11 15.26 3.67 1.2 0.9 0.87 0.84 0.62 0.55 0.24 0.12 0.06 0.03 0.03 0.03 0.03 0.02 0.01 0.01 0.01

Weighting

Change

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

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

Latest Chg 389'000 (94'800) (257'400) 28'950 (52'800) (8'100) 148'600 35'200 (13'950)

Target Price 409 389 340 420 344 400 416 372 390 380 389 #N/A N/A 392 321 405 380 378 #N/A N/A 453 383 430 396 374 350 380 325 420 442 395 #N/A N/A

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

File Dt Inst Type 10.09.2012 Government 10.09.2012 Investment Advisor 10.09.2012 Corporation 10.09.2012 Bank 30.06.2012 Investment Advisor 10.09.2012 n/a 10.09.2012 Unclassified 10.09.2012 Government 10.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 07.03.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 24.10.2012 22.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 08.10.2012 02.10.2012 02.10.2012 28.09.2012 25.09.2012 25.09.2012 20.09.2012 17.09.2012 06.09.2012 03.09.2012 03.09.2012 27.08.2012 27.08.2012 27.08.2012 21.08.2012 21.08.2012 14.08.2012 06.08.2012 03.08.2012 17.07.2012 15.05.2012 30.04.2012 24.01.2012 11.09.2011

24.10.2012

Price/Volume 14

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2011 06/yy 11.92 8.85 85'496'937.00 10.68 -10.40% 20.68% 68.08% 21'098.9 2'000'909.63 318'002.00 0.0 79'801.0 61'590.00 2'047'145.60

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

150.0 M

100.0 M

4 50.0 M

2 0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

.0 M o-12

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

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

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

LTM

FY+1

3.68 1.01 20'807.38 14.06% 15.01% 1.006 36 3.667 79'141'470 68'453'590 67'823'200 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'003'843.0 ######### ######### ######### ######### 527'358.0 557'466.0 0.88x 5.01x 3.89x 1.00x 0.95x 323'368.0 167'207.0 243'216.0 347'114.4 380'820.7 5.48x 0.00x 0.00x 5.90x 5.38x 132'961.0 140'667.0 129'012.0 136'464.9 150'194.4 26'250.3 10.74x 12.30x 11.62x 11.51x 10.42x S&P Issuer Ratings 323'368.00 Long-Term Rating Date 185'295.00 Long-Term Rating 9.25% Long-Term Outlook 9.19% Short-Term Rating Date 6.68% Short-Term Rating 12.80% Credit Ratios 10.29% EBITDA/Interest Exp. 1.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 15.5% Reference 8.5% Total Debt/Equity 6.6% Total Debt/Capital Asset Turnover 0.68 Net Fixed Asset Turnover 0.23 Accounts receivable turnover-days 16.58% Inventory Days 31.71% Accounts Payable Turnover Day 28.58 Cash Conversion Cycle -

Price/ Cash Flow

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

Sales/Revenue/Turnover

9.00

2'500'000.0

8.00

2'000'000.0

7.00 6.00

1'500'000.0

5.00 4.00

1'000'000.0

3.00

500'000.0

2.00 1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

PetroChina Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held % Out 1'711'231'963 8.11 1'270'171'357 6.02 1'247'208'386 5.91 1'177'565'718 5.58 882'744'136 4.18 452'090'000 2.14 350'420'000 1.66 291'518'000 1.38 (202'404'340) -0.96 185'522'740 0.88 140'542'355 0.67 127'764'965 0.61 90'866'000 0.43 79'168'272 0.38 74'010'000 0.35 67'291'243 0.32 64'988'243 0.31 64'738'000 0.31 63'680'335 0.3 48'194'378 0.23

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

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

Latest Chg 54'894'896 16'610'075 8'582'000 (53'778'896) (2'561'341) 26'589'155 502'000 3'594'000 896'000 9'270'000 (15'002'000) 22'852'243 5'048'000 (1'184'000)

Target Price 11 11 13 10 11 12 16 11 10 13 11 9 #N/A N/A 10 9 10 11 11 13 9 9 9 11 12 11 13 11 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A 10 10 11 #N/A N/A

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

File Dt Inst Type 08.08.2012 Investment Advisor 31.12.2011 Investment Advisor 09.10.2012 Investment Advisor 13.09.2012 Investment Advisor 30.09.2012 Investment Advisor 22.10.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Government 13.09.2012 Investment Advisor 31.12.2011 Investment Advisor 29.02.2012 Investment Advisor 22.10.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 23.10.2012 Investment Advisor

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

Date 24.10.2012 22.10.2012 22.10.2012 22.10.2012 17.10.2012 17.10.2012 16.10.2012 15.10.2012 09.10.2012 03.10.2012 02.10.2012 27.09.2012 10.09.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 14.08.2012 15.06.2012 31.05.2012 02.05.2012 27.04.2012 22.11.2011 01.11.2011 28.10.2011 30.08.2011 20.07.2009

24.10.2012

Phillips 66 Phillips 66 is a downstream energy company. The Company's operations include oil refining, marketing and transportation. Phillips 66's operations also include chemical manufacturing and power generation.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (08.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSX US EQUITY YTD Change PSX US EQUITY YTD % CHANGE

12/2011 06/yy 48.22 28.75 4'079'469.00 44.92 -6.84% 56.24% 83.05% 626.9 28'161.37 391.00 0.0 29.0 33'074.37

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

31.12.2008 -

Profitability

31.12.2009 112'692.0 503.0 476.0 -

31.12.2011 196'088.0 3'034.0 4'775.0 -

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M m-12

j-12

a-12

s-12

o-12

3'034.00 2'126.00 1.08% 3.38% 4.1% 2.4% 1.13 0.67 0.90% 1.68% -

LTM

FY+1

626.92 8.33 19 4.316 3'349'549 4'346'668 4'074'355 FY+2

FQ+1

FQ+2

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 92'530.0 189'621.2 163'676.3 51'786.0 40'929.5 0.28x 0.17x 0.19x 0.48x 0.61x 1'675.0 8'015.6 6'850.4 2'700.4 1'581.0 0.00x 4.13x 4.83x 4.30x 4.72x 1'817.0 4'379.1 3'565.3 1'406.9 792.1 0.00x 6.26x 7.57x 6.75x 7.61x S&P Issuer Ratings Long-Term Rating Date 01.03.2012 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date 01.03.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. 178.47 (EBITDA-Capex)/Interest Exp. 118.35 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 1.7% Total Debt/Capital 1.7% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 3.61 Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

14.0 M

LTM-4Q 31.12.2010 146'561.0 279.0 735.0 -

1.20

0.80

16.0 M

Fiscal Year Ended 31.12.2007

50 45 40 35 30 25 20 15 10 5 0 a-12

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Phillips 66 Holdings By:

All

Holder Name VANGUARD GROUP INC BERKSHIRE HATHAWAY I STATE STREET CORP BARROW HANLEY MEWHIN BLACKROCK INSTITUTIO WADDELL & REED FINAN CAPITAL WORLD INVEST BLACKROCK ADVISERS BANK OF NEW YORK MEL NORTHERN TRUST CORPO INSTITUTIONAL CAPITA NFJ INVESTMENT GROUP FIDELITY MANAGEMENT WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV FRANKLIN RESOURCES I LSV ASSET MANAGEMENT

Firm Name Deutsche Bank Morgan Stanley Oppenheimer & Co Wells Fargo Securities, LLC Goldman Sachs ISI Group Barclays Credit Suisse JPMorgan Howard Weil Inc Raymond James Argus Research Corp Edward Jones Simmons & Company International S&P Capital IQ EVA Dimensions

Portfolio Name VANGUARD GROUP INC BERKSHIRE HATHAWAY I STATE STREET CORPORA BARROW HANLEY MEWHIN BLACKROCK INSTITUTIO WADDELL & REED FINAN CAPITAL WORLD INVEST BLACKROCK ADVISORS L BANK OF NEW YORK MEL NORTHERN TRUST CORPO INSTITUTIONAL CAPITA NFJ INVESTMENT GROUP FIDELITY MANAGEMENT WELLINGTON MANAGEMEN T ROWE PRICE ASSOCIA BLACKROCK GROUP LIMI BLACKROCK FUND ADVIS DIMENSIONAL FUND ADV FRANKLIN ADVISERS IN LSV ASSET MANAGEMENT

Analyst PAUL SANKEY J EVAN CALIO FADEL GHEIT ROGER D READ ARJUN N MURTI DOUGLAS T TERRESON PAUL Y CHENG EDWARD WESTLAKE KATHERINE LUCAS MINYARD BLAKE FERNANDEZ CORY J GARCIA PHILIP H WEISS BRIAN YOUNGBERG JEFFREY A DIETERT TANJILA SHAFI TEAM COVERAGE

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

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

Amt Held 27'355'955 27'163'918 25'720'116 19'157'299 17'943'343 12'279'602 11'345'000 8'723'348 8'487'026 8'296'656 7'940'598 7'741'425 7'382'450 6'325'286 6'122'973 6'082'919 5'588'938 5'574'030 5'190'530 4'745'410

% Out 4.36 4.33 4.1 3.06 2.86 1.96 1.81 1.39 1.35 1.32 1.27 1.23 1.18 1.01 0.98 0.97 0.89 0.89 0.83 0.76

Weighting

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

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

Latest Chg 27'355'955 27'163'918 25'720'116 19'157'299 17'943'343 12'279'602 11'345'000 8'723'348 813'030 8'296'656 7'940'598 7'741'425 7'382'450 6'325'286 6'122'973 6'082'919 5'588'938 5'574'030 5'190'530 4'745'410

Target Price 50 67 55 #N/A N/A 56 50 63 53 59 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 45 #N/A N/A

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

Date 12 month 12 month 18 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.10.2012 22.10.2012 19.10.2012 18.10.2012 17.10.2012 17.10.2012 15.10.2012 12.10.2012 12.10.2012 09.10.2012 09.10.2012 08.10.2012 03.10.2012 13.09.2012 01.08.2012 17.05.2012

24.10.2012

Formosa Petrochemical Corp Formosa Petrochemical Corp. refines crude oil and markets petroleum and petrochemical products. The Company operates refineries and naphtha cracking plants that provide products such as gasoline, diesel, jet fuel, fuel oil, naphtha, ethylene, and liquefied petroleum gas. FPCC also owns three utility centers and generates electricity. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2011) 52-Week Low (08.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6505 TT EQUITY YTD Change 6505 TT EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 99.50 77.50 1'296'124.00 82.5 -17.09% 6.45% 24.55% 9'526.0 785'891.69 190'384.79 0.0 0.0 51'692.63 939'964.67

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

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 699'314.9 1.45x 95'823.4 10.60x 69'610.8 12.88x

120

31.12.2008 31.12.2009 875'573.0 634'232.4 0.94x 1.48x 51'748.2 78'207.7 15.90x 12.00x 15'193.3 39'192.3 41.34x 17.89x Profitability

LTM-4Q 31.12.2010 747'307.0 1.43x 67'677.0 15.81x 40'923.3 23.00x

31.12.2011 798'533.7 1.29x 46'346.6 22.27x 22'498.7 39.75x 46'346.64 20'870.69 2.61% 3.09% -3.04% -6.28% 1.80% 3.8% 0.7% -2.3% 2.8% 2.52 1.24 41.23% 85.30% 13.59 8.81

Price/ Cash Flow

LTM

FY+1

.0 M o-12

0.94 1'033.68 16.15 -8.13% -9.89% 0.940 22 1.864 1'107'741 1'562'528 1'738'706 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 774'528.0 796'483.6 864'043.5 893'850.6 216'640.2 215'680.2 5.27x 4.89x 1.10x 1.04x 70'965.6 5'714.6 37'331.9 57'872.8 11'936.5 11'878.0 15.18x 161.82x 25.18x 16.24x 19.49x 18.81x 46'898.4 (13'504.2) 9'956.7 30'706.6 8'539.2 6'877.2 20.50x 0.00x 79.79x 25.32x 27.31x 27.64x 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. 16.28 (EBITDA-Capex)/Interest Exp. 15.00 Net Debt/EBITDA 26.96 Total Debt/EBITDA 32.54 Reference Total Debt/Equity 85.3% Total Debt/Capital 46.0% Asset Turnover 1.80 Net Fixed Asset Turnover 4.25 Accounts receivable turnover-days 26.93 Inventory Days 41.55 Accounts Payable Turnover Day 7.19 Cash Conversion Cycle 65.20 Sales/Revenue/Turnover

