Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index) by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations BSE100 Index - BSE 100 Index April 2013

Q M S Advisors .

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

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

ABB LTD

INR

1905

1.95

1382

1486

1666

0.12

0.19

0.30

1.35

0.86

0.55

0.04

0.39

0.08

ACC LTD

INR

3997

188

3.47

2047

2338

2633

404

120

1.36

1.04

1.46

1.68

0.38

0.29

0.27

0.23

0.21

0.18

0.26

0.04

0.36

ADANI ENTERPRISES LTD

INR

3888

225

1100

16.03

7239

8342

10502

976

456

0.31

0.23

0.47

0.21

0.28

0.14

0.90

0.41

0.44

1.16

0.25

ADANI PORTS AND SPECIAL ECON

INR

4853

212

2003

8.28

602

804

966

391

144

0.10

0.12

0.16

0.44

0.38

0.27

1.17

0.77

1.10

0.87

1.20

ADANI POWER LTD

INR

1726

275

2180

8.35

752

1274

2495

246

-0.01

-0.02

-0.10

0.04

#VALUE!

0.32

1.68

0.12

0.60

AMBUJA CEMENTS LTD

INR

4785

1542

4.10

1792

2054

2303

512

0.19

0.15

0.22

0.25

0.37

0.30

0.26

0.23

0.26

0.20

0.69

0.12

0.53

ASHOK LEYLAND LTD

INR

1082

197

2661

1.72

2362

#VALUE!

230

0.04

#VALUE!

0.19

#VALUE!

0.27

0.28

0.04

0.22

0.18

ASIAN PAINTS LTD

INR

8638

8.56

1772

2064

2418

284

1.90

2.24

2.72

0.87

0.74

0.61

0.45

0.39

0.29

0.47

0.30

AXIS BANK LTD

INR

11137

136

413

#VALUE!

5052

3025

3696

1.88

2.23

2.81

0.23

0.20

0.16

0.71

BBB-

30.01.2007

Baa2

24.04.2007

BAJAJ AUTO LTD

INR

9555

289

9.25

3485

3801

4413

693

2.02

1.94

1.98

2.38

0.31

0.30

0.31

0.25

0.35

0.31

0.37

BANK OF BARODA

INR

5141

411

#VALUE!

6362

#VALUE!

2.47

#VALUE!

0.09

#VALUE!

0.63

0.49

30.12.2011

BANK OF INDIA

INR

3181

141

574

#VALUE!

5873

#VALUE!

0.92

#VALUE!

0.11

#VALUE!

0.56

0.46

BBB-

30.01.2007

Baa3

07.03.2012

BHARAT FORGE LTD

INR

868

233

1.26

184

156

0.33

0.23

0.30

0.21

0.30

0.23

0.44

0.22

0.48

0.09

0.30

BHARAT HEAVY ELECTRICALS

INR

7937

312

2448

6.80

8755

8698

8308

2074

0.53

0.46

0.40

0.11

0.13

0.15

0.25

0.59

0.44

BHARAT PETROLEUM CORP LTD

INR

4983

723

9.37

39021

44662

43758

1190

0.20

0.42

0.47

0.64

0.30

0.27

0.70

0.33

0.52

0.12

0.06

(P)Baa3

12.10.2012

BHARTI AIRTEL LTD

INR

20750

411

3798

33.44

13143

14813

16295

4384

1201

0.21

0.13

0.25

0.49

0.76

0.41

0.37

0.59

0.32

0.48

0.61

BB+

09.06.2010

CAIRN INDIA LTD

INR

9736

159

1907

7.33

2182

3470

3474

1745

643

0.78

0.77

1.11

0.99

0.12

0.08

0.10

0.28

0.20

1.47

CANARA BANK

INR

2956

443

#VALUE!

6239

#VALUE!

1.39

1.49

1.90

0.09

0.08

0.06

0.58

0.41

30.12.2011

Baa2

09.11.2006

CIPLA LTD

INR

5608

108

803

5.43

1285

1519

1708

330

0.26

0.35

0.38

0.49

0.37

0.34

0.21

0.45

0.47

COAL INDIA LTD

INR

35001

303

6316

23.26

11481

12628

13550

3162

1078

0.43

0.49

0.54

0.24

0.21

0.19

0.45

0.30

0.31

0.51

COLGATE PALMOLIVE (INDIA)

INR

3101

136

3.04

361

566

675

0.59

0.73

0.84

0.71

0.57

0.50

0.29

0.28

0.76

0.42

0.46

CROMPTON GREAVES LTD

INR

1086

184

641

1.28

2069

2236

2491

148

0.11

0.06

0.14

0.29

0.54

0.22

0.23

0.28

-0.74

0.19

0.13

CUMMINS INDIA LTD

INR

2473

277

2.42

649

#VALUE!

852

1002

102

0.29

0.46

0.55

0.36

0.30

0.60

0.73

0.64

DABUR INDIA LTD

INR

4306

173

1742

4.30

976

1143

1323

162

0.07

0.08

0.10

0.67

0.56

0.47

0.54

0.35

0.24

0.37

0.31

DIVI'S LABORATORIES LTD

INR

2436

133

2.44

342

418

509

127

0.74

0.90

1.10

0.46

0.38

0.31

0.78

0.43

0.72

0.41

0.69

DLF LTD

INR

7380

1084

1698

10.77

1771

1523

1770

741

134

0.13

0.11

0.16

0.61

0.70

0.51

0.01

1.55

0.08

0.40

0.77

DR. REDDY'S LABORATORIES

INR

5479

170

5.74

1778

2082

2345

459

125

1.55

1.41

1.71

1.95

0.42

0.38

0.35

0.30

0.56

0.20

1.13

0.15

0.47

EXIDE INDUSTRIES LTD

INR

1972

850

1.85

978

1173

1386

140

0.10

0.12

0.14

0.44

0.37

0.30

0.21

0.42

-0.37

0.35

0.26

FEDERAL BANK LTD

INR

1535

171

#VALUE!

1125

#VALUE!

0.81

#VALUE!

0.20

#VALUE!

0.62

0.45

GAIL INDIA LTD

INR

7091

1268

9.10

8104

8991

10094

1358

0.64

0.65

0.68

0.16

0.15

0.47

0.42

0.24

0.33

0.31

GLENMARK PHARMACEUTICALS LTD

INR

2350

271

2.69

740

901

1061

131

0.31

0.41

0.52

0.51

0.39

0.31

0.67

0.51

0.38

0.20

0.33

GMR INFRASTRUCTURE LTD

INR

1496

2392

3892

8.55

1530

1555

2073

347

-0.02

-0.03

-0.02

0.00

#VALUE!

0.58

0.71

0.36

0.53

0.42

GODREJ CONSUMER PRODUCTS LTD

INR

5095

340

5.34

895

1173

1416

161

0.30

0.41

0.39

0.48

0.67

0.92

0.71

0.57

0.58

0.74

0.63

0.67

0.33

GRASIM INDUSTRIES LTD

INR

4771

6.17

4643

4993

5693

1028

220

5.30

5.31

5.41

6.24

0.18

0.15

0.32

0.23

0.21

0.12

0.41

HCL TECHNOLOGIES LTD

INR

9908

693

9.89

3832

4630

5207

745

251

0.63

0.64

0.96

1.04

0.41

0.27

0.25

0.60

0.52

0.90

0.45

0.36

HDFC BANK LIMITED

INR

26866

134

2347

#VALUE!

6081

#VALUE!

0.41

#VALUE!

0.50

#VALUE!

0.63

0.62

BBB-

17.01.2008

Baa2

30.04.2012

HERO MOTOCORP LTD

INR

5776

200

5.45

4298

#VALUE!

674

2.19

#VALUE!

0.24

#VALUE!

0.39

0.35

0.75

0.46

0.29

HINDALCO INDUSTRIES LTD

INR

3099

732

1915

9.46

14866

14889

16181

1411

0.33

0.26

0.28

0.09

0.11

0.22

0.91

-0.07

0.22

0.17

HINDUSTAN PETROLEUM CORP

INR

1750

339

8.00

34045

37348

36847

784

0.09

0.50

0.73

1.00

0.19

0.13

0.62

0.31

0.07

0.16

0.04

HINDUSTAN UNILEVER LTD

INR

18791

741

2162

18.18

4311

4943

5644

645

0.23

0.24

0.28

0.31

0.67

0.70

0.57

0.52

0.31

0.51

0.28

HINDUSTAN ZINC LTD

INR

9051

4225

5.75

2098

#VALUE!

1118

0.24

#VALUE!

0.16

#VALUE!

0.25

0.16

0.15

-0.02

0.98

HOUSING DEVELOPMENT & INFRAS

INR

350

4920

419

0.93

367

369

483

278

0.35

0.29

0.36

0.04

0.05

0.04

0.15

0.32

-0.04

0.34

1.39

HOUSING DEVELOPMENT FINANCE

INR

23399

112

1477

42.96

5510

#VALUE!

3286

0.68

#VALUE!

0.41

#VALUE!

0.30

0.74

0.64

0.47

1.10

ICICI BANK LTD

INR

21666

270

1153

#VALUE!

12262

#VALUE!

1.22

1.45

1.68

0.28

0.24

0.21

0.15

0.21

27.10.2003

Baa2

25.05.2006

IDBI BANK LTD

INR

1877

352

1278

#VALUE!

4707

#VALUE!

0.37

#VALUE!

0.07

#VALUE!

0.42

0.53

Baa3

21.10.2009

IDEA CELLULAR LTD

INR

6627

123

3309

8.40

3585

4096

4628

929

297

0.04

0.06

0.09

0.91

0.92

0.65

0.43

0.48

0.65

0.63

0.51

0.48

IDFC LTD

INR

3894

531

1512

11.30

1183

623

740

1042

0.19

0.22

0.26

0.25

0.22

0.18

0.56

0.63

0.57

1.62

BBB-

27.12.2011

INDIAN OIL CORPORATION LTD

INR

12235

2428

24.63

74907

86875

87834

4164

0.90

0.32

0.48

0.60

0.29

0.10

0.19

0.16

0.59

0.33

0.96

0.22

0.10

29.12.2009

Baa3

25.01.2010

INDUSIND BANK LTD

INR

3845

181

468

#VALUE!

1172

#VALUE!

0.32

#VALUE!

0.47

0.43

#VALUE!

0.29

0.88

0.54

INFOSYS LTD

INR

30149

574

26.02

6205

7460

8329

1977

569

2.68

3.00

3.27

0.36

0.32

0.30

0.42

0.36

0.35

0.59

BBB+

07.05.2010

212

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

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

14392574

1935.593

1116

204

220

101.42

110.55

15.42

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

733

768

228.31

305.59

18.52

15.97

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

5.28

5.51

0.27

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

1446

1647

530.70

818.94

27.31

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

841

833

406.58

549.07

20.92

18.53

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

1848

2081

794.29

887.81

15.43

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

604

702

251.37

341.05

21.63

17.51

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

376

407

268.13

266.04

1.39

1.52

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

201

216

87.02

95.19

11.82

13.40

10.81

20.03

ITC LTD

INR

44491

323

7818

43.16

4816

5651

6592

1710

0.15

0.18

0.21

0.70

0.71

0.59

0.50

0.32

0.28

0.38

0.33

0.65

JAIPRAKASH ASSOCIATES LTD

INR

2618

2951

2126

12.36

2736

3284

4111

1026

0.05

0.08

0.10

0.40

0.41

0.28

0.21

0.57

0.62

0.19

0.54

0.69

JINDAL STEEL & POWER LTD

INR

6068

155

935

9.74

3349

3640

4166

1308

358

0.78

0.76

0.80

0.15

0.16

0.15

0.71

0.78

0.18

0.70

0.72

JSW STEEL LTD

INR

2460

249

223

5.24

6322

7097

7653

1125

292

1.03

0.44

1.26

1.57

0.46

0.20

0.16

0.13

0.78

0.59

0.47

0.32

0.33

KOTAK MAHINDRA BANK LTD

INR

8778

741

#VALUE!

2394

1725

2044

0.46

0.52

0.64

0.47

0.42

0.34

0.33

0.50

LARSEN & TOUBRO LTD

INR

15134

214

612

22.29

11830

13715

15671

1736

1.38

1.41

1.56

1.74

0.32

0.33

0.29

0.26

0.43

0.49

0.33

0.56

0.27

LIC HOUSING FINANCE LTD

INR

2055

252

505

10.57

1149

343

446

1073

0.36

0.39

0.53

0.21

0.19

0.14

0.52

0.59

0.60

0.59

1.72

LUPIN LTD

INR

5121

447

5.30

1300

1702

1961

269

0.36

0.49

0.59

0.43

0.36

0.40

0.53

0.47

0.65

0.38

MAHINDRA & MAHINDRA LTD

INR

9749

589

13.08

10929

13022

14710

1366

0.92

0.98

1.17

1.38

0.30

0.32

0.25

0.21

1.13

0.69

0.39

0.59

0.23

MARUTI SUZUKI INDIA LTD

INR

6872

289

5.83

6474

7818

9048

467

1.07

1.22

1.87

0.41

0.36

0.23

-0.06

0.37

-0.57

0.07

0.13

NESTLE INDIA LTD

INR

8138

8.22

1527

#VALUE!

341

2.04

#VALUE!

0.76

#VALUE!

0.20

0.35

0.32

0.44

0.41

NHPC LTD

INR

4514

1343

12301

6.84

1273

1184

1322

896

0.05

0.03

0.04

0.15

0.19

0.18

0.64

0.48

0.66

0.41

1.29

BBB-

25.09.2009

NMDC LTD

INR

9787

4811

3965

8.00

#VALUE!

1074

0.20

#VALUE!

0.23

#VALUE!

0.60

0.64

1.42

NTPC LTD

INR

21613

3862

8245

29.10

11964

13135

15129

2802

0.22

0.23

0.26

0.22

0.21

0.19

0.24

0.26

0.34

0.15

0.43

BBB-

30.01.2007

OIL & NATURAL GAS CORP LTD

INR

47636

178

8555

45.72

26923

28870

31246

9116

0.54

0.61

0.54

0.63

0.17

0.19

0.16

0.45

0.23

0.31

0.15

0.62

04.12.2000

POWER FINANCE CORPORATION

INR

4429

362

1320

24.68

2409

1161

1442

2322

0.43

0.60

0.74

0.14

0.10

0.08

0.52

0.47

1.77

BBB-

30.01.2007

Baa3

05.02.2004

POWER GRID CORP OF INDIA LTD

INR

8942

4630

18.33

1897

2359

2750

1609

0.13

0.16

0.18

0.27

0.22

0.19

0.36

0.37

1.56

BBB-

03.01.2013

PUNJAB NATIONAL BANK

INR

4634

339

#VALUE!

7667

#VALUE!

2.73

#VALUE!

0.09

#VALUE!

0.62

0.50

17.07.2006

RANBAXY LABORATORIES LTD

INR

3460

193

423

3.52

2254

2143

2404

356

0.48

0.40

0.48

0.64

0.37

0.31

0.24

0.38

0.22

-0.20

0.29

RELIANCE CAPITAL LTD

INR

1360

1344

246

4.42

1219

1060

1161

532

0.34

0.49

0.51

0.30

0.21

0.20

0.37

0.60

1.03

0.50

0.80

RELIANCE COMMUNICATIONS LTD

INR

1940

2807

2064

8.98

3443

3917

4193

1299

281

0.08

0.06

0.09

0.21

0.31

0.19

-0.28

-0.50

0.69

RELIANCE INDUSTRIES LTD

INR

46525

497

2979

51.19

65943

67763

66434

6458

1.22

1.21

1.27

0.22

0.21

0.64

0.48

-0.14

0.21

0.18

BBB

23.11.2005

Baa2

07.02.2006

RELIANCE INFRASTRUCTURE LTD

INR

1566

886

263

4.15

3202

4082

4316

532

1.10

1.14

1.18

0.10

0.09

1.42

0.62

0.96

0.76

0.31

RELIANCE POWER LTD

INR

3052

2056

2805

6.46

371

878

1321

115

0.06

0.07

0.35

0.30

0.29

1.68

3.16

0.57

RURAL ELECTRIFICATION CORP

INR

3671

478

987

19.25

1941

1018

1131

1887

0.53

0.68

0.73

0.13

0.10

0.09

0.44

1.79

(P)Baa3

12.01.2011

SATYAM COMPUTER SERVICES LTD

INR

2736

699

1177

2.18

1176

1422

1564

228

0.19

0.20

0.19

0.21

0.23

0.22

0.20

0.45

0.06

1.86

-0.08

0.36

SESA GOA LTD

INR

2417

181

869

3.07

1529

524

1023

645

0.56

0.57

0.54

0.57

0.09

-0.18

0.63

-0.60

0.55

0.78

SHRIRAM TRANSPORT FINANCE

INR

2815

226

5.77

1138

712

830

943

1.06

1.16

1.39

0.21

0.20

0.16

0.24

0.25

1.52

SIEMENS LTD

INR

3448

340

3.21

2190

2422

2671

233

0.47

0.38

0.47

0.38

0.47

0.38

0.45

0.31

-0.09

0.26

0.20

STATE BANK OF INDIA

INR

25321

336

671

#VALUE!

32572

17847

20511

4.44

5.10

5.85

0.16

0.14

0.12

0.36

0.39

BBB-

30.01.2007

Baa2

02.04.2008

STEEL AUTHORITY OF INDIA

INR

4635

614

4131

6.76

8582

8333

9444

1182

331

0.15

0.16

0.13

0.15

0.13

0.14

0.15

0.14

0.13

-0.33

-0.16

0.25

BBB-

29.04.2010

STERLITE INDUSTRIES INDIA LT

INR

5635

608

3361

6.82

7575

7936

8698

1870

473

0.29

0.26

0.31

0.36

0.12

0.11

0.10

0.09

0.65

0.23

0.48

0.01

0.45

SUN PHARMACEUTICAL INDUS

INR

15636

1036

15.45

1475

2030

2370

604

219

0.46

0.58

0.66

0.61

0.48

0.42

0.74

0.60

1.17

0.65

0.75

SUZLON ENERGY LTD

INR

441

4322

1777

2.63

3878

4005

5038

349

-0.07

-0.05

-0.22

0.01

#VALUE!

0.63

0.33

0.54

1.61

0.11

0.17

TATA CHEMICALS LTD

INR

1514

255

2.57

2540

2699

2868

430

106

0.71

0.60

0.62

0.70

0.18

0.15

0.18

0.16

0.46

0.48

0.45

0.34

0.31

TATA CONSULTANCY SVCS LTD

INR

56067

1957

54.23

8994

11590

13143

2659

893

0.98

1.31

1.46

0.54

0.40

0.36

0.57

0.39

0.54

0.42

0.54

BBB+

07.05.2010

TATA GLOBAL BEVERAGES LTD

INR

1405

368

618

1.64

1211

1365

1519

115

0.10

0.11

0.12

0.15

0.39

0.42

0.34

0.29

0.19

0.04

-0.11

0.17

TATA MOTORS LTD

INR

14886

1028

3174

18.26

30471

34278

39504

4103

1356

0.76

0.78

0.59

0.73

0.12

0.16

0.13

0.66

0.77

0.60

0.67

0.25

09.07.2012

15.07.2007

TATA POWER CO LTD

INR

4136

156

2373

9.84

4783

5599

6526

984

0.05

-0.08

0.09

0.11

0.64

0.35

0.30

0.62

0.65

0.27

0.71

0.38

BB-

24.08.2007

05.10.2012

TATA STEEL LTD

INR

5470

1047

971

13.86

24446

24401

25653

2284

600

0.99

1.03

0.32

0.71

0.10

0.32

0.15

0.22

1.59

-0.48

0.18

0.17

09.08.2011

TITAN INDUSTRIES LTD

INR

4110

263

888

3.94

1628

1899

2347

154

0.12

0.15

0.19

0.68

0.56

0.45

0.65

0.62

0.65

0.60

0.17

ULTRATECH CEMENT LTD

INR

9333

274

9.84

3511

3975

4612

765

1.61

1.86

2.21

0.39

0.34

0.28

0.73

0.62

1.00

0.43

0.40

UNION BANK OF INDIA

INR

2129

240

551

#VALUE!

4317

#VALUE!

0.62

#VALUE!

0.11

#VALUE!

0.49

BBB-

17.06.2008

Baa3

19.03.2012

UNITECH LTD

INR

1063

3077

2616

1.63

445

463

569

0.02

0.03

0.45

0.33

0.25

-0.53

-0.06

-1.23

-0.54

0.25

UNITED BREWERIES LTD

INR

3351

264

3.54

667

762

922

0.10

0.09

0.15

0.21

2.70

2.33

1.54

1.12

0.34

0.46

0.10

0.35

0.21

UNITED PHOSPHORUS LTD

INR

949

113

462

#VALUE!

1.44

1408

1599

1766

256

0.23

0.22

0.29

0.34

0.18

0.17

0.14

0.12

0.60

0.52

0.42

0.33

UNITED SPIRITS LTD

INR

4536

131

6.08

1690

1946

2221

217

0.29

0.27

0.51

0.95

2.32

2.20

1.25

0.67

0.45

0.48

0.00

0.39

0.24

WIPRO LTD

INR

19743

2459

18.04

6842

7960

8739

1303

413

0.42

0.49

0.53

0.35

0.30

0.28

0.36

0.37

0.15

0.27

0.35

BBB+

02.04.2012

YES BANK LTD

INR

2806

213

353

#VALUE!

1318

#VALUE!

0.51

#VALUE!

0.80

0.28

#VALUE!

0.18

0.99

1.07

ZEE ENTERTAINMENT ENTERPRISE

INR

3679

600

959

3.50

559

675

782

138

0.11

0.14

0.17

0.63

0.52

0.42

0.02

0.29

-0.17

0.31

0.45

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.31

1.21

1.44

0.95

0.88

0.84

0.95

6.89

6.34

5.94

6.89

7.09

6.11

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

1.28

1.14

46.56

29.81

0.49

0.63

0.67

0.82

494.20

1.1%

15.59

14.55

12.67

10.83

2.48

2.85

3.12

3.43

1442.10

24.6%

ABB LTD

7.84

6.60

2.58

2.29

1.99

1.88

1.71

1.52

1.40

ADANI ENTERPRISES LTD

1.03

1.00

0.89

0.79

0.56

0.47

0.37

0.32

5.55

5.53

3.46

2.73

14.18

12.88

7.64

5.94

8.16

15.36

7.57

5.83

0.58

0.71

0.89

293.63

52.8%

ADANI PORTS AND SPECIAL ECON

5.18

4.35

3.45

2.75

8.17

6.03

5.03

4.28

16.88

14.64

10.80

9.75

21.33

15.25

12.67

10.77

25.01

20.56

14.91

11.70

0.77

0.88

1.02

1.16

162.17

23.1%

ADANI POWER LTD

1.28

1.78

1.58

1.32

2.12

1.35

0.69

0.53

3.56

2.09

26.01

28.95

8.84

6.35

17.51

6.64

0.38

0.00

45.38

15.8%

AMBUJA CEMENTS LTD

2.98

2.74

2.42

2.57

2.33

2.08

8.57

7.53

6.59

12.61

11.24

2.07

2.37

2.63

2.97

208.62

23.7%

3.73

4.48

5.13

26.67

20.7%

28.41 11.96

10.48

8.44

8.59

2.82

0.54

9.69

6.50 16.04

ACC LTD

1.17

10.26

7.09 22.64

9.01

5.88

%D to Spot

7.03

22.78 15.57

14.28

8.51

ASHOK LEYLAND LTD ASIAN PAINTS LTD

17.30

13.90

11.28

9.28

4.99

4.18

3.57

3.04

AXIS BANK LTD

2.44

2.01

1.69

1.39

4.41

3.68

3.01

2.45

BAJAJ AUTO LTD

8.08

5.64

4.47

3.62

2.60

2.51

2.17

1.93

BANK OF BARODA

1.06

42.87

16.17

35.42

15.80

29.34

12.71

24.65

31.23

10.96

12.55

25.71

12.99

21.17

10.65

17.65

9.40

1.93

49.02

40.12

33.13

27.35

0.78

1.01

1.22

1.52

4596.75

-6.1%

13.62

10.65

8.48

7.12

1.26

1.47

1.62

2.09

1599.81

23.6%

16.82

16.68

13.85

12.34

2.80

2.84

3.28

3.38

2138.84

19.1%

2.94

2.71

3.06

3.42

843.85

27.2%

2.78

3.31

3.89

354.51

22.2%

1.69

1.98

2.15

2.45

232.41

14.7%

3.99

3.78

3.44

3.12

207.15

17.5%

5.09

BANK OF INDIA BHARAT FORGE LTD

2.03

1.98

1.78

1.59

0.76

0.80

0.74

0.66

BHARAT HEAVY ELECTRICALS

1.73

1.44

1.28

1.17

0.89

0.91

0.96

1.06

BHARAT PETROLEUM CORP LTD

1.67

1.50

1.41

1.24

0.13

0.11

BHARTI AIRTEL LTD

2.15

2.10

1.92

1.72

1.58

1.40

1.27

CAIRN INDIA LTD

1.12

0.94

0.82

0.74

3.74

2.81

2.80

CANARA BANK

0.75

0.93

0.86

CIPLA LTD

4.05

3.42

2.96

2.57

COAL INDIA LTD

4.41

3.77

3.12

2.67

COLGATE PALMOLIVE (INDIA)

39.16

34.43

30.56

CROMPTON GREAVES LTD

1.65

1.63

1.24

0.74

0.46

7.27

7.72

6.61

6.16

6.73

8.07

7.02

6.22

11.11

16.47

12.37

10.08

8.10

6.24

7.07

8.12

4.16

4.24

4.94

5.50

6.70

7.06

8.20

9.47

0.11

8.21

5.12

5.03

5.21

11.23

8.69

8.44

7.50

7.49

22.52

16.22

14.74

12.30

12.54

1.43

1.90

2.05

2.30

1.33

441.70

17.9%

1.17

1.06

6.09

6.10

5.22

4.53

7.61

7.32

6.42

5.69

4.90

22.92

41.36

22.08

15.82

11.01

0.36

0.39

0.54

0.91

4.04

359.56

21.0%

2.75

2.46

5.55

4.09

4.42

4.71

3.80

2.97

3.19

3.36

3.70

6.42

4.60

5.17

5.46

6.14

2.45

4.37

3.87

3.78

3.97

383.74

38.5%

4.67

4.48

3.50

3.14

3.07

3.45

3.91

464.81

28.2%

27.15

19.95

18.48

15.87

0.77

0.79

0.87

0.96

436.25

14.9%

12.95

11.24

10.27

9.16

2.20

3.33

3.64

4.38

388.40

28.9%

37.78

31.11

27.19

23.30

2.24

2.33

2.66

3.00

1335.92

7.8%

13.20

29.38

11.78

8.82

2.03

1.31

1.79

2.05

109.57

19.0% 11.8%

1.47

3.33

5.23

4.51

4.39

3.69

3.28

2.85

3.11

2.77

2.58

2.38

27.02

6.29

5.47

4.60

3.88

1.47

1.29

0.52

0.49

0.44

0.39

2.58

2.37

2.18

0.35

23.37

18.25

16.32

14.16

18.83

13.47

12.62

10.96

11.24

9.98

9.29

8.03

7.34

6.63

5.91

5.21

37.94

28.74

24.97

21.37

28.54

24.81

20.40

16.74

10.50

15.42

8.31

6.56

8.06

12.53

7.19

5.86

4.85

4.88

6.27

9.73

3.32

CUMMINS INDIA LTD

6.58

5.98

5.39

4.84

3.29

2.90

2.47

2.12

19.88

15.47

12.97

11.21

24.20

19.58

16.32

14.31

2.10

2.60

2.83

3.18

542.22

DABUR INDIA LTD

13.85

10.82

8.65

7.01

4.51

3.77

3.25

2.80

35.20

27.89

23.30

20.06

26.63

22.63

19.08

16.21

36.34

30.54

25.47

21.37

1.05

1.20

1.44

1.72

146.21

8.9%

DIVI'S LABORATORIES LTD

6.22

5.17

4.24

3.51

8.11

5.83

4.78

3.99

23.83

18.98

15.50

13.53

21.84

15.58

12.68

10.65

27.24

20.43

16.64

13.78

0.94

1.42

1.65

1.97

1261.04

26.4%

DLF LTD

1.52

1.49

1.42

1.33

4.21

4.85

4.17

3.49

21.79

20.33

19.96

13.98

13.73

17.91

14.31

11.38

28.81

38.28

27.85

18.57

0.92

0.97

0.92

282.29

19.5%

DR. REDDY'S LABORATORIES

5.19

4.34

3.57

2.98

3.15

2.63

2.34

2.09

15.96

14.19

13.55

11.81

13.72

12.89

11.54

10.36

19.96

18.86

16.58

14.54

0.67

0.91

0.99

1.16

2084.67

18.8%

EXIDE INDUSTRIES LTD

3.97

3.78

3.31

2.86

2.06

1.68

1.42

1.19

18.83

16.17

13.86

11.90

12.94

11.27

9.13

8.34

22.68

20.15

16.51

15.19

1.04

1.17

1.40

1.72

135.65

7.5%

1.36

1.18

1.78

1.98

2.23

2.55

576.96

18.2%

FEDERAL BANK LTD

3.34

11.52

GAIL INDIA LTD

1.60

1.35

1.21

1.06

0.94

0.79

0.70

0.59

7.22

6.36

6.03

5.38

7.00

6.33

5.86

5.10

9.18

8.56

8.26

7.21

2.89

3.02

3.15

3.44

394.80

29.9%

GLENMARK PHARMACEUTICALS LTD

5.12

4.28

3.47

2.81

3.36

2.61

2.21

1.92

19.89

17.09

14.04

11.63

16.76

14.14

12.07

10.31

23.20

21.16

16.74

13.90

0.12

0.40

0.43

0.45

560.94

18.9%

GMR INFRASTRUCTURE LTD

0.86

0.90

0.92

0.85

1.06

0.96

0.72

0.58

28.91

16.59

6.65

4.40

23.31

17.63

11.34

9.39

42.22

0.00

0.44

0.00

26.00

24.4%

GODREJ CONSUMER PRODUCTS LTD

11.87

8.37

7.08

6.00

5.84

4.34

3.60

3.01

41.94

35.23

27.99

23.39

33.87

27.25

21.87

18.07

47.00

38.86

31.12

25.23

0.78

0.70

0.88

1.10

750.07

-7.8%

GRASIM INDUSTRIES LTD

1.55

1.33

1.15

1.00

1.10

0.96

0.84

0.72

6.28

5.49

4.95

4.28

6.37

5.65

4.73

3.97

10.49

9.60

8.33

7.14

0.88

0.87

0.94

0.99

3759.90

33.0%

HCL TECHNOLOGIES LTD

5.21

4.09

3.34

2.76

2.57

2.14

1.90

1.66

17.82

12.41

11.46

9.99

14.20

9.76

9.10

8.28

23.11

14.89

13.65

12.29

1.14

1.46

1.61

1.85

795.04

2.6%

HDFC BANK LIMITED

4.84

0.66

0.89

1.08

1.33

708.11

15.3%

1.58

8.63

8.28

13.44

27.68

HERO MOTOCORP LTD HINDALCO INDUSTRIES LTD

0.54

0.50

0.47

0.43

HINDUSTAN PETROLEUM CORP

0.70

0.69

0.65

HINDUSTAN UNILEVER LTD

31.50

25.35

21.13

0.37

0.21

0.19

0.18

0.62

0.05

18.47

4.48

3.80

3.33

0.16

3.10

3.08

2.69

2.46

6.23

6.37

5.53

4.78

0.04

4.22

1.64

2.14

2.83

13.21

8.44

7.98

2.92

37.14

32.11

29.19

26.66

30.78

24.03

21.27

3.54

2.92

3.15

3.75

1840.35

17.0%

1.87

1.76

1.83

1.90

1.76

123.33

40.2%

6.66

2.79

2.76

3.39

3.77

4.97

361.18

28.6%

25.68

1.71

2.84

2.37

2.67

479.12

1.4%

2.39

2.62

2.76

152.05

30.6%

3.48

2.00

2.91

2.74

94.89

108.8%

1.26

1.50

1.74

2.00

850.02

3.3%

1.59

1.93

2.18

2.50

1345.89

31.8%

4.35

3.96

5.11

6.05

109.45

37.2%

0.01

0.06

0.17

0.34

5.54

6.14

5.77

5.07

7.34

10.59

10.43

7.09

18.76

39.70

31.18

28.27

3.31

HINDUSTAN ZINC LTD HOUSING DEVELOPMENT & INFRAS

0.19

HOUSING DEVELOPMENT FINANCE

5.50

0.17

0.16

ICICI BANK LTD

1.97

1.76

1.61

IDEA CELLULAR LTD

2.76

2.57

IDFC LTD

1.71

INDIAN OIL CORPORATION LTD

1.13

0.15

0.96

0.95

0.73

0.67

3.33

3.61

2.36

2.25

4.54

4.44

3.62

3.61

2.72

2.88

2.30

2.15

20.79

27.03

1.51

4.94

17.15

12.98

11.15

2.32

2.05

1.85

1.62

1.43

1.28

49.57

35.37

23.31

16.74

1.55

1.38

1.22

7.07

6.25

5.26

9.91

8.27

1.71

1.88

2.21

1.02

0.95

0.89

0.15

0.14

8.44

7.61

2.39

2.73 0.73 1.68

IDBI BANK LTD

INDUSIND BANK LTD INFOSYS LTD

1.11

9.81

7.96

6.69

5.59

8.92

7.73

6.56

5.64

4.54

4.49

12.82

10.35

8.08

7.28

28.97

23.21

19.86

17.09

13.17

11.86

0.14

9.97

6.07

4.51

4.16

8.77

7.94

7.05

6.49

11.12

10.50

2.85 5.05

4.23

3.56

10.87

15.50 3.07

4.78

4.04

3.62

3.22

2.52

17.95

15.14

14.51

13.22

13.02

11.99

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

10.79

9.81

8.43

19.60

17.49

16.04

14.45

13.52

1.49

3.68

112.59

3.6%

2.43

181.91

30.2%

3.23

3.48

337.27

23.1%

0.92

1.06

480.63

20.2%

1.80

2.05

2938.78

3.0%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

1.99

1.81

2.17

1.40

1.34

1.28

1.40

10.02

9.72

9.51

10.02

8.80

8.13

7.62

8.80

14.14

12.67

11.44

14.14

2.20

2.36

2.56

2.20

1682.0

%D to Spot

7.6%

Euro Stoxx 50 Pr

1.12

1.06

1.00

1.12

0.72

0.70

0.68

0.72

5.22

4.87

4.64

5.22

7.00

6.62

6.30

7.00

10.84

9.70

8.88

10.84

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.41

1.32

1.51

0.71

0.66

0.65

0.71

9.49

8.15

7.62

9.49

9.50

8.28

7.76

9.50

24.08

18.86

14.60

24.08

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.55

1.34

1.67

1.00

0.97

0.98

1.00

7.84

7.22

5.21

7.84

7.05

6.60

6.33

7.05

11.72

10.63

9.74

11.72

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.20

2.03

2.37

1.98

1.88

1.80

1.98

12.18

11.13

9.77

12.18

13.15

12.16

11.37

13.15

14.77

13.22

12.00

14.77

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.56

1.46

1.69

1.58

1.48

1.43

1.58

8.44

7.58

7.00

8.44

8.24

7.29

6.91

8.24

14.05

12.39

11.38

14.05

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.79

1.69

1.90

1.82

1.71

1.62

1.82

11.19

9.99

9.12

11.19

9.54

8.40

7.80

9.54

15.28

13.60

12.48

15.28

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.24

1.15

1.34

1.74

1.61

1.50

1.74

7.17

6.65

6.25

7.17

8.13

7.39

6.84

8.13

10.88

9.98

9.08

10.88

3.54

3.83

4.34

3.54

24942.6

11.0%

1.44

0.95

6.89

7.09

10.81

9.72

9.01

10.81

3.07

3.57

6.08

3.07

1184.9

15.2%

39.44

32.06

27.07

22.90

1.53

1.87

2.19

2.64

331.78

8.4%

12.70

15.05

11.48

7.43

1.35

1.04

1.10

1.26

94.33

47.1%

MSCI EM

1.44

1.31

1.21

0.95

0.88

0.84

6.89

6.34

5.94

7.09

6.50

6.11

ITC LTD

13.12

10.86

9.64

8.42

9.28

7.87

6.75

5.80

36.30

29.52

25.02

21.25

26.00

21.31

17.92

15.16

JAIPRAKASH ASSOCIATES LTD

1.09

1.00

0.91

0.99

0.80

0.64

0.56

8.54

6.45

4.41

2.91

13.32

9.98

8.21

6.71

5.64

JINDAL STEEL & POWER LTD

1.83

1.55

1.32

1.11

1.94

1.67

1.46

1.20

6.07

6.43

5.65

4.63

7.54

7.45

6.65

5.40

4.25

8.23

8.52

8.07

7.32

0.54

0.49

0.50

0.52

460.94

30.6%

JSW STEEL LTD

0.79

0.75

0.69

0.63

0.42

0.35

0.32

0.30

4.74

3.63

3.02

2.77

5.30

4.34

3.88

3.62

4.02

12.36

8.78

7.01

6.17

1.56

1.53

1.70

1.94

758.04

26.5%

KOTAK MAHINDRA BANK LTD

3.75

3.18

2.72

2.33

6.79

5.09

4.29

3.90

26.55

22.61

18.39

15.09

0.12

0.13

0.17

669.29

4.6%

LARSEN & TOUBRO LTD

3.03

2.38

2.14

1.86

1.31

1.10

0.97

0.84

16.86

7.39

10.50

10.66

13.83

12.22

10.71

9.16

17.31

15.78

14.17

12.19

1.14

1.32

1.42

1.54

1720.71

28.7%

LIC HOUSING FINANCE LTD

2.12

1.70

1.44

6.31

5.99

4.61

10.75

10.52

7.69

1.72

1.80

2.20

2.68

286.18

29.3%

LUPIN LTD

6.97

5.55

4.48

3.67

4.03

3.01

2.61

2.30

26.51

19.19

16.09

14.25

20.27

13.95

12.10

10.79

28.54

23.33

19.40

17.05

0.60

0.69

0.78

0.89

680.15

9.3%

MAHINDRA & MAHINDRA LTD

3.22

2.54

2.17

1.84

1.17

0.75

0.66

0.59

11.38

9.17

8.10

6.90

11.79

8.31

7.18

6.10

17.33

13.54

11.47

9.45

1.38

1.53

1.64

1.79

997.57

15.6%

MARUTI SUZUKI INDIA LTD

2.42

2.17

1.88

1.61

1.06

0.88

0.76

0.65

13.80

10.45

7.59

6.60

12.77

9.67

6.48

5.21

23.56

19.57

12.70

10.19

0.54

0.63

0.93

1.09

1738.92

34.5%

NESTLE INDIA LTD

28.05

1.25

1.57

2.09

2.39

4683.86

2.1%

NHPC LTD

0.89

3.31

3.76

3.94

4.12

24.06

20.6%

NMDC LTD

2.18

3.52

3.51

3.70

4.08

185.85

38.5%

NTPC LTD

2.93

3.10

3.32

3.75

182.02

27.7%

3.36

3.26

3.64

4.05

354.62

17.2%

1.14

5.67

36.72 0.82

0.78

0.74

0.69

4.29

3.81

3.41

3.13

1.85

1.65

1.43

1.30

1.77

1.65

1.52

1.42

0.80

5.50

3.82

3.07

2.66

1.45

4.80

3.79

3.25

3.01

7.27

1.58

1.46

1.34

1.25

OIL & NATURAL GAS CORP LTD

1.97

1.73

1.54

1.36

POWER FINANCE CORPORATION

1.15

1.11

0.96

POWER GRID CORP OF INDIA LTD

2.08

1.87

1.61

PUNJAB NATIONAL BANK

1.00

RANBAXY LABORATORIES LTD

3.98

3.68

2.87

2.56

1.55

1.61

1.44

1.29

RELIANCE CAPITAL LTD

0.92

0.67

0.64

0.56

1.37

1.28

1.17

1.21

RELIANCE COMMUNICATIONS LTD

0.27

0.30

0.29

0.28

0.52

0.50

0.46

0.44

0.41

2.13

2.08

1.96

RELIANCE INDUSTRIES LTD

1.45

1.33

1.21

1.11

0.77

0.69

0.70

0.67

0.65

8.09

7.58

7.43

RELIANCE INFRASTRUCTURE LTD

0.37

0.33

0.31

0.30

0.37

0.38

0.36

0.35

3.46

55.62

20.02

RELIANCE POWER LTD

0.95

0.89

0.84

0.78

7.96

3.47

2.31

1.46

21.08

12.06

7.59

RURAL ELECTRIFICATION CORP

1.37

1.17

1.01

0.87

4.91

3.61

3.25

2.97

5.17

5.14

SATYAM COMPUTER SERVICES LTD

3.85

3.40

2.60

2.32

1.92

1.75

1.59

17.57

9.99

SESA GOA LTD

0.86

0.77

0.69

0.63

1.60

4.62

2.36

2.09

4.76

6.06

SHRIRAM TRANSPORT FINANCE

2.48

2.10

1.75

1.46

4.22

3.95

3.39

2.93

11.88

SIEMENS LTD

4.36

3.99

3.58

1.48

1.42

1.29

25.07

STATE BANK OF INDIA

1.37

1.16

1.01

0.88

1.61

1.42

1.23

1.06

STEEL AUTHORITY OF INDIA

0.63

0.59

0.55

0.52

0.55

0.56

0.49

STERLITE INDUSTRIES INDIA LT

0.65

0.58

0.53

0.47

0.78

0.71

0.65

SUN PHARMACEUTICAL INDUS

7.46

5.78

4.78

4.00

11.09

7.70

SUZLON ENERGY LTD

0.38

0.55

0.50

1.17

0.11

TATA CHEMICALS LTD

1.32

1.19

1.08

0.97

TATA CONSULTANCY SVCS LTD

9.69

7.67

6.14

4.95

TATA GLOBAL BEVERAGES LTD

1.74

1.60

1.51

TATA MOTORS LTD

3.09

2.12

TATA POWER CO LTD

1.61

1.75

TATA STEEL LTD

0.76

TITAN INDUSTRIES LTD

4.72

1.30

6.86

6.04

9.48

8.97

8.76

7.60

6.76

5.45

5.69

5.05

4.45

7.14

1.64

8.69

7.58

6.89

11.53

10.32

9.05

7.67

6.79

4.38

4.55

3.96

3.52

4.87

8.39

11.70

10.57

9.58

8.84

7.98

12.36

11.39

10.10

9.36

9.70

10.25

8.85

7.61

8.94

5.61

4.53

3.86

3.08

3.97

4.53

5.10

240.93

32.1%

16.09

11.87

10.46

9.85

1.14

2.24

2.48

2.86

135.51

29.1%

3.52

3.32

3.65

4.21

952.84

33.7%

7.26

9.26

7.90

4.21

7.24

9.02

4.81 8.40

11.05

8.39

10.72

13.14

16.98

12.86

17.01

0.79

0.81

1.04

1.65

452.89

1.8%

32.61

28.85

29.01

33.28

13.88

11.33

10.85

8.42

2.27

3.19

3.28

3.41

529.39

75.9%

1.74

7.57

7.28

6.62

6.09

5.46

13.03

16.85

10.47

7.23

5.76

1.46

0.57

0.72

0.76

68.33

33.7%

6.47

7.80

8.33

7.96

6.82

6.29

12.29

11.94

11.33

10.06

9.58

1.08

1.16

1.24

1.33

924.24

18.0%

7.50

7.56

6.42

5.43

5.32

5.21

5.06

5.13

2.39

2.48

2.42

674.82

108.5%

5.54

48.12

19.22

11.17

6.92

23.10

16.56

16.00

9.89

0.00

0.23

91.41

54.5%

4.60

34.26

7.98

5.50

5.06

4.00

269.19

33.2%

9.48

9.84

11.96

7.30

6.97

6.42

15.31

12.20

11.00

10.13

0.00

131.20

3.8%

5.60

6.08

4.88

17.28

10.27

9.20

4.79

5.16

4.91

4.58

2.51

2.39

2.56

2.49

185.91

23.0%

10.36

8.20

6.77

10.81

10.66

8.95

7.58

1.16

1.12

1.32

1.56

809.92

20.1%

19.22

16.25

18.90

15.20

12.48

31.08

25.49

20.85

1.23

1.15

1.23

1.28

571.05

8.3%

9.24

6.79

6.15

9.62

7.41

6.45

5.42

1.72

2.01

2.28

2.58

2435.05

18.7%

0.43

4.25

5.63

4.67

3.61

5.87

6.29

4.98

3.77

6.39

8.41

7.62

6.14

3.82

3.23

3.42

3.50

77.75

27.5%

0.61

4.24

3.63

3.23

2.93

3.69

3.61

3.08

2.84

5.66

5.35

4.71

4.37

1.64

2.11

2.23

2.39

123.90

35.9%

6.60

5.76

33.39

23.62

20.44

18.15

28.07

17.21

15.70

14.24

36.49

26.08

22.96

19.91

0.53

0.66

0.79

0.93

860.56

4.7%

0.11

0.09

0.07

8.14

287.23

2.64

8.18

68.39

6.40

5.37

34.18

5.13

0.00

0.74

1.32

0.00

16.48

22.1%

0.62

0.56

0.53

0.50

19.2%

6.21

4.84

4.27

3.77

1.46

1.18

1.03

0.92

1.68

1.35

0.50

0.43

1.62

1.47

0.91

0.74

0.72

0.68

0.64

0.23

15.69

11.36

8.57

6.60

ULTRATECH CEMENT LTD

4.04

3.29

2.79

2.28

UNION BANK OF INDIA

0.76

UNITECH LTD

0.49

0.47

0.46

0.44

2.12

2.30

1.87

1.52

12.70

18.48

12.59

11.33

13.74

18.82

13.34

9.72

UNITED BREWERIES LTD

12.28

10.44

8.51

4.89

4.40

3.64

2.94

50.56

45.81

36.85

28.54

46.90

36.42

27.84

20.22

UNITED PHOSPHORUS LTD

1.27

1.13

0.99

0.86

0.68

0.59

0.54

0.49

7.24

5.19

4.55

3.85

5.58

5.08

4.57

4.08

UNITED SPIRITS LTD

5.16

4.26

3.14

2.88

2.83

2.33

2.04

1.83

1.62

54.04

45.84

29.20

23.47

26.40

23.12

19.30

WIPRO LTD

3.85

3.25

2.81

2.43

2.86

2.48

2.26

2.04

1.88

16.25

14.09

12.81

11.85

13.43

11.54

10.58

YES BANK LTD

3.19

ZEE ENTERTAINMENT ENTERPRISE

5.74

0.70

0.44

10.06

1.04

13.85

10.35

15.56

4.33

4.23

3.02

5.24

5.62

5.03

4.33

6.26

6.15

5.61

5.33

27.42

20.97

18.36

16.24

20.26

16.16

14.34

12.89

0.83

18.23

15.11

13.21

11.85

15.29

12.00

10.27

9.11

0.38

0.33

5.03

4.78

3.99

3.33

4.49

4.08

3.40

2.99

8.43

8.60

0.63

0.60

8.25

7.50

5.70

4.95

8.93

8.60

7.18

6.72

13.08

19.11

0.22

0.21

0.20

3.46

4.88

3.22

3.00

5.85

6.24

4.85

4.48

6.69

17.35

7.95

6.64

2.56

2.16

1.75

1.46

39.21

33.67

27.60

22.30

27.05

21.05

16.76

13.64

37.94

30.67

24.68

2.79

2.35

2.02

1.75

18.00

13.42

11.32

9.43

13.46

10.96

9.10

7.56

24.64

18.34

15.42

3.27

0.17

2.24

11.27

3.25

6.18

3.85

3.02

6.74

9.22

9.63

8.46

7.78

3.20

3.17

3.25

3.52

385.05

21.88

19.63

17.41

1.14

1.44

1.65

1.78

1506.73

-3.3%

24.39

18.47

15.54

14.46

2.20

2.15

2.42

3.38

160.78

30.2%

6.92

6.17

1.58

1.43

1.51

1.58

326.65

18.7%

16.31

13.36

1.34

1.20

1.27

1.30

104.83

10.6%

3.76

3.38

3.60

4.06

407.20

33.0%

20.15

0.71

0.94

1.24

1.56

309.61

23.0%

12.82

0.35

0.47

0.52

0.60

2090.79

13.0%

3.43

3.99

4.59

5.07

263.54

25.3%

2.63

4.71

4.09

3.39

34.16

28.06

22.87

18.83

24.18

20.54

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

16.69

7.60

9.15

18.09

13.67

10.25

0.47

0.51

0.59

0.57

33.72

52.6%

14.83

106.66

83.86

60.64

41.11

0.11

0.12

0.16

0.26

517.20

-24.9%

8.76

7.37

6.36

5.42

2.01

2.41

2.63

2.90

163.84

40.5%

16.32

12.38

65.91

67.73

36.46

26.61

0.17

0.16

0.17

0.20

2240.81

18.9%

9.56

8.86

18.93

16.29

15.01

13.42

1.41

1.60

1.76

1.89

432.15

-0.8%

0.95

1.14

1.38

1.63

568.26

33.6%

0.93

1.05

1.23

1.49

250.18

19.9%

15.25 5.45

6.93

14.29

6.17 4.50

3.33

28.72

4.97

5.23

1.57

13.45

9.16

34.51

13.00

9.78 28.11

23.03

18.77

13.54

3.76

27.03.2013

ABB Ltd/India ABB Limited undertakes engineering and construction projects and manufactures a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABB IB EQUITY YTD Change ABB IB EQUITY YTD % CHANGE

Price/Volume 900

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

12/2012 12/yy 862.00 485.00 13'351.00 488.85 -43.29% 0.79% 1.02% 211.9 103'591.41 3'315.70 18.5 0.0 869.20 106'037.91

600

.1 M

500 400

.1 M

300

.0 M

200

.0 M

100 0 m-12

31.12.2010

Profitability

LTM-4Q 31.12.2011 73'727.3 1.64x 2'813.7 43.01x 1'847.1 66.92x

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

31.12.2012 75'136.8 2.01x 3'415.8 44.19x 1'409.4 105.38x 3'415.80 2'474.10 3.29% 2.81% 2.20% 5.49% 6.21% 1.17% 4.5% 3.3% 1.9% 1.25 0.87 5.10% 12.74% 2.36 -

Price/ Cash Flow

12/yy 0 #DIV/0! 0.0 0.00x 0.0 0.00x

j-12

a-12

LTM 12/yy 21'721 5.57x 1'082.8 0.00x 642.9 0.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.61 0.94 32.78 -40.12% -30.20% 0.935 39 1.359 10'909 12'714 10'006 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 80'764 90'596 4'684.0 6'614.0 22.64x 16.04x 2'228.0 3'472.0 46.56x 29.81x S&P Issuer Ratings

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

7.90 4.12 0.72 0.97 12.7% 11.3% 1.17 6.10 155.25 -

Sales/Revenue/Turnover

200.00

80'000.0

180.00

70'000.0

160.00

60'000.0

140.00

50'000.0

120.00 100.00

40'000.0

80.00

30'000.0

60.00

20'000.0

40.00

10'000.0

20.00 0.00 03.01.2010

.0 M a-12 m-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

31.12.2009 -

.1 M

700

Fiscal Year Ended 31.12.2008

.1 M

800

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.03.2013

ABB Ltd/India Holdings By:

All

Holder Name ABB ASEA BROWN BOVER CAPITAL GROUP COMPAN CREDIT SUISSE ASSET FMR LLC VANGUARD GROUP INC UBS FUND MANAGEMENT SUN LIFE FINANCIAL I MORGAN STANLEY PICTET & CIE SWISSCANTO FONDSLEIT CARMIGNAC GESTION HARBOR CAPITAL ADVIS DEUTSCHE BANK AG T ROWE PRICE ASSOCIA EATON VANCE MANAGEME FIRST EAGLE INVESTME ARTISAN PARTNERS HOL THORNBURG INVESTMENT ABERDEEN GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

Axis Capital Limited ANDREW WOOD Kepler Capital Markets JON COX Grupo Santander PEDRO GIL Jefferies ALEX HOWSON AlphaValue SOPHIE CABO-BROSETA EVA Dimensions AUSTIN BURKETT Exane BNP Paribas JEFF STENT Day by Day VALERIE GASTALDY JPMorgan CELINE PANNUTI Morgan Stanley EILEEN KHOO RBC Capital Markets JAMES EDWARDES JONES Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Mirabaud Securities JULIAN LAKIN Landesbank Baden-Wuerttemberg BARBARA AMBRUS Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Societe Generale WARREN L ACKERMAN Redburn Partners JEREMY FIALKO Berenberg Bank JAMES TARGETT Bank Vontobel AG JEAN-PHILIPPE BERTSCHY Nomura DAVID HAYES Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER Goldman Sachs ALEXIS COLOMBO Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse TINA HECKING-VELTMAN SNS Securities(ESN) RICHARD WITHAGEN S&P Capital IQ CARL SHORT Natixis PIERRE TEGNER Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Aurel - BGC JEAN-MARIE L'HOME Espirito Santo Investment Bank Research ALEX SMITH Zuercher Kantonalbank PATRIK SCHWENDIMANN HSBC CEDRIC BESNARD Nord/LB WOLFGANG VASTERLING DZ Bank AG ROBERT CZERWENSKY

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

Recommendation market perform hold buy buy reduce underweight outperform buy overweight Overwt/In-Line sector perform outperform buy hold hold outperform buy buy hold hold reduce neutral overweight hold neutral/neutral hold buy hold hold buy hold outperform hold neutral market perform neutral buy hold

Amt Held 167'423'934 73'718'620 45'239'182 37'264'088 35'232'885 28'857'544 23'431'160 18'332'115 17'812'640 16'719'546 12'537'390 11'887'345 10'560'011 9'789'155 8'899'608 7'902'742 5'524'912 5'320'763 5'162'265 4'693'232

% Out 5.19 2.29 1.4 1.16 1.09 0.89 0.73 0.57 0.55 0.52 0.39 0.37 0.33 0.3 0.28 0.25 0.17 0.16 0.16 0.15

Weighting

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

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

Latest Chg 145'091 2'250'900 (902'542) 2'976'375 (997'394) (56'440) 524'947 319'679 88'163 6'474'868 22'050 (187'731) (110'988) 3'003'499 (63'233) 11'764 121'371 (722'976) (118'700) (71'536)

Target Price 66 60 72 74 70 #N/A N/A 74 79 72 68 73 76 69 63 65 70 71 #N/A N/A 68 66 66 65 70 63 70 67 #N/A N/A 61 65 72 #N/A N/A 63 49 58 #N/A N/A 67 #N/A N/A 63

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

File Dt 25.03.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012 30.11.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.01.2013 30.09.2012 31.12.2012 31.01.2013 28.02.2013 31.05.2012

Date 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided 3 month 9 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 Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 11.03.2013 07.03.2013 05.03.2013 26.02.2013 22.02.2013 22.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 11.02.2013 25.01.2013 21.01.2013 18.10.2012 14.09.2012 13.09.2012 12.09.2012 10.09.2012 16.08.2012

27.03.2013

ACC Ltd ACC Limited manufactures a range of cements and blended cements. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.

Price/Volume .4 M

1200

.4 M .3 M .3 M

800

Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACC IB EQUITY YTD Change ACC IB EQUITY YTD % CHANGE

12/2012 12/yy 1'514.95 1'105.05 17'393.00 1157.4 -23.60% 4.74% 12.77% 187.7 217'296.48 1'630.60 0.0 25.5 30'229.20 188'723.39

.2 M

600

.2 M

400

.1 M

200

.1 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

.5 M

1400 1000

Valuation Analysis

31.12.2008 76'939.4 1.11x 22'511.9 3.78x 10'996.5 8.19x

1600

31.12.2009 31.12.2010 84'795.5 82'606.3 1.78x 2.22x 26'283.6 18'428.2 5.74x 9.95x 15'639.1 10'775.3 10.47x 18.74x Profitability

LTM-4Q 31.12.2011 100'020.7 1.90x 19'212.4 9.91x 13'008.0 16.41x

31.12.2012 111'305.6 2.16x 21'966.5 10.94x 10'592.8 25.38x 21'966.50 16'277.50 14.62% 13.03% 8.88% 14.76% 15.21% 0.93% 19.7% 14.6% 9.5% 1.42 0.98 1.37% 2.21% 39.16 -

Price/ Cash Flow

LTM

FY+1

2.59 0.82 80.36 -10.41% -17.66% 0.817 58 3.310 27'666 25'274 25'265 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 100'260.1 111'816.2 127'089.6 143'117.1 31'863.0 3.69x 4.07x 1.48x 1.27x 19'211.3 21'967.1 24'105.6 28'627.9 6'505.0 10.53x 10.94x 7.84x 6.60x 13'008.0 10'592.7 15'498.3 17'601.4 3'581.0 16.41x 25.40x 14.55x 12.67x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.16 14.17 -1.30 0.07 2.2% 2.2% 0.93 1.72 9.35 -

Sales/Revenue/Turnover

18.00

120'000.0

16.00

100'000.0

14.00

80'000.0

12.00 10.00

60'000.0

8.00

40'000.0

6.00 4.00

20'000.0

2.00 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

27.03.2013

ACC Ltd Holdings By:

All

Holder Name HOLCIM PVT LTD BLACKROCK LEGAL & GENERAL NORGES BANK INVESTME SCOTTISH WIDOWS FMR LLC CAPITAL GROUP COMPAN FRANKLIN RESOURCES VANGUARD GROUP INC VANGUARD GROUP INC DZ BANK AG STANDARD LIFE INVEST ABERDEEN UBS SUN LIFE FINANCIAL I M&G INVESTMENT MANAG STATE STREET HSBC INVESTMENTS UK AVIVA INVESTORS BNP PARIBAS INV PART

Firm Name

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

Analyst

IIFL THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER Credit Suisse AMIT GOEL Day by Day VALERIE GASTALDY AlphaValue DAVID GRINSZTAJN Investec IAN GORDON Shore Capital Stockbrokers GARY GREENWOOD Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER BNP Paribas Equity Research DOMINIC CHAN Oriel Securities Ltd VIVEK RAJA Goldman Sachs FREDERIK THOMASEN Numis Securities Ltd MICHAEL J TRIPPITT Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER Morgan Stanley CHRISTOPHER MANNERS RBC Capital Markets PATRICK LEE DBS Vickers ALEXANDER LEE Independent Research GmbH STEFAN BONGARDT Citic Securities Co., Ltd STEVEN CHAN BOCOM International Holdings LI SHANSHAN Canaccord Genuity Corp GARETH HUNT S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Redburn Partners FAHED KUNWAR Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Berenberg Bank JAMES CHAPPELL Barclays ROHITH CHANDRA-RAJAN EVA Dimensions AUSTIN BURKETT Daniel Stewart & Co SIMON WILLIS Liberum Capital Ltd CORMAC LEECH JF Apex Securities Bhd TEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Mizuho Securities JIM ANTOS Grupo Santander ARTURO DE FRIAS China International Capital Corp SALLY NG Redburn Partners JON KIRK

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

Recommendation outperform outperform outperform hold sell add buy outperform buy outperform buy buy Buy/Neutral hold buy buy Equalwt/In-Line sector perform buy hold buy neutral buy buy neutral overweight outperform hold buy buy buy overweight sell hold buy neutral buy buy hold accumulate buy

Amt Held 1'324'583'860 1'110'172'768 681'507'879 476'556'585 440'954'225 332'844'458 324'698'913 224'222'452 209'856'599 200'499'704 199'869'719 198'426'753 193'573'011 187'959'754 181'870'790 180'568'727 174'085'246 141'993'045 127'868'417 125'817'709

% Out 7.17 6.01 3.69 2.58 2.39 1.8 1.76 1.21 1.14 1.08 1.08 1.07 1.05 1.02 0.98 0.98 0.94 0.77 0.69 0.68

Weighting

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

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

Latest Chg (13'049'021) 2'537'898 79'539'775 40'654'991 50'440'600 (2'646'000) 5'636'526 10'505'716 5'126'341 27'428'625 21'768'714 2'568'947 (14'593'182) 2'029'272 (3'241'674) 19'292'369 (3'893'625)

Target Price 800 835 790 #N/A N/A 610 735 #N/A N/A 860 900 825 856 860 940 652 790 760 777 700 820 750 854 746 825 785 692 755 800 720 #N/A N/A 800 680 730 #N/A N/A 650 665 #N/A N/A 676 709 632 668 #N/A N/A

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

File Dt 12.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 28.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 26.02.2013 08.02.2013 04.02.2013 31.01.2013 29.01.2013 28.01.2013 22.01.2013 17.01.2013 09.01.2013 07.12.2012 06.12.2012 06.12.2012 19.11.2012 18.09.2012 12.07.2012 27.01.2011

27.03.2013

Adani Enterprises Ltd Adani Enterprises Limited is an international trading house that operates from Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Price/Volume 350

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

300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (31.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADE IB EQUITY YTD Change ADE IB EQUITY YTD % CHANGE

03/2012 12/yy 324.90 151.70 225'441.00 192.2 -40.84% 26.70% 23.38% 1'099.8 211'383.48 659'938.10 0.0 34'623.0 28'382.40 871'489.59

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

50 0 m-12

31.03.2009 31.03.2010 225'736.3 211'207.0 0.75x 1.90x 9'697.8 16'992.6 17.41x 23.66x 5'046.5 9'193.0 13.08x 25.32x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 264'054.7 4.02x 42'841.3 24.77x 24'760.9 28.64x

31.03.2012 393'556.3 2.54x 53'071.5 18.87x 18'392.1 18.23x

53'071.50 40'831.60 10.38% 6.34% 2.16% 9.88% 4.20% 0.46% 13.5% 10.4% 4.7% 0.85 0.41 61.68% 338.61% 5.10 -

Price/ Cash Flow

LTM

FY+1

0.52 1.43 248.62 -32.22% -29.09% 1.434 14 4.000 1'205'410 402'417 339'701 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 377'892.5 454'910.2 453'503.9 570'956.3 135'868.0 0.00x 4.14x 2.01x 1.67x 55'273.3 54'778.9 67'673.4 114'141.9 24'812.0 0.00x 0.00x 12.88x 7.64x 24'579.7 14'486.6 14'502.0 30'325.8 4'534.0 13.14x 20.62x 15.36x 7.57x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.55 -22.51 11.90 12.43 338.6% 74.2% 0.46 0.68 71.70 -

Sales/Revenue/Turnover

45.00

450'000.0

40.00

400'000.0

35.00

350'000.0

30.00

300'000.0

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 05.04.2009

a-12 m-12

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

Fiscal Year Ended 31.03.2008 175'325.2 1.13x 7'779.0 25.50x 3'697.5 39.98x

100

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 |

27.03.2013

Adani Enterprises Ltd Holdings By:

All

Holder Name ADANI GAUTAM S NOVARTIS AG BLACKROCK EMASAN AG NOVARTIS FOUNDATION CREDIT SUISSE ASSET VANGUARD GROUP INC UBS FUND MANAGEMENT PICTET & CIE SWISSCANTO FONDSLEIT HARBOR CAPITAL ADVIS THORNBURG INVESTMENT BANK OF NEW YORK MEL FMR LLC INVESCO LTD DEUTSCHE BANK AG ABERDEEN FRANKLIN RESOURCES GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL

Firm Name Axis Capital Limited Helvea Exane BNP Paribas AlphaValue JPMorgan Credit Suisse Jefferies Zuercher Kantonalbank Berenberg Bank Day by Day Societe Generale Bryan Garnier & Cie Kepler Capital Markets Barclays Hamburger Sparkasse Goldman Sachs Landesbank Baden-Wuerttemberg Bank Vontobel AG Morgan Stanley Independent Research GmbH S&P Capital IQ Natixis Nomura EVA Dimensions Deutsche Bank Redburn Partners CM - CIC Securities(ESN) Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG CA Cheuvreux

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

Analyst TIMOTHY M ANDERSON ODILE RUNDQUIST FLORENT CESPEDES ARMELLE MOULIN ALEXANDRA M HAUBER-SCHUELE MATTHEW WESTON JEFFREY HOLFORD MICHAEL NAWRATH ALISTAIR CAMPBELL VALERIE GASTALDY STEPHEN MCGARRY ERIC LE BERRIGAUD MARTIN VOEGTLI MARK PURCELL MARCO GUENTHER KEYUR PAREKH TIMO KUERSCHNER ANDREW C WEISS PETER VERDULT CHRISTOPH SCHOENDUBE SHO MATSUBARA BEATRICE MUZARD AMIT ROY ANDREW S ZAMFOTIS TIM RACE TEAM COVERAGE ARSENE GUEKAM NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS MARCEL BRAND

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

Recommendation outperform buy outperform add overweight outperform buy outperform buy buy buy buy hold equalweight hold neutral/neutral buy reduce Equalwt/Attractive hold hold neutral buy overweight hold buy hold overweight suspended coverage hold accumulate buy underperform

Amt Held 120'887'981 109'194'165 104'449'586 87'859'938 78'926'882 37'728'226 30'677'414 23'848'647 14'689'249 14'545'038 13'520'586 13'144'896 10'929'652 8'481'470 6'826'249 6'478'481 5'933'597 5'456'801 5'092'802 3'857'938

% Out 4.47 4.03 3.86 3.25 2.92 1.39 1.13 0.88 0.54 0.54 0.5 0.49 0.4 0.31 0.25 0.24 0.22 0.2 0.19 0.14

Weighting

Change

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

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

Latest Chg (515'205) 4'817'320 (769'427) 1'041'632 (37'179) 167'961 5'670'224 1'410'638 458'700 590'222 223'606 693'638 63'525 (9'500) (621'833) (237'271) 219'112

Target Price 71 68 71 75 78 70 78 #N/A N/A 72 69 72 70 59 65 #N/A N/A 60 70 53 61 63 63 62 65 #N/A N/A 63 #N/A N/A 55 70 #N/A N/A 52 61 56 48

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

File Dt 31.12.2012 09.05.2012 25.03.2013 31.12.2011 25.02.2013 31.01.2013 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2012 31.01.2013 26.03.2013 31.01.2013 21.03.2013 28.02.2013 28.02.2013 31.12.2012 31.05.2012 31.12.2012

Date 12 month 12 month Not Provided 6 month 15 month Not Provided 12 month Not Provided Not Provided 3 month 12 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 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

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

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 28.02.2013 28.02.2013 25.02.2013 25.02.2013 14.02.2013 04.02.2013 29.01.2013 28.01.2013 25.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 18.01.2013 18.01.2013 17.01.2013 12.12.2012 10.12.2012 25.10.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 30.01.2012 17.07.2009

27.03.2013

Adani Ports and Special Economic Zone Adani Ports and Special Economic Zone operates a shipping port on the west coast products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume 180

3.5 M

160

3.0 M

140

2.5 M

120

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADSEZ IB EQUITY YTD Change ADSEZ IB EQUITY YTD % CHANGE

03/2012 12/yy 162.40 105.15 212'063.00 131.7 -18.90% 25.25% 46.38% 2'003.4 263'847.00 174'485.43 28.1 1'348.8 8'410.68 450'240.00

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

2.0 M

1.5 M

1.0 M

.5 M

20 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 8'170.2 28.90x 4'911.4 48.08x 2'104.2 109.18x

100

31.03.2009 31.03.2010 11'949.3 14'955.2 12.17x 23.04x 7'441.9 9'759.7 19.54x 35.30x 4'325.2 6'760.0 29.95x 46.80x Profitability

LTM-4Q 31.03.2011 20'001.1 15.43x 13'308.0 23.19x 9'181.5 29.82x

31.03.2012 32'708.0 13.05x 21'268.1 20.07x 11'020.7 23.54x

21'268.10 16'637.76 50.87% 36.15% 6.22% 24.43% 9.55% 0.18% 65.0% 50.9% 33.7% 0.62 0.33 67.27% 360.83% 12.34 -

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 12/yy 33'867.9 13.05x 23'908.8 0.00x 9'129.1 0.00x

FY+1

0.76 1.05 393.87 9.40% -2.44% 1.048 29 4.517 470'035 246'619 363'055 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 43'719.7 52'499.9 8'629.0 9.56x 7.17x 29'486.3 35'486.7 7'826.0 15.25x 12.67x 12'904.1 17'937.6 3'622.0 20.56x 14.91x S&P Issuer Ratings

5.55 -6.35 7.81 8.20 360.8% 77.8% 0.18 0.23 29.65 -

Sales/Revenue/Turnover

50.00

35'000.0

45.00

30'000.0

40.00 35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 05.04.2009

0.0 05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2000 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 |

27.03.2013

Adani Ports and Special Economic Zone Holdings By:

All

Holder Name ADANI ENTERPRISES LT CAPITAL GROUP COMPAN PRIMECAP MANAGEMENT CREDIT SUISSE ASSET FRANKLIN RESOURCES BLACKROCK DODGE & COX FMR LLC UBS FUND MANAGEMENT HARBOR CAPITAL ADVIS SUN LIFE FINANCIAL I PICTET & CIE PERPETUAL INVESTMENT SWISSCANTO FONDSLEIT BANK OF NEW YORK MEL DEUTSCHE BANK AG ABERDEEN INVESCO LTD ALLIANZ ASSET MANAGE OPPENHEIMERFUNDS INC

Firm Name Axis Capital Limited Day by Day Exane BNP Paribas EVA Dimensions JPMorgan Jefferies Bryan Garnier & Cie Sanford C. Bernstein & Co Societe Generale Zuercher Kantonalbank Natixis Nomura Morgan Stanley S&P Capital IQ Kepler Capital Markets Hamburger Sparkasse Deutsche Bank Barclays Berenberg Bank Credit Suisse CM - CIC Securities(ESN) Bank Vontobel AG Independent Research GmbH Goldman Sachs CA Cheuvreux Landesbank Baden-Wuerttemberg Redburn Partners Liberum Capital Ltd Main First Bank AG Cyrrus Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd

Portfolio Name Multiple Portfolios n/a PRIMECAP MANAGEMENT Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ODILE RUNDQUIST VALERIE GASTALDY VINCENT MEUNIER ANDREW S ZAMFOTIS ALEXANDRA M HAUBER-SCHUELE JEFFREY HOLFORD ERIC LE BERRIGAUD TIMOTHY M ANDERSON STEPHEN MCGARRY MICHAEL NAWRATH PHILIPPE LANONE AMIT ROY PETER VERDULT SHO MATSUBARA MARTIN VOEGTLI MARCO GUENTHER TIM RACE MARK PURCELL ALISTAIR CAMPBELL LUISA HECTOR ARSENE GUEKAM ANDREW C WEISS CHRISTOPH SCHOENDUBE KEYUR PAREKH MARCEL BRAND TIMO KUERSCHNER TEAM COVERAGE NARESH CHOUHAN TIM FRANKLIN TOMAS MENCIK NICHOLAS TURNER ELMAR KRAUS VISHAL MANCHANDA

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

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

Amt Held 19'795'162 11'953'300 10'676'417 10'199'888 9'222'286 8'033'131 7'596'200 7'169'150 6'380'836 4'696'091 4'213'722 4'134'183 4'098'284 3'770'320 3'587'836 2'812'095 2'637'300 2'141'039 2'119'017 2'085'546

% Out 2.82 1.7 1.52 1.45 1.31 1.14 1.08 1.02 0.91 0.67 0.6 0.59 0.58 0.54 0.51 0.4 0.38 0.3 0.3 0.3

Weighting

Change

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

M M M U 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

Latest Chg 336'935 102'700 (179'381) (1'803'044) 731'500 (416'685) (11'698) 336'221 (246'469) (5'494) 1'486'953 117'690 24'010 (57'400) 40'852 179'622 108'630

Target Price 220 #N/A N/A 213 #N/A N/A 270 230 208 222 246 #N/A N/A 240 140 230 222 225 #N/A N/A 215 230 210 227 206 225 215 245 220 220 #N/A N/A 190 #N/A N/A 176 178 220 160

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 29.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Unclassified 21.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 25.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 08.03.2013 05.03.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 28.01.2013 28.01.2013 11.12.2012 26.11.2012 05.10.2012 20.07.2012 05.04.2012 02.04.2012 03.02.2012 14.11.2011

27.03.2013

Adani Power Ltd Adani Power Ltd is a power project development company. The Company develops, services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

Price/Volume 80

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADANI IB EQUITY YTD Change ADANI IB EQUITY YTD % CHANGE

03/2012 12/yy 73.85 36.80 275'374.00 39.2 -46.92% 6.52% 6.48% 2'393.3 93'816.27 386'003.40 0.0 5'590.3 4'774.50 454'206.17

31.03.2009

(71.8) -

6.0 M

30 20

4.0 M

2.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

Valuation Analysis

(49.9) Profitability

31.03.2010 4'348.6 80.80x 2'439.5 144.04x 1'701.1 141.19x

LTM-4Q 31.03.2011 21'351.9 22.96x 12'549.7 39.06x 5'135.7 47.86x

31.03.2012 40'897.9 13.11x 13'383.1 40.06x (2'872.7) 13'383.10 7'478.70 18.29% 0.01% -0.67% -4.66% -1538.43% 0.09% 32.7% 18.3% -7.0% 0.45 0.07 75.12% 638.94% 16.52 -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 48'868.7 9.74x 4'561.5 0.00x (16'897.3) 0.00x

FY+1

0.00 1.33 575.54 -42.52% -36.47% 1.329 40 1.875 693'078 1'486'169 993'139 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 69'279.5 135'658.8 6.91x 3.47x 15'694.8 51'388.5 28.95x 8.84x (12'666.3) 5'709.0 17.51x S&P Issuer Ratings

1.97 -13.35 28.49 28.84 638.9% 85.4% 0.09 0.11 22.15 -

Sales/Revenue/Turnover

70.00

45'000.0

60.00

40'000.0 35'000.0

50.00

30'000.0

40.00

25'000.0

30.00

20'000.0 15'000.0

20.00

10'000.0

10.00 0.00 05.04.2009

5'000.0 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 |

27.03.2013

Adani Power Ltd Holdings By:

All

Holder Name ADANI ENTERPRISES LT LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS NORGES BANK INVESTME FMR LLC UBS SUN LIFE FINANCIAL I ABERDEEN CAPITAL GROUP COMPAN VANGUARD GROUP INC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC STATE STREET M&G INVESTMENT MANAG JP MORGAN DODGE & COX DODGE & COX AXA

Firm Name

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

Analyst

Nomura JUSTIN FUNNELL Grupo Santander JOHN DAVIES Goldman Sachs TIMOTHY BODDY Morgan Stanley NICK DELFAS Jefferies JEREMY A DELLIS Oriel Securities Ltd JOHN KARIDIS Landesbank Baden-Wuerttemberg RALPH SZYMCZAK AlphaValue JEAN-MICHEL SALVADOR Societe Generale OTTAVIO ADORISIO Sanford C. Bernstein & Co ROBIN BIENENSTOCK Espirito Santo Investment Bank Research NICK BROWN Barclays MAURICE PATRICK Macquarie GUY R PEDDY New Street Research JAMES RATZER Exane BNP Paribas ANTOINE PRADAYROL Berenberg Bank PAUL ANDREW MARSCH Nomura JAMES BRITTON JPMorgan AKHIL DATTANI Oddo & Cie VINCENT MAULAY Banca Akros(ESN) ANDREA DEVITA Hamburger Sparkasse TINA HECKING-VELTMAN Deutsche Bank DAVID A WRIGHT Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Day by Day VALERIE GASTALDY Liberum Capital Ltd LAWRENCE SUGARMAN EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Natixis BENOIT MAYNARD DZ Bank AG JOERI SELS Northland Capital Partners Ltd DAVID JOHNSON

