Fundamental Analysis & Analyst Recommendations - QMS Advisors SHCOMP FlexIndex by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations QMS Advisors SHCOMP FlexIndex The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listedon the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

September 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

15163562

2028.573

1118

203

220

104.17

110.43

15.89

14.99

18.56

Euro Stoxx 50 Pr

EUR

2784631

5750.748

4610

752

778

222.08

295.02

21.91

19.26

16.49

20.88

NIKKEI 225

JPY

2704662

192.4479

196

6.07

7.99

0.24

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2839372

12365.19

9910

1489

1649

531.57

803.39

30.17

22.88

19.96

22.41

SWISS MARKET INDEX

CHF

1074976

11019.07

4134

935

850

441.13

559.84

20.46

17.42

16.13

23.62

S&P/TSX COMPOSITE INDEX

CAD

1673558

17457.41

7358

1839

1957

726.52

803.56

16.38

14.81

24.09

S&P/ASX 200 INDEX

AUD

1302938

6254.752

2653

534

677

208.14

316.85

21.15

23.31

13.89

19.49

HANG SENG INDEX

HKD

1747601

3236.539

1659

371

392

281.31

270.07

1.34

1.45

1.40

2.96

MSCI EM

USD

7154462

1325.559

969

186

175

85.20

87.05

11.22

1.31

10.98

19.20

PETROCHINA CO LTD-A

CNY

236920

31100

183021

358650

347949

393302

412771

53854

51144

0.11

0.12

2.02

2.29

1.85

1.75

1.56

2.72

0.32

0.67

2.40

IND & COMM BK OF CHINA-A

CNY

235533

221307

349620

372

712

137365

144499

94455

103896

0.11

0.12

0.13

0.91

0.84

3.16

2.30

28.08.2012

AGRICULTURAL BANK OF CHINA-A

CNY

145138

652657

324794

211

506

106603

111677

75132

83347

0.07

0.08

0.09

0.93

0.90

0.81

3.12

17.12.2012

BANK OF CHINA LTD-A

CNY

128779

207432

279142

367

516

101143

103017

64334

70380

0.08

0.09

0.88

0.89

0.82

3.34

2.25

29.11.2011

CHINA PETROLEUM & CHEMICAL-A

CNY

88841

104670

112866

446597

435476

468217

499251

27701

0.09

0.10

0.12

1.24

1.17

1.07

1.79

2.45

-0.13

0.96

A+

16.12.2010

CHINA LIFE INSURANCE CO-A

CNY

69695

39454

28265

60682

66630

70329

76946

0.06

0.10

0.15

0.19

3.83

2.54

2.03

0.05

3.92

AA-

16.12.2010

CHINA SHENHUA ENERGY CO-A

CNY

58534

23616

19890

40885

41264

41125

43646

14379

0.40

0.38

0.40

1.21

1.22

1.17

3.20

0.61

2.65

INDUSTRIAL BANK CO LTD -A

CNY

39063

354042

19053

198

255

28086

30972

16879

19681

0.35

0.36

0.41

0.92

0.83

7.43

5.25

CHINA MINSHENG BANKING-A

CNY

44532

410342

26715

173

120

29250

32744

19269

22301

0.22

0.24

0.25

0.29

1.14

1.09

0.95

5.24

5.01

11.07.2006

CHINA MERCHANTS BANK-A

CNY

42148

226691

21577

100

157

28902

30507

21207

24257

0.34

0.37

0.35

0.39

0.85

0.89

0.79

3.90

3.33

BBB+

06.12.2011

PING AN INSURANCE GROUP CO-A

CNY

53160

93338

7916

262

55798

59774

54283

60628

0.41

0.50

0.55

0.67

2.03

1.81

1.51

4.13

4.38

SHANGHAI PUDONG DEVEL BANK-A

CNY

32090

580189

18653

120

178

26206

28086

15314

17536

0.30

0.32

0.33

0.37

0.88

0.84

0.75

4.11

4.33

BBB+

24.06.2013

KWEICHOW MOUTAI CO LTD-A

CNY

25603

6927

1038

3902

4086

4907

5716

3078

2.11

2.13

2.41

2.92

1.89

1.67

1.38

8.16

3.75

8.63

5.27

BANK OF COMMUNICATIONS CO-A

CNY

54835

476721

74263

170

220

44396

46212

26274

29447

0.14

0.16

0.86

0.77

3.96

A-

06.12.2011

02.12.1999

SAIC MOTOR CORPORATION LTD-A

CNY

24425

46787

11026

77276

85270

88213

98474

5229

0.30

0.32

0.35

0.39

1.14

1.04

0.92

1.90

7.05

-2.27

12.25

CHINA CITIC BANK CORP LTD-A

CNY

29354

149044

46787

134

25113

26620

16058

18282

0.11

0.12

0.14

0.97

0.98

0.91

0.80

4.99

3.89

CHINA YANGTZE POWER CO LTD-A

CNY

18384

27677

16500

4132

4079

4031

4153

3508

0.10

1.78

1.85

1.75

3.96

4.44

3.86

3.89

CHINA EVERBRIGHT BANK CO-A

CNY

19554

441947

40435

111

114

18647

20327

11225

12928

0.09

0.10

0.12

0.76

0.77

0.68

5.62

11.07.2006

CITIC SECURITIES CO-A

CNY

21469

264873

11017

19.87

2131

2423

2477

3176

1049

0.06

0.08

0.10

5.20