350.00

1'000'000.0 900'000.0

300.00

800'000.0

250.00

700'000.0 600'000.0

200.00

500'000.0 400'000.0

150.00

300'000.0

100.00

200'000.0 50.00 0.00 03.01.2009

100'000.0 0.0 03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Formosa Petrochemical Corp Holdings By:

All

Holder Name FORMOSA PLASTICS COR FORMOSA CHEMICALS & NAN YA PLASTICS CORP CHANG GUNG MEDICAL F FORMOSA TAFFETA CO L SINGAPORE PRIVATE CO CHUANG SHIH CAPITAL PAO ERH ENERGY CO AC VANGUARD GROUP INC CENTRAL CAPITAL MANA YA TAI PHOTOELECTRIC BANK OF NEW YORK MEL BLACKROCK FUND ADVIS POLARIS SEC INVESTME HSBC ASSET MANAGEMEN FIDELITY INTERNATION BLACKROCK GROUP LIMI PRUDENTIAL FINANCIAL SCHRODER INVESTMENT EATON VANCE MANAGEME

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 Multiple Portfolios Multiple Portfolios

Analyst

Jih Sun Securities LIBAO WAN BNP Paribas Equity Research POR YONG LIANG SinoPac ALVIN LIAO Barclays SIDNEY YEH Credit Suisse JEREMY CHEN Fubon Securities KERRY WU President Capital Management TOM HUNG Nomura DAVID WANG KGI Securities AARON LIU Mega Securities YOU JIAN-HENG EVA Dimensions TEAM COVERAGE Goldman Sachs TOMMY WONG Macquarie CORINNE JIAN Yuanta Securities Investment ConsultingTEAM COVERAGE E Sun Securities HONG CLIFF Mizuho Securities ANDREW S F CHAN Deutsche Bank ALDEN LIN Morgan Stanley LILY CHEN Capital Securities Corp TEAM COVERAGE JPMorgan SAMUEL SW LEE Grand Cathay Securities Co JUN LIAO

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

Recommendation neutral reduce sell underweight underperform reduce neutral reduce neutral neutral sell neutral/neutral underperform Under Review buy underperform sell Underwt/In-Line neutral Rating Suspended underperform

Amt Held 2'791'897'010 2'371'706'801 2'271'006'014 471'161'791 365'267'576 67'543'170 57'210'690 48'157'064 47'669'661 46'991'790 45'901'634 20'057'000 19'265'950 18'782'000 3'376'000 3'095'621 2'938'013 2'699'000 2'237'000 1'674'473

% Out 29.31 24.9 23.84 4.95 3.83 0.71 0.6 0.51 0.5 0.49 0.48 0.21 0.2 0.2 0.04 0.03 0.03 0.03 0.02 0.02

Weighting

Change

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

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

Latest Chg 1'273'000 56'000 (890'000) (867'000) 2'387'948 (80'000) 1'351'000 (556'000) 107'000

Target Price #N/A N/A 70 73 72 72 74 81 66 86 80 #N/A N/A 78 65 #N/A N/A #N/A N/A 68 66 71 93 #N/A N/A 66

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

File Dt Inst Type 31.07.2012 Corporation 31.07.2012 Corporation 31.07.2012 Corporation 31.07.2012 n/a 16.04.2012 Corporation 16.04.2012 n/a 16.04.2012 n/a 16.04.2012 n/a 30.09.2012 Investment Advisor 16.04.2012 n/a 16.04.2012 n/a 22.10.2012 Investment Advisor 22.10.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.10.2011 Investment Advisor 22.10.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 22.10.2012 19.10.2012 19.10.2012 11.10.2012 08.10.2012 05.10.2012 05.10.2012 04.10.2012 15.09.2012 14.09.2012 06.09.2012 04.09.2012 04.09.2012 27.08.2012 16.08.2012 12.07.2012 09.07.2012 09.07.2012 04.07.2012 10.05.2012 21.05.2010

24.10.2012

Husky Energy Inc Husky Energy Inc. is involved in the exploration, development, and production of crude oil and natural gas in Canada and in international areas. The Company also conducts upgrading operations, pipeline operations, commodity trading, and energy infrastructure projects. In addition, Husky manufactures and markets refined products and operates a retail network.

Price/Volume

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSE CN EQUITY YTD Change HSE CN EQUITY YTD % CHANGE

12/2011 06/yy 28.33 22.03 1'139'954.00 26.73 -5.65% 21.33% 74.60% 982.0 26'249.12 3'504.00 291.0 0.0 1'841.00 28'470.12

3.0 M

2.0 M

1.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

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

7.0 M

25 20

Valuation Analysis

31.12.2007 15'518.0 2.61x 5'915.0 6.84x 3'214.0 13.68x

31.12.2008 31.12.2009 24'701.0 15'074.0 1.10x 1.88x 6'744.0 3'943.0 4.04x 7.20x 3'751.0 1'416.0 6.19x 20.19x Profitability

LTM-4Q 31.12.2010 17'107.0 1.61x 3'504.0 7.87x 947.0 25.29x

31.12.2011 23'364.0 1.09x 5'873.0 4.34x 2'224.0 10.14x 5'873.00 3'354.00 14.36% 13.44% 6.20% 11.11% 10.04% 0.75% 78.4% 23.4% 12.5% 9.5% 1.61 0.91 10.81% 20.04% 18.16 2.86

Price/ Cash Flow

LTM

06/yy 19'086.0 5.79x 4'870.0 5.54x 1'695.0 14.05x

06/yy 23'444.0 4.37x 5'481.0 4.93x 1'951.0 12.54x

FY+1

4.49 1.02 297.10 32.28 10.50% 12.82% 1.021 18 2.778 1'325'167 1'686'528 1'603'726 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 23'409.1 23'119.4 6'351.8 6'355.8 1.24x 1.31x 4.51x 4.53x 5'154.7 5'369.0 1'178.5 1'315.5 5.52x 5.30x 5.63x 5.38x 1'742.6 1'779.8 445.3 479.0 14.32x 14.35x 15.00x 13.43x S&P Issuer Ratings

27.07.2006 BBB+ STABLE 14.83 2.71 0.35 0.73 20.0% 16.5% 0.75 0.97 20.15 128.03 169.25 157.23

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0 6.00

10'000.0 4.00

5'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Husky Energy Inc Holdings By:

All

Holder Name KA-SHING LI HUTCHISON WHAMPOA LT IG INVESTMENT MANAGE RBC GLOBAL ASSET MAN CAPITAL RESEARCH GLO CAPITAL WORLD INVEST BLACKROCK FUND ADVIS IA CLARINGTON INVEST BANK OF NEW YORK MEL FRANKLIN RESOURCES I MD MANAGEMENT LTD RBC PH&N INV COUNSEL TD ASSET MANAGEMENT MANULIFE ASSET MANAG VANGUARD GROUP INC THORNBURG INVESTMENT CLARINGTON CAPITAL M CIBC GLOBAL ASSET MA NATCAN INVESTMENT MA CI INVESTMENTS INC

Firm Name JPMorgan Canaccord Genuity Corp CIBC World Markets Macquarie Goldman Sachs BMO Capital Markets RBC Capital Markets Credit Suisse Barclays Edward Jones Peters & Co Ltd FirstEnergy Capital Corp TD Securities Veritas Investment Research Co Scotia Capital EVA Dimensions

Analyst KATHERINE LUCAS MINYARD PHILIP R SKOLNICK ANDREW POTTER CHRIS FELTIN ARJUN N MURTI RANDY J OLLENBERGER GREG M PARDY BRIAN C DUTTON PAUL Y CHENG LANNY PENDILL KAM S SANDHAR MICHAEL P DUNN MENNO HULSHOF SAM LA BELL MARK POLAK TEAM COVERAGE

Source SEDI SEDI MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral sell sector perform neutral sell/attractive market perform sector perform neutral equalweight hold sector perform market perform hold sell sector perform buy

Amt Held 349'869'015 334'141'932 23'431'996 15'465'291 10'477'800 10'438'450 7'494'587 5'167'000 3'499'550 3'441'862 3'224'650 2'255'370 2'213'385 2'117'048 1'926'632 1'771'700 1'770'050 1'533'947 975'315 740'150

% Out 35.63 34.03 2.39 1.57 1.07 1.06 0.76 0.53 0.36 0.35 0.33 0.23 0.23 0.22 0.2 0.18 0.18 0.16 0.1 0.08

Weighting

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

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

Latest Chg 4'227'003 4'036'993 (1'375'690) (62'198) 576'800 (7'766) 22'500 22'669 (93'609) (688'500) (262'496) (1'068'051) 993'834 (1'654'107) (511'058) (60'500) 4'000

Target Price 30 26 29 28 23 30 31 31 28 #N/A N/A 28 27 28 25 30 #N/A N/A

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

File Dt Inst Type 06.07.2012 n/a 06.07.2012 Corporation 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 22.10.2012 Investment Advisor 31.03.2012 Investment Advisor 23.10.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2011 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

Date 12 month 12 month 18 month 12 month 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Date 23.10.2012 22.10.2012 19.10.2012 18.10.2012 17.10.2012 16.10.2012 16.10.2012 12.10.2012 05.10.2012 26.09.2012 24.09.2012 17.09.2012 06.09.2012 25.07.2012 24.07.2012 06.01.2012

24.10.2012

Cenovus Energy Inc Cenovus Energy Inc. is an integrated oil company. The Company comprises natural gas, crude oil, and natural gas liquids reserves. Cenovus Energy has established natural gas and crude oil production in Alberta and Saskatchewan as well as refineries in Illinois and Texas.

Price/Volume 45

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVE CN EQUITY YTD Change CVE CN EQUITY YTD % CHANGE

12/2011 06/yy 39.64 29.80 2'738'009.00 33.84 -14.63% 13.56% 41.06% 754.8 25'543.20 3'899.00 0.0 0.0 495.00 29'263.20

31.12.2008 -

3.0 M

15 10

2.0 M

1.0 M

0 o-11

.0 M n-11

d-11

j-12

f-12

m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

Valuation Analysis

Profitability

31.12.2009 11'517.0 2.06x 3'235.0 7.34x 818.0 24.31x

LTM-4Q 31.12.2010 12'641.0 2.26x 2'780.0 10.26x 1'081.0 28.44x

31.12.2011 15'696.0 1.84x 3'748.0 7.72x 1'478.0 19.33x 3'748.00 2'453.00 15.63% 14.06% 7.46% 17.00% 14.22% 0.79% 91.7% 24.5% 15.8% 9.4% 1.15 0.56 17.57% 41.45% 13.82 1.34

Price/ Cash Flow

LTM

06/yy 13'834.0 8.50x 2'896.0 10.69x 1'075.0 28.44x

06/yy 16'965.0 6.83x 4'156.0 6.78x 1'598.0 18.50x

FY+1

2.48 1.34 746.58 14.15 -4.66% 1.97% 1.345 24 4.250 2'060'989 2'463'221 2'395'912 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 16'338.8 16'702.0 4'012.4 3'928.8 1.77x 1.76x 7.22x 7.45x 4'243.3 4'097.4 1'171.0 1'018.0 6.90x 7.14x 6.92x 6.99x 1'447.0 1'638.0 426.2 344.6 17.23x 15.83x 15.81x 15.62x S&P Issuer Ratings

14.09.2009 BBB+ STABLE 8.38 2.14 0.90 0.99 41.5% 29.3% 0.79 1.21 26.48 272.27 481.03 -138.44

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Cenovus Energy Inc Holdings By:

All

Holder Name PYRAMIS GLOBAL ADVIS HARRIS ASSOCIATES LP RBC GLOBAL ASSET MAN BMO FINANCIAL CORP JARISLOWSKY FRASER L TD ASSET MANAGEMENT IG INVESTMENT MANAGE MACKENZIE FINANCIAL IA CLARINGTON INVEST CIBC WORLD MARKETS I INVESCO LTD TORONTO DOMINION BAN FIRST EAGLE INVESTME CONNOR CLARK & LUNN CAPITAL GUARDIAN TRU THE BANK OF NOVA SCO FIERA SCEPTRE INC GREAT WEST LIFE ASSU CAISSE DE DEPOT ET P THORNBURG INVESTMENT

Firm Name JPMorgan Canaccord Genuity Corp RBC Capital Markets Macquarie TD Securities Goldman Sachs BMO Capital Markets CIBC World Markets Societe Generale Credit Suisse Cormark Securities Inc. Tudor Pickering & Co National Bank Financial Barclays Raymond James Edward Jones FirstEnergy Capital Corp EVA Dimensions Veritas Investment Research Co Peters & Co Ltd Scotia Capital Stifel Nicolaus