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

Recommendation outperform hold Buy/Neutral Overwt/In-Line hold buy hold add sell underperform buy overweight outperform buy underperform hold neutral overweight buy hold hold hold sell buy buy buy buy overweight neutral buy not rated

Amt Held 3'213'888'547 1'840'749'892 1'829'029'872 1'307'796'665 1'168'679'699 1'115'035'830 905'655'588 890'918'812 835'280'974 785'130'474 628'261'806 619'899'347 526'399'681 517'367'935 514'956'230 508'998'599 463'624'918 413'470'000 409'583'000 402'114'002

% Out 6.57 3.76 3.74 2.67 2.39 2.28 1.85 1.82 1.71 1.6 1.28 1.27 1.08 1.06 1.05 1.04 0.95 0.85 0.84 0.82

Weighting

Change

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

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

Latest Chg (25'141'828) (28'812'480) 141'890'605 (11'916'154) (52'316'656) 105'084'426 (52'366'577) 19'552'525 100'485'000 72'066'899 99'016'155 (24'829'446) 44'104'574 (15'517'805) (96'292'120) (60'869'430) 15'508'600 2'613'000 (2'762'350)

Target Price 180 200 220 205 174 225 172 215 100 135 200 210 205 250 178 185 195 220 200 184 #N/A N/A 173 150 190 188 210 #N/A N/A 205 190 190 #N/A N/A

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

File Dt 25.03.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 31.01.2013 31.01.2013 28.02.2013 31.12.2012 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 03.12.2012 31.01.2013 03.12.2012 29.01.2013 31.01.2013

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

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

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 15.03.2013 15.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 26.02.2013 14.02.2013 14.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 28.01.2013 18.01.2013 17.01.2013 07.12.2012 02.10.2012 08.11.2011 13.04.2010

27.03.2013

Ambuja Cements Ltd Ambuja Cements Limited manufactures cement in India. The Company owns specially 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

200

2.5 M 2.0 M

150 100

12/2012 06/yy 220.70 135.60 90'063.00 168.65 -23.58% 24.37% 38.84% 1'542.5 260'137.92 603.60 0.0 8.4 38'034.70 222'715.22

1.0 M

.5 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

3.0 M

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACEM IB EQUITY YTD Change ACEM IB EQUITY YTD % CHANGE

31.12.2008 62'474.1 1.59x 18'079.6 5.49x 13'897.1 7.67x

250

31.12.2009 31.12.2010 70'768.7 73'902.1 2.06x 2.66x 20'163.0 18'914.3 7.24x 10.39x 12'168.4 12'629.7 13.05x 17.29x Profitability

LTM-4Q 31.12.2011 85'210.3 2.47x 20'228.2 10.42x 12'277.4 19.38x

31.12.2012 97'395.4 2.80x 27'827.2 9.79x 12'932.1 23.89x 27'827.20 19'349.10 19.87% 19.46% 10.76% 15.34% 15.82% 0.81% 28.6% 19.9% 13.3% 1.74 1.32 0.48% 0.69% 41.60 -

Price/ Cash Flow

LTM

FY+1

2.13 0.84 679.70 3.10% -15.11% 0.840 61 3.279 135'430 127'588 163'864 FY+2

FQ+1

FQ+2

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'033.2 111'671.0 125'177.6 0.00x 1.93x 1.68x 3'465.5 29'614.0 33'816.7 0.00x 7.53x 6.59x 8'326.5 18'645.9 21'117.0 0.00x 14.28x 12.61x 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

35.89 26.88 -1.35 0.02 0.7% 0.7% 0.81 1.48 8.80 -

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 03.01.2010

20'000.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.03.2013

Ambuja Cements Ltd Holdings By:

All

Holder Name HOLDERIND INVSTS LTD LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS NORGES BANK INVESTME FRANKLIN RESOURCES UBS KUWAIT INVESTMENT AU M&G INVESTMENT MANAG FMR LLC PEOPLES REPUBLIC OF STANDARD LIFE INVEST VANGUARD GROUP INC VANGUARD GROUP INC STATE STREET SUN LIFE FINANCIAL I AVIVA INVESTORS AXA GOVT OF SINGAPORE IN HSBC INVESTMENTS UK

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

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

Analyst JASON KENNEY SVEN DIERMEIER BERTRAND HODEE GORDON GRAY RICHARD GRIFFITH ALEJANDRO DEMICHELIS ALEXANDRE ANDLAUER CRAIG STERLING MICHELE DELLA VIGNA OSWALD CLINT LUCAS HERRMANN JENS MUENSTERMANN ANDREW WHITTOCK IRENE HIMONA COLIN SMITH MARTIJN P RATS DOUGIE YOUNGSON JASON D GAMMEL VALERIE GASTALDY PETER HUTTON JEFFREY A DIETERT PAUL SPEDDING KIM FUSTIER IAIN REID VIRGINIA PEREZ REPES ANNE PUMIR THEEPAN JOTHILINGAM RAHIM KARIM STUART JOYNER CHRISTINE TISCARENO FREDERICK G LUCAS ROBERT KESSLER ROBERT JAKOBSEN DOMINIQUE PATRY TEAM COVERAGE

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

Recommendation hold buy market perform hold hold outperform reduce hold neutral/cautious market perform buy buy hold hold hold Underwt/In-Line sell outperform hold sector perform overweight overweight neutral hold hold neutral neutral underweight buy hold overweight accumulate buy outperform buy

Amt Held 1'027'123'894 715'298'081 609'649'091 507'765'071 432'628'420 369'828'759 354'793'433 328'143'792 321'514'948 303'860'650 258'130'496 241'527'129 204'110'697 195'306'957 193'700'712 178'132'910 166'069'621 150'610'225 147'434'500 139'991'616

% Out 5.36 3.73 3.18 2.65 2.26 1.93 1.85 1.71 1.68 1.59 1.35 1.26 1.07 1.02 1.01 0.93 0.87 0.79 0.77 0.73

Weighting

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

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

Latest Chg 19'032'430 44'846'385 4'845'711 21'912'486 10'873'302 (277'008) (1'973'558) (10'962'271) 5'646'262 7'261'934 (698'478) 12'878'131 (5'019'297) (592'855) (6'919'062) 6'546'014

Target Price 530 540 #N/A N/A 500 #N/A N/A 575 425 #N/A N/A 490 510 520 520 445 500 490 442 400 550 #N/A N/A 530 #N/A N/A 550 475 450 6 490 455 480 495 595 525 500 520 500 602

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

File Dt 25.03.2013 01.11.2012 31.12.2012 30.11.2012 01.11.2012 31.12.2012 31.01.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 26.03.2013 31.01.2013 01.11.2012 31.01.2013 01.11.2012 01.11.2012

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

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

Date 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 13.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 01.03.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 19.02.2013 15.02.2013 08.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 19.12.2012 15.10.2012 19.09.2012 10.08.2012 16.04.2012

27.03.2013

Ashok Leyland Ltd Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AL IB EQUITY YTD Change AL IB EQUITY YTD % CHANGE

03/2012 12/yy 32.90 20.25 196'942.00 22.1 -32.83% 9.14% 14.62% 2'660.7 58'800.95 30'978.93 0.0 0.0 325.56 93'744.41

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 m-12

31.03.2009 31.03.2010 59'810.7 72'447.1 0.81x 1.35x 4'847.8 7'714.5 9.97x 12.68x 1'900.0 4'236.7 12.71x 17.52x Profitability

LTM-4Q 31.03.2011 111'771.1 0.93x 12'243.8 8.53x 6'313.0 23.96x

31.03.2012 128'419.9 0.87x 12'504.0 8.91x 5'659.8 14.27x

12'503.97 9'032.82 7.03% 5.37% 5.03% 13.85% 10.84% 1.14% 9.7% 7.0% 4.4% 0.89 0.26 26.00% 73.62% 10.63 -

Price/ Cash Flow

j-12

LTM

12/yy 12/yy 122'984.1 127'217.4 1.41x 1.65x 12'960.2 11'470.5 0.00x 0.00x 6'054.7 5'524.1 10.02x 13.21x

a-12

s-12

o-12

n-12

d-12

j-13

f-13

4.52 0.93 1'381.70 -20.85% -18.00% 0.929 52 3.635 295'762 1'668'399 1'424'257

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

4.87 2.15 2.45 2.48 73.6% 42.4% 1.14 2.65 34.42 -

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 05.04.2009

.0 M a-12 m-12

Fiscal Year Ended 31.03.2008 77'425.8 0.67x 8'347.3 6.26x 4'693.1 10.02x

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 |

27.03.2013

Ashok Leyland Ltd Holdings By:

All

Holder Name HINDUJA AUTOMOTIVE L FMR LLC BLACKROCK VANGUARD GROUP INC SANOFI EMP SAVINGS P DODGE & COX NATIXIS ASSET MANAGE FRANKLIN RESOURCES MORGAN STANLEY AVIVA PLC FIRST EAGLE INVESTME DEUTSCHE BANK AG WADDELL & REED FINAN ALLIANZ ASSET MANAGE LBPAM AMUNDI GRANTHAM MAYO VAN OT WILLIAM BLAIR & COMP AMUNDI BANK OF NEW YORK MEL

Firm Name Nomura Sanford C. Bernstein & Co Oddo & Cie Helvea Mirabaud Securities Exane BNP Paribas AlphaValue JPMorgan Jefferies EVA Dimensions Societe Generale Bryan Garnier & Cie Morgan Stanley Banco Sabadell Berenberg Bank Barclays Leerink Swann & Co CM - CIC Securities(ESN) Credit Suisse Landesbank Baden-Wuerttemberg Independent Research GmbH Kepler Capital Markets Ahorro Corporacion Financiera SA Nomura S&P Capital IQ Goldman Sachs Natixis Nord/LB Day by Day Redburn Partners Hamburger Sparkasse CA Cheuvreux Liberum Capital Ltd Main First Bank AG Jyske Bank Cyrrus MP Advisors Pvt Ltd DZ Bank AG

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

Analyst MARK CLARK TIMOTHY M ANDERSON SEBASTIEN MALAFOSSE ODILE RUNDQUIST NICHOLAS TURNER VINCENT MEUNIER ARMELLE MOULIN RICHARD VOSSER JEFFREY HOLFORD ANDREW S ZAMFOTIS STEPHEN MCGARRY ERIC LE BERRIGAUD PETER VERDULT MARTA DIAZ ALISTAIR CAMPBELL MARK PURCELL SEAMUS FERNANDEZ ARSENE GUEKAM LUISA HECTOR TIMO KUERSCHNER CHRISTOPH SCHOENDUBE FABIAN WENNER VIRGINIA PEREZ REPES AMIT ROY SHO MATSUBARA KEYUR PAREKH PHILIPPE LANONE THORSTEN STRAUSS VALERIE GASTALDY TEAM COVERAGE MARCO GUENTHER LAURENT FLAMME NARESH CHOUHAN TIM FRANKLIN ROBERT JAKOBSEN TOMAS MENCIK VISHAL MANCHANDA ELMAR KRAUS

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

Recommendation buy outperform buy accumulate neutral outperform add overweight buy hold buy buy Overwt/Attractive buy hold equalweight outperform hold neutral buy hold hold buy neutral buy neutral/neutral buy hold buy neutral sell outperform underweight suspended coverage sell hold market perform buy

Amt Held 118'227'307 33'173'565 20'826'782 18'032'467 17'191'116 16'748'982 13'821'204 10'580'043 6'697'049 6'413'305 5'954'817 5'830'361 5'643'800 5'093'172 4'869'438 4'547'746 4'234'244 4'068'709 4'037'006 3'880'397

% Out 8.91 2.5 1.57 1.36 1.3 1.26 1.04 0.8 0.5 0.48 0.45 0.44 0.43 0.38 0.37 0.34 0.32 0.31 0.3 0.29

Weighting

Change

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

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

Latest Chg 325'750 (6'850) 1'487'319 1'647'107 (1'806'061) 490'404 (10'030) 249'926 597'970 630'744 (67'746) (42'392) (345'054) 8'077 (16'108) 347'156

Target Price 89 76 82 82 83 85 83 99 85 #N/A N/A 92 80 81 80 76 77 #N/A N/A 66 78 78 75 73 81 65 81 73 84 #N/A N/A 78 #N/A N/A #N/A N/A 77 65 #N/A N/A 57 60 52 55

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

File Dt 31.01.2013 31.01.2013 25.03.2013 31.12.2012 31.01.2013 29.01.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.09.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.05.2012 31.12.2012 31.10.2012 26.03.2013

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 15 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

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

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 19.02.2013 18.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.01.2013 11.12.2012 11.12.2012 10.12.2012 28.11.2012 29.10.2012 05.10.2012 20.07.2012 11.07.2012 05.04.2012 08.02.2012 20.12.2011

27.03.2013

Asian Paints Ltd Asian Paints Limited manufactures a wide range of decorative paints, varnishes, refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 6000

.1 M

5000

.1 M .1 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APNT IB EQUITY YTD Change APNT IB EQUITY YTD % CHANGE

03/2012 12/yy 5'047.00 3'004.00 13'046.00 4895.7 -3.00% 62.97% 92.59% 95.9 469'594.50 3'358.50 0.0 1'366.9 9'031.30 465'288.59

31.03.2008 44'072.3 2.66x 6'714.5 17.48x 4'091.8 28.13x

.1 M

2000

.0 M

1000

.0 M

0 m-12

31.03.2009 31.03.2010 54'639.0 66'809.4 1.45x 2.93x 6'984.4 12'334.5 11.31x 15.84x 3'978.4 8'356.4 18.96x 23.40x Profitability

LTM-4Q 31.03.2011 77'223.0 3.05x 13'358.6 17.65x 8'432.4 28.73x

31.03.2012 96'322.4 3.18x 15'449.5 19.85x 9'887.3 31.45x

15'449.50 14'238.20 14.78% 15.10% 18.82% 40.06% 36.39% 1.83% 16.0% 14.8% 10.3% 1.29 0.61 5.70% 12.22% 14.22 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

FY+1

0.82 0.54 54.46 59.89% 10.76% 0.540 37 3.459 13'010 10'445 10'374 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 90'373.1 107'310.0 112'230.2 131'442.7 31'390.6 27'144.5 3.37x 2.86x 4.16x 3.51x 14'018.4 17'213.2 18'122.4 22'008.2 4'993.3 4'772.5 0.00x 0.00x 25.71x 21.17x 22.26x 21.73x 9'152.7 11'222.5 11'715.5 14'258.6 3'148.3 3'160.5 27.17x 37.89x 40.12x 33.13x 34.22x 33.34x 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

43.23 24.39 -0.37 0.22 12.2% 10.4% 1.83 6.13 25.73 -

Sales/Revenue/Turnover

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 05.04.2009

.0 M a-12 m-12

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

.1 M

3000

Valuation Analysis

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 |

27.03.2013

Asian Paints Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I VANGUARD GROUP INC GOVT OF SINGAPORE IN UBS VANGUARD GROUP INC FRANKLIN RESOURCES STATE STREET BP INVESTMENT MANAGE ABERDEEN JP MORGAN BNP PARIBAS INV PART NORTHERN TRUST GLOBA SOCIETE GENERALE PRO STANDARD LIFE INVEST ALLIANZ ASSET MANAGE

Firm Name Axis Capital Limited Raymond James EVA Dimensions Sanford C. Bernstein & Co Jefferies Day by Day AlphaValue JPMorgan ING Bank Tudor Pickering & Co Canaccord Genuity Corp Simmons & Company International Macquarie CA Cheuvreux Hamburger Sparkasse Investec HSBC Independent Research GmbH Barclays Oriel Securities Ltd Ahorro Corporacion Financiera SA RBC Capital Markets Landesbank Baden-Wuerttemberg VSA Capital Ltd Deutsche Bank Theodoor Gilissen Securities VTB Capital Kepler Capital Markets Morgan Stanley S&P Capital IQ

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

Analyst KIM FUSTIER BERTRAND HODEE CRAIG STERLING OSWALD CLINT IAIN REID VALERIE GASTALDY ALEXANDRE ANDLAUER FREDERICK G LUCAS QUIRIJN MULDER ROBERT KESSLER GORDON GRAY JEFFREY A DIETERT JASON D GAMMEL DOMINIQUE PATRY INGO SCHMIDT STUART JOYNER PAUL SPEDDING SVEN DIERMEIER RAHIM KARIM RICHARD GRIFFITH VIRGINIA PEREZ REPES PETER HUTTON JENS MUENSTERMANN DOUGIE YOUNGSON LUCAS HERRMANN JOS VERSTEEG COLIN SMITH TEAM COVERAGE MARTIJN P RATS CHRISTINE TISCARENO

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

Recommendation outperform market perform buy market perform buy hold reduce underweight buy buy buy overweight outperform outperform buy hold neutral hold equalweight buy hold sector perform buy not rated hold buy hold hold not rated hold

Amt Held 190'130'247 148'916'543 77'887'769 52'066'121 50'156'944 47'208'897 41'114'969 39'669'849 38'832'374 34'834'706 26'147'686 25'767'455 22'400'138 19'530'183 19'189'183 16'493'284 16'292'959 16'129'705 14'890'316 12'949'057

% Out 5.04 3.95 2.06 1.38 1.33 1.25 1.09 1.05 1.03 0.92 0.69 0.68 0.59 0.52 0.51 0.44 0.43 0.43 0.39 0.34

Weighting

Change

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

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

Latest Chg 13'987'593 2'525'344 16'866'612 9'274'558 3'594'333 2'242'231 1'675'222 1'602'657 (1'443'858) 5'779'775 188'418 (1'313'970) 288'938 161'883 5'377'967 (4'117'735) 35'052 12'387'795 (803'892) 2'215'390

Target Price 2'525 #N/A N/A #N/A N/A 2'410 2'450 #N/A N/A 2'114 2'400 2'843 2'800 2'650 #N/A N/A 2'500 2'431 #N/A N/A 2'168 2'520 2'433 2'550 #N/A N/A 2'567 2'580 2'580 #N/A N/A 2'475 2'722 2'500 2'272 #N/A N/A 2'315

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

File Dt 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 01.01.2013 31.12.2012 26.03.2013 01.01.2013 28.02.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013

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

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

Date 26.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 28.02.2013 27.02.2013 21.02.2013 15.02.2013 13.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 29.01.2013 24.01.2013 09.01.2013 04.12.2012 03.12.2012 02.10.2012 27.09.2012 18.05.2012 03.05.2012 03.10.2011

27.03.2013

Axis Bank Ltd Axis Bank Limited provides a full range of banking services throughout India. develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Price/Volume 1600

20.0 M

1000 800

03/2012 01/yy 1'519.00 922.00 135'635.00 1294.45 -14.78% 40.40% 62.39% 467.7 605'450.25 493'494.52 0.0 0.0 143'948.14 -

15.0 M

600

10.0 M

400 5.0 M

200 0 m-12 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

25.0 M

1200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AXSB IB EQUITY YTD Change AXSB IB EQUITY YTD % CHANGE

31.03.2008 88'161.8 10'591.4 24.84x

30.0 M

1400

31.03.2009 31.03.2010 137'177.0 156'077.5 18'129.3 24'781.4 8.21x 18.02x Profitability

31.03.2011 198'334.5 33'399.1 17.17x

31.03.2012 274'629.8 42'197.8 11.19x

46.33% 46.48% 1.60% 20.30% 6.50% 0.10% 31.3% 17.29% 217.57% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.24 1.18 420.92 15.24% -4.57% 1.178 72 4.361 188'824 156'949 168'061 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 164'444.0 200'909.0 51'039.5 64'165.5 10.65x 8.48x S&P Issuer Ratings

30.01.2007 BBBNEG 30.01.2007 A-3 217.6% 68.5% 0.10 12.00 -

Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 05.04.2009

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 |

27.03.2013

Axis Bank Ltd Holdings By:

All

Holder Name UTI ASSET MANAGEMENT INVESCO LTD LEGAL & GENERAL SCOTTISH WIDOWS CAPITAL GROUP COMPAN FMR LLC NORGES BANK INVESTME FRANKLIN RESOURCES M&G INVESTMENT MANAG UBS NEWTON INV MGMT BANK OF NEW YORK MEL VANGUARD GROUP INC STANDARD LIFE INVEST SCHRODER INVESTMENT PEOPLES REPUBLIC OF PERPETUAL INVESTMENT VANGUARD GROUP INC AXA STATE STREET

Firm Name

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

Analyst

Espirito Santo Investment Bank Research BRIAN WHITE AlphaValue ARMELLE MOULIN JPMorgan JAMES D GORDON Jefferies JEFFREY HOLFORD Sanford C. Bernstein & Co TIMOTHY M ANDERSON EVA Dimensions ANDREW S ZAMFOTIS Deutsche Bank MARK CLARK Credit Suisse KERRY HOLFORD Day by Day VALERIE GASTALDY Berenberg Bank ALISTAIR CAMPBELL Panmure Gordon & Co Limited SAVVAS NEOPHYTOU Bryan Garnier & Cie ERIC LE BERRIGAUD Societe Generale STEPHEN MCGARRY Exane BNP Paribas FLORENT CESPEDES Barclays MARK PURCELL Leerink Swann & Co SEAMUS FERNANDEZ Kepler Capital Markets FABIAN WENNER Independent Research GmbH CHRISTOPH SCHOENDUBE Helvea ODILE RUNDQUIST Morgan Stanley PETER VERDULT Hamburger Sparkasse MARCO GUENTHER S&P Capital IQ SHO MATSUBARA Nomura AMIT ROY Goldman Sachs KEYUR PAREKH Cenkos Securities Ltd NAVID MALIK Redburn Partners TEAM COVERAGE Liberum Capital Ltd NARESH CHOUHAN CA Cheuvreux MARCEL BRAND Natixis PHILIPPE LANONE Landesbank Baden-Wuerttemberg TIMO KUERSCHNER Main First Bank AG TIM FRANKLIN Cyrrus TOMAS MENCIK Mirabaud Securities NICHOLAS TURNER MP Advisors Pvt Ltd VISHAL MANCHANDA DZ Bank AG ELMAR KRAUS First Global Stockbroking KAVITA THOMAS

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

Recommendation buy reduce underweight hold market perform overweight hold neutral hold buy buy neutral buy underperform overweight market perform buy hold neutral Equalwt/Attractive hold sell neutral neutral/neutral buy neutral underweight underperform neutral hold suspended coverage hold buy outperform buy market perform

Amt Held 271'061'000 188'613'112 153'140'293 143'097'310 137'148'963 134'440'074 115'229'583 88'648'845 85'255'473 72'136'226 71'507'300 60'081'894 55'750'486 53'010'281 52'720'290 51'503'238 51'301'508 49'644'084 44'610'398 43'934'496

% Out 5.52 3.84 3.12 2.91 2.79 2.74 2.35 1.81 1.74 1.47 1.46 1.22 1.14 1.08 1.07 1.05 1.04 1.01 0.91 0.89

Weighting

Change

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

M M M M M U M M M M M M M M M M M M M M M M M M N M M M M M M M M M U R

Latest Chg 9'906'677 24'341'047 30'057'500 13'668'350 21'497 (2'215'605) (1'180'943) (1'728'888) 9'684'880 385'845 (188'352) (9'956'056) (5'398'021) 73'324 1'468'137 (43'379) 497'126

Target Price #N/A N/A 1'461 1'550 1'550 1'497 #N/A N/A 1'530 1'450 #N/A N/A 1'530 1'525 1'580 1'810 1'400 1'610 #N/A N/A 1'680 1'560 1'520 1'370 #N/A N/A 1'200 1'340 1'415 1'603 #N/A N/A 1'380 1'250 1'450 1'450 #N/A N/A 1'420 1'640 #N/A N/A 1'500 #N/A N/A

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

File Dt Inst Type 25.03.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 01.01.2013 Unclassified 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 01.01.2013 Government 28.02.2013 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Unclassified 01.01.2013 Mutual Fund Manager 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 01.01.2013 Government 31.07.2012 Investment Advisor 01.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

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

Date 25.03.2013 21.03.2013 15.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 06.03.2013 05.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 13.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 04.02.2013 28.01.2013 30.11.2012 26.11.2012 05.10.2012 11.09.2012 06.09.2012 03.08.2012 20.07.2012 05.04.2012 02.04.2012 13.01.2012 28.10.2011 23.08.2011

27.03.2013

Bajaj Auto Ltd Bajaj Auto Limited manufactures and distributes motorized two-wheeled 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 2500

.4 M

2000

.3 M .3 M

1500

.2 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BJAUT IB EQUITY YTD Change BJAUT IB EQUITY YTD % CHANGE

03/2012 03/yy 2'228.95 1'423.10 26'074.00 1795.2 -19.46% 26.15% 46.17% 289.4 519'471.66 1'229.20 0.0 1.7 17'587.60 503'114.95

31.03.2008 86'659.2 7'495.6 -

.2 M .1 M

500

.1 M

0 m-12

31.03.2009 31.03.2010 84'460.3 115'431.6 1.23x 2.51x 10'213.2 24'713.5 10.18x 11.73x 5'357.9 15'946.0 16.70x 18.28x Profitability

LTM-4Q 31.03.2011 159'274.0 2.66x 32'225.8 13.16x 34'548.9 12.26x

31.03.2012 189'455.2 2.48x 37'655.7 12.47x 30'486.2 15.93x

37'655.70 35'815.60 18.90% 21.47% 29.97% 55.99% 54.13% 1.86% 19.9% 18.9% 16.1% 1.14 0.46 1.10% 2.02% 51.16 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

FY+1

2.51 0.85 122.12 11.26% -15.76% 0.848 70 3.443 40'709 30'128 27'496 FY+2

FQ+1

FQ+2

09/yy 100'753.0 0.00x 0.0 0.00x 12'733.5 0.00x

03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 88'415.4 206'662.4 239'910.5 0.00x 2.33x 1.93x 2'607.9 38'862.7 47'410.3 0.00x 12.99x 10.65x 6'365.1 31'143.8 37'604.3 0.00x 16.68x 13.85x 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

165.23 160.42 -0.43 0.03 2.0% 2.0% 1.86 12.43 7.15 -

Sales/Revenue/Turnover

80.00

200'000.0

70.00

180'000.0 160'000.0

60.00

140'000.0

50.00

120'000.0

40.00

100'000.0 80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 05.04.2009

.0 M a-12 m-12

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

.4 M

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 |

27.03.2013

Bajaj Auto Ltd Holdings By:

All

Holder Name BAJAJ HOLDINGS AND I GROUPE BRUXELLES LAM AMUNDI QATAR HOLDINGS LLC NORGES BANK CIE NATIONALE A PORT BLACKROCK NATIXIS ASSET MANAGE VANGUARD GROUP INC CAPITAL GROUP COMPAN FRANKLIN RESOURCES ONTARIO TEACHERS PEN BANK OF NEW YORK MEL AVIVA PLC AMUNDI GRANTHAM MAYO VAN OT LBPAM WADDELL & REED FINAN FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE

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

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

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

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

Recommendation outperform market perform accumulate underweight buy buy buy Sell/Cautious outperform reduce buy overweight buy outperform buy buy neutral overweight neutral buy buy neutral hold buy buy buy buy overweight buy buy Equalwt/In-Line hold outperform

Amt Held 108'732'635 94'077'367 78'390'326 47'275'059 47'038'683 35'456'294 27'588'144 23'623'504 23'417'298 19'734'600 13'367'024 11'200'000 10'726'773 10'451'098 9'555'009 8'031'246 7'707'489 7'573'598 7'054'684 6'889'834

% Out 4.6 3.98 3.31 2 1.99 1.5 1.17 1 0.99 0.83 0.56 0.47 0.45 0.44 0.4 0.34 0.33 0.32 0.3 0.29

Weighting

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

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

Latest Chg (683'332) (1'631'999) 287'390 (2'024'000) (298'176) 256'626 (23'778) 21'870 (194'720) (6'360) (38'409)

Target Price 51 #N/A N/A 47 44 48 40 45 42 48 37 50 46 45 44 47 47 44 49 42 #N/A N/A 54 40 42 48 47 49 #N/A N/A #N/A N/A 45 44 42 38 44

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 14.03.2012 31.12.2011 31.12.2011 25.03.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2011 26.03.2013 28.02.2013 31.12.2012 31.05.2012 31.12.2012 31.12.2012 30.09.2012 28.02.2013

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

Inst Type Corporation Holding Company Investment Advisor Government Government Corporation Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 07.03.2013 01.03.2013 27.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 07.02.2013 06.02.2013 17.01.2013 15.01.2013 09.01.2013 03.12.2012 27.11.2012 02.07.2012 30.04.2012

27.03.2013

Bank of Baroda Bank of Baroda owns and operates commercial banks in India. The Group's banks that manufacture, market and sell cigarettes and other tobacco products, including cigars and roll-your-own tobacco.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOB IB EQUITY YTD Change BOB IB EQUITY YTD % CHANGE

03/2012 01/yy 899.65 606.25 65'976.00 663.45 -26.25% 9.44% 19.50% 421.3 279'482.50 793'423.90 0.0 911.8 679'229.74 -

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

31.03.2009 31.03.2010 183'929.5 202'000.3 23'840.8 31'793.0 3.58x 7.32x Profitability

31.03.2011 258'005.3 44'337.1 8.52x

31.03.2012 345'881.1 52'485.8 5.94x

42.41% 42.77% 1.27% 20.87% 5.38% 0.08% 35.3% 17.35% 278.24% -

Price/ Cash Flow

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data 2.56 0.97 148.68 -13.97% -23.47% 0.966 70 3.643 109'468 82'176 100'583

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

30.12.2011 NR 30.12.2011 NR 278.2% 73.5% 0.08 14.38 -

Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 05.04.2009

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Fiscal Year Ended 31.03.2008 143'062.7 15'483.8 6.67x

1000 900 800 700 600 500 400 300 200 100 0 m-12

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 |

27.03.2013

Bank of Baroda Holdings By:

All

Holder Name GOVERNMENT OF INDIA REINET INVESTMENTS S LEGAL & GENERAL CAPITAL GROUP COMPAN INVESCO LTD SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES CREDIT SUISSE PRIVAT ABERDEEN MORGAN STANLEY INVES M&G INVESTMENT MANAG VANGUARD GROUP INC UBS MORGAN STANLEY Northern Cross Inter VANGUARD GROUP INC HARBOR CAPITAL ADVIS ALLAN GRAY UNIT TRUS NEWTON INV MGMT

Firm Name Axis Capital Limited Day by Day Deutsche Bank Investec Nomura Oriel Securities Ltd Jefferies Goldman Sachs Panmure Gordon & Co Limited Avior Research Canaccord Genuity Corp Independent Research GmbH Redburn Partners Societe Generale Morgan Stanley Natixis Exane BNP Paribas Barclays Credit Suisse JPMorgan Renaissance Capital Berenberg Bank S&P Capital IQ EVA Dimensions Afrifocus Securities Imara

Portfolio Name n/a Multiple Portfolios 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

Analyst ISABELLE COMBEMALE VALERIE GASTALDY JONATHAN FELL THANE DUFF DAVID HAYES CHRIS WICKHAM DIRK VAN VLAANDEREN FULVIO CAZZOL DAMIAN MCNEELA RICHARD TESSENDORF EDDY HARGREAVES LARS LUSEBRINK CHRISTIAN DE ROUALLE CHAS MANSO DE ZUNIGA MATTHEW GRAINGER NICOLAS LANGLET JAMES BUSHNELL SIMON HALES ROGERIO FUJIMORI RAE MAILE REY WIUM ERIK BLOOMQUIST CARL SHORT AUSTIN BURKETT TANUJA CHITRE RICHARD CLARKE

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

Recommendation add hold buy hold buy hold buy buy/attractive buy neutral hold hold neutral hold Equalwt/Attractive neutral outperform overweight outperform overweight hold buy hold overweight hold sell

Amt Held 132'891'526 81'313'066 70'617'321 67'664'399 62'241'180 51'036'377 44'677'384 44'654'616 37'965'898 35'672'165 26'280'778 24'636'075 24'361'035 23'128'725 22'521'571 22'218'678 21'639'256 20'358'179 17'404'651 16'928'208

% Out 6.9 4.22 3.66 3.51 3.23 2.65 2.32 2.32 1.97 1.85 1.36 1.28 1.26 1.2 1.17 1.15 1.12 1.06 0.9 0.88

Weighting

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

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

Latest Chg (3'000'000) (2'766'594) 1'948'246 3'856'239 (4'619'821) (2'144'127) (376'548) 1'305'019 5'499'279 (427'111) 562'275 (1'102'251) 1'491'898 245'915 1'824'714 260'794 892'088 (202'468)

Target Price 3'801 #N/A N/A 3'700 3'577 4'087 3'700 4'000 4'420 3'900 3'761 3'100 3'600 #N/A N/A 3'550 3'450 3'600 3'800 3'725 3'600 4'209 3'550 3'500 3'540 #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 25.03.2013 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Investment Advisor 03.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Bank 28.02.2013 Unclassified 03.12.2012 Investment Advisor 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 03.12.2012 Unclassified 03.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 03.12.2012 Mutual Fund Manager

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

Date 21.03.2013 18.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 17.01.2013 18.04.2012 17.05.2011

27.03.2013

Bank of India Bank of India, through its subsidiaries, provides corporate, commercial, three major business sectors including industrial, energy, and healthcare. Siemens AG provides engineering solutions in automation and control, power, transportation, medical, information and communication, and lighting.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BOI IB EQUITY YTD Change BOI IB EQUITY YTD % CHANGE

03/2012 03/yy 392.20 253.80 140'956.00 290.2 -26.01% 14.34% 26.30% 595.9 172'930.81 708'294.79 0.0 629.0 648'304.61 -

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

.9 M

400

.8 M

350

.7 M

300

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

.1 M

0 m-12

31.03.2009 31.03.2010 194'930.5 205'968.2 30'875.4 17'871.6 3.73x 10.00x Profitability

LTM-4Q 31.03.2011 245'002.3 25'424.2 9.83x

31.03.2012 319'294.4 27'248.6 7.27x

30.61% 31.11% 0.74% 13.96% 3.61% 0.09% 23.3% 18.27% 330.76% -

Price/ Cash Flow

m-12

j-12

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

03/yy 31'921.3 0.00x 0.0 0.00x 24'072.8 0.00x

s-12

o-12

n-12

d-12

j-13

f-13

2.41 1.06 150.55 -18.31% -15.36% 1.059 63 2.778 202'812 137'523 163'807

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

30.01.2007 BBBNEG 30.01.2007 A-3 330.8% 76.7% 0.09 12.05 -

Sales/Revenue/Turnover

14.00

350'000.0

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 05.04.2009

.0 M a-12

Fiscal Year Ended 31.03.2008 145'280.9 19'598.4 6.36x

450

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 |

27.03.2013

Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA SIEMENS FAMILY QATAR HOLDINGS LLC SIEMENS AG VANGUARD GROUP INC CAPITAL GROUP COMPAN UBS UNION INVESTMENT GMB THORNBURG INVESTMENT FRANKLIN RESOURCES FMR LLC DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE DEUTSCHE BANK AG OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE LBPAM FRANKFURT TRUST INVE ADIG INVESTMENT ETFLAB INVESTMENT GM

Firm Name

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

Analyst

Axis Capital Limited JAMES STETTLER Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY Morgan Stanley BEN UGLOW Day by Day VALERIE GASTALDY AlphaValue HEINZ STEFFEN Landesbank Baden-Wuerttemberg VOLKER STOLL Hamburger Sparkasse MARCO GUENTHER Baader Bank GUENTHER MICHAEL HOLLFELDER Exane BNP Paribas OLIVIER ESNOU HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE RBC Capital Markets ANDREW CARTER Banco Sabadell FRANCISCO JOSE RODRIGUEZ DZ Bank AG JASKO TERZIC Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Kepler Capital Markets ULRICH SCHOLZ Credit Suisse SIMON TOENNESSEN CA Cheuvreux ALFRED GLASER Bankhaus Metzler ULRICH TRABERT Berenberg Bank WILLIAM MACKIE Natixis LUDOVIC DEBAILLEUX Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL Nord/LB WOLFGANG DONIE JPMorgan ANDREAS WILLI William Blair & Co NICHOLAS P HEYMANN Independent Research GmbH MARKUS FRIEBEL S&P Capital IQ JAMES CRAWSHAW Redburn Partners JAMES MOORE SRH AlsterResearch OLIVER DREBING Goldman Sachs DANIELA COSTA EVA Dimensions CRAIG STERLING Deutsche Bank PETER REILLY Nomura DANIEL CUNLIFFE Silvia Quandt Research EERIK KD BUDARZ Langenberg & Co BRIAN KEITH LANGENBERG

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

Recommendation hold hold market perform Overwt/Cautious buy reduce buy buy buy underperform neutral neutral sector perform buy hold hold hold outperform outperform buy buy reduce underperform equalweight hold hold neutral market perform hold hold neutral buy neutral/neutral hold sell neutral avoid buy

Amt Held 57'388'502 54'852'206 27'758'338 26'820'674 12'302'553 9'880'200 6'246'478 5'386'486 5'203'888 4'877'843 4'583'145 4'175'468 3'641'584 3'543'486 2'963'579 2'464'495 2'013'201 1'647'039 1'634'951 1'570'015

% Out 6.51 6.23 3.15 3.04 1.4 1.12 0.71 0.61 0.59 0.55 0.52 0.47 0.41 0.4 0.34 0.28 0.23 0.19 0.19 0.18

Weighting

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

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

Latest Chg (569'646) (179'474) (890'272) (142'559) (1'084'091) (551'912) (330'620) (417'782) 70'846 152'571 452'193 57'030 (38'813) (87'700) (5'200) -

Target Price 80 88 73 99 92 84 96 86 88 88 87 81 86 90 77 85 85 95 94 93 94 75 86 84 83 76 90 79 85 85 #N/A N/A 92 90 #N/A N/A 65 85 58 100

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

File Dt Inst Type 25.03.2013 Investment Advisor 10.11.2011 n/a 07.05.2012 Government 08.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 26.03.2013 Investment Advisor

Date 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Date 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 15.03.2013 14.03.2013 08.03.2013 08.03.2013 19.02.2013 15.02.2013 05.02.2013 04.02.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 17.01.2013 17.01.2013 20.11.2012 16.11.2012 08.11.2012 12.10.2012

27.03.2013

Bharat Forge Ltd Bharat Forge Limited manufactures steel forgings and machined components for refines petroleum. The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

Price/Volume 400

.7 M

350

.6 M

300

.5 M

250

Latest Fiscal Year: LTM as of: 52-Week High (08.05.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHFC IB EQUITY YTD Change BHFC IB EQUITY YTD % CHANGE

03/2012 03/yy 347.00 196.65 70'343.00 202.65 -41.60% 3.05% 3.99% 232.8 47'175.77 26'223.59 0.0 1'957.2 6'717.75 68'638.81

31.03.2008 45'614.0 1.60x 8'663.3 8.42x 3'000.7 19.88x

.3 M

150 100

.2 M

.1 M

0 m-12

.0 M a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

.4 M

200

Valuation Analysis

31.03.2009 31.03.2010 46'739.9 32'616.0 0.88x 2.33x 5'581.1 3'471.8 7.38x 21.85x 584.0 (683.2) 39.35x Profitability

LTM-4Q 31.03.2011 49'686.1 2.00x 7'948.6 12.48x 2'901.6 26.65x

31.03.2012 61'460.2 1.56x 10'023.5 9.57x 4'130.5 18.04x

10'023.45 7'005.96 11.40% 9.75% 6.35% 19.94% 11.38% 0.94% 16.3% 11.4% 6.7% 1.25 0.52 35.76% 119.73% 7.84 -

Price/ Cash Flow

LTM

03/yy 43'365.3 0.00x 0.0 0.00x 2'941.2 20.25x

03/yy 42'292.4 0.00x 335.1 0.00x 288.2 76.55x

FY+1

1.97 1.02 175.43 -31.78% -19.37% 1.017 32 3.281 85'474 57'671 69'577 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 58'951.6 64'099.9 1.13x 1.00x 8'465.8 9'733.1 8.07x 7.02x 2'878.5 3'865.3 16.47x 12.37x S&P Issuer Ratings

6.79 -1.69 1.95 2.62 119.7% 52.4% 0.94 2.16 46.66 -

Sales/Revenue/Turnover

50.00

70'000.0

45.00

60'000.0

40.00 35.00

50'000.0

30.00

40'000.0

25.00

30'000.0

20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 05.04.2009

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 |

27.03.2013

Bharat Forge Ltd Holdings By:

All

Holder Name KALYANI INVESTMENT C LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS CREDIT SUISSE PRIVAT M&G INVESTMENT MANAG VANGUARD GROUP INC QATAR INVESTMENT AUT PEOPLES REPUBLIC OF UBS FRANKLIN RESOURCES VANGUARD GROUP INC AXA STANDARD LIFE INVEST ABERDEEN FMR LLC BREWIN DOLPHIN LIMIT JP MORGAN STATE STREET THREADNEEDLE ASSET M

Firm Name Axis Capital Limited Grupo Santander Goldman Sachs Exane BNP Paribas JPMorgan Liberum Capital Ltd VTB Capital Societe Generale Morgan Stanley Nomura Canaccord Genuity Corp RBC Capital Markets HSBC Natixis Barclays EVA Dimensions VSA Capital Ltd Deutsche Bank

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

Analyst OSWALD CLINT JASON KENNEY MICHELE DELLA VIGNA ALEJANDRO DEMICHELIS FREDERICK G LUCAS ANDREW WHITTOCK COLIN SMITH IRENE HIMONA MARTIJN P RATS THEEPAN JOTHILINGAM GORDON GRAY PETER HUTTON PAUL SPEDDING ANNE PUMIR RAHIM KARIM CRAIG STERLING DOUGIE YOUNGSON LUCAS HERRMANN

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

Recommendation market perform underweight Sell/Cautious underperform underweight hold hold buy Overwt/In-Line buy buy sector perform neutral buy equalweight buy not rated hold

Amt Held 176'509'095 92'965'731 91'962'723 84'449'282 74'947'205 49'588'750 48'224'986 44'703'170 39'898'819 37'871'476 35'090'143 34'738'840 33'594'566 33'060'303 31'402'252 28'774'373 27'392'377 25'480'564 23'787'695 21'990'967

% Out 6.79 3.57 3.54 3.25 2.88 1.91 1.85 1.72 1.53 1.46 1.35 1.34 1.29 1.27 1.21 1.11 1.05 0.98 0.91 0.85

Weighting

Change

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

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

Latest Chg (2'451'432) 10'540'709 (526'247) (2'440'260) 1'120'225 1'669'724 3'975'234 932'195 (3'039'278) 1'176'245 (185'589) (2'304'800) (766'521) (1'060'121) (626'439) 4'342'844 2'600'938 1'154'509

Target Price 2'410 2'409 2'280 2'350 2'400 2'310 2'500 2'700 2'500 2'500 2'650 2'580 2'450 2'600 2'550 #N/A N/A #N/A N/A 2'475

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

File Dt 25.03.2013 01.01.2013 08.03.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 31.01.2013 01.01.2013 31.01.2013 26.03.2013 01.01.2013

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

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

Date 22.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 14.03.2013 01.03.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 19.02.2013 01.02.2013 01.02.2013 01.02.2013 17.01.2013 04.12.2012 03.12.2012

27.03.2013

Bharat Heavy Electricals Ltd Bharat Heavy Electricals Limited manufactures power plant equipment. The polymers. The Company manufactures products that include aspirin, antibiotics, anti-infectives, and cardiovascular, oncology, and central nervous system drugs, over-the-counter medications, diagnostics, animal health products, crop protection products, plastics, and polyurethanes.

Price/Volume 2.5 M

250

2.0 M

200

1.5 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.04.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHEL IB EQUITY YTD Change BHEL IB EQUITY YTD % CHANGE

03/2012 01/yy 274.45 175.50 312'372.00 176.3 -35.76% 0.46% 0.81% 2'447.6 431'511.88 5'424.30 0.0 49.7 67'319.40 369'666.49

1.0 M

100

.5 M

50 0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

300

31.03.2009 31.03.2010 264'914.0 331'544.8 2.41x 3.24x 37'633.0 54'935.0 16.96x 19.55x 31'151.7 43'269.2 23.74x 27.05x Profitability

31.03.2011 418'546.6 2.19x 85'525.5 10.71x 60'533.6 16.68x

31.03.2012 475'989.5 1.19x 112'739.0 5.03x 70'874.4 8.88x 112'739.00 104'679.90 21.99% 21.78% 11.16% 31.11% 30.63% 0.75% 88.4% 23.7% 22.0% 14.9% 1.68 1.14 0.80% 2.14% 2.03 0.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.63 1.06 588.32 -28.99% -22.04% 1.058 61 2.082 513'146 423'251 441'696 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 472'879.5 451'680.0 0.78x 0.72x 87'400.8 74'977.5 4.24x 4.94x 61'741.1 55'731.1 7.06x 8.20x S&P Issuer Ratings

422.24 362.86 -0.55 0.05 2.1% 2.1% 0.75 8.68 179.86 808.44 412.58 575.72

Sales/Revenue/Turnover

300.00

500'000.0 450'000.0

250.00

400'000.0 350'000.0

200.00

300'000.0

150.00

250'000.0 200'000.0

100.00

150'000.0 100'000.0

50.00 0.00 05.04.2009

50'000.0 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 |

27.03.2013

Bharat Heavy Electricals Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA BLACKROCK FMR LLC DODGE & COX VANGUARD GROUP INC SUN LIFE FINANCIAL I MORGAN STANLEY DEUTSCHE BANK AG DB PLATINUM ADVISORS BANK OF NEW YORK MEL UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA CI INVESTMENTS INC ADIG INVESTMENT MERCURY ASSET MANAGE TIAA CREF INVESTMENT FRANKFURT TRUST INVE

Firm Name Nirmal Bang Institutional Equities Helvea DZ Bank AG Exane BNP Paribas AlphaValue Commerzbank Corporates & Markets Baader Bank Jefferies Berenberg Bank Natixis Equinet Institutional Services(ESN) S&P Capital IQ JPMorgan EVA Dimensions CA Cheuvreux Societe Generale Landesbank Baden-Wuerttemberg Hamburger Sparkasse Nomura Day by Day Nord/LB Credit Suisse Macquarie Bankhaus Metzler Barclays Independent Research GmbH M.M. Warburg Investment Research Bryan Garnier & Cie Goldman Sachs Kepler Capital Markets Deutsche Bank Redburn Partners Main First Bank AG Silvia Quandt Research Banco Sabadell Liberum Capital Ltd

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

Analyst JEREMY REDENIUS ODILE RUNDQUIST PETER SPENGLER FLORENT CESPEDES MARTIN SCHNEE DANIEL WENDORFF NORBERT BARTH JEFFREY HOLFORD ALISTAIR CAMPBELL BEATRICE MUZARD MARIETTA MIEMIETZ SHO MATSUBARA RICHARD VOSSER ANDREW S ZAMFOTIS LAURENT FLAMME STEPHEN MCGARRY ULLE WORNER MARCO GUENTHER JEAN DE WATTEVILLE VALERIE GASTALDY THORSTEN STRAUSS JOHANNA WALTON CHRISTIAN FAITZ SEBASTIAN FRERICKS MARK PURCELL CHRISTOPH SCHOENDUBE ULRICH HUWALD ERIC LE BERRIGAUD RAKESH PATEL FABIAN WENNER TIM RACE TEAM COVERAGE RONALD KOEHLER CLAUDIA LAKATOS MARTA DIAZ NARESH CHOUHAN

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

Recommendation market perform accumulate buy neutral reduce buy hold hold buy buy accumulate hold overweight buy outperform hold buy hold neutral hold sell outperform outperform buy underweight hold hold buy neutral/neutral buy buy neutral outperform neutral buy overweight

Amt Held 99'286'793 63'637'479 15'106'150 11'899'870 11'028'402 8'812'434 8'564'198 7'534'779 7'532'781 6'298'907 5'937'955 5'795'523 5'770'395 5'155'727 3'647'992 3'035'802 3'035'138 2'450'000 2'406'227 2'182'662

% Out 12.01 7.7 1.83 1.44 1.33 1.07 1.04 0.91 0.91 0.76 0.72 0.7 0.7 0.62 0.44 0.37 0.37 0.3 0.29 0.26

Weighting

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

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

Latest Chg (3'516'978) (349'638) 12'931 (349'533) (518'224) 118'983 2'307'304 129'068 279'716 (211'094) 227'355 (1'063'440) 356'211 (32'100) 45'000 (149'624) (242'500)

Target Price 75 82 80 76 81 90 66 79 85 90 75 79 95 #N/A N/A 82 74 85 #N/A N/A 84 #N/A N/A 65 83 83 90 68 76 75 75 82 76 86 #N/A N/A 80 63 #N/A N/A 76

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 03.05.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 26.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 15.03.2013 07.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 25.02.2013 12.12.2012 26.11.2012 20.11.2012 30.10.2012 05.03.2012 15.09.2010

27.03.2013

Bharat Petroleum Corp Ltd Bharat Petroleum Corporation Limited explores for and refines crude oil. The Plastics, Performance Products, Functional Solutions, Agricultural Solutions and Oil & Gas. BASF offers products for the chemical, automotive, construction, agriculture, oil, plastics, electrical / electronics, furniture and paper industries, and provides a range of system solutions and services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BPCL IB EQUITY YTD Change BPCL IB EQUITY YTD % CHANGE

03/2012 06/yy 449.00 315.60 33'480.00 374.65 -16.56% 18.71% 44.27% 723.1 270'903.50 301'530.60 0.0 10'351.4 73'570.30 509'215.20

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

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.03.2008 1'112'431.1 0.19x 36'849.4 5.85x 17'695.5 8.35x

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

31.03.2009 31.03.2010 1'365'571.2 1'238'167.2 0.22x 0.29x 40'846.0 32'753.3 7.34x 10.83x 6'337.6 16'323.6 21.45x 11.47x Profitability

LTM-4Q 31.03.2011 1'537'649.1 0.26x 50'399.0 7.95x 16'349.6 13.53x

31.03.2012 2'121'395.6 0.23x 64'671.3 7.60x 7'808.3 32.42x

64'671.30 40'563.00 1.91% 0.75% 1.08% 5.00% 3.65% 2.93% 3.0% 1.9% 0.4% 0.85 0.24 38.75% 189.88% 53.49 -

Price/ Cash Flow

LTM

FY+1

1.47 0.72 220.05 14.06% 5.21% 0.721 49 3.959 58'106 94'315 139'844 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 229'448.0 ######### ######### ######### 0.00x 0.00x 0.22x 0.23x 0.0 0.0 58'619.2 60'343.8 0.00x 0.00x 8.69x 8.44x (5'379.0) 19'634.0 16'057.7 17'849.7 0.00x 0.00x 16.22x 14.74x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.52 1.57 3.52 4.66 189.9% 64.1% 2.93 7.58 6.84 -

Sales/Revenue/Turnover

70.00

2'500'000.0

60.00

2'000'000.0

50.00

1'500'000.0

40.00 30.00

1'000'000.0

20.00

500'000.0 10.00 0.00 05.04.2009

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 |

27.03.2013

Bharat Petroleum Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA CAPITAL GROUP COMPAN VANGUARD GROUP INC DEUTSCHE BANK AG UNION INVESTMENT GMB FMR LLC DB PLATINUM ADVISORS ALLIANZ ASSET MANAGE DEKA INVESTMENT GMBH ADIG INVESTMENT BNP PARIBAS INV PART MERCURY ASSET MANAGE FRANKFURT TRUST INVE UNION INVESTMENT LUX SEB ETFLAB INVESTMENT GM T ROWE PRICE ASSOCIA SWEDBANK ROBUR FONDE NATIXIS ASSET MANAGE DEKA INTERNATIONAL S

Firm Name Nomura Redburn Partners HSBC Exane BNP Paribas Nord/LB Jefferies AlphaValue JPMorgan Canaccord Genuity Corp DZ Bank AG M.M. Warburg Investment Research Baader Bank CA Cheuvreux Commerzbank Corporates & Markets Credit Suisse Bankhaus Lampe S&P Capital IQ Societe Generale Goldman Sachs Macquarie Landesbank Baden-Wuerttemberg Independent Research GmbH Hamburger Sparkasse Bankhaus Metzler Equinet Institutional Services(ESN) Morgan Stanley Nomura Banco Sabadell Barclays Kepler Capital Markets EVA Dimensions Deutsche Bank Main First Bank AG Berenberg Bank Day by Day Gilford Securities Silvia Quandt Research Steubing AG SRH AlsterResearch

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

Analyst JEREMY REDENIUS TONY JONES GEOFF HAIRE JAMES KNIGHT THORSTEN STRAUSS LAURENCE ALEXANDER MARTIN SCHNEE MARTIN EVANS PAUL W SATCHELL PETER SPENGLER OLIVER SCHWARZ NORBERT BARTH MARTIN ROEDIGER LUTZ GRUETEN CHRIS COUNIHAN HEIKO FEBER JOHNSON IMODE PETER CLARK RAKESH PATEL CHRISTIAN FAITZ ULLE WORNER CHRISTOPH SCHOENDUBE MARCO GUENTHER LARS HETTCHE NADESHDA DEMIDOVA PAUL R WALSH JEAN DE WATTEVILLE GLEN SPENCER-CHAPMAN ANDREAS HEINE MARKUS MAYER CRAIG STERLING TIMOTHY JONES RONALD KOEHLER JAIDEEP PANDYA VALERIE GASTALDY PAUL C CHRISTOPHERSON HARALD GRUBER TEAM COVERAGE OLIVER DREBING

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

Recommendation market perform buy neutral outperform hold hold add neutral sell buy hold buy outperform buy outperform buy hold hold Buy/Neutral neutral buy buy buy sell accumulate Overwt/In-Line buy sell equalweight hold overweight buy neutral hold buy hold neutral buy buy

Amt Held 63'927'154 12'764'100 11'343'571 11'072'038 7'816'891 7'728'029 7'464'197 6'827'084 3'833'502 3'562'928 3'382'359 2'723'078 2'394'986 2'052'900 2'000'933 1'827'520 1'605'194 1'494'928 1'446'357 1'361'517

% Out 6.96 1.39 1.24 1.21 0.85 0.84 0.81 0.74 0.42 0.39 0.37 0.3 0.26 0.22 0.22 0.2 0.17 0.16 0.16 0.15

Weighting

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

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

Latest Chg 933'000 813'771 (195'542) 3'435 (1'894'889) 1'313'530 (273'418) 150'348 4'200 (16'216) (1'000) 251'750 85'942 (18'792) 95'786 (1'093'863) (143'697)

Target Price 75 #N/A N/A 75 74 73 73 79 75 60 86 78 85 80 83 78 80 78 72 87 66 81 84 #N/A N/A 68 85 85 88 71 80 75 #N/A N/A 79 65 60 76 #N/A N/A 65 81 60

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

File Dt 25.03.2013 31.12.2012 31.12.2012 28.02.2013 28.09.2012 31.01.2013 28.02.2013 28.02.2013 28.12.2012 30.11.2012 31.01.2013 25.03.2013 31.01.2013 28.09.2012 31.01.2013 26.03.2013 31.12.2012 31.12.2012 31.01.2013 28.12.2012

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

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

Date 27.03.2013 27.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 13.03.2013 07.03.2013 05.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 15.02.2013 04.02.2013 01.02.2013 17.01.2013 06.12.2012 20.11.2012 25.10.2012 03.10.2012 26.09.2012 27.02.2012 05.01.2012 29.10.2010

27.03.2013

Bharti Airtel Ltd Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BHARTI IB EQUITY YTD Change BHARTI IB EQUITY YTD % CHANGE

03/2012 12/yy 370.40 238.50 410'789.00 297.05 -19.80% 24.55% 44.39% 3'797.5 1'128'056.25 690'232.00 0.0 27'695.0 38'432.00 1'818'096.26

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 270'122.4 5.99x 114'765.5 14.11x 63'953.9 24.51x

31.03.2009 31.03.2010 373'520.8 418'472.0 3.44x 2.95x 154'623.6 169'127.0 8.31x 7.31x 78'589.5 89'768.0 15.11x 13.21x Profitability

LTM-4Q 31.03.2011 595'383.0 3.34x 202'571.0 9.81x 60'467.0 22.43x

31.03.2012 714'508.0 2.75x 238'314.0 8.24x 42'594.0 30.11x 238'314.00 103'850.00 14.53% 9.12% 2.81% 8.57% 5.31% 0.47% 33.4% 14.5% 6.0% 0.30 0.21 43.95% 136.38% 12.04 -

Price/ Cash Flow

LTM

FY+1

0.34 0.81 1'002.83 -11.71% -6.23% 0.807 58 3.948 986'054 585'345 547'275 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 689'868.0 785'922.0 805'335.3 885'904.2 190'664.8 214'955.0 13.87x 9.46x 2.22x 1.95x 230'138.0 248'136.0 248'207.9 283'087.6 65'301.0 68'807.0 8.61x 7.63x 7.32x 6.42x 6.46x 6.11x 46'542.0 27'730.0 26'706.4 50'486.1 9'227.0 11'634.0 28.02x 43.39x 41.36x 22.08x 24.65x 20.93x S&P Issuer Ratings Long-Term Rating Date 09.06.2010 Long-Term Rating BB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 7.79 (EBITDA-Capex)/Interest Exp. 3.07 Net Debt/EBITDA 2.74 Total Debt/EBITDA 2.90 Reference Total Debt/Equity 136.4% Total Debt/Capital 56.4% Asset Turnover 0.47 Net Fixed Asset Turnover 1.08 Accounts receivable turnover-days 30.39 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

14.00

800'000.0

12.00

700'000.0 600'000.0

10.00

500'000.0 8.00

400'000.0 6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 05.04.2009

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 |

27.03.2013

Bharti Airtel Ltd Holdings By:

All

Holder Name BHARTI TELECOM LIMIT EUGENIE PATRI SEBAST CAPITAL GROUP COMPAN BRC SARL FMR LLC BLACKROCK HARBOR CAPITAL ADVIS BNP PARIBAS INV PART VANGUARD GROUP INC ANHEUSER-BUSCH INBEV VOORZITTER VERHELST INBEV-BAILLET LATOUR ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL T ROWE PRICE ASSOCIA INVESCO LTD MERCURY ASSET MANAGE GRANTHAM MAYO VAN OT THREADNEEDLE INVESTM WELLCOME TRUST LIMIT

Firm Name

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

Analyst

Nomura TREVOR STIRLING AlphaValue ISABELLE COMBEMALE Jefferies DIRK VAN VLAANDEREN Bank Degroof(ESN) HANS D'HAESE Grupo Santander ANTHONY J BUCALO RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC Credit Suisse SANJEET AUJLA ING Bank MARCO GULPERS Canaccord Genuity Corp EDDY HARGREAVES KBC Securities WIM HOSTE JPMorgan MIKE J GIBBS Societe Generale ANDREW HOLLAND HSBC LAUREN E TORRES Nomura IAN SHACKLETON Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Kempen & Co SANDER VAN OORT Independent Research GmbH LARS LUSEBRINK Petercam KRIS KIPPERS S&P Capital IQ CARL SHORT ABN Amro Bank N.V. ROBERT JAN VOS Rabobank International KAREL ZOETE Natixis OLIVIER DELAHOUSSE Berenberg Bank PHILIP MORRISEY Goldman Sachs MITCHELL COLLETT Bryan Garnier & Cie NIKOLAAS FAES Redburn Partners CHRIS PITCHER CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Deutsche Bank JONATHAN FELL Barclays SIMON HALES Banco Sabadell IGNACIO ROMERO Shore Capital Stockbrokers PHIL CARROLL Kepler Capital Markets TEAM COVERAGE

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

Recommendation outperform sell buy hold buy outperform buy outperform hold buy hold not rated buy overweight neutral buy underperform hold hold buy hold reduce buy neutral buy sell/attractive buy buy outperform sell neutral hold restricted suspended coverage buy not rated buy

Amt Held 663'074'830 133'267'604 35'079'819 32'666'460 16'638'410 11'870'001 10'597'724 10'426'752 10'415'186 7'601'955 6'997'665 5'485'415 4'279'114 4'160'120 3'438'936 2'771'955 2'203'582 2'153'869 2'031'936 1'850'000

% Out 41.26 8.29 2.18 2.03 1.04 0.74 0.66 0.65 0.65 0.47 0.44 0.34 0.27 0.26 0.21 0.17 0.14 0.13 0.13 0.12

Weighting

Change

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

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

Latest Chg (3'462'946) (2'268'325) 346'574 (128'959) (349'398) (2'422'646) 410'748 89'672 1'647'249 343'435 166'567 39'854 -

Target Price 82 46 89 74 83 90 82 90 68 85 71 #N/A N/A 74 78 70 74 63 68 73 80 73 61 76 70 64 60 75 #N/A N/A 72 #N/A N/A 65 #N/A N/A #N/A N/A #N/A N/A 42 #N/A N/A 50

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

File Dt 29.08.2011 29.08.2011 31.12.2012 29.08.2011 31.01.2013 25.03.2013 31.12.2012 31.01.2013 31.12.2012 29.08.2011 29.08.2011 29.08.2011 31.01.2013 31.12.2012 31.12.2012 21.03.2013 25.03.2013 31.05.2012 31.12.2012 31.01.2013

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

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

Date 22.03.2013 21.03.2013 18.03.2013 18.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 14.02.2013 04.02.2013 01.02.2013 01.02.2013 21.01.2013 17.01.2013 14.09.2012 10.09.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011

27.03.2013

Cairn India Ltd Cairn India Ltd. together with its subsidiaries is involved in surveying, offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Price/Volume 400

70.0 M

350

60.0 M

300

50.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAIR IB EQUITY YTD Change CAIR IB EQUITY YTD % CHANGE

03/2012 01/yy 365.90 275.55 159'498.00 277.1 -24.27% 0.56% 1.72% 1'910.2 529'323.06 12'518.41 0.0 0.0 88'490.83 398'646.19

31.12.2007 10'122.6 43.49x 4'106.3 107.22x (245.4) -

30.0 M

150 100

20.0 M

10.0 M

0 m-12

.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

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

40.0 M

200

Valuation Analysis

31.03.2009 Profitability

31.03.2010 15'622.2 37.60x 8'227.1 71.40x 10'511.1 55.15x

LTM-4Q 31.03.2011 102'779.3 6.22x 85'465.9 7.48x 63'344.0 10.52x

31.03.2012 118'606.5 4.73x 94'860.8 5.91x 79'377.5 8.01x 94'860.83 80'151.35 67.58% 71.02% 15.88% 17.92% 17.38% 0.24% 80.0% 67.6% 66.9% 4.40 3.97 2.34% 2.59% 7.96 -

Price/ Cash Flow

LTM

FY+1

0.00 0.95 368.98 -20.71% -13.13% 0.946 61 4.377 231'135 304'798 292'506 FY+2

FQ+1

FQ+2

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 0.0 188'633.2 188'837.2 44'884.5 44'400.0 #DIV/0! 2.08x 1.82x 0.0 134'332.6 125'245.6 34'932.0 34'569.0 0.00x 2.97x 3.19x 0.0 114'554.3 102'040.9 29'444.0 29'595.0 0.00x 4.60x 5.17x 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

86.89 59.82 -0.80 0.13 2.6% 2.5% 0.24 2.01 45.97 -

Sales/Revenue/Turnover

400.00

12'000.0

350.00

10'000.0

300.00

8'000.0

250.00 200.00

6'000.0

150.00

4'000.0

100.00

2'000.0 50.00 0.00 05.04.2009

0.0 05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2000 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 |

27.03.2013

Cairn India Ltd Holdings By:

All

Holder Name TWIN STAR MAURITIUS BLACKROCK SUN LIFE FINANCIAL I LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UBS Northern Cross Inter HARBOR CAPITAL ADVIS PEOPLES REPUBLIC OF VANGUARD GROUP INC VANGUARD GROUP INC Cascade Investment C STATE STREET FRANKLIN RESOURCES DIAGEO PLC ESOP BREWIN DOLPHIN LIMIT AXA CI INVESTMENTS INC

Firm Name

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

Analyst

Maybank Kim Eng TREVOR STIRLING Nomura IAN SHACKLETON Stifel MARK D SWARTZBERG AlphaValue ISABELLE COMBEMALE Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Oriel Securities Ltd CHRIS WICKHAM RBC Capital Markets JAMES EDWARDES JONES JPMorgan MATTHEW WEBB Barclays SIMON HALES Credit Suisse CHARLES MILLS Raymond James HERMINE DE BENTZMANN Canaccord Genuity Corp EDDY HARGREAVES Day by Day VALERIE GASTALDY Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Societe Generale NICOLAS CERON Kepler Capital Markets LAETITIA DELAYE Natixis OLIVIER DELAHOUSSE Redburn Partners CHRIS PITCHER Independent Research GmbH LARS LUSEBRINK Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Deutsche Bank JAMES ISENWATER Berenberg Bank PHILIP MORRISEY Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Davy BARRY GALLAGHER

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

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

Amt Held 170'818'263 166'780'393 103'629'142 93'430'267 72'210'629 60'345'332 53'076'191 36'365'999 32'768'036 31'592'406 31'254'191 26'868'931 26'133'318 25'516'958 23'796'416 20'723'095 20'432'541 19'857'996 19'645'452 19'387'391

% Out 6.81 6.65 4.13 3.72 2.88 2.4 2.12 1.45 1.31 1.26 1.25 1.07 1.04 1.02 0.95 0.83 0.81 0.79 0.78 0.77

Weighting

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

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

Latest Chg 32'500 19'483'465 (2'633'373) 116'442 (3'259'491) 21'978'145 751'700 1'138'390 490'603 162'750 7'155'385 1'303'879 (6'773'960) 1'347'040 (262'901) 443'832 (847'762) 2'364'575 (655'760)

Target Price 2'100 2'040 2'400 1'912 1'915 #N/A N/A 2'100 2'100 1'915 2'150 2'350 2'060 1'670 2'460 1'980 1'970 1'900 2'100 2'100 #N/A N/A 1'900 1'900 2'100 2'300 1'850 2'100 #N/A N/A 2'220 2'000 1'760 1'860 1'800 #N/A N/A

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

File Dt 31.12.2012 25.03.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.12.2012 03.12.2012 26.03.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

Date 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

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

Date 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 19.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 22.02.2013 15.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 25.01.2013 21.01.2013 18.01.2013 17.01.2013 09.01.2013 10.11.2012 29.10.2012 02.10.2012 08.08.2012 25.08.2011

27.03.2013

Canara Bank Canara Bank Ltd. provides a full range of banking services throughout India. software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Price/Volume 70

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBK IB EQUITY YTD Change CBK IB EQUITY YTD % CHANGE

03/2012 01/yy 550.00 306.00 99'112.00 362.7 -34.05% 18.53% 23.24% 443.0 160'676.11 266'300.50 0.0 1'614.8 282'898.20 -

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

10.0 M

8.0 M 6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 165'838.9 3'812.0 24.21x

12.0 M

31.03.2009 31.03.2010 194'807.3 216'844.7 11'420.1 27'728.8 5.95x 6.07x Profitability

31.03.2011 258'296.3 40'341.8 6.39x

31.03.2012 339'192.0 33'417.0 6.31x

37.78% 38.34% 0.93% 15.38% 6.80% 0.09% 31.1% 7.02% 115.56% -

Price/ Cash Flow

3.03 1.13 120.99 -17.93% -26.80% 1.131 35 3.200 102'889 61'870 81'317

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

40'740.0 41'901.0 4.48x 3.50x S&P Issuer Ratings

30.12.2011 NR 30.12.2011 NR 115.6% 53.4% 0.09 11.75 -

Sales/Revenue/Turnover

3.50

18'000.0

3.00

16'000.0 14'000.0

2.50

12'000.0

2.00

10'000.0

1.50

8'000.0 6'000.0

1.00

4'000.0

0.50 0.00 05.04.2009

2'000.0 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 |

27.03.2013

Canara Bank Holdings By:

All

Holder Name GOVERNMENT OF INDIA TSCHIRA KLAUS BLACKROCK HOPP DIETMAR SAP AG FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS DEUTSCHE BANK AG ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN UNION INVESTMENT GMB DEKA INVESTMENT GMBH THORNBURG INVESTMENT OPPENHEIMERFUNDS INC MORGAN STANLEY DB PLATINUM ADVISORS CREDIT SUISSE AG BNP PARIBAS INV PART ADIG INVESTMENT

Firm Name Axis Capital Limited Sanford C. Bernstein & Co Jefferies Independent Research GmbH Baader Bank Credit Suisse AlphaValue Bryan Garnier & Cie JMP Securities Day by Day Nomura Societe Generale Deutsche Bank HSBC William Blair & Co Berenberg Bank Pacific Crest Securities Banco Sabadell Commerzbank Corporates & Markets Redburn Partners EVA Dimensions Exane BNP Paribas Nord/LB JPMorgan Macquarie Hamburger Sparkasse Bankhaus Metzler Ahorro Corporacion Financiera SA Barclays Grupo Santander Goldman Sachs Landesbank Baden-Wuerttemberg Kepler Capital Markets S&P Capital IQ DZ Bank AG Wells Fargo Securities, LLC M.M. Warburg Investment Research Natixis Cross Research Jyske Bank Evercore Partners CA Cheuvreux FBR Capital Markets

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

Analyst ADAM WOOD MARK L MOERDLER ROSS MACMILLAN MARKUS FRIEBEL KNUT WOLLER PHILIP WINSLOW HEINZ STEFFEN GREGORY RAMIREZ PATRICK WALRAVENS VALERIE GASTALDY RICHARD G SHERLUND RICHARD NGUYEN KAI KORSCHELT ANTONIN BAUDRY LAURA J LEDERMAN DAUD KHAN BRENDAN BARNICLE ANDRES BOLUMBURU THOMAS M BECKER NEIL STEER ANDREW S ZAMFOTIS JOSEP BORI WOLFGANG DONIE STACY E POLLARD BRAD A ZELNICK MARCO GUENTHER ULRICH TRABERT VIRGINIA PEREZ REPES GERARDUS VOS CARLOS JAVIER TREVINO MOHAMMED MOAWALLA MIRKO MAIER LAURENT DAURE JAMES CRAWSHAW OLIVER FINGER JASON MAYNARD ANDREAS WOLF GWENAEL GIARD RICHARD T WILLIAMS ROBERT JAKOBSEN STEWART KIRK MATERNE III MICHAEL BEUCHER DAVID M HILAL

Source 13G Co File ULT-AGG 13G Research ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Research ULT-AGG MF-AGG

Recommendation Overwt/In-Line outperform hold hold hold outperform add buy market perform buy buy buy buy overweight outperform buy outperform buy add buy underweight neutral buy overweight outperform buy buy buy equalweight underweight buy/attractive hold buy buy buy market perform buy neutral hold reduce equalweight underperform market perform

Amt Held 121'324'707 93'079'595 66'743'066 65'273'200 36'642'744 16'796'313 11'671'329 11'235'667 11'142'018 11'106'305 8'459'500 8'270'322 7'820'713 7'081'368 6'576'011 5'863'076 5'264'797 4'582'686 4'476'891 3'685'764

% Out 9.88 7.58 5.43 5.31 2.98 1.37 0.95 0.91 0.91 0.9 0.69 0.67 0.64 0.58 0.54 0.48 0.43 0.37 0.36 0.3

Weighting

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

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

Latest Chg (2'035'409) 35'104 (632'162) (155'226) 972'000 (346'827) (171'398) (461'445) 176'532 337'221 (406'504) (928'049) 75'391

Target Price 73 68 62 69 63 65 72 70 #N/A N/A 66 68 71 70 74 #N/A N/A 71 70 67 65 #N/A N/A #N/A N/A 63 70 65 64 #N/A N/A 69 70 55 57 86 57 66 70 66 #N/A N/A 67 53 45 65 65 46 55

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

File Dt Inst Type 31.12.2012 n/a 08.03.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 n/a 12.06.2012 Corporation 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 06.06.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor

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

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 24.02.2013 15.02.2013 04.02.2013 01.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 16.01.2013 16.01.2013 09.01.2013 24.10.2012 02.02.2012 26.01.2012

27.03.2013

Cipla Ltd/India Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations. Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

Price/Volume

6.0 M 5.0 M 4.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (27.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIPLA IB EQUITY YTD Change CIPLA IB EQUITY YTD % CHANGE

03/2012 12/yy 435.00 290.65 107'841.00 379.7 -12.71% 30.64% 61.69% 802.9 304'869.25 541.30 0.0 0.0 10'297.40 295'113.14

3.0 M

400

2.0 M

200 0 m-12

1.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

7.0 M

1000 800

Valuation Analysis

31.03.2008 40'103.8 4.37x 8'536.3 20.51x 7'010.4 24.39x

1200

31.03.2009 31.03.2010 49'606.0 53'595.2 3.61x 5.01x 12'646.9 14'350.7 14.16x 18.72x 7'710.2 10'825.9 22.18x 24.69x Profitability

31.03.2011 62'601.4 4.17x 14'416.1 18.11x 9'895.7 26.10x

31.03.2012 69'843.9 3.37x 17'952.8 13.10x 11'442.4 21.41x 17'952.80 14'830.60 21.23% 20.77% 12.75% 16.00% 15.55% 0.78% 25.7% 21.2% 16.4% 3.51 1.79 0.58% 0.71% 4.59 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

0.53 0.52 443.99 27.30% -8.31% 0.522 53 4.000 147'797 136'313 171'104 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 82'593.9 92'836.0 3.53x 3.07x 21'884.9 23'367.1 13.47x 12.62x 15'204.6 16'498.5 19.95x 18.48x S&P Issuer Ratings

75.31 51.77 -0.54 0.03 0.7% 0.7% 0.78 2.01 79.77 -

Sales/Revenue/Turnover

30.00

90'000.0 80'000.0

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Cipla Ltd/India Holdings By:

All

Holder Name HAMIED YUSUF K NOVO AS NOVO-NORDISK A/S FMR LLC HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION THORNBURG INVESTMENT SWEDBANK ROBUR FONDE T ROWE PRICE ASSOCIA CALAMOS ADVISORS LLC JUPITER ASSET MANAGE NORDEA INV MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV DANSKE INVEST A/S WILLIAM BLAIR & COMP HANDELSBANKEN FONDER SEB

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

Firm Name

Analyst

Credit Suisse ABG Sundal Collier Jyske Bank Exane BNP Paribas AlphaValue Societe Generale SEB Enskilda Carnegie Nordea Equity Research Bryan Garnier & Cie Helvea Barclays Danske Markets JPMorgan Deutsche Bank Jefferies DNB Markets CA Cheuvreux Handelsbanken Credit Suisse Nomura Berenberg Bank Kepler Capital Markets S&P Capital IQ Morgan Stanley Alm Brand Markets Goldman Sachs Natixis Commerzbank Corporates & Markets Redburn Partners Mirabaud Securities Swedbank NYKREDIT Main First Bank AG Cyrrus Sydbank MP Advisors Pvt Ltd

ANDREW S ZAMFOTIS PETER HUGREFFE FRANK HOERNING ANDERSEN VINCENT MEUNIER KAMLA SINGH STEPHEN MCGARRY LARS HEVRENG CARSTEN LONBORG MADSEN MICHAEL NOVOD ERIC LE BERRIGAUD OLAV ZILIAN BRIAN BOURDOT MARTIN PARKHOI RICHARD VOSSER TIM RACE JEFFREY HOLFORD RUNE MAJLUND DAHL LAURENT FLAMME PETER SEHESTED LUISA HECTOR AMIT ROY ALISTAIR CAMPBELL MARTIN VOEGTLI JACOB THRANE PETER VERDULT MICHAEL FRIIS JORGENSEN KEYUR PAREKH PHILIPPE LANONE DANIEL WENDORFF TEAM COVERAGE NICHOLAS TURNER JOHAN UNNERUS KRESTEN JOHNSEN TIM FRANKLIN TOMAS MENCIK SOEREN LONTOFT HANSEN VISHAL MANCHANDA