4.08

3.10

1.76

-1.04

25.69

-3.51

BBB+

18.10.2012

CHINA PACIFIC INSURANCE GR-A

CNY

29464

60661

9062

13.80

27307

30917

34748

0.10

0.16

0.19

5.13

5.15

3.16

2.61

1.23

3.55

DAQIN RAILWAY CO LTD -A

CNY

17803

52696

14867

19.21

7287

7615

7982

8487

2956

0.13

0.14

0.15

1.49

1.40

1.28

0.42

2.85

-0.59

1.69

SHANGHAI INTERNATIONAL POR-A

CNY

24610

536575

22755

27.64

4599

4618

5044

5489

1545

489

0.03

0.04

4.67

4.60

4.19

5.14

1.70

-1.16

1.01

CHINA STATE CONSTRUCTION -A

CNY

16174

251283

30000

36.18

89766

106312

120560

5548

0.08

0.10

0.12

1.04

1.10

0.88

0.77

2.68

4.57

2.43

4.00

1.01

HAITONG SECURITIES CO LTD-A

CNY

18962

501455

9585

15.05

1613

1840

2168

829

0.06

0.08

0.09

5.43

4.47

3.73

-0.72

0.24

-1.33

GREAT WALL MOTOR CO LTD-A

CNY

21101

3109

3042

20.61

6791

9274

11585

1232

0.31

0.44

0.56

4.16

2.86

2.27

7.05

6.94

9.65

2.96

INNER MONGOLIA YILI INDUS-A

CNY

13340

8816

1599

12.36

6819

7281

7907

9120

419

213

0.25

0.21

0.25

4.32

5.07

4.28

1.99

2.10

2.90

6.01

POLY REAL ESTATE GROUP CO -A

CNY

12583

121003

7138

24.06

9931

11495

14693

18427

2315

0.19

0.21

0.25

0.31

1.35

1.17

0.92

7.33

6.79

5.50

8.26

BBB+

14.06.2013

BANK OF BEIJING CO LTD -A

CNY

12422

91950

8800

9369

9716

5313

6275

0.23

0.24

0.26

0.30

0.95

0.90

0.77

7.15

4.59

INNER MONGOLIA BAOTOU STEE-A

CNY

11629

49249

2422

12.51

1492

1265

1373

1540

403

0.10

0.07

0.10

0.11

11.72

8.24

7.17

-3.21

9.65

BAOSHAN IRON & STEEL CO-A

CNY

12433

79673

17098

22.20

31237

30917

29368

30215

2758

718

0.04

0.07

0.08

2.77

1.88

1.57

-2.29

0.46

-3.47

-1.92

CHINA UNITED NETWORK-A

CNY

11462

191148

21197

48.07

40668

44363

48502

55569

12079

0.01

0.02

0.03

0.04

3.84

3.30

2.32

3.11

1.31

2.31

-0.02

CHINA SHIPBUILDING INDUSTR-A

CNY

14668

9532

8873

9755

10583

716

0.03

0.05

-1.59

-4.69

4.77

HUAXIA BANK CO LTD-A

CNY

11289

139679

8905

12780

12852

7376

8526

0.23

0.24

0.26

0.30

0.87

0.79

0.70

2.97

3.09

11.07.2006

ANHUI CONCH CEMENT CO LTD-A

CNY

15083

28533

5299

17.81

7477

7972

8858

10189

2021

2161

490

0.19

0.20

0.25

0.30

2.17

2.14

1.72

1.44

-0.97

3.34

-5.57

3.06

4.43

HUANENG POWER INTL INC-A

CNY

12655

27980

14055

34.20

21777

21234

22066

22902

4816

5607

0.07

0.10

0.12

1.39

1.26

1.25

1.20

0.04

2.73

6.37

2.38

4.31

14.04.2010

SANY HEAVY INDUSTRY CO LTD-A

CNY

9432

54078

7594

12.81

7624

6035

7081

9423

1418

0.11

0.07

0.12

0.18

2.97

1.64

1.15

-1.25

4.52

-3.80

5.95

CHINA MERCHANTS SECURITIES-A

CNY

9016

62709

4661

7.40

1025

1112

891

1065

469

0.06

0.07

0.09

5.17

4.35

3.47

-1.50

-2.38

CHINA OILFIELD SERVICES-A

CNY

12462

6127

4495

15.77

3611

4008

4441

5020

1456

1564

280

0.17

0.19

0.21

0.24

2.40

2.37

2.26

1.94

3.26

3.44

1.50

2.95

6.38

A-

20.12.2012

CHINA RAILWAY CONSTRUCTION-A

CNY

10679

35044

12338

20.45

76764

85420

90152

3870

4323

0.11

0.12

0.14

1.19

1.09

0.98

3.93

1.40

4.29

0.82

A-

03.05.2013

HUATAI SECURITIES CO LTD-A

CNY

8545

89135

5600

5.29

1205

1244

1217

1477

518

0.05

0.07

0.08

4.65

3.72

2.95

-1.42

-1.10

GUANGHUI ENERGY CO LTD-A

CNY

8725

60247

5257

10.74

592

649

1474

2271

162

0.02

0.03

0.09

0.14

10.77

3.07

1.91

-2.85

3.06

-4.65

1.40

CHINA COAL ENERGY CO-A

CNY

10663

18188

13259

18.88

14261

13443

13622

15576

2874

2635

0.11

0.08

0.07

0.09

1.70

1.69

1.98

1.69

-0.64

1.97

-1.21

2.50

3.20

CSR CORP LTD -A

CNY

9397

81399

13803

11.46

14543

13712

15511

18081

1224

1021

242

0.05

0.04

0.05

0.06

2.57

2.23

1.81

1.95

3.68

0.40

5.66

1.22

NEW CHINA LIFE INSURANCE C-A

CNY

11210

24695

3120

18242

20183

21991

0.15

0.20

0.25

4.17

3.26

2.60

0.49

CHINA COMMUNICATIONS CONST-A

CNY

11598

44282

16175

30.05

48247

49740

53223

57051

4092

4558

0.12

0.13

0.14

0.89

0.84

0.78

0.06