Portfolio Name PYRAMIS GLOBAL ADVIS HARRIS ASSOC LP RBC GLOBAL ASSET MGM BMO FINANCIAL CORP JARISLOWSKY FRASER L TD ASSET MANAGEMENT IG INVESTMENT MANAGE MACKENZIE FINANCIAL Multiple Portfolios CIBC WORLD MARKETS I INVESCO LTD TORONTO DOMINION BAN FIRST EAGLE INVESTME CONNOR CLARK & LUNN CAPITAL GUARDIAN TRU THE BANK OF NOVA SCO FIERA SCEPTRE INC GREAT WEST LIFE ASSU CAISSE DE DEPOT ET P Multiple Portfolios

Analyst KATHERINE LUCAS MINYARD PHILIP R SKOLNICK GREG M PARDY CHRIS FELTIN MENNO HULSHOF ARJUN N MURTI RANDY J OLLENBERGER ANDREW POTTER JOHN HERRLIN BRIAN C DUTTON TODD KEPLER MATTHEW PORTILLO KYLE PRESTON THOMAS R DRISCOLL JUSTIN BOUCHARD LANNY PENDILL MICHAEL P DUNN TEAM COVERAGE SAM LA BELL KAM S SANDHAR MARK POLAK AMIR ARIF

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

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

Amt Held 29'104'595 28'079'711 26'953'931 24'715'810 23'177'041 18'239'830 16'314'173 12'467'019 11'025'892 10'932'396 9'768'299 9'704'238 9'386'052 9'296'113 9'290'787 9'215'428 8'301'680 8'280'130 7'961'477 7'733'313

% Out 3.86 3.72 3.57 3.27 3.07 2.42 2.16 1.65 1.46 1.45 1.29 1.29 1.24 1.23 1.23 1.22 1.1 1.1 1.05 1.02

Weighting

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

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

Latest Chg 1'600'347 386'250 2'130'069 413'724 608'706 3'342'579 58'980 872'718 722'700 928'675 2'627'640 274'354 2'089'640 809'425 (2'246'170) 64'700 4'068'127 297'912 15'227 25'500

Target Price 46 44 47 40 43 32 45 40 36 39 38 37 41 41 40 #N/A N/A 40 #N/A N/A 34 43 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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Insurance Company 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor

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

Date 23.10.2012 22.10.2012 21.10.2012 18.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 10.10.2012 09.10.2012 05.10.2012 01.10.2012 26.09.2012 17.09.2012 05.09.2012 26.07.2012 25.07.2012 25.07.2012 20.07.2012

24.10.2012

Repsol SA Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG). The Company retails gasoline and other products through its chain of gasoline filling stations. Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

Price/Volume

250.0 M 200.0 M

15 10

12/2011 06/yy 24.23 10.90 2'451'522.00 15.155 -37.45% 39.04% 32.60% 1'256.2 19'037.39 20'122.00 0.0 3'505.0 3'351.00 36'872.39

100.0 M

50.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

.0 M o-12

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

300.0 M

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REP SM EQUITY YTD Change REP SM EQUITY YTD % CHANGE

31.12.2007 52'098.0 0.75x 9'030.0 4.33x 3'188.0 9.34x

31.12.2008 31.12.2009 58'475.0 45'827.0 0.54x 0.96x 8'009.0 6'686.0 3.93x 6.58x 2'555.0 1'559.0 7.19x 14.63x Profitability

LTM-4Q 31.12.2010 53'663.0 0.73x 11'919.0 3.30x 4'693.0 5.43x

31.12.2011 60'122.0 0.82x 8'509.0 5.79x 2'193.0 13.19x 8'509.00 4'990.00 8.30% 6.75% 2.90% 7.39% 0.93% 12.8% 7.7% 3.6% 1.19 0.58 28.36% 85.49% 7.24 -

Price/ Cash Flow

LTM

06/yy 56'831.0 3.11x 11'472.0 4.10x 4'699.0 6.23x

06/yy 60'465.0 2.85x 7'731.0 4.36x 1'885.0 7.89x

FY+1

1.04 947.42 -29.26% -34.58% 1.039 42 4.143 9'323'280 7'922'059 8'215'535 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 56'265.1 58'095.3 10'796.0 10'061.0 0.65x 0.61x 3.04x 3.25x 6'809.9 7'260.4 1'819.5 1'650.0 5.41x 5.08x 5.27x 5.29x 1'931.2 2'171.8 514.9 435.7 9.61x 8.89x 9.46x 9.35x S&P Issuer Ratings

19.04.2012 BBBSTABLE 19.04.2012 A-3 10.88 3.83 2.21 2.78 85.5% 42.7% 0.93 1.99 50.52 -

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Repsol SA Holdings By:

All

Holder Name CAIXABANK SACYR VALLEHERMOSO S PETROLEOS MEXICANOS REPSOL YPF SA BNP PARIBAS SA BLACKROCK INC VANGUARD GROUP INC NATIXIS ASSET MANAGE FIDELITY MANAGEMENT HSBC BANK PLC FRANKLIN RESOURCES I DEUTSCHE BANK AG BLACKROCK FUND ADVIS OPPENHEIMERFUNDS INC UNION INVESTMENT GMB UNION INVESTMENT LUX AMUNDI SOCIETE GENERALE HARTFORD INVESTMENT BLACKROCK ASSET MANA

Firm Name

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Nomura THEEPAN JOTHILINGAM Barclays LYDIA RAINFORTH JPMorgan NITIN SHARMA CA Cheuvreux DOMINIQUE PATRY Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO NMAS 1 Agencia de Valores FERNANDO LAFUENTE EVA Dimensions TEAM COVERAGE Macquarie MARC B KOFLER Tudor Pickering & Co ANISH KAPADIA BPI BRUNO ALMEIDA DA SILVA Canaccord Genuity Corp GORDON GRAY AlphaValue ALEXANDRE ANDLAUER Goldman Sachs HENRY MORRIS RBC Capital Markets PETER HUTTON Day by Day VALERIE GASTALDY Credit Suisse THOMAS YOICHI ADOLFF Banco Sabadell JORGE GONZALEZ SADORNIL Sanford C. Bernstein & Co OSWALD CLINT Exane BNP Paribas ALEXANDRE MARIE Interdin Bolsa ALEJANDRO MIRANDA FOURNIER Grupo Santander JASON KENNEY Jefferies BRENDAN MICHAEL WARN Independent Research GmbH SVEN DIERMEIER Inverseguros Sociedad de Valores LUIS ROSE S&P Capital IQ CHRISTINE TISCARENO HSBC PAUL SPEDDING Landesbank Baden-Wuerttemberg ACHIM WITTMANN Equita SIM SpA MASSIMO BONISOLI Societe Generale IRENE HIMONA Natixis ANNE PUMIR Espirito Santo Investment Bank Research FILIPE ROSA Banesto Bolsa SA Sociedad ROBERT JACKSON Deutsche Bank MARK BLOOMFIELD Investec STUART JOYNER Morgan Stanley HAYTHEM RASHED BBVA LUIS DE TOLEDO Intermoney Valores ALVARO NAVARRO Kepler Capital Markets NATALIA BOBO BJOERK La Caixa FERNANDO MURILLO GUIRAO

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

Recommendation neutral overweight neutral outperform buy strong buy overweight underperform accumulate buy hold add neutral/cautious sector perform buy outperform buy outperform outperform buy buy hold sell neutral buy overweight buy buy buy neutral buy overweight hold hold Equalwt/In-Line outperform buy hold buy

Amt Held % Out 157'399'192 12.53 122'226'189 9.73 118'457'652 9.43 67'582'415 5.38 41'122'878 3.27 37'475'651 2.98 14'022'327 1.12 11'416'282 0.91 8'394'899 0.67 (6'795'927) -0.54 6'726'158 0.54 6'713'227 0.53 4'886'516 0.39 4'250'294 0.34 3'470'396 0.28 3'458'187 0.28 2'797'955 0.22 2'731'116 0.22 2'691'185 0.21 2'321'429 0.18

Weighting

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

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

Latest Chg 590'450 612'696 2'383'280 14'398 (618'358) 1'952'204 1'434'238 39'755 1'243'507 (4'174'797) 1'962'209 (668'092) 12'464

Target Price 16 20 16 18 20 19 #N/A N/A 14 22 19 16 17 18 16 17 19 16 21 20 22 19 16 12 17 20 18 17 18 16 15 18 19 16 12 14 18 19 18 21

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

File Dt Inst Type 08.10.2012 Investment Advisor 08.10.2012 Corporation 08.10.2012 Unclassified 08.10.2012 Holding Company 15.06.2012 Bank 31.12.2011 Investment Advisor 30.06.2012 Investment Advisor 01.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 23.07.2012 Bank 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 22.10.2012 Investment Advisor 30.08.2012 Investment Advisor 30.03.2012 Investment Advisor 29.06.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 31.05.2012 Bank 31.08.2012 Investment Advisor 22.10.2012 Investment Advisor

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

Date 24.10.2012 24.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 20.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 11.10.2012 11.10.2012 03.10.2012 18.09.2012 17.09.2012 23.08.2012 21.08.2012 02.08.2012 01.08.2012 30.07.2012 30.07.2012 27.07.2012 27.07.2012 26.07.2012 26.07.2012 24.07.2012 02.07.2012 01.07.2012 25.06.2012 06.06.2012 30.05.2012 23.04.2012

24.10.2012

Devon Energy Corp Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

Price/Volume 14.0 M

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (26.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DVN US EQUITY YTD Change DVN US EQUITY YTD % CHANGE

12/2011 06/yy 76.34 54.01 2'841'817.00 59.59 -21.94% 10.33% 24.99% 404.5 24'104.15 9'780.00 0.0 0.0 7'058.00 27'662.16

31.12.2007 11'362.0 4.02x 7'380.0 6.19x 3'606.0 12.68x

6.0 M

30 20

4.0 M

2.0 M

0 o-11

31.12.2008 31.12.2009 13'615.0 8'136.0 2.56x 4.85x 8'952.0 4'391.0 3.89x 8.99x (2'148.0) (2'479.0) 8.59x 22.41x Profitability

LTM-4Q 31.12.2010 10'017.0 3.66x 5'936.0 6.17x 4'550.0 13.65x

31.12.2011 10'965.0 2.53x 6'389.0 4.35x 4'704.0 24.70x 6'389.00 4'141.00 37.77% 39.12% 5.89% 10.99% 8.56% 0.25% 43.1% 55.4% 30.3% 42.9% 1.38 1.25 23.79% 45.64% 8.31 36.07

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 9'775.0 14.70x 5'533.0 6.17x 5'811.0 13.47x

06/yy 10'190.0 11.02x 5'643.0 4.79x 2'415.0 12.26x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

1.24 1.25 377.70 7.41 -5.36% -2.96% 1.248 30 4.333 2'557'078 2'673'545 2'951'929 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 8'799.5 10'064.1 2'095.5 2'251.6 3.25x 2.95x 13.50x 12.77x 5'306.2 6'201.6 1'260.3 1'349.9 5.21x 4.46x 4.99x 4.73x 1'311.2 1'846.3 267.4 333.0 18.81x 13.09x 16.37x 14.45x S&P Issuer Ratings

18.03.2008 BBB+ STABLE 29.08.2000 A-2 15.07 -2.70 0.63 1.88 45.6% 31.3% 0.25 0.41 44.02 10.15 80.67 -37.01

Sales/Revenue/Turnover

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 02.01.2009

n-11

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Devon Energy Corp Holdings By:

All

Holder Name MITCHELL GEORGE PHYD CAPITAL RESEARCH GLO STATE STREET CORP VANGUARD GROUP INC BLACKROCK INSTITUTIO DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP FIDUCIARY MANAGEMENT BLACKROCK ADVISERS HARRIS ASSOCIATES LP JP MORGAN CHASE & CO INTERNATIONAL VALUE T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BLACKROCK GROUP LIMI LAZARD ASSET MANAGEM GREENHAVEN ASSOCIATE BANK OF NEW YORK MEL INVESCO LTD

Firm Name Credit Suisse Susquehanna Financial Group Sanford C. Bernstein & Co Macquarie Alembic Global Advisors Jefferies Robert W. Baird & Co Johnson Rice & Co Oppenheimer & Co Wells Fargo Securities, LLC Goldman Sachs RBC Capital Markets Deutsche Bank Simmons & Company International Raymond James Buckingham Research Group Capital One Southcoast, Inc. EVA Dimensions Societe Generale Barclays Argus Research Corp Howard Weil Inc JPMorgan FBR Capital Markets Guggenheim Securities LLC Tudor Pickering & Co Peters & Co Ltd