Source ULT-AGG 20F Research ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG

Recommendation hold buy buy neutral add sell buy buy strong buy neutral accumulate underweight buy underweight sell hold buy underperform buy neutral buy hold hold hold Equalwt/Attractive neutral Buy/Neutral neutral buy neutral reduce strong buy outperform suspended coverage sell overweight market perform

Amt Held 79'419'633 35'312'800 18'962'215 14'691'275 7'777'930 5'639'111 5'109'427 5'094'371 4'367'549 2'512'028 1'806'460 1'729'312 1'569'603 1'321'823 1'174'866 1'163'920 994'564 936'874 860'779 738'979

% Out 17.55 7.8 4.19 3.25 1.72 1.25 1.13 1.13 0.97 0.56 0.4 0.38 0.35 0.29 0.26 0.26 0.22 0.21 0.19 0.16

Weighting

Change

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

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

Latest Chg (2'007'633) (5'100'000) (358'846) (74'744) 618'921 207'091 6'991 (161'621) 758'793 43'470 (102'150) (127'123) (1'321) (54'015) 1'109'960 (121'792) 21'995 (2'666) (13'497)

Target Price #N/A N/A 1'200 1'100 950 1'031 753 1'180 #N/A N/A 1'250 920 1'100 870 1'100 800 890 900 1'100 965 1'112 1'040 1'000 920 920 985 1'040 1'015 1'200 1'010 1'400 #N/A N/A 819 1'150 #N/A N/A #N/A N/A 627 #N/A N/A 648

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

File Dt 31.12.2012 31.01.2013 08.03.2013 31.01.2013 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.11.2012 28.02.2013 28.02.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.01.2013

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

Inst Type Investment Advisor Holding Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 27.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 12.03.2013 06.03.2013 04.03.2013 28.02.2013 21.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 04.02.2013 26.11.2012 23.11.2012 09.11.2012 23.07.2012 20.07.2012 05.04.2012 02.02.2012 15.04.2011

27.03.2013

Coal India Ltd Coal India Limited produces and markets coal and coal products, as well as banking, and asset management services. The Bank offers consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking services, structured finance, and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (19.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COAL IB EQUITY YTD Change COAL IB EQUITY YTD % CHANGE

03/2012 12/yy 386.00 291.20 302'831.00 301.25 -21.96% 3.45% 10.60% 6'316.4 1'902'804.75 15'273.80 0.0 536.0 478'359.30 1'264'647.19

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

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 326'338.6 73'071.1 42'850.1 -

31.03.2009 31.03.2010 387'888.3 446'152.5 39'042.3 112'742.5 40'628.1 96'224.5 Profitability

LTM-4Q 31.03.2011 502'292.8 3.59x 148'089.0 12.18x 108'673.5 20.16x

31.03.2012 624'154.3 2.74x 171'897.8 9.95x 147'882.0 14.71x 171'897.80 152'205.60 24.39% 34.05% 15.34% 40.09% 38.51% 0.65% 27.5% 24.4% 23.7% 2.22 1.56 1.43% 3.78% 13.74 -

LTM

FY+1

3.32 0.68 631.64 -5.77% -12.43% 0.679 56 4.286 339'750 352'893 271'708 FY+2

FQ+1

FQ+2

12/yy 44'219.0 0.00x 0.0 0.00x 5'351.0 9.70x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 43'575.0 686'504.6 736'638.7 194'818.0 173'786.5 0.00x 1.77x 1.49x 0.0 190'922.4 214'010.9 58'606.5 54'049.0 0.00x 6.63x 5.91x 6.42x 6.70x 2'205.0 169'330.2 184'849.6 47'134.7 47'374.0 25.61x 11.24x 10.27x 10.74x 10.43x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

458.76 367.77 -2.69 0.09 3.8% 3.6% 0.65 4.50 26.64 -

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

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

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

27.03.2013

Coal India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA BANK OF NEW YORK MEL BNP PARIBAS SA CAPITAL GROUP COMPAN BARCLAYS PLC BLACKROCK VANGUARD GROUP INC DE LOS RIOS EMILIO B DODGE & COX ASSICURAZIONI GENERA HARRIS ASSOCIATES LP BANCO SANTANDER SA BNP PARIBAS INV PART CARMIGNAC GESTION MERCURY ASSET MANAGE FRANKLIN RESOURCES FMR LLC LBPAM O'SHEA JAVIER BOTINPUENTEPUMAR SL

Firm Name

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

Analyst

Nomura ANDREA FILTRI Ahorro Corporacion Financiera SA IRMA GARRIDO NMAS 1 Agencia de Valores FRANCISCO RIQUEL Natixis FREDERIC TESCHNER La Caixa DAVID FERNANDEZ Exane BNP Paribas SANTIAGO LOPEZ DIAZ Bankia Bolsa (ESN) JAVIER BERNAT Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE Societe Generale CARLOS GARCIA GONZALEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Credit Suisse IGNACIO CEREZO Keefe, Bruyette & Woods ANTONIO RAMIREZ Espirito Santo Investment Bank Research JUAN PABLO LOPEZ BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY EVA Dimensions AUSTIN BURKETT Banco Sabadell MARIO LODOS Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Morgan Stanley ALVARO SERRANO JPMorgan JAIME BECERRIL Hamburger Sparkasse CHRISTIAN HAMANN RBC Capital Markets PATRICK LEE Macquarie BENJIE CREELAN-SANDFORD Independent Research GmbH STEFAN BONGARDT Nomura DARAGH QUINN S&P Capital IQ WILLIAM HOWLETT Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN BBVA IGNACIO ULARGUI HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Landesbank Baden-Wuerttemberg INGO FROMMEN Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

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

Recommendation underperform hold neutral reduce overweight underperform hold hold hold hold neutral market perform neutral buy buy buy hold buy buy restricted Overwt/In-Line neutral hold underperform underperform hold reduce sell sell neutral/neutral outperform neutral underweight neutral hold underperform sell buy sell

Amt Held 866'053'147 555'448'975 341'264'391 243'314'406 227'263'557 151'622'409 138'161'167 79'215'379 53'673'238 50'134'290 43'495'798 42'192'066 39'437'973 39'143'000 30'578'576 27'695'932 19'224'262 16'712'670 16'280'026 13'757'649

% Out 8.22 5.27 3.24 2.31 2.16 1.44 1.31 0.75 0.51 0.48 0.41 0.4 0.37 0.37 0.29 0.26 0.18 0.16 0.15 0.13

Weighting

Change

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

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

Latest Chg 28'365 86'154'727 (56'807'364) 2'825'886 10'545'834 30'908 447'012 586'726 (3'428'192) (2'001'686) 1'930'244 (436'850) 937 -

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

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

File Dt Inst Type 26.03.2013 Investment Advisor 31.12.2011 Investment Advisor 14.01.2013 Bank 31.12.2012 Investment Advisor 03.05.2011 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 11.03.2013 n/a 29.01.2013 Investment Advisor 01.10.2011 Insurance Company 31.12.2012 Investment Advisor 31.12.2011 Bank 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 n/a 11.07.2011 Corporation

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

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 20.03.2013 19.03.2013 14.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 08.03.2013 07.03.2013 07.03.2013 27.02.2013 27.02.2013 26.02.2013 15.02.2013 13.02.2013 12.02.2013 11.02.2013 06.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 28.01.2013 23.01.2013 14.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 22.08.2012 28.06.2012 23.05.2012

27.03.2013

Colgate-Palmolive India Ltd Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price/Volume 4000

25.0 M

3500

20.0 M

3000 2500

Latest Fiscal Year: LTM as of: 52-Week High (01.01.2013) 52-Week Low (02.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLGT IB EQUITY YTD Change CLGT IB EQUITY YTD % CHANGE

03/2012 06/yy 1'580.40 1'030.00 19'443.00 1239.6 -21.56% 20.35% 38.08% 136.0 168'576.70 53.99 0.0 0.0 3'407.34 165'223.35

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

10.0 M

1500 1000

5.0 M

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 14'738.5 3.44x 2'975.1 17.04x 2'357.6 22.07x

15.0 M

2000

Valuation Analysis

31.03.2009 31.03.2010 16'952.1 19'624.6 3.64x 4.51x 3'484.7 4'930.6 17.71x 17.95x 2'857.8 4'341.0 22.42x 21.16x Profitability

LTM-4Q 31.03.2011

31.03.2012 -

4'930.59 4'623.98 23.56% 25.50% 51.58% 159.16% 156.01% 2.33% 61.2% 25.1% 23.6% 22.1% 1.07 0.64 0.61% 1.64% 187.77 7.55

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 46'038.0 8.17x 13'532.0 0.00x 9'402.0 0.00x

FY+1

1.61 0.54 61.69 13.84% -20.89% 0.544 44 2.636 12'159 11'732 17'488 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 30'793.0 36'678.0 5.38x 4.52x 6'663.0 8'103.0 24.81x 20.40x 5'419.0 6'201.0 1'632.0 31.11x 27.19x S&P Issuer Ratings

327.77 303.95 -0.68 0.01 1.6% 1.6% 2.33 7.58 1.94 48.31 170.00 -119.74

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0 50'000.0

8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 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 |

27.03.2013

Colgate-Palmolive India Ltd Holdings By:

All

Holder Name COLGATE PALMOLIVE CO BLACKROCK AXA LEGAL & GENERAL CAPITAL GROUP COMPAN SCOTTISH WIDOWS ABERDEEN BNP PARIBAS INV PART UBS PEOPLES REPUBLIC OF SUN LIFE FINANCIAL I STANDARD LIFE INVEST M&G INVESTMENT MANAG VANGUARD GROUP INC AVIVA INVESTORS VANGUARD GROUP INC JP MORGAN GOVT OF SINGAPORE IN SCHRODER INVESTMENT FMR LLC

Firm Name

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

Analyst

Nomura MENNO SANDERSE Credit Suisse PAUL MCTAGGART Independent Research GmbH SVEN DIERMEIER EVA Dimensions CRAIG STERLING Jefferies Christopher LaFemina AlphaValue SACHIN KUMAR Sanford C. Bernstein & Co PAUL GAIT Goldman Sachs MICHELE DELLA VIGNA JPMorgan FRASER JAMIESON SBG Securities PETER DAVEY Macquarie JEFFREY LARGEY RBC Capital Markets DES KILALEA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Exane BNP Paribas LUC PEZ BMO Capital Markets TONY ROBSON Societe Generale ABHISHEK SHUKLA Deutsche Bank ROBERT CLIFFORD Natixis RAOUDHA BOUZEKRI Canaccord Genuity Corp PETER MALLIN-JONES Nomura SAM CATALANO S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Redburn Partners SIMON TOYNE Barclays DAVID BUTLER Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA Axiom Capital GORDON L JOHNSON

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

Recommendation Equalwt/In-Line outperform hold hold buy add outperform Sell/Neutral overweight buy neutral outperform sell hold outperform outperform buy buy neutral buy buy strong buy overweight buy overweight buy outperform sell

Amt Held 182'550'329 128'626'019 59'271'193 53'306'336 41'031'494 32'751'832 29'783'762 28'183'471 27'888'087 22'584'269 20'784'742 20'134'091 15'566'865 14'972'836 14'066'647 13'772'088 13'345'435 13'197'558 13'004'093 10'894'531

% Out 12.93 9.11 4.2 3.78 2.91 2.32 2.11 2 1.98 1.6 1.47 1.43 1.1 1.06 1 0.98 0.95 0.93 0.92 0.77

Weighting

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

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

Latest Chg 605'414 (30'895) 10'311'357 275'493 5'058'654 (363'260) 2'505'810 864'625 (1'535'852) 777'762 559'905 (18'708) 509'965 812'987 (667'279) 3'648'560 49'517

Target Price 3'870 4'000 3'400 #N/A N/A 4'100 3'796 4'575 2'800 4'400 4'300 4'050 4'300 2'910 #N/A N/A 4'700 4'500 3'900 4'720 3'500 4'200 3'700 4'200 4'180 #N/A N/A 4'000 #N/A N/A 3'430 2'059

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

File Dt 03.12.2012 25.03.2013 03.12.2012 28.02.2013 19.02.2013 03.12.2012 28.02.2013 31.01.2013 31.01.2013 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.12.2012 03.12.2012 03.12.2012 31.01.2013 03.12.2012 03.12.2012 31.01.2013

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

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

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 15.03.2013 11.03.2013 08.03.2013 04.03.2013 04.03.2013 04.03.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 07.02.2013 21.01.2013 14.01.2013 30.11.2012 22.11.2012 30.07.2012

27.03.2013

Crompton Greaves Ltd Crompton Greaves Ltd. manufactures, distributes, installs and services Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.

Price/Volume 160

3.0 M

140

2.5 M

120 2.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (28.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRG IB EQUITY YTD Change CRG IB EQUITY YTD % CHANGE

03/2012 12/yy 148.50 88.35 184'437.00 92.05 -38.01% 4.19% 6.15% 641.5 59'049.30 11'760.30 0.0 156.6 9'712.20 69'390.30

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

1.0 M

40 .5 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 68'323.4 1.56x 7'526.5 14.15x 4'067.2 24.83x

1.5 M

31.03.2009 31.03.2010 87'372.6 91'408.7 0.54x 1.79x 11'234.0 12'771.3 4.21x 12.83x 5'599.0 8'598.7 8.09x 20.30x Profitability

LTM-4Q 31.03.2011 100'051.1 1.73x 13'437.8 12.92x 8'886.7 19.69x

31.03.2012 112'485.8 0.81x 8'036.4 11.30x 3'735.9 23.71x 8'036.40 5'436.80 4.83% 4.93% 4.65% 10.85% 9.57% 1.40% 7.1% 4.8% 3.3% 1.45 0.99 13.42% 32.57% 3.96 -

Price/ Cash Flow

LTM

FY+1

1.52 1.21 334.68 -32.36% -20.58% 1.208 52 2.712 175'487 207'033 356'033 FY+2

FQ+1

FQ+2

12/yy 23'659.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 28'103.0 121'572.5 135'414.2 33'502.2 0.00x 0.56x 0.50x 0.0 5'558.1 9'691.7 1'366.0 0.00x 12.53x 7.19x 0.0 1'874.2 5'032.8 519.8 0.00x 29.38x 11.78x 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

13.94 7.48 0.25 1.46 32.6% 24.5% 1.40 8.21 92.50 -

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00 14.00

20'000.0

12.00

15'000.0

10.00 8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Crompton Greaves Ltd Holdings By:

All

Holder Name AVANTHA HOLDINGS LTD LVMH MOET HENNESSY L QATAR HOLDINGS LLC SUN LIFE FINANCIAL I CARMIGNAC GESTION THORNBURG INVESTMENT FMR LLC BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART OPPENHEIMERFUNDS INC TRAPANI FRANCESCO CAPITAL GROUP COMPAN ALLIANZ ASSET MANAGE DEUTSCHE BANK AG AVIVA PLC LBPAM AMUNDI AMUNDI

Firm Name Prabhudas Lilladher Pvt Ltd Sanford C. Bernstein & Co Nomura Exane BNP Paribas Oddo & Cie Day by Day Societe Generale Renaissance Capital AlphaValue Cantor Fitzgerald Aurel - BGC Main First Bank AG Banco Sabadell Berenberg Bank Telsey Advisory Group Morgan Stanley Goldman Sachs Bryan Garnier & Cie Credit Suisse Independent Research GmbH Ahorro Corporacion Financiera SA JPMorgan Raymond James Hamburger Sparkasse Natixis S&P Capital IQ Barclays Kepler Capital Markets HSBC EVA Dimensions Deutsche Bank Equita SIM SpA Redburn Partners CA Cheuvreux Landesbank Baden-Wuerttemberg DZ Bank AG Helvea

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

Analyst OMAR SAAD MARIO ORTELLI CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA LEOPOLD AUTHIE VALERIE GASTALDY THIERRY COTA REY WIUM VIRGINIE BLIN ALLEGRA PERRY DAVID DA MAIA MATTHIAS EIFERT IGNACIO ROMERO JOHN GUY DANA TELSEY LOUISE SINGLEHURST WILLIAM HUTCHINGS CEDRIC ROSSI ROGERIO FUJIMORI LARS LUSEBRINK VIRGINIA PEREZ REPES MELANIE A FLOUQUET MARC WILLAUME CHRISTIAN HAMANN OLIVIER DELAHOUSSE MICHAEL SOUERS JULIAN EASTHOPE CATHERINE ROLLAND ANTOINE BELGE CRAIG STERLING WARWICK OKINES FABIO FAZZARI ANNABEL GLEESON THOMAS MESMIN BARBARA AMBRUS THOMAS MAUL TIM DAWSON

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

Recommendation buy outperform buy neutral buy hold hold hold buy hold hold outperform buy hold no rating system Overwt/In-Line Buy/Neutral buy neutral buy strong buy neutral strong buy buy buy strong buy overweight buy neutral sell hold buy buy outperform buy buy suspended coverage

Amt Held 235'886'503 9'536'678 5'230'723 4'275'828 4'200'037 4'085'056 3'878'869 3'387'828 3'326'140 2'724'161 1'969'710 1'732'620 1'561'592 1'528'000 1'422'781 1'387'002 1'355'126 1'150'592 1'042'404 925'639

% Out 46.46 1.88 1.03 0.84 0.83 0.8 0.76 0.67 0.66 0.54 0.39 0.34 0.31 0.3 0.28 0.27 0.27 0.23 0.21 0.18

Weighting

Change

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

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

Latest Chg (147'143) 74'218 4'700 (478'859) (45'143) 134'015 49'222 (230'217) 41'590 19'742 (18'102) (2'100) 43'392 (14'807) (20'403)

Target Price 160 165 155 135 160 #N/A N/A 145 152 172 141 145 157 144 140 140 152 198 160 148 165 160 142 163 123 155 160 151 168 150 #N/A N/A 145 178 #N/A N/A 140 150 147 #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 31.12.2011 15.03.2012 31.01.2013 31.12.2012 31.01.2013 31.01.2013 25.03.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2011 31.12.2012 31.01.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.10.2012

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

Inst Type Holding Company Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 24.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 07.03.2013 22.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 10.02.2013 08.02.2013 08.02.2013 08.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 24.01.2013 17.01.2013 14.01.2013 10.12.2012 19.10.2012 17.10.2012 30.07.2012 02.05.2012 02.04.2012

27.03.2013

Cummins India Ltd Cummins India Limited manufactures internal combustion engines, including detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.

Price/Volume 35

18.0 M

16.0 M 14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KKC IB EQUITY YTD Change KKC IB EQUITY YTD % CHANGE

03/2012 12/yy 550.00 396.05 25'413.00 485.05 -11.81% 22.47% 57.81% 277.2 134'455.86 904.72 0.0 0.0 3'570.05 131'790.53

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

10.0 M

8.0 M 6.0 M

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 26'555.2 2.31x 3'988.2 15.39x 3'249.1 19.65x

12.0 M

31.03.2009 31.03.2010 35'285.3 0.96x 5'562.5 6.11x 4'629.1 7.91x Profitability

31.03.2011

31.03.2012 -

LTM-4Q

LTM

12/yy

5'562.46 5'075.14 14.38% 18.05% 13.1% 2.30 1.33 3.91% 6.09% -

Price/ Cash Flow

FY+1 -

0.72 113.28 7.26% -5.24% 0.721 43 3.837 13'617 28'590 53'642 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 46'300.0 54'457.0 2.86x 2.41x 8'543.0 10'190.0 15.47x 12.97x 6'933.5 8'125.0 19.58x 16.32x S&P Issuer Ratings

162.38 135.30 6.1% 5.7% -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1998 1999 2000 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 |

27.03.2013

Cummins India Ltd Holdings By:

All

Holder Name CUMMINS INC UNILEVER NV CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC GRANTHAM MAYO VAN OT ARTISAN PARTNERS HOL WILLIAM BLAIR & COMP DEUTSCHE BANK AG ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND ELMA EN UNITED HOLDS ING INVESTMENT MANAG UNION INVESTMENT GMB MORGAN STANLEY ALLIANZ ASSET MANAGE MACKENZIE FINANCIAL DB PLATINUM ADVISORS MERCURY ASSET MANAGE

Firm Name

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

Analyst

IIFL ANDREW WOOD Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Mirabaud Securities JULIAN LAKIN RBC Capital Markets JAMES EDWARDES JONES Kepler Capital Markets JON COX Credit Suisse CHARLES MILLS Canaccord Genuity Corp EDDY HARGREAVES Rabobank International KAREL ZOETE Banco Sabadell IGNACIO ROMERO Day by Day VALERIE GASTALDY HSBC CEDRIC BESNARD Landesbank Baden-Wuerttemberg BARBARA AMBRUS Jefferies ALEX HOWSON Hamburger Sparkasse TINA HECKING-VELTMAN Espirito Santo Investment Bank Research ALEX SMITH Berenberg Bank JAMES TARGETT Liberum Capital Ltd PABLO ZUANIC Societe Generale WARREN L ACKERMAN Deutsche Bank HAROLD THOMPSON Goldman Sachs ALEXIS COLOMBO SNS Securities(ESN) RICHARD WITHAGEN Nomura DAVID HAYES Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Helvea ANDREAS VON ARX ABN Amro Bank N.V. ROBERT JAN VOS Grupo Santander PEDRO GIL Aurel - BGC JEAN-MARIE L'HOME Independent Research GmbH LARS LUSEBRINK Petercam FERNAND DE BOER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES S&P Capital IQ CARL SHORT Barclays IAIN SIMPSON CA Cheuvreux ERIC BOROIAN Natixis PIERRE TEGNER ING Bank MARCO GULPERS EVA Dimensions AUSTIN BURKETT Theodoor Gilissen Securities TOM MULLER Kempen & Co ERWIN DUT JPMorgan CELINE PANNUTI Redburn Partners JEREMY FIALKO DZ Bank AG ROBERT CZERWENSKY Equita SIM SpA FABIO FAZZARI

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

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

Amt Held 1'268'224'230 141'560'629 33'770'000 20'884'073 18'128'239 16'626'505 11'633'435 9'447'002 8'028'108 7'857'215 7'200'000 7'180'977 6'428'550 6'122'561 5'839'034 5'794'474 5'439'055 5'387'993 5'281'693 4'660'599

% Out 73.96 8.26 1.97 1.22 1.06 0.97 0.68 0.55 0.47 0.46 0.42 0.42 0.37 0.36 0.34 0.34 0.32 0.31 0.31 0.27

Weighting

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

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

Latest Chg (1'842'700) (740'454) 903'626 498'559 (188'682) (57'347) 8'028'108 (382'184) (63'607) (32'935) 126'890 153'674 (100'074) (102'210) 5'249'645 -

Target Price 34 33 27 32 31 33 34 31 34 26 30 35 32 32 #N/A N/A 29 35 37 28 30 37 35 30 36 33 30 33 26 32 30 30 31 34 30 27 29 #N/A N/A 33 29 30 #N/A N/A 22 28

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

File Dt Inst Type 28.02.2011 Other 31.12.2011 Other 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 19.10.2011 Other 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor

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

Date 25.03.2013 19.03.2013 13.03.2013 12.03.2013 11.03.2013 10.03.2013 07.03.2013 05.03.2013 25.02.2013 15.02.2013 11.02.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 21.01.2013 21.01.2013 21.01.2013 17.01.2013 15.01.2013 06.01.2013 26.10.2012 24.09.2012 03.02.2012 10.06.2011

27.03.2013

Dabur India Ltd Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration and production. Dually-listed company with BHP AU.

Price/Volume 2500

18.0 M 16.0 M

2000

14.0 M 12.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.11.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DABUR IB EQUITY YTD Change DABUR IB EQUITY YTD % CHANGE

03/2012 01/yy 140.00 101.25 172'515.00 134.3 -4.07% 32.64% 85.29% 1'742.9 234'076.17 10'743.20 0.0 33.0 7'623.30 233'781.17

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

31.03.2009 31.03.2010 28'054.3 33'904.7 3.06x 4.01x 4'841.1 6'382.8 17.72x 21.27x 3'905.0 5'032.3 21.97x 27.37x Profitability

6.0 M 4.0 M

500

2.0 M 0 m-12 a-12 m-12

LTM-4Q 31.03.2011 41'045.1 4.16x 7'807.5 21.85x 5'685.7 29.42x

31.03.2012 53'054.2 3.56x 8'821.4 21.41x 6'448.9 28.79x 8'821.40 8'092.70 15.25% 14.90% 15.09% 41.50% 25.67% 1.24% 16.6% 15.3% 12.2% 1.58 0.82 23.24% 62.57% 12.99 -

Price/ Cash Flow

j-12

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.97 0.49 825.67 28.63% 4.31% 0.487 44 4.068 110'332 94'313 130'022 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 62'137.1 71'915.6 15'819.7 3.81x 3.23x 10'324.0 12'242.9 2'750.0 22.63x 19.08x 7'676.9 9'205.5 1'751.0 30.54x 25.47x S&P Issuer Ratings

29.03 21.37 0.35 1.22 62.6% 38.4% 1.24 6.63 28.19 -

Sales/Revenue/Turnover

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 03.07.2009

8.0 M

Fiscal Year Ended 31.03.2008 23'610.6 4.02x 4'226.4 22.48x 3'329.4 28.75x

10.0 M

1000

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

27.03.2013

Dabur India Ltd Holdings By:

All

Holder Name CHOWDHARY ASSOCIATES GEPF EQUITY LEGAL & GENERAL NORGES BANK ABERDEEN SCOTTISH WIDOWS FMR LLC FRANKLIN RESOURCES VANGUARD GROUP INC INDUSTRIAL DEVELOPME PEOPLES REPUBLIC OF BAILLIE GIFFORD AND VANGUARD GROUP INC BNP PARIBAS INV PART SCHRODER INVESTMENT STATE STREET Northern Cross Inter ALECTA INVESTMENT MA M&G INVESTMENT MANAG HARBOR CAPITAL ADVIS

Firm Name

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

Analyst

JPMorgan SYLVAIN BRUNET AlphaValue SACHIN KUMAR Jefferies Christopher LaFemina Goldman Sachs MICHELE DELLA VIGNA Espirito Santo Investment Bank Research NICK MELLOR Day by Day VALERIE GASTALDY Credit Suisse PAUL MCTAGGART JPMorgan FRASER JAMIESON Sanford C. Bernstein & Co PAUL GAIT RBC Capital Markets DES KILALEA Macquarie JEFFREY LARGEY Macquarie KIERAN DALY Nomura SAM CATALANO Morgan Stanley MENNO SANDERSE SBG Securities PETER DAVEY Canaccord Genuity Corp PETER MALLIN-JONES Barclays DAVID BUTLER Societe Generale ABHISHEK SHUKLA Independent Research GmbH SVEN DIERMEIER Natixis RAOUDHA BOUZEKRI Avior Research CLINTON DUNCAN BMO Capital Markets TONY ROBSON S&P Capital IQ JOHNSON IMODE HSBC ANDREW KEEN Deutsche Bank GRANT SPORRE EVA Dimensions CRAIG STERLING Investec ALBERT MINASSIAN Redburn Partners SIMON TOYNE Liberum Capital Ltd RICHARD KNIGHTS Standard Chartered SUBRAMANIAM VARADA

Source ULT-AGG 20F ULT-AGG RNS-MAJ ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 20F REG REG REG ULT-AGG REG ULT-AGG REG REG REG MF-AGG

Recommendation neutral reduce buy neutral/neutral sell hold neutral neutral outperform outperform neutral neutral buy Overwt/In-Line buy hold overweight sell hold buy outperform outperform hold neutral buy overweight hold neutral buy in-line

Amt Held 168'784'326 87'131'000 85'921'147 63'635'068 61'007'128 49'811'488 38'877'200 37'588'249 35'795'273 33'804'582 29'045'618 24'697'602 23'459'843 22'369'418 21'902'436 20'415'622 19'780'635 19'545'000 19'266'422 18'688'842

% Out 7.99 4.13 4.07 3.01 2.89 2.36 1.84 1.78 1.7 1.6 1.38 1.17 1.11 1.06 1.04 0.97 0.94 0.93 0.91 0.89

Weighting

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

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

Latest Chg 2'333'522 387'315 3'056'099 5'468'533 1'513'376 8'992'566 (1'247'628) (1'256'810) 819'531 1'376'028 (1'063'116) (920'460) 85'032 (4'850'000) 529'365 -

Target Price 2'000 1'894 2'550 2'200 1'703 #N/A N/A 2'400 2'300 2'450 2'300 2'175 2'146 2'400 2'310 2'500 2'155 2'300 1'585 2'300 2'400 3'042 2'500 2'200 2'250 2'380 #N/A N/A 2'306 #N/A N/A #N/A N/A 2'000

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

File Dt 25.03.2013 24.08.2012 28.02.2013 05.02.2013 28.02.2013 30.11.2012 31.01.2013 31.12.2012 31.12.2012 24.08.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 26.03.2013 01.11.2012 01.11.2012 01.11.2012 31.12.2012

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

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

Date 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 28.02.2013 28.02.2013 26.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 07.02.2013 30.01.2013 17.01.2013 20.12.2012 06.12.2012 20.09.2012 08.09.2012

27.03.2013

Divi's Laboratories Ltd Divi's Laboratories Ltd. manufactures pharmaceutical products which include distributes beer through breweries worldwide. SABMiller also bottles and distributes a number of soft drinks.

Price/Volume 4000

25.0 M

3500

20.0 M

3000 2500

Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIVI IB EQUITY YTD Change DIVI IB EQUITY YTD % CHANGE

03/2012 01/yy 1'233.00 735.10 3'938.00 997.7 -19.08% 35.72% 52.74% 132.7 132'429.00 527.61 0.0 0.0 173.16 132'783.45

31.03.2008 10'328.3 7.95x 4'260.4 19.27x 3'476.0 23.57x

31.03.2009 31.03.2010 11'803.4 9'416.2 5.07x 9.07x 5'224.5 4'165.6 11.45x 20.50x 4'166.4 3'403.4 14.67x 25.98x Profitability

1000

5.0 M

500 0 m-12 a-12 m-12

LTM-4Q 31.03.2011 13'071.1 6.45x 4'982.5 16.92x 4'292.7 20.82x

31.03.2012 18'586.0 5.49x 6'923.4 14.74x 5'332.6 19.06x

6'923.41 6'302.60 33.91% 36.62% 21.20% 27.15% 26.80% 0.74% 37.3% 33.9% 28.7% 3.16 0.93 1.91% 2.48% 4.31 -

Price/ Cash Flow

j-12

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

1.30 0.62 59.66 34.42% -9.62% 0.620 29 4.552 12'284 7'746 31'560 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 22'730.8 27'684.2 5'547.0 5.56x 4.47x 8'538.7 10'490.5 1'967.0 15.58x 12.68x 12.70x 6'471.9 8'022.0 1'422.0 20.43x 16.64x 17.15x S&P Issuer Ratings

158.47 92.28 0.05 0.08 2.5% 2.4% 0.74 2.30 84.97 -

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

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 03.04.2009

10.0 M

1500

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

15.0 M

2000

Valuation Analysis

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 |

27.03.2013

Divi's Laboratories Ltd Holdings By:

All

Holder Name MOTAPARTI NILIMA BEVCO INTERNATIONAL PUBLIC INVESTMENT CO KULCZYK HOLDING KULCZYK INVESTMENT H LEGAL & GENERAL BLACKROCK FMR LLC NORGES BANK INVESTME CAPITAL GROUP COMPAN ABERDEEN SCOTTISH WIDOWS ALLAN GRAY UNIT TRUS OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC GARDNER RUSSO & GARD BNP PARIBAS INV PART

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a

Analyst

Dolat Capital Market Ltd. LAUREN E TORRES Credit Suisse SANJEET AUJLA Macquarie WYNAND VAN ZYL Renaissance Capital REY WIUM Oriel Securities Ltd CHRIS WICKHAM SBG Securities BRENDAN GRUNDLINGH Morgan Stanley VIKHYAT SHARMA Nomura IAN SHACKLETON Sanford C. Bernstein & Co TREVOR STIRLING AlphaValue ISABELLE COMBEMALE JPMorgan MATTHEW WEBB Grupo Santander ANTHONY J BUCALO RBC Capital Markets JAMES EDWARDES JONES Canaccord Genuity Corp EDDY HARGREAVES Berenberg Bank PHILIP MORRISEY Barclays SIMON HALES Exane BNP Paribas JAVIER GONZALEZ LASTRA Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Espirito Santo Investment Bank Research ALEX SMITH Natixis OLIVIER DELAHOUSSE Societe Generale ANDREW HOLLAND Deutsche Bank JONATHAN FELL Jefferies DIRK VAN VLAANDEREN Shore Capital Stockbrokers PHIL CARROLL Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Avior Research DE WET SCHUTTE Afrifocus Securities TANUJA CHITRE

Source RNS-MAJ Co File Co File Co File REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG REG REG MF-AGG REG 13F ULT-AGG

Recommendation neutral outperform outperform sell add hold Equalwt/In-Line neutral market perform sell overweight buy sector perform hold buy equalweight outperform buy hold sell neutral neutral hold hold buy hold neutral hold outperform sell buy/attractive buy underperform hold

Amt Held 430'000'000 225'000'000 67'663'248 60'000'000 60'000'000 35'298'676 34'866'303 32'037'348 29'568'406 21'708'108 21'361'342 19'161'032 15'304'821 12'499'774 12'259'520 10'980'964 10'028'599 9'864'730 9'330'377 8'204'566

% Out 26.92 14.09 4.24 3.76 3.76 2.21 2.18 2.01 1.85 1.36 1.34 1.2 0.96 0.78 0.77 0.69 0.63 0.62 0.58 0.51

Weighting

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

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

Latest Chg (844'858) (1'720'544) 654'378 (755'600) (34'200) (4'245'434) (1'824'542) 2'453'239 (324'670) (1'401'802) 182'666 265'826 77'255

Target Price 3'600 4'000 3'698 3'400 3'760 3'200 3'300 2'840 3'180 3'033 3'645 3'675 3'500 2'750 3'800 3'350 3'333 2'950 #N/A N/A 2'600 2'860 3'000 2'970 2'900 3'200 #N/A N/A 2'633 3'100 2'950 #N/A N/A 3'520 #N/A N/A 2'641 #N/A N/A

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

File Dt Inst Type 29.06.2012 Corporation 08.06.2012 Corporation 08.06.2012 Government 08.06.2012 Holding Company 01.11.2012 Investment Advisor 28.02.2013 Unclassified 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 31.12.2012 Investment Advisor 28.02.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor

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

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 25.02.2013 22.02.2013 15.02.2013 11.02.2013 25.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 17.01.2013 09.01.2013 10.12.2012 19.10.2012 24.08.2012

27.03.2013

DLF Ltd DLF Ltd. is a real estate development company. The Company develops Company offers property and casualty, life and health, credit, motor vehicle and travel insurance, and fund management services.

Price/Volume 120

7.0 M

100

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLFU IB EQUITY YTD Change DLFU IB EQUITY YTD % CHANGE

03/2012 12/yy 289.20 169.55 1'083'554.00 236.2 -18.33% 39.31% 55.70% 1'698.7 401'233.72 250'657.93 17'992.0 4'206.6 11'794.60 585'410.32

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

3.0 M

2.0 M

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 144'375.0 8.41x 97'234.2 12.48x 78'120.3 13.74x

4.0 M

Valuation Analysis

31.03.2009 31.03.2010 100'353.9 74'228.7 4.52x 10.23x 56'155.7 36'680.8 8.08x 20.69x 44'696.0 17'198.3 6.37x 30.48x Profitability

LTM-4Q 31.03.2011 95'605.7 7.40x 38'562.7 18.34x 16'396.1 27.80x

31.03.2012 96'293.8 6.27x 40'283.6 14.99x 12'008.2 28.53x 40'283.62 33'006.35 34.28% 15.99% 1.93% 4.81% 5.34% 0.16% 58.8% 41.8% 34.3% 12.5% 1.73 0.18 39.54% 98.54% 5.78 0.25

Price/ Cash Flow

LTM

12/yy 87'384.0 2.70x 0.0 0.00x 2'545.0 12.79x

12/yy 96'019.0 2.56x 0.0 0.00x 5'169.0 9.18x

FY+1

0.85 1.52 338.15 20.87% 2.47% 1.518 40 4.050 1'556'252 1'302'738 1'083'768 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 82'782.7 96'201.4 18'406.5 7.58x 6.33x 32'701.2 40'916.4 7'285.0 17.91x 14.31x 10'718.4 14'358.8 1'143.0 38.28x 27.85x S&P Issuer Ratings

1.91 1.64 5.93 6.22 98.5% 47.5% 0.16 0.35 63.32 1439.76 173.68 1329.40

Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0 3.00

40'000.0 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

DLF Ltd Holdings By:

All

Holder Name PANCHSHEEL INVESTMEN HARBOR CAPITAL ADVIS FMR LLC VANGUARD GROUP INC ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS UNION INVESTMENT GMB SOCIETE GENERALE SA DEUTSCHE BANK AG MORGAN STANLEY THORNBURG INVESTMENT HARRIS ASSOCIATES LP DEKA INVESTMENT GMBH CAPITAL GROUP COMPAN ADIG INVESTMENT FRANKFURT TRUST INVE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE MERCURY ASSET MANAGE JP MORGAN

Firm Name

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

Analyst

BNP Paribas Equity Research MARC THIELE Sanford C. Bernstein & Co THOMAS SEIDL Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG WERNER EISENMANN Main First Bank AG MICHAEL HAID Helvea DANIEL BISCHOF Macquarie HADLEY COHEN AlphaValue DIETER HEIN Exane BNP Paribas THOMAS JACQUET Bank of Valletta MALCOLM ABDILLA CASTILLO Bankhaus Metzler JOCHEN SCHMITT JPMorgan MICHAEL HUTTNER Berenberg Bank PETER ELIOT Keefe, Bruyette & Woods WILLIAM HAWKINS S&P Capital IQ RODERICK WALLACE RBC Capital Markets GORDON AITKEN Hamburger Sparkasse CHRISTIAN HAMANN Kepler Capital Markets FABRIZIO CROCE Nord/LB VOLKER SACK Independent Research GmbH STEFAN BONGARDT Nomura MICHAEL KLIEN Bankhaus Lampe ANDREAS SCHAEFER Banco Sabadell MARIO LODOS Credit Suisse RICHARD BURDEN Barclays ANDREW BROADFIELD Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank ROBIN BUCKLEY Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Landesbank Baden-Wuerttemberg WERNER SCHIRMER Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Societe Generale JASON KALAMBOUSSIS Raymond James DANNY JACQUES Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

Recommendation neutral market perform buy buy hold buy outperform accumulate outperform reduce outperform hold sell overweight buy market perform buy outperform buy reduce buy buy neutral buy buy neutral overweight buy buy Buy/Neutral buy overweight hold buy buy outperform Equalwt/In-Line buy buy market perform buy neutral hold

Amt Held 32'047'039 6'365'290 5'727'664 4'983'892 4'764'728 4'712'687 4'511'170 4'475'337 4'451'056 3'746'308 3'028'939 2'337'600 2'263'956 1'843'650 1'630'559 1'533'611 1'483'920 1'441'075 1'340'179 1'000'446

% Out 7.03 1.4 1.26 1.09 1.05 1.03 0.99 0.98 0.98 0.82 0.66 0.51 0.5 0.4 0.36 0.34 0.33 0.32 0.29 0.22

Weighting

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

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

Latest Chg (2'672'871) 175'318 4'899 1'113'916 549'507 (153'836) (352'189) 135'754 (602'365) 17'500 433'235 48'589

Target Price 123 103 120 118 105 120 125 111 130 114 125 117 95 122 132 135 122 130 #N/A N/A 73 113 125 103 122 114 113 120 133 120 120 #N/A N/A 128 110 120 117 118 110 100 100 #N/A N/A #N/A N/A 92 106

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 16.05.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Unclassified

Date 6 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month

Date 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 27.03.2013 22.03.2013 21.03.2013 18.03.2013 12.03.2013 08.03.2013 05.03.2013 05.03.2013 03.03.2013 01.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 08.02.2013 04.02.2013 29.01.2013 24.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 10.01.2013 07.01.2013 10.12.2012 05.12.2012 26.11.2012 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011

27.03.2013

Dr Reddy's Laboratories Ltd Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical 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 25

60.0 M 50.0 M

40.0 M 10

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (19.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DRRD IB EQUITY YTD Change DRRD IB EQUITY YTD % CHANGE

03/2012 12/yy 1'968.60 1'528.00 4'979.00 1754.45 -10.88% 14.82% 51.40% 169.8 297'843.09 32'307.00 0.0 0.0 17'990.00 312'103.39

30.0 M 20.0 M

10.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

70.0 M

Valuation Analysis

31.03.2008 49'142.0 2.20x 9'040.0 11.96x 4'381.0 22.68x

80.0 M

31.03.2009 31.03.2010 67'904.0 70'175.0 1.42x 3.13x 14'295.0 14'642.0 6.75x 15.02x (9'172.0) 3'515.0 61.19x Profitability

LTM-4Q 31.03.2011 74'109.0 3.99x 15'441.0 19.13x 9'989.0 27.75x

31.03.2012 96'665.0 3.24x 24'931.0 12.58x 13'009.0 22.99x 24'931.00 19'347.00 20.01% 18.67% 12.82% 28.84% 18.82% 0.95% 25.8% 20.0% 13.5% 1.52 0.94 28.53% 64.76% 4.50 -

Price/ Cash Flow

LTM

FY+1

0.78 0.68 116.52 5.32% -4.05% 0.679 52 4.269 8'128 16'417 30'680 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 108'740.0 127'271.0 113'213.8 127'483.8 30'454.1 25'406.0 3.31x 2.95x 2.73x 2.35x 25'213.0 24'564.0 24'331.3 27'174.8 6'799.4 4'996.0 3.60x 3.52x 12.89x 11.54x 6'860.0 8'673.0 15'890.6 17'895.5 4'145.3 3'360.0 8.45x 7.66x 18.86x 16.58x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.06 15.56 0.57 1.30 64.8% 39.3% 0.95 3.13 81.37 -

Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Dr Reddy's Laboratories Ltd Holdings By:

All

Holder Name DR REDDYS HOLDINGS L MINISTERO DELL'ECONO BLACKROCK FMR LLC CAPITAL GROUP COMPAN BNP PARIBAS ARBITRAG VANGUARD GROUP INC BNP PARIBAS SA ABERDEEN T ROWE PRICE ASSOCIA FRANKLIN RESOURCES BNP PARIBAS SEC SERV BNP PARIBAS INV PART NATIXIS ASSET MANAGE MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE THORNBURG INVESTMENT JP MORGAN EATON VANCE MANAGEME UNION INVESTMENT LUX

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

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

Analyst ROBERTO RANIERI PAUL SPEDDING ALEXANDRE ANDLAUER JASON KENNEY VALERIE GASTALDY KIM FUSTIER ALEJANDRO DEMICHELIS IRENE HIMONA ANDREA SCAURI BERTRAND HODEE MARC B KOFLER SVEN DIERMEIER ROBERTO LETIZIA DARIO MICHI GORDON GRAY ANNE PUMIR RAHIM KARIM PETER HUTTON IAIN REID OSWALD CLINT THEEPAN JOTHILINGAM NITIN SHARMA CHRISTINE TISCARENO COLIN SMITH ENRICO COCO STUART JOYNER MICHELE DELLA VIGNA JORGE GONZALEZ SADORNIL CRAIG STERLING JENS MUENSTERMANN MARTIJN P RATS INGO SCHMIDT MARK BLOOMFIELD DOMINIQUE PATRY THOMAS AARRESTAD

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

Recommendation add neutral reduce buy hold outperform neutral hold outperform outperform outperform hold buy buy sell neutral overweight sector perform buy market perform buy overweight buy hold hold hold Buy/Cautious buy buy buy Overwt/In-Line hold buy outperform hold

Amt Held 958'298'322 142'968'850 64'342'107 52'398'608 44'489'000 41'175'319 30'369'401 28'455'671 15'842'800 12'165'115 11'763'842 11'484'026 10'514'761 9'054'715 7'927'747 6'754'973 5'925'800 5'679'489 5'385'693 5'120'940

% Out 26.37 3.93 1.77 1.44 1.22 1.13 0.84 0.78 0.44 0.33 0.32 0.32 0.29 0.25 0.22 0.19 0.16 0.16 0.15 0.14

Weighting

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

M M M M D 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 N

Latest Chg 1'052'103 (1'337'435) 1'853'508 999'327 (245'000) 848'857 (368'082) (24'451) 250'401 1'643'290 (1'437'700) 463'987 996'578 1'015'630

Target Price #N/A N/A 19 18 21 #N/A N/A 21 20 19 22 21 21 20 22 23 17 20 21 21 22 20 19 22 23 19 18 16 21 20 #N/A N/A 20 20 #N/A N/A 21 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 20.11.2012 Other 20.11.2012 Government 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Bank 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 12.03.2013 01.03.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 17.01.2013 09.01.2013 27.11.2012 30.10.2012 29.08.2012 13.08.2012 23.04.2010

27.03.2013

Exide Industries Ltd Exide Industries Ltd. manufactures a wide range of lead and electric storage researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia, and Infection.

Price/Volume 3500

12.0 M

3000

10.0 M

2500

8.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXID IB EQUITY YTD Change EXID IB EQUITY YTD % CHANGE

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

31.03.2009 31.03.2010 34'048.7 39'788.5 1.07x 2.54x 5'867.1 9'835.1 6.22x 10.27x 1'914.9 4'935.2 17.28x 20.04x Profitability

31.03.2011 47'660.8 2.47x 9'553.1 12.33x 6'188.2 19.70x

31.03.2012 53'186.7 2.26x 7'622.7 15.76x 4'460.6 28.43x 7'622.70 6'539.00 12.29% 12.17% 11.91% 17.59% 17.59% 1.42% 14.3% 12.3% 8.4% 2.26 1.06 0.69% 1.01% 13.30 -

Price/ Cash Flow

2.0 M

500 0 m-12 a-12 m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

1.19 0.72 367.64 -13.55% -12.33% 0.720 43 3.279 55'216 93'341 181'338 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 63'789.0 75'352.8 8'896.8 10'978.4 11.27x 9.13x 5'339.8 6'628.6 20.15x 16.51x S&P Issuer Ratings

51.19 37.06 -0.89 0.04 1.0% 1.0% 1.42 5.20 27.51 -

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

4.0 M

1000

Fiscal Year Ended 31.03.2008 29'798.3 1.96x 4'903.7 11.92x 1'643.7 31.23x

6.0 M

1500

03/2012 12/yy 166.30 112.90 33'238.00 126.15 -24.14% 11.74% 24.81% 850.0 107'227.50 271.00 0.0 125.0 7'083.20 100'540.30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Exide Industries Ltd Holdings By:

All

Holder Name CHLORIDE EASTERN LTD BLACKROCK AXA INVESTOR AB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME VANGUARD GROUP INC PERPETUAL INVESTMENT SCHRODER INVESTMENT UBS CAPITAL GROUP COMPAN FMR LLC PEOPLES REPUBLIC OF VANGUARD GROUP INC THREADNEEDLE ASSET M STATE STREET GMO LLC M&G INVESTMENT MANAG ALLIANCE BERNSTEIN

Firm Name Axis Capital Limited Shore Capital Stockbrokers Nordea Equity Research Bryan Garnier & Cie Redburn Partners Exane BNP Paribas Barclays Societe Generale Deutsche Bank ABG Sundal Collier Credit Suisse Jefferies Sanford C. Bernstein & Co Independent Research GmbH Carnegie Kepler Capital Markets Natixis Panmure Gordon & Co Limited Danske Markets S&P Capital IQ AlphaValue Helvea JPMorgan Swedbank Nomura Day by Day Berenberg Bank Landesbank Baden-Wuerttemberg Pareto Securities SEB Enskilda Goldman Sachs EVA Dimensions Liberum Capital Ltd Main First Bank AG Mirabaud Securities DZ Bank AG MP Advisors Pvt Ltd Edward Jones

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

Analyst PETER VERDULT BRIAN WHITE ERIK HULTGARD ERIC LE BERRIGAUD TEAM COVERAGE NICOLAS GUYON-GELLIN MARK PURCELL STEPHEN MCGARRY MARK CLARK PETER HUGREFFE LUISA HECTOR JEFFREY HOLFORD TIMOTHY M ANDERSON CHRISTOPH SCHOENDUBE KRISTOFER LILJEBERG FABIAN WENNER BEATRICE MUZARD SAVVAS NEOPHYTOU MATTIAS HAGGBLOM SHO MATSUBARA ARMELLE MOULIN ODILE RUNDQUIST ALEXANDRA M HAUBER-SCHUELE JOHAN UNNERUS AMIT ROY VALERIE GASTALDY ALISTAIR CAMPBELL TIMO KUERSCHNER YILMAZ MAHSHID LARS HEVRENG KEYUR PAREKH ANDREW S ZAMFOTIS NARESH CHOUHAN TIM FRANKLIN NICHOLAS TURNER ELMAR KRAUS BHAVITA NAGRANI LINDA BANNISTER

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

Recommendation Equalwt/Attractive buy sell buy neutral neutral equalweight sell hold sell underperform hold market perform hold hold hold neutral hold hold sell add neutral underweight sell reduce buy hold sell sell hold neutral/neutral buy neutral suspended coverage reduce buy underperform sell

Amt Held 92'577'683 81'345'820 68'601'379 51'587'810 51'010'537 42'533'598 28'877'534 27'002'295 25'266'060 18'084'946 16'999'885 16'945'000 14'071'861 13'747'211 13'473'072 13'153'411 12'362'004 12'158'200 11'452'982 10'705'870

% Out 7.42 6.52 5.5 4.13 4.09 3.41 2.31 2.16 2.02 1.45 1.36 1.36 1.13 1.1 1.08 1.05 0.99 0.97 0.92 0.86

Weighting

Change

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

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

Latest Chg 4'654'729 (19'539'361) (213'062) (419'253) 4'057'409 103'265 482'103 29'422 (791'342) 3'892'025 7'945'000 256'131 1'293'245 476'641 36'670 560'902 (505'782) (828'120) (714'599)

Target Price 3'310 #N/A N/A 3'037 3'540 #N/A N/A 3'300 3'300 2'675 3'100 2'562 3'050 3'000 3'298 3'200 #N/A N/A 2'700 3'383 3'200 3'000 2'700 3'311 2'850 2'750 2'666 2'600 3'181 3'050 2'900 2'843 2'924 3'375 #N/A N/A 3'000 #N/A N/A 2'700 3'700 2'509 #N/A N/A

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

File Dt 01.02.2013 25.03.2013 01.02.2013 01.02.2013 28.02.2013 01.02.2013 01.02.2013 31.12.2012 31.07.2012 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013 26.03.2013 01.02.2013 01.02.2013 01.02.2013

Date 12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 15 month 12 month 12 month 3 month Not Provided Not Provided 6 month 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 Unclassified Unclassified Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 08.03.2013 18.02.2013 14.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 28.01.2013 17.01.2013 05.10.2012 20.07.2012 02.04.2012 02.02.2012 07.01.2010 20.11.2008

27.03.2013

Federal Bank Ltd Federal Bank Limited operates branches and regional offices throughout India. in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (25.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FB IB EQUITY YTD Change FB IB EQUITY YTD % CHANGE

03/2012 01/yy 550.75 335.00 40'684.00 488.25 -11.35% 45.75% 71.03% 171.0 83'474.60 47'754.66 0.0 0.0 35'428.39 -

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 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 29'104.5 3'600.7 6.83x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 m-12 a-12 m-12

31.03.2009 31.03.2010 38'308.2 43'031.4 4'720.1 4'396.7 5.00x 10.38x Profitability

31.03.2011 45'700.4 5'564.7 12.87x

31.03.2012 61'135.8 7'537.3 9.68x 46.43% 45.73% 1.35% 14.21% 8.55% 0.11% 30.1% 7.89% 85.39% -

Price/ Cash Flow

1.84 1.14 135.23 17.57% -9.30% 1.142 39 4.256 24'481 30'029 39'966

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

85.4% 46.1% 0.11 19.41 -

Sales/Revenue/Turnover

25.00

30'000.0 25'000.0

20.00

20'000.0 15.00

15'000.0 10.00

10'000.0

5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1998 1999 2000 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 |

27.03.2013

Federal Bank Ltd Holdings By:

All

Holder Name INTERNATIONAL FINANC BLACKROCK ABERDEEN LEGAL & GENERAL NORGES BANK INVESTME SUN LIFE FINANCIAL I FMR LLC VANGUARD GROUP INC SCOTTISH WIDOWS BNP PARIBAS INV PART VANGUARD GROUP INC BAILLIE GIFFORD AND THORNBURG INVESTMENT JP MORGAN PEOPLES REPUBLIC OF DODGE & COX UBS Standard Chartered B THORNBURG INVESTMENT WALTER SCOTT & PARTN

Firm Name

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

Analyst

Ambit Capital Pvt Ltd IAN GORDON Macquarie THOMAS STOEGNER Mediobanca SpA CHRISTOPHER J WHEELER RBC Capital Markets PATRICK LEE HSBC PETER TOEMAN AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Credit Suisse AMIT GOEL Sanford C. Bernstein & Co CHIRANTAN BARUA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Berenberg Bank JAMES CHAPPELL Liberum Capital Ltd CORMAC LEECH Independent Research GmbH STEFAN BONGARDT Shore Capital Stockbrokers GARY GREENWOOD Keefe, Bruyette & Woods MARK J PHIN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JAMES INVINE Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA China International Capital Corp SALLY NG BNP Paribas Equity Research DOMINIC CHAN Citic Securities Co., Ltd STEVEN CHAN Numis Securities Ltd MICHAEL J TRIPPITT AMTD Financial Planning Limited KENNY TANG SING HING Morgan Stanley CHRISTOPHER MANNERS S&P Capital IQ FRANK BRADEN CCB International Securities Ltd ADAM CHAN Mizuho Securities JIM ANTOS Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Barclays ROHITH CHANDRA-RAJAN Grupo Santander ARTURO DE FRIAS Canaccord Genuity Corp GARETH HUNT Daniel Stewart & Co SIMON WILLIS JM Financial Institutional Securities P PUNEET GULATI IIFL SACHIN NIKHARE

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

Recommendation buy outperform outperform sector perform neutral reduce hold underperform underperform buy neutral add sell hold buy buy market perform hold buy hold overweight hold buy hold add buy Overwt/In-Line hold outperform buy buy buy neutral/neutral neutral overweight buy sell buy buy add

Amt Held 432'746'145 165'824'190 157'962'325 85'794'638 54'789'154 53'057'843 51'450'411 49'225'497 46'720'870 45'077'332 39'082'703 30'412'658 30'132'593 28'624'271 28'340'249 27'346'560 24'315'105 24'000'000 23'951'106 20'631'586

% Out 17.93 6.87 6.55 3.56 2.27 2.2 2.13 2.04 1.94 1.87 1.62 1.26 1.25 1.19 1.17 1.13 1.01 0.99 0.99 0.85

Weighting

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

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

Latest Chg (595'713) 116'049 900'637 2'991'820 2'594'560 (92'936) 23'142'351 (415'238) 2'474'481 194'259 (60'464) 4'925'501 5'884'182 106'661 4'313'147 550'000 (437'402)

Target Price 1'900 2'000 1'837 1'700 1'800 1'778 #N/A N/A 1'400 1'330 2'100 1'750 2'050 1'450 1'875 2'100 #N/A N/A 1'890 1'900 2'100 1'825 2'000 1'821 2'157 1'764 2'057 1'888 2'020 1'980 2'049 2'057 1'854 1'970 1'950 #N/A N/A 1'600 1'960 1'325 1'900 1'800 1'700

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

File Dt 29.02.2012 25.03.2013 02.01.2013 28.02.2013 02.01.2013 31.01.2013 31.01.2013 31.12.2012 02.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 31.01.2013 02.01.2013 29.01.2013 31.01.2013 02.01.2013 31.01.2013 02.01.2013

Date 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 12.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 14.02.2013 29.01.2013 28.01.2013 04.01.2013 17.12.2012 11.12.2012 06.12.2012 08.08.2012 02.08.2012 01.03.2012

27.03.2013

GAIL India Ltd GAIL India Limited processes and distributes natural gas and liquefied Europe and Latin America. The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

Price/Volume 14

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAIL IB EQUITY YTD Change GAIL IB EQUITY YTD % CHANGE

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

200.0 M

100.0 M

2 0 m-12

31.03.2009 31.03.2010 240'632.1 256'772.2 1.30x 2.07x 44'633.0 54'792.5 7.00x 9.68x 28'259.0 33'278.3 11.02x 15.65x Profitability

31.03.2011 351'066.5 1.81x 65'293.3 9.73x 40'209.7 14.64x

31.03.2012 440'578.2 1.33x 73'835.7 7.94x 44'436.1 10.74x 73'835.70 63'274.30 14.36% 14.52% 9.75% 19.27% 14.02% 0.97% 16.8% 14.4% 10.1% 0.90 0.29 22.54% 46.18% 20.16 -

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

2.86 0.76 356.83 -14.38% -13.65% 0.764 56 3.929 72'929 69'948 76'658 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 488'810.4 548'765.6 1.02x 0.93x 78'142.4 84'305.1 6.33x 5.86x 45'148.9 47'104.9 8.56x 8.26x S&P Issuer Ratings

10.85 -3.62 1.34 1.56 46.2% 30.8% 0.97 1.45 18.16 -

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 181'287.7 1.93x 45'580.1 7.70x 27'829.0 12.93x

300.0 M

03/2012 12/yy 396.00 300.40 91'588.00 303.9 -23.26% 1.17% 3.66% 1'268.5 385'490.28 115'056.30 0.0 9'819.9 15'855.30 494'511.19

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

GAIL India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA CAIXABANK BLACKROCK BNP PARIBAS SA TELEFONICA SA CHINA UNICOM HONG KO VANGUARD GROUP INC AMUNDI FRANKLIN RESOURCES NATIXIS ASSET MANAGE MERCURY ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA BNP PARIBAS INV PART UNION INVESTMENT GMB CREDIT SUISSE ASSET WELLCOME TRUST LIMIT DEKA INVESTMENT GMBH BBVA PATRIMONIOS GES UNION INVESTMENT LUX

Firm Name

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

Analyst

IDFC Securities Ltd DAVID CABEZA JARENO Ahorro Corporacion Financiera SA GERMAN GARCIA BOU NMAS 1 Agencia de Valores JOSE RAMON OCINA Morgan Stanley LUIS PROTA Grupo Santander NAHUM SANCHEZ DE LAMADRID Banco Sabadell ANDRES BOLUMBURU Sanford C. Bernstein & Co ROBIN BIENENSTOCK Deutsche Bank KEVAL KHIROYA BBVA IVON LEAL Exane BNP Paribas MATHIEU ROBILLIARD BPI PEDRO OLIVEIRA Berenberg Bank PAUL ANDREW MARSCH EVA Dimensions ANDREW S ZAMFOTIS JPMorgan TORSTEN ACHTMANN Independent Research GmbH MARKUS FRIEBEL Espirito Santo Investment Bank Research NUNO MATIAS Banesto Bolsa SA Sociedad MARTA GOMEZ HSBC LUIGI MINERVA Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES S&P Capital IQ ALEXANDER WISCH Barclays JONATHAN DANN AlphaValue JEAN-MICHEL SALVADOR Goldman Sachs TIMOTHY BODDY Jefferies JEREMY A DELLIS Raymond James STEPHANE BEYAZIAN Interdin Bolsa BORJA MIJANGOS BLANCO Nomura FREDERIC BOULAN New Street Research JAMES RATZER BCP Investimento ALEXANDRA DELGADO Credit Suisse JUSTIN FUNNELL La Caixa BORJA PAGOAGA Hamburger Sparkasse TINA HECKING-VELTMAN Kepler Capital Markets JAVIER BORRACHERO Day by Day VALERIE GASTALDY CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Landesbank Baden-Wuerttemberg RALPH SZYMCZAK Natixis BENOIT MAYNARD Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO DZ Bank AG THORSTEN REIGBER

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

Recommendation buy buy buy Overwt/In-Line buy buy market perform hold outperform neutral reduce sell underweight overweight sell neutral buy neutral underperform reduce sell equalweight buy neutral/neutral underperform underperform buy reduce reduce buy neutral buy hold buy hold underperform buy neutral overweight buy

Amt Held 261'798'437 254'697'815 177'257'649 127'368'869 84'209'364 62'526'753 42'243'280 24'865'994 20'487'978 14'952'055 11'790'975 9'693'863 8'058'783 6'202'976 5'948'267 5'536'421 5'200'000 4'961'960 4'854'264 4'609'602

% Out 5.75 5.6 3.89 2.8 1.85 1.37 0.93 0.55 0.45 0.33 0.26 0.21 0.18 0.14 0.13 0.12 0.11 0.11 0.11 0.1

Weighting

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

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

Latest Chg 3'581'300 7'798'898 (15'605'969) 2'181'969 11'840'334 (644'661) 8'202'010 3'689'188 (3'474'417) 2'602'512 (299'922) (105'860) 829'681 (70'160) (668'098)

Target Price 14 13 13 13 13 14 10 12 13 11 9 9 #N/A N/A 13 9 10 12 11 9 10 9 10 17 11 8 10 12 9 #N/A N/A 17 14 13 #N/A N/A 12 #N/A N/A 12 12 14 19 16

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

File Dt 21.03.2013 21.03.2013 25.03.2013 12.05.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.01.2013 25.03.2013 31.01.2013 31.12.2012 31.01.2013 28.09.2012 31.01.2013 31.01.2013 28.12.2012 30.09.2012 28.09.2012

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

Inst Type Bank Investment Advisor Investment Advisor Bank Corporation Corporation Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 15.03.2013 14.03.2013 11.03.2013 08.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 22.02.2013 24.01.2013 27.11.2012 26.11.2012 19.11.2012 03.10.2012 26.09.2012 26.07.2012 14.05.2012 24.02.2012 15.11.2011

27.03.2013

Glenmark Pharmaceuticals Ltd Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (27.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GNP IB EQUITY YTD Change GNP IB EQUITY YTD % CHANGE

03/2012 12/yy 550.80 298.00 32'078.00 471.65 -14.37% 58.27% 68.69% 270.9 127'748.13 22'445.01 0.0 250.0 3'200.76 145'975.37

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

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 20'092.0 6.47x 8'071.6 16.11x 6'321.3 18.92x

50 45 40 35 30 25 20 15 10 5 0 m-12

31.03.2009 31.03.2010 21'160.3 25'006.5 2.82x 3.64x 4'847.4 6'731.9 12.30x 13.53x 1'916.6 3'244.7 20.47x 21.58x Profitability

LTM-4Q 31.03.2011 29'490.7 3.26x 5'922.7 16.23x 4'532.1 16.90x

31.03.2012 40'206.4 2.57x 7'143.1 14.45x 4'603.5 18.17x 7'143.13 6'164.85 15.33% 12.14% 8.38% 20.74% 13.65% 0.73% 17.8% 15.3% 11.4% 1.55 0.82 38.15% 93.46% 3.39 -

Price/ Cash Flow

LTM

12/yy 12/yy 106'540.0 114'297.0 3.70x 3.91x 12'265.0 12'193.0 8.06x 9.46x 5'667.0 6'095.0 6.38x 7.24x

FY+1

0.42 0.42 130.38 56.94% -10.64% 0.417 38 4.158 33'726 78'231 85'118 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 48'978.2 57'689.2 13'156.3 10'407.0 3.01x 2.53x 10'308.7 12'076.8 2'607.0 2'201.0 14.14x 12.07x 15.31x 6'095.4 7'589.7 1'688.8 783.0 21.16x 16.74x S&P Issuer Ratings

4.87 2.93 2.69 3.14 93.5% 48.1% 0.73 3.24 108.07 -

Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0 140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0 60'000.0

20.00

40'000.0

10.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Glenmark Pharmaceuticals Ltd Holdings By:

All

Holder Name SALDANHA FAMILY TRUS HSBC GLOBAL INV MAUR MORGAN STANLEY LIFE INSURANCE CORP KEMNY INVESTMENT FUN GENERAL INSURANCE CO SCHRODER INVESTMENT COPTHALL MAURITIUS I DSP BLACKROCK INVEST MIRAE ASSET GLOBAL I INVESTEC ASSET MANAG BB BIOTECH AG ALLIANZ ASSET MANAGE MANNING & NAPIER ADV SALDANHA BLANCHE ELI PINTO CHERYLANN MARI HSBC INVESTMENTS HON VANGUARD GROUP INC EATON VANCE MANAGEME DNB ASSET MANAGEMENT

Firm Name Nomura Axis Capital Limited Anand Rathi Securities Pvt. Ltd. Firstcall India Equity Advisors Pvt Ltd First Global Stockbroking ICICIdirect.com Fortune Equity Brokers (India) Ltd Edelweiss Capital JPMorgan Batlivala & Karani Securities Motilal Oswal Securities Ltd Credit Suisse Sharekhan Ltd Spark Capital Advisors Antique Stock Broking Limited Emkay Share & Stock Brokers India Infoline FinQuest Securities (P) Ltd. IIFL Standard Chartered Morgan Stanley Macquarie Kotak Securities ICICI Securities IDFC Securities Ltd Tata Securities Limited Barclays Avendus Capital Private Ltd Elara Securities India Pvt Ltd India Nivesh Ltd Nirmal Bang Institutional Equities CIMB EVA Dimensions SMC Global Securities Ltd. Ashika Stock Broking Limited PINC Infinity.com Financial Services Khandwala Securities Ltd KR Choksey Shares & Sec Pvt Ltd

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

Analyst SAION MUKHERJEE DEEPAK SHIVPRAKASH KHETAN SRIRAM RATHI TEAM COVERAGE DEVINA MEHRA SIDDHANT KHANDEKAR HITESH MAHIDA MANOJ GARG PRINCY SINGH ROHIT V BHAT HARDICK BORA ANUBHAV AGGARWAL TEAM COVERAGE HARITH AHAMED ANMOL GANJOO DEEPAK MALIK BHAVIKA THAKKER ANAND K BAGARIA BINO PATHIPARAMPIL RAVI AGRAWAL SAMEER BAISIWALA ABHISHEK SINGHAL KRISHNA PRASAD KARTIK A MEHTA NITIN AGARWAL VIHARI PURUSHOTHAMAN BALAJI V PRASAD MONICA JOSHI SURAJIT PAL BHAGWAN SINGH CHAUDHARY PRAFUL BOHRA PRAKASH AGARWAL ANDREW S ZAMFOTIS SHOUVIK CHATTERJEE TEAM COVERAGE SUSHANT DALMIA BHAWANA VERMA DEEPIKA JAIN

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

Recommendation buy buy buy buy moderate outperform hold buy buy overweight buy buy outperform buy buy buy buy buy hold add outperform Overwt/In-Line outperform reduce reduce outperform sell overweight reduce reduce hold hold neutral hold market perform buy accumulate hold buy

Amt Held 128'241'936 14'250'329 4'813'771 3'936'246 3'472'981 3'157'000 2'921'897 2'912'017 2'718'304 2'707'124 2'701'789 1'990'307 1'958'812 1'473'383 1'443'162 1'351'600 1'300'000 1'224'412 1'133'808 990'000

% Out 47.35 5.26 1.78 1.45 1.28 1.17 1.08 1.08 1 1 1 0.73 0.72 0.54 0.53 0.5 0.48 0.45 0.42 0.37

Weighting

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

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

Latest Chg 34'038 (3'832'371) 587'771 (1'221'677) 217'000 (38'243) 610'360 1'118'066 (266'120)

Target Price 578 610 563 565 #N/A N/A 513 554 576 625 595 583 545 600 596 562 587 561 536 554 560 584 650 510 522 560 444 563 399 510 506 556 550 #N/A N/A 435 410 343 300 360

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

File Dt 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2012 31.12.2012 28.02.2013 28.09.2012 31.01.2013 31.03.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 29.11.2012 31.12.2012 31.01.2013 28.02.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided 24 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 18 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

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

Date 25.03.2013 22.03.2013 21.03.2013 18.03.2013 11.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 25.02.2013 22.02.2013 21.02.2013 20.02.2013 05.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 17.01.2013 03.08.2012 04.06.2012 02.03.2012 02.02.2012 01.02.2012

27.03.2013

GMR Infrastructure Ltd GMR Infrastructure is an infrastructure company with interests in airports, The Company provides a variety of financial services to individuals, institutions, corporations, governments, and financial intermediaries around the world.

Price/Volume 18

60.0 M

50.0 M

14 12

40.0 M

03/2012 12/yy 31.90 16.75 2'391'612.00 20.9 -34.48% 24.78% 27.39% 3'892.4 81'351.88 360'485.30 19'801.3 17'917.2 48'283.80 464'957.69

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

20.0 M

10.0 M

2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 22'947.8 13.16x 6'428.2 46.97x 3'198.9 79.37x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (29.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMRI IB EQUITY YTD Change GMRI IB EQUITY YTD % CHANGE

31.03.2009 31.03.2010 38'436.1 45'665.1 7.49x 8.97x 9'040.6 14'134.8 31.86x 28.99x 2'794.5 1'584.0 61.80x 144.94x Profitability

LTM-4Q 31.03.2011 63'321.4 5.82x 15'776.3 23.37x (9'296.4) -

31.03.2012 83'201.1 5.66x 18'890.8 24.92x (6'033.4) 18'890.80 9'098.00 10.93% -10.19% -1.24% -7.94% 0.17% 22.7% 10.9% -7.3% 0.53 0.39 64.11% 478.24% 7.29 -

Price/ Cash Flow

LTM

12/yy 40'870.0 36.80x 17'455.0 21.54x 4'159.0 10.07x

12/yy 37'758.0 31.69x 15'530.0 16.67x (2'510.0) 0.00x

FY+1

0.00 1.27 913.11 -32.36% 8.01% 1.266 22 3.773 1'973'007 1'047'298 1'242'336 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 84'561.0 112'704.9 22'758.0 5.18x 3.84x 26'365.2 40'978.9 17.63x 11.34x (5'676.0) (1'493.1) (2.2) S&P Issuer Ratings

1.21 -5.74 16.53 19.08 478.2% 76.1% 0.17 0.31 50.18 -

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 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

GMR Infrastructure Ltd Holdings By:

All

Holder Name GMR HOLDINGS UBS FMR LLC NORGES BANK FRANKLIN RESOURCES CREDIT SUISSE ASSET CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BLACKROCK HARBOR CAPITAL ADVIS UBS FUND MANAGEMENT ZURCHER KANTONALBANK PICTET & CIE OPPENHEIMERFUNDS INC SWISSCANTO FONDSLEIT CREDIT AGRICOLE SA ALLIANCE BERNSTEIN BANK OF NEW YORK MEL PZENA INVESTMENT MAN ONTARIO TEACHERS PEN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a WELLINGTON MANAGEMEN n/a Multiple Portfolios Multiple Portfolios ZURCHER KANTONALBANK Multiple Portfolios Multiple Portfolios Multiple Portfolios CREDIT AGRICOLE SA n/a BANK OF NEW YORK MEL PZENA INVESTMENT MAN ONTARIO TEACHERS PEN

Analyst

Axis Capital Limited KIRI VIJAYARAJAH Mediobanca SpA CHRISTOPHER J WHEELER Liberum Capital Ltd CORMAC LEECH Canaccord Genuity Corp ARUN MELMANE AlphaValue DIETER HEIN Redburn Partners NICHOLAS WATTS Exane BNP Paribas DANIEL DAVIES Goldman Sachs JERNEJ OMAHEN JPMorgan KIAN ABOUHOSSEIN Day by Day VALERIE GASTALDY CA Cheuvreux CHRISTIAN STARK Bankhaus Metzler GUIDO HOYMANN RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS DZ Bank AG CHRISTOPH BAST Credit Suisse AMIT GOEL Independent Research GmbH STEFAN BONGARDT Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER Natixis ANTOINE BURGARD Nomura JON PEACE S&P Capital IQ FRANK BRADEN Helvea TIM DAWSON Main First Bank AG KILIAN MAIER Commerzbank Corporates & Markets MICHAEL DUNST Espirito Santo Investment Bank Research ANDREW LIM Societe Generale DIRK HOFFMANN-BECKING Bank Vontobel AG TERESA NIELSEN Morgan Stanley HUW VAN STEENIS EVA Dimensions AUSTIN BURKETT Deutsche Bank MATT SPICK HSBC ROBERT MURPHY Landesbank Baden-Wuerttemberg INGO FROMMEN Grupo Santander AURELIA FAURE Hamburger Sparkasse CHRISTIAN HAMANN Zuercher Kantonalbank ANDREAS VENDITTI Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI

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

Recommendation overweight neutral buy buy reduce buy neutral Buy/Neutral overweight hold outperform sell sector perform outperform market perform neutral sell neutral hold buy reduce buy buy buy accumulate outperform hold buy hold buy Overwt/In-Line sell hold overweight hold underweight hold outperform hold buy

Amt Held 245'633'960 197'716'980 134'865'238 116'490'210 69'300'732 52'106'861 51'818'019 40'980'253 36'961'338 34'619'235 31'294'723 25'446'748 21'246'924 20'880'689 19'403'429 16'622'115 16'537'648 14'956'720 14'066'648 9'167'333

% Out 6.4 5.15 3.52 3.04 1.81 1.36 1.35 1.07 0.96 0.9 0.82 0.66 0.55 0.54 0.51 0.43 0.43 0.39 0.37 0.24

Weighting

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

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

Latest Chg (261'829) (3'454'276) 12'874'066 (4'992'827) (1'332'781) 6'015'804 1'928'515 8'667'148 217'405 (58'593) 435'986 225'605 2'393'021 6'927'562 1'350'143 4'242'564 1'002'642 (1'222'625) 5'013'106

Target Price 19 17 18 24 16 #N/A N/A 16 21 21 #N/A N/A 16 13 16 19 18 18 13 15 17 17 14 18 18 18 18 18 16 20 16 18 17 #N/A N/A 16 18 17 11 #N/A N/A #N/A N/A #N/A N/A 11

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

File Dt 31.12.2012 15.03.2013 31.12.2012 27.09.2011 31.12.2012 31.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 30.11.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Government Unclassified Investment Advisor Government Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Pension Fund (ERISA)

Date 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 18.03.2013 14.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 05.03.2013 05.03.2013 27.02.2013 27.02.2013 22.02.2013 19.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 04.02.2013 30.01.2013 25.01.2013 25.01.2013 18.01.2013 17.01.2013 07.01.2013 20.12.2012 20.12.2012 11.12.2012 07.11.2012 30.10.2012 23.10.2012 03.07.2012

27.03.2013

Godrej Consumer Products Ltd Godrej Consumer Products Limited manufactures personal care, hair care, distribution of gas, oil and liquefied natural gas. The Group also develops, owns and operates gas-fired power generation plants.