2.73

2.70

CHINA RAILWAY GROUP LTD-A

CNY

10212

63353

21300

33.70

76070

84120

86500

93018

3279

3461

3735

0.06

0.07

1.16

1.20

1.07

0.86

3.72

0.94

3.69

0.67

BBB+

23.01.2013

DATANG INTL POWER GEN CO-A

CNY

9014

8199

13310

42.08

12677

12639

12856

14214

3647

3928

0.05

0.06

0.05

0.06

2.12

2.26

2.31

2.02

1.18

2.74

3.73

1.90

5.08

CHINA CNR CORP LTD-A

CNY

7284

71046

10320

11.96

15024

14046

16053

18073

1008

213

0.05

0.06

0.07

2.20

1.93

1.68

0.53

1.70

JIANGSU HENGRUI MEDICINE C-A

CNY

7276

4921

1360

7.05

872

930

1056

1298

231

0.13

0.14

0.15

0.20

6.26

5.75

4.38

3.13

3.27

4.41

4.45

TASLY PHARMACEUTICAL GROUP-A

CNY

7084

7164

1033

7.36

1509

1708

1943

2334

195

262

0.12

0.17

0.18

0.22

6.48

6.38

5.01

6.79

4.35

6.68

3.89

322.92

145.11

69.35

123.28

22.79

21.70

27.86

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 500 INDEX

USD

15163562

2028.573

1118

203

220

104.17

110.43

15.89

14.99

18.56

Euro Stoxx 50 Pr

EUR

2784631

5750.748

4610

752

778

222.08

295.02

21.91

19.26

16.49

20.88

NIKKEI 225

JPY

2704662

192.4479

196

6.07

7.99

0.24

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2839372

12365.19

9910

1489

1649

531.57

803.39

30.17

22.88

19.96

22.41

SWISS MARKET INDEX

CHF

1074976

11019.07

4134

935

850

441.13

559.84

20.46

17.42

16.13

23.62

S&P/TSX COMPOSITE INDEX

CAD

1673558

17457.41

7358

1839

1957

726.52

803.56

16.38

14.81

24.09

S&P/ASX 200 INDEX

AUD

1302938

6254.752

2653

534

677

208.14

316.85

21.15

23.31

13.89

19.49

HANG SENG INDEX

HKD

1747601

3236.539

1659

371

392

281.31

270.07

1.34

1.45

1.40

2.96

MSCI EM

USD

7154462

1325.559

969

186

175

85.20

87.05

11.22

1.31

10.98

19.20

KANGMEI PHARMACEUTICAL CO-A

CNY

6.58

ZIJIN MINING GROUP CO LTD-A

CNY

8397

73969

21812

12.17

CHINA CONSTRUCTION BANK-A

CNY

193421

116744

250011

213

518

GD POWER DEVELOPMENT CO -A

CNY

6699

130402

17230

CHINA NATIONAL CHEMICAL-A

CNY

6552

48731

4933

GUANGZHOU BAIYUNSHAN PHAR-A

CNY

6645

8748

811

WANHUA CHEMICAL GROUP CO -A

CNY

5945

13983

2162

CHINA INTERNATIONAL TRAVEL-A

CNY

6067

5545

880

BESTV NEW MEDIA CO LTD-A

CNY

6547

20058

SHANGHAI JAHWA UNITED CO -A

CNY

5940

GUANGZHOU AUTOMOBILE GROUP-A

CNY

FOUNDER SECURITIES CO LTD-A

6724

29673

2199

1815

1973

2304

S&P LT Credit Rating -

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

2943

350

0.12

0.15

0.19

4.00

3.42

2.66

13.64

7.25

8.31

8.15

7821

8633

7917

8534

1741

1547

211

0.04

0.03

0.02

2.43

2.41

2.69

3.23

3.52

4.26

-0.11

2.45

2.93

116555

120491

81550

89985

0.13

0.14

0.15

0.89

0.88

0.81

3.91

2.30

29.11.2011

27.42

9028

9292

9923

10801

2954

0.04

0.07

0.05

0.06

0.94

1.17

1.10

1.51

5.19

5.06

4.40

3.76

8654

9438

10694

14094

644

0.10

0.11

0.13

0.16

1.94

1.66

1.34

3.46

4.05

6.44

1333

2235

3033

3150

135

207

0.08

0.11

0.14

0.18

7.93

8.09

6.26

4.92

8.38

6.38

3.28

-1.48

0.99

8.31

2590

3043

3295

3983

760

237

0.22

0.23

0.27

2.05

1.95

1.64

2.71

3.89

5.03

2.14

5.42

2605

2759

3143

3804

236

0.17

0.23

0.27

4.40

4.48

3.72

4.35

5.89

4.70

1114

6.27

319

353

467

634

119

0.08

0.11

0.14

11.30

9.07

6.69

8.54

17.22

6.68

2887

673

5.72

729

795

914

1138

103

0.18

0.21

0.28

7.98

6.86

5.14

4.26

1.78

6.18

3.03

8821

13927

6435

8.05

2118

2798

3221

-132

0.03

0.06

0.10

8.25

8.28

3.88

2.32

3.25

-0.69

1.59

-1.02

CNY

5890

66637

6100

4.34

427

634

726

181

0.01

0.02

0.03

0.04

10.47

11.61

4.90

3.89

7.70

18.23

6.92

SHANGHAI ELECTRIC GRP CO L-A

CNY

7056

15934

12824

5.69

12513

12896

12976

13131

1044

986

887

0.03

0.04

3.47

4.04

2.73

2.43

1.17

1.02

2.71

1.24

1.25

JIANGXI COPPER CO LTD-A

CNY

8672

16703

3463

8.83

25814

29227

26973

29036

1149

950

0.22

0.18

0.19

0.20

2.60

2.44

2.34

5.70

5.06

-3.10

0.24

0.53