Portfolio Name n/a CAPITAL RESEARCH GLO STATE STREET CORPORA VANGUARD GROUP INC BLACKROCK INSTITUTIO DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP FIDUCIARY MANAGEMENT BLACKROCK ADVISORS L HARRIS ASSOC LP JP MORGAN CHASE & CO INTERNATIONAL VALUE T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO BLACKROCK GROUP LIMI LAZARD ASSET MANAGEM GREENHAVEN ASSOCIATE BANK OF NEW YORK MEL INVESCO LTD

Analyst ARUN JAYARAM DUANE GRUBERT BOB BRACKETT JOSEPH MAGNER JAMES J SULLIVAN BIJU Z PERINCHERIL HSULIN PENG CHARLES MEADE FADEL GHEIT DAVID R TAMERON BRIAN SINGER SCOTT HANOLD STEPHEN RICHARDSON DAVID W KISTLER ANDREW COLEMAN ROBERT L CHRISTENSEN JR MARSHALL H CARVER VI TEAM COVERAGE JOHN HERRLIN THOMAS R DRISCOLL PHILIP H WEISS PETER KISSEL JOSEPH D ALLMAN REHAN RASHID ROBERT CORDRAY BRIAN LIVELY KAM S SANDHAR

Source 13D 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform Positive market perform neutral overweight buy outperform equalweight outperform market perform buy/attractive outperform hold overweight outperform buy add overweight buy equalweight hold market outperform overweight outperform buy accumulate sector outperform

Amt Held 23'372'374 16'992'400 16'730'786 16'571'756 10'577'503 9'951'837 7'755'019 7'556'637 6'123'277 5'485'855 5'454'337 5'394'780 5'386'219 5'303'634 5'171'553 5'170'067 5'015'373 4'677'518 4'659'116 4'342'908

% Out 5.78 4.2 4.14 4.1 2.61 2.46 1.92 1.87 1.51 1.36 1.35 1.33 1.33 1.31 1.28 1.28 1.24 1.16 1.15 1.07

Weighting

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

Latest Chg 554'500 80'059 355'925 (62'259) (78'381) (777'245) 1'623'592 1'856'108 5'485'855 (2'129'440) 328'502 496'720 692'553 488'559 (458'370) 673'530 (63'245) (23'667) (537'158)

Target Price 78 74 70 69 87 89 75 #N/A N/A 75 #N/A N/A 80 82 70 97 71 93 95 #N/A N/A 68 67 #N/A N/A 77 74 80 83 84 80

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

File Dt 07.03.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

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

Date 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 11.10.2012 09.10.2012 09.10.2012 05.10.2012 05.10.2012 02.10.2012 02.10.2012 02.10.2012 02.10.2012 27.09.2012 28.08.2012 01.08.2012

24.10.2012

Gazprom Neft OAO Gazprom Neft JSC is an integrated oil company engaged in the exploration, development, production, transportation, and sale of crude oil and gas. The Company is involved in oil refining, marketing of petroleum products, oilfield services, and construction and development of exploration wells. Gazprom sells its products through its sales network in Russia as well as exports worldwide.

Price/Volume 180

2.5 M

160 2.0 M

140 120

1.5 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIBN RM EQUITY YTD Change SIBN RM EQUITY YTD % CHANGE

12/2011 06/yy 177.25 119.20 476'070.00 155.09 -12.50% 30.11% 60.43% 4'741.3 735'328.13 6'697.00 0.0 1'434.0 1'443.00 28'988.84

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

.5 M

20 0 o-11

31.12.2008 31.12.2009 33'075.0 24'166.0 0.35x 1.39x 7'558.0 5'046.0 1.55x 6.66x 4'658.0 3'013.0 2.17x 8.53x Profitability

LTM-4Q 31.12.2010 32'772.0 0.83x 6'277.0 4.35x 3'148.0 6.29x

31.12.2011 44'172.0 0.65x 8'942.0 3.19x 5'352.0 4.07x 8'942.00 6'979.00 15.80% 15.46% 14.88% 24.78% 19.99% 1.30% 18.8% 14.6% 12.1% 2.05 0.73 18.26% 28.48% 20.91 -

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 38'791.0 2.93x 7'824.0 3.73x 4'251.0 5.23x

06/yy 46'512.2 2.36x 8'749.2 3.31x 5'332.8 4.31x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

0.82 204.53 26.55% 9.89% 0.816 15 4.333 604'174 286'269 309'783 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 44'984.6 45'866.2 11'355.0 0.65x 0.61x 2.73x 8'692.1 8'584.9 2'214.5 3.34x 3.38x 5'146.2 4'900.4 795.3 4.56x 4.75x S&P Issuer Ratings

09.01.2008 BBBSTABLE 27.18 14.93 0.47 0.82 28.5% 21.2% 1.30 2.63 17.50 -

Sales/Revenue/Turnover

8.00

50'000.0

7.00

45'000.0 40'000.0

6.00

35'000.0

5.00

30'000.0

4.00

25'000.0 20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 04.01.2009

n-11

Fiscal Year Ended 31.12.2007 21'100.4 1.52x 5'827.8 5.51x 4'142.8 7.10x

1.0 M

0.0 04.07.2009

04.01.2010

04.07.2010

04.01.2011

04.07.2011

04.01.2012

04.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Gazprom Neft OAO Holdings By:

All

Holder Name OAO GAZPROM GAZPROM FINANCE BV SWEDBANK ROBUR FONDE URALSIB JSC EAST CAPITAL ASSET M KAPITAL ASSET MANAGE TKB BNP PARIBAS BANK OF MOSCOW DYUKOV ALEXANDER VTB ASSET MANAGEMENT EATON VANCE MANAGEME ARSAGERA LTD BARANOV VITALIY VITA BARCLAYS MULTI-MANAG MANAGEMENT-CONSULTIN KAPITAL FUNDS YAKOVLEV VADIM VLADI ZILBERMINTS BORIS SE INTRAST JSC OFI ASSET MANAGEMENT

Firm Name JPMorgan Uralsib VTB Capital Deutsche Bank Infina Investment Company Nomos Bank Otkritie Capital Veles Capital RMG Securities IFC Metropol Sberbank CIB Aton LLC Credit Suisse

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

Analyst ANDREY GROMADIN ALEXEI KOKIN DMITRY LOUKASHOV PAVEL KUSHNIR ALEXANDER IVANISCHEV DENIS BORISOV ALEXANDER BURGANSKY VASILIY TANURKOV MIKHAIL LOSHININ SERGEY VAKHRAMEEV OLEG MAXIMOV SLAVA BUNKOV ANDREY OVCHINNIKOV

Source Research Research MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG Research Research MF-AGG MF-AGG

Recommendation overweight buy buy buy buy hold hold buy buy buy buy sell neutral

Amt Held 4'267'169'824 269'263'157 4'965'545 4'521'510 1'972'959 917'800 567'860 297'970 254'134 150'259 77'000 59'350 36'271 32'000 30'000 25'000 21'526 20'000 16'080 13'584

% Out 90 5.68 0.1 0.1 0.04 0.02 0.01 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0

Weighting

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

Latest Chg 900'000 (5'000) (220'000) (44'000) (230'001) (15'400) 13'810 16'000 30'000 (70'500) (3'530) -

Target Price

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 |

207 185 286 210 217 164 163 257 232 189 163 120 180

File Dt Inst Type 30.09.2011 Government 30.09.2011 Unclassified 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 25.04.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 29.06.2012 Bank 26.10.2011 n/a 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 15.12.2011 n/a 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 15.12.2011 n/a 30.09.2011 n/a 29.02.2012 Investment Advisor 29.06.2012 Investment Advisor

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

Date 24.10.2012 17.10.2012 11.10.2012 02.10.2012 01.10.2012 17.09.2012 27.08.2012 24.08.2012 12.07.2012 18.04.2012 13.04.2012 20.01.2012 10.01.2012

24.10.2012

Inpex Corp INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

Price/Volume 700000

.1 M

600000

.1 M

500000

.0 M

400000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1605 JP EQUITY YTD Change 1605 JP EQUITY YTD % CHANGE

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

.0 M

200000

.0 M

100000 0 o-11

n-11

d-11

j-12

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

j-12

a-12

s-12

Fiscal Year Ended 31.03.2008 1'202'965.0 2.14x 757'008.0 3.40x 173'245.0 15.10x

.0 M

300000

03/2012 06/yy 611'000.00 418'500.00 9'217.00 468500 -23.32% 11.95% 31.17% 3.7 1'712'746.50 318'922.00 0.0 134'941.0 675'285.00 1'525'791.52

31.03.2009 31.03.2010 1'076'164.0 840'427.0 1.48x 1.93x 712'992.0 508'780.0 2.24x 3.19x 145'062.0 107'210.0 11.09x 15.06x Profitability

LTM-4Q 31.03.2011 943'080.0 2.50x 590'747.0 3.99x 128'699.0 15.45x

LTM

FY+1

.0 M o-12

1.49 1.08 2.22 -8.25% -2.00% 1.077 19 4.789 6'630 8'806 8'706 FY+2

FQ+1

FQ+2

31.03.2012 06/yy 06/yy 03/13 Y 03/14 Y 09/12 Q2 12/12 Q3 1'186'731.0 ######### ######### ######### ######### 295'378.5 300'268.5 1.53x 7.17x 5.57x 1.54x 1.74x 764'143.0 638'620.0 584'503.0 703'979.2 709'611.0 2.38x 3.50x 0.00x 2.17x 2.15x 194'000.0 136'871.0 223'777.0 175'160.1 154'742.6 10.52x 15.28x 7.25x 9.59x 11.08x S&P Issuer Ratings 764'143.00 Long-Term Rating Date 01.10.2008 709'357.00 Long-Term Rating A 59.77% Long-Term Outlook STABLE 64.63% Short-Term Rating Date 01.10.2008 6.75% Short-Term Rating A-1 9.29% Credit Ratios 9.21% EBITDA/Interest Exp. 622.77 0.41% (EBITDA-Capex)/Interest Exp. 567.10 Net Debt/EBITDA -0.47 66.7% Total Debt/EBITDA 0.42 64.4% Reference 59.8% Total Debt/Equity 14.6% 16.3% Total Debt/Capital 12.1% Asset Turnover 0.41 2.47 Net Fixed Asset Turnover 3.11 2.13 Accounts receivable turnover-days 29.10 10.40% Inventory Days 11.16 14.63% Accounts Payable Turnover Day 24.85 12.58 Cash Conversion Cycle 15.41 32.80

Price/ Cash Flow

Sales/Revenue/Turnover

16.00

1'400'000.0

14.00

1'200'000.0

12.00

1'000'000.0

10.00

800'000.0

8.00

600'000.0

6.00

400'000.0

4.00

200'000.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

24.10.2012

Inpex Corp Holdings By:

All

Holder Name MINISTER OF ECON TRA JAPAN PETROLEUM EXPL MITSUI OIL EXPLORATI JAPAN TRUSTEE SERVIC MITSUBISHI CORP JP MORGAN CHASE BANK CAPITAL WORLD INVEST JX HOLDINGS INC MASTER TRUST BANK OF JP MORGAN CHASE BANK STATE STREET BANK AN VANGUARD GROUP INC MASSACHUSETTS FINANC BLACKROCK GROUP LIMI MARUBENI CORP JABRE CAPITAL PARTNE T ROWE PRICE ASSOCIA BLACKROCK INVESTMENT RUFFER LLP NOMURA ASSET MANAGEM

Firm Name

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

Analyst

Goldman Sachs HISAAKI YOKOO Credit Suisse YUJI NISHIYAMA Nomura SHIGEKI MATSUMOTO SMBC Nikko Securities Inc HIDETOSHI SHIODA Barclays KAZUHISA MORI Macquarie POLINA DIYACHKINA Mizuho Securities NORIMASA SHINYA Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO Okasan Securities SHINICHI YAMAZAKI JPMorgan BRYNJAR EIRIK BUSTNES Deutsche Bank MASAYUKI NAGANO Daiwa Securities Co. Ltd. TAKAHIRO YANO Tachibana Securities HISAYUKI SHIMOKAWA Morgan Stanley LALITA GUPTA EVA Dimensions TEAM COVERAGE Mizuho Investors HIROFUMI KAWACHI

Source Co File Co File Co File Co File Co File Co File MF-AGG Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG Co File Research MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation Buy/Neutral outperform buy outperform overweight outperform buy neutral buy overweight buy outperform Strong Outperform Overwt/In-Line buy underperform

Amt Held 692'307 267'233 164'760 138'627 134'500 117'846 112'325 109'527 108'455 104'860 69'983 63'531 42'968 23'307 23'223 21'952 21'826 17'223 16'950 16'007