Price/Volume 1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (12.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GCPL IB EQUITY YTD Change GCPL IB EQUITY YTD % CHANGE

03/2012 12/yy 831.50 465.00 9'889.00 813.85 -2.12% 75.02% 95.18% 340.3 276'974.31 15'640.40 0.0 882.3 6'345.30 290'177.73

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

400 200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 11'025.7 2.66x 2'255.1 13.01x 1'592.4 17.52x

600

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 f-13 m-13

31.03.2009 31.03.2010 13'929.6 20'412.0 2.38x 3.78x 2'114.3 4'113.2 15.70x 18.76x 1'732.6 3'395.9 19.54x 23.06x Profitability

LTM-4Q 31.03.2011 36'936.0 3.54x 6'540.1 19.99x 5'147.1 22.69x

31.03.2012 48'661.6 3.57x 8'769.8 19.79x 7'267.2 21.49x 8'769.80 8'125.40 16.70% 20.08% 13.81% 32.01% 20.66% 0.92% 18.0% 16.7% 14.9% 1.30 0.71 25.95% 55.56% 11.36 -

Price/ Cash Flow

LTM

12/yy 21'073.0 16.45x 10'026.0 8.83x 4'234.0 17.08x

12/yy 21'665.0 14.69x 10'561.0 6.35x 4'519.0 16.06x

FY+1

0.58 0.58 121.03 72.96% 12.89% 0.582 40 3.550 6'978 10'780 11'983 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 63'790.8 76'970.3 16'655.0 17'414.0 4.52x 3.71x 10'660.6 13'279.6 3'033.0 3'235.0 27.25x 21.87x 21.60x 21.69x 7'141.9 8'936.6 2'049.3 2'196.0 38.86x 31.12x 30.47x 30.67x S&P Issuer Ratings

16.82 13.82 1.06 1.78 55.6% 35.0% 0.92 12.24 32.21 -

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Godrej Consumer Products Ltd Holdings By:

All

Holder Name GODREJ & BOYCE MANUF NORGES BANK INVESTME LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS VANGUARD GROUP INC VANGUARD GROUP INC PEOPLES REPUBLIC OF SCHRODER INVESTMENT GOVT OF SINGAPORE IN STANDARD LIFE INVEST Northern Cross Inter STATE FARM MUTUAL AU ALECTA INVESTMENT MA HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN AXA BNP PARIBAS INV PART SUN LIFE FINANCIAL I UBS

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

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

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

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

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

Amt Held 253'990'367 152'363'377 120'599'210 102'081'949 94'465'521 92'621'382 64'366'135 57'396'054 48'293'192 45'954'406 42'153'440 41'754'612 40'100'800 40'085'000 39'857'836 39'552'694 38'280'582 34'797'279 33'967'551 33'600'933

% Out 7.46 4.48 3.54 3 2.78 2.72 1.89 1.69 1.42 1.35 1.24 1.23 1.18 1.18 1.17 1.16 1.13 1.02 1 0.99

Weighting

Change

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

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

Latest Chg 14'804'992 1'010'042 (4'289'039) (22'980'265) 11'446'507 5'290'403 4'003'911 3'496'882 5'128'695 1'265'240 1'734'497 14'104'546 1'113'800 13'734'613 22'192'928 1'790'949 (9'463'064) 4'544'498 1'321'095

Target Price 1'400 1'700 942 1'395 1'600 1'890 #N/A N/A 1'470 1'600 1'200 1'300 #N/A N/A 1'360 1'815 1'268 1'150 1'200 1'415 1'300 1'500 1'400 1'420 1'110 1'000 #N/A N/A #N/A N/A 1'350 1'500 #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 25.03.2013 01.01.2013 01.01.2013 31.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.12.2012 01.01.2013 01.01.2013 31.01.2013 31.01.2013 31.01.2013

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

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

Date 26.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 18.03.2013 07.03.2013 25.02.2013 21.02.2013 21.02.2013 19.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 15.01.2013 05.11.2012 02.11.2012 01.11.2012 20.09.2012 05.03.2012

27.03.2013

Grasim Industries Ltd Grasim Industries Limited is a diversified operating company and part of the private and corporate banking services. The Bank also provides asset management and investment advisory services to institutions and individuals in Europe, the United States, Asia and the Emerging Markets.

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRASIM IB EQUITY YTD Change GRASIM IB EQUITY YTD % CHANGE

03/2012 12/yy 3'511.00 2'216.00 3'061.00 2826.3 -19.50% 27.54% 47.13% 91.8 259'388.02 65'513.20 0.0 52'333.8 52'988.40 335'478.82

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

10.0 M 8.0 M

6.0 M 4.0 M

2.0 M

0 m-12

31.03.2009 31.03.2010 182'966.1 199'334.2 1.07x 1.47x 45'613.0 59'312.9 4.30x 4.96x 21'866.6 30'955.3 6.63x 8.34x Profitability

LTM-4Q 31.03.2011 215'502.3 1.16x 50'115.0 4.98x 22'790.1 9.89x

31.03.2012 252'443.0 1.21x 55'905.0 5.47x 26'474.6 9.10x 55'905.00 44'360.90 17.57% 19.47% 7.72% 16.73% 14.67% 0.74% 22.1% 17.6% 10.5% 1.82 1.10 17.93% 38.38% 16.08 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.80 0.88 81.33 8.78% -10.63% 0.882 36 4.833 6'462 7'281 7'063 FY+2

FQ+1

FQ+2

12/yy 11'685.0 0.00x 0.0 0.00x 6'050.0 6.02x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'593.0 271'431.8 309'491.6 73'347.5 67'934.0 0.00x 1.35x 1.15x 0.0 59'373.7 70'899.1 11'971.0 15'932.0 0.00x 5.65x 4.73x 6.42x 6'553.0 26'991.4 31'051.4 9'271.5 7'180.0 7.78x 9.60x 8.33x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

14.99 3.09 0.22 1.17 38.4% 22.7% 0.74 1.54 22.76 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 169'739.2 1.78x 49'238.0 6.13x 28'914.4 8.17x

12.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Grasim Industries Ltd Holdings By:

All

Holder Name ABERDEEN AXA BLACKROCK FRANKLIN RESOURCES CAPITAL GROUP COMPAN FMR LLC NATIXIS ASSET MANAGE STATE OF LUXEMBOURG VANGUARD GROUP INC WILLIAM BLAIR & COMP BNP PARIBAS INV PART HARRIS ASSOCIATES LP AVIVA PLC AMUNDI LBPAM ALLIANZ ASSET MANAGE SCHRODER INVESTMENT JANUS CAPITAL MANAGE DODGE & COX UNION INVESTMENT GMB

Firm Name

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

Analyst

IIFL JEAN-PIERRE LAMBERT Mediobanca SpA ANTONIO GUGLIELMI RBC Capital Markets ANKE REINGEN Redburn Partners GEORGE KARAMANOS AlphaValue CHRISTOPHE NIJDAM Societe Generale SEBASTIEN LEMAIRE Macquarie PIERS BROWN Day by Day VALERIE GASTALDY S&P Capital IQ WILLIAM HOWLETT Credit Suisse MAXENCE LE GOUVELLO Grupo Santander AURELIA FAURE JPMorgan DELPHINE LEE Oddo & Cie JEAN SASSUS Barclays JEREMY SIGEE HSBC ROBIN DOWN Deutsche Bank FLORA BENHAKOUN Kepler Capital Markets BENOIT PETRARQUE Nomura JON PEACE Morgan Stanley THIBAULT NARDIN Landesbank Baden-Wuerttemberg INGO FROMMEN CA Cheuvreux CYRIL MEILLAND Hamburger Sparkasse CHRISTIAN HAMANN Banco Sabadell MARIO LODOS Natixis ALEX KOAGNE Main First Bank AG FEDERICO SALERNO Independent Research GmbH STEFAN BONGARDT CM - CIC Securities(ESN) PIERRE CHEDEVILLE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Espirito Santo Investment Bank Research ANDREW LIM Goldman Sachs JEAN-FRANCOIS NEUEZ Berenberg Bank JAMES CHAPPELL EVA Dimensions AUSTIN BURKETT Nord/LB MICHAEL SEUFERT Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

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

Recommendation outperform neutral outperform buy add buy underperform hold buy outperform buy neutral buy overweight overweight hold buy buy Overwt/In-Line hold select list hold buy buy outperform buy buy buy neutral Buy/Neutral sell hold hold buy buy

Amt Held 129'166'979 66'464'562 23'279'417 18'754'945 16'235'239 16'011'192 14'387'267 12'540'483 12'412'585 9'991'341 5'974'797 5'548'626 5'066'891 5'050'237 4'981'512 3'846'420 3'793'501 3'752'412 3'700'000 3'357'750

% Out 10.4 5.35 1.87 1.51 1.31 1.29 1.16 1.01 1 0.8 0.48 0.45 0.41 0.41 0.4 0.31 0.31 0.3 0.3 0.27

Weighting

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

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

Latest Chg 55'392 (517'367) 760'566 (4'223'421) 620'876 476'466 215'029 (227'149) (313'400) (6'900) (63'407) (358'290) 50'313 263'565 (1'668'815) 264'979

Target Price 57 47 55 #N/A N/A 48 56 41 #N/A N/A 50 59 55 48 55 54 55 52 50 56 55 48 56 #N/A N/A 48 61 55 53 56 49 43 70 25 #N/A N/A #N/A N/A 50 39

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.10.2012 Mutual Fund Manager 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 28.09.2012 Investment Advisor

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

Date 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 04.03.2013 28.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 06.02.2013 30.01.2013 28.01.2013 28.01.2013 17.01.2013 23.10.2012 19.06.2012 08.05.2012

27.03.2013

HCL Technologies Ltd HCL Technologies Limited provides software development and related engineering detergents, fragrances, home and personal care products. Dually-listed company with UNA NA.

Price/Volume 3000 2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HCLT IB EQUITY YTD Change HCLT IB EQUITY YTD % CHANGE

06/2012 12/yy 804.50 453.90 21'935.00 775.1 -3.65% 70.76% 91.61% 694.9 538'641.31 21'854.20 0.0 10.7 23'898.20 537'815.31

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

500 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 30.06.2008 75'627.8 2.08x 17'027.0 9.24x 10'514.1 15.96x

1000

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

30.06.2009 30.06.2010 102'294.1 121'362.9 1.33x 2.07x 21'250.5 19'924.2 6.39x 12.59x 13'196.3 12'591.9 9.43x 19.48x Profitability

LTM-4Q 30.06.2011 157'304.3 2.18x 27'151.5 12.61x 16'465.1 20.54x

30.06.2012 208'305.5 1.58x 40'507.5 8.10x 24'227.0 13.59x 40'507.50 35'015.10 16.81% 15.39% 15.05% 27.70% 22.89% 1.29% 19.4% 16.8% 11.6% 1.41 0.98 11.95% 22.21% 6.42 -

Price/ Cash Flow

LTM

FY+1

1.55 1.01 206.55 67.00% 25.52% 1.007 71 4.380 36'477 63'215 83'333 FY+2

FQ+1

FQ+2

12/yy 46'467.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 51'324.0 251'734.5 283'091.4 59'577.5 66'012.9 0.00x 2.04x 1.74x 9.04x 8.16x 0.0 55'149.9 59'113.0 13'666.2 13'986.2 0.00x 9.76x 9.10x 10.05x 9.77x 0.0 36'786.5 39'965.0 8'857.6 9'129.6 0.00x 14.89x 13.65x 15.63x 15.07x 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

34.74 26.94 -0.05 0.54 22.2% 18.2% 1.29 9.13 56.99 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

HCL Technologies Ltd Holdings By:

All

Holder Name SLOCUM INVESTMENTS P The Leverhulme Trust LEGAL & GENERAL M&G INVESTMENT MANAG NORGES BANK INVESTME SCOTTISH WIDOWS MORGAN STANLEY INVES THREADNEEDLE ASSET M CAPITAL GROUP COMPAN MORGAN STANLEY OPPENHEIMERFUNDS INC PEOPLES REPUBLIC OF VANGUARD GROUP INC OPPENHEIMERFUNDS INC FMR LLC UBS SCHRODER INVESTMENT BREWIN DOLPHIN LIMIT VANGUARD GROUP INC CEDAR ROCK CAPITAL L

Firm Name

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

Analyst

Standard Chartered ANDREW WOOD Panmure Gordon & Co Limited GRAHAM JONES AlphaValue SOPHIE CABO-BROSETA Shore Capital Stockbrokers DARREN SHIRLEY Exane BNP Paribas JEFF STENT Morgan Stanley EILEEN KHOO Oriel Securities Ltd CHRIS WICKHAM Mirabaud Securities JULIAN LAKIN RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Liberum Capital Ltd PABLO ZUANIC Investec MARTIN DEBOO Day by Day VALERIE GASTALDY Goldman Sachs ALEXIS COLOMBO Barclays IAIN SIMPSON HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT JPMorgan CELINE PANNUTI Berenberg Bank JAMES TARGETT Deutsche Bank HAROLD THOMPSON Jefferies ALEX HOWSON S&P Capital IQ CARL SHORT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Nomura DAVID HAYES

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

Recommendation outperform buy sell buy neutral Equalwt/In-Line hold hold underperform neutral buy buy buy Buy/Neutral overweight overweight overweight overweight buy hold buy hold neutral neutral hold reduce

Amt Held 74'570'243 70'566'764 43'844'579 33'695'100 29'379'103 23'491'012 20'988'391 18'808'791 18'578'700 18'031'348 17'496'650 17'373'510 17'220'914 17'139'553 15'546'745 15'205'740 14'967'376 14'171'028 14'055'878 13'353'349

% Out 5.81 5.5 3.42 2.63 2.29 1.83 1.64 1.47 1.45 1.4 1.36 1.35 1.34 1.34 1.21 1.18 1.17 1.1 1.1 1.04

Weighting

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

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

Latest Chg (19'403) 521'877 7'368'008 7'492'327 938'955 7'437'850 1'103'042 313'701 4'229'196 82'924 164'900 257'035 (1'458'747) (1'475'510) (201'301) 931'645 (229'486)

Target Price 2'700 3'000 2'419 #N/A N/A 2'900 2'200 2'800 2'800 2'800 2'800 3'250 2'900 2'740 3'100 2'900 2'940 #N/A N/A 2'850 2'800 2'520 2'460 2'600 #N/A N/A 2'280 #N/A N/A 1'870

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

File Dt 25.03.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 02.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013

Date 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

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

Date 25.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 20.02.2013 11.02.2013 07.02.2013 31.01.2013 30.01.2013 29.01.2013 28.01.2013 25.01.2013 23.01.2013 23.01.2013 23.01.2013 24.09.2012 14.09.2012 03.07.2012 17.01.2012

27.03.2013

HDFC Bank Ltd HDFC Bank Ltd. offers a wide range of services to the global corporate sector. credit cards, wholesale banking, investment banking, wealth management and investment management services.

Price/Volume 350

250.0 M

300

200.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFCB IB EQUITY YTD Change HDFCB IB EQUITY YTD % CHANGE

03/2012 12/yy 705.00 482.30 134'182.00 614.4 -12.85% 27.39% 59.32% 2'377.2 1'460'575.25 340'960.73 0.0 1'836.6 215'465.86 -

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

150.0 M

150

100.0 M

100 50.0 M

50 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 124'920.8 15'950.8 28.71x

200

31.03.2009 31.03.2010 197'464.0 204'385.1 22'489.9 30'036.5 18.38x 28.09x Profitability

31.03.2011 246'291.8 39'924.9 27.13x

31.03.2012 330'567.1 52'470.2 23.15x 42.71% 42.74% 1.70% 18.81% 9.35% 0.11% 29.2% 10.00% 112.86% -

Price/ Cash Flow

0.70 0.96 1'829.61 19.53% -9.49% 0.962 69 3.580 213'785 201'645 168'169

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

17.01.2008 BBBNEG 17.01.2008 A-3 112.9% 52.9% 0.11 14.44 -

Sales/Revenue/Turnover

35.00

45'000.0

30.00

40'000.0 35'000.0

25.00

30'000.0

20.00

25'000.0

15.00

20'000.0 15'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

HDFC Bank Ltd Holdings By:

All

Holder Name HOUSING DEVELOPMENT AL NAHYAN MANSOUR BI BLACKROCK CAPITAL GROUP COMPAN LEGAL & GENERAL FMR LLC SCOTTISH WIDOWS NORGES BANK INVESTME UPPER CHANCE GROUP L DODGE & COX DODGE & COX STANDARD LIFE INVEST UBS BARCLAYS PERSONAL IN SUMITOMO MITSUI FINA VANGUARD GROUP INC FRANKLIN RESOURCES VANGUARD GROUP INC PEOPLES REPUBLIC OF ORBIS INVESTMENT MAN

Firm Name

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

Analyst

Espirito Santo Investment Bank Research MICHAEL J TRIPPITT Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON AlphaValue DAVID GRINSZTAJN EVA Dimensions AUSTIN BURKETT Macquarie EDWARD FIRTH Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS JPMorgan RAUL SINHA RBC Capital Markets FIONA SWAFFIELD Baden Hill LLP JAMIE MOYES Keefe, Bruyette & Woods MARK J PHIN Societe Generale JAMES INVINE HSBC PETER TOEMAN Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA Sanford C. Bernstein & Co CHIRANTAN BARUA Goldman Sachs FREDERIK THOMASEN Redburn Partners FAHED KUNWAR Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER Credit Suisse CARLA ANTUNES-SILVA S&P Capital IQ FRANK BRADEN Independent Research GmbH STEFAN BONGARDT Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Day by Day VALERIE GASTALDY Liberum Capital Ltd CORMAC LEECH

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

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

Amt Held 813'964'552 758'437'618 690'750'564 492'619'694 446'002'615 407'194'329 304'001'751 293'887'216 248'872'808 248'069'617 247'149'298 235'301'396 214'395'988 210'027'061 194'608'412 150'580'109 149'488'179 146'704'193 129'472'703 127'348'130

% Out 6.33 5.9 5.37 3.83 3.47 3.17 2.36 2.29 1.94 1.93 1.92 1.83 1.67 1.63 1.51 1.17 1.16 1.14 1.01 0.99

Weighting

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

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

Latest Chg 120'690'937 13'623'199 (55'814'797) 44'011'198 9'654'863 (19'000'000) (4'091'569) (58'772'408) (18'528'345) (259'690) (3'613'787) (11'569'337) 6'134'884 2'971'061 (9'688'810)

Target Price 400 425 438 345 363 #N/A N/A 320 305 400 380 340 375 375 #N/A N/A 400 380 400 418 400 340 #N/A N/A #N/A N/A 380 290 380 350 280 160 #N/A N/A 230

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

File Dt 01.02.2013 26.02.2013 25.03.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 29.01.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.12.2012 01.02.2013 01.02.2013 01.02.2013 01.02.2013

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

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

Date 27.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 14.03.2013 12.03.2013 11.03.2013 05.03.2013 01.03.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 07.01.2013 14.11.2012

27.03.2013

Hero Motocorp Ltd Hero Motocorp Ltd. designs, manufactures and distributes motorcycles. The under segments that include power products, power systems, automation products, process automation and robotics.

Price/Volume 25

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMCL IB EQUITY YTD Change HMCL IB EQUITY YTD % CHANGE

03/2012 12/yy 2'278.50 1'566.65 24'654.00 1572.5 -30.99% 0.37% 0.82% 199.7 314'008.59 10'113.90 0.0 0.0 33'209.10 296'294.39

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

20.0 M

15.0 M 10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 103'318.0 1.12x 13'546.4 8.58x 9'678.8 14.33x

31.03.2009 31.03.2010 123'191.2 157'581.8 1.48x 2.24x 17'362.5 27'363.5 10.50x 12.88x 12'817.6 22'318.3 16.69x 17.40x Profitability

LTM-4Q 31.03.2011 192'450.3 1.48x 26'003.3 10.96x 19'279.0 16.46x

31.03.2012 233'680.5 1.66x 36'657.0 10.57x 23'781.3 17.26x 36'657.00 25'683.60 10.99% 12.26% 23.07% 65.64% 49.25% 2.27% 15.7% 11.0% 10.2% 1.11 0.83 10.23% 23.58% 116.00 -

Price/ Cash Flow

LTM

12/yy 37'990.0 5.09x 5'688.0 7.37x 3'168.0 13.65x

12/yy 39'336.0 4.69x 5'420.0 9.09x 2'704.0 17.55x

2.86 0.77 102.68 -19.95% -17.16% 0.766 66 2.803 20'336 22'486 29'282

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

172.10 145.57 -0.63 0.28 23.6% 19.1% 2.27 13.57 3.16 -

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Hero Motocorp Ltd Holdings By:

All

Holder Name HERO INVESTMENTS PVT BLACKROCK CREDIT SUISSE ASSET VANGUARD GROUP INC HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT PICTET & CIE SWEDBANK ROBUR FONDE SWISSCANTO FONDSLEIT SEB SKAGEN AS AMF FONDER AB INVESCO LTD HANDELSBANKEN FONDER T ROWE PRICE ASSOCIA FOLKSAM LO FOND AB CALAMOS ADVISORS LLC CAPITAL GROUP COMPAN VONTOBEL ASSET MANAG

Firm Name

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

Analyst

Nomura BEN UGLOW Societe Generale SEBASTIEN GRUTER JPMorgan ANDREAS WILLI SEB Enskilda DANIEL SCHMIDT Bank Vontobel AG TAKIS SPILIOPOULOS Exane BNP Paribas OLIVIER ESNOU Credit Suisse SIMON TOENNESSEN Canaccord Genuity Corp JAMES STETTLER Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue HEINZ STEFFEN ABG Sundal Collier ANDERS IDBORG Berenberg Bank WILLIAM MACKIE Nomura DANIEL CUNLIFFE HSBC COLIN GIBSON Kepler Capital Markets CHRISTOPH LADNER Espirito Santo Investment Bank Research ROB VIRDEE RBC Capital Markets ANDREW CARTER Landesbank Baden-Wuerttemberg VOLKER STOLL EVA Dimensions CRAIG STERLING Zuercher Kantonalbank RICHARD FREI Hamburger Sparkasse MARCO GUENTHER Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Deutsche Bank MARTIN WILKIE Independent Research GmbH MARKUS FRIEBEL Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Helvea STEFAN GAECHTER Danske Markets CARL GUSTAFSSON Handelsbanken HAMPUS ENGELLAU S&P Capital IQ JAWAHAR HINGORANI Day by Day VALERIE GASTALDY Goldman Sachs DANIELA COSTA Natixis ARNAUD SCHMIT Swedbank MATS LISS Redburn Partners JAMES MOORE Pareto Securities DAVID JACOBSSON Hammer Partners SA ALBERTO ROLLA

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

Recommendation Underwt/Cautious buy underweight buy buy outperform outperform hold outperform reduce buy buy buy neutral hold buy sector perform buy sell outperform buy outperform overweight sell hold buy hold buy buy buy hold hold Buy/Neutral neutral buy neutral hold buy

Amt Held 166'330'142 88'462'667 35'119'051 29'262'198 25'109'683 24'899'512 21'472'243 14'648'213 14'044'104 13'037'893 12'570'926 10'421'737 9'443'400 8'508'473 6'992'268 6'861'907 6'064'784 6'061'300 5'600'000 3'862'588

% Out 7.19 3.82 1.52 1.26 1.08 1.08 0.93 0.63 0.61 0.56 0.54 0.45 0.41 0.37 0.3 0.3 0.26 0.26 0.24 0.17

Weighting

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

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

Latest Chg 627'553 (673'708) 107'985 1'143'030 (27'565) (40'148) (1'721'905) 4'968'827 474'429 1'877'700 (2'513'786) (81'762) 5'064'054 1'403 21'000 23'640

Target Price 18 25 21 23 25 25 26 20 25 22 25 25 27 23 20 25 22 25 #N/A N/A #N/A N/A #N/A N/A 24 24 18 22 #N/A N/A 21 25 23 26 23 #N/A N/A 24 19 20 #N/A N/A 17 27

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

File Dt 04.01.2011 25.03.2013 31.01.2013 31.12.2012 31.12.2012 28.02.2013 30.11.2012 31.01.2013 31.12.2012 31.01.2013 25.02.2013 28.02.2013 31.12.2012 21.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 30.11.2012

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

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

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 14.03.2013 14.03.2013 13.03.2013 08.03.2013 08.03.2013 08.03.2013 04.03.2013 20.02.2013 20.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 17.01.2013 21.12.2012 11.12.2012 08.10.2012 27.07.2012 05.08.2010

27.03.2013

Hindalco Industries Ltd Hindalco Industries Limited is an integrated aluminum manufacturer. The Company household, toiletry, pharmaceutical and food products on a global basis. The Company's products include fabric treatments , disinfectant spray and cleaners, dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume 6000

9.0 M 8.0 M

5000

7.0 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNDL IB EQUITY YTD Change HNDL IB EQUITY YTD % CHANGE

03/2012 12/yy 137.00 86.90 731'643.00 88 -35.77% 1.27% 2.20% 1'914.6 168'483.31 410'164.70 0.0 17'090.5 81'453.50 514'285.00

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

5.0 M 4.0 M

2000

3.0 M 2.0 M

1000 0 m-12

1.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 596'963.0 0.72x 63'576.3 6.74x 21'987.9 9.66x

6.0 M

3000

31.03.2009 31.03.2010 657'524.1 607'079.2 0.49x 0.89x 55'555.1 86'372.7 5.76x 6.26x 4'838.9 39'254.7 16.19x 8.18x Profitability

31.03.2011 722'022.7 0.88x 79'599.7 8.00x 24'563.7 16.30x

31.03.2012 808'213.7 0.73x 76'723.6 7.74x 33'969.5 7.29x 76'723.60 50'217.90 6.21% 5.44% 3.65% 11.15% 7.41% 0.87% 9.5% 6.2% 4.2% 1.63 0.80 40.45% 128.53% 10.39 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.76 1.41 1'311.24 -30.84% -32.62% 1.409 53 3.358 1'234'980 1'286'038 1'034'690 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 809'426.4 879'696.1 0.73x 0.70x 80'817.0 93'123.3 6.37x 5.53x 27'966.0 30'078.4 6.14x 5.77x S&P Issuer Ratings

2.75 -1.74 4.28 5.35 128.5% 55.0% 0.87 2.28 35.23 -

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Hindalco Industries Ltd Holdings By:

All

Holder Name IGH HOLDINGS PVT LTD SUN LIFE FINANCIAL I INVESCO LTD BLACKROCK FMR LLC LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME MORGAN STANLEY THORNBURG INVESTMENT MORGAN STANLEY INVES MORGAN STANLEY INVES PERPETUAL INVESTMENT WALTER SCOTT & PARTN CEDAR ROCK CAPITAL L PEOPLES REPUBLIC OF VANGUARD GROUP INC UBS VANGUARD GROUP INC FIRST MANHATTAN CO A

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios FIRST MANHATTAN COMP

Analyst

Maybank Kim Eng GRAHAM JONES Sanford C. Bernstein & Co ANDREW WOOD AlphaValue ARMELLE MOULIN Oriel Securities Ltd CHRIS WICKHAM Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Credit Suisse CHARLES MILLS Berenberg Bank SETH PETERSON Liberum Capital Ltd PABLO ZUANIC Morgan Stanley ERIK SJOGREN Goldman Sachs ROSIE EDWARDS Canaccord Genuity Corp EDDY HARGREAVES Societe Generale CHAS MANSO DE ZUNIGA Mirabaud Securities JULIAN LAKIN Investec MARTIN DEBOO JPMorgan CELINE PANNUTI Jefferies ALEX HOWSON Exane BNP Paribas EAMONN FERRY Independent Research GmbH LARS LUSEBRINK Raymond James HERMINE DE BENTZMANN HSBC CEDRIC BESNARD Nomura GUILLAUME DELMAS Barclays IAIN SIMPSON Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Shore Capital Stockbrokers DARREN SHIRLEY S&P Capital IQ CARL SHORT Day by Day VALERIE GASTALDY CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Redburn Partners JEREMY FIALKO Espirito Santo Investment Bank Research ALEX SMITH

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

Recommendation hold outperform reduce add hold underperform neutral hold sell Equalwt/In-Line neutral/attractive sell sell hold sell neutral hold underperform hold outperform neutral buy underweight hold buy hold hold hold underperform hold sell sell

Amt Held 76'659'342 36'115'649 35'939'131 31'502'568 30'898'866 24'940'741 16'359'039 15'260'822 13'704'925 13'054'020 12'921'988 12'791'415 11'262'286 10'715'075 8'962'334 7'394'843 7'286'409 7'024'809 6'986'024 6'769'218

% Out 10.7 5.04 5.02 4.4 4.31 3.48 2.28 2.13 1.91 1.82 1.8 1.79 1.57 1.5 1.25 1.03 1.02 0.98 0.97 0.94

Weighting

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

Latest Chg 97'110 (3'521'895) (1'151'170) 2'518'375 1'434'693 6'346'254 154'056 203'806 131'837 1'135'192 2'130'744 3'028'426 294'364 (645'354) 307'932 26'600

Target Price 4'700 5'000 4'543 4'700 4'200 4'500 4'900 4'490 3'500 4'300 4'320 3'425 4'000 3'950 4'260 4'300 3'640 4'000 4'700 4'630 4'700 4'900 3'700 4'300 4'800 #N/A N/A 4'600 #N/A N/A 3'750 #N/A N/A #N/A N/A 3'140

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

File Dt 03.12.2012 31.01.2013 11.02.2013 25.03.2013 31.01.2013 28.02.2013 03.12.2012 03.12.2012 31.12.2012 31.01.2013 03.12.2012 03.12.2012 31.03.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 31.12.2012

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

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

Date 26.03.2013 25.03.2013 21.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 28.01.2013 21.01.2013 17.01.2013 24.09.2012 14.09.2012

27.03.2013

Hindustan Petroleum Corp Ltd Hindustan Petroleum Corporation Limited refines crude oil and manufactures wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. It operates in Europe, Latin America, United States, China and Turkey.

Price/Volume

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

1.20

600.0 M 500.0 M

03/2012 12/yy 381.40 275.30 67'246.00 280.95 -26.34% 2.05% 5.33% 338.6 95'137.33 375'990.30 0.0 22.8 36'207.10 434'943.33

400.0 M

300.0 M

200.0 M

100.0 M

1 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'020'982.7 0.19x 21'610.4 8.99x 13'641.0 6.37x

700.0 M

8 7

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HPCL IB EQUITY YTD Change HPCL IB EQUITY YTD % CHANGE

31.03.2009 31.03.2010 1'136'797.4 1'051'779.3 0.24x 0.27x 32'154.7 28'268.5 8.46x 10.19x 7'573.9 14'766.3 12.04x 7.30x Profitability

31.03.2011 1'385'672.9 0.27x 41'062.7 9.00x 17'036.0 7.09x

31.03.2012 1'850'872.6 0.24x 42'638.2 10.38x 1'746.5 58.87x 42'638.20 23'525.60 1.27% 0.47% 0.22% 1.32% 1.39% 2.38% 2.3% 1.3% 0.1% 0.85 0.16 43.94% 283.95% 48.42 -

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.03 0.65 131.85 1.88% -3.27% 0.654 49 3.612 95'105 143'249 281'218 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 ######### ######### 0.21x 0.20x 51'559.1 54'474.2 8.44x 7.98x 9'586.8 13'801.9 10.43x 7.09x S&P Issuer Ratings

1.81 -1.81 7.97 8.82 284.0% 74.0% 2.38 5.33 7.56 -

Sales/Revenue/Turnover

45'000.0 40'000.0

1.00 0.80

35'000.0 30'000.0 25'000.0

0.60

20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

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

27.03.2013

Hindustan Petroleum Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA INVERAVANTE INVERSIO BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE CAPITAL GROUP COMPAN FMR LLC BNP PARIBAS INV PART OPPENHEIMERFUNDS INC MERCURY ASSET MANAGE CORP GNRAL FINANCIER UMB BANK N A NATIXIS ASSET MANAGE DEKA INVESTMENT GMBH SWEDBANK ROBUR FONDE SANTANDER ASSET MGMT CREDIT SUISSE ASSET ALLIANZ ASSET MANAGE PIONEER INVESTMENT M AVIVA PLC

Firm Name

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

Analyst

Nomura ARTURO DE FRIAS Mediobanca SpA ANDREA FILTRI Keefe, Bruyette & Woods ANTONIO RAMIREZ NMAS 1 Agencia de Valores FRANCISCO RIQUEL Bankia Bolsa (ESN) JAVIER BERNAT Ahorro Corporacion Financiera SA IRMA GARRIDO Exane BNP Paribas SANTIAGO LOPEZ DIAZ Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE EVA Dimensions AUSTIN BURKETT Societe Generale CARLOS GARCIA GONZALEZ Deutsche Bank CARLOS BERASTAIN GONZALEZ Credit Suisse IGNACIO CEREZO Espirito Santo Investment Bank Research JUAN PABLO LOPEZ BPI CARLOS JOAQUIM PEIXOTO AlphaValue DAVID GRINSZTAJN La Caixa DAVID FERNANDEZ Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Oddo & Cie JULIE LEGRAND Day by Day VALERIE GASTALDY Banco Sabadell MARIO LODOS Morgan Stanley ALVARO SERRANO Interdin Bolsa JAVIER RUIZ-CAPILLAS JPMorgan JAIME BECERRIL Hamburger Sparkasse CHRISTIAN HAMANN Macquarie BENJIE CREELAN-SANDFORD RBC Capital Markets PATRICK LEE Independent Research GmbH STEFAN BONGARDT Natixis FREDERIC TESCHNER Nomura DARAGH QUINN S&P Capital IQ WILLIAM HOWLETT Berenberg Bank NICK ANDERSON Goldman Sachs JERNEJ OMAHEN Landesbank Baden-Wuerttemberg INGO FROMMEN HSBC CARLO DIGRANDI Barclays ROHITH CHANDRA-RAJAN Redburn Partners GEORGE KARAMANOS Nord/LB MICHAEL SEUFERT CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO Hammer Partners SA ENRICO RACIOPPI DZ Bank AG SABINE BOHN

Source EXCH 13G ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy neutral outperform strong buy accumulate hold underperform buy overweight hold hold neutral buy strong buy buy buy overweight buy hold buy Overwt/In-Line buy neutral hold underperform sector perform hold neutral buy sell sell Buy/Neutral hold neutral underweight neutral hold underperform sell sell

Amt Held 184'725'823 160'934'820 74'697'065 59'867'255 46'627'136 38'166'132 34'776'596 25'947'686 18'375'918 16'143'314 10'870'987 10'811'646 9'521'867 7'802'767 7'760'019 7'718'009 7'169'179 6'810'379 6'002'218 5'954'507

% Out 3.39 2.95 1.37 1.1 0.86 0.7 0.64 0.48 0.34 0.3 0.2 0.2 0.17 0.14 0.14 0.14 0.13 0.12 0.11 0.11

Weighting

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

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

Latest Chg 22'455'188 (86'470'698) 3'613'674 3'027'039 (9'198'725) 587'169 5'369'252 (5'614'470) 268'712 2'209'334 (3'610'744) 4'703'508 1'553'396 (2'806'444) (121'826) 2'789'705 958'831 -

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

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

File Dt 07.01.2013 24.07.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.01.2013 25.03.2013 19.10.2012 31.01.2013 31.01.2013 28.12.2012 31.12.2012 30.09.2012 31.01.2013 31.01.2013 31.12.2012 31.08.2012

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

Inst Type Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 04.03.2013 04.03.2013 27.02.2013 27.02.2013 15.02.2013 12.02.2013 12.02.2013 11.02.2013 07.02.2013 06.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 01.02.2013 28.01.2013 23.01.2013 17.01.2013 10.01.2013 08.01.2013 04.01.2013 23.10.2012 24.08.2012 19.06.2012 06.02.2012

27.03.2013

Hindustan Unilever Ltd Hindustan Unilever Limited manufactures branded and packaged consumer products Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan, Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume 450

120.0 M

400

100.0 M

350 300

80.0 M

250

03/2012 01/yy 571.12 392.57 740'669.00 472.45 -17.28% 20.35% 44.74% 2'162.3 1'021'576.00 8'403.60 0.0 183.0 41'936.90 988'225.69

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

150

40.0 M

100

20.0 M

50 0 m-12 a-12 m-12

31.03.2009 Profitability

31.03.2010 177'642.7 2.83x 28'498.6 17.67x 21'566.3 24.22x

31.03.2011 200'225.5 3.01x 27'443.4 21.96x 22'960.5 27.26x

31.03.2012 234'363.3 3.64x 35'044.4 24.34x 27'906.6 31.75x

35'044.40 32'709.00 13.96% 15.45% 25.66% 86.99% 66.64% 2.15% 15.0% 14.0% 11.9% 1.23 0.75 7.37% 22.83% 25.75 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.59 0.55 943.23 17.26% -9.96% 0.552 50 2.580 280'627 219'987 206'226 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 268'737.9 306'842.2 3.67x 3.18x 41'142.7 46'487.2 24.03x 21.27x 32'923.8 36'359.0 31.18x 28.27x S&P Issuer Ratings

2123.90 1953.84 -0.96 0.24 22.8% 18.5% 2.15 9.65 14.21 -

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 06.03.2009

j-12

Fiscal Year Ended 31.12.2007 139'134.0 3.32x 20'920.8 22.10x 19'148.9 24.60x

60.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (04.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HUVR IB EQUITY YTD Change HUVR IB EQUITY YTD % CHANGE

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

2000 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 |

27.03.2013

Hindustan Unilever Ltd Holdings By:

All

Holder Name UNILEVER PLC NORGES BANK INVESTME BLACKROCK LEGAL & GENERAL FRANKLIN RESOURCES SCOTTISH WIDOWS UBS FMR LLC MONDRIAN INVESTMENT WALTER SCOTT & PARTN PEOPLES REPUBLIC OF VANGUARD GROUP INC GEICO CORP VANGUARD GROUP INC ALECTA INVESTMENT MA M&G INVESTMENT MANAG SILCHESTER INTL INVE ABERDEEN STATE STREET GENERAL REINSURANCE

Firm Name

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

Analyst

Credit Suisse JAMES GRZINIC Cantor Fitzgerald MICHAEL J DENNIS Oriel Securities Ltd JONATHAN PRITCHARD JPMorgan JAIME VAZQUEZ AlphaValue VIRGINIE BLIN Shore Capital Stockbrokers CLIVE WILLIAM BLACK Exane BNP Paribas JOHN KERSHAW Morgan Stanley EDOUARD AUBIN Day by Day VALERIE GASTALDY Credit Suisse ANDREW KASOULIS Panmure Gordon & Co Limited PHILIP DORGAN Nomura NICK COULTER Redburn Partners MARC DE SPEVILLE Baader Bank VOLKER BOSSE Macquarie SREEDHAR MAHAMKALI EVA Dimensions AUSTIN BURKETT Independent Research GmbH ZAFER RUZGAR HSBC JEROME SAMUEL Aurel - BGC JEAN-MARIE L'HOME S&P Capital IQ WILLIAM MACK Espirito Santo Investment Bank Research CAROLINE GULLIVER Barclays JAMES ANSTEAD Investec DAVID MCCARTHY CA Cheuvreux ARNAUD JOLY Natixis PIERRE-EDOUARD BOUDOT Deutsche Bank JAMES G COLLINS Kepler Capital Markets FABIENNE CARON Goldman Sachs FRANKLIN WALDING Merchant Securities AMISHA CHOHAN

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

Recommendation buy buy buy overweight reduce buy neutral Underwt/In-Line hold outperform buy buy neutral buy outperform hold buy overweight sell buy sell equalweight sell underperform reduce buy hold neutral/neutral hold

Amt Held 408'516'187 399'699'734 398'866'198 288'620'387 249'889'001 165'943'974 118'272'907 108'307'467 107'524'181 105'137'452 99'385'239 90'584'501 90'000'000 89'847'553 86'150'000 83'932'359 81'651'783 75'403'434 74'866'027 72'862'000

% Out 5.07 4.96 4.95 3.58 3.1 2.06 1.47 1.34 1.33 1.31 1.23 1.12 1.12 1.12 1.07 1.04 1.01 0.94 0.93 0.9

Weighting

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

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

Latest Chg 4'456'725 (597'509) (342'521) 31'939'698 8'061'010 18'452'445 (407'143) 11'857'234 8'288'371 (26'435) 3'707'992 1'917'566 20'121'589 168'248 1'218'140 -

Target Price 440 443 400 425 380 #N/A N/A 375 310 #N/A N/A 430 440 430 #N/A N/A 410 400 #N/A N/A 420 410 300 380 275 360 295 320 300 394 298 375 #N/A N/A

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

File Dt Inst Type 01.01.2013 Investment Advisor 01.01.2013 Government 25.03.2013 Investment Advisor 01.01.2013 Unclassified 28.02.2013 Investment Advisor 01.01.2013 Unclassified 31.01.2013 Unclassified 31.01.2013 Investment Advisor 01.01.2013 Hedge Fund Manager 01.01.2013 Investment Advisor 01.01.2013 Government 31.12.2012 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Unclassified 01.01.2013 Investment Advisor 01.01.2013 Investment Advisor 28.02.2013 Unclassified 26.03.2013 Investment Advisor 01.01.2013 Insurance Company

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

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 21.03.2013 19.03.2013 13.03.2013 11.03.2013 11.03.2013 06.03.2013 06.03.2013 26.02.2013 15.02.2013 12.02.2013 23.01.2013 17.01.2013 11.01.2013 10.01.2013 10.01.2013 10.01.2013 08.01.2013 04.01.2013 04.10.2012 04.10.2012 04.10.2012 24.09.2012 28.06.2012 01.05.2012 18.04.2012

27.03.2013

Hindustan Zinc Ltd Hindustan Zinc Limited specializes in the exploration, mining and smelting of Company produces colorants, styling, and hair care products for professional hairdressers, hair care, cosmetics, and skin care products and perfumes for consumers, luxury cosmetics and perfumes sold through department stores, perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.12.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HZ IB EQUITY YTD Change HZ IB EQUITY YTD % CHANGE

03/2012 12/yy 146.80 110.55 98'974.00 116.45 -20.67% 5.34% 16.28% 4'225.3 492'038.41 3.90 0.0 0.0 179'463.10 312'579.20

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

3.5 M

120

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

31.03.2009 31.03.2010 56'802.7 80'169.7 1.76x 4.87x 27'429.8 46'743.5 3.65x 8.36x 27'276.1 40'414.1 6.99x 12.59x Profitability

LTM-4Q 31.03.2011 100'391.7 4.31x 56'134.5 7.71x 49'004.9 11.88x

31.03.2012 114'053.1 3.33x 60'777.0 6.25x 55'260.4 10.12x 60'777.00 54'668.20 47.93% 60.89% 20.29% 22.37% 22.41% 0.42% 53.3% 47.9% 48.5% 13.89 12.91 0.00% 0.00% 42.14 -

Price/ Cash Flow

j-12

LTM

12/yy 20'343.1 0.00x 0.0 0.00x 0.0 0.00x

a-12

12/yy 22'462.7 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

0.77 1.02 234.21 -3.99% -14.41% 1.024 49 4.327 143'092 180'843 138'422

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

435.68 315.83 -2.95 0.00 0.0% 0.0% 0.42 1.34 8.69 -

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 78'777.7 1.84x 54'008.8 2.68x 43'960.7 5.05x

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Hindustan Zinc Ltd Holdings By:

All

Holder Name STERLITE INDUSTRIES NESTLE SA L'OREAL SA CAPITAL GROUP COMPAN VANGUARD GROUP INC HARBOR CAPITAL ADVIS OWEN-JONES LINDSAY NATIXIS ASSET MANAGE BLACKROCK BALYASNY ASSET MANAG FMR LLC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL LBPAM AMUNDI INVESCO LTD NEW JERSEY DIVISION MERCURY ASSET MANAGE AVIVA PLC THREADNEEDLE INVESTM

Firm Name

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

Analyst

Standard Chartered ERIK SJOGREN Sanford C. Bernstein & Co ANDREW WOOD Stifel MARK S ASTRACHAN AlphaValue ARMELLE MOULIN Jefferies ALEX HOWSON JPMorgan CELINE PANNUTI Kepler Capital Markets CATHERINE ROLLAND Grupo Santander PEDRO GIL RBC Capital Markets JAMES EDWARDES JONES Berenberg Bank SETH PETERSON Day by Day VALERIE GASTALDY Liberum Capital Ltd PABLO ZUANIC Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas EAMONN FERRY Landesbank Baden-Wuerttemberg BERND MUELL Nomura GUILLAUME DELMAS Main First Bank AG GAEL COLCOMBET Barclays IAIN SIMPSON Raymond James HERMINE DE BENTZMANN Oddo & Cie LEOPOLD AUTHIE Bryan Garnier & Cie LOIC MORVAN Redburn Partners WILLIAM HOUSTON Societe Generale CHAS MANSO DE ZUNIGA Commerzbank Corporates & Markets ANDREAS RIEMANN Deutsche Bank HAROLD THOMPSON Goldman Sachs ROSIE EDWARDS Independent Research GmbH LARS LUSEBRINK Hamburger Sparkasse CHRISTIAN HAMANN S&P Capital IQ CARL SHORT Telsey Advisory Group DAVID WU Natixis PIERRE TEGNER HSBC CEDRIC BESNARD EVA Dimensions AUSTIN BURKETT CA Cheuvreux THOMAS MESMIN Aurel - BGC DAVID DA MAIA Espirito Santo Investment Bank Research ALEX SMITH Banco Sabadell IGNACIO ROMERO DZ Bank AG THOMAS MAUL

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

Recommendation Underwt/In-Line underperform hold reduce buy overweight buy hold outperform hold hold buy neutral sell outperform hold reduce outperform overweight outperform buy buy sell hold hold hold buy/attractive hold buy hold no rating system neutral overweight underweight suspended coverage not rated sell sell buy

Amt Held % Out 185'661'879 30.72 178'381'021 29.52 10'454'165 1.73 5'729'800 0.95 5'647'487 0.93 4'446'174 0.74 2'998'095 0.5 2'784'467 0.46 2'526'833 0.42 (2'309'774) -0.38 1'794'714 0.3 1'415'058 0.23 1'085'268 0.18 1'056'948 0.17 831'525 0.14 805'008 0.13 725'628 0.12 661'487 0.11 511'365 0.08 457'965 0.08

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

Change M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M M M M M M

Latest Chg (1'345'900) 95'322 (516'711) 6'339 729'403 313'136 20'420 15'098 306'745 2'576 1'825 30'221

Target Price 110 95 #N/A N/A 115 106 120 125 105 134 113 #N/A N/A 130 117 94 114 105 97 120 121 120 120 118 #N/A N/A 112 113 105 143 111 #N/A N/A 115 #N/A N/A 96 121 #N/A N/A #N/A N/A #N/A N/A 87 92 97

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 25.03.2013 30.01.2013 31.01.2013 31.01.2013 26.03.2013 31.12.2012 31.10.2012 21.03.2013 30.06.2012 25.03.2013 31.08.2012 31.12.2012

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

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

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 05.03.2013 25.02.2013 19.02.2013 18.02.2013 18.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 08.02.2013 17.01.2013 17.01.2013 14.01.2013 07.11.2012 30.10.2012 30.07.2012 30.07.2012

27.03.2013

Housing Development & Infrastructure Ltd Housing Development & Infrastructure Limited is real estate development beverages, baby food and clinical/medical nutrition products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDIL IB EQUITY YTD Change HDIL IB EQUITY YTD % CHANGE

03/2012 12/yy 123.95 43.65 4'920'077.00 45.45 -63.33% 4.12% 2.24% 419.0 19'043.73 40'962.52 0.0 46.1 2'327.31 50'532.13

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-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 23'804.5 7.08x 16'926.4 9.95x 14'104.8 12.21x

31.03.2009 31.03.2010 17'284.4 15'021.2 3.61x 8.93x 13'105.9 12'047.8 4.76x 11.14x 7'812.5 5'678.6 2.89x 16.51x Profitability

LTM-4Q 31.03.2011 18'467.1 6.19x 15'460.3 7.39x 8'217.6 8.44x

31.03.2012 19'924.8 3.74x 15'093.7 4.94x 8'098.1 4.47x 15'093.69 14'235.43 71.45% 42.10% 4.85% 8.18% 10.01% 0.12% 75.8% 71.4% 40.6% 3.02 0.20 23.73% 39.72% 3.24 -

Price/ Cash Flow

LTM

12/yy 19'318.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 20'868.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.00 2.01 259.60 -48.00% -59.22% 2.009 17 3.176 9'610'445 4'995'737 5'290'828 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 20'047.9 26'266.7 11'855.0 2.76x 2.10x 4.72x 11'385.1 13'965.6 4'690.0 4.44x 3.62x 6'783.7 8'471.5 3'613.0 2.88x 2.30x S&P Issuer Ratings

2.42 2.40 2.56 2.71 39.7% 28.4% 0.12 7.26 112.94 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Housing Development & Infrastructure Ltd Holdings By:

All

Holder Name WADHAWAN RAKESH KUMA GROUPE DANONE AMUNDI SA EURAZEO NORGES BANK SOFINA & HENEX GROUP NATIXIS ASSET MANAGE FMR LLC HARBOR CAPITAL ADVIS CAISSE DES DEPOTS ET CAPITAL GROUP COMPAN FCPE FONDS GROUPE DA NATIXIS ASSET MANAGE VANGUARD GROUP INC BLACKROCK TRIAN FUND MANAGEMEN ALLIANZ ASSET MANAGE MANNING & NAPIER ADV MACKENZIE FINANCIAL BNP PARIBAS INV PART

Firm Name

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

Analyst

HSBC ANDREW WOOD HSBC CEDRIC BESNARD AlphaValue SOPHIE CABO-BROSETA Grupo Santander PEDRO GIL Nomura DAVID HAYES Jefferies ALEX HOWSON Exane BNP Paribas JEFF STENT Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Morgan Stanley EILEEN KHOO S&P Capital IQ CARL SHORT Equita SIM SpA FABIO FAZZARI RBC Capital Markets JAMES EDWARDES JONES Kepler Capital Markets JON COX Day by Day VALERIE GASTALDY Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Mirabaud Securities JULIAN LAKIN EVA Dimensions AUSTIN BURKETT Berenberg Bank JAMES TARGETT Redburn Partners JEREMY FIALKO Societe Generale WARREN L ACKERMAN Goldman Sachs ALEXIS COLOMBO Hamburger Sparkasse TINA HECKING-VELTMAN CM - CIC Securities(ESN) FRANCIS PRETRE Oddo & Cie LAURENCE HOFMANN Helvea ANDREAS VON ARX Barclays LIAM ROWLEY Deutsche Bank JAMES ISENWATER JPMorgan CELINE PANNUTI Independent Research GmbH LARS LUSEBRINK Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Banco Sabadell IGNACIO ROMERO Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Espirito Santo Investment Bank Research ALEX SMITH Natixis PIERRE TEGNER Aurel - BGC JEAN-MARIE L'HOME DZ Bank AG ROBERT CZERWENSKY Nord/LB WOLFGANG VASTERLING Landesbank Baden-Wuerttemberg BARBARA AMBRUS Gabelli & Co JOSEPH A GABELLI

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

Recommendation market perform overweight add underweight buy hold neutral buy Underwt/In-Line buy buy underperform buy buy underperform sell hold hold sell buy hold Buy/Neutral hold reduce neutral accumulate equalweight hold neutral hold underperform sell hold outperform buy neutral hold buy buy hold buy

Amt Held 55'771'157 44'051'229 20'039'020 16'433'370 15'048'614 13'584'541 12'811'179 12'721'689 9'939'780 9'783'434 9'120'390 8'533'644 7'429'890 6'674'800 6'539'676 6'431'620 5'801'340 4'324'592 3'969'086 3'188'630

% Out 8.79 6.94 3.16 2.59 2.37 2.14 2.02 2.01 1.57 1.54 1.44 1.35 1.17 1.05 1.03 1.01 0.91 0.68 0.63 0.5

Weighting

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

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

Latest Chg 15'779 4'624'340 (112'541) 681'500 (278'200) (418'650) (261'299) 2'699 745'570 (54'102) (11'912)

Target Price 53 63 65 46 60 48 57 63 45 63 66 59 59 58 54 43 49 #N/A N/A 51 #N/A N/A 53 65 #N/A N/A 47 54 61 51 45 56 55 49 56 #N/A N/A 53 56 56 50 56 #N/A N/A 51 #N/A N/A

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

File Dt Inst Type 31.01.2013 Investment Advisor 31.12.2012 Corporation 31.12.2012 Other 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Other 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 n/a 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 07.11.2012 Hedge Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

Date 12 month Not Provided 6 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 14.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 07.03.2013 05.03.2013 26.02.2013 26.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 25.01.2013 21.01.2013 08.01.2013 14.12.2012 13.12.2012 22.10.2012 10.09.2012 27.07.2012 01.11.2011

27.03.2013

Housing Development Finance Corp Housing Development Finance Corporation Ltd. HDFC provides housing finance in The PLC owns and operates the electricity transmission network in England and Wales, the gas transmission network in Great Britain, and electricity transmission networks in the Northeastern United States. National Grid also operates the electricity transmission networks in Scotland.

Price/Volume 800

20.0 M

600 500

15.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFC IB EQUITY YTD Change HDFC IB EQUITY YTD % CHANGE

03/2012 01/yy 882.00 610.70 112'247.00 822.65 -6.73% 34.71% 78.12% 1'546.3 1'272'094.00 1'424'792.00 0.0 8'195.3 15'299.70 2'335'561.72

31.03.2008 88'194.2 15.67x 80'922.1 17.08x 27'130.0 23.73x

10.0 M

300 200

5.0 M

100 0 m-12

31.03.2009 31.03.2010 117'064.2 123'566.6 10.70x 14.26x 105'974.0 113'182.5 11.82x 15.57x 23'105.0 32'409.8 17.38x 23.91x Profitability

LTM-4Q 31.03.2011 257'926.3 8.56x 132'326.9 16.68x 45'284.1 22.56x

31.03.2012 299'575.3 8.05x 178'648.6 13.50x 54'625.1 18.14x 178'648.60 35.15% 24.69% 2.82% 23.95% 3.69% 0.15% 59.6% 18.2% 67.02% 583.36% -

Price/ Cash Flow

j-12

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

1.34 0.99 1'401.05 25.46% -0.66% 0.992 50 3.680 112'344 117'070 119'964

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

7.89 7.98 583.4% 84.9% 0.15 50.39 -

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 03.04.2009

a-12 m-12

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

25.0 M

700

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 |

27.03.2013

Housing Development Finance Corp Holdings By:

All

Holder Name ABERDEEN BLACKROCK CRESCENT HOLDING GMB LEGAL & GENERAL SCOTTISH WIDOWS NORGES BANK INVESTME M&G INVESTMENT MANAG FMR LLC VANGUARD GROUP INC BREWIN DOLPHIN LIMIT VANGUARD GROUP INC STOCK LENDING ACCOUN STATE STREET AXA DEUTSCHE BANK PROP T PEOPLES REPUBLIC OF HSBC INVESTMENTS UK NOMURA GOVT OF SINGAPORE IN FEDERATED INVESTORS

Firm Name IIFL Exane BNP Paribas HSBC AlphaValue Credit Suisse JPMorgan Societe Generale Goldman Sachs Redburn Partners Nomura Cantor Fitzgerald Berenberg Bank S&P Capital IQ Liberum Capital Ltd Barclays EVA Dimensions Deutsche Bank Day by Day Morgan Stanley Independent Research GmbH

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

Analyst JOHN MUSK IAIN TURNER VERITY MITCHELL MYRIAM COHEN MARK FRESHNEY EDMUND REID ASHLEY THOMAS ANDREW MEAD JAMIE TUNNICLIFFE JONATHAN CONSTABLE ANGELOS ANASTASIOU LAWSON STEELE CLIVE ROBERTS GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT MARTIN BROUGH VALERIE GASTALDY BOBBY CHADA SVEN DIERMEIER

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

Recommendation outperform outperform overweight reduce outperform neutral sell Sell/Neutral buy buy sell hold hold hold overweight underweight sell buy Overwt/In-Line hold

Amt Held 399'638'038 182'630'798 149'414'285 132'427'487 94'750'614 90'428'903 69'496'919 66'845'989 60'226'673 44'812'821 43'614'734 42'803'435 37'994'117 35'193'432 34'419'117 33'236'568 28'398'916 27'260'666 24'997'793 24'687'411

% Out 10.9 4.98 4.08 3.61 2.59 2.47 1.9 1.82 1.64 1.22 1.19 1.17 1.04 0.96 0.94 0.91 0.77 0.74 0.68 0.67

Weighting

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

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

Latest Chg (35'637'904) 2'720'054 15'922'916 1'757'999 (1'736'674) (12'319'399) 3'422'249 (2'034'154) 4'093'896 18'660'830 (1'278'846) (2'110'950) 19'219'117 14'402'655 5'959'620 1'333'083 1'812'745

Target Price 800 780 850 692 800 720 634 604 #N/A N/A 735 617 700 727 730 785 #N/A N/A 600 786 775 710

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

File Dt 21.02.2013 25.03.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.01.2013 31.12.2012 03.12.2012 03.12.2012 03.12.2012 26.03.2013 31.01.2013 03.12.2012 03.12.2012 03.12.2012 03.12.2012 03.12.2012 31.12.2012

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

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

Date 27.03.2013 25.03.2013 21.03.2013 21.03.2013 20.03.2013 18.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 11.02.2013 05.02.2013 29.01.2013 25.01.2013 25.01.2013 17.01.2013 07.01.2013 04.01.2013 13.12.2012 21.11.2012

27.03.2013

ICICI Bank Ltd ICICI Bank Limited operates a network of bank's located throughout India. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Price/Volume 300

1.4 M

250

1.2 M 1.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICICIBC IB EQUITY YTD Change ICICIBC IB EQUITY YTD % CHANGE

03/2012 12/yy 1'231.00 767.00 269'578.00 1021.1 -17.05% 33.13% 54.76% 1'153.5 1'177'863.88 1'769'324.15 14'277.2 411'717.50 -

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

.6 M

100

.4 M

.2 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 599'917.4 33'982.3 23.90x

.8 M

150

Valuation Analysis

31.03.2009 31.03.2010 641'516.2 595'176.1 35'769.5 46'702.9 10.36x 22.71x Profitability

LTM-4Q 31.03.2011 615'647.1 60'932.7 20.85x

31.03.2012 666'619.9 76'429.4 13.42x 25.67% 25.66% 1.34% 13.11% 3.58% 0.12% 18.4% 29.28% 288.74% -

Price/ Cash Flow

LTM

12/yy 52'980.0 3.11x 0.0 0.00x 3'750.0 8.80x

12/yy 70'446.0 2.48x 0.0 0.00x 3'872.0 10.07x

1.62 1.32 682.44 19.02% -10.22% 1.317 66 4.682 528'858 317'850 282'296

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

90'649.0 113'240.0 12.98x 11.15x S&P Issuer Ratings

30.01.2007 NR NEG 30.01.2007 A-3 288.7% 73.8% 0.12 12.21 -

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

ICICI Bank Ltd Holdings By:

All

Holder Name DEUTSCHE BANK TRUST NORGES BANK ABERDEEN FMR LLC CREDIT SUISSE CREDIT SUISSE ASSET VANGUARD GROUP INC FRANKLIN RESOURCES UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE TWEEDY BROWNE COMPAN SUN LIFE FINANCIAL I SCHRODER INVESTMENT THORNBURG INVESTMENT BANK OF NEW YORK MEL UMB BANK N A DIMENSIONAL FUND ADV MORGAN STANLEY ALLIANZ ASSET MANAGE

Firm Name

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

Analyst

Espirito Santo Investment Bank Research THOMAS SEIDL Raymond James DANNY JACQUES AlphaValue DIETER HEIN EVA Dimensions AUSTIN BURKETT Exane BNP Paribas THOMAS JACQUET Barclays ANDREW BROADFIELD Oddo & Cie NICOLAS JACOB RBC Capital Markets GORDON AITKEN Morgan Stanley MARCUS RIVALDI Bank Vontobel AG STEFAN SCHUERMANN Berenberg Bank PETER ELIOT Credit Suisse RICHARD BURDEN Independent Research GmbH STEFAN BONGARDT Zuercher Kantonalbank GEORG MARTI Keefe, Bruyette & Woods RALPH HEBGEN JPMorgan MICHAEL HUTTNER Macquarie HADLEY COHEN Bankhaus Metzler JOCHEN SCHMITT Kepler Capital Markets FABRIZIO CROCE Nomura MICHAEL KLIEN S&P Capital IQ RODERICK WALLACE Main First Bank AG RENE LOCHER Helvea DANIEL BISCHOF Bryan Garnier & Cie OLIVIER PAUCHAUT Banca Akros(ESN) MARCO CAVALLERI CA Cheuvreux ATANASIO PANTARROTAS Mediobanca SpA MARC THIELE Deutsche Bank ROBIN BUCKLEY HSBC THOMAS FOSSARD Day by Day VALERIE GASTALDY Espirito Santo Investment Bank Research JOY FERNEYHOUGH Canaccord Genuity Corp BEN COHEN Landesbank Baden-Wuerttemberg WERNER SCHIRMER Societe Generale JASON KALAMBOUSSIS Goldman Sachs VINIT MALHOTRA Redburn Partners PAUL GOODHIND DZ Bank AG WERNER EISENMANN Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

Recommendation market perform outperform buy overweight neutral underweight buy outperform Equalwt/In-Line hold hold outperform hold market perform market perform neutral neutral buy hold buy sell underperform neutral sell hold select list neutral hold neutral buy buy buy sell hold Buy/Neutral neutral buy underperform

Amt Held 6'491'974 4'495'862 4'377'801 2'823'083 2'525'492 2'223'047 1'927'285 1'903'054 1'414'107 802'354 760'859 716'240 619'731 558'266 444'000 433'728 374'403 362'837 311'978 296'523

% Out 4.38 3.03 2.95 1.9 1.7 1.5 1.3 1.28 0.95 0.54 0.51 0.48 0.42 0.38 0.3 0.29 0.25 0.24 0.21 0.2

Weighting

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

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

Latest Chg 8'208 (23'819) (719'223) 787 (39'432) 22'537 10 (311) 314'544 4'556 (13'585) 18'520 16'355 353'700 13'430 45'107 56'299 29'113

Target Price 269 297 309 #N/A N/A 245 247 300 290 261 270 290 282 270 #N/A N/A 300 263 270 290 213 290 230 265 255 252 245 300 292 265 254 270 300 260 200 252 292 #N/A N/A 240 216

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

File Dt Inst Type 25.03.2013 Investment Advisor 23.06.2011 Government 31.01.2012 Unclassified 31.01.2013 Investment Advisor 23.03.2010 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

Date 12 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 6 month 12 month Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month

Date 27.03.2013 22.03.2013 21.03.2013 21.03.2013 14.03.2013 13.03.2013 05.03.2013 04.03.2013 26.02.2013 26.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 13.02.2013 04.02.2013 30.01.2013 24.01.2013 16.01.2013 15.01.2013 08.01.2013 18.12.2012 30.11.2012 15.11.2012 11.10.2012 15.03.2012 05.12.2011 06.05.2011

27.03.2013

IDBI Bank Ltd IDBI Bank Limited provides a range of banking and financial services. The Bank's retails luxury goods. The Company produces jewelry, watches, leather goods, writing instruments, and men's and women's wear.

Price/Volume 90

6.0 M

5.0 M

70 60

4.0 M

03/2012 12/yy 118.20 79.00 351'768.00 79.8 -32.49% 1.01% 2.04% 1'278.4 102'018.49 776'287.32 0.0 298.4 182'387.78 -

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

2.0 M

1.0 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 99'623.0 7'465.9 8.65x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDBI IB EQUITY YTD Change IDBI IB EQUITY YTD % CHANGE

31.03.2009 31.03.2010 133'336.1 178'185.1 7'665.4 10'205.3 4.29x 8.17x Profitability

LTM-4Q 31.03.2011 208'408.8 15'635.1 8.19x

31.03.2012 255'897.8 20'025.0 5.16x

29.69% 0.74% 11.79% 2.27% 0.09% 29.6% 26.70% 400.33% -

Price/ Cash Flow

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 7'515.0 0.00x 0.0 0.00x 0.0 0.00x

4.39 1.27 109.56 -24.06% -28.37% 1.272 17 2.765 321'132 243'629 259'656

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

30.01.2007 NEG 30.01.2007 A-3 400.3% 80.0% 0.09 8.39 -

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 03.04.2009

1'000.0 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 |

27.03.2013

IDBI Bank Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA HARBOR CAPITAL ADVIS BLACKROCK VANGUARD GROUP INC CREDIT SUISSE ASSET WADDELL & REED FINAN GARDNER RUSSO & GARD JANUS CAPITAL MANAGE UBS FUND MANAGEMENT ALLIANZ ASSET MANAGE FMR LLC T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I PICTET & CIE SWISSCANTO FONDSLEIT HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN PICTET ASSET MANAGEM ALLIANCE BERNSTEIN SWEDBANK ROBUR FONDE

Firm Name Anand Rathi Securities Pvt. Ltd. Kepler Capital Markets Investec Cantor Fitzgerald ISI Group Day by Day AlphaValue EVA Dimensions Nomura Exane BNP Paribas Aurel - BGC Oddo & Cie Societe Generale Sanford C. Bernstein & Co Renaissance Capital Independent Research GmbH Berenberg Bank Telsey Advisory Group Bryan Garnier & Cie Barclays HSBC Macquarie S&P Capital IQ Morgan Stanley Goldman Sachs JPMorgan Zuercher Kantonalbank Main First Bank AG Raymond James Deutsche Bank CA Cheuvreux Bank Vontobel AG Redburn Partners BNP Paribas Cadiz Securities Natixis Avior Research

Portfolio Name Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios GARDNER RUSSO & GARD n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst ROGERIO FUJIMORI JON COX THANE DUFF ALLEGRA PERRY OMAR SAAD VALERIE GASTALDY VIRGINIE BLIN CRAIG STERLING CHRISTOPHER WALKER LUCA GIUSEPPE SOLCA DAVID DA MAIA LEOPOLD AUTHIE THIERRY COTA MARIO ORTELLI REY WIUM LARS LUSEBRINK JOHN GUY DANA TELSEY LOIC MORVAN HELEN NORRIS ERWAN RAMBOURG WYNAND VAN ZYL JASON ASAEDA LOUISE SINGLEHURST WILLIAM HUTCHINGS MELANIE A FLOUQUET PATRIK SCHWENDIMANN MATTHIAS EIFERT MARC WILLAUME FRANCESCA DI PASQUANTONIO THOMAS MESMIN RENE WEBER ANNABEL GLEESON SHAMIL ISMAIL JOSEPHINE CHEVALLIER MATHEW MENEZES

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

Recommendation outperform buy hold hold strong buy hold reduce underweight buy outperform buy buy buy outperform sell buy hold no rating system buy overweight neutral outperform hold Equalwt/In-Line Buy/Neutral neutral market perform outperform strong buy buy outperform hold buy hold neutral neutral

Amt Held 12'427'709 9'166'906 8'606'776 7'764'653 7'459'676 7'162'235 6'983'477 5'275'767 4'749'863 3'424'524 3'141'085 3'073'903 2'829'979 2'734'006 2'457'766 1'978'900 1'666'800 1'291'101 1'266'927 1'110'872

% Out 2.38 1.76 1.65 1.49 1.43 1.37 1.34 1.01 0.91 0.66 0.6 0.59 0.54 0.52 0.47 0.38 0.32 0.25 0.24 0.21

Weighting

Change

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

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

Latest Chg 1'360'294 (1'002'480) (153'770) (5'806'400) (43'763) (49'746) (11'372) 273'181 (62'997) (123'534) 9'404 (4'415) 928'202 (809'000) (362'873) (2'744) (12'780) 113'009

Target Price 85 90 87 74 80 #N/A N/A 76 #N/A N/A 83 105 86 93 95 100 76 90 72 84 82 86 83 90 80 74 114 72 #N/A N/A 83 90 86 88 80 #N/A N/A 64 60 70

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

File Dt 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2012 31.01.2013 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.12.2012

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

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

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 21.02.2013 15.02.2013 10.02.2013 01.02.2013 28.01.2013 24.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 16.01.2013 14.01.2013 09.01.2013 07.01.2013 27.11.2012 02.11.2012 05.09.2012

27.03.2013

Idea Cellular Ltd Idea Cellular Limited offers cellular services, SMS services, and mobile insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities. Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

Price/Volume 1200

12.0 M

03/2012 12/yy 124.00 71.20 122'625.00 108.7 -12.34% 52.67% 71.02% 3'314.3 360'266.78 112'850.01 19.3 0.0 1'520.73 456'465.98

8.0 M 6.0 M

400

4.0 M 200

2.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2009 31.03.2010 101'312.9 123'978.8 1.92x 2.27x 28'274.1 33'714.1 6.88x 8.34x 8'815.8 9'539.4 16.65x 21.34x Profitability

LTM-4Q 31.03.2011 154'384.0 2.11x 37'583.9 8.69x 8'987.1 24.77x

31.03.2012 194'886.9 2.25x 50'484.3 8.68x 7'229.9 45.17x 50'484.30 20'670.95 10.61% 5.41% 2.30% 5.70% 5.92% 0.62% 99.3% 25.9% 10.6% 3.7% 0.30 0.11 34.58% 86.49% 28.28 1.78

Price/ Cash Flow

LTM

FY+1

0.00 0.61 1'013.23 10.19% 4.82% 0.610 52 3.288 105'408 278'581 412'359 FY+2

FQ+1

FQ+2

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 0.0 222'663.3 251'594.4 57'308.0 62'688.0 #DIV/0! 2.18x 1.87x 0.0 59'180.0 69'743.7 16'125.3 17'214.0 0.00x 7.73x 6.56x 6.40x 5.88x 0.0 10'079.8 15'179.1 3'038.5 3'509.0 0.00x 35.37x 23.31x 22.72x 19.15x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5.08 0.32 2.21 2.24 86.5% 46.4% 0.62 0.93 12.94 205.15 909.09 -690.99

Sales/Revenue/Turnover

160.00

60'000.0

140.00

50'000.0

120.00

40'000.0

100.00

30'000.0

80.00

20'000.0

60.00

10'000.0

40.00

0.0

20.00

-10'000.0 0.00 01.01.2010

10.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (24.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDEA IB EQUITY YTD Change IDEA IB EQUITY YTD % CHANGE

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

14.0 M

800

Valuation Analysis

31.03.2008 67'199.9 4.87x 22'624.3 14.47x 10'423.1 25.95x

16.0 M

1000

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

-20'000.0

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

27.03.2013

Idea Cellular Ltd Holdings By:

All

Holder Name ADITYA BIRLA NUVO LT BLACKROCK NORGES BANK INVESTME LEGAL & GENERAL BAILLIE GIFFORD AND SCOTTISH WIDOWS FMR LLC VANGUARD GROUP INC M&G INVESTMENT MANAG JP MORGAN UBS JANUS CAPITAL MANAGE SCHRODER INVESTMENT PEOPLES REPUBLIC OF VANGUARD GROUP INC LAZARD ASSET MANAGEM AEGON HSBC INVESTMENTS UK AVIVA INVESTORS MORGAN STANLEY INVES

Firm Name Motilal Oswal Securities Ltd Panmure Gordon & Co Limited HSBC EVA Dimensions AlphaValue Berenberg Bank Redburn Partners Day by Day Goldman Sachs Shore Capital Stockbrokers Credit Suisse Keefe, Bruyette & Woods Sanford C. Bernstein & Co S&P Capital IQ Oriel Securities Ltd JPMorgan RBC Capital Markets Morgan Stanley Macquarie Barclays Deutsche Bank Investec Societe Generale Nomura Daiwa Securities Co. Ltd.

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

Analyst ANDY HUGHES BARRIE CORNES KAILESH MISTRY AUSTIN BURKETT JEROME CASSAGNE MATTHEW PRESTON LANCE BURBIDGE VALERIE GASTALDY COLIN L SIMPSON EAMONN FLANAGAN CHRIS ESSON GREIG N PATERSON EDWARD HOUGHTON RODERICK WALLACE MARCUS BARNARD ASHIK MUSADDI GORDON AITKEN JON HOCKING NEIL WELCH ALAN DEVLIN OLIVER STEEL KEVIN RYAN ABID HUSSAIN FAHAD CHANGAZI TIM PROUDLOVE

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

Recommendation underperform buy overweight hold sell buy buy buy Buy/Neutral buy outperform market perform outperform buy buy underweight outperform Overwt/In-Line neutral overweight buy hold buy reduce outperform

Amt Held 256'652'047 128'527'550 109'343'285 104'285'746 88'407'117 73'996'286 72'178'671 53'089'266 47'303'661 46'730'225 41'823'885 39'310'345 33'734'493 32'116'464 29'093'870 25'199'103 24'499'349 24'085'771 23'132'403 22'537'114

% Out 10.04 5.03 4.28 4.08 3.46 2.89 2.82 2.08 1.85 1.83 1.64 1.54 1.32 1.26 1.14 0.99 0.96 0.94 0.9 0.88

Weighting

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

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

Latest Chg 1'911'502 (136'942) 401'633 3'700'201 17'691'038 (685'857) (3'596'819) 5'884'645 (4'347'489) (7'205'386) (3'852'887) 1'381'546 (468'132) (6'815'149) (189'080) 2'472'324 (2'815'055)

Target Price 835 1'160 1'375 #N/A N/A 911 1'350 #N/A N/A 1'200 1'350 #N/A N/A 1'300 950 1'055 1'250 900 781 910 1'135 1'000 1'023 1'060 831 900 680 812

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

File Dt 01.01.2013 25.03.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 31.01.2013 31.12.2012 01.01.2013 31.01.2013 31.01.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013 28.02.2013 01.01.2013 01.01.2013 01.01.2013 01.01.2013

Date Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 3 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 6 month

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

Date 27.03.2013 26.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 20.02.2013 11.02.2013 05.02.2013 04.02.2013 24.01.2013 07.01.2013 03.12.2012 15.08.2012 01.07.2011

27.03.2013

IDFC Ltd IDFC Limited offers infrastructure project financing services. The Company The Company offers life and non-life insurance, reinsurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Price/Volume 16

30.0 M

25.0 M

12 20.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (07.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDFC IB EQUITY YTD Change IDFC IB EQUITY YTD % CHANGE

03/2012 12/yy 185.35 110.50 531'301.00 139.75 -24.60% 26.47% 39.08% 1'514.7 211'683.19 464'354.50 0.0 177.8 278.80 614'464.89

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

10.0 M

4 5.0 M

2 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 28'071.7 14.91x 24'539.3 17.05x 7'052.3 26.72x

15.0 M

31.03.2009 31.03.2010 36'386.4 40'745.4 8.39x 11.64x 31'232.6 34'392.0 9.78x 13.79x 7'498.3 10'622.9 9.34x 19.64x Profitability

LTM-4Q 31.03.2011 49'364.8 12.05x 42'130.0 14.12x 12'816.6 17.62x

31.03.2012 64'303.5 10.39x 56'662.4 11.80x 15'540.1 13.19x 56'662.40 73.67% 33.82% 2.82% 13.26% 2.92% 0.12% 88.1% 24.2% 76.15% 377.98% -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.65 1.41 1'052.59 9.24% -18.39% 1.406 43 4.140 774'638 670'475 588'104 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 33'852.5 40'232.4 8'989.0 5.95x 4.95x 26'482.8 30'941.0 23.21x 19.86x 17'855.5 21'378.6 5'574.0 5'560.0 11.86x 9.91x 8.49x 8.07x S&P Issuer Ratings

27.12.2011 BBBNEG 27.12.2011 A-3 8.19 8.20 378.0% 79.1% 0.12 15.15 -

Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0 100'000.0

2.00

80'000.0 1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

IDFC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA AMUNDI BNP PARIBAS INV PART CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS BLACKROCK FRANKLIN RESOURCES LANSDOWNE UK EQUITY NATIXIS ASSET MANAGE VANGUARD GROUP INC T ROWE PRICE ASSOCIA LBPAM AVIVA PLC FMR LLC AMUNDI TEMPLETON INVESTMENT MERCURY ASSET MANAGE DIMENSIONAL FUND ADV ING INVESTMENT MANAG AMUNDI

Firm Name

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

Analyst

Axis Capital Limited DANNY JACQUES Oddo & Cie NICOLAS JACOB Bryan Garnier & Cie OLIVIER PAUCHAUT Hammer Partners SA ENRICO RACIOPPI EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY Exane BNP Paribas THOMAS JACQUET Credit Suisse RICHARD BURDEN AlphaValue JEROME CASSAGNE RBC Capital Markets GORDON AITKEN Hamburger Sparkasse CHRISTIAN HAMANN Helvea DANIEL BISCHOF Berenberg Bank PETER ELIOT Keefe, Bruyette & Woods RALPH HEBGEN Goldman Sachs COLIN L SIMPSON CA Cheuvreux ATANASIO PANTARROTAS Independent Research GmbH STEFAN BONGARDT S&P Capital IQ RODERICK WALLACE Nomura MICHAEL KLIEN Main First Bank AG FEDERICO SALERNO Banco Sabadell MARIO LODOS Kepler Capital Markets FABRIZIO CROCE Barclays CLAUDIA GASPARI Mediobanca SpA MARC THIELE Deutsche Bank OLIVER STEEL Macquarie NEIL WELCH HSBC KAILESH MISTRY Natixis BENOIT VALLEAUX Landesbank Baden-Wuerttemberg WERNER SCHIRMER Morgan Stanley JON HOCKING Redburn Partners LANCE BURBIDGE JPMorgan ANDREAS VAN EMBDEN CM - CIC Securities(ESN) PIERRE CHEDEVILLE DZ Bank AG WERNER EISENMANN Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE BBVA SILVIA RIGOL CARNEIRO

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

Recommendation strong buy buy buy buy hold hold outperform outperform buy sector perform hold buy hold outperform Buy/Neutral outperform hold buy buy underperform buy hold underweight outperform buy outperform overweight buy buy Overwt/In-Line neutral underweight buy buy buy outperform outperform

Amt Held % Out 342'767'775 14.34 91'682'238 3.84 79'974'315 3.35 65'131'985 2.73 50'254'088 2.1 48'018'741 2.01 35'243'907 1.47 (20'395'259) -0.85 19'768'792 0.83 18'896'417 0.79 12'758'066 0.53 11'629'095 0.49 10'723'804 0.45 7'885'132 0.33 7'000'250 0.29 5'835'130 0.24 5'664'606 0.24 4'466'038 0.19 4'309'635 0.18 4'295'639 0.18

Weighting

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

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

Latest Chg (20'493'797) (77'990) 2'125'718 (9'366) 2'721'389 (323'861) (7'936'172) (2'318'038) 730'180 255'752 (143'415) (3'360) (13'091'874) (52'090) (9'429) (792'488)

Target Price 19 16 17 21 #N/A N/A #N/A N/A 18 16 17 15 #N/A N/A 16 18 18 18 17 14 15 23 14 15 10 14 18 16 16 20 18 16 15 #N/A N/A 12 16 14 21 16 22

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

File Dt 31.12.2012 15.05.2012 31.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 16.09.2011 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.01.2013 31.10.2012 31.12.2012 25.03.2013 31.07.2012 31.01.2013 31.12.2012

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

Inst Type Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 25.03.2013 25.03.2013 25.03.2013 25.03.2013 21.03.2013 19.03.2013 18.03.2013 08.03.2013 07.03.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 15.02.2013 11.02.2013 04.02.2013 30.01.2013 24.01.2013 23.01.2013 16.01.2013 10.01.2013 07.01.2013 05.12.2012 22.11.2012 08.11.2012 07.11.2012 20.12.2011 05.10.2011 06.06.2011 17.02.2011

27.03.2013

Indian Oil Corp Ltd Indian Oil Corporation Limited explores for and refines crude oil, in addition The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands.