AIR CHINA LTD-A

CNY

8960

55231

12892

24.34

15573

15639

17366

19351

3067

2907

0.07

0.06

0.07

0.08

1.74

1.57

1.48

0.35

2.60

-0.38

4.71

3.04

NARI TECHNOLOGY DEVELOPMEN-A

CNY

5802

18223

2206

5.69

977

1046

1270

1613

169

0.08

0.09

0.11

0.14

4.65

3.89

3.05

4.86

7.14

3.47

8.77

QINGDAO HAIER CO LTD-A

CNY

5536

20762

2685

5.33

12976

13378

14259

15854

879

0.22

0.23

0.26

1.56

1.48

1.31

2.83

3.71

5.73

SHANDONG GOLD MINING CO LT-A

CNY

5680

19705

1423

6.58

8205

8642

8134

8048

679

0.20

0.27

3.29

3.20

2.44

4.48

5.66

2.67

5.52

CHINA AVIC ELECTRONICS CO-A

CNY

5820

13480

1759

5.88

701

756

1035

1227

124

0.04

0.05

0.06

0.07

11.41

9.22

7.30

2.84

6.48

1.99

ALUMINUM CORP OF CHINA LTD-A

CNY

6840

43549

13524

25.29

24421

25200

22906

24112

281

313

-0.09

-0.07

-0.04

-0.02

0.45

3.59

-13.24

-6.41

0.20

CHINA FORTUNE LAND DEVELOP-A

CNY

5321

5445

882

6.08

1845

2508

2958

3843

416

0.42

0.44

0.57

2.33

2.23

1.73

8.83

267.92

7.12

INNER MONGOLIAN BAOTOU STE-A

CNY

5203

47167

6424

9.35

6007

6096

6460

6077

744

0.01

15.74

13.00

10.84

-2.25

0.09

1.88

0.81

EVERBRIGHT SECURITIE CO -A

CNY

5495

121479

3418

2.88

658

705

614

798

308

0.04

0.05

0.06

0.08

5.54

4.22

3.23

-2.35

-4.10

-3.89

YANZHOU COAL MINING CO-A

CNY

6914

8024

4918

13.34

9499

9002

8662

9345

1587

1237

0.22

-0.04

0.00

0.07

7.30

3.80

2.98

3.25

-6.12

1.77

2.24

BBB- *-

24.07.2013

ZHONGJIN GOLD CORP-A

CNY

5135

33742

2943

6.00

5878

5727

5785

5842

648

0.08

0.07

0.08

3.92

4.29

3.72

1.40

2.86

-0.62

4.34

SHANXI LU'AN ENVIRONMENTAL-A

CNY

5045

22973

2301

5.76

3234

3123

3301

3823

1052

0.18

0.12

0.16

0.18

3.01

2.24

2.04

-1.71

0.47

-2.17

JIANGSU PHOENIX PUBLISH-A

CNY

5351

65581

2545

4.41

1088

1251

1447

0.05

0.06

0.07

0.08

5.84

6.90

5.04

4.36

1.84

-1.31

1.47

OFFSHORE OIL ENGINEERING-A

CNY

4747

42891

3889

5.03

1968

2478

2635

3067

318

0.03

0.06

0.08

3.26

3.31

2.60

11.17

5.26

9.33

1.34

SHANGHAI INTERNATIONAL AIR-A

CNY

5028

55037

1927

4.59

754

786

875

980

395

0.13

0.15

0.16

0.19

2.92

2.60

2.27

0.69

1.66

0.18

0.82

CHINA MOLYBDENUM CO LTD-A

CNY

5357

10457

5076

5.50

889

975

1152

222

247

0.03

0.04

6.11

6.52

5.26

-1.52

0.76

-4.74

4.07

NINGBO PORT CO LTD-A

CNY

4998

81008

12800

6.05

1231

1551

1621

1897

552

0.03

0.04

1.95

1.72

1.50

1.91

1.99

1.63

GEMDALE CORP-A

CNY

4814

97621

4472

9.25

4879

5258

5809

7041

896

186

0.12

0.13

0.16

1.52

1.35

1.09

6.35

5.58

1.34

3.92

BB+

16.07.2012

TSINGTAO BREWERY CO LTD-A

CNY

9874

1639

1351

8.53

3852

4101

4787

5471

457

478

218

0.18

0.26

0.29

4.34

5.68

4.41

3.85

1.89

2.31

-0.07

1.71

1.90

BEIJING TONGRENTANG CO-A

CNY

4648

12344

1302

4.47

1214

1351

1505

1831

198

0.07

0.08

0.09

0.11

7.31

6.39

5.08

3.73

3.49

4.75

3.30

SANAN OPTOELECTRONICS CO L-A

CNY

4570

16394

1444

4.94

548

598

810

1135

165

0.06

0.09

0.12

0.15

5.66

4.19

3.44

15.12

150.74

4.90

METALLURGICAL CORP OF CHIN-A

CNY

5292

70363

19110

22.32

35328

39901

38812

1697

0.04

0.02

0.03

2.34

1.10

1.88

1.66

-0.43

1.96

-3.05

0.77

0.78

SINOHYDRO GROUP LTD-A

CNY

4705

132205

9600

14.74

20267

24806

29447

2010

0.07

0.08

0.10

1.15

1.22

0.98

0.84

1.98

1.24

1.62

CHONGQING WATER GROUP-A

CNY

4595

15128

4800

4.73

642

639

679

723

302

324

0.06

0.07

2.34

2.35

2.24

0.84

0.69

1.53

JINDUICHENG MOLYBDENUM CO -A

CNY

4528

13504

3227

3.78

1387

1405

1458

1545

117

139

0.02

0.03

13.50

9.36

6.68

2.86

1.51

-5.23

-4.71

SDIC POWER HOLDINGS CO LTD-A

CNY

4268

62134

5632

24.10

3867

4066

4507

5404

1412

0.03

0.07

0.05

0.07

1.57

2.03

1.40

0.18

5.42

5.43

4.53

TBEA CO LTD-A

CNY

4220

68045

2636

6.17

3304

3578

3937

4703

254

0.04

0.07

0.09

0.10

3.81

3.01

2.53

1.92

2.52

-0.93

1.99

INDUSTRIAL SECURITIES CO-A