% Out 18.94 7.31 4.51 3.79 3.68 3.22 3.07 3 2.97 2.87 1.91 1.74 1.18 0.64 0.64 0.6 0.6 0.47 0.46 0.44

Weighting

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

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

Latest Chg (12'000) 13'159 14'217 (1'998) (10'451) 7'080 (20'700) (5'701) 208 (136) (23'223) 5'685 2 (2'944) (1'091)

Target Price 690'000 780'000 703'000 750'000 809'000 720'000 810'000 520'000 630'000 750'000 600'000 700'000 #N/A N/A 642'000 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.03.2012 Government 31.03.2012 Corporation 31.03.2012 Corporation 31.03.2012 Bank 31.03.2012 Corporation 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Bank 31.03.2012 Investment Advisor 31.03.2012 Bank 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 22.10.2012 Investment Advisor 31.03.2012 Corporation 13.12.2010 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Hedge Fund Manager 22.06.2012 Investment Advisor

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

Date 17.10.2012 12.10.2012 10.10.2012 03.09.2012 03.09.2012 16.08.2012 13.08.2012 13.08.2012 10.08.2012 05.08.2012 03.08.2012 25.05.2012 17.05.2012 10.05.2012 30.11.2011 29.06.2009

24.10.2012

Marathon Oil Corp Marathon Oil Corporation is an independent international energy company engaged in exploration and production, oil sands mining and integrated gas. The Company's operations are focused in North America, Africa and Europe.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (22.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRO US EQUITY YTD Change MRO US EQUITY YTD % CHANGE

12/2011 06/yy 35.49 23.17 12'233'013.00 29.56 -16.71% 27.58% 51.87% 705.4 20'852.58 4'815.00 0.0 7.0 493.00 25'650.58

31.12.2007 59'621.0 0.83x 7'830.0 6.29x 3'956.0 11.23x

6.0 M

15 10

4.0 M

2.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

8.0 M

Valuation Analysis

31.12.2008 31.12.2009 71'471.0 48'291.0 0.35x 0.59x 8'726.0 5'491.0 2.89x 5.20x 3'528.0 1'463.0 4.36x 20.54x Profitability

LTM-4Q 31.12.2010 11'690.0 2.59x 5'544.0 5.45x 2'568.0 13.92x

31.12.2011 14'663.0 1.70x 6'770.0 3.68x 2'946.0 9.12x 6'770.00 4'504.00 30.72% 30.19% 5.62% 10.23% 0.47% 38.8% 49.6% 34.6% 20.1% 0.73 0.55 15.35% 28.07% 7.73 25.34

Price/ Cash Flow

LTM

06/yy 13'611.0 10.18x 6'193.0 6.12x 3'394.0 18.36x

06/yy 14'834.0 6.06x 7'354.0 3.10x 1'764.0 9.69x

FY+1

.0 M o-12

2.17 1.37 703.36 11.70 15.23% 2.82% 1.366 22 4.091 7'958'313 7'222'381 6'882'113 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 14'694.8 15'672.0 3'362.5 3'809.7 1.78x 1.62x 7.84x 6.84x 8'378.0 9'099.9 2'102.6 2'326.9 3.06x 2.82x 2.83x 2.75x 1'856.0 2'369.8 423.4 514.4 11.18x 9.03x 9.78x 9.15x S&P Issuer Ratings

01.07.2011 BBB STABLE 29.08.2008 A-2 15.67 8.04 0.65 0.71 28.1% 21.9% 0.47 0.64 47.34 14.44 80.80 -130.43

Sales/Revenue/Turnover

6.00

80'000.0 70'000.0

5.00

60'000.0 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0 1.00 0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Marathon Oil Corp Holdings By:

All

Holder Name STATE STREET CORP VANGUARD GROUP INC FRANKLIN RESOURCES I FIDELITY MANAGEMENT BLACKROCK INSTITUTIO BARROW HANLEY MEWHIN BLACKROCK ADVISERS BANK OF NEW YORK MEL PUTNAM INVESTMENT MA NFJ INVESTMENT GROUP BLACKROCK GROUP LIMI LSV ASSET MANAGEMENT BANK OF AMERICA CORP NORTHERN TRUST CORPO DEUTSCHE BANK AG DELAWARE MANAGEMENT AMERIPRISE FINANCIAL JP MORGAN CHASE & CO ALLIANCEBERNSTEIN LP INVESCO LTD

Firm Name JPMorgan Susquehanna Financial Group Global Hunter Securities Raymond James Oppenheimer & Co Goldman Sachs RBC Capital Markets Credit Suisse Deutsche Bank Howard Weil Inc Capital One Southcoast, Inc. Societe Generale Barclays Macquarie Argus Research Corp Morgan Stanley S&P Capital IQ Ameriprise Advisor Services, Inc EVA Dimensions Simmons & Company International BOE Securities

Portfolio Name STATE STREET CORPORA VANGUARD GROUP INC FRANKLIN MUTUAL ADVI FIDELITY MANAGEMENT BLACKROCK INSTITUTIO BARROW HANLEY MEWHIN BLACKROCK ADVISORS L BANK OF NEW YORK MEL PUTNAM INVESTMENT MA NFJ INVESTMENT GROUP BLACKROCK GROUP LIMI LSV ASSET MANAGEMENT BANK OF AMERICA NORTHERN TRUST CORPO DEUTSCHE BANK AKTIEN DELAWARE MANAGEMENT AMERIPRISE FINANCIAL JP MORGAN CHASE & CO ALLIANCEBERNSTEIN LP INVESCO LTD

Analyst KATHERINE LUCAS MINYARD DUANE GRUBERT JOHN MALONE PAVEL MOLCHANOV FADEL GHEIT ARJUN N MURTI SCOTT HANOLD EDWARD WESTLAKE PAUL SANKEY BLAKE FERNANDEZ ELIOT JAVANMARDI JOHN HERRLIN PAUL Y CHENG JASON D GAMMEL PHILIP H WEISS J EVAN CALIO MICHAEL KAY LEZE THAQI TEAM COVERAGE JEFFREY A DIETERT PRIYANKA VYAS

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

Recommendation neutral Positive accumulate market perform outperform neutral/attractive sector perform outperform buy market outperform add buy equalweight neutral hold Equalwt/Attractive buy buy buy overweight buy

Amt Held 31'542'525 30'381'422 25'075'299 24'993'899 19'740'070 17'054'607 15'423'963 13'034'751 10'897'157 10'830'920 10'322'698 10'070'830 9'777'690 9'214'068 8'150'136 7'846'671 7'315'025 7'134'000 7'124'316 7'074'119

% Out 4.47 4.31 3.55 3.54 2.8 2.42 2.19 1.85 1.54 1.54 1.46 1.43 1.39 1.31 1.16 1.11 1.04 1.01 1.01 1

Weighting

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

Latest Chg 994'569 406'927 378'090 (10'244'872) 1'684'133 (3'376'178) 2'674'274 (554'365) 4'566'568 2'100'800 100'977 (1'056'218) 813'003 667'333 (2'041'916) 1'659'619 (194'530) 2'612'740 (5'569'172) 98'410

Target Price 30 37 35 #N/A N/A 35 32 33 37 33 34 38 32 33 34 #N/A N/A 31 34 #N/A N/A #N/A N/A #N/A N/A 26

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

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

Date 12 month 12 month 12 month Not Provided 18 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

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

Date 24.10.2012 23.10.2012 23.10.2012 22.10.2012 19.10.2012 17.10.2012 16.10.2012 12.10.2012 10.10.2012 09.10.2012 09.10.2012 05.10.2012 05.10.2012 03.10.2012 10.09.2012 02.08.2012 01.08.2012 27.02.2012 18.11.2011 04.10.2011 15.10.2010

24.10.2012

Tullow Oil PLC Tullow Oil plc explores for and produces oil and natural gas. The Company operates in the United Kingdom's southern North Sea, Africa, and South Asia.

Price/Volume 1800

8.0 M

1600

7.0 M

1400

6.0 M

1200

5.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLW LN EQUITY YTD Change TLW LN EQUITY YTD % CHANGE

12/2011 01/yy 1'611.00 1'225.00 936'730.00 1407 -12.60% 14.86% 48.45% 907.3 12'766.39 3'075.90 0.0 75.6 307.10 21'195.71

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

3.0 M

600 400

2.0 M

200

1.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 1'278.9 8.10x 791.2 13.10x 101.8 91.80x

4.0 M

800

Valuation Analysis

31.12.2008 31.12.2009 1'280.9 911.8 7.60x 19.23x 478.0 486.2 20.36x 36.06x 413.4 23.6 21.37x 688.29x Profitability

31.12.2010 1'089.8 17.80x 628.7 30.86x 71.0 243.62x

31.12.2011 2'304.2 9.77x 1'663.8 13.54x 649.0 30.01x 1'663.80 1'130.00 49.04% 46.56% 9.15% 19.06% 15.20% 0.25% 59.6% 52.8% 28.0% 28.2% 0.76 0.20 28.92% 65.58% 5.72

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.53 1.27 898.01 0.40% 1.18% 1.271 35 3.257 1'899'686 2'057'560 2'062'413 FY+2

12/12 Y 12/13 Y 2'421.4 2'788.8 8.87x 7.93x 1'779.7 1'971.3 11.91x 10.75x 731.8 803.6 28.06x 26.92x S&P Issuer Ratings

.0 M o-12

FQ+1

FQ+2

13.54 8.37 0.49 0.82 65.6% 39.2% 0.25 0.68 64.02 -

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00 50.00

1'500.0

40.00

1'000.0

30.00 20.00

500.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Tullow Oil PLC Holdings By:

All

Holder Name BLACKROCK INC M&G INVESTMENT MANAG IFG INTL TRUST CO LT LEGAL & GENERAL INV STANDARD LIFE INVEST OPPENHEIMERFUNDS INC OPPENHEIMERFUNDS INC BAILLIE GIFFORD AND GENESIS INVESTMENT M BLACKROCK GROUP LIMI NORGES BANK INVESTME UBS PRIVATE BANKING CARMIGNAC GESTION S CARMIGNAC GESTION T ROWE PRICE ASSOCIA FIDELITY INVESTMENTS PEOPLES REPUBLIC OF T ROWE PRICE ASSOCIA TARONDO LTD FERL LTD

Firm Name Jefferies Global Hunter Securities AlphaValue Goldman Sachs FirstEnergy Capital Corp Deutsche Bank RBC Capital Markets Morgan Stanley Credit Suisse Sanford C. Bernstein & Co Goodbody Stockbrokers Ltd Oriel Securities Ltd Investec N+1 Singer Ltd Exane BNP Paribas EVA Dimensions Liberum Capital Ltd Barclays Societe Generale Canaccord Genuity Corp Renaissance Capital Macquarie Nomura WH Ireland Ltd Tudor Pickering & Co Numis Securities Ltd SBG Securities Westhouse Securities JPMorgan Day by Day Merrion Stockbrokers HSBC Mirabaud Securities CAL Brokers Limited Davy Prosdocimi

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

Analyst BRENDAN MICHAEL WARN JOHN MALONE ALEXANDRE ANDLAUER CHRISTOPHOR JOST GERRY F DONNELLY PHIL CORBETT AL STANTON JAMIE MADDOCK THOMAS YOICHI ADOLFF OSWALD CLINT GERRY F HENNIGAN RICHARD GRIFFITH STUART JOYNER SIMON HAWKINS CHARLES RIOU TEAM COVERAGE ANDREW WHITTOCK ALESSANDRO POZZI DAVID MIRZAI THOMAS MARTIN DRAGAN TRAJKOV MARK WILSON TAO LY ANGUS B MCPHAIL ANISH KAPADIA SANJEEV BAHL LIONEL THEROND PETER BASSETT JAMES THOMPSON VALERIE GASTALDY MUNA MULEYA PETER HITCHENS TEAM COVERAGE NANA AGYEI OPOKU-AGYEMANG JOB LANGBROEK TEAM COVERAGE

Source RNS-MAJ REG Co File REG REG REG MF-AGG REG REG MF-AGG REG REG REG MF-AGG REG REG REG MF-AGG REG REG

Recommendation buy neutral sell neutral/cautious market perform hold outperform Overwt/Attractive outperform outperform buy add hold Fairly Valued outperform underweight hold overweight hold hold hold underperform reduce buy trim hold sell not rated neutral hold buy underweight reduce buy outperform hold

Amt Held 98'313'658 50'031'982 38'960'366 34'344'968 24'065'814 23'204'717 23'045'388 22'563'263 22'560'984 20'894'423 20'641'618 19'524'560 17'074'758 16'806'079 16'084'404 15'066'196 13'202'711 12'650'276 11'196'342 11'196'341