Price/Volume 70

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (19.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IOCL IB EQUITY YTD Change IOCL IB EQUITY YTD % CHANGE

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

2.0 M

1.0 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 2'073'817.5 0.37x 133'175.9 5.79x 79'127.4 6.71x

3.0 M

03/2012 12/yy 375.00 239.00 94'755.00 273.95 -26.95% 14.62% 25.70% 2'428.0 665'137.63 800'153.30 0.0 19'437.4 145'522.60 1'339'205.73

31.03.2009 31.03.2010 2'441'665.6 2'333'291.8 0.32x 0.44x 135'248.5 144'779.6 5.70x 7.16x 25'994.0 107'131.9 18.11x 6.70x Profitability

31.03.2011 3'089'159.9 0.40x 148'991.8 8.33x 78'307.2 10.32x

31.03.2012 4'072'314.3 0.32x 226'391.5 5.79x 42'259.8 15.09x 226'391.50 175'668.10 4.31% 0.98% 2.09% 7.17% 2.01% 5.6% 4.3% 1.0% 0.95 0.20 36.40% 132.53% 42.34 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.83 0.59 171.04 6.73% 1.56% 0.585 40 3.375 103'626 95'580 172'020 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 ######### ######### 0.28x 0.28x 168'530.4 189'828.4 7.94x 7.05x 61'274.0 76'755.6 10.50x 8.44x S&P Issuer Ratings

29.12.2009 NR 4.58 1.14 2.89 3.53 132.5% 56.2% 2.01 5.40 8.64 -

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Indian Oil Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA AMUNDI CAISSE DES DEPOTS ET VANGUARD GROUP INC HARBOR CAPITAL ADVIS DODGE & COX SCHNEIDER ELECTRIC S FMR LLC BLACKROCK SUN LIFE FINANCIAL I NATIXIS ASSET MANAGE ALLIANZ ASSET MANAGE BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL ABERDEEN AVIVA PLC LBPAM INVESCO LTD JUPITER ASSET MANAGE

Firm Name

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

Analyst

Nomura ANDREW CARTER JPMorgan ANDREAS WILLI Canaccord Genuity Corp JAMES STETTLER Nomura DANIEL CUNLIFFE Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY AlphaValue LIONEL PELLICER Day by Day VALERIE GASTALDY Exane BNP Paribas OLIVIER ESNOU HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE EVA Dimensions CRAIG STERLING Barclays NICK WEBSTER Credit Suisse SIMON TOENNESSEN Landesbank Baden-Wuerttemberg VOLKER STOLL Deutsche Bank MARTIN WILKIE CA Cheuvreux ALFRED GLASER Independent Research GmbH MARKUS FRIEBEL Natixis LUDOVIC DEBAILLEUX Morgan Stanley BEN UGLOW Kepler Capital Markets PIERRE BOUCHENY S&P Capital IQ JAWAHAR HINGORANI Banco Sabadell MARIA CEBOLLERO Goldman Sachs DANIELA COSTA Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES CM - CIC Securities(ESN) ARI AGOPYAN Berenberg Bank WILLIAM MACKIE Redburn Partners JAMES MOORE

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

Recommendation outperform overweight hold neutral buy market perform add hold outperform overweight neutral hold equalweight neutral hold hold outperform hold neutral Equalwt/Cautious reduce hold buy Buy/Neutral hold hold hold buy

Amt Held 82'567'657 27'220'485 20'349'002 11'778'760 10'849'337 10'102'524 9'164'952 8'946'790 7'588'472 6'092'778 6'029'853 4'494'386 3'310'863 2'485'819 2'452'160 2'357'130 1'839'691 1'775'165 1'725'770 1'708'138

% Out 14.87 4.9 3.66 2.12 1.95 1.82 1.65 1.61 1.37 1.1 1.09 0.81 0.6 0.45 0.44 0.42 0.33 0.32 0.31 0.31

Weighting

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

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

Latest Chg (10'012'679) (1'168'334) 477'308 (52'247) 95'500 1'797'130 (183'690) 223'109 1'063'472 46'843 (411'258) 551'587 (404'495) (10'400) 3'134 (144'907) 28'032 (235'006)

Target Price 65 65 60 52 64 55 67 #N/A N/A 66 70 60 #N/A N/A 54 58 60 55 62 65 61 57 57 61 48 65 53 58 60 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 16.05.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2011 Corporation 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 21.03.2013 Investment Advisor 30.11.2012 Investment Advisor

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

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 14.03.2013 08.03.2013 08.03.2013 04.03.2013 27.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 15.02.2013 30.01.2013 24.01.2013 21.01.2013 08.01.2013 08.10.2012

27.03.2013

IndusInd Bank Ltd IndusInd Bank Limited is a national bank. The Bank provides a range of banking herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IIB IB EQUITY YTD Change IIB IB EQUITY YTD % CHANGE

03/2012 12/yy 448.90 288.00 180'635.00 399.9 -10.92% 38.85% 69.55% 522.7 209'018.80 129'219.63 0.0 0.0 55'999.14 -

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

100 50 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 21'789.1 750.5 33.51x

150

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M f-13 m-13

31.03.2009 31.03.2010 27'963.6 32'944.7 1'483.4 3'503.1 7.51x 18.88x Profitability

LTM-4Q 31.03.2011 43'058.8 5'773.3 20.03x

31.03.2012 63'703.8 8'026.1 18.70x 43.90% 43.92% 1.55% 18.26% 5.50% 0.12% 29.6% 22.44% 272.52% -

Price/ Cash Flow

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 14'202.0 0.00x 0.0 0.00x 0.0 0.00x

0.55 1.12 434.31 30.55% -4.07% 1.124 58 4.328 201'990 289'633 256'358

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

15.50x S&P Issuer Ratings

272.5% 73.2% 0.12 10.17 -

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0 12'000.0

25.00

10'000.0 20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

IndusInd Bank Ltd Holdings By:

All

Holder Name INDUSIND INTL HLDGS CAPITAL GROUP COMPAN BANK OF NEW YORK FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE ASSET BANK OF NEW YORK MEL THORNBURG INVESTMENT UBS FUND MANAGEMENT WILLIAM BLAIR & COMP JUPITER ASSET MANAGE MANNING & NAPIER ADV PICTET & CIE THREADNEEDLE INVESTM SWISSCANTO FONDSLEIT INVESCO LTD DWS INVESTMENT S A SCHRODER INVESTMENT DEUTSCHE BANK AG

Firm Name Axis Capital Limited HSBC Exane BNP Paribas JPMorgan AlphaValue Day by Day Goldman Sachs EVA Dimensions Bank Vontobel AG Redburn Partners Equita SIM SpA Barclays Credit Suisse Macquarie CA Cheuvreux Bankhaus Metzler Nomura Morgan Stanley Jefferies Hamburger Sparkasse Kepler Capital Markets Deutsche Bank DZ Bank AG Main First Bank AG Societe Generale Liberum Capital Ltd Zuercher Kantonalbank Berenberg Bank S&P Capital IQ Canaccord Genuity Corp

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

Analyst JEREMY REDENIUS GEOFF HAIRE JAMES KNIGHT MARTIN EVANS FABRICE FARIGOULE VALERIE GASTALDY RAKESH PATEL CRAIG STERLING PATRICK RAFAISZ TONY JONES MASSIMO BONISOLI ANDREAS HEINE CHRIS COUNIHAN CHRISTIAN FAITZ MARTIN ROEDIGER DANIEL SEIDENSPINNER JEAN DE WATTEVILLE AMY WALKER LAURENCE ALEXANDER MARCO GUENTHER BETTINA EDMONDSTON VIRGINIE BOUCHER-FERTE HEINZ MUELLER RONALD KOEHLER PETER CLARK SOPHIE JOURDIER MARTIN SCHREIBER JAIDEEP PANDYA JOHNSON IMODE PAUL W SATCHELL

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

Recommendation underperform neutral neutral neutral buy buy Buy/Neutral hold hold buy hold equalweight outperform outperform select list buy neutral Equalwt/In-Line hold sell buy buy buy outperform buy buy market perform hold hold buy

Amt Held 5'198'082 4'634'983 3'907'159 2'358'941 1'756'149 1'664'500 1'407'596 937'171 932'280 858'339 645'945 590'695 536'300 496'141 388'585 385'059 375'752 337'986 248'343 241'169

% Out 5.58 4.98 4.2 2.53 1.89 1.79 1.51 1.01 1 0.92 0.69 0.63 0.58 0.53 0.42 0.41 0.4 0.36 0.27 0.26

Weighting

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

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

Latest Chg 42'023 162'039 74'818 (27'866) 17'936 (1'821) 13'889 (8'060) (76'790) 7'247 75'179 138'979 6'630 (18'438) 9'906 49'414

Target Price 307 430 376 375 502 430 476 #N/A N/A 390 #N/A N/A 390 403 450 430 426 450 440 406 365 #N/A N/A 440 430 400 415 450 400 #N/A N/A 350 320 310

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

File Dt 25.03.2013 31.12.2012 26.02.2013 31.01.2013 31.12.2012 31.12.2012 31.01.2013 26.03.2013 31.01.2013 30.11.2012 31.12.2012 30.11.2012 31.12.2012 31.01.2013 31.12.2012 31.01.2013 21.03.2013 31.01.2013 31.12.2012 28.02.2013

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

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

Date 27.03.2013 27.03.2013 26.03.2013 20.03.2013 19.03.2013 05.03.2013 27.02.2013 13.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.12.2012 30.11.2012 20.11.2012 25.10.2012 23.10.2012 19.09.2012 17.07.2012 13.07.2012 18.05.2012

27.03.2013

Infosys Ltd Infosys Limited provides IT consulting and software services, including industrial and healthcare gases worldwide. These gases include liquid nitrogen, argon, carbon dioxide, and oxygen. The Company also produces welding equipment, diving equipment, and technical-medical equipment. Air Liquide sells its products throughout Europe, the United States, Canada, Africa, and Asia.

Price/Volume

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFO IB EQUITY YTD Change INFO IB EQUITY YTD % CHANGE

03/2012 12/yy 3'010.00 2'101.65 24'858.00 2854.3 -5.17% 35.81% 82.86% 574.2 1'639'042.38 0.00 0.0 0.0 208'420.00 1'414'682.36

1.5 M

1.0 M

.5 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

3.5 M

100 80

Valuation Analysis

31.03.2008 166'920.0 4.52x 52'590.0 14.34x 46'590.0 17.66x

120

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

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

31.03.2012 337'340.0 4.26x 107'490.0 13.37x 83'320.0 19.66x 107'490.00 98'210.00 29.11% 34.68% 23.83% 29.08% 29.08% 0.96% 44.1% 31.9% 29.1% 24.7% 4.38 3.87 0.00% 0.00% 6.40 -

Price/ Cash Flow

LTM

FY+1

1.30 0.90 430.89 1.24% 23.11% 0.903 75 3.680 46'800 70'783 106'234 FY+2

FQ+1

FQ+2

09/yy 14'255.5 0.00x 0.0 0.00x 0.0 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 15'326.0 405'581.2 452'780.9 107'018.4 107'412.5 0.00x 3.49x 3.01x 15.32x 15.26x 0.0 118'036.4 131'124.3 30'926.9 30'870.6 0.00x 11.99x 10.79x 11.13x 10.89x 0.0 93'372.2 102'047.4 23'355.5 23'736.0 0.00x 17.49x 16.04x 16.93x 16.50x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -1.94 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.96 Net Fixed Asset Turnover 7.07 Accounts receivable turnover-days 57.15 Inventory Days Accounts Payable Turnover Day 0.65 Cash Conversion Cycle Sales/Revenue/Turnover

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 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Infosys Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE LANSDOWNE PARTNERS L SUN LIFE FINANCIAL I DEUTSCHE BANK AG BANK OF NEW YORK MEL AIR LIQUIDE THREADNEEDLE INVESTM MERCURY ASSET MANAGE ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN SCHRODER INVESTMENT AMUNDI HARTFORD INVESTMENT LBPAM FMR LLC ARTISAN PARTNERS HOL BNP PARIBAS INV PART

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

Firm Name

Analyst

Standard Chartered HSBC Exane BNP Paribas Day by Day AlphaValue JPMorgan Nomura Goldman Sachs Hamburger Sparkasse Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg S&P Capital IQ Main First Bank AG Societe Generale Deutsche Bank Credit Suisse Independent Research GmbH Banco Sabadell Morgan Stanley Jefferies Berenberg Bank Barclays Kepler Capital Markets EVA Dimensions Liberum Capital Ltd Macquarie CM - CIC Securities(ESN) CA Cheuvreux Alembic Global Advisors Redburn Partners Natixis Canaccord Genuity Corp DZ Bank AG

JEREMY REDENIUS GEOFF HAIRE HEIDI VESTERINEN VALERIE GASTALDY FABRICE FARIGOULE MARTIN EVANS JEAN DE WATTEVILLE RAKESH PATEL MARCO GUENTHER STEPHAN KIPPE ULLE WORNER JOHNSON IMODE THOMAS SWOBODA PETER CLARK TIMOTHY JONES CHRIS COUNIHAN CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ PETER MACKEY LAURENCE ALEXANDER JOHN PHILIPP KLEIN GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING ADAM COLLINS CHRISTIAN FAITZ ARI AGOPYAN KLAUS RINGEL HASSAN I AHMED TONY JONES FREDERIC WILLIAMS-GOBEAUX PAUL W SATCHELL PETER SPENGLER

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

Recommendation outperform overweight outperform hold add neutral neutral neutral/neutral hold add buy hold outperform hold hold outperform hold buy Equalwt/In-Line hold hold underweight hold underweight buy outperform accumulate outperform neutral buy neutral hold buy

Amt Held % Out 4'574'174 1.46 3'507'675 1.12 3'193'593 1.02 2'872'974 0.92 (2'249'662) -0.72 1'892'639 0.61 1'445'086 0.46 1'185'647 0.38 1'003'394 0.32 965'341 0.31 926'283 0.3 921'742 0.3 902'774 0.29 731'181 0.23 696'712 0.22 685'259 0.22 606'009 0.19 583'986 0.19 561'349 0.18 553'212 0.18

Weighting

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

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

Latest Chg 4'446 119'140 30'891 (313'148) 90'770 (1'509) 58'091 (422) (6'180) (450'378) 308'898 (19'889) 56'202 (7'465) (126'624) 11'929 31'333

Target Price 105 112 102 #N/A N/A 100 98 108 108 #N/A N/A 105 103 95 105 100 99 103 100 111 104 97 93 100 100 #N/A N/A 121 100 106 101 95 #N/A N/A 83 82 91

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

File Dt 31.01.2013 25.03.2013 31.12.2012 31.01.2013 22.03.2013 31.01.2013 28.02.2013 26.03.2013 31.12.2012 31.12.2012 25.03.2013 31.01.2013 31.12.2012 28.09.2012 31.10.2012 28.02.2013 31.12.2012 31.01.2013 31.12.2012 31.01.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 21.03.2013 21.03.2013 20.03.2013 18.03.2013 27.02.2013 25.02.2013 22.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 04.02.2013 01.02.2013 15.01.2013 13.12.2012 21.11.2012 05.11.2012 26.10.2012 15.10.2012 08.10.2012 02.08.2012 18.05.2012 27.10.2011

27.03.2013

ITC Ltd ITC Limited, a member of BAT Group of UK, is a holding company, which has a and mobile communications in public and private networks. The Company produces mobile telephones through its Sony Ericsson joint venture. Ericsson manufactures and installs wired and wireless communications systems, wireless microwave links, call center equipment, microelectronics, and radar systems.

Price/Volume 90

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC IB EQUITY YTD Change ITC IB EQUITY YTD % CHANGE

03/2012 12/yy 310.75 221.80 323'330.00 306.1 -1.50% 38.01% 94.77% 7'901.8 2'418'751.00 1'176.00 0.0 1'570.9 74'907.80 2'346'590.17

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

15.0 M

30 20

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 146'591.0 5.12x 45'763.1 16.40x 31'577.6 24.59x

20.0 M

Valuation Analysis

31.03.2009 31.03.2010 165'561.4 191'358.7 4.03x 4.97x 51'170.1 63'787.9 13.03x 14.91x 33'245.9 41'681.8 20.96x 23.89x Profitability

31.03.2011 222'791.1 6.05x 77'161.0 17.46x 50'179.3 27.87x

31.03.2012 261'795.2 6.50x 92'983.7 18.30x 62'581.4 28.18x 92'983.70 85'527.80 32.67% 35.06% 22.16% 34.82% 34.98% 0.93% 35.5% 32.7% 23.9% 1.70 0.93 0.39% 0.60% 22.86 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

1.47 0.72 4'750.59 38.29% 6.73% 0.724 49 4.510 325'964 298'713 359'681 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 307'220.8 358'396.2 7.68x 6.54x 110'202.3 131'052.5 21.31x 17.92x 75'005.1 88'701.9 32.06x 27.07x S&P Issuer Ratings

133.69 98.21 -0.79 0.01 0.6% 0.6% 0.93 2.37 16.01 -

Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00 25.00

150'000.0

20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

ITC Ltd Holdings By:

All

Holder Name TOBACCO MANUFACTURER BLACKROCK SEB AMF FONDER AB NORGES BANK INVESTME OPPENHEIMERFUNDS INC ABERDEEN ASSET MANAG INVESTOR AB DODGE & COX HANDELSBANKEN FONDER VANGUARD GROUP INC FOLKSAM LO FOND AB SUN LIFE FINANCIAL I FRANKLIN RESOURCES NORDEA FONDER AB/SWE JANUS CAPITAL MANAGE FMR LLC SPP FONDER AB LANSFORSAKRINGAR FON AFA FORSAKRINGAR

Firm Name Jefferies Landesbank Baden-Wuerttemberg AlphaValue Nomura Morgan Stanley Goldman Sachs Independent Research GmbH Nordea Equity Research Pareto Securities Exane BNP Paribas Kepler Capital Markets S&P Capital IQ Day by Day Pohjola Bank Plc (ESN) Swedbank JPMorgan Danske Markets Oddo & Cie Berenberg Bank Deutsche Bank Grupo Santander ABG Sundal Collier HSBC EVA Dimensions Societe Generale Credit Suisse SEB Enskilda Carnegie Handelsbanken Natixis Liberum Capital Ltd Barclays CA Cheuvreux Jyske Bank DZ Bank AG Sydbank Silvia Quandt Research

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

Analyst PIERRE FERRAGU MIRKO MAIER JEAN-MICHEL SALVADOR STUART JEFFREY FRANCOIS MEUNIER SIMON F SCHAFER MARKUS FRIEBEL DANIEL DJURBERG ERIK PAULSSON ALEXANDER PETERC SEBASTIEN SZTABOWICZ JAMES CRAWSHAW VALERIE GASTALDY HANNU RAUHALA HAKAN WRANNE SANDEEP S DESHPANDE ILKKA RAUVOLA VINCENT MAULAY ADNAAN AHMAD KAI KORSCHELT CARLOS JAVIER TREVINO PER LINDBERG RICHARD DINEEN ANDREW S ZAMFOTIS ANDY PERKINS ACHAL SULTANIA ANDREAS JOELSSON LENA OSTERBERG MARTIN NILSSON ERIC BEAUDET JANARDAN MENON ANDREW M GARDINER ODON DE LAPORTE ROBERT JAKOBSEN OLIVER FINGER MORTEN IMSGARD JACQUES ABRAMOWICZ

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

Recommendation outperform buy reduce buy Overwt/In-Line Buy/Neutral hold hold hold outperform buy strong buy hold accumulate buy overweight buy neutral sell buy buy buy overweight underweight hold neutral buy buy reduce buy buy equalweight outperform sell buy neutral buy

Amt Held 141'913'401 105'813'729 92'171'054 75'600'000 69'572'027 67'628'249 58'953'636 58'709'995 54'067'771 54'063'621 35'689'314 33'508'867 33'412'756 25'579'300 22'519'333 21'423'488 17'828'540 17'746'645 17'556'069 15'779'975

% Out 4.66 3.48 3.03 2.48 2.29 2.22 1.94 1.93 1.78 1.78 1.17 1.1 1.1 0.84 0.74 0.7 0.59 0.58 0.58 0.52

Weighting

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

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

Latest Chg 23'700 (1'067'250) 1'538'718 (65'425) 556'827 (2'368'034) 416'584 1'375'020 5'191'948 264'704 488'086 -

Target Price 100 94 85 96 84 112 90 87 90 97 95 100 #N/A N/A 102 88 90 90 80 60 87 85 90 90 #N/A N/A 70 70 84 #N/A N/A 55 80 90 65 70 70 72 #N/A N/A 92

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

File Dt 31.12.2011 25.03.2013 31.01.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 31.12.2012 31.01.2013 28.02.2013 31.12.2012 31.12.2011

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

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

Date 21.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 07.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 01.03.2013 13.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 19.09.2012 26.03.2012 25.01.2012 28.04.2011 26.01.2011

27.03.2013

Jaiprakash Associates Ltd Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The Group conducts operations in Australia, South Africa, Germany, Argentina, and the United Kingdom.

Price/Volume 1400

60.0 M

1200

50.0 M

1000

40.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.12.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JPA IB EQUITY YTD Change JPA IB EQUITY YTD % CHANGE

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

20.0 M

400

10.0 M

200 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 40'419.2 9.03x 17'877.3 20.42x 6'768.0 37.65x

30.0 M

600

03/2012 01/yy 106.75 58.05 2'951'224.00 64.15 -39.91% 10.51% 12.53% 2'219.1 142'354.22 531'742.40 0.0 29'465.6 31'834.50 671'727.72

31.03.2009 31.03.2010 46'177.9 63'743.3 6.04x 9.33x 19'046.5 23'459.3 14.65x 25.34x 4'202.5 11'191.8 27.77x 28.24x Profitability

31.03.2011 113'749.1 5.25x 50'554.3 11.80x 17'928.2 11.00x

31.03.2012 148'735.0 4.73x 55'764.0 12.61x 6'329.2 27.45x 55'764.00 46'274.20 31.11% 10.93% 0.87% 5.69% 4.10% 0.20% 37.5% 31.1% 4.3% 1.00 0.29 67.07% 463.27% 9.49 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.78 1.62 1'120.63 -20.55% -33.87% 1.618 38 4.026 2'581'985 2'006'710 1'868'539 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 178'533.0 223'489.1 3.72x 3.06x 67'300.5 81'834.4 9.98x 8.21x 8'412.2 10'889.5 3'372.0 15.05x 11.48x S&P Issuer Ratings

2.00 -3.13 8.96 9.54 463.3% 78.7% 0.20 0.33 38.57 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Jaiprakash Associates Ltd Holdings By:

All

Holder Name JAYPEE VENTURES PVT QATAR HOLDINGS LLC BLACKROCK UBS NORGES BANK INVESTME STATE STREET LEGAL & GENERAL JP MORGAN BANK OF NEW YORK MEL SCOTTISH WIDOWS Xstrata Plc Employee STANDARD LIFE INVEST GOVT OF SINGAPORE IN SAFE INVESTMENT COMP PEOPLES REPUBLIC OF LLOYDS BANKING GROUP NORTHERN CROSS LLC HSBC Prop Trading/Ma Northern Cross Inter HARBOR CAPITAL ADVIS

Firm Name Anand Rathi Securities Pvt. Ltd. AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Exane BNP Paribas EVA Dimensions Landesbank Baden-Wuerttemberg S&P Capital IQ RBC Capital Markets CA Cheuvreux Redburn Partners SBG Securities HSBC Day by Day Societe Generale Nomura Liberum Capital Ltd Natixis Standard Chartered Credit Suisse Bank Vontobel AG Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan

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

Analyst JEFFREY LARGEY SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON SYLVAIN BRUNET CRAIG STERLING JENS MUENSTERMANN JOHNSON IMODE TIMOTHY HUFF JOAKIM AHLBERG SIMON TOYNE PETER DAVEY ANDREW KEEN VALERIE GASTALDY ALAIN WILLIAM SAM CATALANO ASH LAZENBY RAOUDHA BOUZEKRI SUBRAMANIAM VARADA LIAM FITZPATRICK PATRICK RAFAISZ ROBERT CLIFFORD ALAIN GABRIEL EUGENE KING BENJAMIN DEFAY

Source REG RNS-RUL8 ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG ULT-AGG REG ULT-AGG REG RNS-RUL8 ULT-AGG RNS-RUL8 REG ULT-AGG RNS-RUL8 REG REG MF-AGG

Recommendation outperform reduce buy outperform market perform neutral sell buy sell sector perform outperform neutral sell neutral hold hold restricted buy neutral outperform restricted buy restricted restricted not rated restricted

Amt Held 1'010'403'999 350'410'601 144'628'350 95'879'064 88'851'173 66'047'178 61'700'951 57'610'174 54'135'734 42'863'026 42'642'114 41'205'251 32'530'740 31'187'938 30'417'938 29'719'950 28'945'439 25'475'000 25'223'487 24'663'230

% Out 33.65 11.67 4.82 3.19 2.96 2.2 2.05 1.92 1.8 1.43 1.42 1.37 1.08 1.04 1.01 0.99 0.96 0.85 0.84 0.82

Weighting

Change

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

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

Latest Chg (81'328) 16'255'320 124'313 (33'850) 8'186'775 (634'892) (202'870) (6'795'572) (24'936) 66'360 (610'124) (3'925'000) 2'450'000 (757'180) 137'523

Target Price 1'200 1'100 1'350 1'575 1'220 1'300 #N/A N/A 1'300 1'000 1'100 1'300 #N/A N/A 1'220 1'250 #N/A N/A 1'190 #N/A N/A #N/A N/A 1'017 1'080 #N/A N/A 1'103 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 02.01.2013 14.01.2013 25.03.2013 25.03.2013 02.01.2013 26.03.2013 22.03.2013 25.03.2013 02.01.2013 02.01.2013 02.01.2013 22.03.2013 21.03.2013 02.02.2012 02.01.2013 28.02.2013 14.09.2012 02.01.2013 02.01.2013 31.12.2012

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

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

Date 22.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 12.03.2013 08.03.2013 07.03.2013 05.03.2013 04.03.2013 11.02.2013 11.02.2013 11.02.2013 07.02.2013 05.02.2013 31.01.2013 16.01.2013 10.01.2013 20.11.2012 08.09.2012 21.02.2012 07.02.2012 02.02.2012 02.02.2012 02.02.2012 02.02.2012

27.03.2013

Jindal Steel & Power Ltd Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and investment, private and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management and corporate investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.03.2012) 52-Week Low (12.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JSP IB EQUITY YTD Change JSP IB EQUITY YTD % CHANGE

03/2012 12/yy 557.15 321.10 154'505.00 352.9 -36.66% 9.90% 13.47% 934.8 329'902.84 170'908.00 0.0 3'071.0 1'327.10 529'339.84

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

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-12

31.03.2009 31.03.2010 108'747.3 110'915.4 2.37x 6.68x 54'887.4 60'205.0 4.69x 12.30x 30'457.2 35'729.7 6.12x 18.32x Profitability

LTM-4Q 31.03.2011 131'121.5 6.02x 64'685.9 12.20x 37'538.8 17.36x

31.03.2012 182'086.0 3.75x 71'086.0 9.60x 39'648.9 12.85x 71'086.00 57'221.30 31.43% 28.61% 9.78% 24.61% 14.29% 0.45% 39.0% 31.4% 21.8% 0.87 0.10 37.97% 94.37% 14.80 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.45 1.26 752.50 -33.30% -21.14% 1.260 38 3.737 182'803 187'004 159'655 FY+2

FQ+1

FQ+2

12/yy 50'925.0 0.00x 0.0 0.00x 4'132.0 6.64x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 47'151.0 197'886.5 226'463.5 52'350.7 0.00x 2.71x 2.42x 0.0 71'091.5 79'549.7 19'478.0 0.00x 7.45x 6.65x 611.0 39'180.9 40'705.8 9'401.0 48.46x 8.52x 8.07x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.21 0.90 2.39 2.40 94.4% 48.1% 0.45 0.67 24.73 -

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00 4.00

50'000.0 40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 54'889.8 6.94x 24'002.8 15.87x 12'740.2 25.02x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Jindal Steel & Power Ltd Holdings By:

All

Holder Name SUN INVESTMENTS LTD CAPITAL GROUP COMPAN DEUTSCHE BANK AG DEKABANK DEUTSCHE GI DEUTSCHE BANK AG CREDIT AGRICOLE SA COMMERZBANK AKTIENGE VANGUARD GROUP INC CREDIT SUISSE GROUP GOLDMAN SACHS GROUP DEKA INVESTMENT GMBH UNION INVESTMENT GMB JP MORGAN BANK OF AMERICA CORP JANUS CAPITAL MANAGE BANK OF NEW YORK MEL DEUTSCHE TELEKOM UBS ALLIANCE BERNSTEIN AXA

Firm Name

Portfolio Name n/a n/a n/a DEKABANK DEUTSCHE GI DEUTSCHE BANK AKTIEN CREDIT AGRICOLE SA COMMERZBANK AKTIENGE Multiple Portfolios n/a GOLDMAN SACHS GROUP Multiple Portfolios Multiple Portfolios n/a BANK OF AMERICA n/a BANK OF NEW YORK MEL n/a n/a n/a n/a

Analyst

Deutsche Bank CHRISTOPHER J WHEELER AlphaValue DIETER HEIN Societe Generale DIRK HOFFMANN-BECKING Commerzbank Corporates & Markets MICHAEL DUNST Nord/LB MICHAEL SEUFERT Credit Suisse AMIT GOEL Independent Research GmbH STEFAN BONGARDT Oddo & Cie JEAN SASSUS Equinet Institutional Services(ESN) PHILIPP HAESSLER DZ Bank AG CHRISTOPH BAST Exane BNP Paribas DANIEL DAVIES Grupo Santander AURELIA FAURE JPMorgan KIAN ABOUHOSSEIN Bankhaus Metzler GUIDO HOYMANN Morgan Stanley HUW VAN STEENIS Landesbank Baden-Wuerttemberg INGO FROMMEN RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Goldman Sachs JERNEJ OMAHEN Keefe, Bruyette & Woods ANDREW STIMPSON Espirito Santo Investment Bank Research ANDREW LIM Banco Sabadell MARIO LODOS Redburn Partners NICHOLAS WATTS Barclays JEREMY SIGEE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Hamburger Sparkasse CHRISTIAN HAMANN Canaccord Genuity Corp ARUN MELMANE CA Cheuvreux CYRIL MEILLAND Natixis ANTOINE BURGARD Nomura JON PEACE M.M. Warburg Investment Research ANDREAS PLAESIER Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER S&P Capital IQ FRANK BRADEN EVA Dimensions AUSTIN BURKETT Day by Day VALERIE GASTALDY HSBC ROBERT MURPHY Hammer Partners SA ENRICO RACIOPPI SRC Research STEFAN SCHARFF

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

Recommendation neutral add buy add buy underperform hold neutral accumulate buy outperform underweight neutral buy Equalwt/In-Line buy sector perform neutral Sell/Neutral outperform sell buy buy overweight hold sell buy underperform neutral reduce buy sell buy hold underweight hold overweight buy sell

Amt Held 73'721'977 49'064'352 24'888'999 24'458'657 16'957'871 16'648'807 14'797'901 9'550'425 9'379'275 8'557'620 7'115'570 6'857'407 5'952'018 5'677'666 4'655'730 3'906'432 3'832'262 3'758'375 3'350'113 3'250'565

% Out 7.93 5.28 2.68 2.63 1.82 1.79 1.59 1.03 1.01 0.92 0.77 0.74 0.64 0.61 0.5 0.42 0.41 0.4 0.36 0.35

Weighting

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

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

Latest Chg 1'022'636 (3'318'049) (3'091'342) 5'959'356 3'630'244 10'133'323 384'651 3'906'478 (629'994) 165'336 (4'277'134) (3'004'857) (1'922'371) 176'476 1'963'628 (1'003'376) (1'338'703)

Target Price 40 38 42 41 39 32 35 38 44 40 42 30 38 45 41 38 39 36 37 44 30 40 #N/A N/A 46 39 #N/A N/A 45 37 37 37 44 20 44 39 #N/A N/A #N/A N/A 39 36 33

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 08.06.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.11.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 28.02.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 12.02.2013 07.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 17.01.2013 15.01.2013 05.09.2012 03.07.2012 08.02.2010

27.03.2013

JSW Steel Ltd JSW Steel Limited is an integrated steel producer with manufacturing facilities includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Price/Volume 2500

8.0 M 2000

6.0 M 5.0 M 4.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JSTL IB EQUITY YTD Change JSTL IB EQUITY YTD % CHANGE

03/2012 01/yy 893.75 566.00 248'531.00 599.3 -32.95% 5.88% 10.16% 223.1 133'714.14 217'858.30 2'790.3 2'176.7 32'509.70 284'945.54

3.0 M 2.0 M

500

1.0 M 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

7.0 M

1500

Valuation Analysis

31.03.2008 124'566.5 2.37x 34'998.5 8.44x 16'400.4 9.05x

9.0 M

31.03.2009 31.03.2010 159'348.4 189'571.7 1.67x 2.35x 32'106.6 41'738.0 8.30x 10.65x 2'749.1 15'975.5 17.71x 14.72x Profitability

LTM-4Q 31.03.2011 241'058.9 1.56x 48'796.6 7.68x 17'539.8 10.89x

31.03.2012 343'680.5 1.02x 61'153.7 5.74x 5'376.8 29.94x 61'153.70 41'718.70 12.14% 3.07% 1.07% 3.29% 3.35% 0.68% 17.8% 12.1% 1.6% 0.61 0.23 40.17% 132.27% 27.80 -

Price/ Cash Flow

LTM

FY+1

1.25 1.52 129.73 -18.11% -26.19% 1.518 50 2.760 232'062 162'326 165'676 FY+2

FQ+1

FQ+2

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 0.0 385'854.6 416'038.0 95'972.2 94'964.5 #DIV/0! 0.93x 0.88x 0.0 65'685.8 73'523.9 15'862.7 17'684.0 0.00x 4.34x 3.88x 4.43x 4.18x 0.0 15'358.9 19'427.8 3'280.0 5'335.0 0.00x 8.78x 7.01x 7.88x 6.92x 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

4.73 1.57 3.03 3.56 132.3% 56.2% 0.68 1.02 13.92 -

Sales/Revenue/Turnover

16.00

35'000.0

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

JSW Steel Ltd Holdings By:

All

Holder Name JFE STEEL INTL EUROP PUBLIC INVESTMENT CO LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT FMR LLC NORGES BANK INVESTME SCOTTISH WIDOWS E OPPENHEIMER & SON OPPENHEIMERFUNDS INC UBS PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC VANGUARD GROUP INC CORONATION ASSET MAN GOVT OF SINGAPORE IN AVIVA INVESTORS STATE STREET Northern Cross Inter

Firm Name Standard Chartered Sanford C. Bernstein & Co S&P Capital IQ Day by Day Exane BNP Paribas AlphaValue Jefferies Goldman Sachs Macquarie Morgan Stanley Liberum Capital Ltd Nomura EVA Dimensions Societe Generale Independent Research GmbH Deutsche Bank Credit Suisse JPMorgan Natixis SBG Securities BMO Capital Markets HSBC Imara Investec Redburn Partners Barclays Standard Chartered Avior Research CA Cheuvreux Daiwa Securities Co. Ltd. Panmure Gordon & Co Limited

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

Analyst DES KILALEA PAUL GAIT JOHNSON IMODE VALERIE GASTALDY RAPHAEL VEVERKA SACHIN KUMAR Christopher LaFemina EUGENE KING KIERAN DALY MENNO SANDERSE BEN DAVIS SAM CATALANO CRAIG STERLING ALAIN WILLIAM SVEN DIERMEIER GRANT SPORRE LIAM FITZPATRICK FRASER JAMIESON RAOUDHA BOUZEKRI PETER DAVEY TONY ROBSON ANDREW KEEN STEPHEN MEINTJES ALBERT MINASSIAN SIMON TOYNE IAN ROSSOUW SUBRAMANIAM VARADA CLINTON DUNCAN JOAKIM AHLBERG SCOTT FINLAY ALISON TURNER

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

Recommendation underperform outperform sell hold underperform add buy Sell/Neutral outperform Equalwt/In-Line hold reduce underweight sell sell buy neutral underweight neutral sell market perform overweight hold hold sell equalweight in-line outperform outperform hold hold

Amt Held 78'986'629 77'592'603 51'483'011 47'275'613 42'166'686 31'057'459 29'466'453 29'199'945 25'200'000 21'574'878 17'579'059 17'290'964 15'661'337 14'290'980 14'199'373 11'914'195 10'535'767 10'437'360 9'755'061 9'024'700

% Out 5.67 5.57 3.69 3.39 3.03 2.23 2.11 2.1 1.81 1.55 1.26 1.24 1.12 1.03 1.02 0.85 0.76 0.75 0.7 0.65

Weighting

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

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

Latest Chg 421'636 2'876'024 (2'557'012) 3'632'677 3'080'902 497'364 6'944'224 549'175 1'122'571 1'346'501 1'922'748 (639'640) 383'534 95'026

Target Price 1'800 2'300 1'640 #N/A N/A 1'700 2'073 2'450 1'450 2'250 2'080 #N/A N/A 1'700 #N/A N/A 1'900 1'800 2'290 2'100 1'640 1'900 2'000 2'200 2'240 #N/A N/A 2'259 #N/A N/A 1'970 1'960 2'338 2'250 3'329 2'756

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

File Dt 25.03.2013 01.11.2012 28.02.2013 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 31.01.2013 31.01.2013 01.11.2012 01.11.2012 31.12.2012 01.11.2012 31.12.2012 01.11.2012 01.11.2012 26.03.2013 01.11.2012

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

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 04.03.2013 22.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 07.02.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 08.09.2012 27.08.2012 30.07.2012 21.04.2011 21.04.2011

27.03.2013

Kotak Mahindra Bank Ltd Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers full range of fixed-line telephone services, mobile communications services, Internet access, and combined information technology and telecommunications services for businesses.

Price/Volume 12

45.0 M 40.0 M

35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (29.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KMB IB EQUITY YTD Change KMB IB EQUITY YTD % CHANGE

03/2012 12/yy 694.40 511.00 31'972.00 639.85 -7.86% 25.22% 70.26% 745.8 477'209.88 302'278.10 0.0 1'600.6 35'758.34 -

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

25.0 M 20.0 M

15.0 M 10.0 M

5.0 M

0 m-12

31.03.2009 31.03.2010 72'885.2 101'089.3 6'523.9 13'070.0 14.93x 19.86x Profitability

LTM-4Q 31.03.2011 110'294.0 15'667.4 21.07x

31.03.2012 130'143.1 18'322.4 21.98x 31.36% 31.76% 2.21% 15.31% 4.87% 0.16% 21.6% 32.73% 233.67% -

Price/ Cash Flow

12/yy 58'653.0 6.25x 19'004.0 4.48x 557.0 68.19x

j-12

a-12

LTM 12/yy 58'169.0 5.77x 17'708.0 4.54x (5'255.0) 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.09 1.02 344.33 18.68% -1.50% 1.015 24 3.083 37'999 26'208 61'371 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 93'778.0 111'144.6 37'264.0 21'236.9 25'807.6 6'532.7 22.61x 18.39x S&P Issuer Ratings

233.7% 69.8% 0.16 21.53 -

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 76'774.4 9'912.3 21.13x

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 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 |

27.03.2013

Kotak Mahindra Bank Ltd Holdings By:

All

Holder Name KOTAK UDAY SURESH FEDERAL REPUBLIC OF BLACKROCK BLACKSTONE DB PLATINUM ADVISORS VANGUARD GROUP INC ONTARIO TEACHERS PEN BANK OF NEW YORK MEL UNION INVESTMENT GMB DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE SCHRODER INVESTMENT NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I MERCURY ASSET MANAGE ING INTERNATIONAL AD ETFLAB INVESTMENT GM EATON VANCE MANAGEME BNP PARIBAS INV PART FMR LLC

Firm Name

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

Analyst

BNP Paribas Equity Research ROBIN BIENENSTOCK Bankhaus Metzler ULRICH TRABERT AlphaValue HEINZ STEFFEN Societe Generale OTTAVIO ADORISIO Jefferies ULRICH RATHE Landesbank Baden-Wuerttemberg STEFAN BORSCHEID Exane BNP Paribas MATHIEU ROBILLIARD JPMorgan HANNES C WITTIG Berenberg Bank PAUL ANDREW MARSCH RBC Capital Markets JONATHAN ATKIN Hamburger Sparkasse TINA HECKING-VELTMAN Morgan Stanley NICK DELFAS Macquarie GUY R PEDDY Oddo & Cie ALEXANDRE IATRIDES Natixis JACQUES DE GRELING Nomura FREDERIC BOULAN S&P Capital IQ ALEXANDER WISCH DZ Bank AG KARSTEN OBLINGER Barclays JONATHAN DANN Grupo Santander JOHN DAVIES Commerzbank Corporates & Markets HEIKE PAULS Nord/LB WOLFGANG DONIE Raymond James STEPHANE BEYAZIAN Independent Research GmbH MARKUS FRIEBEL Bankhaus Lampe WOLFGANG SPECHT M.M. Warburg Investment Research JOCHEN REICHERT Equinet Institutional Services(ESN) ADRIAN PEHL New Street Research CHARLES GAYNOR Goldman Sachs TIMOTHY BODDY CA Cheuvreux PETER KURT NIELSEN Liberum Capital Ltd LAWRENCE SUGARMAN Banco Sabadell ANDRES BOLUMBURU Kepler Capital Markets JAVIER BORRACHERO Credit Suisse JUSTIN FUNNELL Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank MATTHEW BLOXHAM EVA Dimensions ANDREW S ZAMFOTIS Steubing AG TEAM COVERAGE Day by Day VALERIE GASTALDY HSBC DOMINIK KLARMANN Espirito Santo Investment Bank Research WILL DRAPER Silvia Quandt Research JACQUES ABRAMOWICZ

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

Recommendation outperform sell add buy hold buy neutral not rated hold sector perform hold restricted underperform buy reduce buy sell sell equalweight underweight hold buy outperform hold sell hold buy reduce neutral/neutral select list hold sell buy restricted sell buy sell buy buy neutral sell buy

Amt Held 734'624'287 648'197'900 242'444'868 191'700'000 61'550'927 29'486'396 27'700'000 23'968'304 14'524'559 14'083'422 12'894'785 11'770'469 11'227'444 9'666'320 8'826'533 7'200'550 6'640'259 5'173'053 4'933'702 4'888'944

% Out 17 15 5.61 4.44 1.42 0.68 0.64 0.55 0.34 0.33 0.3 0.27 0.26 0.22 0.2 0.17 0.15 0.12 0.11 0.11

Weighting

Change

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

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

Latest Chg (2'131'519) 6'437'130 1'150'782 742'202 442'723 7'267'197 2'108'496 2'089'161 5'012'513 341'400 690'125 (480'154) 101'043 (1'314'468)

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

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

File Dt Inst Type 30.09.2012 Investment Advisor 30.09.2012 Government 25.03.2013 Investment Advisor 03.08.2012 Unclassified 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 26.03.2013 Investment Advisor 28.09.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.03.2013 26.03.2013 21.03.2013 15.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 06.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 25.02.2013 19.02.2013 15.02.2013 30.01.2013 24.01.2013 23.01.2013 16.01.2013 15.01.2013 14.01.2013 10.01.2013 10.12.2012 10.12.2012 08.11.2012

27.03.2013

Larsen & Toubro Ltd Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

Price/Volume 25

45.0 M 40.0 M

35.0 M 30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.10.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LT IB EQUITY YTD Change LT IB EQUITY YTD % CHANGE

03/2012 12/yy 1'719.50 1'106.40 214'224.00 1337 -22.24% 20.84% 37.61% 615.4 822'771.06 477'155.70 0.0 17'534.6 105'604.20 1'211'857.16

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

20.0 M 15.0 M 10.0 M

5.0 M 0 m-12

31.03.2009 31.03.2010 401'870.0 435'135.8 1.30x 2.53x 49'086.8 68'009.8 10.63x 16.19x 37'894.6 54'507.4 13.02x 18.20x Profitability

LTM-4Q 31.03.2011 520'437.8 2.37x 79'986.1 15.40x 44'561.7 23.02x

31.03.2012 643'131.1 1.85x 94'404.3 12.61x 46'936.9 17.04x 94'404.30 78'601.40 12.22% 10.91% 4.39% 17.24% 7.75% 0.60% 14.7% 12.2% 7.3% 1.39 0.67 40.10% 162.37% 3.73 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.23 1.21 431.67 3.76% -16.74% 1.211 55 3.964 222'641 223'810 203'061 FY+2

FQ+1

FQ+2

09/yy 89'792.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 97'038.0 745'592.8 851'959.6 0.00x 1.79x 1.65x 0.0 99'211.5 113'150.7 0.00x 12.22x 10.71x 0.0 52'076.0 58'239.0 0.00x 15.78x 14.17x S&P Issuer Ratings Long-Term Rating Date 12.12.2002 Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 10.37 (EBITDA-Capex)/Interest Exp. 2.35 Net Debt/EBITDA 3.94 Total Debt/EBITDA 5.05 Reference Total Debt/Equity 162.4% Total Debt/Capital 60.5% Asset Turnover 0.60 Net Fixed Asset Turnover 3.19 Accounts receivable turnover-days 98.24 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 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 291'985.0 3.29x 35'429.5 27.08x 24'389.2 35.79x

25.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Larsen & Toubro Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM CAISSE DES DEPOTS ET GDF SUEZ CNP ASSURANCES FRANKLIN RESOURCES BLACKROCK SOFINA SA VANGUARD GROUP INC NATIXIS ASSET MANAGE BNP PARIBAS INV PART THORNBURG INVESTMENT LBPAM INTERNATIONAL VALUE AVIVA PLC PICTET ASSET MANAGEM SUN LIFE FINANCIAL I AMUNDI MERCURY ASSET MANAGE

Firm Name Goldman Sachs Macquarie HSBC Grupo Santander Goldman Sachs Nomura Landesbank Baden-Wuerttemberg Independent Research GmbH Barclays Morgan Stanley Raymond James KBC Securities CM - CIC Securities(ESN) S&P Capital IQ AlphaValue Credit Suisse Natixis Banco Sabadell Berenberg Bank Ahorro Corporacion Financiera SA EVA Dimensions JPMorgan Day by Day Deutsche Bank Nord/LB Societe Generale Hamburger Sparkasse DZ Bank AG Kepler Capital Markets

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

Analyst BENJAMIN LEYRE SHAI HILL ADAM DICKENS OSCAR NAJAR RIOS ANDREW MEAD MARTIN YOUNG ERKAN AYCICEK SVEN DIERMEIER JULIE ARAV EMMANUEL TURPIN EMMANUEL RETIF DIETER FURNIERE OLIVIER BAILS CLIVE ROBERTS MYRIAM COHEN MICHEL DEBS PHILIPPE OURPATIAN JORGE GONZALEZ SADORNIL ANDREW FISHER VIRGINIA PEREZ REPES AUSTIN BURKETT NATHALIE F CASALI VALERIE GASTALDY MARTIN BROUGH HEINO HAMMANN ALBERTO PONTI ANNEMARIE SCHLUETER HASIM SENGUEL TEAM COVERAGE

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

Recommendation underperform outperform overweight hold Buy/Neutral neutral buy hold equalweight Underwt/In-Line underperform hold buy hold buy neutral neutral buy sell hold overweight underweight hold hold hold buy hold hold not rated

Amt Held 810'927'246 209'718'616 116'911'820 45'051'514 38'293'787 24'778'333 22'829'438 20'931'285 13'515'454 13'452'139 12'881'757 12'537'744 9'130'000 8'811'951 7'777'965 6'360'558 5'571'946 4'948'780 4'229'692 3'948'836

% Out 33.61 8.69 4.85 1.87 1.59 1.03 0.95 0.87 0.56 0.56 0.53 0.52 0.38 0.37 0.32 0.26 0.23 0.21 0.18 0.16

Weighting

Change

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

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

Latest Chg (12'226'130) (392'875) 1'423'055 639'284 (1'633'213) 359'256 602'100 134'083 124'302 (4'729'951) (698'442) (10'748'086) -

Target Price 14 17 18 17 25 19 17 15 15 15 13 17 23 13 18 15 17 18 14 15 #N/A N/A 14 #N/A N/A 18 17 25 #N/A N/A 22 #N/A N/A

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

File Dt Inst Type 31.12.2011 Government 31.12.2012 Investment Advisor 15.03.2012 Holding Company 31.12.2011 Government 31.12.2011 Corporation 31.12.2011 Insurance Company 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2011 Holding Company 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 25.03.2013 Investment Advisor

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

Date 25.03.2013 22.03.2013 21.03.2013 12.03.2013 12.03.2013 12.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 26.02.2013 20.02.2013 15.02.2013 05.02.2013 05.02.2013 17.01.2013 10.01.2013 20.12.2012 06.12.2012 06.12.2012 26.11.2012 27.02.2012 01.11.2011 31.10.2011

27.03.2013

LIC Housing Finance Ltd LIC Housing Finance Limited provides housing finance services to individuals manufactures, markets, and sells a range of cigarettes, tobaccos, rolling papers, and cigars.

Price/Volume 3000

7.0 M

2500

6.0 M 5.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (21.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LICHF IB EQUITY YTD Change LICHF IB EQUITY YTD % CHANGE

03/2012 01/yy 300.00 209.10 252'129.00 221.35 -26.22% 5.86% 13.48% 504.7 111'707.16 465'112.97 0.0 0.8 2'387.51 574'433.47

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

31.03.2009 31.03.2010 29'030.5 34'746.9 9.37x 12.56x 27'417.2 33'108.2 9.92x 13.18x 5'321.7 6'888.3 3.58x 11.40x Profitability

31.03.2011 48'746.6 9.72x 43'940.6 10.78x 9'518.8 11.27x

31.03.2012 62'445.8 9.54x 58'337.9 10.21x 9'198.5 13.63x

58'337.88 75.19% 19.83% 1.57% 18.58% 1.96% 0.11% 93.4% 14.7% 72.10% 814.53% -

Price/ Cash Flow

2.0 M

500 0 m-12

1.0 M a-12 m-12

LTM-4Q

LTM

01/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

1.63 1.10 288.66 -14.04% -24.03% 1.100 46 4.109 456'960 414'639 652'766 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 18'643.5 24'224.5 10'993.5 14'872.0 10.52x 7.69x S&P Issuer Ratings

7.93 7.97 814.5% 89.1% 0.11 113.92 -

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

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 02.10.2009

3.0 M

1000

Fiscal Year Ended 31.03.2008 21'727.5 10.40x 19'937.2 11.33x 3'672.3 6.52x

4.0 M

1500

Valuation Analysis

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

27.03.2013

LIC Housing Finance Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP INVESCO LTD BLACKROCK LEGAL & GENERAL SCOTTISH WIDOWS FMR LLC Northern Cross Inter CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS CEDAR ROCK CAPITAL L MORGAN STANLEY PERPETUAL INVESTMENT VANGUARD GROUP INC STANDARD LIFE INVEST UBS AXA M&G INVESTMENT MANAG THREADNEEDLE ASSET M ALLIANZ ASSET MANAGE VANGUARD GROUP INC

Firm Name Axis Capital Limited Canaccord Genuity Corp Berenberg Bank Natixis Nomura Credit Suisse Oriel Securities Ltd Exane BNP Paribas Jefferies Goldman Sachs AlphaValue Day by Day Societe Generale JPMorgan Investec Morgan Stanley Independent Research GmbH S&P Capital IQ Barclays EVA Dimensions Renaissance Capital Redburn Partners Deutsche Bank

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

Analyst DAMIAN MCNEELA EDDY HARGREAVES ERIK BLOOMQUIST NICOLAS LANGLET DAVID HAYES ROGERIO FUJIMORI CHRIS WICKHAM JAMES BUSHNELL DIRK VAN VLAANDEREN FULVIO CAZZOL ISABELLE COMBEMALE VALERIE GASTALDY CHAS MANSO DE ZUNIGA RAE MAILE MARTIN DEBOO MATTHEW GRAINGER LARS LUSEBRINK CARL SHORT SIMON HALES AUSTIN BURKETT REY WIUM CHRISTIAN DE ROUALLE JONATHAN FELL

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

Recommendation buy buy hold buy reduce outperform buy underperform hold neutral/attractive buy buy buy neutral hold Overwt/Attractive buy hold equalweight overweight hold sell buy

Amt Held 66'461'651 61'000'000 53'000'000 42'126'524 30'498'871 29'706'695 22'902'506 20'453'291 17'630'376 16'997'045 15'549'556 15'439'779 14'733'204 13'734'190 13'368'645 13'190'673 13'022'970 12'498'191 12'129'371 11'373'592

% Out 6.8 6.24 5.42 4.31 3.12 3.04 2.34 2.09 1.8 1.74 1.59 1.58 1.51 1.4 1.37 1.35 1.33 1.28 1.24 1.16

Weighting

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

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

Latest Chg 380'781 (1'077'344) 1'083'885 (864'949) 4'070'578 (4'970'335) 595'616 4'426'083 26'099 465'216 (606'667) (568'794) (138'251) 306'789 2'126'754 1'874'094 311'401

Target Price 2'650 2'900 2'800 2'800 2'443 2'700 2'900 2'450 2'500 2'470 3'011 2'518 2'700 3'067 2'450 2'680 2'850 2'450 2'650 #N/A N/A 2'700 #N/A N/A 3'000

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

File Dt 31.12.2012 30.10.2012 25.03.2013 28.02.2013 01.12.2012 31.01.2013 01.12.2012 31.12.2012 31.12.2012 01.12.2012 31.12.2012 31.07.2012 31.12.2012 01.12.2012 31.01.2013 31.01.2013 01.12.2012 01.12.2012 28.02.2013 01.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 3 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

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

Date 26.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 07.03.2013 07.03.2013 05.03.2013 28.02.2013 20.02.2013 15.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 17.01.2013 16.01.2013 16.01.2013 01.05.2012

27.03.2013

Lupin Ltd Lupin Limited manufactures bulk actives and formulations. The principal bulk financial solutions, and related advisory services. The Group attracts deposits and offers credit, investment banking, securities trading, and insurance products to private individuals, companies, institutions, and the public sector. Nordea services the Scandinavian countries and the Baltic Sea region.

Price/Volume 80

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LPC IB EQUITY YTD Change LPC IB EQUITY YTD % CHANGE

03/2012 12/yy 638.65 507.00 41'903.00 622.05 -2.60% 22.69% 87.39% 447.5 278'385.72 14'808.70 0.0 722.9 4'009.40 288'221.42

10.0 M

30 20

5.0 M

10 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

20.0 M

Valuation Analysis

31.03.2008 27'063.7 1.91x 6'361.4 8.11x 4'082.5 9.97x

25.0 M

31.03.2009 31.03.2010 37'758.8 47'736.3 1.84x 3.27x 7'588.0 10'177.5 9.17x 15.34x 5'015.4 6'816.3 11.25x 102.76x Profitability

LTM-4Q 31.03.2011 57'925.9 3.33x 11'666.9 16.55x 8'625.5 21.52x

31.03.2012 70'649.7 3.51x 14'631.7 16.95x 8'676.5 27.25x 14'631.70 12'356.50 17.49% 16.93% 12.34% 23.79% 18.18% 1.01% 20.7% 17.5% 12.3% 2.11 1.05 18.66% 36.90% 4.73 -

Price/ Cash Flow

LTM

12/yy 16'686.0 0.00x 0.0 0.00x 2'627.0 9.15x

12/yy 17'456.0 0.00x 0.0 0.00x 3'119.0 9.31x

FY+1

0.51 0.46 266.87 22.06% 1.43% 0.460 56 4.357 65'105 56'633 64'047 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 92'540.8 106'589.7 23'573.5 22'192.0 3.12x 2.67x 11.78x 20'612.7 23'769.1 5'064.2 4'575.0 13.95x 12.10x 11'896.8 14'338.1 2'969.3 3'111.0 23.33x 19.40x S&P Issuer Ratings

52.46 34.18 0.74 1.01 36.9% 26.6% 1.01 3.12 77.38 -

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00 30.00

15'000.0

25.00 20.00

10'000.0

15.00

5'000.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Lupin Ltd Holdings By:

All

Holder Name ZYMA LABORATORIES LT GOVERNMENT OF SWEDEN NORDEA FONDER AB/SWE SWEDBANK ROBUR FONDE AMF PENSION NORWEGIAN PETROLEUM SHB FUNDS SEB SEB FUNDS FJARDE AP-FONDEN HANDELSBANKEN FONDER NORDEA FUNDS AFA INSURANCE ABERDEEN VARMA MUTUAL PENSION SKANDIA LIV AMF FONDER AB VANGUARD GROUP INC FORSTA AP FONDEN ALECTA PENSIONSFORSA

Firm Name Nomura Mediobanca SpA Exane BNP Paribas Keefe, Bruyette & Woods SEB Enskilda Nomura Societe Generale JPMorgan DNB Markets Jyske Bank ABG Sundal Collier RBC Capital Markets Pareto Securities S&P Capital IQ Barclays EVA Dimensions Macquarie Carnegie Handelsbanken SpareBank 1 Markets AS Alm Brand Markets Arctic Securities ASA Danske Markets Goldman Sachs Berenberg Bank Morgan Stanley NYKREDIT Evli Bank Plc Nordea Equity Research Swedbank CA Cheuvreux Sydbank

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

Analyst CHRISTOPHE NIJDAM RICCARDO ROVERE ANDREAS HAKANSSON RONNY REHN NICOLAS MCBEATH OMAR KEENAN GEOFF DAWES SOFIE PETERZENS HAKON FURE CHRISTIAN HEDE MAGNUS ANDERSSON CLAIRE KANE JON DAVID GJERTSEN FRANK BRADEN CHRISTOFFER ROSQUIST AUSTIN BURKETT EDWARD FIRTH ASBJORN MORK PETER GRABE NILS CHRISTIAN OYEN STIG NYMANN FRIDTJOF BERENTS PER GRONBORG PAWEL DZIEDZIC NICK ANDERSON ALVARO SERRANO MADS THINGGAARD KIMMO RAMA MATHS LILJEDAHL CHRISTIAN HALL MATS ANDERSON BJORN SCHWARZ

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

Recommendation reduce underperform neutral outperform buy buy buy neutral buy strong buy buy outperform buy buy overweight overweight neutral buy reduce buy sell buy hold Buy/Neutral buy Equalwt/In-Line underperform buy not rated buy outperform neutral

Amt Held 860'400'000 544'200'000 158'200'000 127'800'000 79'700'000 72'400'000 58'900'000 52'450'681 51'700'000 44'400'000 43'836'854 41'100'000 40'900'000 31'040'300 30'400'000 30'400'000 28'499'330 27'162'239 27'000'000 23'500'000

% Out 21.24 13.44 3.91 3.16 1.97 1.79 1.45 1.3 1.28 1.1 1.08 1.01 1.01 0.77 0.75 0.75 0.7 0.67 0.67 0.58

Weighting

Change

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

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

Latest Chg (271'123) 1'335'441 (599'500) (862'000) 1'287'716 -

Target Price 76 73 74 86 90 84 88 82 77 91 81 81 82 82 88 #N/A N/A 75 #N/A N/A 70 76 60 76 72 85 80 70 #N/A N/A 86 #N/A N/A 65 80 #N/A N/A

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

File Dt 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 28.09.2012 31.12.2012 28.09.2012 28.09.2012 28.02.2013 28.09.2012 28.09.2012 28.02.2013 28.09.2012 28.09.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012

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

Inst Type Insurance Company Government Investment Advisor Investment Advisor Pension Fund (ERISA) n/a n/a Unclassified n/a Pension Fund (ERISA) Investment Advisor n/a Insurance Company Unclassified Insurance Company Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA)

Date 27.03.2013 25.03.2013 20.03.2013 19.03.2013 19.03.2013 15.03.2013 14.03.2013 14.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 25.02.2013 18.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 28.01.2013 28.01.2013 16.01.2013 08.10.2012 29.05.2012 16.04.2012 27.10.2011 16.08.2011 29.04.2011

27.03.2013

Mahindra & Mahindra Ltd Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive provides investment banking, private banking, and asset management services to customers located around the world.

Price/Volume 30

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MM IB EQUITY YTD Change MM IB EQUITY YTD % CHANGE

03/2012 12/yy 974.80 621.75 52'806.00 863.25 -11.44% 38.84% 68.40% 614.0 530'018.88 189'294.90 0.0 45'251.6 53'313.10 711'252.29

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

15.0 M

10.0 M

5.0 M

0 m-12

31.03.2009 31.03.2010 189'864.5 231'986.5 1.12x 1.89x 37'045.4 55'600.1 5.76x 7.89x 14'054.1 24'785.6 7.44x 12.01x Profitability

LTM-4Q 31.03.2011 368'637.8 1.52x 61'269.0 9.12x 30'797.3 13.10x

31.03.2012 594'176.3 1.00x 74'259.3 7.99x 31'266.6 13.17x 74'259.30 56'227.00 9.46% 7.52% 5.46% 20.14% 11.77% 1.04% 12.5% 9.5% 5.3% 1.25 0.43 29.64% 112.88% 12.44 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

1.45 0.98 420.47 27.87% -7.18% 0.979 58 4.069 69'412 81'508 78'415 FY+2

FQ+1

FQ+2

12/yy 42'715.0 0.00x 0.0 0.00x 1'953.0 16.85x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 38'313.0 707'943.6 799'684.1 0.00x 1.19x 1.07x 0.0 85'635.7 99'079.1 0.00x 8.31x 7.18x 1'483.0 38'197.0 45'340.6 26.50x 13.54x 11.47x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.13 2.27 1.83 2.55 112.9% 47.1% 1.04 4.17 29.43 -

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0 80'000.0

6.00

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

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 176'194.8 1.52x 37'437.6 7.14x 15'711.2 10.59x

20.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Mahindra & Mahindra Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP QATAR INVESTMENT AUT CRESCENT HOLDING GMB DODGE & COX BLACKROCK HARRIS ASSOCIATES LP CAPITAL GROUP COMPAN CREDIT SUISSE MORGAN STANLEY AXA NORGES BANK CREDIT SUISSE ASSET VANGUARD GROUP INC T ROWE PRICE ASSOCIA UBS FUND MANAGEMENT SWISSCANTO FONDSLEIT PICTET & CIE ONTARIO TEACHERS PEN FMR LLC TEMPLETON INVESTMENT

Firm Name

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

Analyst

Nomura TIM DAWSON Mediobanca SpA CHRISTOPHER J WHEELER Day by Day VALERIE GASTALDY Exane BNP Paribas DANIEL DAVIES Morgan Stanley HUW VAN STEENIS Goldman Sachs JERNEJ OMAHEN JPMorgan KIAN ABOUHOSSEIN CA Cheuvreux CHRISTIAN STARK Bankhaus Metzler GUIDO HOYMANN AlphaValue DIETER HEIN Societe Generale DIRK HOFFMANN-BECKING RBC Capital Markets FIONA SWAFFIELD Macquarie PIERS BROWN Keefe, Bruyette & Woods ANDREW STIMPSON Oddo & Cie JEAN SASSUS DZ Bank AG CHRISTOPH BAST Redburn Partners NICHOLAS WATTS Barclays JEREMY SIGEE Zuercher Kantonalbank ANDREAS VENDITTI Main First Bank AG KILIAN MAIER Natixis ANTOINE BURGARD Nomura JON PEACE S&P Capital IQ FRANK BRADEN Commerzbank Corporates & Markets MICHAEL DUNST Deutsche Bank MATT SPICK Independent Research GmbH STEFAN BONGARDT Berenberg Bank JAMES CHAPPELL Kepler Capital Markets DIRK BECKER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Canaccord Genuity Corp ARUN MELMANE Espirito Santo Investment Bank Research ANDREW LIM Liberum Capital Ltd CORMAC LEECH Landesbank Baden-Wuerttemberg INGO FROMMEN EVA Dimensions AUSTIN BURKETT Bank Vontobel AG TERESA NIELSEN HSBC ROBERT MURPHY Nord/LB MICHAEL SEUFERT Grupo Santander AURELIA FAURE Hammer Partners SA ENRICO RACIOPPI

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

Recommendation neutral outperform hold outperform Overwt/In-Line neutral/neutral overweight select list sell add buy outperform outperform outperform neutral sell neutral equalweight market perform outperform neutral buy hold hold hold buy sell buy hold hold neutral hold hold buy hold neutral hold hold sell

Amt Held 88'790'736 81'886'795 80'566'040 66'037'738 39'622'643 39'622'643 39'396'381 36'381'320 32'818'874 32'002'938 29'056'605 18'440'996 18'419'971 10'904'019 10'447'937 6'808'428 6'196'536 4'500'000 4'377'233 4'030'117

% Out 6.72 6.2 6.1 5 3 3 2.98 2.75 2.48 2.42 2.2 1.4 1.39 0.83 0.79 0.52 0.47 0.34 0.33 0.31

Weighting

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

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

Latest Chg 134'170 5'348'082 (3'890'327) 12'068'962 (26'636'525) (272'042) 2'714'754 1'197'683 (21'919) 2'503'621 57'768 2'906'292 (17'300)

Target Price 27 31 #N/A N/A 32 30 30 34 30 24 28 33 30 30 34 28 24 #N/A N/A 27 #N/A N/A 30 24 32 28 27 29 32 13 30 23 29 25 25 27 #N/A N/A 23 24 #N/A N/A 20 21

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 17.01.2013 04.03.2013 28.06.2010 25.08.2009 31.12.2012 31.01.2013 31.12.2012 31.12.2012 30.11.2012 31.01.2013 31.01.2013 31.12.2011 31.01.2013 31.12.2012

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

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor

Date 27.03.2013 25.03.2013 19.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 07.03.2013 05.03.2013 05.03.2013 05.03.2013 27.02.2013 27.02.2013 19.02.2013 15.02.2013 12.02.2013 11.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 30.01.2013 23.01.2013 22.01.2013 17.01.2013 20.11.2012 07.11.2012 23.10.2012 18.09.2012 03.07.2012

27.03.2013

Maruti Suzuki India Ltd Maruti Suzuki India Limited manufactures and exports automobiles. Maruti and commercial vehicles for sale worldwide. The Company produces the Passat, Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi, Seat and Skoda, which manufacture and sell cars in Spain and in southern and eastern Europe, and Lamborghini, which makes sports cars in Italy. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSIL IB EQUITY YTD Change MSIL IB EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 1'637.60 1'052.00 32'411.00 1293.2 -21.03% 22.93% 41.19% 288.9 373'618.47 15'573.00 0.0 0.0 72'170.00 317'021.47

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

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 m-13

Market Data

Fiscal Year Ended 31.03.2008 181'041.0 1.31x 26'009.0 9.11x 17'899.0 13.35x

200 180 160 140 120 100 80 60 40 20 0 m-12

31.03.2009 31.03.2010 206'622.0 295'915.0 0.98x 1.23x 18'746.0 39'462.0 10.77x 9.25x 12'274.0 26'247.0 18.36x 15.61x Profitability

31.03.2011 363'330.0 0.84x 36'891.0 8.27x 23'824.0 15.31x

31.03.2012 351'972.0 0.95x 25'408.0 13.13x 16'810.0 23.21x 25'408.00 13'781.00 3.92% 6.23% 7.97% 11.21% 10.76% 1.67% 7.2% 3.9% 4.8% 1.68 1.23 6.74% 9.94% 37.29 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

0.58 0.88 93.59 2.06% -13.15% 0.879 64 3.938 45'484 78'106 81'466 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 425'051.8 491'911.0 0.79x 0.67x 32'796.2 48'942.9 9.67x 6.48x 19'283.1 29'008.9 19.57x 12.70x S&P Issuer Ratings

41.58 -7.38 -2.23 0.61 9.9% 9.0% 1.67 4.80 9.82 -

Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00 6.00

100'000.0

4.00

50'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Maruti Suzuki India Ltd Holdings By:

All

Holder Name SUZUKI MOTOR CORP BLACKROCK WADDELL & REED FINAN CAPITAL GROUP COMPAN FMR LLC THORNBURG INVESTMENT CARMIGNAC GESTION DEUTSCHE BANK AG VANGUARD GROUP INC BG MASTER FUND PLC UNION INVESTMENT GMB ALLIANZ ASSET MANAGE ADIG INVESTMENT INVESCO LTD JP MORGAN FRANKFURT TRUST INVE UMB BANK N A PRUDENTIAL FINANCIAL T ROWE PRICE ASSOCIA UBS

Firm Name Nomura Sanford C. Bernstein & Co Kepler Capital Markets Exane BNP Paribas Commerzbank Corporates & Markets EVA Dimensions Landesbank Baden-Wuerttemberg Macquarie AlphaValue JPMorgan Hamburger Sparkasse Societe Generale Nord/LB Goldman Sachs Independent Research GmbH Oddo & Cie Day by Day Morgan Stanley M.M. Warburg Investment Research Bankhaus Lampe HSBC Bankhaus Metzler Natixis Equinet Institutional Services(ESN) S&P Capital IQ Barclays Redburn Partners Ahorro Corporacion Financiera SA Credit Suisse Main First Bank AG Silvia Quandt Research Cyrrus Hammer Partners SA Deutsche Bank CA Cheuvreux

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

Analyst MICHAEL PUNZET MAX WARBURTON MICHAEL RAAB RABIH FREIHA DANIEL SCHWARZ CRAIG STERLING FRANK BILLER CHRISTIAN BREITSPRECHER HANS-PETER WODNIOK JOSE ASUMENDI TINA HECKING-VELTMAN STEPHEN REITMAN FRANK SCHWOPE STEFAN BURGSTALLER ZAFER RUZGAR FRANCOIS MAURY VALERIE GASTALDY STUART PEARSON MARC-RENE TONN CHRISTIAN LUDWIG HORST SCHNEIDER JUERGEN PIEPER GEORGES DIENG TIM SCHULDT MARNIE COHEN MICHAEL TYNDALL CHARLES WINSTON VIRGINIA PEREZ REPES ERICH HAUSER LOTHAR LUBINETZKI ALBRECHT DENNINGHOFF JIRI SIMARA ALBERTO ROLLA JOCHEN GEHRKE ALEXANDER NEUBERGER

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

Recommendation buy market perform buy outperform buy buy buy neutral add overweight buy buy buy buy/attractive buy neutral hold Overwt/In-Line buy buy overweight buy buy buy buy overweight buy buy outperform outperform neutral buy buy buy outperform

Amt Held % Out 26'355'116 15.49 6'811'077 4 6'373'641 3.75 5'769'375 3.39 4'904'952 2.88 2'424'693 1.43 1'823'701 1.07 1'590'080 0.93 1'505'412 0.88 (1'208'014) -0.71 1'186'836 0.7 1'093'080 0.64 894'264 0.53 707'619 0.42 554'996 0.33 545'030 0.32 442'029 0.26 435'232 0.26 432'917 0.25 415'317 0.24

Weighting

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

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

Latest Chg 40'022 (887'122) 592'800 172'087 (136'382) 1'011'201 (58'013) (51'122) (153'129) 187'225 178'639 125'708 16'745 36'337 (7'214) 7'182 (54'543)

Target Price 188 170 194 192 195 #N/A N/A 196 175 175 207 #N/A N/A 200 195 211 220 160 #N/A N/A 190 215 205 207 200 195 185 181 192 #N/A N/A 181 195 207 141 170 168 200 200

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

File Dt Inst Type 10.03.2011 Government 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 07.11.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified

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

Date 27.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 07.03.2013 28.02.2013 27.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 05.02.2013 08.01.2013 30.11.2012 16.11.2012 29.10.2012 18.10.2012 02.08.2012 30.04.2012

27.03.2013

Nestle India Ltd Nestle India Ltd. manufactures brand name milk products and other food products. services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Price/Volume 160

2.5 M

140

2.0 M

120 100

Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NEST IB EQUITY YTD Change NEST IB EQUITY YTD % CHANGE

12/2012 12/yy 5'040.00 4'305.55 1'575.00 4588.5 -8.96% 6.57% 38.53% 96.4 442'403.53 10'501.90 0.0 0.0 6'018.20 446'887.22

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

1.0 M

60 40

.5 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.12.2008 43'242.5 3.19x 8'671.4 15.89x 5'340.8 26.23x

1.5 M

Valuation Analysis

31.12.2009 31.12.2010 51'293.8 62'547.4 4.72x 5.82x 10'373.9 12'637.9 23.34x 28.78x 6'550.0 8'186.6 37.51x 44.92x Profitability

LTM-4Q 31.12.2011 74'908.2 5.35x 15'744.8 25.46x 8'515.0 46.37x

31.12.2012 83'022.6 5.85x 18'511.8 26.25x 10'679.3 45.07x 18'511.80 15'740.30 18.96% 18.70% 22.33% 69.52% 42.65% 1.74% 22.3% 19.0% 12.9% 1.32 0.61 20.34% 58.40% 81.80 -

Price/ Cash Flow

LTM

12/yy 61'764.0 1.29x 0.0 0.00x 702.0 23.74x

12/yy 66'135.0 1.52x 0.0 0.00x 3'195.0 7.56x

1.06 0.40 33.41 3.62% -7.81% 0.399 38 2.711 13'382 3'646 3'757

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

69.59 1.46 0.24 0.57 58.4% 36.9% 1.74 2.54 4.47 -

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00 3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Nestle India Ltd Holdings By:

All

Holder Name NESTLE SA BLACKROCK PEOPLES BANK OF CHIN CREDIT SUISSE AG FRANKLIN RESOURCES ALLIANZ ASSET MANAGE VANGUARD GROUP INC ARTISAN PARTNERS HOL DEUTSCHE BANK AG DEKA INVESTMENT GMBH MACKENZIE FINANCIAL NATIXIS ASSET MANAGE TWEEDY BROWNE COMPAN UNION INVESTMENT GMB BNP PARIBAS INV PART T ROWE PRICE ASSOCIA ADIG INVESTMENT SARASIN FRANKFURT TRUST INVE DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Nomura THOMAS SEIDL DZ Bank AG THORSTEN WENZEL Credit Suisse ADAM MCINALLY S&P Capital IQ RODERICK WALLACE AlphaValue DIETER HEIN EVA Dimensions AUSTIN BURKETT RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Macquarie HADLEY COHEN Exane BNP Paribas THOMAS JACQUET Societe Generale JASON KALAMBOUSSIS Bankhaus Metzler JOCHEN SCHMITT Nomura MICHAEL KLIEN Nord/LB JULIA SIEKMANN Goldman Sachs VINIT MALHOTRA JPMorgan MICHAEL HUTTNER Landesbank Baden-Wuerttemberg WERNER SCHIRMER Oddo & Cie NICOLAS JACOB Natixis BENOIT VALLEAUX Helvea DANIEL BISCHOF Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Equinet Institutional Services(ESN) PHILIPP HAESSLER Day by Day VALERIE GASTALDY Bankhaus Lampe ANDREAS SCHAEFER CA Cheuvreux FRANK KOPFINGER Berenberg Bank TOM CARSTAIRS Raymond James DANNY JACQUES HSBC THOMAS FOSSARD Hamburger Sparkasse CHRISTIAN HAMANN Kepler Capital Markets FABRIZIO CROCE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Morgan Stanley MACIEJ WASILEWICZ Mediobanca SpA MARC THIELE Canaccord Genuity Corp BEN COHEN Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research JOY FERNEYHOUGH Daiwa Securities Co. Ltd. TIM PROUDLOVE

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

Recommendation underperform buy neutral hold reduce overweight underperform outperform neutral neutral hold buy reduce hold Buy/Neutral overweight hold reduce neutral neutral hold sell hold hold hold outperform hold market perform underweight buy buy hold overweight underperform Overwt/In-Line outperform buy neutral neutral outperform

Amt Held 20'086'215 17'466'054 5'380'236 3'097'431 2'261'723 2'242'202 1'886'892 1'798'228 1'713'886 1'374'140 1'050'506 925'403 909'100 834'488 800'520 619'738 590'450 574'580 539'431 492'477

% Out 11.2 9.74 3 1.73 1.26 1.25 1.05 1 0.96 0.77 0.59 0.52 0.51 0.47 0.45 0.35 0.33 0.32 0.3 0.27

Weighting

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

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

Latest Chg (16'460) (397'577) (130'604) 75'261 263'657 107'059 (234'487) 97'400 715'207 (376'953) 5'222 (33'714) 6'554 131'232 196'794 (10'900) -

Target Price 106 165 155 150 141 #N/A N/A 135 170 150 145 133 171 140 155 175 167 150 125 140 142 150 136 125 #N/A N/A 145 157 140 #N/A N/A 135 #N/A N/A 153 147 157 145 152 164 142 #N/A N/A 118 119

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

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 25.04.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Mutual Fund Manager 31.07.2012 Investment Advisor

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

Date 27.03.2013 27.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 20.02.2013 18.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 09.01.2013 15.03.2012 02.02.2012 10.05.2011

27.03.2013

NHPC Ltd National Hydroelectric Power Corp Ltd. is a hydro-power development company Company's operations include electric generation at conventional, nuclear, and renewable-source facilities, electric transmission via high-voltage wires network, regional distribution of electricity, gas, and heat, power trading and electricity, gas, and heat sales.