CNY

4294

43771

2200

3.41

440

476

554

632

153

178

0.03

0.04

0.05

0.06

6.91

7.37

5.68

4.63

1.62

0.38

-3.82

6.10

SHANGHAI LUJIAZUI FIN&TRAD-A

CNY

5019

39756

1868

6.38

468

504

635

759

263

0.08

0.10

0.12

5.32

4.98

4.20

-0.53

21.90

-0.35

2.56

ZHE JIANG DAILY MEDIA GRP -A

CNY

4020

7225

430

4.03

223

269

358

411

0.08

0.10

0.12

0.15

11.34

8.85

7.57

1.25

8.65

1.67

CHINA CSSC HOLDINGS LTD-A

CNY

4276

25531

1378

3.85

3959

3086

118

-0.02

-0.05

0.02

0.03

25.85

19.39

-2.52

-1.29

-12.97

-4.70

BANK OF NANJING CO LTD -A

CNY

4215

67581

2969

2974

3155

1695

1988

0.22

0.23

0.25

0.29

1.00

0.93

0.80

4.92

5.86

BBB-

09.08.2011

AVIC INVESTMENT HOLDINGS -A

CNY

4542

58948

1522

10.30

697

744

723

887

307

0.08

0.09

0.11

0.14

5.49

4.40

3.42

4.70

3.42

WUHAN IRON & STEEL CO LTD-A

CNY

4007

27947

10094

10.81

14915

14763

15686

16114

1055

1451

0.00

0.01

0.02

7.44

6.30

3.78

-1.54

1.42

-3.64

-2.15

HAINAN AIRLINES CO-A

CNY

4119

157488

12182

10.48

4573

4670

5364

6047

1050

0.02

0.03

0.02

0.03

1.61

2.32

1.74

1.62

2.90

0.13

2.94

HUAYU AUTOMOTIVE SYSTEMS -A

CNY

3904

20051

2583

3.23

9432

10238

10510

11686

872

0.20

0.22

0.24

1.22

1.15

1.03

1.74

11.19

1.25

6.48

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

S&P LT Credit Rating Date

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

15163562

2028.573

1118

203

220

104.17

110.43

15.89

14.99

18.56

Euro Stoxx 50 Pr

EUR

2784631

5750.748

4610

752

778

222.08

295.02

21.91

19.26

16.49

20.88

NIKKEI 225

JPY

2704662

192.4479

196

6.07

7.99

0.24

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2839372

12365.19

9910

1489

1649

531.57

803.39

30.17

22.88

19.96

22.41

SWISS MARKET INDEX

CHF

1074976

11019.07

4134

935

850

441.13

559.84

20.46

17.42

16.13

23.62

S&P/TSX COMPOSITE INDEX

CAD

1673558

17457.41

7358

1839

1957

726.52

803.56

16.38

14.81

24.09

S&P/ASX 200 INDEX

AUD

1302938

6254.752

2653

534

677

208.14

316.85

21.15

23.31

13.89

19.49

HANG SENG INDEX

HKD

1747601

3236.539

1659

371

392

281.31

270.07

1.34

1.45

1.40

2.96

MSCI EM

USD

7154462

1325.559

969

186

175

85.20

87.05

11.22

1.31

10.98

19.20

ZHENGZHOU YUTONG BUS CO -A

CNY

3977

14275

1270

3.63

3210

3433

3731

4282

299

0.19

0.21

0.23

0.27

2.45

2.26

1.92

3.72

CHINA COSCO HOLDINGS-A

CNY

5635

26867

10216

16.07

14431

12397

11827

13001

-635

-447

-0.15

-0.09

-0.01

0.71

-1.26

9.06

-0.59

HENAN DAYOU ENERGY CO LTD-A

CNY

3808

6415

2391

3.52

2052

2159

2320

2469

477

0.11

0.15

0.13

0.14

1.76

1.99

1.89

0.73

202.15

-4.26

25.22

SOUTHWEST SECURITIES CO LT-A

CNY

3851

36641

2323

3.81

262

287

277

328

102

0.02

0.03

0.04

0.05

10.12

7.18

5.84

4.38

8.10

SICHUAN CHUANTOU ENERGY CO-A

CNY

3722

9739

1973

4.70

184

190

194

199

109

0.03

0.08

0.09

0.16

3.92

3.34

1.93

-0.20

2.31

-0.27

7.24

CHINA EASTERN AIRLINES CO-A

CNY

5564

118542

11277

16.29

13928

14101

15097

16877

1862

1533

0.04

0.05

0.06

1.94

1.63

1.39

0.57

3.30

-0.39

5.22

1.78

YANGQUAN COAL INDUSTRY GRP-A

CNY

3709

19925

2405

3.81

11597

12762

12444

13083

862

666

0.16

0.11

0.12

2.29

2.24

2.04

6.78

7.05

-0.92

ZHEJIANG CHINT ELECTRICS-A

CNY

3540

1350

1005

3.52

1737

1910

2021

2416

295

369

0.19

0.23

0.28

2.47

2.52

2.08

1.62

7.01

CHINA HAINAN RUBBER INDUST-A

CNY

4579

241899

3931

4.45

1906

1925

2459

0.01

0.02

0.03

15.53

19.44

10.13

7.06

1.78

4.77

-8.82

0.70

BRIGHT DAIRY & FOOD CO LTD-A

CNY

3993

15071

1225

4.01

2239

2399

2647

3078

130

0.05

0.06

0.09

10.63

8.54

5.94

2.76

2.57

7.46

6.16

SHANGHAI FOSUN PHARMACEUTI-A

CNY

4157

21679

2240

4.87

1189

1354

1464

1783

142

368

0.07

0.16

0.14

0.16

1.98

2.21

1.92

2.15

3.02

6.76

3.86

UNIVERSAL SCIENTIFIC INDUS-A

CNY

4013

6605

1012

3.85

2177

2511