% Out 10.84 5.51 4.29 3.79 2.65 2.56 2.54 2.49 2.49 2.3 2.27 2.15 1.88 1.85 1.77 1.66 1.46 1.39 1.23 1.23

Weighting

Change

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

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

Latest Chg 162'524 (8'863'797) 250'879 (1'772'677) 3'364'190 3'660'952 2'580'593 23'619 (12'523) 137'445 (242'961) (32'928) (234'531) 699'668 (4'241'309) 1'847'452 1'199'846 -

Target Price 1'800 1'500 1'213 1'776 1'385 1'200 1'400 1'780 1'650 1'920 1'590 #N/A N/A 1'399 1'370 1'500 #N/A N/A 1'411 1'920 1'500 1'350 1'300 1'075 1'635 1'826 1'000 1'482 1'600 #N/A N/A 1'700 #N/A N/A 1'910 1'381 1'300 #N/A N/A #N/A N/A 1'120

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

File Dt 03.09.2012 03.09.2012 13.03.2012 03.09.2012 03.09.2012 03.09.2012 30.08.2012 03.09.2012 03.09.2012 22.10.2012 03.09.2012 03.09.2012 03.09.2012 29.06.2012 03.09.2012 03.09.2012 03.09.2012 30.09.2012 03.09.2012 03.09.2012

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

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

Date 24.10.2012 23.10.2012 18.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 27.09.2012 24.09.2012 18.09.2012 05.09.2012 04.09.2012 28.08.2012 23.08.2012 22.08.2012 07.08.2012 01.08.2012 31.07.2012 26.07.2012 26.07.2012 25.07.2012 05.07.2012 04.07.2012 15.06.2012 21.05.2012 22.03.2012 16.03.2012 08.03.2012 30.08.2011 14.04.2011 02.12.2009

24.10.2012

Seadrill Ltd Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet for operations in shallow to ultra-deepwater areas in harsh and benign environments. Seadrill's fleet includes semi-submersible rigs, deepwater drillships, jack-ups, semi-tender rigs, and tender rigs.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (01.11.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDRL NO EQUITY YTD Change SDRL NO EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 246.90 176.96 595'657.00 229.5 -7.01% 29.69% 72.40% 469.3 107'693.09 10'428.00 0.0 325.0 507.00 29'398.61

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 1'465.1 9.01x 671.7 19.66x 502.0 19.15x

300

31.12.2008 31.12.2009 2'031.3 3'210.9 5.24x 5.30x 801.8 1'697.1 13.28x 10.02x (164.4) 1'261.2 8.06x Profitability

LTM-4Q 31.12.2010 4'015.0 5.88x 2'079.0 11.35x 1'117.0 12.24x

31.12.2011 4'191.0 6.18x 2'315.0 11.19x 1'401.0 10.97x 2'315.00 1'752.00 41.80% 39.87% 4.68% 13.36% 7.12% 0.22% 57.6% 44.1% 33.4% 0.71 0.44 56.97% 174.47% 5.12 -

Price/ Cash Flow

06/yy 4'368.0 21.72x 2'282.0 11.37x 2'099.0 7.34x

LTM 06/yy 4'159.0 24.98x 2'397.0 11.34x 868.0 19.09x

FY+1

.0 M o-12

8.04 0.94 318.00 33.66% 22.81% 0.937 37 3.514 1'080'389 983'156 948'871 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'468.9 5'236.5 1'109.7 1'170.0 6.57x 5.98x 26.09x 25.02x 2'549.6 3'026.4 620.6 684.5 11.53x 9.71x 10.93x 10.43x 1'542.4 1'679.4 335.5 386.1 12.86x 11.32x 12.78x 12.19x S&P Issuer Ratings

7.85 -0.77 4.25 4.46 174.5% 62.3% 0.22 0.30 71.50 -

Sales/Revenue/Turnover

12.00

4'500.0 4'000.0

10.00

3'500.0 3'000.0

8.00

2'500.0 6.00

2'000.0 1'500.0

4.00

1'000.0 2.00 0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Seadrill Ltd Holdings By:

All

Holder Name HEMEN HOLDING LTD STATE STREET BANK AN GOVERNMENT PENSION F CITIBANK NA VANGUARD GROUP INC BARROW HANLEY MEWHIN MORGAN STANLEY SMITH CLEARSTREAM BANKING FARAHEAD INVESTMENTS JP MORGAN CHASE BANK ALLIANCEBERNSTEIN LP CAPITAL GUARDIAN TRU DNB NORBANK ASA CAPITAL RESEARCH GLO BANK OF NEW YORK MEL DNB NOR ASSET MANAGE GEVERAN TRADING CO L DNB LIVSFORSIKRING A EUROCLEAR BANK SA BANK OF AMERICA CORP

Firm Name ABN Amro Bank N.V. Sanford C. Bernstein & Co SEB Enskilda ISI Group Spin-Off Research DNB Markets Exane BNP Paribas Guggenheim Securities LLC Goldman Sachs Dahlman Rose & Co Clarkson Capital Markets LLC BMO Capital Markets Credit Suisse Wells Fargo Securities, LLC Howard Weil Inc Swedbank First Securities Societe Generale Pareto Securities Carnegie Handelsbanken Nordea Equity Research Nomura HSBC Fearnley Fonds ABG Sundal Collier RBC Capital Markets Johnson Rice & Co Natixis Arctic Securities ASA Barclays Morgan Stanley SpareBank 1 Markets AS Danske Markets EVA Dimensions Fondsfinans AS RS Platou Markets Deutsche Bank

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios BARROW HANLEY MEWHIN MORGAN STANLEY SMITH n/a n/a n/a ALLIANCEBERNSTEIN LP CAPITAL GUARDIAN TRU n/a CAPITAL RESEARCH GLO n/a Multiple Portfolios n/a n/a n/a BANK OF AMERICA

Analyst THIJS BERKELDER SCOTT GRUBER LUKAS DAUL JUDSON E BAILEY TEAM COVERAGE MARTIN HUSEBY KARLSEN ALEXANDRE MARIE DARREN GACICIA HENRY TARR DOUG GARBER TODD P SCHOLL ALAN D LAWS GREGORY LEWIS MATTHEW D CONLAN DAVID T WILSON BJORN THORESEN GUILLAUME DELABY FRANK HARESTAD FREDERIK H LUNDE KNUT ERIK LOVSTAD DAVID BHATTI CHRISTYAN MALEK DAVID PHILLIPS TRULS OLSEN OYVIND HAGEN BASTIEN DUBLANC DAVID C SMITH JULIEN LAURENT KJETIL GARSTAD JAMES C WEST OLE SLORER JANNE KVERNLAND ENDRE STORLOKKEN TEAM COVERAGE IVAR ANDREAS LEMMECHEN GJUL ANDERS BERGLAND MICHAEL W URBAN

Source 424B EXCH Co File EXCH MF-AGG 13F 13F EXCH EXCH EXCH 13F 13F EXCH 13F EXCH MF-AGG EXCH EXCH EXCH 13F

Recommendation buy market perform hold neutral neutral buy neutral buy buy/attractive hold outperform market perform restricted market perform market perform reduce hold buy hold reduce hold buy neutral accumulate hold sector perform equalweight neutral hold overweight Overwt/Attractive neutral hold sell Under Review buy buy

Amt Held 115'097'583 27'683'169 23'736'823 16'424'550 13'216'807 12'619'539 10'814'936 7'590'854 6'550'000 6'063'475 5'981'648 5'958'380 5'431'494 4'649'343 4'631'602 3'578'038 3'500'000 3'386'997 3'264'503 3'144'611

% Out 24.53 5.9 5.06 3.5 2.82 2.69 2.3 1.62 1.4 1.29 1.27 1.27 1.16 0.99 0.99 0.76 0.75 0.72 0.7 0.67

Weighting

Change

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

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

Latest Chg 6'887'873 9'124'489 1'080'027 (522'722) (256'857) 8'725 (93'343)

Target Price 243 212 245 #N/A N/A 215 250 230 275 308 #N/A N/A 261 263 #N/A N/A #N/A N/A 268 215 236 290 #N/A N/A 240 250 310 262 258 233 244 #N/A N/A 232 245 273 297 240 255 #N/A N/A 170 283 205

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

File Dt 18.10.2012 03.10.2011 24.04.2012 03.10.2011 30.06.2012 30.06.2012 30.06.2012 03.10.2011 03.10.2011 03.10.2011 30.06.2012 30.06.2012 03.10.2011 30.06.2012 03.10.2011 28.09.2012 03.10.2011 03.10.2011 03.10.2011 30.06.2012

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

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

Date 23.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 15.10.2012 11.10.2012 10.10.2012 05.10.2012 29.09.2012 26.09.2012 12.09.2012 11.09.2012 11.09.2012 10.09.2012 03.09.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 27.08.2012 24.08.2012 26.07.2012 12.03.2012 02.03.2012 09.02.2012 15.07.2011

24.10.2012

Marathon Petroleum Corp Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 52-Week Low (09.01.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MPC US EQUITY YTD Change MPC US EQUITY YTD % CHANGE

12/2011 06/yy 60.04 30.24 2'577'654.00 53.25 -11.31% 76.09% 77.21% 338.3 18'014.32 3'307.00 0.0 0.0 3'079.00 19'454.32

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 49'841.0 3'627.0 2'262.0 -

31.12.2008 31.12.2009 59'874.0 40'606.0 2'142.0 1'215.0 1'215.0 449.0 Profitability

LTM-4Q 31.12.2010 57'279.0 1'834.0 623.0 -

31.12.2011 73'524.0 0.16x 4'515.0 2.68x 2'389.0 4.97x 4'515.00 3'624.00 4.93% 5.06% 10.15% 25.57% 19.43% 3.09% 9.0% 6.3% 5.0% 3.2% 1.25 0.89 12.85% 34.79% 15.41 18.11

Price/ Cash Flow

LTM

06/yy 66'766.0 0.25x 3'702.0 4.43x 1'838.0 0.00x

06/yy 75'100.0 0.74x 4'705.0 3.72x 2'468.0 6.39x

FY+1

.0 M o-12

1.78 337.41 4.05 52.53% 63.14% 19 4.474 2'438'410 3'277'477 3'084'226 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 79'442.4 80'746.5 19'592.5 16'624.0 0.22x 0.22x 0.91x 1.06x 5'725.2 5'300.5 1'887.8 1'070.5 3.40x 3.67x 3.03x 2.99x 3'000.7 2'663.7 1'025.0 452.9 5.83x 6.49x 5.97x 6.55x S&P Issuer Ratings

27.01.2011 BBB STABLE 27.01.2011 A-2 74.02 54.59 0.31 0.71 34.8% 25.8% 3.09 6.17 23.76 20.21 35.13 2.14

Sales/Revenue/Turnover

7.00

80'000.0

6.00

70'000.0 60'000.0

5.00

50'000.0 4.00

40'000.0 3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Marathon Petroleum Corp Holdings By:

All

Holder Name FIDELITY MANAGEMENT VANGUARD GROUP INC STATE STREET CORP BLACKROCK ADVISERS BLACKROCK INSTITUTIO ALLIANCEBERNSTEIN LP DEUTSCHE BANK AG FRANKLIN RESOURCES I GOLDMAN SACHS GROUP BANK OF NEW YORK MEL LSV ASSET MANAGEMENT WELLINGTON MANAGEMEN BLACKROCK GROUP LIMI NORTHERN TRUST CORPO LAZARD ASSET MANAGEM BLACKROCK FUND ADVIS BARROW HANLEY MEWHIN D E SHAW & COMPANY I DIMENSIONAL FUND ADV ACADIAN ASSET MANAGE

Firm Name Raymond James Oppenheimer & Co Spin-Off Research Wells Fargo Securities, LLC Dahlman Rose & Co Goldman Sachs Macquarie Morgan Stanley Credit Suisse ISI Group Deutsche Bank Howard Weil Inc Barclays Simmons & Company International S&P Capital IQ Tudor Pickering & Co RBC Capital Markets EVA Dimensions

Portfolio Name FIDELITY MANAGEMENT VANGUARD GROUP INC STATE STREET CORPORA BLACKROCK ADVISORS L BLACKROCK INSTITUTIO ALLIANCEBERNSTEIN LP DEUTSCHE BANK AKTIEN FRANKLIN MUTUAL ADVI GOLDMAN SACHS GROUP BANK OF NEW YORK MEL LSV ASSET MANAGEMENT WELLINGTON MANAGEMEN BLACKROCK GROUP LIMI NORTHERN TRUST CORPO LAZARD ASSET MANAGEM BLACKROCK FUND ADVIS BARROW HANLEY MEWHIN D E SHAW & CO DIMENSIONAL FUND ADV ACADIAN ASSET MANAGE