Price/Volume 25

50.0 M

03/2012 12/yy 29.40 14.65 1'342'707.00 19.95 -32.14% 36.18% 35.93% 12'300.7 245'399.83 180'926.20 0.0 20'348.6 74'891.50 371'783.13

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

40.0 M

30.0 M 20.0 M

10.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 29'248.3 23'851.0 11'461.7 -

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (07.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NHPC IB EQUITY YTD Change NHPC IB EQUITY YTD % CHANGE

70.0 M

31.03.2009 31.03.2010 34'277.7 50'485.7 9.75x 26'082.6 42'854.1 11.48x 9'392.5 21'755.6 16.59x Profitability

31.03.2011 51'436.5 8.62x 35'820.6 12.38x 23'161.6 13.44x

31.03.2012 69'203.3 5.33x 48'693.6 7.57x 30'855.8 7.85x 48'693.60 36'928.50 53.36% 62.88% 5.39% 11.19% 9.54% 0.12% 70.4% 53.4% 44.6% 1.46 1.02 30.01% 63.16% 4.91 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.51 0.71 1'677.37 5.53% -21.61% 0.714 21 3.238 2'350'990 6'226'878 4'295'786 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 64'380.3 71'860.4 103.0 5.92x 5.41x 42'840.0 49'145.8 52.0 8.69x 7.58x 23'073.3 25'814.3 18.9 10.57x 9.58x S&P Issuer Ratings

25.09.2009 BBBNEG 23.08.2004 NR 3.74 1.21 2.18 3.72 63.2% 37.1% 0.12 0.19 74.50 -

Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0 100'000.0

4.00

80'000.0 3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

NHPC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA GOVERNMENT OF NORWAY E.ON AG CREDIT SUISSE AG MORGAN STANLEY DB PLATINUM ADVISORS VANGUARD GROUP INC UNION INVESTMENT GMB DEUTSCHE BANK AG CAPITAL GROUP COMPAN DEKA INVESTMENT GMBH FRANKLIN RESOURCES MERCURY ASSET MANAGE BNP PARIBAS INV PART ALLIANZ ASSET MANAGE ETFLAB INVESTMENT GM GRANTHAM MAYO VAN OT ADIG INVESTMENT T ROWE PRICE ASSOCIA CREDIT SUISSE ASSET

Firm Name Axis Capital Limited Goldman Sachs Exane BNP Paribas AlphaValue Commerzbank Corporates & Markets HSBC DZ Bank AG Equinet Institutional Services(ESN) Kepler Capital Markets Societe Generale M.M. Warburg Investment Research S&P Capital IQ Grupo Santander Nord/LB Raymond James Independent Research GmbH Banco Sabadell JPMorgan Berenberg Bank Ahorro Corporacion Financiera SA Landesbank Baden-Wuerttemberg Deutsche Bank Morgan Stanley Macquarie Hamburger Sparkasse Bankhaus Metzler Natixis Nomura Day by Day Credit Suisse Barclays Main First Bank AG EVA Dimensions Redburn Partners CA Cheuvreux Silvia Quandt Research

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

Analyst JOHN MUSK DEBORAH WILKENS BENJAMIN LEYRE EILEEN RYAN TANJA MARKLOFF ADAM DICKENS MARC NETTELBECK MICHAEL SCHAEFER INGO BECKER ALBERTO PONTI STEPHAN WULF CLIVE ROBERTS OSCAR NAJAR RIOS HEINO HAMMANN EMMANUEL RETIF SVEN DIERMEIER JORGE GONZALEZ SADORNIL VINCENT DE BLIC ROBERT CHANTRY VIRGINIA PEREZ REPES ERKAN AYCICEK ALEXANDER KARNICK BOBBY CHADA ROBERT SCHRAMM-FUCHS ANNEMARIE SCHLUETER DANIEL SEIDENSPINNER PHILIPPE OURPATIAN MARTIN YOUNG VALERIE GASTALDY VINCENT GILLES PETER BISZTYGA ANDREAS THIELEN AUSTIN BURKETT AHMED FARMAN SEBASTIAN KAUFFMANN SEBASTIAN ZANK

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

Recommendation underperform Buy/Neutral neutral buy hold underweight hold hold hold hold buy buy hold hold market perform sell buy underweight sell buy hold sell Underwt/In-Line underperform hold sell reduce reduce hold underperform equalweight outperform sell neutral underperform not rated

Amt Held 172'665'399 118'276'492 95'529'865 46'680'225 25'888'854 25'026'728 18'679'962 13'832'519 9'652'792 7'475'000 7'351'606 7'243'436 5'928'365 5'219'136 4'940'060 4'406'169 3'863'245 3'154'858 3'041'428 2'804'442

% Out 8.63 5.91 4.77 2.33 1.29 1.25 0.93 0.69 0.48 0.37 0.37 0.36 0.3 0.26 0.25 0.22 0.19 0.16 0.15 0.14

Weighting

Change

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

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

Latest Chg (62'158) 16'104'093 719'330 (288'536) (1'454'174) (544'741) (18'477'247) (551'821) (953'996) 254'908 (1'125'000) 268'623 (49'616)

Target Price 11 19 14 17 14 12 14 14 13 13 17 15 16 13 #N/A N/A 11 14 13 12 15 13 13 11 12 #N/A N/A 11 12 14 #N/A N/A 11 15 17 #N/A N/A #N/A N/A 17 #N/A N/A

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

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2011 Government 31.12.2011 Corporation 09.05.2012 Investment Advisor 10.05.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 15.02.2013 06.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 25.01.2013 23.01.2013 17.01.2013 14.11.2012 14.08.2012 14.03.2012

27.03.2013

NMDC Ltd NMDC Limited explores for minerals. The Company is exploring for iron ore, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums. Pernod Ricard markets its products worldwide.

Price/Volume 120 100 80 60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.07.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NMDC IB EQUITY YTD Change NMDC IB EQUITY YTD % CHANGE

03/2012 12/yy 203.40 128.30 4'811'044.00 134.2 -34.02% 4.60% 7.86% 3'964.7 532'064.88 0.00 0.0 6.7 97'410.30 434'661.28

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

20 0 m-12

31.03.2009 31.03.2010 75'640.3 6.88x 58'371.0 8.91x 43'495.5 14.20x Profitability

31.03.2011

31.03.2012 -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

58'371.00 57'635.40 76.20% 87.59% 39.69% 43.65% 43.64% 0.69% 77.2% 76.2% 57.5% 10.12 9.26 0.00% 0.00% 10.05 -

1.65 1.02 527.56 -14.91% -18.12% 1.017 37 4.541 3'832'477 939'202 669'502

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

Price/ Cash Flow

S&P Issuer Ratings

-1.67 0.00 0.0% 0.0% 0.69 9.03 36.32 -

Sales/Revenue/Turnover

90.00

9'000.0

80.00

8'000.0

70.00

7'000.0

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 03.07.2009

a-12 m-12

Fiscal Year Ended 31.03.2008 57'113.1 22.72x 43'366.9 29.93x 32'859.8 1250.58x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M f-13 m-13

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

1997199819992000200120022003200420052006200720082009201020112012

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

27.03.2013

NMDC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA CAPITAL GROUP COMPAN GROUPE BRUXELLES LAM FRANKLIN RESOURCES SUN LIFE FINANCIAL I HARBOR CAPITAL ADVIS CREDIT AGRICOLE ASSE AMUNDI ASSET MANAGEM NORGES BANK INVESTME CAISSE DES DEPOTS ET BLACKROCK GARDNER RUSSO & GARD ARTISAN PARTNERS HOL JANUS CAPITAL MANAGE NATIXIS ASSET MANAGE NATIXIS ASSET MANAGE T ROWE PRICE ASSOCIA CITIGROUP GLOBAL MAR CARMIGNAC GESTION LANSDOWNE PARTNERS L

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a GARDNER RUSSO & GARD n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Standard Chartered NICOLAS CERON Raymond James HERMINE DE BENTZMANN Nomura IAN SHACKLETON Berenberg Bank PHILIP MORRISEY Kepler Capital Markets LAETITIA DELAYE Barclays SIMON HALES AlphaValue ISABELLE COMBEMALE Sanford C. Bernstein & Co TREVOR STIRLING RBC Capital Markets JAMES EDWARDES JONES Credit Suisse ALEX MOLLOY Canaccord Genuity Corp EDDY HARGREAVES Exane BNP Paribas JAVIER GONZALEZ LASTRA Day by Day VALERIE GASTALDY Shore Capital Stockbrokers PHIL CARROLL EVA Dimensions AUSTIN BURKETT Investec MARTIN DEBOO JPMorgan MIKE J GIBBS Natixis JOSEPHINE CHEVALLIER CM - CIC Securities(ESN) FRANCIS PRETRE Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Deutsche Bank JAMES ISENWATER Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN Grupo Santander ANTHONY J BUCALO Goldman Sachs MITCHELL COLLETT Aurel - BGC JEAN-MARIE L'HOME Redburn Partners CHRIS PITCHER Jefferies DIRK VAN VLAANDEREN Espirito Santo Investment Bank Research ALEX SMITH HSBC ERWAN RAMBOURG Equita SIM SpA FABIO FAZZARI Davy BARRY GALLAGHER

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

Recommendation buy outperform neutral buy hold overweight reduce market perform outperform outperform sell outperform hold hold sell hold overweight buy accumulate neutral buy sell sell underperform buy buy/attractive hold neutral hold buy neutral hold outperform

Amt Held 34'866'200 26'674'844 19'890'770 10'920'574 10'854'541 5'904'879 5'615'014 5'468'037 5'310'761 5'270'298 4'954'341 3'711'633 3'710'368 3'407'419 3'181'703 3'110'259 2'934'500 2'898'012 2'843'000 2'786'833

% Out 13.14 10.05 7.5 4.12 4.09 2.23 2.12 2.06 2 1.99 1.87 1.4 1.4 1.28 1.2 1.17 1.11 1.09 1.07 1.05

Weighting

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

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

Latest Chg (736'472) 1'064'185 (96'556) 102'126 70'829 10'620 1'227'037 859'128 -

Target Price 110 104 98 117 97 105 99 103 122 116 72 104 #N/A N/A #N/A N/A #N/A N/A 93 101 107 98 91 107 75 62 91 103 139 75 #N/A N/A 82 96 93 66 #N/A N/A

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

File Dt Inst Type 29.08.2012 Corporation 18.02.2013 Investment Advisor 29.08.2012 Holding Company 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Investment Advisor 29.08.2012 Other 29.08.2012 Government 29.08.2012 Government 25.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 29.08.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2012 Unclassified 31.12.2012 Investment Advisor 29.08.2012 Hedge Fund Manager

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

Date 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 14.03.2013 13.03.2013 07.03.2013 05.03.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 08.02.2013 25.01.2013 21.01.2013 14.01.2013 09.01.2013 14.12.2012 10.12.2012 26.10.2012 14.09.2012 08.08.2012 12.01.2012 26.07.2011

27.03.2013

NTPC Ltd NTPC Ltd. owns and operates power generation plants that supply power to state and long-distance telephone call products and services in the UK, international telephone calls to and from the UK, broadband network solutions and web hosting to corporate customers, network ADSL, ISDN, and IP services to communication companies and narrowband and broadband internet access and related services.

Price/Volume 70.0 M

250

60.0 M 50.0 M

200

40.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (21.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTPC IB EQUITY YTD Change NTPC IB EQUITY YTD % CHANGE

03/2012 12/yy 175.35 136.10 3'861'806.00 142.5 -18.73% 4.70% 16.31% 8'245.5 1'174'978.63 598'040.90 0.0 5'955.9 197'141.30 1'581'834.13

31.03.2008 395'547.0 4.48x 129'347.0 13.70x 76'704.0 21.13x

30.0 M

100

20.0 M

10.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

300

31.03.2009 31.03.2010 426'614.0 482'564.0 3.99x 4.09x 113'936.0 136'798.0 14.93x 14.43x 83'615.0 88'378.0 17.74x 19.34x Profitability

31.03.2011 574'831.7 3.32x 128'580.8 14.84x 93'482.3 17.03x

31.03.2012 650'439.3 2.69x 152'329.5 11.48x 98'146.6 13.67x 152'329.50 121'258.60 18.64% 20.20% 6.73% 13.76% 10.34% 0.45% 23.4% 18.6% 15.1% 2.06 1.27 38.52% 80.52% 15.44 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.81 0.87 1'039.46 -11.00% -6.63% 0.871 53 4.491 2'497'389 702'509 579'126 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 714'085.7 822'486.4 2.30x 2.07x 175'008.7 206'399.1 9.05x 7.67x 102'958.9 115'154.7 11.39x 10.10x S&P Issuer Ratings

30.01.2007 BBBNEG 3.41 -0.16 2.63 3.93 80.5% 44.4% 0.45 0.70 23.71 -

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00 6.00

15'000.0

5.00 4.00

10'000.0

3.00

5'000.0

2.00 1.00 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 |

27.03.2013

NTPC Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA BLACKROCK LEGAL & GENERAL BT GROUP PLC SHAREVI PERPETUAL INVESTMENT THREADNEEDLE ASSET M NORGES BANK INVESTME STANDARD LIFE INVEST FMR LLC AVIVA INVESTORS SCOTTISH WIDOWS ARTEMIS INVESTMENT M M&G INVESTMENT MANAG PEOPLES REPUBLIC OF ARTEMIS INVESTMENT M THREADNEEDLE INVESTM VANGUARD GROUP INC BT GROUP PLC EMPLOYE VANGUARD GROUP INC MAJEDIE ASSET MANAGE

Firm Name

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

Analyst

Nomura PAUL SIDNEY Nomura JAMES BRITTON Oriel Securities Ltd JOHN KARIDIS AlphaValue JEAN-MICHEL SALVADOR JPMorgan CARL MURDOCK-SMITH Sanford C. Bernstein & Co ROBIN BIENENSTOCK Barclays MAURICE PATRICK Espirito Santo Investment Bank Research NICK BROWN Exane BNP Paribas MICHAEL WILLIAMS Berenberg Bank STUART GORDON New Street Research JAMES RATZER Day by Day VALERIE GASTALDY Morgan Stanley NICK DELFAS Macquarie GUY R PEDDY Liberum Capital Ltd LAWRENCE SUGARMAN Deutsche Bank DAVID A WRIGHT Societe Generale OTTAVIO ADORISIO Goldman Sachs ANDREW LEE Jefferies JEREMY A DELLIS S&P Capital IQ JAMES CRAWSHAW Oddo & Cie ALEXANDRE IATRIDES EVA Dimensions ANDREW S ZAMFOTIS HSBC STEPHEN HOWARD Raymond James STEPHANE BEYAZIAN Landesbank Baden-Wuerttemberg RALPH SZYMCZAK

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

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

Amt Held 778'912'816 414'048'238 326'738'146 284'949'077 218'997'078 176'167'732 153'691'805 151'085'357 139'912'821 134'026'296 128'739'886 121'209'276 103'659'925 95'877'803 90'844'770 86'476'500 82'710'326 81'270'291 81'100'448 79'359'827

% Out 9.88 5.25 4.15 3.62 2.78 2.24 1.95 1.92 1.78 1.7 1.63 1.54 1.32 1.22 1.15 1.1 1.05 1.03 1.03 1.01

Weighting

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

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

Latest Chg 8'748'662 56'100'337 609'027 (2'425'817) (9'615'159) 1'514'171 (16'511'149) 17'151'093 (6'162'708) 5'420'429 (857'049) 4'103'000 12'800'853 689'067 4'210'755 (197'922) 7'324'283 702'630

Target Price 300 360 330 278 280 285 230 250 250 280 225 309 290 180 300 277 245 320 278 260 175 #N/A N/A 220 245 190

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

File Dt 01.11.2012 25.03.2013 28.02.2013 01.11.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 31.12.2012 31.12.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012

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

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 19.03.2013 15.03.2013 15.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 14.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 30.01.2013 17.01.2013 20.11.2012 04.09.2012 25.07.2012

27.03.2013

Oil & Natural Gas Corp Ltd Oil and Natural Gas Corporation Limited specializes in the exploration and manufactures and distributes apparel. The Company operates retail chains in Europe, the Americas, Asia, and Africa.

Price/Volume 120

35.0 M

100

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ONGC IB EQUITY YTD Change ONGC IB EQUITY YTD % CHANGE

03/2012 01/yy 354.10 240.10 178'295.00 302.7 -14.52% 26.07% 54.91% 8'555.5 2'589'747.00 159'842.06 0.0 22'084.3 286'004.65 2'485'668.57

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

1.20

15.0 M

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

20.0 M

Valuation Analysis

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 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.22 0.86 1'104.97 18.76% 14.75% 0.856 61 4.164 345'363 418'870 453'870 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 ######### ######### 1.55x 1.42x 547'053.6 629'176.9 4.55x 3.96x 250'353.3 290'812.0 10.25x 8.85x 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

18'000.0 16'000.0

1.00 0.80

14'000.0 12'000.0 10'000.0

0.60

8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

27.03.2013

Oil & Natural Gas Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA PARTLER 2006 SL ROSP CORUNNA JP MORGAN CAPITAL GROUP COMPAN FMR LLC VANGUARD GROUP INC CARMIGNAC GESTION BLACKROCK HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC ALLIANZ ASSET MANAGE WILLIAM BLAIR & COMP BAILLIE GIFFORD AND UMB BANK N A PRUDENTIAL FINANCIAL JENNISON ASSOCIATES NATIXIS ASSET MANAGE SUN LIFE FINANCIAL I BANK OF NEW YORK MEL

Firm Name

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

Analyst

ICICI Securities REBECCA MCCLELLAN Exane BNP Paribas BEN SPRUNTULIS ISI Group OMAR SAAD EVA Dimensions CRAIG STERLING Sanford C. Bernstein & Co JAMIE MERRIMAN Morgan Stanley GEOFFREY RUDDELL La Caixa ANTONIO JOSE CASTELL NEYRA Interdin Bolsa SOFIA REBUELTA VILLEGAS Societe Generale ANNE CRITCHLOW BPI JOSE RITO CA Cheuvreux DANIEL OVIN Cantor Fitzgerald ALLEGRA PERRY Independent Research GmbH ZAFER RUZGAR BBVA ISABEL CARBALLO NMAS 1 Agencia de Valores FRANCISCO RIQUEL Telsey Advisory Group DANA TELSEY Credit Suisse SIMON IRWIN Raymond James CEDRIC LECASBLE HSBC PAUL ROSSINGTON Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ Banco Sabadell IGNACIO ROMERO Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Bryan Garnier & Cie PETER FARREN Nomura FRASER RAMZAN S&P Capital IQ WILLIAM MACK Intermoney Valores ANTONIO PAUSA RODRIGUEZ Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO Redburn Partners GEOFF LOWERY Espirito Santo Investment Bank Research FILIPE ROSA AlphaValue VIRGINIE BLIN Deutsche Bank WARWICK OKINES Barclays CHRISTODOULOS CHAVIARAS Natixis JEAN BAPTISTE TEISSIER Hamburger Sparkasse CHRISTIAN HAMANN Day by Day VALERIE GASTALDY Goldman Sachs FRANKLIN WALDING Kepler Capital Markets NATALIA BOBO BJOERK Mirabaud Finanzas Sociedad de ValoresGONZALO S SANZ

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

Recommendation buy neutral strong buy overweight outperform Equalwt/Cautious underweight sell buy neutral underperform hold sell market perform neutral no rating system underperform market perform overweight hold buy sell sell buy buy hold neutral buy neutral sell buy equalweight buy hold buy Buy/Neutral buy underweight

Amt Held 311'727'598 57'872'465 31'494'806 18'823'336 7'598'170 6'649'493 5'244'417 4'779'721 3'112'740 2'887'450 2'657'118 2'349'841 1'835'758 1'192'900 1'105'737 871'054 753'341 737'364 703'033 644'567

% Out 50.01 9.28 5.05 3.02 1.22 1.07 0.84 0.77 0.5 0.46 0.43 0.38 0.29 0.19 0.18 0.14 0.12 0.12 0.11 0.1

Weighting

Change

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

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

Latest Chg (2'766) 759'500 (1'464'302) 86'426 893'049 (613'458) (43'431) 62'876 (75'362) 61'061 119'400 (159'687) (53'921) (54'094) 518'290 (36'531) (14'010)

Target Price 125 110 110 #N/A N/A 115 100 102 84 131 112 95 106 96 107 112 118 103 #N/A N/A 120 98 115 82 100 121 115 94 105 #N/A N/A 110 87 115 89 125 #N/A N/A 114 125 108 67

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

File Dt Inst Type 31.01.2013 Unclassified 31.01.2013 Corporation 31.01.2013 Unclassified 30.11.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor

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

Date 27.03.2013 27.03.2013 24.03.2013 21.03.2013 20.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 06.03.2013 22.02.2013 01.02.2013 18.12.2012 23.11.2012 07.11.2012 20.09.2012 21.03.2012

27.03.2013

Power Finance Corp Ltd Power Finance Corporation funds power projects in India. The Company serves for civil and military aircraft. The Group designs, constructs and installs power generation systems, transmission and distribution systems, and equipment for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume 1200

14.0 M

1000

12.0 M 10.0 M

800

Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POWF IB EQUITY YTD Change POWF IB EQUITY YTD % CHANGE

03/2012 01/yy 227.00 139.00 362'088.00 182.4 -19.65% 31.22% 49.32% 1'320.0 240'770.73 1'101'259.10 0.0 0.0 235.70 1'341'794.14

6.0 M

400

4.0 M

200

2.0 M

0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

600

Valuation Analysis

31.03.2009 31.03.2010 65'720.2 81'217.1 10.46x 11.91x 64'433.3 80'285.9 10.67x 12.05x 19'796.9 23'783.0 8.38x 12.47x Profitability

LTM-4Q 31.03.2011 102'141.0 11.16x 100'484.9 11.35x 26'471.2 10.84x

31.03.2012 130'960.1 10.27x 126'219.8 10.65x 30'588.5 7.81x 126'219.80 89.63% 31.66% 2.54% 16.98% 2.64% 0.11% 96.4% 23.4% 81.16% 529.63% -

Price/ Cash Flow

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

3.29 1.36 179.49 4.46% -8.00% 1.359 36 4.278 318'810 295'344 280'685 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 63'092.0 78'390.5 17'423.0 43'037.0 53'296.0 5.61x 4.53x S&P Issuer Ratings

30.01.2007 BBBNEG 23.08.2004 NR 8.72 8.72 529.6% 84.1% 0.11 178.20 -

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 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 |

27.03.2013

Power Finance Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA FMR LLC BLACKROCK LEGAL & GENERAL BAILLIE GIFFORD AND Northern Cross Inter NORGES BANK INVESTME SCOTTISH WIDOWS HARBOR CAPITAL ADVIS DEUTSCHE PRIVATE BAN VANGUARD GROUP INC PERPETUAL INVESTMENT M&G INVESTMENT MANAG SCHRODER INVESTMENT THREADNEEDLE ASSET M T ROWE PRICE ASSOCIA STANDARD LIFE INVEST THORNBURG INVESTMENT UBS AEGON

Firm Name Axis Capital Limited JPMorgan Sanford C. Bernstein & Co RBC Capital Markets Jefferies AlphaValue Societe Generale Investec Barclays S&P Capital IQ Morgan Stanley CM - CIC Securities(ESN) Natixis Exane BNP Paribas Deutsche Bank Kepler Capital Markets Day by Day Liberum Capital Ltd EVA Dimensions Credit Suisse Arden Partners Ltd CA Cheuvreux

Portfolio Name Multiple Portfolios 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 n/a n/a

Analyst EDWARD STACEY DAVID H. PERRY DOUGLAS S HARNED ROBERT STALLARD SANDY MORRIS THOMAS PICHERIT ZAFAR KHAN ANDREW GOLLAN CARTER COPELAND UNAI FRANCO RUPINDER VIG HARALD LIBERGE-DONDOUX ERIC CHADEYRAS OLIVIER BROCHET BEN FIDLER CHRISTOPHE MENARD VALERIE GASTALDY BENJAMIN BOURNE CRAIG STERLING OLIVER SLEATH GRAHAM J WEBSTER ANTOINE BOIVIN-CHAMPEAUX

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

Recommendation neutral overweight market perform outperform buy reduce sell add overweight hold Overwt/In-Line sell neutral outperform hold hold hold buy underweight neutral add underperform

Amt Held 112'822'192 102'165'089 93'986'631 75'786'766 58'757'257 45'853'311 45'308'048 43'402'486 43'022'491 41'865'846 36'507'917 36'150'309 30'897'478 27'706'884 26'924'567 25'928'040 25'368'833 24'908'239 21'984'871 21'891'388

% Out 6 5.43 5 4.03 3.13 2.44 2.41 2.31 2.29 2.23 1.94 1.92 1.64 1.47 1.43 1.38 1.35 1.32 1.17 1.16

Weighting

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

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

Latest Chg (3'289'064) (56'735'470) 1'193'881 3'025'904 5'797'601 1'065'936 2'538'998 699'470 2'652'399 759'881 16'496 (5'380'217) 803'995 (428'418) (8'010'744) 941'008 (462'155) (15'824'804) 526'673

Target Price 950 1'300 880 1'180 1'250 987 900 1'125 1'225 1'100 1'200 800 1'100 1'075 930 1'050 #N/A N/A 1'030 #N/A N/A 900 #N/A N/A 800

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

File Dt 01.11.2012 31.01.2013 25.03.2013 01.11.2012 01.11.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 01.11.2012 31.12.2012 31.07.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.01.2013 01.11.2012

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

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

Date 27.03.2013 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 19.03.2013 11.03.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 04.02.2013 17.01.2013 16.01.2013 01.10.2012 27.07.2012

27.03.2013

Power Grid Corp of India Ltd Power Grid Corporation of India Limited has been established by the Government natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.09.2012) 52-Week Low (14.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PWGR IB EQUITY YTD Change PWGR IB EQUITY YTD % CHANGE

03/2012 12/yy 124.45 100.10 95'306.00 105 -15.63% 4.90% 20.12% 4'629.7 486'121.16 543'554.40 0.0 0.0 33'111.80 996'563.77

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

31.03.2009 -

9.0 M

160

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008

180

31.03.2010

Profitability

31.03.2011 86'117.6 9.73x 72'808.2 11.51x 26'719.1 16.62x

31.03.2012 103'115.2 9.81x 87'480.8 11.56x 33'029.9 15.16x 87'480.80 60'736.90 58.90% 45.48% 3.85% 14.68% 6.40% 0.12% 84.8% 58.9% 32.0% 0.65 0.40 57.74% 230.48% 5.81 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

2.01 0.75 1'274.41 1.98% -6.90% 0.749 43 4.674 114'075 590'188 380'642 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 128'226.5 149'521.7 8.76x 8.30x 107'616.0 126'166.3 9.26x 7.90x 40'904.0 48'103.0 11.87x 10.46x S&P Issuer Ratings

03.01.2013 BBBNEG 5.10 -5.98 5.83 6.21 230.5% 69.7% 0.12 0.15 62.97 -

Sales/Revenue/Turnover

7.00

800'000.0

6.00

700'000.0 600'000.0

5.00

500'000.0 4.00

400'000.0 3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Power Grid Corp of India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA DEUTSCHE BANK TRUST STATE STREET GOVERNMENT PENSION F CLEARSTREAM BANKING JP MORGAN CHASE BANK NORTHERN TRUST CO BANK OF NEW YORK MEL VANGUARD GROUP INC DNB NOR ASSET MANAGE SIX SIS AG BLACKROCK EUROCLEAR BANK SA WADDELL & REED FINAN WILLIAM BLAIR & COMP FRANKLIN RESOURCES STOREBRAND FUND MANA UBS KLP AKSJE NORGE INDE HSBC BANK PLC

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

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

Analyst OLE-JACOB STORVIK ROBERT KESSLER BRENDAN MICHAEL WARN JASON KENNEY LARS HENRIK ROREN ODDVAR BJORGAN ALEJANDRO DEMICHELIS OSWALD CLINT TEODOR SVEEN NILSEN ALEXANDRE ANDLAUER STUART JOYNER PETER HUTTON MARC B KOFLER GORDON GRAY PAUL SPEDDING JEFFREY A DIETERT KIM FUSTIER IRENE HIMONA HAYTHEM RASHED MARTIN VOLD KELLY CHEN ANNE GJOEN SIGURD-ERIK NISSEN-MEYER THEEPAN JOTHILINGAM RAHIM KARIM IRMANTAS VASKELA ENDRE STORLOKKEN JOHN A SCHJ OLAISEN CHRISTINE TISCARENO ESPEN HENNIE TROND OMDAL NITIN SHARMA CRAIG STERLING MICHELE DELLA VIGNA JENS MUENSTERMANN MARK BLOOMFIELD MORTEN EVJENTH LINDBACK DOMINIQUE PATRY

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

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

Amt Held 2'136'393'559 104'384'307 102'514'971 100'735'001 65'490'887 32'446'911 32'110'800 25'316'478 18'596'740 17'488'785 12'443'807 11'660'463 11'619'396 11'465'900 11'191'044 10'956'343 9'439'710 9'223'423 9'125'612 8'631'846

% Out 67 3.27 3.21 3.16 2.05 1.02 1.01 0.79 0.58 0.55 0.39 0.37 0.36 0.36 0.35 0.34 0.3 0.29 0.29 0.27

Weighting

Change

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

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

Latest Chg (1'892) 1'378'710 93'028 (1'306'793) (56'821) (664'270) 191'000 (275'823) -

Target Price 167 168 200 155 140 165 170 135 160 141 163 175 160 170 160 #N/A N/A 158 150 136 #N/A N/A 147 160 170 145 160 160 145 170 177 150 165 165 #N/A N/A 160 170 160 #N/A N/A 155

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

File Dt 25.03.2013 25.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 31.12.2012 28.02.2013 25.03.2013 25.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 25.03.2013 25.03.2013 25.03.2013

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

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

Date 27.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 13.03.2013 11.03.2013 07.03.2013 01.03.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 15.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 17.01.2013 11.01.2013 09.01.2013 03.12.2012 08.05.2012 16.11.2011

27.03.2013

Punjab National Bank Punjab National Bank provides financial services such as corporate and personal a range of banking and financial services. The Company provides retail banking, mortgages, pensions, asset management, insurance services, corporate banking, and treasury services.

Price/Volume 60

700.0 M

600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PNB IB EQUITY YTD Change PNB IB EQUITY YTD % CHANGE

03/2012 12/yy 942.90 659.00 89'742.00 712.7 -24.41% 8.15% 18.92% 353.5 251'920.48 616'380.00 0.0 3'314.2 327'056.40 -

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

1.20

300.0 M

200.0 M

100.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 166'526.2 22'030.9 7.30x

400.0 M

Valuation Analysis

31.03.2009 31.03.2010 226'340.4 254'333.6 31'970.3 39'725.7 4.06x 8.04x Profitability

31.03.2011 312'036.4 45'747.3 8.36x

31.03.2012 416'824.7 50'254.6 6.24x 39.95% 40.40% 1.17% 19.40% 6.12% 0.10% 28.0% 13.10% 211.06% -

3.09 1.08 115.64 -20.71% -18.21% 1.078 68 3.559 108'046 75'113 95'644

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

NR 211.1% 67.6% 0.10 13.28 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

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

0.20

5'000.0 0.0

0.00

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

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

27.03.2013

Punjab National Bank Holdings By:

All

Holder Name GOVERNMENT OF INDIA FMR LLC BLACKROCK LEGAL & GENERAL UBS FRANKLIN RESOURCES SCOTTISH WIDOWS DEUTSCHE PRIVATE BAN NORGES BANK INVESTME HALIFAX SHARE DEALIN SCHRODER INVESTMENT STANDARD LIFE INVEST TD WATERHOUSE GROUP ALECTA INVESTMENT MA HARRIS ASSOCIATES LP SELFTRADE SCHRODER INVESTMENT BNP PARIBAS INV PART PRIVATE INDIVIDUALS VANGUARD GROUP INC

Firm Name

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

Analyst

Axis Capital Limited MICHAEL J TRIPPITT Mediobanca SpA CHRISTOPHER J WHEELER Morgan Stanley CHRISTOPHER MANNERS Investec IAN GORDON Goldman Sachs FREDERIK THOMASEN AlphaValue DAVID GRINSZTAJN Macquarie EDWARD FIRTH Day by Day VALERIE GASTALDY Credit Suisse CARLA ANTUNES-SILVA Nomura CHINTAN JOSHI Exane BNP Paribas TOM RAYNER Barclays ROHITH CHANDRA-RAJAN Oriel Securities Ltd VIVEK RAJA Grupo Santander ARTURO DE FRIAS Sanford C. Bernstein & Co CHIRANTAN BARUA Societe Generale JAMES INVINE Shore Capital Stockbrokers GARY GREENWOOD Deutsche Bank JASON NAPIER JPMorgan RAUL SINHA Keefe, Bruyette & Woods MARK J PHIN RBC Capital Markets CLAIRE KANE Canaccord Genuity Corp GARETH HUNT Berenberg Bank JAMES CHAPPELL Daniel Stewart & Co SIMON WILLIS S&P Capital IQ FRANK BRADEN Redburn Partners FAHED KUNWAR Liberum Capital Ltd CORMAC LEECH Espirito Santo Investment Bank Research SHAILESH RAIKUNDLIA EVA Dimensions AUSTIN BURKETT HSBC PETER TOEMAN

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

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

Amt Held 27'608'563'642 2'359'287'182 2'335'851'144 1'661'879'228 1'113'818'748 1'096'594'012 1'089'919'867 1'075'638'770 1'075'023'992 1'052'501'056 742'242'002 739'647'720 724'279'567 675'500'000 609'121'200 597'593'904 590'792'286 539'931'137 456'479'052 445'836'749

% Out 39.25 3.35 3.32 2.36 1.58 1.56 1.55 1.53 1.53 1.5 1.06 1.05 1.03 0.96 0.87 0.85 0.84 0.77 0.65 0.63

Weighting

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

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

Latest Chg 40'204'114 35'727'885 4'371'787 (49'558'902) (189'806'781) 462'591'455 41'049'793 (14'804'023) (38'913'754) (128'253'574) 19'888'448 (36'378'354) (40'000'000) (225'724'735) (17'125'603) (893'151) (97'393'597) (1'330'422) 17'836'770

Target Price 63 53 53 50 60 47 46 #N/A N/A 45 42 60 40 41 66 64 61 #N/A N/A 64 55 51 69 35 24 39 55 #N/A N/A 62 48 #N/A N/A 65

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

File Dt 23.03.2012 31.01.2013 25.03.2013 28.02.2013 31.01.2013 28.02.2013 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 01.12.2012 31.12.2012 31.01.2013 01.12.2012 31.12.2012

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

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

Date 27.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 05.03.2013 04.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 04.02.2013 29.01.2013 17.01.2013 10.01.2013

27.03.2013

Ranbaxy Laboratories Ltd Ranbaxy Laboratories Limited manufactures and distributes a wide range of market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (04.09.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBXY IB EQUITY YTD Change RBXY IB EQUITY YTD % CHANGE

12/2012 12/yy 578.30 370.50 192'923.00 444.7 -23.10% 20.03% 35.71% 423.0 188'111.14 48'461.90 0.0 889.5 46'024.93 191'437.64

2.0 M

1.5 M

1.0 M

.5 M

10 0 m-12

31.12.2009 31.12.2010 75'970.4 89'607.7 3.16x 2.95x 7'244.0 18'742.6 33.18x 14.08x 2'964.9 14'967.5 73.44x 16.83x Profitability

LTM-4Q 31.12.2011 101'614.1 1.83x 21'719.1 8.58x (28'997.3) -

31.12.2012 122'528.9 1.76x 19'379.0 11.15x 9'227.6 23.05x 19'378.96 16'176.49 13.20% 10.01% 5.73% 26.54% 14.10% 0.76% 15.8% 13.2% 7.5% 1.12 0.74 29.43% 118.65% 4.86 -

Price/ Cash Flow

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

LTM

FY+1

0.00 0.76 100.82 7.82% -11.55% 0.755 48 3.458 247'773 156'400 121'486 FY+2

FQ+1

FQ+2

12/yy 27'797.0 3.93x 0.0 0.00x 2'626.0 6.64x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 33'116.0 116'527.1 130'681.6 30'325.7 30'633.4 3.91x 1.70x 1.48x 0.0 17'314.1 22'803.7 4'305.0 4'758.3 0.00x 11.05x 8.39x 9.16x 4'180.0 11'341.3 15'482.2 703.0 2'562.5 5.97x 16.98x 12.86x 17.13x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.38 22.10 0.13 2.50 118.7% 53.7% 0.76 3.73 75.32 -

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

a-12

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

3.5 M

80 70

Valuation Analysis

31.12.2008 74'140.0 1.70x 5'842.1 21.63x (9'512.1) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Ranbaxy Laboratories Ltd Holdings By:

All

Holder Name DAIICHI SANKYO CO LT FRANKLIN RESOURCES SUN LIFE FINANCIAL I BLACKROCK DODGE & COX BERKSHIRE HATHAWAY I VANGUARD GROUP INC CREDIT SUISSE ASSET UBS FUND MANAGEMENT PICTET & CIE SWISSCANTO FONDSLEIT SARASIN JP MORGAN TEMPLETON INVESTMENT DIMENSIONAL FUND ADV HARTFORD INVESTMENT FMR LLC BESSEMER GROUP INCOR VONTOBEL ASSET MANAG PRUDENTIAL FINANCIAL

Firm Name

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

Analyst

Nomura THOMAS SEIDL RBC Capital Markets GORDON AITKEN AlphaValue DIETER HEIN Macquarie HADLEY COHEN Bank Vontobel AG STEFAN SCHUERMANN Exane BNP Paribas NICCOLO DALLA PALMA Oddo & Cie NICOLAS JACOB Credit Suisse ADAM MCINALLY Keefe, Bruyette & Woods WILLIAM HAWKINS Zuercher Kantonalbank GEORG MARTI Kepler Capital Markets FABRIZIO CROCE Landesbank Baden-Wuerttemberg WERNER SCHIRMER Barclays ANDREW BROADFIELD Morgan Stanley MACIEJ WASILEWICZ S&P Capital IQ RODERICK WALLACE JPMorgan MICHAEL HUTTNER Hamburger Sparkasse CHRISTIAN HAMANN Bankhaus Metzler JOCHEN SCHMITT Nomura MICHAEL KLIEN Helvea DANIEL BISCHOF Societe Generale JASON KALAMBOUSSIS Nord/LB JULIA SIEKMANN Goldman Sachs VINIT MALHOTRA Berenberg Bank TOM CARSTAIRS Bryan Garnier & Cie OLIVIER PAUCHAUT Main First Bank AG RENE LOCHER CA Cheuvreux FRANK KOPFINGER Day by Day VALERIE GASTALDY Mediobanca SpA GIANLUCA FERRARI EVA Dimensions AUSTIN BURKETT HSBC THOMAS FOSSARD Canaccord Genuity Corp BEN COHEN DZ Bank AG THORSTEN WENZEL Raymond James DANNY JACQUES Espirito Santo Investment Bank Research JOY FERNEYHOUGH

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

Recommendation underperform sector perform sell neutral buy neutral buy neutral underperform market perform buy hold overweight Equalwt/In-Line hold overweight buy buy reduce neutral buy buy neutral/neutral sell sell underperform select list hold neutral buy neutral buy sell underperform neutral

Amt Held 27'282'124 25'006'821 15'907'472 15'682'781 12'639'368 11'262'000 10'371'485 5'473'171 2'869'488 2'201'596 2'176'959 1'833'877 1'293'177 1'267'120 1'148'157 855'734 830'605 819'676 645'679 621'117

% Out 7.36 6.75 4.29 4.23 3.41 3.04 2.8 1.48 0.77 0.59 0.59 0.49 0.35 0.34 0.31 0.23 0.22 0.22 0.17 0.17

Weighting

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

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

Latest Chg (1'396'672) (655'411) (651'227) 638'074 (222'639) (102'477) (1'435) 27'594 705'661 (153'093) 11'836 (41'419) (169'771) (10'368) 145'000 10'202 (2'217)

Target Price 55 80 70 67 85 68 82 69 79 #N/A N/A 83 76 77 76 83 74 #N/A N/A 82 67 75 75 84 75 66 70 72 86 #N/A N/A 75 #N/A N/A 75 70 58 63 48

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

File Dt Inst Type 29.03.2012 Unclassified 31.12.2012 Investment Advisor 05.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 31.01.2013 Unclassified 31.01.2013 Unclassified 31.12.2012 Investment Advisor 30.04.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.10.2012 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 14.03.2013 05.03.2013 04.03.2013 03.03.2013 01.03.2013 01.03.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 18.02.2013 14.02.2013 30.01.2013 17.01.2013 16.01.2013 09.01.2013 10.09.2012 09.08.2012 12.01.2012

27.03.2013

Reliance Capital Ltd Reliance Capital Limited is a full service financial services company. The business energy solutions. The Company sources, generates, processes, stores, trades, saves and supplies energy and provides a range of related services.

Price/Volume 400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCAPT IB EQUITY YTD Change RCAPT IB EQUITY YTD % CHANGE

03/2012 01/yy 508.00 278.83 1'344'101.00 301 -40.75% 7.95% 9.68% 245.6 73'935.47 198'390.00 0.0 1'310.0 11'250.00 240'225.47

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

15.0 M

150 100

10.0 M

5.0 M

0 m-12

31.03.2009 31.03.2010 59'825.2 61'335.9 3.64x 5.31x 27'105.2 21'029.3 8.02x 15.50x 10'157.2 4'345.3 8.55x 42.74x Profitability

LTM-4Q 31.03.2011 55'250.0 6.13x 18'540.0 18.27x 2'910.0 49.22x

31.03.2012 66'250.0 4.30x 28'940.0 9.84x 4'580.0 21.05x 28'940.00 14.67% 9.89% 1.36% 4.68% 1.53% 0.20% 43.7% 6.9% 56.13% 168.58% -

Price/ Cash Flow

j-12

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

a-12

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

2.49 1.76 105.39 -20.72% -37.27% 1.764 13 4.615 1'575'301 1'076'922 845'773 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 57'635.2 63'097.6 8'326.5 8'282.0 28.85x 29.01x 6'660.8 6'710.4 11.33x 10.85x S&P Issuer Ratings

6.47 6.86 168.6% 62.5% 0.20 39.67 -

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 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 49'120.2 8.01x 16'864.3 23.34x 10'056.5 30.01x

20.0 M

200

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Reliance Capital Ltd Holdings By:

All

Holder Name AAA ENTERPRISES PVT ABERDEEN LEGAL & GENERAL PETRONAS BLACKROCK SCOTTISH WIDOWS NEWTON INV MGMT FMR LLC BANK OF NEW YORK MEL NORGES BANK INVESTME UBS M&G INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN PERPETUAL INVESTMENT JP MORGAN SCHRODER INVESTMENT PEOPLES REPUBLIC OF WALTER SCOTT & PARTN VANGUARD GROUP INC

Firm Name Barclays AlphaValue Exane BNP Paribas HSBC Nomura Societe Generale Goldman Sachs JPMorgan Kepler Capital Markets Raymond James Cantor Fitzgerald S&P Capital IQ Mirabaud Securities Credit Suisse Berenberg Bank Liberum Capital Ltd Barclays EVA Dimensions Morgan Stanley Deutsche Bank Redburn Partners Day by Day

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

Analyst JOHN MUSK MYRIAM COHEN IAIN TURNER VERITY MITCHELL JONATHAN CONSTABLE ASHLEY THOMAS ANDREW MEAD EDMUND REID INGO BECKER EMMANUEL RETIF ANGELOS ANASTASIOU CLIVE ROBERTS GUS HOCHSCHILD MARK FRESHNEY ROBERT CHANTRY GUILLAUME REDGWELL PETER BISZTYGA AUSTIN BURKETT BOBBY CHADA MARTIN BROUGH JAMIE TUNNICLIFFE VALERIE GASTALDY

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

Recommendation sector perform add underperform overweight neutral buy neutral/neutral neutral hold underperform buy strong buy buy neutral hold buy underweight overweight Equalwt/In-Line hold buy hold

Amt Held 258'200'185 244'433'202 199'643'469 199'375'000 198'230'837 192'620'011 178'317'146 168'873'344 135'169'676 115'829'394 110'850'900 107'778'794 90'418'317 81'472'000 77'307'596 74'740'477 74'363'376 68'473'929 67'827'517 67'616'691

% Out 4.98 4.72 3.85 3.85 3.82 3.72 3.44 3.26 2.61 2.23 2.14 2.08 1.74 1.57 1.49 1.44 1.43 1.32 1.31 1.3

Weighting

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

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

Latest Chg 2'929'553 (2'602'961) (217'034) 20'183'664 15'220'210 (3'909'961) (7'934'002) 2'398'382 10'261'488 (3'099'325) (10'651'045) 53'727'337 53'600 (11'993'141) (2'361'053) 16'115'286 1'389'000 1'115'563

Target Price 370 382 280 400 350 400 416 370 320 321 403 525 435 325 370 370 325 #N/A N/A 345 340 #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 23.02.2012 Investment Advisor 28.02.2013 Unclassified 01.11.2012 Unclassified 23.02.2012 Government 25.03.2013 Investment Advisor 30.11.2012 Unclassified 01.11.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 01.11.2012 Government 31.01.2013 Unclassified 01.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Government 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.03.2013 26.03.2013 25.03.2013 21.03.2013 13.03.2013 11.03.2013 11.03.2013 08.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 05.02.2013 25.01.2013 25.01.2013 17.01.2013 11.01.2013 07.01.2013 10.12.2012 22.10.2012

27.03.2013

Reliance Communications Ltd Reliance Communications Ltd. offers integrated telephone services. appliances, consumer electronics, and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume 25

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RCOM IB EQUITY YTD Change RCOM IB EQUITY YTD % CHANGE

03/2012 12/yy 91.85 46.60 2'806'674.00 51.1 -44.37% 9.66% 9.94% 2'064.0 105'471.77 383'030.00 0.0 8'600.0 9'400.00 488'297.77

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

8.0 M

6.0 M 4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 171'484.8 7.73x 81'990.7 16.17x 54'011.4 19.37x

31.03.2009 31.03.2010 207'429.1 206'850.5 3.53x 2.93x 87'269.4 69'905.3 8.38x 8.67x 60'449.3 46'550.0 5.97x 7.54x Profitability

LTM-4Q 31.03.2011 220'890.0 2.58x 96'740.0 5.89x 13'450.0 16.52x

31.03.2012 187'160.0 2.97x 70'630.0 7.87x 9'280.0 18.69x 70'630.00 30'850.00 16.48% 4.72% 0.99% 2.40% 0.20% 48.4% 37.7% 16.5% 5.0% 0.56 0.20 41.32% 104.31% 5.10 17.82

Price/ Cash Flow

LTM

FY+1

0.49 1.53 395.17 -41.06% -30.76% 1.531 38 2.158 2'968'016 2'610'172 2'786'974 FY+2

FQ+1

FQ+2

12/yy 22'582.0 3.02x 1'186.0 13.34x (1'295.0) 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 24'788.0 212'948.7 227'942.7 50'869.5 2.75x 2.18x 1.94x 2'463.0 67'083.9 73'713.0 15'285.0 7.69x 7.28x 6.62x 226.0 5'751.6 9'462.2 1'738.0 72.71x 16.85x 10.47x 25.55x 21.29x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.78 1.50 5.29 5.42 104.3% 50.5% 0.20 0.36 71.74 20.53 79.36 12.91

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 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 |

27.03.2013

Reliance Communications Ltd Holdings By:

All

Holder Name AAA COMMUNICATION PR DODGE & COX BLACKROCK SOUTHEASTERN ASSET M FRANKLIN RESOURCES VANGUARD GROUP INC FMR LLC HARRIS ASSOCIATES LP ING INVESTMENT MANAG ARTISAN PARTNERS HOL ONTARIO TEACHERS PEN ACHMEA BELEGGINSFOND T ROWE PRICE ASSOCIA DB PLATINUM ADVISORS FORTIS INVESTMENTS BARCLAYS PLC TEMPLETON INVESTMENT DIMENSIONAL FUND ADV MERCURY ASSET MANAGE BNP PARIBAS INV PART

Firm Name

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

Analyst

Morgan Stanley OLIVIER ESNOU Canaccord Genuity Corp JAMES STETTLER Societe Generale GAEL DE BRAY Sanford C. Bernstein & Co MARTIN PROZESKY Rabobank International HANS SLOB AlphaValue THOMAS PICHERIT RBC Capital Markets ANDREW CARTER Credit Suisse SIMON TOENNESSEN ING Bank FABIAN SMEETS ABN Amro Bank N.V. ROBIN VAN DEN BROEK Morgan Stanley BEN UGLOW JPMorgan ANDREAS WILLI Kepler Capital Markets PETER OLOFSEN Nomura DANIEL CUNLIFFE HSBC MICHAEL HAGMANN Espirito Santo Investment Bank Research ROB VIRDEE Redburn Partners PHILIP WILSON EVA Dimensions CRAIG STERLING Nord/LB WOLFGANG VASTERLING Banco Sabadell GLEN SPENCER-CHAPMAN Day by Day VALERIE GASTALDY Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Landesbank Baden-Wuerttemberg VOLKER STOLL CA Cheuvreux ANTOINE AZAR Hamburger Sparkasse MARCO GUENTHER Natixis LUDOVIC DEBAILLEUX Barclays DAVID VOS Deutsche Bank MARTIN WILKIE Kempen & Co ERWIN DUT Independent Research GmbH MARKUS FRIEBEL Petercam MARCEL ACHTERBERG S&P Capital IQ JAMES CRAWSHAW Goldman Sachs AARON IBBOTSON Berenberg Bank WILLIAM MACKIE SNS Securities(ESN) VICTOR BARENO Theodoor Gilissen Securities JOS VERSTEEG DZ Bank AG THOMAS MAUL Jyske Bank ROBERT JAKOBSEN

Source Research 13G ULT-AGG 13G ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral hold hold outperform buy add outperform neutral buy buy Equalwt/Cautious neutral buy buy neutral buy buy buy buy sell hold hold hold outperform sell buy equalweight hold buy hold hold hold neutral/neutral buy hold buy buy sell

Amt Held 47'895'476 46'061'138 45'264'486 41'502'897 13'434'710 10'760'946 9'615'086 9'437'496 6'622'250 5'481'917 4'800'000 4'020'057 3'920'784 3'875'475 2'924'969 2'911'837 2'860'801 2'569'692 2'523'231 2'477'382

% Out 5 4.81 4.73 4.34 1.4 1.12 1 0.99 0.69 0.57 0.5 0.42 0.41 0.4 0.31 0.3 0.3 0.27 0.26 0.26

Weighting

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

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

Latest Chg 15'514'236 (6'799'141) (5'070'179) 498'208 2'767'369 586'900 (220'702) 282'727 623'576 153'795 2'263'827 (78'890) (687'730) 71'742

Target Price 25 20 24 27 28 27 27 23 27 28 24 25 23 25 24 27 #N/A N/A #N/A N/A 24 20 #N/A N/A 23 25 25 #N/A N/A 26 21 23 23 24 23 23 23 25 15 23 17 23

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

File Dt Inst Type 08.02.2013 Corporation 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 04.05.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 12.03.2013 08.03.2013 08.03.2013 08.03.2013 05.03.2013 26.02.2013 15.02.2013 15.02.2013 06.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 08.01.2013 22.10.2012 04.09.2012 27.06.2012 29.03.2010

27.03.2013

Reliance Industries Ltd Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber raw materials to industrial consumers. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products.

Price/Volume 450

250.0 M

400 200.0 M

350 300

150.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIL IB EQUITY YTD Change RIL IB EQUITY YTD % CHANGE

03/2012 06/yy 954.80 673.50 497'065.00 783.4 -17.95% 16.32% 39.07% 3'228.7 2'529'334.00 924'470.00 0.0 7'990.0 679'040.00 2'782'753.98

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

100

50.0 M

50 0 m-12 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

100.0 M

150

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

06/yy

06/yy -

FY+1 -

1.09 1.17 1'491.51 8.50% -6.64% 1.173 52 3.481 584'453 444'751 421'817 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 ######### ######### 0.74x 0.77x 334'000.3 349'470.5 8.33x 7.96x 208'614.3 219'739.8 11.94x 11.33x 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

70.00

250'000.0

60.00

200'000.0

50.00

150'000.0

40.00 30.00

100'000.0

20.00

50'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Reliance Industries Ltd Holdings By:

All

Holder Name LIFE INSURANCE CORP MATE BADENE DANIEL F MISTAKIDIS ARISTOTEL PETERSON TOR BEARD ALEXANDER FRAN BLACKROCK JSC VERNY CAPITAL FEGEL GARY MAHONEY CHRIS LEGAL & GENERAL FR GALAXY HOLDINGS S CAPITAL GROUP COMPAN STATE STREET ABU DHABI INVESTMENT POPOVIC NIKOLA FMR LLC WOLFENSBERGER CHRIST BLUMGART STEVEN ALVAREZ LUIS CUTLER STUART

Firm Name Barclays Exane BNP Paribas AlphaValue Jefferies Sanford C. Bernstein & Co BMO Capital Markets Day by Day RBC Capital Markets Societe Generale Deutsche Bank Redburn Partners SBG Securities EVA Dimensions Nomura Liberum Capital Ltd Standard Chartered ABN Amro Bank N.V. Credit Suisse Morgan Stanley JPMorgan

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

Analyst JEFFREY LARGEY SYLVAIN BRUNET SACHIN KUMAR Christopher LaFemina PAUL GAIT TONY ROBSON VALERIE GASTALDY TIMOTHY HUFF ALAIN WILLIAM ROBERT CLIFFORD SIMON TOYNE PETER DAVEY CRAIG STERLING SAM CATALANO ASH LAZENBY SUBRAMANIAM VARADA TEUN TEEUWISSE LIAM FITZPATRICK ALAIN GABRIEL BENJAMIN DEFAY

Source RNS-RUL8 RNS-MAJ RNS-RUL8 Co File Co File ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8

Recommendation outperform neutral reduce buy outperform market perform hold outperform hold restricted neutral hold sell restricted buy outperform buy restricted restricted restricted

Amt Held 1'101'848'752 417'468'330 414'730'597 366'074'885 320'260'410 263'354'966 176'742'520 154'814'588 143'834'821 131'943'542 129'372'165 112'185'928 99'636'501 99'299'065 93'437'150 92'847'626 87'403'187 86'736'565 81'654'211 78'568'743

% Out 15.52 5.88 5.84 5.16 4.51 3.71 2.49 2.18 2.03 1.86 1.82 1.58 1.4 1.4 1.32 1.31 1.23 1.22 1.15 1.11

Weighting

Change

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

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

Latest Chg 2'700'000 3'000'000 (19'162) (39'649) 16'875'000 (18'700) 157 3'072'650 13'162'571 200'000

Target Price 430 450 382 450 475 400 #N/A N/A 425 410 #N/A N/A #N/A N/A 400 #N/A N/A #N/A N/A #N/A N/A 454 415 #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 11.06.2012 11.10.2012 24.05.2012 26.03.2012 26.03.2012 25.03.2013 11.10.2012 15.02.2012 15.02.2012 22.03.2013 29.01.2013 25.03.2013 26.03.2013 02.02.2012 15.02.2012 25.03.2013 15.02.2012 15.02.2012 15.02.2012 18.05.2012

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

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

Date 22.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 26.02.2013 11.02.2013 29.01.2013 17.01.2013 16.01.2013 10.01.2013 22.11.2012 31.10.2012 20.03.2012 02.02.2012 02.02.2012

27.03.2013

Reliance Infrastructure Ltd Reliance Infrastructure Ltd. generates, distributes, and transmits electricity. institutions. The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance. ING Groep has offices throughout the world.

Price/Volume 9

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RELI IB EQUITY YTD Change RELI IB EQUITY YTD % CHANGE

03/2012 12/yy 621.90 320.25 885'609.00 323.7 -47.95% 1.08% 1.14% 263.0 85'129.86 182'897.00 0.0 2'056.6 44'180.60 225'496.36

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

1.20

40.0 M

30.0 M

20.0 M

10.0 M

1 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 68'689.8 5.06x 5'772.5 60.26x 11'782.1 24.58x

31.03.2009 31.03.2010 100'916.0 112'984.1 1.64x 2.59x 8'515.8 12'947.5 19.44x 22.57x 13'532.3 15'193.9 8.77x 14.82x Profitability

LTM-4Q 31.03.2011 98'095.4 2.58x 18'980.8 13.34x 15'516.1 11.12x

31.03.2012 174'088.2 1.70x 28'899.6 10.22x 15'868.1 9.78x 28'899.60 24'866.30 14.28% 12.27% 2.83% 6.65% 6.28% 0.31% 16.6% 14.3% 9.1% 1.15 0.49 29.78% 75.78% 4.48 -

LTM

FY+1

2.26 1.57 109.03 -43.61% -37.83% 1.574 23 4.565 1'186'743 561'242 451'851 FY+2

FQ+1

FQ+2

12/yy 46'023.0 22.59x 0.0 0.00x 5'766.0 6.43x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 42'241.0 221'921.2 234'644.2 22.26x 0.92x 0.88x 0.0 29'800.7 35'118.4 0.00x 7.56x 6.42x 3'894.0 16'460.3 16'898.9 9.42x 5.21x 5.06x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.51 1.48 4.80 6.33 75.8% 42.9% 0.31 1.84 81.75 -

Sales/Revenue/Turnover

100'000.0 90'000.0

1.00

80'000.0 70'000.0

0.80 0.60 0.40

60'000.0 50'000.0 40'000.0 30'000.0 20'000.0

0.20

10'000.0 0.0

0.00

1997199819992000200120022003200420052006200720082009201020112012

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

27.03.2013

Reliance Infrastructure Ltd Holdings By:

All

Holder Name AAA PROJECT VENTURES FRANKLIN RESOURCES VANGUARD GROUP INC CARMIGNAC GESTION FMR LLC SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE DB PLATINUM ADVISORS ING INVESTMENT MANAG BNP PARIBAS INV PART CAPITAL GROUP COMPAN DEUTSCHE BANK AG ARTISAN PARTNERS HOL ACHMEA BELEGGINSFOND UNION INVESTMENT GMB SCHRODER INVESTMENT TEMPLETON INVESTMENT MERCURY ASSET MANAGE ROYAL BANK OF CANADA SNS INVESTMENT FUND

Firm Name Motilal Oswal Securities Ltd AlphaValue Rabobank International Kepler Capital Markets JPMorgan Exane BNP Paribas Berenberg Bank ABN Amro Bank N.V. Oddo & Cie Barclays Credit Suisse Macquarie Day by Day HSBC Morgan Stanley Hamburger Sparkasse Main First Bank AG Independent Research GmbH SNS Securities(ESN) Societe Generale Deutsche Bank Keefe, Bruyette & Woods Nomura S&P Capital IQ Petercam EVA Dimensions Goldman Sachs RBC Capital Markets Landesbank Baden-Wuerttemberg CA Cheuvreux DZ Bank AG Theodoor Gilissen Securities Daiwa Securities Co. Ltd. Natixis

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

Analyst ALAIN TCHIBOZO JEROME CASSAGNE COR KLUIS BENOIT PETRARQUE MICHAEL HUTTNER FRANCOIS BOISSIN JAMES CHAPPELL JAN WILLEM WEIDEMA NICOLAS JACOB KIRI VIJAYARAJAH RICHARD BURDEN THOMAS STOEGNER VALERIE GASTALDY STEVEN HAYWOOD DAVID ANDRICH CHRISTIAN HAMANN FEDERICO SALERNO STEFAN BONGARDT LEMER SALAH PHILIP RICHARDS DAVID LOCK WILLIAM HAWKINS DOMENICO SANTORO RODERICK WALLACE MATTHIAS DE WIT AUSTIN BURKETT MARTIN LEITGEB GORDON AITKEN WERNER SCHIRMER HANS PLUIJGERS WERNER EISENMANN TOM MULLER TIM PROUDLOVE BENOIT VALLEAUX

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

Recommendation outperform add buy reduce overweight neutral buy buy reduce equalweight restricted neutral hold neutral Equalwt/In-Line hold outperform hold buy buy hold market perform buy hold hold overweight Rating Suspended outperform hold outperform buy hold outperform suspended coverage

Amt Held 246'344'796 155'242'498 59'837'974 39'943'572 33'982'940 32'439'848 30'409'081 30'159'946 30'118'916 26'518'528 25'314'880 24'042'650 23'087'088 19'206'527 18'861'119 17'785'056 14'894'179 11'441'515 11'184'560 9'422'204

% Out 6.43 4.05 1.56 1.04 0.89 0.85 0.79 0.79 0.79 0.69 0.66 0.63 0.6 0.5 0.49 0.46 0.39 0.3 0.29 0.25

Weighting

Change

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

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

Latest Chg (1'807'406) (2'936'906) 599'105 1'701'096 (5'732'380) 1'170'048 122'201 968'030 (541'144) (2'918'867) 1'817'067 1'256'401 (493'114) 3'877'089 (81'806) (269'814) (350'366)

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

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

File Dt Inst Type 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 30.11.2012 Bank 29.06.2012 Investment Advisor

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

Date 25.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 05.03.2013 04.03.2013 01.03.2013 26.02.2013 26.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 17.01.2013 07.12.2012 07.12.2012 08.11.2012 05.10.2012 13.01.2012 27.10.2011 17.06.2011 17.03.2009

27.03.2013

Reliance Power Ltd Reliance Power Limited develops, constructs, and operates power projects both motorcycles worldwide. The Company produces everything from convertible sports cars to luxury sedans to touring motorcycles with large displacement engines.

Price/Volume 80

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RPWR IB EQUITY YTD Change RPWR IB EQUITY YTD % CHANGE

03/2012 12/yy 123.70 58.90 2'055'641.00 59.15 -52.18% 0.42% 0.39% 2'805.1 165'923.23 150'650.00 0.0 15.0 25'309.90 351'115.64

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

3.0 M

30 20

2.0 M

1.0 M

0 m-12

31.03.2009 (932.6) 2'445.1 100.33x Profitability

31.03.2010 207.2 1619.01x (1'056.1) 6'838.9 52.38x

LTM-4Q 31.03.2011 10'547.6 39.82x 2'298.5 182.72x 7'604.4 44.32x

31.03.2012 20'192.1 22.48x 6'247.8 72.66x 8'667.8 37.91x 6'247.80 5'033.30 24.93% 47.17% 2.66% 5.04% 3.95% 0.06% 30.9% 24.9% 42.9% 1.60 0.90 38.37% 85.74% 4.03 -

Price/ Cash Flow

12/yy 68'821.0 5.13x 11'677.0 7.75x 4'881.0 6.95x

m-12

j-12

a-12

LTM 12/yy 76'848.0 5.09x 12'014.0 8.70x 5'096.0 9.39x

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

0.00 1.45 576.14 -50.52% -36.64% 1.451 21 2.286 2'175'390 1'494'726 1'417'444 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 47'753.7 71'828.8 14'363.0 8.02x 6.78x 29.65x 18'271.5 31'443.1 4'879.0 19.22x 11.17x 10'006.8 10'565.5 2'638.0 16.56x 16.00x S&P Issuer Ratings

2.22 -36.05 20.06 24.11 85.7% 46.2% 0.06 0.09 90.84 -

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.03.2008 0.0 (344.4) 853.8 2135.86x

4.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 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 |

27.03.2013

Reliance Power Ltd Holdings By:

All

Holder Name RELIANCE INFRASTRUCT QUANDT JOHANNA KLATTEN SUSANNE BLACKROCK CAPITAL GROUP COMPAN WADDELL & REED FINAN FMR LLC DODGE & COX VANGUARD GROUP INC DB PLATINUM ADVISORS UNION INVESTMENT GMB DEUTSCHE BANK AG DEKA INVESTMENT GMBH ALLIANZ ASSET MANAGE SEB WILLIAM BLAIR & COMP BNP PARIBAS INV PART ADIG INVESTMENT FRANKFURT TRUST INVE NORDEA INV MANAGEMEN

Firm Name Brics Securities DZ Bank AG Kepler Capital Markets Exane BNP Paribas Commerzbank Corporates & Markets Macquarie Nord/LB JPMorgan Landesbank Baden-Wuerttemberg Independent Research GmbH Oddo & Cie M.M. Warburg Investment Research Equinet Institutional Services(ESN) AlphaValue EVA Dimensions Morgan Stanley Credit Suisse Societe Generale Day by Day Creative Global Investments S&P Capital IQ Bankhaus Lampe Bankhaus Metzler Redburn Partners HSBC Ahorro Corporacion Financiera SA Goldman Sachs Natixis Main First Bank AG Hamburger Sparkasse CA Cheuvreux Barclays Cyrrus Silvia Quandt Research Dr. Kalliwoda Equity Research Deutsche Bank Steubing AG

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

Analyst MAX WARBURTON MICHAEL PUNZET MICHAEL RAAB RABIH FREIHA DANIEL SCHWARZ CHRISTIAN BREITSPRECHER FRANK SCHWOPE JOSE ASUMENDI FRANK BILLER ZAFER RUZGAR FRANCOIS MAURY MARC-RENE TONN TIM SCHULDT HANS-PETER WODNIOK CRAIG STERLING STUART PEARSON ERICH HAUSER PHILIPPE BARRIER VALERIE GASTALDY CARLO R BESENIUS RODERICK BRIDGE CHRISTIAN LUDWIG JUERGEN PIEPER CHARLES WINSTON HORST SCHNEIDER VIRGINIA PEREZ REPES STEFAN BURGSTALLER GEORGES DIENG LOTHAR LUBINETZKI TINA HECKING-VELTMAN THOMAS BESSON KRISTINA CHURCH JIRI SIMARA ALBRECHT DENNINGHOFF NORBERT KALLIWODA JOCHEN GEHRKE MICHAEL BROEKER

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

Recommendation outperform sell buy neutral add neutral sell overweight hold buy reduce buy buy add hold Equalwt/In-Line outperform buy hold buy strong buy buy sell buy neutral strong buy neutral/attractive buy outperform hold outperform overweight accumulate not rated buy hold buy

Amt Held 104'747'161 98'125'214 75'851'392 36'126'021 14'833'170 8'265'500 7'021'307 6'403'800 3'796'472 3'474'386 2'987'994 2'917'838 2'667'376 2'407'518 1'314'060 1'310'054 1'212'526 1'200'968 1'149'062 961'711

% Out 17.4 16.3 12.6 6 2.46 1.37 1.17 1.06 0.63 0.58 0.5 0.48 0.44 0.4 0.22 0.22 0.2 0.2 0.19 0.16

Weighting

Change

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

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

Latest Chg (168'858) 113'170 (130'000) 204'186 289'797 (1'064'286) 120'702 6'788 (191'841) (414'675) 12'465 28'645 46'158 380'695 8'114

Target Price 90 65 83 74 87 80 61 95 70 90 60 84 88 82 #N/A N/A 79 80 83 #N/A N/A 87 83 90 64 #N/A N/A 82 83 92 82 77 #N/A N/A 85 84 66 #N/A N/A 81 68 100

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 n/a 31.12.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 28.02.2013 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor

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

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 14.03.2013 13.03.2013 19.02.2013 12.02.2013 01.02.2013 01.02.2013 10.01.2013 10.12.2012 26.11.2012 08.11.2012 07.11.2012 07.11.2012 29.10.2012 16.10.2012 06.06.2012 26.03.2012 05.01.2012

27.03.2013

Rural Electrification Corp Ltd Rural Electrification Corporation Limited engages in the financing and promotion range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

Price/Volume 4.0 M

120

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (07.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RECL IB EQUITY YTD Change RECL IB EQUITY YTD % CHANGE

03/2012 12/yy 267.50 142.00 478'347.00 202.1 -24.45% 42.32% 47.89% 987.5 199'565.47 900'581.80 0.0 0.0 53'753.60 1'046'393.67

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

4.5 M

140 100

Valuation Analysis

31.03.2008 35'412.5 12.01x 34'198.3 12.44x 8'619.3 9.71x

160

31.03.2009 31.03.2010 49'365.4 67'475.9 10.71x 11.86x 48'165.7 65'794.1 10.97x 12.16x 12'745.8 23'480.2 6.47x 9.26x Profitability

31.03.2011 85'321.9 10.81x 82'868.6 11.13x 25'848.9 9.69x

31.03.2012 105'535.7 9.95x 102'575.0 10.23x 28'386.6 7.15x 102'575.00 91.88% 36.25% 2.91% 20.55% 3.02% 0.11% 97.2% 26.9% 82.77% 608.26% -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.71 1.37 286.60 4.30% -15.18% 1.371 35 4.229 321'469 242'657 205'326 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 55'331.7 61'494.3 13'295.0 13'522.0 36'580.0 38'431.5 8'803.0 8'966.0 5.50x 5.06x 6.20x 6.13x S&P Issuer Ratings

8.26 8.78 608.3% 85.9% 0.11 148.62 -

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 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Rural Electrification Corp Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA BLACKROCK CAPITAL GROUP COMPAN HARBOR CAPITAL ADVIS FMR LLC SUN LIFE FINANCIAL I DEUTSCHE BANK AG ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE VANGUARD GROUP INC DB PLATINUM ADVISORS FRANKLIN RESOURCES UNION INVESTMENT GMB BNP PARIBAS INV PART DEKA INVESTMENT GMBH DODGE & COX ADIG INVESTMENT MFS FINANCIAL SERVIC OPPENHEIMERFUNDS INC FRANKFURT TRUST INVE

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

Firm Name

Analyst

Axis Capital Limited HSBC Exane BNP Paribas JPMorgan Bankhaus Lampe Nomura Societe Generale Commerzbank Corporates & Markets Landesbank Baden-Wuerttemberg AlphaValue Credit Suisse Independent Research GmbH Equita SIM SpA M.M. Warburg Investment Research Bankhaus Metzler S&P Capital IQ Main First Bank AG Morgan Stanley Nord/LB Baader Bank Berenberg Bank Natixis Equinet Institutional Services(ESN) DZ Bank AG Day by Day Goldman Sachs Barclays Kepler Capital Markets EVA Dimensions Jefferies Liberum Capital Ltd Deutsche Bank Macquarie CA Cheuvreux Hamburger Sparkasse Silvia Quandt Research Alembic Global Advisors Redburn Partners Canaccord Genuity Corp

JEREMY REDENIUS SEBASTIAN SATZ HEIDI VESTERINEN MARTIN EVANS HEIKO FEBER JEAN DE WATTEVILLE PETER CLARK STEPHAN KIPPE ULLE WORNER HANS-PETER WODNIOK CHRIS COUNIHAN CHRISTOPH SCHOENDUBE MASSIMO BONISOLI EGGERT KULS LARS HETTCHE JOHNSON IMODE THOMAS SWOBODA PETER MACKEY THORSTEN STRAUSS NORBERT BARTH JOHN PHILIPP KLEIN FREDERIC WILLIAMS-GOBEAUX NADESHDA DEMIDOVA PETER SPENGLER VALERIE GASTALDY RAKESH PATEL GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING LAURENCE ALEXANDER ADAM COLLINS TIMOTHY JONES CHRISTIAN FAITZ KLAUS RINGEL MARCO GUENTHER RALF GROENEMEYER HASSAN I AHMED TONY JONES PAUL W SATCHELL

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

Recommendation market perform overweight neutral overweight buy neutral buy buy buy add underperform hold buy buy buy hold outperform Equalwt/In-Line buy buy buy neutral buy hold buy Buy/Neutral equalweight buy sell buy buy buy outperform select list hold buy neutral neutral hold

Amt Held 9'252'936 8'717'675 6'880'592 4'801'614 4'605'392 4'402'491 3'880'191 2'572'241 1'850'348 1'839'840 1'825'948 1'815'684 1'580'518 1'553'523 1'230'595 820'205 776'040 699'871 665'092 566'970

% Out 5 4.71 3.71 2.59 2.49 2.38 2.09 1.39 1 0.99 0.99 0.98 0.85 0.84 0.66 0.44 0.42 0.38 0.36 0.31

Weighting

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

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

Latest Chg 626'980 (174'285) (340'139) 155'280 (174'980) 61'948 (31'340) 67'654 (678'316) (20) 127'709 (293'938) (17'345) (55'000) 22'217 (121'000)

Target Price 149 168 137 160 160 160 165 180 160 160 130 145 160 165 154 140 170 150 165 153 160 147 155 141 146 167 139 147 #N/A N/A 149 156 160 150 153 #N/A N/A 160 120 #N/A N/A 114

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

File Dt Inst Type 14.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 28.12.2012 Mutual Fund Manager 29.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager

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

Date 27.03.2013 27.03.2013 26.03.2013 20.03.2013 19.03.2013 18.03.2013 13.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 28.02.2013 27.02.2013 04.02.2013 01.02.2013 17.01.2013 02.01.2013 13.12.2012 06.12.2012 21.11.2012 30.10.2012 29.10.2012 29.10.2012 15.10.2012 08.10.2012 18.05.2012

27.03.2013

Satyam Computer Services Ltd Satyam Computer Services Limited is a global consulting and IT services and television to film and telecommunications. The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.03.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCS IB EQUITY YTD Change SCS IB EQUITY YTD % CHANGE

03/2012 12/yy 131.20 66.25 699'317.00 126.35 -3.70% 90.72% 92.53% 1'177.3 148'749.78 241.00 0.0 150.0 28'008.00 118'563.38

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 84'734.9 2.63x 18'433.3 12.09x 16'878.9 15.70x

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

31.03.2009 31.03.2010 88'126.0 54'810.0 0.33x 1.48x 1'649.0 1'691.0 17.73x 48.07x (81'768.0) (1'246.0) Profitability

LTM-4Q 31.03.2011 51'450.0 0.92x 6'168.0 7.71x (1'473.0) -

31.03.2012 63'956.0 1.05x 12'404.0 5.42x 13'060.0 7.26x 12'404.00 10'827.00 16.93% 21.62% 19.98% 55.43% 54.12% 0.98% 19.4% 16.9% 20.4% 2.31 1.74 0.35% 0.81% 5.06 -

Price/ Cash Flow

LTM

12/yy 28'813.0 5.00x 8'847.0 4.03x 2'681.0 7.83x

12/yy 28'994.0 4.98x 6'531.0 6.01x 164.0 118.88x

FY+1

0.00 1.01 624.99 64.20% 18.19% 1.010 29 4.241 438'488 507'852 530'992 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 77'284.8 85'027.2 19'735.3 1.54x 1.28x 16'361.7 17'134.7 4'036.0 7.30x 6.97x 12'395.9 13'733.0 2'964.5 12.20x 11.00x 11.70x 11.28x S&P Issuer Ratings

1127.64 875.91 -2.24 0.02 0.8% 0.8% 0.98 6.98 72.33 -

Sales/Revenue/Turnover

4.00

70'000.0

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0

1.50

20'000.0

1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Satyam Computer Services Ltd Holdings By:

All

Holder Name VENTURBAY CONSULTANT CIE DE CORNOUAILLE S SOCIETE GENERALE AMUNDI NATIXIS ASSET MANAGE CAISSE DES DEPOTS ET FRANKLIN RESOURCES PEG VIVENDI BAUPOST GROUP LLC NORGES BANK INVESTME QATAR HOLDINGS LLC BANK OF AMERICA CORP UBS CREDIT SUISSE SECURI NATIXIS ASSET MANAGE GROUPE BOLLORE HSBC HOLDINGS PLC FMR LLC VANGUARD GROUP INC BNP PARIBAS INV PART

Firm Name

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

Analyst

Angel Broking Limited FILIPPO PIETRO LO FRANCO Oddo & Cie BRUNO HARENG Barclays JULIEN ROCH Societe Generale CHRISTOPHE CHERBLANC Sanford C. Bernstein & Co CLAUDIO ASPESI Credit Suisse OMAR SHEIKH Jefferies WILL SMITH Nomura MATTHEW WALKER Macquarie ANGUS TWEEDIE Morgan Stanley PATRICK WELLINGTON Raymond James STEPHANE BEYAZIAN EVA Dimensions ANDREW S ZAMFOTIS Hamburger Sparkasse ANNEMARIE SCHLUETER Kepler Capital Markets CONOR O'SHEA AlphaValue JEAN-MICHEL SALVADOR CA Cheuvreux ANDREA BENEVENTI S&P Capital IQ ALEXANDER WISCH Exane BNP Paribas CHARLES BEDOUELLE Goldman Sachs RICHARD JONES Independent Research GmbH LARS LUSEBRINK CM - CIC Securities(ESN) ERIC RAVARY New Street Research RUSSELL WALLER Banco Sabadell ANDRES BOLUMBURU Day by Day VALERIE GASTALDY HSBC NICOLAS COTE-COLISSON Grupo Santander CARLOS JAVIER TREVINO Espirito Santo Investment Bank Research WILL DRAPER Liberum Capital Ltd IAN WHITTAKER Landesbank Baden-Wuerttemberg MIRKO MAIER Natixis JEROME BODIN Deutsche Bank PATRICK KIRBY DZ Bank AG HARALD HEIDER

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

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

Amt Held 78'670'926 66'174'684 62'157'815 57'756'435 57'389'860 48'191'364 34'074'702 33'192'445 26'349'991 25'862'423 25'789'649 19'320'712 18'802'966 17'995'960 14'815'566 14'021'059 13'811'784 13'716'052 13'307'220 13'250'434

% Out 5.94 5 4.69 4.36 4.33 3.64 2.57 2.51 1.99 1.95 1.95 1.46 1.42 1.36 1.12 1.06 1.04 1.04 1.01 1

Weighting

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

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

Latest Chg 19'121 (36'465'062) (5'812'102) 29'924'444 415'302 65'633 1'246'283 (5'089'327) 673'572 (4'398)

Target Price 20 19 18 17 18 19 19 18 17 17 19 #N/A N/A #N/A N/A 19 23 17 18 19 18 17 17 17 18 #N/A N/A 18 22 18 20 17 22 16 23

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

File Dt Inst Type 25.03.2013 Investment Advisor 14.11.2012 Unclassified 30.04.2012 Bank 14.05.2012 Investment Advisor 10.05.2012 Investment Advisor 31.12.2011 Government 31.12.2012 Investment Advisor 31.12.2011 Other 31.12.2011 Hedge Fund Manager 31.12.2011 Government 31.12.2011 Government 31.12.2011 Investment Advisor 31.01.2013 Unclassified 31.12.2011 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2011 Holding Company 31.12.2011 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor

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

Date 27.03.2013 27.03.2013 26.03.2013 25.03.2013 25.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 11.03.2013 08.03.2013 07.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 15.02.2013 05.02.2013 31.01.2013 23.01.2013 15.11.2012 24.10.2012 15.10.2012 21.09.2012 01.03.2012 06.12.2011

27.03.2013

Sesa Goa Ltd Sesa Goa Limited is involved in iron ore mining, beneficiation and exports. construction services, and operates toll roads. The Company builds and maintains roads and produces road construction materials, builds electricity and communications networks, installs fire protection and power and ventilation systems, and operates toll highways, bridges, parking garages, and a stadium.