2897

153

190

0.11

0.13

0.15

6.10

5.02

4.30

0.81

3.91

1.14

SHANGHAI PHARMACEUTICALS-A

CNY

5079

26525

2689

4.81

11122

11922

13010

15225

516

158

0.12

0.14

0.16

2.21

2.26

1.99

3.92

6.71

0.68

9.06

SHANGHAI CHENGTOU HOLDING-A

CNY

3636

44300

2988

5.31

794

1018

125

0.03

0.04

0.09

0.13

4.43

2.10

1.58

1.60

3.77

-1.85

-0.58

JIANGSU EXPRESSWAY CO LTD-A

CNY

4917

2781

5038

5.52

1239

1229

1287

1428

706

192

0.08

0.09

1.86

1.73

0.84

1.15

-0.22

0.58

CHENGDU DR PENG TELECOM-A

CNY

3631

64607

1339

3.66

405

641

913

1075

0.02

0.04

0.06

0.07

11.18

7.77

6.17

2.59

5.05

0.80

1.74

XINHU ZHONGBAO CO LTD-A

CNY

3497

78642

6259

5.52

1583

1700

1931

2575

472

0.05

0.06

0.07

0.10

1.55

1.30

0.96

8.78

5.67

30.72

7.26

CHINA SOUTH PUBLISHING -A

CNY

3688

20441

1796

2.57

1120

1294

1489

133

0.08

0.10

0.11

3.95

4.22

3.45

2.93

3.00

1.31

1.94

SHANGHAI ORIENTAL PEARL-A

CNY

3498

70284

3186

3.74

500

518

128

0.02

0.03

0.05

6.16

3.72

3.28

3.79

1.62

1.13

0.86

LIAONING CHENG DA CO LTD-A

CNY

3293

17967

1365

3.66

1677

1550

114

0.07

0.14

0.15

5.64

2.87

2.62

1.06

2.97

-2.05

2.38

XIAMEN TUNGSTEN CO LTD-A

CNY

3312

7275

682

4.14

1399

1259

1752

253

232

0.12

0.06

0.11

0.19

12.21

6.93

4.26

-3.81

5.35

-6.43

4.00

SHENERGY COMPANY LIMITED-A

CNY

3354

60849

4607

4.58

3910

3979

4124

4281

545

0.07

0.08

1.64

1.50

1.58

0.92

3.42

0.88

SINOPEC SHANGHAI PETROCHE-A

CNY

4197

33383

7200

5.74

14249

15651

17268

18185

-26

342

-0.03

0.00

0.03

75.88

66.62

4.04

3.25

-0.42

2.84

0.36

ZHANGZHOU PIENTZEHUANG PHA-A

CNY

3135

1078

140

3.16

189

212

230

274

0.37

0.47

0.46

0.59

6.77

6.88

5.39

2.36

2.98

5.07

3.92

CHINA SOUTHERN AIRLINES CO-A

CNY

4403

86204

9818

17.35

16258

16137

17811

19781

2181

2644

0.04

0.06

1.85

1.86

1.31

1.39

1.65

2.11

1.13

2.16

2.68

XI'AN AERO-ENGINE PLC -A

CNY

3291

24211

1090

3.63

1159

1214

1445

1676

113

128

0.05

0.06

0.08

10.31

8.44

6.52

0.72

1.92

0.41

1.68

PEOPLE.CN CO LTD-A

CNY

3471

5210

276

3.15

110

165

233

0.14

0.18

0.24

15.13

11.58

8.58

7.25

4.58

TSINGHUA TONGFANG CO LTD-A

CNY

3163

41817

1988

4.68

3624

3577

200

0.02

0.07

0.06

0.07

3.25

4.05

3.60

1.08

1.91

4.32

1.13

HUADIAN POWER INTL CORP-A

CNY

3576

45136

7371

21.15

9652

9971

3324

3360

0.03

0.06

0.07

0.06

1.32

1.24

1.32

1.44

2.53

21.28

4.00

5.51

GUANGDONG GUANHAO HIGH-TEC-A

CNY

1190

151

153

0.01

0.03

0.02

-0.04

0.79

-0.75

3.40

ZHEJIANG LONGSHENG GROUP C-A

CNY

2852

33966

1468

3.58

1237

1736

2209

2509

146

319

0.02

0.12

0.13

0.16

2.55

2.43

1.99

-1.21

4.18

-3.36

1.53

DONGFANG ELECTRIC CORP LTD-A

CNY

3611

21291

2004

3.22

6175

6250

6569

6818

585

560

606

0.17

0.18

0.19

1.76

1.68

1.59

-1.87

1.87

-3.59

0.57

1.46

CHINA XD ELECTRIC CO LTD-A

CNY

3048

19276

4357

2.70

2043

2124

2438

2795

147

0.02

0.03

6.15

5.41

3.42

2.03

BEIJING JINGNENG THERMAL-A

CNY

2972

6409

1947

4.65

1624

2149

1744

1827

567

0.27

0.14

0.78

1.55

1.46

2.88

12.14

4.67

8.96

FIBERHOME TELECOM TECH CO-A

CNY

2952

21208

965

3.21

1329

1434

1601

1985

0.07

0.10

0.11

0.14

4.78

4.58

3.63

2.66

4.78

4.45

7.36

SHANGHAI CONSTRUCTION CO-A

CNY

3038

56496

2775

2.34

14915

15257

398

0.07

0.10

1.80

2.03

5.50

0.57

6.39

YONGHUI SUPERSTORES CO LTD-A

CNY

3336

12082

1536

3.30

4014

4453

5089

6354

193

231

0.05

0.07

0.10

4.51

5.09

4.50

3.46

6.41

4.43

0.85

YUNNAN CHIHONG ZINC & GERM-A

CNY

2999

16074

1310

5.71

1975

2312

2774

3167

217

323

0.03

0.06

0.05

0.03

5.03

6.02

8.41

15.05

6.15

3.28

-1.01

SHANXI XINGHUACUN FEN WINE-A

CNY

2932

7918

866

2.71

882

924

1296

1584

331

0.25

0.29

0.31

0.39

1.92

1.77

1.42

7.64

6.90

7.41

3.80

GANSU JIU STEEL GROUP HONG-A

CNY

2947

8631

4091

6.22

10388

12029

13431

13558

551

0.02