Analyst PAVEL MOLCHANOV FADEL GHEIT TEAM COVERAGE ROGER D READ SAM MARGOLIN ARJUN N MURTI CHI CHOW J EVAN CALIO EDWARD WESTLAKE DOUGLAS T TERRESON PAUL SANKEY BLAKE FERNANDEZ PAUL Y CHENG JEFFREY A DIETERT TANJILA SHAFI ROBERT KESSLER JACQUES ROUSSEAU TEAM COVERAGE

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

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

Amt Held 15'992'941 15'387'232 14'535'115 10'950'738 10'222'188 9'129'118 8'592'298 7'363'234 7'100'317 5'504'423 4'920'416 4'595'817 4'546'298 4'346'248 4'153'222 4'068'598 3'963'450 3'614'312 3'303'794 3'062'792

% Out 4.73 4.55 4.3 3.24 3.02 2.7 2.54 2.18 2.1 1.63 1.45 1.36 1.34 1.28 1.23 1.2 1.17 1.07 0.98 0.91

Weighting

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

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

Latest Chg (4'228'089) 96'430 (117'315) 3'354'650 (138'406) (703'701) 2'656'133 985 4'315'668 927'827 (360'650) 278'424 227'218 369'150 346'035 768'621 (6'000) 582'773 (24'909) 503'675

Target Price 62 70 55 #N/A N/A 65 66 77 80 70 55 66 58 88 #N/A N/A 55 89 47 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager

Date 12 month 18 month Not Provided Not Provided Not Provided 6 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

Date 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 17.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 09.10.2012 09.10.2012 09.10.2012 13.09.2012 31.07.2012 23.07.2012 15.02.2012 13.02.2012

24.10.2012

Hess Corp Hess Corporation is a global integrated energy company that explores, develops, produces, purchases, transports and sells crude oil and natural gas. The Company also manufactures refined petroleum products and purchases, markets and trades refined petroleum products, natural gas and electricity.

Price/Volume 70

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (25.06.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HES US EQUITY YTD Change HES US EQUITY YTD % CHANGE

12/2011 06/yy 67.86 39.67 5'880'634.00 52.37 -22.83% 32.01% 45.05% 341.5 17'885.01 6'057.00 0.0 76.0 351.00 25'393.01

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

15.0 M

10.0 M

20 5.0 M

10 0 o-11

31.12.2008 31.12.2009 41'134.0 29'614.0 0.50x 0.78x 7'064.0 4'181.0 2.91x 5.51x 2'360.0 740.0 7.33x 26.54x Profitability

LTM-4Q 31.12.2010 33'862.0 0.88x 5'770.0 5.19x 2'125.0 14.89x

31.12.2011 38'466.0 0.65x 6'203.0 4.05x 1'703.0 7.80x 6'203.00 3'797.00 9.87% 6.40% 3.25% 6.52% 5.65% 0.96% 18.0% 16.8% 9.5% 4.4% 1.03 0.66 15.48% 32.71% 8.65 22.49

Price/ Cash Flow

d-11

j-12

f-12 m-12

LTM

06/yy 36'939.0 3.09x 6'354.0 4.55x 2'748.0 12.20x

06/yy 37'384.0 2.59x 6'270.0 3.56x 1'261.0 7.90x

a-12 m-12

j-12

a-12

s-12

FY+1

.0 M o-12

0.76 1.46 323.74 6.88 -13.50% -7.27% 1.461 20 3.850 3'202'576 3'096'043 3'471'951 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 38'768.6 40'742.0 9'249.4 9'991.2 0.67x 0.64x 2.85x 2.63x 7'397.7 8'059.1 1'727.3 1'954.0 3.43x 3.15x 3.20x 3.04x 1'970.5 2'452.5 381.4 489.6 8.94x 8.06x 8.91x 8.34x S&P Issuer Ratings

22.07.2010 BBB STABLE 31.08.2005 NR 15.66 -2.03 1.19 1.25 32.7% 24.6% 0.96 1.52 42.30 16.27 38.56 16.53

Sales/Revenue/Turnover

9.00

45'000.0

8.00

40'000.0

7.00

35'000.0

6.00

30'000.0

5.00

25'000.0

4.00

20'000.0

3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 02.01.2009

n-11

Fiscal Year Ended 31.12.2007 31'647.0 1.13x 5'259.0 6.79x 1'832.0 16.67x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Hess Corp Holdings By:

All

Holder Name MANNING & NAPIER ADV STATE STREET CORP VANGUARD GROUP INC T ROWE PRICE ASSOCIA JOMARCO LTD PART BLACKROCK INSTITUTIO FIDELITY MANAGEMENT PUTNAM INVESTMENT MA HESS FOUNDATION INC DEUTSCHE BANK AG UBS GLOBAL ASSET MAN ALLEGHANY CORP BANK OF NEW YORK MEL BLACKROCK GROUP LIMI NORTHERN TRUST CORPO METROPOLITAN WEST CA CORNERSTONE INVESTME ARTISAN PARTNERS HOL JANUS CAPITAL MANAGE PERKINS INVESTMENT M

Firm Name JPMorgan Raymond James Global Hunter Securities Oppenheimer & Co Tudor Pickering & Co Edward Jones Societe Generale Credit Suisse ISI Group Deutsche Bank Howard Weil Inc Goldman Sachs Barclays Argus Research Corp EVA Dimensions Morgan Stanley Credit Agricole Securities (USA) Simmons & Company International

Portfolio Name MANNING & NAPIER ADV STATE STREET CORPORA VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a BLACKROCK INSTITUTIO FIDELITY MANAGEMENT PUTNAM INVESTMENT MA n/a DEUTSCHE BANK AKTIEN UBS GLOBAL ASSET MAN ALLEGHANY CORPORATIO BANK OF NEW YORK MEL BLACKROCK GROUP LIMI NORTHERN TRUST CORPO METROPOLITAN WEST CA CORNERSTONE INVESTME ARTISAN PARTNERS LP JANUS CAPITAL MANAGE PERKINS INVESTMENT M

Analyst KATHERINE LUCAS MINYARD PAVEL MOLCHANOV JOHN MALONE FADEL GHEIT ROBERT KESSLER BRIAN YOUNGBERG JOHN HERRLIN EDWARD WESTLAKE DOUGLAS T TERRESON PAUL SANKEY BLAKE FERNANDEZ ARJUN N MURTI PAUL Y CHENG PHILIP H WEISS TEAM COVERAGE J EVAN CALIO JEB S ARMSTRONG JEFFREY A DIETERT

Source 13F 13F 13F 13F Form 4 13F 13F 13F PROXY 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral market perform neutral outperform buy buy buy underperform hold hold market outperform neutral/attractive equalweight hold hold Overwt/Attractive buy overweight

Amt Held 14'620'704 14'188'161 12'789'228 11'916'855 8'817'802 8'235'948 7'928'629 7'235'638 6'436'881 5'193'569 4'895'880 4'250'000 4'153'556 3'938'803 3'899'742 3'802'859 3'718'421 3'660'000 3'484'466 3'015'305

% Out 4.28 4.15 3.74 3.49 2.58 2.41 2.32 2.12 1.88 1.52 1.43 1.24 1.22 1.15 1.14 1.11 1.09 1.07 1.02 0.88

Weighting

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

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

Latest Chg 7'018'388 433'789 313'509 7'034'390 472'716 325'338 (2'642'745) 3'418'371 1'157'339 (1'695'572) 2'250'000 670'795 184'012 381'190 30'651 391'736 3'660'000 (71'899) 295'102

Target Price 70 #N/A N/A 53 65 69 #N/A N/A 65 60 #N/A N/A 52 57 60 60 #N/A N/A #N/A N/A 58 87 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 07.01.2009 Other 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 02.03.2011 Other 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Corporation 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

Date 12 month Not Provided 12 month 18 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Date 23.10.2012 23.10.2012 23.10.2012 19.10.2012 16.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 10.10.2012 09.10.2012 07.10.2012 05.10.2012 05.09.2012 11.08.2012 26.07.2012 26.07.2012 04.10.2011

24.10.2012

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.02.2012) 52-Week Low (11.07.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2011 06/yy 9.67 6.38 74'164'099.00 8.18 -15.41% 28.21% 60.18% 16'780.5 684'558.75 240'555.00 0.0 35'016.0 25'197.00 882'106.48

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

250.0 M 200.0 M 150.0 M 100.0 M 50.0 M

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

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

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

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

LTM

FY+1

.0 M o-12

4.55 0.83 15'550.58 16.78% 5.34% 0.828 36 4.000 97'328'130 82'885'970 71'923'660 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'463'767.0 ######### ######### ######### ######### 685'674.0 768'384.0 0.35x 1.56x 1.35x 0.33x 0.33x 170'962.0 0.0 0.0 163'856.6 190'857.3 5.05x 0.00x 0.00x 5.38x 4.62x 73'225.0 75'523.0 55'155.0 57'874.0 73'722.9 13'822.3 23'647.0 7.84x 7.47x 8.86x 9.76x 7.73x S&P Issuer Ratings 170'962.00 Long-Term Rating Date 16.12.2010 107'146.00 Long-Term Rating A+ 4.35% Long-Term Outlook STABLE 4.24% Short-Term Rating Date 5.00% Short-Term Rating 12.12% Credit Ratios 8.66% EBITDA/Interest Exp. 18.19 2.27% (EBITDA-Capex)/Interest Exp. 4.17 Net Debt/EBITDA 1.87 - Total Debt/EBITDA 1.96 6.1% Reference 3.5% Total Debt/Equity 50.9% 3.0% Total Debt/Capital 32.2% Asset Turnover 2.27 0.77 Net Fixed Asset Turnover 3.74 0.25 Accounts receivable turnover-days 13.52 21.02% Inventory Days 50.93% Accounts Payable Turnover Day 27.06 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

China Petroleum & Chemical Corp Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held % Out 1'436'412'609 8.56 1'159'575'167 6.91 1'006'669'203 6 803'053'154 4.79 753'187'194 4.49 453'022'002 2.7 425'500'000 2.54 241'822'937 1.44 223'302'000 1.33 (186'321'802) -1.11 147'551'551 0.88 142'397'528 0.85 108'482'200 0.65 94'112'000 0.56 91'792'998 0.55 90'120'000 0.54 79'068'342 0.47 74'700'000 0.45 64'479'400 0.38 52'830'000 0.31

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

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

Latest Chg 37'213'851 10'744'000 86'590'802 39'448'000 (1'940'552) 656'000 103'986'000 (13'892'000) (8'354'000) (22'168'000) 138'000 (6'564'000) 30'000 1'764'000

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

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

File Dt Inst Type 18.09.2012 Investment Advisor 28.09.2012 Investment Advisor 26.01.2012 Investment Advisor 27.08.2012 Government 30.09.2012 Investment Advisor 22.10.2012 Investment Advisor 09.01.2012 n/a 29.02.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2011 Investment Advisor 22.10.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 23.10.2012 Investment Advisor 31.12.2011 Investment Advisor

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

Date 24.10.2012 24.10.2012 22.10.2012 22.10.2012 22.10.2012 17.10.2012 17.10.2012 15.10.2012 09.10.2012 09.10.2012 05.10.2012 02.10.2012 28.09.2012 27.09.2012 12.09.2012 06.09.2012 28.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 27.08.2012 26.08.2012 20.07.2012 15.06.2012 30.03.2012 08.02.2012 11.01.2012 22.11.2011 01.11.2011 29.08.2011 30.10.2009 20.07.2009

24.10.2012

Transocean Ltd Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.10.2011) 52-Week Low (28.12.2011) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIG US EQUITY YTD Change RIG US EQUITY YTD % CHANGE

12/2011 06/yy 60.09 38.21 3'745'654.00 47.67 -20.67% 24.76% 43.24% 373.8 17'820.51 13'536.00 0.0 106.0 4'017.00 26'681.51

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

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-11

n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

Fiscal Year Ended 31.12.2007 6'377.0 9.63x 3'366.0 18.25x 3'131.0 13.61x

31.12.2008 31.12.2009 12'674.0 11'556.0 2.17x 3.22x 6'430.0 5'926.0 4.27x 6.27x 4'031.0 3'181.0 3.43x 7.27x Profitability