Price/Volume 45 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.07.2012) 52-Week Low (04.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SESA IB EQUITY YTD Change SESA IB EQUITY YTD % CHANGE

03/2012 09/yy 207.90 148.20 180'788.00 151.2 -27.27% 2.02% 5.03% 869.1 131'408.14 37'341.80 0.0 0.0 5'921.90 166'734.44

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

10 5 0 m-12

31.03.2009 31.03.2010 49'179.4 57'978.0 0.96x 5.89x 27'117.1 31'547.0 1.75x 10.82x 19'881.3 26'291.3 3.94x 14.51x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.03.2011 91'933.3 1.81x 52'094.3 3.19x 42'224.5 5.93x

31.03.2012 83'100.6 2.41x 35'053.5 5.72x 26'955.0 6.28x 35'053.50 33'992.10 40.90% 44.73% 14.98% 19.30% 17.58% 0.46% 42.2% 40.9% 32.4% 0.60 0.28 18.30% 24.70% 13.49 -

Price/ Cash Flow

LTM

09/yy 33'699.5 0.00x 0.0 0.00x 0.0 0.00x

09/yy 37'494.5 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.65 1.33 389.99 -21.84% -22.56% 1.334 40 3.225 189'852 213'140 215'805 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 28'461.1 55'614.1 3'803.0 5.60x 2.75x 9'672.5 16'269.0 540.0 17.28x 10.27x 25'551.3 27'416.3 7'952.5 7'750.0 5.16x 4.91x 3.91x 4.17x S&P Issuer Ratings

14.55 11.49 0.90 1.07 24.7% 19.8% 0.46 4.50 27.14 -

Sales/Revenue/Turnover

8.00

45'000.0

7.00

40'000.0

6.00

35'000.0 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 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 37'658.9 2.75x 23'052.4 4.50x 15'415.8 8.05x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Sesa Goa Ltd Holdings By:

All

Holder Name FINSIDER INTERNATION COMET LUXEMBOURG HLD CAPITAL GROUP COMPAN ARTEMIS SA FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FMR LLC AVIVA PLC AMUNDI PICTET ASSET MANAGEM LBPAM COHEN & STEERS CAPIT ALLIANZ ASSET MANAGE UNION INVESTMENT LUX MERCURY ASSET MANAGE DEUTSCHE BANK AG DNCA FINANCE COMMONWEALTH BANK OF

Firm Name Axis Capital Limited EVA Dimensions Bryan Garnier & Cie HSBC BPI Aurel - BGC AlphaValue Hamburger Sparkasse Banco Sabadell Day by Day Societe Generale Natixis Independent Research GmbH CM - CIC Securities(ESN) Ahorro Corporacion Financiera SA S&P Capital IQ Exane BNP Paribas Deutsche Bank RBC Capital Markets Barclays Morgan Stanley Goldman Sachs CA Cheuvreux JPMorgan DZ Bank AG Landesbank Baden-Wuerttemberg Oddo & Cie Kepler Capital Markets Nord/LB

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

Analyst

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

Recommendation

ARNAUD PALLIEZ CRAIG STERLING SVEN EDELFELT PIERRE BOSSET FILIPE MARTINS LEITE ERIC LEMARIE GAETAN DUPONT INGO SCHMIDT MARIA CEBOLLERO VALERIE GASTALDY MURIEL FELLOUS GREGOIRE THIBAULT CHRISTOPH SCHOENDUBE JEAN-CHRISTOPHE LEFEVRE-MOULENQ VIRGINIA PEREZ REPES JAWAHAR HINGORANI NICOLAS MORA LUIS PRIETO OLIVIA PETERS SUSANNA INVERNIZZI JAIME ROWBOTHAM WILL MORGAN NABIL AHMED ELODIE RALL MARC NETTELBECK HANS-PETER KUHLMANN OLIVIER BECKER JOSEP PUJAL HEINO HAMMANN

outperform sell buy neutral buy hold buy hold buy hold buy buy hold buy strong buy strong buy neutral buy sector perform overweight Overwt/In-Line Buy/Neutral outperform overweight buy hold buy buy buy

Amt Held 40'940'297 31'714'315 13'142'000 8'072'735 7'915'159 5'462'669 5'401'971 4'772'800 4'772'712 2'633'758 2'147'140 2'114'012 1'945'486 1'663'965 1'658'463 1'457'470 1'405'036 1'335'216 1'325'000 1'235'358

% Out 7.06 5.47 2.27 1.39 1.37 0.94 0.93 0.82 0.82 0.45 0.37 0.36 0.34 0.29 0.29 0.25 0.24 0.23 0.23 0.21

Weighting

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

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

Latest Chg 2'679'200 398'303 9'442 176'206 (22'333) 1'057'163 (2'838) (27'232) 19'058 133'200 (38'563) 53'000 (287'348) (180'000) 106'285

Target Price 45 #N/A N/A 45 40 48 39 50 #N/A N/A 43 #N/A N/A 48 48 40 44 45 45 41 47 40 45 42 46 43 49 41 37 49 50 #N/A N/A

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

File Dt Inst Type 31.12.2012 Corporation 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Holding Company 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 25.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.09.2012 Investment Advisor 30.11.2012 Bank

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

Date 22.03.2013 21.03.2013 20.03.2013 19.03.2013 07.03.2013 07.03.2013 07.03.2013 26.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 01.02.2013 30.01.2013 29.01.2013 23.01.2013 15.01.2013 14.01.2013 21.11.2012 17.09.2012 17.09.2012 01.08.2012 01.08.2012 01.08.2012 14.06.2012

27.03.2013

Shriram Transport Finance Co Ltd Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks. Company operates hydroelectric, geothermal, and other generating plants. Enel, through subsidiaries, also provides fixed-line and mobile telephone services, installs public lighting systems, and operates real estate, factoring, insurance, telecommunications, and Internet service provider businesses.

Price/Volume 4 3 3 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHTF IB EQUITY YTD Change SHTF IB EQUITY YTD % CHANGE

03/2012 12/yy 800.00 475.00 8'159.00 674.55 -15.68% 42.01% 61.40% 226.9 153'031.06 186'363.89 0.0 0.0 22'156.86 313'481.07

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

348.6 29.08x

1 0 m-12

31.03.2009 Profitability

31.03.2010 44'965.6 6.35x 39'210.3 7.29x 8'730.3 12.82x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.03.2011 54'833.8 5.57x 45'185.6 6.76x 12'171.1 14.76x

31.03.2012 61'876.3 4.85x 51'257.6 5.86x 13'088.1 10.38x 51'257.57 56.52% 31.64% 3.78% 23.96% 6.08% 0.18% 82.8% 21.2% 50.32% 308.93% -

Price/ Cash Flow

12/yy 77'573.0 5.64x 15'554.0 0.00x 4'148.0 7.08x

LTM 12/yy 82'699.0 4.86x 16'150.0 6.35x 865.0 34.87x

FY+1

0.96 1.06 119.19 14.45% -10.92% 1.056 38 4.132 12'135 93'124 66'223 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 38'726.8 45'106.4 10'301.0 10'530.0 2.14x 1.52x 14'295.0 16'909.1 3'897.0 3'937.0 10.66x 8.95x 8.81x 8.20x S&P Issuer Ratings

3.20 3.64 308.9% 75.5% 0.18 134.29 -

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0 60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 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 |

27.03.2013

Shriram Transport Finance Co Ltd Holdings By:

All

Holder Name SHRIRAM HOLDINGS MAD BLACKROCK VANGUARD GROUP INC PICTET ASSET MANAGEM FMR LLC MERCURY ASSET MANAGE BNP PARIBAS INV PART ALLIANZ ASSET MANAGE ARCA SGR SPA STATE STREET BANQUE AVIVA PLC CREDIT SUISSE ASSET ING INTERNATIONAL AD NATIXIS ASSET MANAGE UNION INVESTMENT LUX DEKA INVESTMENT GMBH BANK OF NEW YORK MEL JOHN HANCOCK INVESTM ING INVESTMENT MANAG UBS

Firm Name

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

Analyst

Credit Suisse JAVIER GARRIDO Exane BNP Paribas PHILIP GOTTSCHALK HSBC ADAM DICKENS Banca IMI ROBERTO RANIERI ICBPI SIMONA PEDRAZZINI Morgan Stanley EMMANUEL TURPIN S&P Capital IQ CLIVE ROBERTS Day by Day VALERIE GASTALDY Deutsche Bank VIRGINIA SANZ DE MADRID Grupo Santander OSCAR NAJAR RIOS Societe Generale ALBERTO PONTI Independent Research GmbH SVEN DIERMEIER Espirito Santo Investment Bank Research FERNANDO GARCIA GARCIA Natixis PHILIPPE OURPATIAN Raymond James EMMANUEL RETIF Banca Akros(ESN) DARIO MICHI Kepler Capital Markets CLAUDIA INTROVIGNE Goldman Sachs DARIO CARRADORI AlphaValue MYRIAM COHEN Credit Suisse STEFANO BEZZATO Centrobanca EDOARDO MONTALBANO Nomura JAVIER SUAREZ Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Berenberg Bank ANDREW FISHER Barclays SUSANNA INVERNIZZI EVA Dimensions AUSTIN BURKETT Equita SIM SpA ROBERTO LETIZIA Banco Sabadell JORGE GONZALEZ SADORNIL Nord/LB HEINO HAMMANN Landesbank Baden-Wuerttemberg ERKAN AYCICEK Hammer Partners SA CHRIS MOORE DZ Bank AG HASIM SENGUEL

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

Recommendation underweight underperform underweight Under Review neutral Equalwt/In-Line buy hold hold buy buy hold neutral neutral market perform hold hold neutral/neutral buy neutral hold reduce buy hold equalweight overweight hold sell hold hold sell hold

Amt Held 2'937'984'993 99'021'197 68'602'047 52'151'916 30'181'320 17'684'685 14'303'336 13'120'169 12'861'686 9'428'887 9'331'460 8'892'727 8'055'396 7'830'955 7'754'520 7'123'096 7'012'498 6'929'768 5'732'826 5'696'253

% Out 31.24 1.05 0.73 0.55 0.32 0.19 0.15 0.14 0.14 0.1 0.1 0.09 0.09 0.08 0.08 0.08 0.07 0.07 0.06 0.06

Weighting

Change

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

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

Latest Chg 705'523 2'529'990 (26'014'603) 5'582'196 1'277'038 6'820'235 216'500 775'921 317'904 (165'071) 61'977 23'874 (198'780) 3'250'432 39'692 185'790 (1'361'003)

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

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

File Dt 20.11.2012 25.03.2013 31.12.2012 31.01.2013 31.01.2013 25.03.2013 31.01.2013 31.01.2013 28.02.2013 28.02.2013 28.02.2013 31.01.2013 31.12.2012 31.01.2013 28.09.2012 28.12.2012 26.03.2013 31.01.2013 31.12.2012 31.01.2013

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

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

Date 25.03.2013 25.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 05.03.2013 08.02.2013 08.02.2013 06.02.2013 05.02.2013 25.01.2013 17.01.2013 30.11.2012 03.08.2012 05.06.2012 09.03.2012 08.03.2012 18.11.2011

27.03.2013

Siemens Ltd Siemens Ltd. has its operations in various areas: in the transportation sector produces beers, spirits, wines, and soft drinks under various brand names.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (04.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIEM IB EQUITY YTD Change SIEM IB EQUITY YTD % CHANGE

09/2012 12/yy 838.70 482.35 50'144.00 527.25 -37.13% 9.31% 12.60% 355.5 187'434.61 0.00 0.0 0.0 12'750.40 174'684.21

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 m-12

30.09.2009 30.09.2010 92'336.3 95'752.1 1.88x 2.70x 10'386.8 13'296.2 16.67x 19.47x 7'046.0 7'577.7 26.66x 36.64x Profitability

30.09.2011 119'063.4 2.29x 12'670.3 21.49x 8'677.5 32.71x

30.09.2012

m-12

LTM-4Q

LTM

12/yy

12'670.26 11'130.35 9.35% 10.83% 8.91% 24.46% 24.70% 1.22% 24.1% 10.6% 9.3% 7.3% 1.35 0.86 0.00% 0.00% 3.14 11.84

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

1.14 0.91 53.28 -30.25% -20.23% 0.910 27 1.852 41'889 50'936 35'198 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 131'673.6 145'190.1 1.25x 1.08x 11'493.4 14'000.0 15.20x 12.48x 7'082.6 8'656.8 25.49x 20.85x S&P Issuer Ratings

99.55 65.51 -1.01 0.00 0.0% 0.0% 1.22 9.65 116.24 30.84 116.43 30.65

Sales/Revenue/Turnover

10.00

20'000.0

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00 4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 30.09.2008 96'336.4 1.24x 7'274.2 16.46x 5'995.5 22.41x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 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 |

27.03.2013

Siemens Ltd Holdings By:

All

Holder Name SIEMENS AG CB EQUITY LLP SUN LIFE FINANCIAL I CREDIT SUISSE GROUP DAVIS INVESTMENTS LL OPPENHEIMERFUNDS INC HARBOR CAPITAL ADVIS VANGUARD GROUP INC INVESCO LTD FMR LLC SKAGEN AS BLACKROCK MFS FINANCIAL SERVIC UNITED SERVICES AUTO ALLIANZ ASSET MANAGE UNIVERSAL INVEST CON NATIXIS ASSET MANAGE FRANK RUSSELL TRUST CI INVESTMENTS INC INVESTEC ASSET MANAG

Firm Name

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

Analyst

Axis Capital Limited WIM HOSTE SNS Securities(ESN) RICHARD WITHAGEN Rabobank International KAREL ZOETE Nomura IAN SHACKLETON Sanford C. Bernstein & Co TREVOR STIRLING ING Bank MARCO GULPERS AlphaValue ISABELLE COMBEMALE ABN Amro Bank N.V. ROBERT JAN VOS RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC Canaccord Genuity Corp EDDY HARGREAVES Societe Generale ANDREW HOLLAND Exane BNP Paribas JAVIER GONZALEZ LASTRA JPMorgan MIKE J GIBBS EVA Dimensions AUSTIN BURKETT Deutsche Bank JONATHAN FELL Natixis JOSEPHINE CHEVALLIER Day by Day VALERIE GASTALDY Barclays SAMAR CHAND Kempen & Co SANDER VAN OORT Jefferies DIRK VAN VLAANDEREN HSBC LAUREN E TORRES Petercam KRIS KIPPERS Bryan Garnier & Cie NIKOLAAS FAES S&P Capital IQ CARL SHORT Berenberg Bank PHILIP MORRISEY Theodoor Gilissen Securities TOM MULLER Grupo Santander ANTHONY J BUCALO CA Cheuvreux ERIC BOROIAN Goldman Sachs MITCHELL COLLETT Redburn Partners CHRIS PITCHER Espirito Santo Investment Bank Research ALEX SMITH Credit Suisse SANJEET AUJLA Davy BARRY GALLAGHER Kepler Capital Markets TEAM COVERAGE

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

Recommendation buy reduce hold neutral outperform buy add hold sector perform hold sell buy outperform neutral underweight buy buy buy underweight hold underperform neutral hold buy hold hold hold hold outperform neutral/attractive neutral neutral not rated underperform reduce

Amt Held 288'030'112 58'426'684 26'749'481 19'749'284 8'514'203 6'894'332 4'732'907 3'390'445 2'588'234 2'240'550 2'205'111 2'110'234 1'540'251 1'287'725 1'280'256 1'165'000 853'141 837'474 694'714 658'436

% Out 50 10.14 4.64 3.43 1.48 1.2 0.82 0.59 0.45 0.39 0.38 0.37 0.27 0.22 0.22 0.2 0.15 0.15 0.12 0.11

Weighting

Change

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

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

Latest Chg (1'036'753) 3'372'552 4'253'020 53'695 (429'726) 2'442 49'679 (64'810) (45'616) 99'498 (28'080) (48'250) 96'772

Target Price 62 50 55 54 64 65 61 53 62 #N/A N/A 45 62 64 57 #N/A N/A 60 60 59 48 48 43 56 50 67 56 49 54 57 55 56 #N/A N/A 45 #N/A N/A #N/A N/A 34

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

File Dt Inst Type 30.07.2011 Corporation 29.06.2011 Holding Company 31.01.2013 Investment Advisor 04.05.2010 Investment Advisor 16.02.2012 Other 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 21.03.2013 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.05.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 11.03.2013 08.03.2013 05.03.2013 26.02.2013 22.02.2013 21.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 07.02.2013 22.01.2013 21.01.2013 21.01.2013 09.01.2013 10.12.2012 20.09.2012 28.08.2012 14.08.2012 27.09.2011

27.03.2013

State Bank of India State Bank of India provides a wide range of banking and financial services to commercial, and residential customers. The Company produces natural gas and oil, mines coal, delivers and distributes gas, and supplies drinking water. RWE AG operates mainly in Europe.

Price/Volume 40

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (16.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBIN IB EQUITY YTD Change SBIN IB EQUITY YTD % CHANGE

03/2012 12/yy 2'550.00 1'804.50 336'451.00 2051.4 -19.55% 13.68% 33.12% 671.0 1'376'582.25 2'093'349.15 0.0 37'256.7 1'451'021.22 -

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

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 899'701.7 89'606.1 10.06x

6.0 M

31.03.2009 31.03.2010 1'131'245.9 1'338'617.8 109'552.9 117'338.3 6.18x 11.24x Profitability

LTM-4Q 31.03.2011 1'478'646.7 106'849.5 16.43x

31.03.2012 1'770'798.4 153'431.0 8.68x 28.10% 28.05% 0.88% 16.18% 5.32% 0.10% 17.5% 11.44% 197.06% -

Price/ Cash Flow

LTM

FY+1

1.71 1.18 186.23 -1.97% -13.94% 1.175 63 3.619 457'337 426'309 372'821 FY+2

FQ+1

FQ+2

12/yy 49'153.0 2.84x 6'912.0 4.66x 1'806.0 8.13x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 39'773.0 970'236.3 ######### 3.72x 7'228.0 0.00x 1'033.0 187'262.5 216'363.1 0.00x 7.41x 6.45x S&P Issuer Ratings Long-Term Rating Date 30.01.2007 Long-Term Rating BBBLong-Term Outlook NEG Short-Term Rating Date 30.01.2007 Short-Term Rating A-3 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 197.1% Total Debt/Capital 65.6% Asset Turnover 0.10 Net Fixed Asset Turnover 25.49 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

6.00

100'000.0 90'000.0

5.00

80'000.0 70'000.0

4.00

60'000.0

3.00

50'000.0 40'000.0

2.00

30'000.0 20'000.0

1.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

State Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA BLACKROCK CREDIT SUISSE GROUP MONDRIAN INVESTMENT SOCIETE GENERALE SA CAPITAL GROUP COMPAN DB PLATINUM ADVISORS VANGUARD GROUP INC UNION INVESTMENT GMB DEKA INVESTMENT GMBH PICTET ASSET MANAGEM MERCURY ASSET MANAGE ETFLAB INVESTMENT GM ALLIANZ ASSET MANAGE BNP PARIBAS INV PART FMR LLC DEKA INTERNATIONAL S NUVEEN ASSET MANAGEM MACQUARIE GROUP FRANKFURT TRUST INVE

Firm Name Axis Capital Limited HSBC Exane BNP Paribas Commerzbank Corporates & Markets EVA Dimensions Redburn Partners Grupo Santander JPMorgan Nomura AlphaValue Goldman Sachs Raymond James DZ Bank AG Landesbank Baden-Wuerttemberg Hamburger Sparkasse Societe Generale Morgan Stanley Nord/LB Bankhaus Metzler S&P Capital IQ Independent Research GmbH M.M. Warburg Investment Research Kepler Capital Markets Main First Bank AG Banco Sabadell Day by Day Credit Suisse Berenberg Bank Ahorro Corporacion Financiera SA Barclays Macquarie Steubing AG Equinet Institutional Services(ESN) Deutsche Bank Natixis CA Cheuvreux Silvia Quandt Research

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

Analyst JOHN MUSK ADAM DICKENS BENJAMIN LEYRE TANJA MARKLOFF AUSTIN BURKETT AHMED FARMAN OSCAR NAJAR RIOS VINCENT DE BLIC MARTIN YOUNG EILEEN RYAN DEBORAH WILKENS EMMANUEL RETIF MARC NETTELBECK ERKAN AYCICEK ANNEMARIE SCHLUETER ALBERTO PONTI BOBBY CHADA HEINO HAMMANN DANIEL SEIDENSPINNER CLIVE ROBERTS SVEN DIERMEIER STEPHAN WULF INGO BECKER ANDREAS THIELEN JORGE GONZALEZ SADORNIL VALERIE GASTALDY VINCENT GILLES LAWSON STEELE VIRGINIA PEREZ REPES PETER BISZTYGA ROBERT SCHRAMM-FUCHS MICHAEL BROEKER MICHAEL SCHAEFER ALEXANDER KARNICK PHILIPPE OURPATIAN SEBASTIAN KAUFFMANN SEBASTIAN ZANK

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

Recommendation sector perform underweight neutral hold buy buy underweight underweight reduce buy neutral/neutral underperform buy sell hold sell Overwt/In-Line hold sell hold hold buy reduce underperform sell hold underperform sell hold underweight neutral buy hold sell neutral outperform not rated

Amt Held 86'361'823 28'787'275 28'008'409 17'272'365 6'421'155 5'726'000 5'509'049 5'122'429 2'919'473 2'349'710 2'317'638 1'358'033 1'146'153 1'066'091 1'043'884 986'543 928'678 900'000 845'432 822'801

% Out 15 5 4.86 3 1.12 0.99 0.96 0.89 0.51 0.41 0.4 0.24 0.2 0.19 0.18 0.17 0.16 0.16 0.15 0.14

Weighting

Change

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

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

Latest Chg 4'226'000 3'963'686 196'272 78'546 (446'152) (565'153) (298'847) (164'548) (1'416'019) 79'174 900'000 (13'576) 800'000

Target Price 28 23 32 29 #N/A N/A #N/A N/A #N/A N/A 28 25 34 36 25 35 25 #N/A N/A 24 33 31 25 29 30 34 27 29 37 #N/A N/A 28 25 34 27 30 60 35 27 34 38 #N/A N/A

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

File Dt 31.12.2012 25.03.2013 04.05.2012 16.05.2012 19.02.2013 31.12.2012 28.02.2013 31.12.2012 28.09.2012 28.12.2012 31.01.2013 25.03.2013 26.03.2013 28.02.2013 31.01.2013 31.01.2013 31.10.2012 31.01.2013 31.01.2013 31.01.2013

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

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

Date 27.03.2013 26.03.2013 25.03.2013 22.03.2013 21.03.2013 18.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 01.03.2013 15.02.2013 14.02.2013 06.02.2013 05.02.2013 28.01.2013 25.01.2013 22.01.2013 14.01.2013 11.01.2013 07.01.2013 05.11.2012 14.06.2012 06.03.2012

27.03.2013

Steel Authority of India Ltd Steel Authority of India Limited is an integrated steel manufacturing company. the United Kingdom, United States, Spain, Portugal, and Latin America. The Company specializes in clean energy and more specifically wind power.

Price/Volume 5 4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAIL IB EQUITY YTD Change SAIL IB EQUITY YTD % CHANGE

03/2012 12/yy 101.75 60.25 613'615.00 61 -40.05% 1.24% 1.81% 4'130.5 251'962.05 180'281.70 0.0 0.0 64'929.20 367'314.55

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

1 1 0 m-12

31.03.2009 31.03.2010 432'186.9 405'770.0 0.69x 2.40x 92'919.6 99'514.9 3.23x 9.79x 62'452.7 68'506.1 6.38x 15.23x Profitability

31.03.2011 433'993.9 1.69x 78'383.7 9.35x 50'139.1 13.97x

31.03.2012 466'581.6 1.08x 64'239.0 7.86x 35'930.9 10.83x 64'239.00 47'304.10 10.14% 11.32% 4.59% 9.23% 7.05% 0.60% 13.8% 10.1% 7.7% 1.51 0.59 22.97% 44.76% 10.45 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

3.28 1.28 382.34 -33.61% -31.29% 1.277 51 2.843 658'629 487'678 464'424 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 453'037.5 513'419.5 113'974.0 128'361.0 0.93x 0.98x 58'363.4 73'762.6 18'016.0 6.29x 4.98x 29'429.8 32'298.6 6'796.0 7'142.0 8.41x 7.62x 8.92x 8.82x S&P Issuer Ratings

29.04.2010 BBBNEG 8.61 -4.47 1.80 2.81 44.8% 30.9% 0.60 1.12 35.02 -

Sales/Revenue/Turnover

9.00

40'000.0

8.00

35'000.0

7.00

30'000.0

6.00

25'000.0

5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

a-12 m-12

Fiscal Year Ended 31.03.2008 395'765.1 1.66x 116'897.0 5.62x 75'957.6 10.08x

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Steel Authority of India Ltd Holdings By:

All

Holder Name GOVERNMENT OF INDIA ACS ACTIVIDADES CONS BANCAJA (VALENCIA CA BILBAO BIZKAIA KUTXA NATIXIS BLACKROCK SOCIETE GENERALE IBERDROLA SA AMUNDI VANGUARD GROUP INC FMR LLC DEUTSCHE BANK AG DE URRUTIA VAL VICTO MERCURY ASSET MANAGE UNION INVESTMENT LUX SUN LIFE FINANCIAL I INVERCAIXA GESTION S MAINFIRST SICAV MACQUARIE GROUP SWEDBANK ROBUR FONDE

Firm Name

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

Analyst

Nomura ALOK KUMAR NEMANI Standard Chartered SATISH KUMAR IDFC Securities Ltd PRAKASH JOSHI India Infoline TARANG BHANUSHALI Ambit Capital Pvt Ltd JATIN KOTIAN ICICIdirect.com DEWANG SANGHAVI Centrum Broking Pvt Ltd ABHISAR JAIN Emkay Share & Stock Brokers GOUTAM CHAKRABORTY Angel Broking Limited BHAVESH CHAUHAN Antique Stock Broking Limited AMIT AGARWAL Motilal Oswal Securities Ltd SANJAY JAIN Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR ICICI Securities ABHIJIT MITRA Batlivala & Karani Securities PRITAM LALA Macquarie RAKESH ARORA Nirmal Bang Institutional Equities GIRIRAJ DAGA Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Elara Securities India Pvt Ltd ASHISH KEJRIWAL Barclays CHIRAG SHAH Credit Suisse NEELKANTH MISHRA MSFL - Institutional Business Group TANUJ RASTOGI BNP Paribas Equity Research KUNAL AGRAWAL Phillip Securities DHAWAL DOSHI KR Choksey Shares & Sec Pvt Ltd UMESH PATEL IIFL BIJAL SHAH JPMorgan PINAKIN M PAREKH Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR JM Financial Institutional Securities P ASHUTOSH SOMANI Sunidhi Consultancy Services CHINTAN J MEHTA Dolat Capital Market Ltd. RAM MODI Edelweiss Capital PRASAD BAJI Systematix Shares & Stocks Ltd ERIC MARTINS Morgan Stanley VIPUL PRASAD Religare Capital Markets VARUN LOHCHAB EVA Dimensions CRAIG STERLING Karvy Stock Broking Ltd PALLAV AGARWAL CIMB RAHUL JAIN Espirito Santo Investment Bank Research RITESH SHAH Daiwa Securities Co. Ltd. DEEPAK PODDAR Tata Securities Limited ABHISHEK PODDAR Deutsche Bank ABHAY LAIJAWALA Fortune Equity Brokers (India) Ltd NIRAJ SHAH Maybank Kim Eng ANUBHAV GUPTA

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

Recommendation buy in-line underperform Subscribe sell buy sell accumulate avoid hold sell hold add outperform outperform sell hold reduce underweight underperform sell buy neutral accumulate reduce overweight reduce hold neutral sell buy buy Underwt/In-Line sell hold buy underperform sell outperform hold buy sell buy

Amt Held 514'250'814 415'111'949 314'887'559 309'430'747 277'971'800 266'519'132 182'216'094 83'188'438 60'811'776 41'196'587 26'238'031 17'171'395 14'465'535 13'973'808 13'214'700 8'811'697 8'353'126 8'200'000 7'236'945 7'034'262

% Out 8.19 6.61 5.01 4.93 4.43 4.24 2.9 1.32 0.97 0.66 0.42 0.27 0.23 0.22 0.21 0.14 0.13 0.13 0.12 0.11

Weighting

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

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

Latest Chg (13'299'908) 1'999'736 9'929'612 2'388'677 6'809'180 (1'721'294) 1'000'000 7'602'990 (673'854) 1'181'206 263'277 1'750'634

Target Price 103 95 59 72 65 82 59 70 #N/A N/A 71 39 78 82 77 82 62 79 76 67 50 70 100 89 88 66 120 74 80 90 72 103 120 70 75 #N/A N/A 130 69 63 95 87 106 69 111

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

File Dt Inst Type 31.12.2012 Government 31.12.2012 Corporation 31.12.2012 Bank 24.01.2013 Bank 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 17.01.2013 Bank 31.12.2012 Corporation 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Investment Advisor 27.02.2013 n/a 25.03.2013 Investment Advisor 28.09.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 27.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 13.03.2013 12.03.2013 08.03.2013 28.02.2013 27.02.2013 20.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 15.01.2013 10.01.2013 07.01.2013 26.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 07.11.2012

27.03.2013

Sterlite Industries India Ltd Sterlite Industries (India) Ltd. manufactures a wide range of electrical wires and children. The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

Price/Volume 300

14.0 M

250

12.0 M 10.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STLT IB EQUITY YTD Change STLT IB EQUITY YTD % CHANGE

03/2012 02/yy 123.35 88.60 607'999.00 91.15 -26.10% 2.88% 7.34% 3'360.7 306'324.03 144'725.00 0.0 121'989.9 229'536.50 370'822.94

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

6.0 M

100

4.0 M

2.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 247'053.6 2.38x 82'353.4 7.15x 45'060.9 10.70x

8.0 M

150

Valuation Analysis

31.03.2009 31.03.2010 211'442.2 245'006.0 0.94x 2.77x 48'237.9 63'339.8 4.12x 10.70x 35'399.9 37'437.4 7.16x 18.16x Profitability

LTM-4Q 31.03.2011 304'285.0 1.89x 80'498.2 7.14x 50'425.2 11.58x

31.03.2012 411'789.4 1.00x 101'685.8 4.04x 48'279.2 7.73x 101'685.80 83'387.70 20.25% 22.10% 6.04% 11.04% 10.98% 0.51% 24.7% 20.3% 11.7% 2.46 1.54 16.93% 31.42% 23.97 -

Price/ Cash Flow

LTM

FY+1

1.10 1.52 1'404.65 -16.91% -21.86% 1.525 43 3.767 526'191 494'790 473'325 FY+2

FQ+1

FQ+2

02/yy 02/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 113'328.0 121'358.0 431'466.6 472'877.1 104'646.3 12.17x 11.80x 0.92x 0.72x 23'862.0 25'182.0 102'626.9 120'270.4 25'722.5 15.57x 14.50x 3.61x 3.08x 15'942.0 16'586.0 57'064.6 64'994.8 15'197.3 16'202.0 24.69x 23.16x 5.35x 4.71x 4.60x 4.73x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.64 4.73 -0.83 1.42 31.4% 19.9% 0.51 1.35 15.27 -

Sales/Revenue/Turnover

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00

0.00 04.12.2009

20'000.0 0.0 04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

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 |

27.03.2013

Sterlite Industries India Ltd Holdings By:

All

Holder Name TWINSTAR HOLDINGS LT THAM LOTTIE ALECTA PENSIONSFORSA SWEDBANK ROBUR FONDE SEB AMF FORAKRING OCH FO CLEARSTREAM BANKING JP MORGAN CHASE BANK SSB CL OMNIBUS FOLKSAM GROUP AFA FORSAKRINGAR CAPITAL GROUP COMPAN FJARDE AP-FONDEN HANDELSBANKEN FONDER NORDEA FONDER AB/SWE BENGTSSON JAN THORNBURG INVESTMENT AMF FONDER AB NORDEA INVESTMENT FU FORSTA AP FONDEN

Firm Name

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

Analyst

Standard Chartered SIMON BOWLER ISI Group OMAR SAAD ABG Sundal Collier ANDREAS LUNDBERG Sanford C. Bernstein & Co JAMIE MERRIMAN Raymond James CEDRIC LECASBLE HSBC PAUL ROSSINGTON SEB Enskilda NICKLAS FHARM Cantor Fitzgerald ALLEGRA PERRY Nordea Equity Research STEFAN STJERNHOLM Handelsbanken ERIK SANDSTEDT Bryan Garnier & Cie PETER FARREN Natixis JEAN BAPTISTE TEISSIER Nomura FRASER RAMZAN DNB Markets HAAKON ASCHEHOUG Barclays CHRISTODOULOS CHAVIARAS Telsey Advisory Group DANA TELSEY Danske Markets ANDERS HANSSON Grupo Santander REBECCA MCCLELLAN Credit Suisse SIMON IRWIN Carnegie NIKLAS EKMAN Stifel RICHARD E JAFFE AlphaValue VIRGINIE BLIN Societe Generale ANNE CRITCHLOW Hamburger Sparkasse CHRISTIAN HAMANN EVA Dimensions CRAIG STERLING S&P Capital IQ TUNA AMOBI Redburn Partners GEOFF LOWERY Independent Research GmbH ZAFER RUZGAR Morgan Stanley GEOFFREY RUDDELL Deutsche Bank CHARLIE MUIR-SANDS Swedbank CHRISTIAN ANDERSON CA Cheuvreux DANIEL OVIN Espirito Santo Investment Bank Research CAROLINE GULLIVER Goldman Sachs FRANKLIN WALDING Sydbank SOEREN LONTOFT HANSEN Pareto Securities HELENA NORDMAN-KNUTSON

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

Recommendation underperform neutral hold underperform underperform underweight buy sell sell buy sell neutral neutral sell equalweight no rating system hold underweight underperform buy hold reduce sell hold hold hold sell sell Underwt/Cautious hold neutral underperform sell neutral/neutral hold hold

Amt Held 429'449'332 88'080'400 65'340'000 46'207'198 34'110'194 33'183'861 29'003'861 28'345'566 27'316'541 17'812'084 17'365'420 16'296'650 15'518'751 15'328'521 14'537'070 14'222'030 13'523'874 12'305'880 11'904'522 10'964'430

% Out 29.4 6.03 4.47 3.16 2.34 2.27 1.99 1.94 1.87 1.22 1.19 1.12 1.06 1.05 1 0.97 0.93 0.84 0.82 0.75

Weighting

Change

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

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

Latest Chg (1'369'533) (10'445'500) 2'239'650 2'337'150 -

Target Price 190 230 220 195 196 230 255 200 215 270 225 235 216 205 240 212 235 190 175 #N/A N/A #N/A N/A 241 219 #N/A N/A #N/A N/A 260 #N/A N/A 210 195 240 220 200 185 238 #N/A N/A 240

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

File Dt Inst Type 31.01.2013 n/a 31.01.2013 n/a 31.01.2013 Pension Fund (ERISA) 31.01.2013 Investment Advisor 13.01.2013 Unclassified 31.01.2013 n/a 31.01.2013 Bank 31.01.2013 Investment Advisor 31.01.2013 Other 28.09.2012 Insurance Company 31.01.2013 Insurance Company 31.12.2012 Investment Advisor 31.01.2013 Pension Fund (ERISA) 28.09.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor

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

Date 27.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 22.02.2013 21.02.2013 12.02.2013 01.02.2013 01.02.2013 31.01.2013 30.01.2013 23.01.2013 14.01.2013 30.11.2012 19.11.2012 07.11.2012 01.10.2012 28.09.2012

27.03.2013

Sun Pharmaceutical Industries Ltd Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals military equipment. The Company produces commercial aircraft including the Airbus, military fighter aircraft, military and commercial helicopters, missiles, satellites, and telecommunications and defense systems, and offers military and commercial aircraft conversion and maintenance services.

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

03/2012 12/yy 848.00 554.00 38'231.00 822.1 -3.05% 48.39% 91.19% 1'034.0 850'036.69 3'207.30 0.0 11'614.5 25'093.20 839'765.28

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

10.0 M

5.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 33'565.3 7.29x 14'387.7 17.00x 14'869.0 16.47x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUNP IB EQUITY YTD Change SUNP IB EQUITY YTD % CHANGE

31.03.2009 31.03.2010 42'723.0 38'086.3 4.89x 9.25x 18'745.7 13'811.0 11.15x 25.51x 18'118.8 13'510.8 12.71x 27.47x Profitability

LTM-4Q 31.03.2011 57'279.0 7.78x 20'043.3 22.22x 18'160.6 25.19x

31.03.2012 80'194.9 7.23x 32'828.5 17.67x 25'872.5 22.80x 32'828.50 29'916.90 37.31% 41.85% 18.07% 23.90% 24.57% 0.56% 40.9% 37.3% 32.3% 3.50 1.80 1.97% 2.64% 5.29 -

Price/ Cash Flow

LTM

FY+1

0.52 0.66 541.49 43.80% 11.77% 0.659 50 4.160 51'607 83'430 68'095 FY+2

FQ+1

FQ+2

12/yy 49'128.0 1.04x 3'381.0 4.51x 1'033.0 19.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 56'480.0 110'344.1 128'867.8 28'573.9 26'581.0 1.39x 7.39x 6.14x 3'987.0 48'889.4 53'599.6 11'907.2 12'169.0 4.51x 17.21x 15.70x 19.09x 1'228.0 32'671.4 37'530.8 8'432.4 9'579.0 19.73x 26.08x 22.96x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

116.41 91.13 -0.67 0.10 2.6% 2.3% 0.56 2.96 69.17 -

Sales/Revenue/Turnover

45.00

60'000.0

40.00

50'000.0

35.00

40'000.0

30.00 25.00

30'000.0

20.00

20'000.0

15.00 10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Sun Pharmaceutical Industries Ltd Holdings By:

All

Holder Name SHANGHVI DILIP SHANT DAIMLERCHRYSLER AERO SOCIEDAD ESTATAL DE FEDERAL REPUBLIC OF CAPITAL GROUP COMPAN BLACKROCK CAISSE DES DEPOTS ET AMUNDI SA VANGUARD GROUP INC VIKING GLOBAL INVEST OLD MUTUAL OPPENHEIMERFUNDS INC STATE STREET PRIMECAP MANAGEMENT NATIXIS ASSET MANAGE DEUTSCHE BANK AG INVESCO LTD ALLIANZ ASSET MANAGE BARCLAYS CAPITAL SEC AMUNDI

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a PRIMECAP MANAGEMENT Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Espirito Santo Investment Bank Research CHIRAG TALATI Credit Suisse ANUBHAV AGGARWAL Nomura SAION MUKHERJEE Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN BNP Paribas Equity Research ALOK DALAL Sunidhi Consultancy Services RASHMI SANCHETI Karvy Stock Broking Ltd RAHUL SHARMA Quant Broking Pvt Ltd KIRIT GOGRI HSBC GIRISH BAKHRU India Infoline BHAVIKA SHINDE Centrum Broking Pvt Ltd RANJIT KAPADIA First Global Stockbroking DEVINA MEHRA JM Financial Institutional Securities P JESAL SHAH Sharekhan Ltd TEAM COVERAGE Barclays BALAJI V PRASAD SBI Capital Markets VIVEK KUMAR ICICIdirect.com SIDDHANT KHANDEKAR Fortune Equity Brokers (India) Ltd HITESH MAHIDA Edelweiss Capital MANOJ GARG Antique Stock Broking Limited ANMOL GANJOO IIFL BINO PATHIPARAMPIL Batlivala & Karani Securities ROHIT V BHAT Motilal Oswal Securities Ltd HARDICK BORA Elara Securities India Pvt Ltd SURAJIT PAL Jefferies PIYUSH NAHAR HDFC Securities SUDARSHAN PADMANABHAN Ventura Securities Ltd TEAM COVERAGE Khambatta Securities Ltd FATHIMA KHAN Standard Chartered RAVI AGRAWAL JPMorgan PRINCY SINGH Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI Avendus Capital Private Ltd MONICA JOSHI India Nivesh Ltd DALJEET SINGH KOHLI Nirmal Bang Institutional Equities PRAFUL BOHRA Kotak Securities KRISHNA PRASAD Macquarie ABHISHEK SINGHAL CIMB PRAKASH AGARWAL Morgan Stanley SAMEER BAISIWALA Prabhudas Lilladher Pvt Ltd AMIT SHAH IDFC Securities Ltd NITIN AGARWAL Emkay Share & Stock Brokers DEEPAK MALIK Tata Securities Limited VIHARI PURUSHOTHAMAN Angel Broking Limited SARABJIT KOUR NANGRA

Source Research Research Research Research ULT-AGG ULT-AGG RNS-RUL8 RNS-RUL8 RNS-RUL8 RNS-RUL8 ULT-AGG RNS-RUL8 ULT-AGG 13F MF-AGG MF-AGG RNS-RUL8 ULT-AGG RNS-RUL8 MF-AGG

Recommendation buy outperform neutral Under Review buy neutral buy reduce overweight buy buy moderate outperform buy buy overweight buy hold buy hold buy buy buy neutral buy buy outperform hold strong buy in-line neutral hold hold hold hold reduce outperform neutral Overwt/In-Line accumulate outperform buy buy neutral

Amt Held 183'337'704 122'225'136 44'690'871 22'725'182 22'700'810 22'605'402 15'584'382 15'385'347 12'117'860 11'930'093 9'406'422 9'211'702 8'703'509 6'266'690 4'821'239 4'590'746 3'879'592 2'739'880 2'644'421 2'581'514

% Out 22.12 14.74 5.39 2.74 2.74 2.73 1.88 1.86 1.46 1.44 1.13 1.11 1.05 0.76 0.58 0.55 0.47 0.33 0.32 0.31

Weighting

Change

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

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

Latest Chg (61'096'851) 3'758 472'675 (2'721) 3'341 (1'079'438) (41'413) (9'990) 20'206 60'000 (71'788) (24'565) (144'726) (833'201) (27'533)

Target Price 900 900 842 950 900 830 825 794 953 930 892 #N/A N/A 900 858 936 925 766 857 774 818 917 850 848 950 870 809 #N/A N/A 860 770 720 824 798 796 768 750 880 790 845 805 850 800 847 #N/A N/A

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

File Dt Inst Type 11.12.2012 Holding Company 11.12.2012 Corporation 11.12.2012 Holding Company 06.12.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.09.2012 Government 10.10.2012 Other 09.10.2012 Investment Advisor 10.10.2012 Hedge Fund Manager 31.01.2013 Unclassified 05.10.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Investment Advisor 13.09.2012 Investment Advisor 31.01.2013 Investment Advisor 10.10.2012 Investment Advisor 31.10.2012 Mutual Fund Manager

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 24 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 17.03.2013 14.03.2013 14.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 27.02.2013 25.02.2013 22.02.2013 19.02.2013 15.02.2013 13.02.2013 13.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 09.02.2013 09.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013

27.03.2013

Suzlon Energy Ltd Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind equipment. The Company's products allow semiconductor manufacturers to choose the optimal numerical aperture and wavelength for their applications, assure uniformity, and produce more using less floor space.

Price/Volume 60

18.0 M 16.0 M

14.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUEL IB EQUITY YTD Change SUEL IB EQUITY YTD % CHANGE

03/2012 12/yy 28.10 13.20 4'321'870.00 13.5 -51.96% 2.27% 2.01% 1'777.4 23'994.44 109'482.60 59.4 827.8 26'964.60 143'239.84

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

10.0 M 8.0 M

6.0 M 4.0 M

10 0 m-12

2.0 M a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 136'794.3 3.41x 20'984.3 22.21x 10'301.0 37.28x

12.0 M

31.03.2009 31.03.2010 260'817.0 206'196.6 0.81x 1.04x 33'284.1 11'658.8 6.35x 18.32x 2'364.8 (9'825.6) 26.83x Profitability

LTM-4Q 31.03.2011 178'791.3 0.99x 10'122.5 17.46x (13'239.7) -

31.03.2012 210'823.7 0.61x 18'998.4 6.75x (4'785.8) 18'998.40 12'386.10 5.88% -0.83% -1.55% -8.17% 0.68% 9.0% 5.9% -2.3% 0.84 0.36 33.55% 211.32% 4.41 -

Price/ Cash Flow

LTM

FY+1

0.00 1.60 800.76 -50.82% -27.22% 1.600 10 1.700 6'710'136 12'792'490 11'540'340 FY+2

FQ+1

FQ+2

12/yy 5'651.0 7.30x 1'806.4 6.33x 1'467.0 9.41x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'731.5 217'740.5 273'873.6 12.93x 0.64x 0.49x 1'343.4 2'091.8 22'369.0 13.11x 68.39x 6.40x 1'146.3 (24'125.0) 170.9 17.78x 34.18x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.36 0.72 4.34 5.76 211.3% 67.5% 0.68 4.95 82.91 -

Sales/Revenue/Turnover

250.00

6'000.0 5'000.0

200.00

4'000.0 150.00

3'000.0 100.00

2'000.0

50.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Suzlon Energy Ltd Holdings By:

All

Holder Name SANMAN HOLDINGS PVT CAPITAL GROUP COMPAN FMR LLC BLACKROCK STICHT ADM TSMC ASML HOLDING NV WADDELL & REED FINAN THORNBURG INVESTMENT VANGUARD GROUP INC ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA ING INVESTMENT MANAG BNP PARIBAS INV PART NATIXIS ASSET MANAGE ACHMEA BELEGGINSFOND DEUTSCHE BANK AG MERCURY ASSET MANAGE HENDERSON GLOBAL INV BESSEMER GROUP INCOR SARASIN

Firm Name Axis Capital Limited Kepler Capital Markets Grupo Santander Sanford C. Bernstein & Co AlphaValue Credit Suisse Piper Jaffray Societe Generale Morgan Stanley Pacific Crest Securities Rabobank International Natixis JPMorgan ING Bank EVA Dimensions Day by Day Deutsche Bank Liberum Capital Ltd ABN Amro Bank N.V. Baader Bank Bank of Valletta Landesbank Baden-Wuerttemberg CA Cheuvreux Petercam S&P Capital IQ Main First Bank AG Barclays Independent Research GmbH Theodoor Gilissen Securities Commerzbank Corporates & Markets Kempen & Co Jefferies Goldman Sachs SNS Securities(ESN) Redburn Partners

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

Analyst JEROME RAMEL PETER OLOFSEN CARLOS JAVIER TREVINO PIERRE FERRAGU LIONEL PELLICER SATYA KUMAR JAGADISH IYER PETER KNOX FRANCOIS MEUNIER WESTON TWIGG PHILIP SCHOLTE STEPHANE HOURI SANDEEP S DESHPANDE MARC ZWARTSENBURG ANDREW S ZAMFOTIS VALERIE GASTALDY KAI KORSCHELT JANARDAN MENON ROBIN VAN DEN BROEK GUENTHER MICHAEL HOLLFELDER TEAM COVERAGE WALTER SCHNEIDER BERND LAUX MARCEL ACHTERBERG JAMES CRAWSHAW JUERGEN WAGNER ANDREW M GARDINER MARKUS FRIEBEL JOS VERSTEEG THOMAS M BECKER ERWIN DUT LEE SIMPSON SIMON F SCHAFER VICTOR BARENO SUMANT WAHI

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

Recommendation neutral reduce hold outperform reduce outperform overweight hold Overwt/Cautious sector perform hold buy overweight hold underweight buy hold hold buy hold overweight hold outperform hold buy underperform overweight sell hold reduce hold hold not rated suspended coverage neutral

Amt Held 62'977'877 51'453'097 36'311'008 22'878'489 20'992'625 8'980'030 8'028'537 4'226'859 3'325'708 2'855'626 1'645'738 1'451'319 1'245'258 1'164'538 1'036'267 1'033'023 990'324 855'324 842'648 836'932

% Out 15.35 12.54 8.85 5.58 5.12 2.19 1.96 1.03 0.81 0.7 0.4 0.35 0.3 0.28 0.25 0.25 0.24 0.21 0.21 0.2

Weighting

Change

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

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

Latest Chg 191'077 1'261'872 28'372 (621'636) 39'872 (71'809) (147'643) 700'111 130'859 291'137 2'376 827'721 (92'410)

Target Price 50 40 43 58 53 60 57 56 56 #N/A N/A 52 62 65 60 #N/A N/A 63 47 45 60 52 59 50 59 57 58 40 53 40 50 40 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 06.02.2013 Other 06.02.2013 Investment Advisor 06.02.2013 Investment Advisor 25.03.2013 Investment Advisor 06.02.2013 n/a 01.07.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Mutual Fund Manager 31.01.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.01.2013 Unclassified

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

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 13.03.2013 05.03.2013 26.02.2013 25.02.2013 25.02.2013 21.02.2013 12.02.2013 01.02.2013 29.01.2013 28.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 17.01.2013 15.01.2013 07.01.2013 06.01.2013 18.12.2012 23.11.2012 01.11.2012 11.07.2012

27.03.2013

Tata Chemicals Ltd Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy marine and industrial uses, and aircraft engine components. The Company also offers repair and maintenance, lease financing, insurance, and financial services to its customers.

Price/Volume 120

40.0 M 35.0 M

100

30.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (09.01.2013) 52-Week Low (08.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTCH IB EQUITY YTD Change TTCH IB EQUITY YTD % CHANGE

03/2012 12/yy 381.50 299.00 27'444.00 323 -15.33% 8.03% 29.09% 254.8 82'286.27 69'624.20 0.0 4'480.9 16'813.00 139'641.68

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

20.0 M 15.0 M

10.0 M 20

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 59'757.2 1.85x 9'383.2 11.76x 9'644.0 6.45x

25.0 M

Valuation Analysis

31.03.2009 31.03.2010 126'519.8 94'486.8 0.67x 1.31x 17'665.1 16'304.2 4.83x 7.60x 6'481.0 6'059.1 5.13x 12.81x Profitability

LTM-4Q 31.03.2011 110'605.8 1.21x 18'784.3 7.11x 6'534.7 13.10x

31.03.2012 138'060.6 1.05x 23'384.1 6.23x 8'375.9 10.54x 23'384.10 18'297.30 13.25% 10.00% 4.82% 14.11% 10.43% 0.79% 16.9% 13.3% 6.1% 1.24 0.76 36.42% 108.48% 7.52 -

Price/ Cash Flow

LTM

FY+1

3.10 0.74 163.80 -1.85% -8.49% 0.742 20 4.250 30'616 43'721 68'455 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 310'367.0 303'646.0 146'742.6 155'928.5 37'149.0 35'378.0 3.61x 3.78x 0.94x 0.82x 42'597.0 32'392.0 22'684.2 24'844.2 5'760.0 5.80x 8.78x 6.15x 5.61x 17'751.0 11'038.0 8'600.9 9'910.7 2'041.5 2'822.0 8.60x 16.31x 9.63x 8.46x 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

6.25 4.13 2.26 2.98 108.5% 50.3% 0.79 2.97 48.69 -

Sales/Revenue/Turnover

60.00

350'000.0

50.00

300'000.0 250'000.0

40.00

200'000.0 30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Tata Chemicals Ltd Holdings By:

All

Holder Name TATA SONS LTD SWEDBANK ROBUR FONDE NORGES BANK ALECTA PENSIONSFORSA CAPITAL GROUP COMPAN AMF FORSAKRING HARBOR CAPITAL ADVIS SEB FONDER AB AMF FONDER AB SHB FUNDS SEB NORDEA FONDER AB/SWE FOLKSAM LO FOND AB HANDELSBANKEN FONDER BLACKROCK VANGUARD GROUP INC DIDNER & GERGE FONDE FJARDE AP-FONDEN ANDRA AP FONDEN LANSFORSAKRINGAR FON

Firm Name Quant Broking Pvt Ltd GEPL Capital Pvt Ltd Batlivala & Karani Securities Phillip Securities Sunidhi Consultancy Services Dalal & Broacha Spark Capital Advisors IIFL Deutsche Bank Kotak Securities HSBC Emkay Share & Stock Brokers Microsec Capital EVA Dimensions Sharekhan Ltd India Infoline MSFL - Institutional Business Group Daiwa Securities Co. Ltd. ICICIdirect.com Unicon Securities Pvt Ltd AK Stockmart Pvt Ltd Right Horizons Financial Services

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

Analyst HIMANSHU NAYYAR ADITYA ANAND BAPAT AYYATHURAI RAJKUMAR GAURI ANAND TARUN SURANA APURVA SHAH MUKESH SARAF ABHIJIT R AKELLA HARSHAD KATKAR JASDEEP WALIA PUNEET GULATI ROHAN GUPTA GARGI DEB CRAIG STERLING TEAM COVERAGE PRITESH MEHTA RAHUL METKAR NIRMAL RAGHAVAN AMIT GUPTA TEAM COVERAGE GAURAV OZA RANGAPRIYA SAIVASAN

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

Recommendation buy buy outperform neutral hold buy add buy hold add underweight accumulate buy overweight buy buy buy hold buy accumulate accumulate hold

Amt Held 80'013'209 78'657'058 71'955'474 66'910'000 60'488'880 42'544'960 41'696'882 35'329'637 31'934'960 27'578'727 27'473'308 23'592'830 23'301'799 20'281'485 15'936'269 14'291'900 13'240'000 12'895'181 11'526'751 9'898'756

% Out 5.02 4.94 4.52 4.2 3.8 2.67 2.62 2.22 2 1.73 1.72 1.48 1.46 1.27 1 0.9 0.83 0.81 0.72 0.62

Weighting

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

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

Latest Chg 5'950'000 2'523'000 2'208'704 294'923 489'457 1'218'851 619'858 600'000 (819'640)

Target Price 421 421 380 385 370 414 375 390 350 370 330 400 #N/A N/A #N/A N/A 400 403 394 372 365 414 418 425

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

File Dt 28.12.2012 28.12.2012 28.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.12.2012 28.12.2012 31.01.2013 28.12.2012 31.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 28.12.2012 28.12.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Government Pension Fund (ERISA) Investment Advisor Other Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor

Date 25.03.2013 21.02.2013 15.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 10.02.2013 10.02.2013 08.02.2013 08.02.2013 30.01.2013 15.01.2013 04.01.2013 20.12.2012 14.12.2012 12.11.2012 03.10.2012 14.02.2012 13.02.2012 12.02.2012

27.03.2013

Tata Consultancy Services Ltd Tata Consultancy Services, a division of Tata Sons Limited, is a global IT professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

Price/Volume 12

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCS IB EQUITY YTD Change TCS IB EQUITY YTD % CHANGE

03/2012 12/yy 1'598.00 1'039.86 51'850.00 1557.35 -2.54% 49.77% 92.72% 1'957.2 3'048'078.00 2'265.50 0.0 5'587.7 75'180.70 2'948'333.22

20.0 M 15.0 M

10.0 M 2

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

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

35.0 M

Valuation Analysis

31.03.2008 226'195.2 3.37x 57'113.8 13.36x 50'260.2 15.78x

40.0 M

31.03.2009 31.03.2010 278'128.8 300'289.2 1.77x 4.87x 71'698.0 86'945.5 6.88x 16.81x 52'564.2 70'006.4 10.04x 21.88x Profitability

LTM-4Q 31.03.2011 373'245.1 6.08x 111'790.7 20.31x 90'570.4 25.58x

31.03.2012 488'938.3 4.54x 144'564.9 15.36x 103'879.2 22.02x 144'564.90 135'173.70 27.65% 28.42% 28.05% 38.56% 38.10% 1.32% 29.6% 27.6% 21.2% 2.20 1.80 0.55% 0.77% 4.96 -

Price/ Cash Flow

LTM

FY+1

1.09 0.87 447.96 35.49% 24.02% 0.869 72 3.569 85'821 107'177 122'920 FY+2

FQ+1

FQ+2

12/yy 45'277.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 43'515.0 630'084.2 714'537.7 167'294.6 173'291.7 0.00x 4.69x 4.06x 18.25x 17.61x 0.0 182'298.4 205'491.6 48'530.7 49'573.3 0.00x 16.16x 14.34x 14.46x 14.04x 0.0 139'391.6 155'373.7 36'834.0 37'974.3 0.00x 21.88x 19.63x 19.87x 19.18x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 302.44 (EBITDA-Capex)/Interest Exp. 260.45 Net Debt/EBITDA -0.50 Total Debt/EBITDA 0.02 Reference Total Debt/Equity 0.8% Total Debt/Capital 0.7% Asset Turnover 1.32 Net Fixed Asset Turnover 8.58 Accounts receivable turnover-days 73.79 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

3.50

60'000.0

3.00

50'000.0

2.50

40'000.0

2.00

30'000.0 1.50

20'000.0 1.00

10'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Tata Consultancy Services Ltd Holdings By:

All

Holder Name TATA SONS LTD SOCIETE GENERALE AMUNDI FRANKLIN RESOURCES BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE FRANCE TELECOM SA DNCA FINANCE AMUNDI BNP PARIBAS INV PART LBPAM AVIVA PLC MERCURY ASSET MANAGE TEMPLETON INVESTMENT CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV STATE STREET AMUNDI MORGAN STANLEY

Firm Name

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

Analyst

Standard Chartered PANKAJ KAPOOR Ambit Capital Pvt Ltd ANKUR RUDRA Nomura ASHWIN MEHTA Axis Capital Limited PRIYA ROHIRA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Angel Broking Limited ANKITA SOMANI Credit Suisse ANANTHA NARAYAN JPMorgan VIJU K GEORGE MSFL - Institutional Business Group SHWETA MALIK ICICI Securities KULDEEP KOUL Techno Shares & Stocks DEBASHISH MAZUMDAR Jefferies VISHAL AGARWAL CIMB SANDEEP R SHAH Maybank Kim Eng URMIL SHAH SBI Capital Markets DIPESH N MEHTA JM Financial Institutional Securities P GOVIND AGARWAL Dalal & Broacha APURVA SHAH Brics Securities SUSHIL SHARMA Edelweiss Capital SANDIP KUMAR AGARWAL Sharekhan Ltd TEAM COVERAGE Equirus Securities Pvt Ltd BHAVIN SHAH Nirmal Bang Institutional Equities HARIT SHAH Morgan Stanley VIPIN KHARE Religare Capital Markets RUMIT DUGAR Elara Securities India Pvt Ltd PRALAY KUMAR DAS Kotak Securities KAWALJEET SALUJA IDFC Securities Ltd HITESH SHAH HSBC YOGESH AGGARWAL HDFC Securities MADHU BABU EVA Dimensions ANDREW S ZAMFOTIS IDBI Capital Market Services Ltd PRATIK GANDHI IIFL SANDEEP MUTHANGI India Nivesh Ltd AMAR MOURYA BNP Paribas Equity Research ABHIRAM ELESWARAPU Motilal Oswal Securities Ltd ASHISH CHOPRA Fortune Equity Brokers (India) Ltd NIRAL DALAL Batlivala & Karani Securities DEEPAN S KAPADIA Quant Broking Pvt Ltd BASUDEB BANERJEE Microsec Capital NITIN PRAKASH DAGA Espirito Santo Investment Bank Research NITIN PADMANABHAN BP Equities Private Limited AMIT CHANDRA Deutsche Bank ANIRUDDHA BHOSALE Macquarie NITIN MOHTA

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

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

Amt Held 360'248'428 132'135'951 129'217'007 39'954'280 28'552'964 23'340'657 19'392'378 15'456'045 13'910'873 11'401'463 8'638'644 7'761'976 7'460'542 5'369'828 5'174'475 4'580'800 4'211'079 3'775'692 3'716'633 3'521'145

% Out 13.6 4.99 4.88 1.51 1.08 0.88 0.73 0.58 0.53 0.43 0.33 0.29 0.28 0.2 0.2 0.17 0.16 0.14 0.14 0.13

Weighting

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

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

Latest Chg (27'339'807) (3'894'321) 638'687 27'407 4'937'505 1'826'645 (368'000) (255'991) (16'681) (527'072) (26'670) (9'177'060) 1'905 (59'716) 1'153'077

Target Price 1'640 1'417 1'470 1'736 1'590 1'624 1'760 1'500 1'631 1'707 #N/A N/A 1'785 1'400 1'810 1'490 1'580 1'566 1'600 1'587 1'650 1'435 1'480 1'670 1'500 1'525 1'320 1'430 1'785 1'489 #N/A N/A 1'335 1'351 1'395 1'500 1'465 1'496 1'365 1'686 1'364 1'450 1'445 1'670 1'200

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

File Dt 08.03.2013 16.05.2012 11.06.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2011 28.09.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 31.07.2012 26.03.2013 31.10.2012 31.12.2012

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

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

Date 26.03.2013 26.03.2013 24.03.2013 22.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 10.03.2013 09.03.2013 08.03.2013 08.03.2013 07.03.2013 05.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 22.02.2013 22.02.2013 18.02.2013 12.02.2013 04.02.2013 30.01.2013 23.01.2013 17.01.2013 15.01.2013 15.01.2013

27.03.2013

Tata Global Beverages Ltd Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The Company manufactures, sells domestically and exports instant, blended and packet teas, and instant and ground coffee.