0.01

0.03

0.04

7.35

2.30

1.94

2.54

4.22

-2.90

1.96

JOINTOWN PHARMACEUTICAL-A

CNY

2875

4437

1421

3.94

4813

5072

6055

7270

135

141

174

0.03

0.05

0.06

0.07

6.51

9.12

5.90

4.53

3.07

5.26

0.45

SINOVEL WIND GROUP CO LTD-A

CNY

2883

6313

4020

3.35

663

388

-89

-201

-0.04

CHINA SHIPPING CONTAINER-A

CNY

4621

79466

11683

6.78

5318

5403

5468

6075

130

116

435

-0.01

0.01

-0.01

0.01

9.55

GANSU YASHENG INDUSTRIAL-A

CNY

2885

145365

1947

2.87

367

379

442

539

0.03

0.04

0.06

6.02

SINOLINK SECURITIES CO LTD-A

CNY

2825

38395

1294

2.13

256

267

271

297

0.04

0.03

0.04

0.06

10.36

GUANGXI WUZHOU ZHONGHENG G-A

CNY

2636

16210

1092

2.64

310

447

528

660

101

0.06

0.11

0.10

0.13

CHINA SPACESAT CO LTD -A

CNY

2944

46738

917

2.73

695

746

807

996

0.04

0.06

0.05

XIAMEN C & D INC-A

CNY

2742

33071

2238

7.08

14667

16011

17488

20415

666

0.16

0.17

INNER MONGOLIA YITAI COAL-B

USD

6389

5128

3254

46.60

31584

30425

25442

26260

10462

7753

2.09

HUMANWELL HEALTHCARE GROUP-A

CNY

2751

3534

493

3.10

851

935

1069

1413

131

0.11

1478

10532

11046

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

2.71

2.83

2.89

-9.34

-8.47

6.97

2.49

0.92

0.35

5.55

4.15

8.63

1.32

8.41

2.73

7.94

6.17

7.78

4.37

5.46

-2.89

3.56

3.77

3.03

11.25

7.72

5.58

9.90

0.06

7.36

8.30

6.50

2.96

4.76

2.27

3.04

0.20

0.24

1.18

1.02

0.82

2.20

3.79

3.57

6.37

1.84

1.59

1.58

6.70

7.73

7.80

16.96

45.67

-5.20

43.63

0.13

0.15

0.21

6.30

5.60

4.12

7.60

6.66

5.28

7.71

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.31

2.15

1.97

2.31

1.48

1.42

1.36

1.48

10.55

9.86

10.23

10.55

9.23

8.52

7.97

9.23

14.99

13.52

12.22

14.99

2.12

2.31

2.46

2.12

1844.6

11.4%

Euro Stoxx 50 Pr

1.23

1.17

1.10

1.23

0.80

0.78

0.75

0.80

6.26

5.74

5.18

6.26

7.39

6.98

6.60

7.39

12.50

11.09

9.97

12.50

4.10

4.32

4.67

4.10

3015.2

7.9%

NIKKEI 225

1.52

1.43

1.33

1.52

0.73

0.71

0.69

0.73

9.03

8.30

7.14

9.03

8.71

7.98

7.51

8.71

17.89

15.91

14.33

17.89

1.64

1.79

1.94

1.64

15127.1

6.5%

FTSE 100 INDEX

1.79

1.67

1.55

1.79

1.03

1.00

0.97

1.03

8.58

7.84

6.61

8.58

7.50

6.88

6.46

7.50

12.73

11.58

10.62

12.73

3.79

4.18

4.47

3.79

7068.2

8.3%

SWISS MARKET INDEX

2.41

2.23

2.08

2.41

2.05

1.96

1.87

2.05

12.81

11.53

10.29

12.81

12.97

12.02

11.21

12.97

15.10

13.69

12.43

15.11

3.27

3.26

3.64

4.11

3.26

8656.4

9.3%

S&P/TSX COMPOSITE INDEX

1.73

1.62

1.52

1.73

1.68

1.55

1.52

1.68

8.85

8.03

6.72

8.85

8.92

7.95

7.37

8.92

15.37

13.64

12.35

15.37

3.13

3.26

3.38

3.13

14271.0

11.3%

S&P/ASX 200 INDEX

1.90

1.81

1.72

1.90

1.80

1.70

1.63

1.80

10.83

9.97

9.32

10.83

9.25

8.41

7.87

9.25

15.07

13.67

12.61

15.07

4.56

4.84

5.21

4.56

5315.9

2.6%

HANG SENG INDEX

1.36

1.25

1.18

1.36

1.77

1.64

1.52

1.77

8.04

7.61

7.03

8.04

8.26

7.57

6.91

8.26

10.86

10.08

9.18

10.86

3.55

3.82

4.13

3.55

24937.3

9.6%

MSCI EM

1.37

1.25

1.06

1.37

0.99

0.92

0.86

0.99

7.12

6.47

5.40

7.12

7.57

6.87

6.33

7.57

10.98

9.82

8.98

10.98

2.86

3.13

3.39

2.86

1100.2

15.1%

PETROCHINA CO LTD-A

1.18

1.28

1.22

1.17

0.67

0.60

0.57

5.51

4.88

4.32

4.18

6.08

5.89

6.16

5.98

12.90

11.35

10.72

10.83

3.54

3.91

3.66

2.86

9.96

23.7%

IND & COMM BK OF CHINA-A

1.28

1.09

0.95

0.86

2.72

2.49

2.27

2.12

1.99

5.23

5.51

6.13

5.58

5.16

5.15

5.54

6.20

6.59

6.52

4.86

19.2%

AGRICULTURAL BANK OF CHINA-A

1.15

1.02

0.90

0.78

2.12

1.93

1.74

1.59

2.32

2.26

2.28

1.84

6.13

5.48

4.98

4.53

6.03

6.43

6.99

7.65

3.25

19.5%

BANK OF CHINA LTD-A

0.97

0.85

0.77

0.70

2.24

2.00

1.83

1.68

3.96

4.91

5.18

5.09

5.91

5.43

5.03

5.04

5.96

6.42

6.81

7.09

3.24

13.6%

CHINA PETROLEUM & CHEMICAL-A

0.95

0.96

0.87

0.82

0.20

0.19

0.18

0.17

3.57

3.55

3.19

3.05

9.15

7.18

6.53