LTM-4Q 31.12.2010 9'466.0 3.17x 4'048.0 7.42x 961.0 14.79x

31.12.2011 9'142.0 2.52x 1'853.0 12.44x (5'725.0) 1'853.00 449.00 4.91% -59.44% -18.08% -35.35% 0.27% 8.1% 14.1% -0.4% -62.6% 1.42 1.16 38.58% 86.21% 4.52 15.23

Price/ Cash Flow

LTM

06/yy 8'886.0 13.45x 3'137.0 9.05x 3.0 39.61x

06/yy 9'570.0 10.44x 1'347.0 18.51x (6'452.0) 0.00x

FY+1

.0 M o-12

1.66 1.19 358.94 4.64 -11.72% 26.18% 1.192 46 4.196 3'935'339 4'312'179 3'613'916 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 9'947.4 10'390.8 2'536.2 2'511.2 2.60x 2.38x 10.25x 10.13x 3'339.8 4'174.9 911.7 918.4 7.99x 6.39x 6.83x 6.49x 927.2 1'686.1 285.5 303.7 16.44x 10.36x 12.39x 11.02x S&P Issuer Ratings

2.81 1.26 6.59 9.53 86.2% 46.1% 0.27 0.44 81.04 24.04 32.18 68.33

Sales/Revenue/Turnover

12.00

14'000.0

10.00

12'000.0 10'000.0

8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

Transocean Ltd Holdings By:

All

Holder Name CAPITAL WORLD INVEST CAPITAL GROUP COMPAN CAPITAL GROUP COMPAN TRANSOCEAN LTD FRANKLIN RESOURCES I WENTWORTH HAUSER AND ALLIANCEBERNSTEIN LP NORGES BANK ONTARIO TEACHERS PEN DAVIS SELECTED ADVIS UBS AG FIDELITY INTERNATION CREDIT SUISSE ASSET DEUTSCHE BANK AG SAC CAPITAL ADVISORS GOLDMAN SACHS GROUP OPPENHEIMERFUNDS INC UBS FUND MANAGEMENT MASSACHUSETTS FINANC TAUBE HODSON STONEX

Firm Name Jefferies Stephens Inc Sanford C. Bernstein & Co ISI Group DNB Markets Howard Weil Inc JPMorgan Capital One Southcoast, Inc. Raymond James Guggenheim Securities LLC Gabelli & Co Susquehanna Financial Group Barclays Global Hunter Securities Iberia Capital Partners LLC Clarkson Capital Markets LLC Swedbank First Securities RBC Capital Markets Credit Suisse Wells Fargo Securities, LLC Dahlman Rose & Co BMO Capital Markets Macquarie FBR Capital Markets Deutsche Bank Edward Jones Credit Agricole Securities (USA) Oracle Investment Research Goldman Sachs Argus Research Corp HSBC Zuercher Kantonalbank Main First Bank AG Morgan Stanley Nordea Equity Research Bank Vontobel AG Fearnley Fonds Tudor Pickering & Co Johnson Rice & Co RS Platou Markets Daiwa Securities Co. Ltd. Miller Tabak + Co., LLC Pareto Securities

Portfolio Name CAPITAL WORLD INVEST n/a n/a n/a FRANKLIN MUTUAL ADVI WENTWORTH HAUSER AND ALLIANCEBERNSTEIN LP NORGES BANK ONTARIO TEACHERS PEN DAVIS SELECTED ADVIS UBS AG FIDELITY INTERNATION Multiple Portfolios DEUTSCHE BANK AKTIEN SAC CAPITAL ADVISORS GOLDMAN SACHS GROUP OPPENHEIMER FUNDS IN Multiple Portfolios MASSACHUSETTS FINANC TAUBE HODSON STONEX

Analyst BRAD HANDLER JOHN KELLER SCOTT GRUBER JUDSON E BAILEY MARTIN HUSEBY KARLSEN DAVID T WILSON J DAVID ANDERSON LUKE M LEMOINE J MARSHALL ADKINS DARREN GACICIA ANDREA SHARKEY CHARLES P MINERVINO JAMES C WEST BRIAN UHLMER TREY STOLZ TODD P SCHOLL BJORN THORESEN JUSTIN SANDER GREGORY LEWIS MATTHEW D CONLAN JAMES D CRANDELL ALAN D LAWS NIGEL BROWNE ROBERT J MACKENZIE MICHAEL W URBAN BRIAN YOUNGBERG DAVID S HAVENS LAURENCE BALTER WAQAR SYED PHILIP H WEISS DAVID PHILLIPS MARTIN SCHREIBER BERND POMREHN OLE SLORER DAVID BHATTI FABIAN HAECKI TRULS OLSEN JOE HILL DAVID C SMITH ANDERS BERGLAND HIROKAZU KABEYA KEVIN SIMPSON FRANK HARESTAD

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

Recommendation buy equalweight outperform buy buy market outperform neutral add market perform neutral buy Positive overweight buy outperform market perform strong buy outperform neutral outperform buy outperform outperform outperform hold hold outperform strong buy neutral/attractive hold overweight market perform neutral Overwt/Attractive buy hold buy hold overweight buy neutral neutral buy

Amt Held 19'982'400 18'408'177 18'323'120 14'606'469 9'331'753 8'506'169 6'857'849 6'269'394 6'045'594 5'757'524 5'570'306 5'368'041 4'878'298 4'591'975 3'497'012 3'217'455 3'118'933 3'028'539 2'800'964 2'788'460

% Out 5.35 4.92 4.9 3.91 2.5 2.28 1.83 1.68 1.62 1.54 1.49 1.44 1.3 1.23 0.94 0.86 0.83 0.81 0.75 0.75

Weighting

Change 5 3 5 5 5 4 3 4 3 3 5 4 5 5 5 3 5 5 3 5 5 5 5 5 3 3 5 5 3 3 5 3 3 5 5 3 5 3 5 5 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 U U M M M M M N M M M M M N M M

Latest Chg (250'000) 5'390'147 185'058 488'078 (673'646) 6'269'394 (346'250) (675'160) (161'827) (636'384) (28'959) (1'434'168) 524'894 2'213'851 29'282 47'046 35'259 209'860

Target Price 57 57 66 65 60 67 56 60 #N/A N/A 50 #N/A N/A 60 74 56 74 55 64 54 56 #N/A N/A 62 65 55 60 53 #N/A N/A 53 75 54 #N/A N/A 73 #N/A N/A 50 69 64 52 60 #N/A N/A #N/A N/A 68 #N/A N/A 75 79

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

File Dt Inst Type 30.06.2012 Investment Advisor 27.09.2012 Investment Advisor 24.01.2012 Investment Advisor 06.05.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Pension Fund (ERISA) 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 15.10.2012 15.10.2012 10.10.2012 05.10.2012 01.10.2012 01.10.2012 27.09.2012 26.09.2012 17.09.2012 14.09.2012 13.09.2012 13.09.2012 11.09.2012 11.09.2012 04.09.2012 03.09.2012 28.08.2012 06.08.2012 16.04.2012 13.04.2012 05.04.2012 28.02.2012

24.10.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (03.08.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTTEP TB EQUITY YTD Change PTTEP TB EQUITY YTD % CHANGE

12/2011 06/yy 187.00 147.50 2'735'000.00 156 -16.58% 5.76% 24.05% 3'320.0 517'917.72 122'745.22 0.0 0.0 42'799.90 623'701.26

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

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

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

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

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

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

31.12.2011 169'645.8 3.77x 120'864.3 5.29x 44'748.1 12.50x 120'864.31 82'037.25 48.36% 47.04% 11.22% 24.13% 15.73% 0.43% 77.2% 73.5% 50.8% 26.4% 0.87 0.63 27.41% 61.37% 9.46 4.03

Price/ Cash Flow

LTM

FY+1

1.04 1'044.00 5.49% -4.22% 1.040 38 3.868 1'908'060 3'553'757 4'025'764 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 152'734.6 188'198.5 200'862.4 239'177.8 54'581.2 53'030.7 15.75x 13.25x 3.01x 2.43x 105'672.4 138'355.9 142'608.7 165'101.4 40'309.3 37'735.0 6.14x 4.80x 4.37x 3.78x 44'300.7 48'620.5 56'150.9 64'769.7 17'326.8 12'788.0 12.79x 11.48x 9.58x 8.71x 9.23x 9.82x S&P Issuer Ratings Long-Term Rating Date 17.02.2011 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 32.05 (EBITDA-Capex)/Interest Exp. 14.21 Net Debt/EBITDA 0.76 Total Debt/EBITDA 0.90 Reference Total Debt/Equity 61.4% Total Debt/Capital 38.0% Asset Turnover 0.43 Net Fixed Asset Turnover 0.65 Accounts receivable turnover-days 38.70 Inventory Days 90.91 Accounts Payable Turnover Day 26.94 Cash Conversion Cycle 94.15 Sales/Revenue/Turnover

12.00

180'000.0 160'000.0

10.00

140'000.0 120'000.0

8.00

100'000.0 6.00

80'000.0 60'000.0

4.00

40'000.0 2.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

24.10.2012

PTT Exploration & Production PCL Holdings By:

All

Holder Name PTT PCL ABERDEEN ASSET MANAG THAI NVDR CO LTD STATE STREET BANK AN BNP PARIBAS SEC SERV STATE STREET BANK EU BNP PARIBAS SEC SERV VANGUARD GROUP INC SOCIAL SECURITY OFFI BANK OF NEW YORK MEL LAZARD ASSET MANAGEM MORGAN STANLEY & CO TMB ASSET MANAGEMENT DANSKE INVEST A/S MORGAN STANLEY THOMAS WHITE INTERNA LAZARD GLOBAL ACTIVE THRIVENT FINANCIAL F AIG INVESTMENT CORP KBC GROUP NV

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

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 N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

MAYANK MAHESHWARI SORAPONG JAKTEERUGKUL PATRICK TIAH SUWAT SINSADOK CHAIWAT ARSIRAWICHAI CHARNVUT TAECHA-AMORNTANAKIJ PARIN KITCHATORNPITAK PAWORAMON SUVARNATEMEE KATE TOUNGTONG NAPHAT CHANTARASEREKUL SUTTHICHAI KUMWORACHAI RUTSADA TWEESAENGSAKULTHAI SONGKLOD WONGCHAI VAJIRALUX SANGLERDSILLAPACHAI PATCHARIN KARSEMARNUNTANA KANNIKA SIAMWALLA CHAIPAT THANAWATTANO THANATTHEP CHANTARAKARN SUPANNA SUWANKIRD TANAPORN VISARUTHAPHONG THAPANA PHANICH TREVOR BUCHINSKI NALINRAT KITTIKUMPOLRAT AVIN SONY NEIL BEVERIDGE THOMAS C HILBOLDT SCOTT DARLING DUKE SUTTIKULPANICH ADRIAN LOH RATTANA LEENUTAPHONG MONGKOL PUANGPETRA PIYATHIDA VONGVIVATHCHAI TEAM COVERAGE ARTIT JANSAWANG

Equalwt/In-Line neutral Buy/Neutral trading buy buy trading buy underperform buy hold buy buy buy buy buy sell neutral buy sell buy hold neutral buy neutral underperform neutral equalweight outperform buy buy buy outperform buy buy

Amt Held 2'167'500'700 90'238'845 78'974'969 77'623'441 69'566'545 49'263'984 39'279'100 27'996'154 27'674'800 27'551'200 19'387'950 17'260'600 8'022'500 5'353'145 1'677'600 1'241'400 877'900 828'100 800'000 624'784

% Out 65.29 2.72 2.38 2.34 2.1 1.48 1.18 0.84 0.83 0.83 0.58 0.52 0.24 0.16 0.05 0.04 0.03 0.02 0.02 0.02

Weighting

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

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

Latest Chg 999'200 1'364'100 (110'500) 62'600 19'592

Target Price 148 165 191 180 165 187 204 156 169 157 185 182 195 187 182 142 170 188 151 216 190 165 168 185 150 165 220 200 190 199 192 212 #N/A N/A 192

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

File Dt 15.10.2012 28.09.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 30.06.2012 15.10.2012 15.10.2012 30.09.2012 15.10.2012 28.09.2012 30.09.2012 30.06.2012 28.09.2012 30.09.2012 31.07.2012 31.12.2010 28.09.2012

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

Inst Type Government Investment Advisor Corporation Bank Investment Advisor n/a 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 22.10.2012 19.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 11.10.2012 11.10.2012 10.10.2012 09.10.2012 08.10.2012 03.10.2012 02.10.2012 26.09.2012 21.09.2012 21.09.2012 17.09.2012 31.08.2012 25.08.2012 23.07.2012 24.05.2012 30.04.2012 25.04.2012 22.02.2012 10.01.2012