Price/Volume 40

12.0 M

10.0 M

30 8.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.11.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TGBL IB EQUITY YTD Change TGBL IB EQUITY YTD % CHANGE

03/2012 12/yy 181.70 100.00 367'659.00 123.5 -32.03% 23.50% 28.76% 618.4 76'372.23 9'155.99 0.0 10'659.2 8'235.43 89'098.83

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

4.0 M

10 2.0 M

5 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 43'096.5 1.49x 7'079.4 9.04x 15'425.5 3.30x

6.0 M

31.03.2009 31.03.2010 48'478.7 57'829.5 1.24x 1.19x 6'497.2 6'865.0 9.22x 9.99x 7'005.5 3'903.0 5.16x 15.51x Profitability

LTM-4Q 31.03.2011 59'824.2 1.19x 6'093.9 11.64x 2'543.3 23.77x

31.03.2012 65'852.6 1.23x 6'230.5 13.01x 3'561.4 19.51x 6'230.54 5'269.19 8.00% 8.48% 4.44% 8.36% 7.34% 0.82% 9.5% 8.0% 5.4% 2.24 0.98 11.06% 20.05% 10.75 -

Price/ Cash Flow

LTM

12/yy 42'116.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 43'198.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.74 0.97 371.96 14.28% -22.74% 0.969 17 3.471 373'333 432'289 448'497 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 74'224.4 82'604.1 19'233.0 1.17x 1.05x 7'423.6 8'675.3 12.00x 10.27x 4'169.2 4'982.5 601.0 18.47x 15.54x S&P Issuer Ratings

9.73 7.91 0.15 1.47 20.1% 14.0% 0.82 11.32 34.04 -

Sales/Revenue/Turnover

12.00

50'000.0 45'000.0

10.00

40'000.0 35'000.0

8.00

30'000.0

6.00

25'000.0 20'000.0

4.00

15'000.0 10'000.0

2.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Tata Global Beverages Ltd Holdings By:

All

Holder Name TATA SONS LTD FONDS DU PLAN D EPAR AMUNDI SA CAISSE DES DEPOTS ET GROUPAMA SA CIE DE SAINT GOBAIN HARBOR CAPITAL ADVIS COGEMA BLACKROCK VANGUARD GROUP INC NATIXIS ASSET MANAGE PREDICA AVIVA PLC SOCIETE GEN GESTION FMR LLC DODGE & COX AMUNDI JP MORGAN DIMENSIONAL FUND ADV MERCURY ASSET MANAGE

Firm Name Axis Capital Limited Anand Rathi Securities Pvt. Ltd. Sharekhan Ltd Firstcall India Equity Advisors Pvt Ltd Maybank Kim Eng Angel Broking Limited Right Horizons Financial Services Kotak Securities Batlivala & Karani Securities Morgan Stanley EVA Dimensions Ashika Stock Broking Limited Fairwealth Securities Ltd SBI Capital Markets India Infoline HDFC Securities Elara Securities India Pvt Ltd

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

Analyst HEMANT B PATEL AMOL RAO TEAM COVERAGE TEAM COVERAGE GANESH RAM SRINIVASAN VISWANATHAN TUSHAR PENDHARKAR AMRITA BASU ASHIT DESAI NILLAI SHAH AUSTIN BURKETT TEAM COVERAGE TEAM COVERAGE SAGARIKA MUKHERJEE VANMALA NAGWEKAR SAMEER NARANG HIMANI SINGH

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

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

Amt Held 91'581'114 42'844'966 40'161'206 13'924'614 10'175'679 9'104'555 6'617'178 5'891'183 4'692'838 4'217'347 4'101'338 3'213'372 2'716'101 2'536'782 2'316'466 1'784'591 1'671'822 1'522'906 1'334'277 1'233'527

% Out 17.24 8.07 7.56 2.62 1.92 1.71 1.25 1.11 0.88 0.79 0.77 0.61 0.51 0.48 0.44 0.34 0.31 0.29 0.25 0.23

Weighting

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

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

Latest Chg 17'861'078 274'884 180'416 (846'845) 203'000 (88'176) (320'096) 50'015 -

Target Price 140 168 162 149 175 #N/A N/A 200 165 145 143 #N/A N/A 200 210 114 184 119 92

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

File Dt Inst Type 31.12.2011 Investment Advisor 31.12.2011 n/a 27.06.2012 Other 31.12.2011 Government 31.12.2011 Insurance Company 31.12.2011 Corporation 31.12.2012 Investment Advisor 31.12.2011 Corporation 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2011 Insurance Company 28.02.2013 Investment Advisor 15.06.2011 Mutual Fund Manager 31.01.2013 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.01.2013 Unclassified 31.07.2012 Investment Advisor 25.03.2013 Investment Advisor

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

Date 22.03.2013 15.03.2013 13.03.2013 07.03.2013 05.03.2013 04.02.2013 04.02.2013 02.02.2013 01.02.2013 31.01.2013 15.01.2013 03.12.2012 07.11.2012 02.11.2012 25.10.2012 11.07.2012 27.01.2012

27.03.2013

Tata Motors Ltd Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTMT IB EQUITY YTD Change TTMT IB EQUITY YTD % CHANGE

03/2012 12/yy 337.05 202.95 1'028'324.00 275.25 -18.34% 35.62% 53.91% 2'665.5 809'274.88 512'277.00 0.0 3'071.3 236'936.60 992'965.65

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 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 342'856.6 1.09x 38'809.6 9.63x 21'677.0 11.07x

200 180 160 140 120 100 80 60 40 20 0 m-12

31.03.2009 31.03.2010 708'809.5 925'192.5 0.64x 0.82x (51'622.3) 76'392.1 9.92x (108'080.3) 25'710.6 15.56x Profitability

LTM-4Q 31.03.2011 1'221'279.2 0.87x 168'129.7 6.34x 92'736.2 8.04x

31.03.2012 1'656'544.9 0.70x 223'067.2 5.16x 135'165.0 6.46x 223'067.20 166'858.60 10.07% 8.18% 10.99% 52.12% 1.35% 13.5% 10.1% 8.2% 0.87 0.44 35.35% 156.67% 22.44 -

Price/ Cash Flow

LTM

FY+1

1.45 1.46 1'600.03 2.79% -11.89% 1.456 61 4.082 1'120'556 944'387 1'045'624 FY+2

FQ+1

FQ+2

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 90'533.0 ######### ######### 559'745.3 433'236.0 8.98x 0.59x 0.51x 21'892.0 243'173.9 291'890.0 73'723.3 57'549.0 9.92x 4.08x 3.40x 13'901.0 103'201.8 128'778.2 31'079.0 27'544.0 15.57x 8.60x 6.92x 7.97x 7.31x S&P Issuer Ratings Long-Term Rating Date 09.07.2012 Long-Term Rating BB Long-Term Outlook POS Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 9.28 (EBITDA-Capex)/Interest Exp. 3.51 Net Debt/EBITDA 1.23 Total Debt/EBITDA 2.30 Reference Total Debt/Equity 156.7% Total Debt/Capital 60.8% Asset Turnover 1.35 Net Fixed Asset Turnover 6.00 Accounts receivable turnover-days 16.31 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

30.00

100'000.0 90'000.0

25.00

80'000.0 70'000.0

20.00

60'000.0

15.00

50'000.0 40'000.0

10.00

30'000.0 20'000.0

5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Tata Motors Ltd Holdings By:

All

Holder Name TATA SONS LTD CITIBANK NA TATA STEEL LTD LIFE INSURANCE CORP CAPITAL GROUP COMPAN TATA INDUSTRIES LTD VANGUARD GROUP INC WILLIAM BLAIR & COMP BLACKROCK JF ASSET MANAGEMENT BANK OF NEW YORK MEL RELIANCE CAPITAL TRU TATA INVESTMENT CORP PRUDENTIAL ICICI ASS CARMIGNAC GESTION FMR LLC INVESTEC ASSET MANAG GRANTHAM MAYO VAN OT TATA AIG LIFE INS CO MORGAN STANLEY

Firm Name Nomura Credit Suisse Axis Capital Limited Spark Capital Advisors Morgan Stanley IDFC Securities Ltd Anand Rathi Securities Pvt. Ltd. JPMorgan Brics Securities Angel Broking Limited Ambit Capital Pvt Ltd ICICIdirect.com Barclays Fortune Equity Brokers (India) Ltd Kotak Securities Emkay Share & Stock Brokers Edelweiss Capital Maybank Kim Eng Prabhudas Lilladher Pvt Ltd HDFC Securities Motilal Oswal Securities Ltd IDBI Capital Market Services Ltd Antique Stock Broking Limited India Nivesh Ltd Daiwa Securities Co. Ltd. BNP Paribas Equity Research KR Choksey Shares & Sec Pvt Ltd First Global Stockbroking Ventura Securities Ltd Shah Investor's Home Limited Standard Chartered Macquarie CIMB JM Financial Institutional Securities P Batlivala & Karani Securities Phillip Securities Sunidhi Consultancy Services Religare Capital Markets Karvy Stock Broking Ltd India Infoline IIFL Quant Broking Pvt Ltd Centrum Broking Pvt Ltd

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

Analyst KAPIL SINGH JATIN CHAWLA CHIRAG SHAH MUKESH SARAF BINAY SINGH PRAMOD KUMAR ROHAN KORDE ADITYA MAKHARIA UMESH KARNE YARESH KOTHARI ASHVIN SHETTY NISHANT VAAS SAHIL KEDIA MAHANTESH SABARAD HITESH GOEL KAUSHAL MAROO AASHIESH AGARWAAL JIGAR A SHAH SURJIT SINGH ARORA SORABH TALWAR JINESH K GANDHI BHAUMIK BHATIA ASHISH NIGAM ABHISHEK JAIN NAVIN MATTA VIJAY CHUGH KUNAL DALAL DEVINA MEHRA TEAM COVERAGE AMEYA HARDAS AMIT KASAT AMIT MISHRA PRAMOD AMTHE AMBRISH MISHRA ANNAMALAI JAYARAJ DEEPAK JAIN ABHISHEK GAOSHINDE MIHIR JHAVERI MITUL SHAH PRAYESH JAIN JOSEPH GEORGE BASUDEB BANERJEE AJAY SHETHIYA

Source Co File 20F Co File EXCH ULT-AGG Co File MF-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG

Recommendation neutral outperform buy buy Overwt/Attractive underperform buy overweight add accumulate buy buy underweight buy buy accumulate reduce sell buy underperform buy buy buy not rated buy hold buy moderate outperform hold hold in-line outperform outperform buy outperform neutral neutral buy buy market perform reduce buy buy

Amt Held 702'333'345 446'246'135 147'810'695 141'782'919 130'262'877 68'436'485 33'430'638 28'718'455 14'473'465 11'715'845 11'285'184 10'716'969 10'525'000 7'722'237 7'364'631 6'764'774 6'705'382 6'675'274 5'473'110 5'104'936

% Out 26.35 16.74 5.55 5.32 4.89 2.57 1.25 1.08 0.54 0.44 0.42 0.4 0.39 0.29 0.28 0.25 0.25 0.25 0.21 0.19

Weighting

Change

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

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

Latest Chg 2'080'610 (15'578'091) 10'155'054 903'898 (330'505) 813'665 1'112'254 121'342 135 (1'531'767)

Target Price 304 385 372 327 346 254 346 330 305 326 350 360 253 350 340 330 253 265 360 332 348 317 353 #N/A N/A 360 300 350 #N/A N/A 328 308 294 360 341 318 332 265 292 340 328 313 305 350 347

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

File Dt Inst Type 31.12.2012 Holding Company 30.06.2012 Bank 31.12.2012 Corporation 07.01.2013 Government 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 30.09.2011 Mutual Fund Manager 25.03.2013 Investment Advisor 28.02.2013 Other 31.12.2012 Private Equity 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 27.03.2012 Insurance Company 28.02.2013 Investment Advisor

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

Date 26.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 14.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 11.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 01.03.2013 25.02.2013 21.02.2013 20.02.2013 20.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013

27.03.2013

Tata Power Co Ltd Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (24.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TPWR IB EQUITY YTD Change TPWR IB EQUITY YTD % CHANGE

03/2012 01/yy 113.20 85.80 155'723.00 94.75 -16.30% 10.43% 32.66% 2'373.1 224'848.59 338'705.90 0.0 16'312.7 45'122.40 534'744.80

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

100 0 m-12

31.03.2009 31.03.2010 174'787.2 188'000.7 1.77x 2.66x 36'722.4 37'363.3 8.42x 13.37x 12'187.4 19'668.4 13.96x 16.23x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.03.2011 194'507.6 17.51x 46'651.8 73.00x 20'596.0 153.96x

31.03.2012 260'014.0 2.11x 53'479.4 10.27x (10'876.8) 53'479.40 40'133.00 15.43% 2.22% -1.94% -8.71% -7.18% 0.46% 20.6% 15.4% -4.2% 0.87 0.51 54.85% 285.43% 13.20 -

Price/ Cash Flow

LTM

FY+1

1.32 0.97 1'302.54 -0.24% -14.14% 0.970 44 3.318 288'977 237'568 393'458 FY+2

FQ+1

FQ+2

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 0.0 304'399.7 354'773.6 #DIV/0! 1.78x 1.49x 0.0 62'212.3 74'495.1 0.00x 8.60x 7.18x 0.0 11'254.5 13'608.5 2'164.0 4'865.0 0.00x 19.11x 16.31x S&P Issuer Ratings Long-Term Rating Date 24.08.2007 Long-Term Rating BBLong-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 2.17 (EBITDA-Capex)/Interest Exp. -0.48 Net Debt/EBITDA 5.49 Total Debt/EBITDA 6.33 Reference Total Debt/Equity 285.4% Total Debt/Capital 71.5% Asset Turnover 0.46 Net Fixed Asset Turnover 0.79 Accounts receivable turnover-days 27.73 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.03.2008 107'872.5 3.26x 20'802.7 16.93x 10'550.7 23.31x

200

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Tata Power Co Ltd Holdings By:

All

Holder Name TATA SONS LTD SWATCH GROUP AG VANGUARD GROUP INC CREDIT SUISSE ASSET BLACKROCK FMR LLC CALAMOS ADVISORS LLC THORNBURG INVESTMENT PICTET & CIE UBS FUND MANAGEMENT THREADNEEDLE INVESTM WINTERGREEN ADVISERS PICTET ASSET MANAGEM SCHRODER INVESTMENT ARTISAN PARTNERS HOL BNP PARIBAS INV PART GRETHER ESTHER ROYAL BANK OF CANADA NORDEA INV MANAGEMEN SWISSCANTO FONDSLEIT

Firm Name BNP Paribas Equity Research Avendus Capital Private Ltd Axis Capital Limited Jefferies ICICI Securities CIMB Credit Suisse Motilal Oswal Securities Ltd Batlivala & Karani Securities HSBC Antique Stock Broking Limited Standard Chartered IDFC Securities Ltd Quant Broking Pvt Ltd IIFL Ambit Capital Pvt Ltd Ventura Securities Ltd Deutsche Bank JM Financial Institutional Securities P HDFC Securities Karvy Stock Broking Ltd ICICIdirect.com Barclays ITI Securities Ltd India Nivesh Ltd Morgan Stanley JPMorgan Prabhudas Lilladher Pvt Ltd Emkay Share & Stock Brokers IFCI Financial Services Edelweiss Capital Kotak Securities EVA Dimensions NVS Brokerage Limited Firstcall India Equity Advisors Pvt Ltd Macquarie MSFL - Institutional Business Group Religare Capital Markets IDBI Capital Market Services Ltd SPA Securities Ltd First Global Stockbroking SMC Global Securities Ltd.

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

Analyst GIRISH NAIR ABHAY MOGHE BHAVIN VITHLANI LAVINA QUADROS PRAKASH GAURAV GOEL HARISH BIHANI AMISH SHAH NALIN BHATT VISHAL BIRAIA ARUN KUMAR SINGH RAHUL MODI LAKSHMINARAYANA GANTI SHIRISH RANE ABHINEET ANAND HARSHAWARDHAN S DOLE BHARGAV BUDDHADEV TEAM COVERAGE ABHISHEK PURI SUBHADIP MITRA ABHINAV SHARMA RUPESH D SANKHE CHIRAG J SHAH VENUGOPAL GARRE ABHISHEK B PATEL ABHISHEK JAIN PARAG GUPTA SUMIT KISHORE RUPA SHAH AMIT GOLCHHA SACHIN MEHTA SHANKAR K MURTUZA ARSIWALLA AUSTIN BURKETT TEAM COVERAGE TEAM COVERAGE INDERJEET SINGH BHATIA SITARAMAN IYER MISAL SINGH ROHIT SINGH RINA SANGHAVI HITESH KUVELKAR JAISHEEL GARG

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

Recommendation reduce hold hold buy add neutral underperform neutral outperform overweight hold underperform neutral sell buy buy hold hold hold underperform buy hold equalweight buy buy Underwt/In-Line overweight accumulate hold sell buy add sell buy buy neutral hold hold buy hold Moderate Underperformer outperform

Amt Held 1'445'313 505'000 463'841 448'873 374'750 351'347 266'305 255'065 246'404 230'863 196'392 184'025 178'394 154'625 154'414 144'672 114'000 112'640 108'442 105'398

% Out 4.69 1.64 1.5 1.46 1.22 1.14 0.86 0.83 0.8 0.75 0.64 0.6 0.58 0.5 0.5 0.47 0.37 0.37 0.35 0.34

Weighting

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

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

Latest Chg (70'942) 63'157 (10'129) 78'689 (167'524) (25'035) (255'195) 15'790 (180) (169) (621) 21'810 (69'287) (88'242) 20'597 (5'868) 34'075

Target Price 85 104 100 120 103 105 83 105 107 117 94 86 103 88 120 120 #N/A N/A 97 97 97 119 97 95 119 125 87 118 111 95 92 122 113 #N/A N/A 135 117 103 106 105 116 116 #N/A N/A 124

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

File Dt 31.12.2012 31.12.2011 31.12.2012 31.01.2013 25.03.2013 31.01.2013 28.02.2013 31.01.2013 31.01.2013 30.11.2012 31.12.2012 31.12.2012 31.01.2013 28.09.2012 31.12.2012 31.01.2013 31.12.2011 30.11.2012 28.02.2013 31.01.2013

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

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

Date 25.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 12.03.2013 11.03.2013 07.03.2013 07.03.2013 06.03.2013 28.02.2013 26.02.2013 26.02.2013 26.02.2013 22.02.2013 20.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 11.02.2013 09.02.2013 17.01.2013 17.01.2013 28.11.2012 07.11.2012 18.10.2012 10.09.2012 08.08.2012 28.05.2012 27.02.2012 09.01.2012

27.03.2013

Tata Steel Ltd Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

Price/Volume 140

8.0 M

120

7.0 M 6.0 M

100

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (26.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATA IB EQUITY YTD Change TATA IB EQUITY YTD % CHANGE

03/2012 12/yy 482.00 305.00 1'046'612.00 306.2 -36.47% 0.39% 0.68% 971.2 297'386.13 621'053.70 0.0 10'911.5 135'834.90 753'685.22

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

3.0 M

2.0 M

1.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 1'315'336.3 0.80x 188'723.9 5.58x 123'499.8 3.93x

4.0 M

31.03.2009 31.03.2010 1'473'292.6 1'023'931.2 0.49x 0.99x 187'616.9 84'118.7 3.83x 12.04x 49'509.0 (20'092.2) 3.10x Profitability

LTM-4Q 31.03.2011 1'187'531.2 0.89x 167'466.7 6.30x 89'826.9 6.28x

31.03.2012 1'328'997.0 0.72x 124'167.9 7.69x 53'897.7 8.41x 124'167.90 79'001.40 5.94% 6.66% 3.81% 13.71% 7.30% 0.94% 9.3% 5.9% 4.1% 1.22 0.60 42.18% 144.30% 8.95 -

Price/ Cash Flow

LTM

FY+1

3.92 1.35 509.20 -29.41% -28.51% 1.351 58 3.397 811'919 771'015 694'135 FY+2

FQ+1

FQ+2

12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 98'515.0 101'719.0 ######### ######### 351'677.0 368'849.0 7.22x 8.10x 0.65x 0.65x 34'382.0 39'711.0 120'767.4 155'407.5 32'622.0 5.22x 5.52x 6.24x 4.85x 7'937.0 9'490.0 16'568.7 37'836.9 2'406.5 11'074.0 19.98x 18.44x 17.35x 7.95x 8.37x 6.98x S&P Issuer Ratings Long-Term Rating Date 09.08.2011 Long-Term Rating BB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 2.99 (EBITDA-Capex)/Interest Exp. 0.07 Net Debt/EBITDA 3.91 Total Debt/EBITDA 5.00 Reference Total Debt/Equity 144.3% Total Debt/Capital 58.5% Asset Turnover 0.94 Net Fixed Asset Turnover 2.47 Accounts receivable turnover-days 40.88 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Tata Steel Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP GOVT OF SINGAPORE IN HDFC ASSET MANAGEMEN ICICI PRUDENTIAL LIF NATIONAL INSURANCE C NEW INDIA ASSURANCE VANGUARD GROUP INC DIMENSIONAL FUND ADV FRANKLIN RESOURCES BLACKROCK TATA MOTORS LTD TATA INVESTMENT CORP ROBECO INVESTOR SERV TATA CHEMICALS LTD UTI ASSET MANAGEMENT TATA AIG LIFE INS CO MORGAN STANLEY BANK OF NEW YORK MEL TATA ASSET MANAGEMEN

Firm Name Standard Chartered Sanford C. Bernstein & Co Axis Capital Limited Nomura IDFC Securities Ltd EVA Dimensions Muthoot Securities Motilal Oswal Securities Ltd Anand Rathi Securities Pvt. Ltd. Emkay Share & Stock Brokers Nirmal Bang Institutional Equities Firstcall India Equity Advisors Pvt Ltd Edelweiss Capital Morgan Stanley Elara Securities India Pvt Ltd Batlivala & Karani Securities HSBC Angel Broking Limited Equirus Securities Pvt Ltd Ventura Securities Ltd Credit Suisse KR Choksey Shares & Sec Pvt Ltd Phillip Securities ICICIdirect.com MSFL - Institutional Business Group Deutsche Bank Macquarie CIMB Prabhudas Lilladher Pvt Ltd Sunidhi Consultancy Services Religare Capital Markets India Infoline Dolat Capital Market Ltd. Antique Stock Broking Limited Systematix Shares & Stocks Ltd Ambit Capital Pvt Ltd Barclays IIFL Centrum Broking Pvt Ltd JPMorgan Kotak Securities ICICI Securities Karvy Stock Broking Ltd

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

Analyst SATISH KUMAR VANESSA LAU NITESH JAIN ALOK KUMAR NEMANI PRAKASH JOSHI CRAIG STERLING VINEET PAUL SANJAY JAIN RAJESH ZAWAR GOUTAM CHAKRABORTY GIRIRAJ DAGA TEAM COVERAGE PRASAD BAJI VIPUL PRASAD ASHISH KEJRIWAL PRITAM LALA JIGAR MISTRY BHAVESH CHAUHAN ASHUTOSH TIWARI TEAM COVERAGE NEELKANTH MISHRA UMESH PATEL DHAWAL DOSHI DEWANG SANGHAVI TANUJ RASTOGI ABHAY LAIJAWALA RAKESH ARORA RAHUL JAIN KAMLESH BAGMAR CHINTAN J MEHTA VARUN LOHCHAB TARANG BHANUSHALI RAM MODI AMIT AGARWAL ERIC MARTINS JATIN KOTIAN CHIRAG SHAH BIJAL SHAH ABHISAR JAIN PINAKIN M PAREKH KAWALJEET SALUJA ABHIJIT MITRA PALLAV AGARWAL

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

Recommendation in-line market perform buy buy underperform hold buy sell buy reduce sell hold buy Overwt/In-Line accumulate underperform neutral buy neutral hold underperform hold neutral hold buy buy underperform underperform accumulate underperform buy buy reduce buy buy buy equalweight add sell overweight add buy buy

Amt Held 288'898'245 145'709'683 17'162'293 16'880'481 15'624'088 11'054'459 10'784'993 7'996'272 6'602'319 5'814'609 4'559'355 4'432'497 3'385'885 3'000'000 2'491'977 2'467'713 2'225'377 2'045'075 1'961'702 1'849'402

% Out 29.75 15 1.77 1.74 1.61 1.14 1.11 0.82 0.68 0.6 0.47 0.46 0.35 0.31 0.26 0.25 0.23 0.21 0.2 0.19

Weighting

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

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

Latest Chg (37'100) (805'000) (40'992) (13'000) 75 (59'081) 125'000

Target Price 329 420 495 443 304 #N/A N/A 502 305 443 349 307 403 516 496 411 328 400 443 417 #N/A N/A 300 395 416 374 421 445 304 360 430 335 440 422 396 465 498 484 403 406 355 505 400 463 461

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

File Dt 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 28.02.2013 27.03.2012 28.02.2013 25.03.2013 28.02.2013

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 15 month Not Provided Not Provided Not Provided Not Provided 15 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 9 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month Not Provided 12 month Not Provided

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

Date 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 18.03.2013 15.03.2013 15.03.2013 12.03.2013 09.03.2013 06.03.2013 01.03.2013 28.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 12.02.2013 10.01.2013

27.03.2013

Titan Industries Ltd Titan Industries Ltd. manufactures and retails jewelry and watches. The Company produces quartz analog electronic watches, watch movements, step motors, and watch cases. Titan Industries serves customers throughout the United States.

Price/Volume 2 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.11.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTAN IB EQUITY YTD Change TTAN IB EQUITY YTD % CHANGE

03/2012 12/yy 313.60 203.90 263'259.00 251.7 -19.74% 23.44% 43.57% 887.8 223'455.77 58.89 0.0 0.0 9'535.38 213'979.27

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

1.20 1.00

0 0 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Fiscal Year Ended 31.03.2008 29'968.8 1.63x 2'508.2 19.46x 1'399.6 33.52x

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M f-13 m-13

31.03.2009 31.03.2010 38'326.4 46'771.6 0.94x 1.72x 3'150.6 3'992.2 11.42x 20.19x 1'639.2 2'513.0 21.17x 32.51x Profitability

31.03.2011 65'331.4 2.42x 6'179.2 25.60x 4'331.2 39.06x

31.03.2012 88'484.3 2.19x 8'377.1 23.09x 6'013.6 33.74x 8'377.09 7'920.93 8.95% 9.50% 14.19% 48.18% 50.36% 2.09% 9.5% 9.0% 6.8% 1.31 0.35 0.12% 0.40% 62.57 -

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

0.70 0.74 424.89 6.72% -11.33% 0.744 32 3.875 386'488 335'404 297'431 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 103'217.2 127'616.3 2.04x 1.61x 10'181.8 12'788.8 21.05x 16.76x 7'310.4 9'115.3 30.67x 24.68x S&P Issuer Ratings

19.16 15.78 -1.13 0.01 0.4% 0.4% 2.09 26.05 5.85 -

Sales/Revenue/Turnover

35'000.0 30'000.0 25'000.0

0.80

20'000.0 0.60

15'000.0

0.40

10'000.0 5'000.0

0.20

0.0 0.00

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

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

27.03.2013

Titan Industries Ltd Holdings By:

All

Holder Name TAMILNADU INDUSTRIAL TATA SONS LTD KALIMATI INVESTMENT JHUNJHUNWAL RAKESH R JHUNJHUNWALA REKHA R TATA INVESTMENT CORP MATTHEWS INTERNATION TATA CHEMICALS LTD FMR LLC TATA GLOBAL BEVERAGE IIFL VONTOBEL INDIA MERRILL LYNCH CAPITA T ROWE PRICE ASSOCIA VANGUARD GROUP INC UTI ASSET MANAGEMENT EWART INVESTMENTS LT HDFC ASSET MANAGEMEN BLACKROCK MIRAE ASSET GLOBAL I TATA AIG LIFE INS CO

Firm Name Axis Capital Limited Morgan Stanley BNP Paribas Equity Research HSBC IIFL Credit Suisse Nomura Goldman Sachs Motilal Oswal Securities Ltd Firstcall India Equity Advisors Pvt Ltd Edelweiss Capital Standard Chartered Anand Rathi Securities Pvt. Ltd. Antique Stock Broking Limited ICICIdirect.com JPMorgan Jefferies Kotak Securities Batlivala & Karani Securities IDFC Securities Ltd Emkay Share & Stock Brokers Religare Capital Markets Dolat Capital Market Ltd. EVA Dimensions Daiwa Securities Co. Ltd. Deutsche Bank Proactive Universal HDFC Securities Fairwealth Securities Ltd JM Financial Institutional Securities P Greshma Shares & Stock Ltd First Global Stockbroking India Infoline

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

Analyst HEMANT B PATEL NILLAI SHAH ALOK DALAL AMIT SACHDEVA AVI MEHTA ARNAB MITRA MANISH JAIN PUNEET JAIN GAUTAM DUGGAD TEAM COVERAGE ABNEESH ROY SANJAY SINGH SUMAN MEMANI ABHIJEET KUNDU BHARAT CHHODA LATIKA CHOPRA RAJASA KAKULAVARAPU AMRITA BASU ASHIT DESAI NIKHIL K VORA PRITESH TALAKSHI CHHEDA VARUN LOHCHAB AMIT PUROHIT CRAIG STERLING MIHIR P SHAH MANOJ MENON KAUSTAV KAKATI SAMEER NARANG HITESH PAREKH RICHARD LIU TEAM COVERAGE HITESH KUVELKAR TEAM COVERAGE

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

Recommendation buy Equalwt/In-Line buy overweight reduce outperform buy neutral/neutral buy buy buy outperform buy hold buy underweight hold add buy outperform buy buy buy underweight buy buy hold underperform sell buy buy moderate outperform sell

Amt Held 247'476'720 96'345'411 77'555'840 71'509'100 20'041'120 17'225'640 15'132'580 13'826'180 10'913'759 9'248'060 9'241'253 9'121'538 7'117'442 6'275'226 4'991'667 4'964'480 3'977'147 2'977'931 2'682'062 2'661'027

% Out 27.88 10.85 8.74 8.05 2.26 1.94 1.7 1.56 1.23 1.04 1.04 1.03 0.8 0.71 0.56 0.56 0.45 0.34 0.3 0.3

Weighting

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

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

Latest Chg 355'740 457'045 62'528 (30'184) (503'091) (150'000)

Target Price 334 245 337 330 255 338 321 298 320 311 320 318 325 290 319 270 288 325 330 300 285 310 347 #N/A N/A 340 330 249 220 220 248 240 #N/A N/A 203

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 28.02.2013 25.03.2013 28.09.2012 04.04.2012

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided 18 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

Inst Type Corporation Holding Company Investment Advisor n/a n/a Private Equity Investment Advisor Corporation Investment Advisor Corporation Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Insurance Company

Date 22.03.2013 21.03.2013 20.03.2013 12.03.2013 11.03.2013 07.03.2013 28.02.2013 22.02.2013 22.02.2013 15.02.2013 11.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 15.01.2013 24.12.2012 22.11.2012 01.08.2012 11.07.2012 03.05.2012 31.01.2012 07.10.2011 29.07.2011 11.07.2011

27.03.2013

Ultratech Cement Ltd Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

Price/Volume 80

3.0 M

2.5 M

60 2.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.10.2012) 52-Week Low (04.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UTCEM IB EQUITY YTD Change UTCEM IB EQUITY YTD % CHANGE

03/2012 12/yy 2'074.80 1'254.90 5'425.00 1850.55 -10.81% 47.47% 72.65% 274.2 507'376.78 55'460.20 0.0 622.6 28'529.10 534'930.47

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

1.0 M

20 .5 M

10 0 m-12

31.03.2009 31.03.2010 65'636.4 71'750.7 1.21x 1.99x 17'383.2 19'806.5 4.56x 7.20x 9'780.6 10'952.0 7.02x 13.13x Profitability

31.03.2011 136'874.0 2.30x 26'906.5 11.68x 13'673.5 22.68x

31.03.2012 190'855.6 2.32x 41'583.6 10.64x 24'032.6 17.27x 41'583.60 31'954.50 16.74% 17.53% 10.33% 20.48% 15.48% 0.82% 21.8% 16.7% 12.6% 1.28 0.70 22.27% 43.25% 19.95 -

Price/ Cash Flow

m-12

LTM-4Q

LTM

12/yy

12/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

0.43 0.64 100.29 24.72% -6.64% 0.636 59 3.305 6'588 6'539 12'459 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 216'093.1 250'734.5 2.59x 2.20x 48'752.7 58'742.4 10.96x 9.10x 27'922.8 33'144.3 18.34x 15.42x S&P Issuer Ratings

14.07 2.55 0.65 1.33 43.2% 30.1% 0.82 1.38 18.35 -

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

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 01.01.2010

a-12

Fiscal Year Ended 31.03.2008 56'238.2 2.00x 17'319.7 6.51x 10'100.5 9.67x

1.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Ultratech Cement Ltd Holdings By:

All

Holder Name GRASIM INDUSTRIES LT ABERDEEN CAPITAL GROUP COMPAN LIFE INSURANCE CORP UTI ASSET MANAGEMENT TURQUOISE INVESTMENT VANGUARD GROUP INC TRAPTI TRADING AND I HINDALCO INDUSTRIES T ROWE PRICE ASSOCIA BLACKSTONE ASIA ADVI BLACKROCK OPPENHEIMERFUNDS INC DANSKE INVEST A/S DANSKE INVEST MANAGE MONTGOMERY ASSET MAN SBI FUNDS MANAGEMENT EDINBURGH FUND MANAG L&T INVESTMENT MANAG DIMENSIONAL FUND ADV

Firm Name IIFL Quant Broking Pvt Ltd Axis Capital Limited JM Financial Institutional Securities P EVA Dimensions Deutsche Bank ICICI Securities Batlivala & Karani Securities Goldman Sachs HDFC Securities Credit Suisse ICICIdirect.com Standard Chartered Prabhudas Lilladher Pvt Ltd Centrum Broking Pvt Ltd Emkay Share & Stock Brokers Ambit Capital Pvt Ltd Antique Stock Broking Limited IDBI Capital Market Services Ltd Karvy Stock Broking Ltd Maybank Kim Eng Motilal Oswal Securities Ltd Elara Securities India Pvt Ltd Jefferies Sharekhan Ltd Systematix Shares & Stocks Ltd Edelweiss Capital First Global Stockbroking Firstcall India Equity Advisors Pvt Ltd Morgan Stanley Phillip Securities HSBC Ventura Securities Ltd SBI Capital Markets Anand Rathi Securities Pvt. Ltd. IDFC Securities Ltd Tata Securities Limited Brics Securities Angel Broking Limited Almondz Global Securities Ltd Nirmal Bang Institutional Equities BOB Capital Markets JPMorgan

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

Analyst J RADHAKRISHNAN MANGESH BHADANG JAGDISHWAR TOPPO NAVEEN JAIN CRAIG STERLING CHOCKALINGAM NARAYANAN KRUPAL MANIAR PRITAM LALA NAVIN GUPTA ANKUR KULSHRESTHA ANUBHAV AGGARWAL RASHESH SHAH SATISH KUMAR KAMLESH BAGMAR SANJEEV KUMAR SINGH AJIT MOTWANI NITIN BHASIN NIRAV SHAH SIDDHANT KUMAR RAJESH KUMAR RAVI JIGAR A SHAH JINESH K GANDHI RAVI SODAH ANAND AGARWAL TEAM COVERAGE BINOD MODI NAVIN SAHADEO DEVINA MEHRA TEAM COVERAGE ASHISH G JAIN VAIBHAV AGARWAL JIGAR MISTRY TEAM COVERAGE MILIND RAGINWAR JASPREET SINGH ARORA BHOOMIKA NAIR NIRAJ AGARWALLA NOVONIL GUHA SRINIVASAN VISWANATHAN MANISH RAJ AMIT K SRIVASTAVA JINAL JOSHI PINAKIN M PAREKH

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

Recommendation buy reduce hold buy underweight buy buy outperform neutral/neutral underperform neutral hold outperform reduce buy hold sell buy reduce buy buy buy accumulate hold hold accumulate buy outperform buy Equalwt/In-Line buy underweight hold reduce hold underperform hold sell neutral hold buy buy underweight

Amt Held 165'335'150 23'111'110 10'251'971 7'143'991 1'964'156 1'898'049 1'712'803 1'382'528 1'313'748 1'268'218 948'000 882'763 502'862 477'187 443'770 286'000 264'238 238'047 186'718 175'746

% Out 60.3 8.43 3.74 2.61 0.72 0.69 0.62 0.5 0.48 0.46 0.35 0.32 0.18 0.17 0.16 0.1 0.1 0.09 0.07 0.06

Weighting

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

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

Latest Chg 670'000 98'992 (213'934) (6'000) 31'254 (7'924) 123'100 -

Target Price 2'578 1'856 1'790 2'250 #N/A N/A 2'100 2'250 2'245 1'800 1'765 1'900 2'110 2'127 1'927 2'314 1'950 1'805 2'227 1'739 2'300 2'201 2'338 2'220 2'020 2'100 2'266 2'244 #N/A N/A 2'180 2'050 2'727 1'610 #N/A N/A 1'723 2'150 1'600 1'948 1'525 #N/A N/A 1'934 2'252 2'156 1'600

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

File Dt 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 14.02.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.01.2013 28.02.2013 31.12.2012 31.01.2013 28.02.2013 28.02.2013 28.02.2013 31.07.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 24 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 18 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 9 month

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

Date 26.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 08.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 01.03.2013 28.02.2013 28.02.2013 27.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 12.02.2013 07.02.2013 07.02.2013 05.02.2013 28.01.2013 24.01.2013 23.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 20.01.2013

27.03.2013

Union Bank of India Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

Price/Volume 60

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (30.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNBK IB EQUITY YTD Change UNBK IB EQUITY YTD % CHANGE

03/2012 12/yy 288.00 150.10 239'622.00 210.25 -27.00% 40.07% 43.62% 550.5 115'752.93 289'550.80 1'110.0 405.4 239'597.47 -

31.03.2009 -

20.0 M 15.0 M

10.0 M 10

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

31.03.2010

Profitability

31.03.2011 185'010.2 22'078.9 8.25x

31.03.2012 234'694.5 17'718.5 6.98x 29.01% 29.06% 0.71% 12.89% 4.50% 0.09% 19.2% 11.01% 197.41% -

Price/ Cash Flow

3.80 1.03 183.42 0.80% -23.32% 1.030 56 3.482 201'328 176'595 195'595

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

17.06.2008 BBBNEG 17.06.2008 A-3 197.4% 66.1% 0.09 10.19 -

Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1998 1999 20002001 2002 2003 2004 20052006 2007 2008 2009 20102011 2012

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

27.03.2013

Union Bank of India Holdings By:

All

Holder Name GOVERNMENT OF INDIA LIFE INSURANCE CORP HDFC LIFE INSURANCE HDFC ASSET MANAGEMEN BIRLA SUN LIFE INSUR UTI ASSET MANAGEMENT PRUDENTIAL ICICI ASS GCIC LTD/CANADA ALLIANCE BERNSTEIN TEMPLETON ASSET MGMT BIRLA SUN LIFE ASSET BLACKROCK GRANTHAM MAYO VAN OT DSP BLACKROCK INVEST IDFC MUTUAL FUND EATON VANCE MANAGEME BANK OF NEW YORK MEL DIMENSIONAL FUND ADV RELIANCE CAPITAL TRU KOTAK MAHINDRA

Firm Name

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

Analyst

Elara Securities India Pvt Ltd RAKESH KUMAR Axis Capital Limited PRAVEEN AGRAWAL Phillip Securities MANISH AGARWALLA JM Financial Institutional Securities P PUNEET GULATI Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Credit Suisse ASHISH GUPTA IDFC Securities Ltd MANISH CHOWDHARY Dolat Capital Market Ltd. RAJIV PATHAK IIFL SAMPATH S K KUMAR Standard Chartered MAHRUKH ADAJANIA Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Fortune Equity Brokers (India) Ltd VIJAY NARA Batlivala & Karani Securities ANAND DAMA IDBI Capital Market Services Ltd SANDEEP JAIN Sunidhi Consultancy Services AMIT JAIN Macquarie SURESH GANAPATHY Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA Motilal Oswal Securities Ltd ALPESH MEHTA BNP Paribas Equity Research ABHIJIT MAJUMDER Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Almondz Global Securities Ltd SHIVRAJ GUPTA Sharekhan Ltd TEAM COVERAGE Karvy Stock Broking Ltd HATIM K BROACHWALA Spark Capital Advisors GANESHRAM JAYARAMAN Morgan Stanley SUMEET KARIWALA Centrum Broking Pvt Ltd BHAVESH KANANI Ambit Capital Pvt Ltd A SV KRISHNAN Quant Broking Pvt Ltd NITIN KUMAR HSBC TEJAS MEHTA HDFC Securities VISHAL MODI Tata Securities Limited SREESANKAR RADHAKRISHNAN Religare Capital Markets SIDDHARTH TELI India Infoline RAJIV MEHTA Angel Broking Limited VAIBHAV AGRAWAL Antique Stock Broking Limited ALOK KAPADIA KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Deutsche Bank MANISH SHUKLA CIMB JATINDER AGARWAL Kotak Securities MB MAHESH Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Emkay Share & Stock Brokers KASHYAP JHAVERI Edelweiss Capital NILESH PARIKH Goldman Sachs TABASSUM INAMDAR

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

Recommendation reduce buy buy buy hold underperform underperform buy reduce outperform neutral hold outperform hold reduce underperform accumulate buy hold outperform buy buy buy sell Underwt/In-Line neutral buy accumulate underweight outperform sell buy buy accumulate buy accumulate hold underperform add accumulate hold buy neutral/neutral

Amt Held 299'214'515 67'912'851 16'530'088 12'309'658 5'808'538 5'731'340 4'454'648 4'250'499 3'775'538 3'295'929 2'530'594 1'668'860 1'609'502 1'560'104 1'505'459 1'476'480 1'106'659 1'076'137 1'073'904 989'163

% Out 54.35 12.34 3 2.24 1.06 1.04 0.81 0.77 0.69 0.6 0.46 0.3 0.29 0.28 0.27 0.27 0.2 0.2 0.2 0.18

Weighting

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

Latest Chg (158'000) (608'780) 100'000 (45'774) -

Target Price

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

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

220 288 300 265 254 232 205 290 200 295 244 251 260 242 248 220 265 305 255 260 275 295 315 166 185 260 285 270 221 270 226 310 285 286 280 275 310 250 285 290 240 295 270

File Dt Inst Type 31.12.2012 Government 31.12.2012 Government 31.12.2012 Insurance Company 28.02.2013 Investment Advisor 31.12.2012 Insurance Company 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.02.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 30.11.2012 Investment Advisor 31.05.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 25.03.2013 Investment Advisor 31.07.2012 Investment Advisor 28.02.2013 Other 28.02.2013 Investment Advisor

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

Date 26.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 17.03.2013 13.03.2013 13.03.2013 07.03.2013 05.03.2013 28.02.2013 27.02.2013 26.02.2013 26.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 19.02.2013 13.02.2013 06.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 27.01.2013

27.03.2013

Unitech Ltd Unitech Limited is a real estate development company. The Company develops self-sustaining residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.

Price/Volume 16

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UT IB EQUITY YTD Change UT IB EQUITY YTD % CHANGE

03/2012 12/yy 40.90 18.20 3'076'637.00 22.1 -45.97% 21.43% 17.18% 2'614.5 57'780.85 32'060.75 0.0 717.9 4'200.49 88'841.85

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

15.0 M

6 4

10.0 M

5.0 M

0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 41'148.5 12.58x 22'666.3 22.84x 16'613.4 26.99x

20.0 M

Valuation Analysis

31.03.2009 31.03.2010 28'449.1 29'309.8 4.98x 7.94x 16'323.3 10'756.0 8.68x 21.64x 11'964.3 6'750.5 4.74x 24.80x Profitability

LTM-4Q 31.03.2011 33'960.2 4.19x 9'867.4 14.40x 5'676.6 18.01x

31.03.2012 24'183.0 4.29x 3'289.5 31.55x 2'373.8 31.69x 3'289.47 2'855.45 11.81% 17.99% 1.03% 2.01% 1.79% 0.10% 13.6% 11.8% 9.8% 2.49 0.33 13.85% 26.66% 1.30 -

Price/ Cash Flow

LTM

12/yy 93'973.0 2.92x 10'117.0 5.35x 2'263.0 15.75x

12/yy 84'213.0 2.47x 7'150.0 7.17x (3'726.0) 0.00x

FY+1

0.00 1.52 1'627.34 -23.26% -34.32% 1.516 22 2.591 4'875'834 5'461'467 6'135'747 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 25'168.3 30'954.1 10'707.5 4.21x 3.45x 4'727.9 6'667.2 1'254.0 18.82x 13.34x 3'052.7 4'085.4 918.0 18.09x 13.67x S&P Issuer Ratings

5.84 3.87 8.47 9.75 26.7% 21.0% 0.10 0.87 281.61 -

Sales/Revenue/Turnover

60.00

140'000.0

50.00

120'000.0 100'000.0

40.00

80'000.0 30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Unitech Ltd Holdings By:

All

Holder Name PRAKAUSALI INV INDIA HARSIL PROJECTS PVT HSBC GLOBAL INV MAUR PLATINUM INVESTMENT IL&FS TRUST CO LTD R V TECHNO INVEST PV MAYFAIR INVESTMENTS TULIP INVSTS PVT LTD INDRUS COUNTERTRADE CHANDRA SANJAY COLLEGE RETIREMENT E VANGUARD GROUP INC DIMENSIONAL FUND ADV GOVT PENSION FUND GL SCHRODER INVESTMENT BLACKROCK BAHRI RAHUL WADHA MINOTI BAHRI UNIBILD ENGINEER & C BANK OF NEW YORK MEL

Firm Name IIFL JPMorgan Motilal Oswal Securities Ltd BNP Paribas Equity Research ICICI Securities Batlivala & Karani Securities Jefferies Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Religare Capital Markets HSBC Goldman Sachs EVA Dimensions Standard Chartered Macquarie Edelweiss Capital Phillip Securities IFCI Financial Services Nomura Systematix Shares & Stocks Ltd First Global Stockbroking Kotak Securities IDFC Securities Ltd KR Choksey Shares & Sec Pvt Ltd Axis Capital Limited

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

Analyst BHASKAR CHAKRABORTY SAURABH S KUMAR SANDIPAN PAL AVNEESH SUKHIJA SHALEEN SILORI PREM KHURANA ANAND AGARWAL KEJAL MEHTA HIMANSHU MAHESHWARI ARUN AGGARWAL ASHUTOSH NARKAR PUNEET JAIN AUSTIN BURKETT GAURAV PATHAK ABHISHEK BHANDARI AASHIESH AGARWAAL ABHISHEK RANGANATHAN RAJEEV DESAI PRABHAT AWASTHI ROHIT JAIN HITESH KUVELKAR SAMAR SARDA NITIN AGARWAL NIYATI JHAVERI CHIRAG NEGANDHI

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

Recommendation sell underweight buy hold buy outperform hold reduce sell buy overweight neutral/attractive underweight underperform underperform not rated Under Review sell suspended coverage hold underperform not rated Under Review hold Under Review

Amt Held 563'679'623 227'501'000 182'190'342 153'751'981 153'075'000 124'212'400 103'311'765 77'085'970 70'129'800 66'894'880 48'143'686 39'295'538 38'438'765 30'653'938 18'810'838 17'678'166 8'422'350 8'290'900 6'240'000 4'343'434

% Out 21.56 8.7 6.97 5.88 5.85 4.75 3.95 2.95 2.68 2.56 1.84 1.5 1.47 1.17 0.72 0.68 0.32 0.32 0.24 0.17

Weighting

Change

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

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

Latest Chg (686'658) 18'810'838 (128'633) -

Target Price 35 25 58 33 34 31 33 25 24 50 43 36 #N/A N/A 28 23 #N/A N/A #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 39 #N/A N/A

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

File Dt 13.03.2013 13.03.2013 30.09.2012 30.09.2012 18.03.2011 30.09.2012 05.03.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 31.07.2012 30.09.2012 30.06.2012 25.03.2013 30.09.2012 30.09.2012 30.09.2012 25.03.2013

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

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

Date 08.03.2013 06.03.2013 22.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 30.01.2013 23.01.2013 17.01.2013 16.01.2013 15.01.2013 07.01.2013 15.11.2012 06.11.2012 05.11.2012 11.07.2012 28.05.2012 16.05.2012 19.09.2011 31.05.2011 13.11.2010

27.03.2013

United Breweries Ltd United Breweries Ltd. brews beer. The Company produces lager, pilsner, and strong beers.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UBBL IB EQUITY YTD Change UBBL IB EQUITY YTD % CHANGE

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

1.0 M

.5 M

10 0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 15'607.7 3.20x 1'909.0 26.16x 541.7 88.56x

1.5 M

03/2012 12/yy 1'023.30 458.00 66'253.00 689 -32.67% 50.44% 40.86% 264.4 182'175.16 11'056.50 740.7 11.5 1'714.80 192'269.05

31.03.2009 31.03.2010 19'294.6 22'755.0 1.58x 2.44x 2'469.5 2'367.4 12.36x 23.46x 455.8 896.4 56.37x 56.89x Profitability

31.03.2011 30'598.1 4.32x 3'903.3 33.88x 1'474.9 91.15x

31.03.2012 36'251.5 4.21x 4'125.0 37.01x 1'267.7 115.01x 4'125.00 2'636.10 7.27% 6.02% 4.16% 10.59% 7.94% 1.19% 11.4% 7.3% 3.5% 1.15 0.60 33.56% 85.60% 5.94 -

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy -

FY+1 -

0.10 0.67 71.65 28.39% -26.01% 0.666 7 1.000 95'287 250'404 209'798 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 41'413.4 50'116.8 4.63x 3.80x 5'292.0 6'923.2 36.42x 27.84x 2'188.0 3'016.4 451.0 83.86x 60.64x S&P Issuer Ratings

4.19 0.32 2.26 2.68 85.6% 44.7% 1.19 2.85 61.59 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

United Breweries Ltd Holdings By:

All

Holder Name SCOTTISH & NEWSCASTL UNITED BREWERIES HOL MALLYA VIJAY MCDOWELL HOLDINGS LT KAMSCO INDUSTRIES MALLYA PVT LTD ARISAIG PARTNERS ASI UNITED SPIRITS LTD CAPITAL GROUP COMPAN NEW WORLD FUND INC GEM INVEST & TRADING ACACIA PARTNERS LP TREE LINE ASIA MASTE COLUMBIA WANGER ASSE DEVI INVESTMENT & DE VANGUARD GROUP INC PHARMA TRADING CO PLATINUM INVESTMENT BLACKROCK AMUNDI LUXEMBOURG SA

Firm Name Fortune Equity Brokers (India) Ltd Kotak Securities Religare Capital Markets Batlivala & Karani Securities EVA Dimensions IDFC Securities Ltd India Infoline

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

Analyst KRISHNAN SAMBAMOORTHY JASDEEP WALIA VARUN LOHCHAB ASHIT DESAI AUSTIN BURKETT NIKHIL K VORA BHAVESH GANDHI

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

Recommendation sell sell sell sell sell underperform market perform

Amt Held 98'484'230 30'295'911 21'353'620 10'707'344 9'786'666 9'786'666 8'760'165 8'500'000 6'006'768 5'131'864 4'315'132 3'780'000 2'890'000 2'522'126 1'859'300 1'730'567 1'514'366 1'462'635 1'281'601 622'100

% Out 37.25 11.46 8.08 4.05 3.7 3.7 3.31 3.21 2.27 1.94 1.63 1.43 1.09 0.95 0.7 0.65 0.57 0.55 0.48 0.24

Weighting

Change 1 1 1 1 1 1 3

M M M M M M M

Latest Chg 8'325 1'673'989 1'776 -

Target Price 336 700 500 450 #N/A N/A 650 428

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

File Dt 31.12.2012 31.12.2012 31.12.2012 25.02.2013 31.12.2012 31.12.2012 31.12.2012 19.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 11.10.2012 25.03.2013 31.10.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided 18 month 9 month

Inst Type Holding Company Holding Company n/a Holding Company Other Corporation Investment Advisor Corporation Investment Advisor n/a Other Investment Advisor n/a Investment Advisor Other Investment Advisor Private Equity Investment Advisor Investment Advisor Investment Advisor

Date 05.03.2013 10.02.2013 10.02.2013 08.02.2013 17.01.2013 11.11.2012 08.02.2012

27.03.2013

United Phosphorus Ltd United Phosphorus Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNTP IB EQUITY YTD Change UNTP IB EQUITY YTD % CHANGE

Price/Volume

03/2012 12/yy 144.10 105.00 112'874.00 116.6 -19.08% 11.05% 29.67% 442.6 51'607.66 32'446.50 2'499.0 8'234.70 78'318.46

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

31.03.2009 31.03.2010 48'021.2 52'900.4 1.26x 1.34x 9'791.1 9'156.9 6.16x 7.74x 4'558.7 5'261.6 9.47x 12.46x Profitability

LTM-4Q 31.03.2011 57'606.8 1.15x 10'858.3 6.09x 5'576.2 12.00x

31.03.2012 76'547.2 1.13x 13'900.6 6.24x 5'555.5 10.81x 13'900.60 10'976.80 14.34% 9.00% 5.96% 14.07% 13.92% 0.82% 18.2% 14.3% 7.3% 1.85 1.05 31.34% 77.75% 3.90 -

Price/ Cash Flow

.0 M .0 M .0 M .0 M .0 M

a-12 m-12

j-12

LTM

12/yy 12/yy 322'520.0 342'058.0 2.44x 3.40x 78'506.0 72'897.0 3.44x 4.06x 15'189.0 21'673.0 11.01x 8.61x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1

2.14 1.05 287.45 -8.22% -10.48% 1.050 29 4.621 127'199 160'683 254'652 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 86'914.2 96'009.9 24'238.0 0.95x 0.82x 15'409.5 17'112.0 4'377.3 5.08x 4.57x 7'021.1 8'083.9 2'209.3 7.37x 6.36x S&P Issuer Ratings

3.35 2.35 1.74 2.33 77.8% 42.3% 0.82 5.88 93.83 -

Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00 0.00 01.01.2010

.0 M

Fiscal Year Ended 31.03.2008 35'155.1 1.86x 6'216.3 10.53x 2'574.9 20.28x

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

United Phosphorus Ltd Holdings By:

All

Holder Name NERKA CHEMICALS PVT UNIPHOS ENTERPRISES LIFE INSURANCE CORP PRUDENTIAL ICICI ASS HDFC LIFE INSURANCE GOLDMAN SACHS INV MA RELIANCE CAPITAL TRU ICICI PRUDENTIAL LIF GOVT OF SINGAPORE IN SBI FUNDS MANAGEMENT CITIBANK INTERNATION CAPITAL GROUP COMPAN DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN INVESCO ASSET MANAGE NORDEA INVESTMENT FU SUNDARAM ASSET MANAG SHROFF SHILPA R VANGUARD GROUP INC BANK OF NEW YORK MEL

Firm Name Quant Broking Pvt Ltd HDFC Securities Prabhudas Lilladher Pvt Ltd Morgan Stanley Motilal Oswal Securities Ltd India Nivesh Ltd MSFL - Institutional Business Group Sharekhan Ltd Sunidhi Consultancy Services Indsec Securities & Finance Ltd IIFL Quantum Securities Pvt Ltd Deutsche Bank CIMB Kotak Securities Batlivala & Karani Securities IDFC Securities Ltd Emkay Share & Stock Brokers Angel Broking Limited Edelweiss Capital EVA Dimensions Phillip Securities Firstcall India Equity Advisors Pvt Ltd Spark Capital Advisors Shah Investor's Home Limited Prime Broking Company

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

Analyst HIMANSHU NAYYAR SATISH MISHRA BALWINDAR SINGH GIRISH ACHHIPALIA JINESH K GANDHI DALJEET SINGH KOHLI RAHUL METKAR TEAM COVERAGE TARUN SURANA MILAN WADKAR ABHIJIT R AKELLA AMIT RANE AMIT MURARKA ATUL RASTOGI JASDEEP WALIA G VIJAYARAGHAVAN NITIN AGARWAL ROHAN GUPTA SARABJIT KOUR NANGRA MANISH MAHAWAR CRAIG STERLING GAURI ANAND TEAM COVERAGE MUKESH SARAF AMEYA HARDAS ROHIT SANGHAVI

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

Recommendation accumulate outperform buy Overwt/Attractive buy buy buy buy buy buy reduce outperform buy outperform reduce buy outperform accumulate buy buy buy neutral buy add buy buy

Amt Held 98'633'100 25'337'060 20'421'357 18'000'370 17'126'042 16'673'565 8'208'573 7'322'309 6'717'478 6'000'000 5'681'083 5'440'000 4'541'402 3'951'633 3'327'511 3'265'479 2'970'472 2'907'279 1'241'149 1'163'294

% Out 22.28 5.72 4.61 4.07 3.87 3.77 1.85 1.65 1.52 1.36 1.28 1.23 1.03 0.89 0.75 0.74 0.67 0.66 0.28 0.26

Weighting

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

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

Latest Chg (652'970) 8'721 (161'637) (4'739'092) -

Target Price 132 142 170 162 203 217 154 171 171 174 130 164 157 175 120 160 222 172 170 165 #N/A N/A 115 134 140 158 167

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

File Dt Inst Type 31.12.2012 Other 31.12.2012 Corporation 31.12.2012 Government 28.02.2013 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Other 31.12.2012 Insurance Company 31.12.2012 Government 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 n/a 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor

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

Date 25.03.2013 13.03.2013 04.03.2013 25.02.2013 22.02.2013 21.02.2013 08.02.2013 02.02.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 17.01.2013 12.11.2012 30.10.2012 23.07.2012 03.05.2012 31.01.2012

27.03.2013

United Spirits Ltd United Spirits Ltd. manufactures and distributes a variety of alcohols and spirits, including whiskey, brandy and rum. The Company's well known brands include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also manufactures Indian-made foreign liquor brands.

Price/Volume 160

.4 M

100

03/2012 01/yy 2'149.00 547.15 131'395.00 1885.2 -12.28% 244.55% 83.53% 130.8 246'574.67 87'595.39 0.0 146.1 3'801.14 330'515.03

.3 M

.2 M

40 .1 M

20 0 m-12

31.03.2009 31.03.2010 54'680.6 63'623.1 2.47x 3.37x 7'703.6 10'538.3 17.56x 20.36x (4'084.1) (227.1) Profitability

31.03.2011 73'761.9 2.66x 11'778.0 16.66x 5'695.2 22.65x

31.03.2012 91'864.9 1.78x 11'797.8 13.83x 1'879.2 40.59x 11'797.81 10'323.66 11.24% 3.64% 1.31% 4.25% 5.22% 0.64% 12.8% 11.2% 2.0% 1.09 0.42 55.24% 187.90% 5.47 -

Price/ Cash Flow

m-12

LTM-4Q

LTM

06/yy

01/yy -

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

FY+1 -

0.13 1.02 92.99 238.09% -0.75% 1.022 22 4.227 290'070 288'203 271'541 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 105'767.4 120'757.0 20'109.0 2.99x 2.41x 14'290.3 17'118.8 2'361.0 23.12x 19.30x 3'451.7 7'388.0 658.0 67.73x 36.46x S&P Issuer Ratings

1.45 0.67 7.10 7.42 187.9% 65.2% 0.64 4.99 66.93 -

Sales/Revenue/Turnover

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 01.01.2010

a-12

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

.5 M

120 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNSP IB EQUITY YTD Change UNSP IB EQUITY YTD % CHANGE

31.03.2008 46'275.3 4.60x 11'766.7 18.09x 2'720.6 47.54x

.6 M

140

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

United Spirits Ltd Holdings By:

All

Holder Name UNITED BREWERIES HOL KINGFISHER FINVEST I JP MORGAN CHASE BANK PLATINUM INVESTMENT PALMER INVESTMENT GR JP MORGAN USL BENEFIT TRUST NEW WORLD FUND INC CAPITAL GROUP COMPAN CLSA MAURITIUS LTD FMR LLC VANGUARD GROUP INC MERRILL LYNCH CAPITA MORGAN STANLEY ASIA/ RELIANCE CAPITAL TRU DSP BLACKROCK INVEST BLACKROCK DB INTERNATIONAL ASI CREDIT SUISSE/SINGAP GOLDMAN SACHS INV MA

Firm Name India Infoline BNP Paribas Equity Research IIFL Nomura Motilal Oswal Securities Ltd First Global Stockbroking Angel Broking Limited Antique Stock Broking Limited Morgan Stanley JPMorgan Maybank Kim Eng Batlivala & Karani Securities Religare Capital Markets Credit Suisse Kotak Securities IDFC Securities Ltd Edelweiss Capital Deutsche Bank EVA Dimensions Macquarie HDFC Securities

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

Analyst BHAVESH GANDHI ALOK DALAL AVI MEHTA MANISH JAIN GAUTAM DUGGAD DEVINA MEHRA SRINIVASAN VISWANATHAN ABHIJEET KUNDU NILLAI SHAH LATIKA CHOPRA GANESH RAM ASHIT DESAI VARUN LOHCHAB ARNAB MITRA AMRITA BASU NIKHIL K VORA ABNEESH ROY MANOJ MENON AUSTIN BURKETT AMIT MISHRA SAMEER NARANG

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

Recommendation buy buy buy buy buy outperform neutral hold restricted overweight buy buy buy outperform add outperform buy buy sell underperform buy

Amt Held 23'220'123 12'676'342 6'401'026 4'480'210 4'376'771 3'556'760 3'459'090 3'044'752 3'044'752 2'850'281 2'650'858 2'314'100 2'195'349 2'130'514 1'988'227 1'984'099 1'927'259 1'858'649 1'449'760 1'302'758

% Out 17.75 9.69 4.89 3.43 3.35 2.72 2.64 2.33 2.33 2.18 2.03 1.77 1.68 1.63 1.52 1.52 1.47 1.42 1.11 1

Weighting

Change

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

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

Latest Chg 130'000 (440'002) 368'213 (14'057) (2'768) 36'214 -

Target Price 2'150 2'173 2'220 2'200 2'490 #N/A N/A #N/A N/A 2'010 #N/A N/A 2'265 2'100 2'025 2'500 2'400 2'000 #N/A N/A 2'320 2'700 #N/A N/A 1'165 700

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

File Dt 18.02.2013 04.03.2013 04.10.2010 31.12.2012 31.12.2012 22.02.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 25.03.2013 06.03.2013 27.02.2013 24.02.2013 22.02.2013 21.02.2013 07.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 23.01.2013 15.01.2013 12.11.2012 29.03.2012

27.03.2013

Wipro Ltd Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (30.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WPRO IB EQUITY YTD Change WPRO IB EQUITY YTD % CHANGE

03/2012 12/yy 455.80 325.60 48'906.00 435.8 -4.39% 33.85% 84.64% 2'462.9 1'073'321.25 58'958.00 0.0 849.0 119'627.00 980'666.24

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

10 0 m-12

31.03.2009 31.03.2010 256'995.0 272'129.0 1.37x 3.69x 53'606.0 60'811.0 6.56x 16.50x 38'999.0 46'310.0 9.17x 22.25x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

LTM-4Q 31.03.2011 310'542.0 3.61x 65'434.0 17.14x 52'977.0 22.08x

31.03.2012 371'971.0 2.75x 70'864.0 14.43x 55'987.0 19.25x 70'864.00 60'735.00 16.33% 18.75% 13.87% 21.33% 17.81% 0.92% 29.2% 19.1% 16.3% 15.1% 2.32 1.70 13.52% 20.66% 5.24 25.84

Price/ Cash Flow

LTM

FY+1

1.38 0.87 493.66 3.60% 11.06% 0.867 67 3.328 72'386 128'748 145'199 FY+2

FQ+1

FQ+2

12/yy 15'605.0 5.53x 2'217.0 9.72x 1'161.0 16.70x

12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 16'510.0 432'744.0 475'104.4 108'918.3 112'700.0 6.49x 2.29x 2.03x 9.91x 9.58x 2'658.0 85'467.7 93'169.4 22'435.6 21'480.8 11.22x 11.54x 10.58x 11.08x 10.71x 1'510.0 65'808.6 71'154.0 17'280.7 17'193.3 17.93x 16.29x 15.01x 15.53x 14.91x S&P Issuer Ratings Long-Term Rating Date 02.04.2012 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 67.04 (EBITDA-Capex)/Interest Exp. 54.77 Net Debt/EBITDA -0.86 Total Debt/EBITDA 0.83 Reference Total Debt/Equity 20.7% Total Debt/Capital 17.1% Asset Turnover 0.92 Net Fixed Asset Turnover 6.52 Accounts receivable turnover-days 69.84 Inventory Days 14.16 Accounts Payable Turnover Day 63.26 Cash Conversion Cycle 20.74 Sales/Revenue/Turnover

16.00

18'000.0

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

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 01.01.2010

a-12

Fiscal Year Ended 31.03.2008 199'796.0 3.19x 41'111.0 15.50x 32'829.0 19.10x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M f-13 m-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Wipro Ltd Holdings By:

All

Holder Name PREMJI AZIM HASHAM LIFE INSURANCE CORP T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC DSP BLACKROCK INVEST COMMONWEALTH BANK OF UTI ASSET MANAGEMENT JF ASSET MANAGEMENT SCHRODER INVESTMENT TEMPLETON ASSET MGMT HDFC ASSET MANAGEMEN NORTHERN TRUST CORPO HSBC INVESTMENTS HON FRANKLIN RESOURCES BANK OF NEW YORK MEL INVESCO LTD EATON VANCE MANAGEME BNP PARIBAS INV PART DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Standard Chartered PANKAJ KAPOOR Axis Capital Limited PRIYA ROHIRA Kotak Securities KAWALJEET SALUJA Nomura ASHWIN MEHTA Ambit Capital Pvt Ltd ANKUR RUDRA EVA Dimensions ANDREW S ZAMFOTIS JPMorgan VIJU K GEORGE Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN BNP Paribas Equity Research ABHIRAM ELESWARAPU Angel Broking Limited ANKITA SOMANI IIFL SANDEEP MUTHANGI ICICI Securities KULDEEP KOUL Espirito Santo Investment Bank Research NITIN PADMANABHAN Edelweiss Capital SANDIP KUMAR AGARWAL Credit Suisse ANANTHA NARAYAN Antique Stock Broking Limited PRATISH KRISHNAN IDBI Capital Market Services Ltd PRATIK GANDHI Elara Securities India Pvt Ltd PRALAY KUMAR DAS Jefferies VISHAL AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Morgan Stanley VIPIN KHARE Equirus Securities Pvt Ltd BHAVIN SHAH SBI Capital Markets DIPESH N MEHTA IDFC Securities Ltd HITESH SHAH Fortune Equity Brokers (India) Ltd NIRAL DALAL Batlivala & Karani Securities DEEPAN S KAPADIA Phillip Securities DEEPAK JAIN Spark Capital Advisors SRIVATHSAN RAMACHANDRAN Sharekhan Ltd TEAM COVERAGE KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Deutsche Bank ANIRUDDHA BHOSALE CIMB SANDEEP R SHAH Anand Rathi Securities Pvt. Ltd. ATUL THAKKAR HDFC Securities MADHU BABU India Infoline ANIRUDDHA MEHTA Systematix Shares & Stocks Ltd ANURAG PUROHIT Barclays BHUVNESH SINGH Quant Broking Pvt Ltd BASUDEB BANERJEE Ventura Securities Ltd TEAM COVERAGE Avendus Capital Private Ltd PRIYA SUNDER HSBC YOGESH AGGARWAL Sunidhi Consultancy Services NAUSHIL SHAH Emkay Share & Stock Brokers MANIK TANEJA

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

Recommendation outperform sell reduce buy sell hold overweight buy buy accumulate add add buy buy outperform buy reduce sell buy buy Overwt/In-Line buy hold outperform hold underperform neutral reduce hold hold buy neutral hold underperform buy hold underweight accumulate hold add overweight neutral reduce

Amt Held 1'925'303'553 41'133'533 11'321'872 8'443'184 6'715'586 5'766'060 4'153'891 3'809'431 3'543'000 3'335'972 3'323'569 3'313'845 3'006'750 2'930'180 2'770'643 1'752'687 1'423'928 1'382'939 1'335'000 1'141'932

% Out 78.17 1.67 0.46 0.34 0.27 0.23 0.17 0.15 0.14 0.14 0.13 0.13 0.12 0.12 0.11 0.07 0.06 0.06 0.05 0.05

Weighting

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

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

Latest Chg 285'894 (77'827) 107'866 135'000 11'724 (17'810) 25'446 330'643 (124'420) 388'299 -

Target Price 490 424 400 490 312 #N/A N/A 465 480 470 473 484 482 475 515 490 460 355 385 475 471 471 455 425 440 388 370 400 405 440 409 460 415 410 413 464 420 380 473 #N/A N/A 442 460 400 390

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

File Dt Inst Type 31.12.2012 n/a 31.12.2012 Government 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 30.11.2012 Bank 28.02.2013 Investment Advisor 30.09.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 28.02.2013 Mutual Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 29.11.2012 Investment Advisor 31.10.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.01.2013 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 15 month 12 month 18 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 26.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 07.03.2013 05.03.2013 04.03.2013 01.03.2013 28.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 12.02.2013 06.02.2013 05.02.2013 31.01.2013 24.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 21.01.2013 20.01.2013 18.01.2013 18.01.2013 18.01.2013

27.03.2013

Yes Bank Ltd Yes Bank Ltd attracts deposits and offers comprehensive banking and financial solutions in India. The Company primarily serves customers in the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology and infrastructure development industries.

Price/Volume 180

3.0 M

160

2.5 M

140 120

2.0 M

100

03/2012 12/yy 539.00 294.25 213'117.00 425.5 -21.06% 44.60% 53.63% 358.5 152'527.66 182'447.72 0.0 0.0 36'736.66 -

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

1.0 M

.5 M

20 0 m-12

a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 16'653.7 2'000.2 24.03x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YES IB EQUITY YTD Change YES IB EQUITY YTD % CHANGE

31.03.2009 31.03.2010 24'384.9 29'458.3 3'038.4 4'777.4 4.88x 16.37x Profitability

LTM-4Q 31.03.2011 46'654.6 7'271.4 14.66x

31.03.2012 71'659.1 9'770.0 13.23x 58.66% 58.61% 1.47% 23.07% 5.34% 0.11% 39.5% 24.77% 390.13% -

Price/ Cash Flow

LTM

12/yy 81'203.0 9.56x 20'076.0 9.47x 12'963.0 13.86x

12/yy 90'533.0 8.98x 21'892.0 9.92x 13'901.0 15.57x

0.94 1.24 251.98 21.49% -8.34% 1.238 68 4.132 288'934 254'515 255'504

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

12'902.0 17'259.0 9.78x S&P Issuer Ratings

390.1% 79.6% 0.11 46.30 -

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

27.03.2013

Yes Bank Ltd Holdings By:

All

Holder Name KAPUR MADHU CAPITAL GROUP COMPAN KAPOOR RANA LIFE INSURANCE CORP DOIT CAPITAL INDIA P MORGAN CREDITS PVT L WASATCH ADVISORS INC CREDIT SUISSE/SINGAP CLSA MAURITIUS LTD MAGS FINVEST PVT LTD T ROWE PRICE ASSOCIA JP MORGAN JP MORGAN INVESTMENT RABOBANK NEDERLAND RELIANCE LIFE INSURA BLACKROCK COLUMBIA WANGER ASSE OEKOWORLD LUX SA WILLIAM BLAIR & COMP PRINCIPAL FINANCIAL

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES Nomura ABHISHEK BHATTACHARYA IDFC Securities Ltd MANISH CHOWDHARY Dolat Capital Market Ltd. RAJIV PATHAK Standard Chartered MAHRUKH ADAJANIA Espirito Santo Investment Bank Research SAIKIRAN PULAVARTHI Fortune Equity Brokers (India) Ltd VIJAY NARA Batlivala & Karani Securities ARUN SETHIA IIFL ABHISHEK MURARKA Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA Sunidhi Consultancy Services KANIKA THACKER Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA Macquarie SURESH GANAPATHY Motilal Oswal Securities Ltd ALPESH MEHTA Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA Almondz Global Securities Ltd SHIVRAJ GUPTA Sharekhan Ltd TEAM COVERAGE Morgan Stanley SUMEET KARIWALA Edelweiss Capital NILESH PARIKH BNP Paribas Equity Research ABHIJIT MAJUMDER Barclays ANISH TAWAKLEY Spark Capital Advisors GANESHRAM JAYARAMAN Quant Broking Pvt Ltd NITIN KUMAR ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Aditya Birla Money Limited SUMIT JATIA Systematix Shares & Stocks Ltd JYOTI KHATRI SBI Capital Markets RAVIKANT BHAT Ventura Securities Ltd TEAM COVERAGE Right Horizons Financial Services JAGDISH BHANUSHALI Maybank Kim Eng VARUN VARMA BP Equities Private Limited SHWETA RANE HSBC SACHIN SHETH JM Financial Institutional Securities P KARAN UBEROI ICICI Securities SHASHIN UPADHYAY HDFC Securities VISHAL MODI Tata Securities Limited SREESANKAR RADHAKRISHNAN India Infoline RAJIV MEHTA Antique Stock Broking Limited ALOK KAPADIA ICICIdirect.com KAJAL GANDHI EVA Dimensions AUSTIN BURKETT Deutsche Bank MANISH SHUKLA

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

Recommendation buy buy buy neutral buy outperform buy hold outperform buy buy reduce accumulate outperform buy outperform buy buy Overwt/In-Line buy hold underweight buy accumulate hold buy accumulate buy add buy buy buy hold overweight buy buy buy hold market perform buy hold underweight buy

Amt Held 35'125'000 23'590'832 20'000'000 18'182'991 15'125'000 14'050'000 10'563'211 8'633'636 8'586'178 7'942'450 6'997'764 5'660'283 4'612'069 4'008'436 3'711'435 3'357'017 3'055'602 2'700'000 2'447'166 2'110'379

% Out 9.8 6.58 5.58 5.07 4.22 3.92 2.95 2.41 2.4 2.22 1.95 1.58 1.29 1.12 1.04 0.94 0.85 0.75 0.68 0.59

Weighting

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

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

Latest Chg (38'655) 5'739'515 (799'919) 1'871 1'350'000 31'536 141'929

Target Price 567 595 615 510 580 635 386 472 560 610 589 500 586 600 619 585 601 600 675 615 536 380 605 575 445 560 569 702 555 473 700 571 544 605 700 625 597 532 531 558 550 #N/A N/A 590

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

File Dt Inst Type 30.09.2012 n/a 31.12.2012 Investment Advisor 30.09.2012 n/a 10.09.2012 Government 30.09.2012 Other 30.09.2012 Other 31.12.2012 Investment Advisor 30.09.2012 Bank 30.09.2012 Investment Advisor 30.09.2012 Corporation 31.12.2012 Investment Advisor 31.01.2013 Unclassified 30.06.2012 Mutual Fund Manager 30.09.2012 Bank 30.09.2012 Insurance Company 30.11.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 18 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 9 month Not Provided 12 month Not Provided 12 month

Date 22.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 13.03.2013 13.03.2013 07.03.2013 05.03.2013 05.03.2013 02.03.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 19.02.2013 19.02.2013 19.02.2013 13.02.2013 11.02.2013 06.02.2013 31.01.2013 28.01.2013 25.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 21.01.2013 21.01.2013 21.01.2013 18.01.2013 18.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013

27.03.2013

Zee Entertainment Enterprises Ltd Zee Entertainment Enterprises Limited produces and develops Hindi films, serials, game shows and children's programs. The Company also purchases rights to Hindi films, serials and other programs from their producers on a contract basis. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. The Company also produces motion pictures.

Price/Volume 18

8.0 M

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.12.2012) 52-Week Low (10.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance Z IB EQUITY YTD Change Z IB EQUITY YTD % CHANGE

03/2012 12/yy 247.00 119.30 599'738.00 208.6 -15.55% 74.85% 69.93% 958.8 199'999.45 12.00 0.0 (32.0) 3'283.00 190'027.65

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

3.0 M

6 4

2.0 M

1.0 M

0 m-12

a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Fiscal Year Ended 31.03.2008 18'353.7 6.00x 5'479.0 20.09x 3'832.7 27.83x

4.0 M

Valuation Analysis

31.03.2009 31.03.2010 21'773.1 21'997.8 2.31x 5.02x 5'491.9 6'226.1 9.15x 17.73x 5'123.6 6'313.7 9.01x 18.97x Profitability

LTM-4Q 31.03.2011 30'088.0 3.89x 8'291.0 14.10x 6'251.0 19.34x

31.03.2012 30'405.0 3.89x 7'505.0 15.75x 5'906.0 20.80x 7'505.00 7'182.00 23.62% 27.65% 14.43% 18.08% 18.22% 0.74% 52.9% 24.7% 23.6% 19.4% 3.67 1.39 0.03% 0.03% 3.50 2.25

Price/ Cash Flow

LTM

12/yy 9'972.5 9.50x 2'449.1 9.06x 1'331.2 16.38x

12/yy 10'834.0 8.64x 2'952.6 8.39x 1'699.0 14.30x

FY+1

0.72 0.73 360.53 66.89% -5.57% 0.726 41 3.854 285'235 310'471 395'025 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 36'673.9 42'499.8 9'539.8 8'430.0 5.23x 4.43x 9'279.3 11'416.0 2'333.7 2'333.0 20.54x 16.69x 7'101.4 8'639.2 1'885.0 1'582.0 28.11x 23.03x S&P Issuer Ratings

153.16 136.12 -0.44 0.00 0.0% 0.0% 0.74 14.14 104.69 162.85 99.47 168.07

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 10'000.0

40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

27.03.2013

Zee Entertainment Enterprises Ltd Holdings By:

All

Holder Name CYQUATOR MEDIA SERVI OPPENHEIMERFUNDS INC ESSEL MEDIA VENTURES ESSEL CORP RESOURCE 25FPS MEDIA PVT LTD ESSEL HOLDINGS LTD HDFC ASSET MANAGEMEN GOVT PENSION FUND GL ESSEL INTERNATIONAL GOVT OF SINGAPORE IN LIFE INSURANCE CORP HDFC LIFE INSURANCE VANGUARD GROUP INC T ROWE PRICE ASSOCIA ICICI PRUDENTIAL LIF BLACKROCK RELIANCE CAPITAL TRU DSP BLACKROCK INVEST IDFC MUTUAL FUND UTI ASSET MANAGEMENT

Firm Name HSBC Sharekhan Ltd Antique Stock Broking Limited Goldman Sachs JM Financial Institutional Securities P Edelweiss Capital IIFL CIMB Techno Shares & Stocks EVA Dimensions Standard Chartered Ashika Stock Broking Limited Anand Rathi Securities Pvt. Ltd. JPMorgan Nomura Motilal Oswal Securities Ltd Deutsche Bank ICICI Securities Spark Capital Advisors Ventura Securities Ltd KR Choksey Shares & Sec Pvt Ltd Macquarie BNP Paribas Equity Research Batlivala & Karani Securities Phillip Securities HDFC Securities Religare Capital Markets Firstcall India Equity Advisors Pvt Ltd Centrum Broking Pvt Ltd Elara Securities India Pvt Ltd Morgan Stanley Jefferies Kotak Securities IDFC Securities Ltd Emkay Share & Stock Brokers ICICIdirect.com SBI Capital Markets Dolat Capital Market Ltd. First Global Stockbroking Axis Capital Limited

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

Analyst RAJIV SHARMA TEAM COVERAGE PRATISH KRISHNAN SACHIN SALGAONKAR SIDDHARTH GOENKA ABNEESH ROY BIJAL SHAH SRINIVAS SESHADRI DEBASHISH MAZUMDAR CRAIG STERLING SAURAV ANAND TEAM COVERAGE YOGESH KIRVE LATIKA CHOPRA ANKUR AGARWAL SHOBHIT KHARE GAURAV BHATIA VIKASH MANTRI AASHISH UPGANLAWAR TEAM COVERAGE ARCHANA SHIVANE NITIN MOHTA KUNAL D VORA ROHIT DOKANIA NAVEEN KULKARNI HIMANSHU SHAH BALLABH MODANI TEAM COVERAGE ANKIT KEDIA MOHAN LAL PARAG GUPTA PIYUSH NAHAR AMIT KUMAR NIKHIL K VORA NAVAL SETH KARAN MITTAL RAHUL KUNDNANI AMIT PUROHIT HITESH KUVELKAR CHIRAG NEGANDHI

Source EXCH MF-AGG Co File EXCH EXCH Co File MF-AGG Co File Co File ULT-AGG Co File Co File MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy hold neutral/neutral buy buy buy neutral accumulate underweight outperform buy buy neutral buy neutral buy sell buy buy buy neutral hold underperform neutral outperform sell buy buy buy Overwt/Attractive hold reduce outperform buy buy add accumulate Moderate Underperformer hold

Amt Held 241'402'908 108'495'755 102'888'286 71'727'960 56'170'750 46'378'518 27'488'858 24'397'954 23'000'000 14'263'861 14'162'218 13'455'409 13'453'605 11'987'118 11'834'997 8'284'704 8'138'657 5'594'269 4'480'000 4'161'821

% Out 25.18 11.32 10.73 7.48 5.86 4.84 2.87 2.54 2.4 1.49 1.48 1.4 1.4 1.25 1.23 0.86 0.85 0.58 0.47 0.43

Weighting

Change 5 5 3 3 5 5 5 3 4 1 5 5 5 3 5 3 5 1 5 5 5 3 3 1 3 5 1 5 5 5 5 3 2 5 5 5 4 4 2 3

M M M D M M M M M D M M M M M M M M M M U U M M M D M M U M M M M U M M M M M M

Latest Chg (1'527'416) (56'170'750) 56'170'750 (88'193) (1'869'592) 27'284 (531) -

Target Price 272 280 220 225 270 301 253 277 250 #N/A N/A 280 265 275 240 276 232 220 210 266 267 265 240 247 171 220 250 225 262 257 290 281 208 190 277 275 268 210 136 #N/A N/A 121

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 31.01.2013 31.12.2012 16.11.2011 16.11.2011 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Other Investment Advisor Other Corporation Other Other Investment Advisor n/a Corporation Government Government Insurance Company Investment Advisor Investment Advisor Insurance Company Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 13.03.2013 13.03.2013 12.03.2013 07.03.2013 05.03.2013 03.03.2013 28.02.2013 22.02.2013 20.02.2013 20.02.2013 28.01.2013 28.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.10.2012 03.10.2011 22.07.2011 17.01.2011