6.81

4.01

4.88

4.77

4.88

5.68

23.2%

CHINA LIFE INSURANCE CO-A

1.98

1.74

1.58

1.39

1.14

0.99

0.91

0.80

36.73

15.52

12.45

10.50

1.11

2.00

2.63

3.06

18.73

28.1%

CHINA SHENHUA ENERGY CO-A

1.33

1.24

1.12

0.97

1.50

1.42

1.34

1.25

5.16

4.43

4.31

3.95

7.44

7.50

7.17

6.86

5.25

5.14

5.31

5.77

22.64

29.8%

INDUSTRIAL BANK CO LTD -A

1.42

1.15

0.96

0.76

2.88

2.31

1.98

1.67

2.27

5.63

4.77

4.04

6.47

5.63

5.06

4.26

2.05

3.08

3.48

3.83

11.41

-9.1%

CHINA MINSHENG BANKING-A

1.75

1.44

1.19

1.01

2.70

2.31

2.00

1.77

23.18

4.68

3.83

2.66

7.85

6.70

5.79

5.24

2.15

3.39

3.72

4.23

8.54

-16.2%

CHINA MERCHANTS BANK-A

1.31

1.12

0.96

0.80

2.26

1.99

1.74

1.49

2.83

3.19

1.91

1.56

PING AN INSURANCE GROUP CO-A

1.92

1.60

1.37

1.14

0.98

0.88

0.79

SHANGHAI PUDONG DEVEL BANK-A

1.12

0.95

0.81

0.69

2.39

2.10

1.83

1.59

2.76

2.40

1.99

2.01

KWEICHOW MOUTAI CO LTD-A

4.56

3.86

3.27

2.45

5.90

5.22

4.48

3.83

12.56

9.73

8.32

6.56

BANK OF COMMUNICATIONS CO-A

0.88

0.79

0.70

0.62

2.30

2.09

1.86

1.70

2.79

5.01

5.31

5.24

SAIC MOTOR CORPORATION LTD-A

1.24

1.07

0.94

0.84

0.31

0.28

0.25

0.23

4.27

6.60

7.21

5.36

CHINA CITIC BANK CORP LTD-A

0.94

0.85

0.76

0.68

2.04

1.83

1.61

1.43

3.73

2.54

2.48

CHINA YANGTZE POWER CO LTD-A

1.35

1.36

1.24

1.14

4.45

4.56

4.43

4.47

6.89

7.26

7.03

6.82

CHINA EVERBRIGHT BANK CO-A

1.06

0.88

0.77

0.60

2.06

1.74

1.51

1.26

1.75

CITIC SECURITIES CO-A

1.49

1.45

1.39

1.33

11.33

8.67

6.76

5.49

1.52

CHINA PACIFIC INSURANCE GR-A

1.93

1.62

1.47

1.34

1.04

0.95

0.85

0.71

DAQIN RAILWAY CO LTD -A

1.58

1.39

1.27

1.15

2.41

2.23

2.10

1.98

7.55

7.03

6.59

6.77

6.35

5.92

5.63

SHANGHAI INTERNATIONAL POR-A

2.99

2.96

2.75

2.55

5.13

4.88

4.48

4.22

20.06

15.50

15.95

17.11

17.68

19.14

18.44

CHINA STATE CONSTRUCTION -A

0.98

0.84

0.73

0.60

0.17

0.15

0.13

0.11

8.92

7.10

4.55

3.00

5.32

4.63

4.09

6.46

5.40

HAITONG SECURITIES CO LTD-A

2.08

1.93

1.81

1.66

12.64

10.31

8.75

6.67

21.02

16.14

14.00

12.42

34.88

27.37

GREAT WALL MOTOR CO LTD-A

6.71

5.06

3.81

2.94

3.01

2.28

1.82

1.55

22.96

16.70

12.08

10.42

16.83

11.27

8.78

7.67

26.77

17.53

INNER MONGOLIA YILI INDUS-A

8.36

5.23

4.66

3.93

1.92

1.69

1.46

1.29

22.84

17.92

16.45

13.77

25.02

20.52

15.93

13.15

38.43

POLY REAL ESTATE GROUP CO -A

1.79

1.47

1.19

0.96

1.13

0.86

0.68

0.51

8.92

44.40

35.49

11.22

8.07

6.33

5.01

8.91

BANK OF BEIJING CO LTD -A

1.03

0.92

0.80

0.69

2.82

2.34

1.98

1.76

5.84

5.40

4.65

4.04

6.23

5.51

INNER MONGOLIA BAOTOU STEE-A

10.11

8.67

7.14

5.63

7.08

8.47

7.55

6.27

21.80

20.48

25.83

16.08

19.77

30.65

24.51

20.11

29.72

50.41

BAOSHAN IRON & STEEL CO-A

0.71

0.68

0.65

0.62

0.38

0.42

0.41

3.49

5.30

4.22

4.27

5.61

7.36

6.57

6.18

7.44

11.52

9.63

8.48

CHINA UNITED NETWORK-A

0.96

0.85

0.83

0.77

0.27

0.24

0.21

0.19

0.99

0.78

0.72

0.64

5.13

4.20

3.55

3.06

29.82

20.18

14.21

11.30

HUAXIA BANK CO LTD-A

0.94

0.82

0.71

0.59

0.54

1.77

1.53

1.32

1.12

1.01

5.11

4.47

3.92

3.35

5.89

4.85

4.28

3.87

ANHUI CONCH CEMENT CO LTD-A

1.72

1.53

1.32

1.18

1.01

2.00

1.70

1.48

1.35

1.22

7.24

6.31

5.83

4.80

9.49

7.11

6.06

5.38

14.26

10.54

8.79

7.46

HUANENG POWER INTL INC-A

1.41

1.22

1.13

1.07

0.57

0.55

0.52

3.99

2.41

2.51

2.47

7.05

5.71

5.78

5.57

13.42

7.63

7.35

SANY HEAVY INDUSTRY CO LTD-A

2.38

2.06

1.69

1.36

1.17

1.33

1.00

1.15

7.03

10.71

9.24

6.48

7.78

10.54

9.03

8.41

9.13

10.01

CHINA MERCHANTS SECURITIES-A

2.14

2.03

1.90

1.89

13.20

10.12

8.46

7.31

32.89

CHINA OILFIELD SERVICES-A

2.42

2.20

1.83

1.59

3.54

2.81

2.48

2.23

9.82

10.40

7.49

7.23

10.50

8.94

8.08

8.20

17.50

CHINA RAILWAY CONSTRUCTION-A

0.88

0.77

0.69

0.62

0.14

0.13

0.12

0.11

29.65

4.00

4.10

2.18

5.50

4.73

4.34

4.50

HUATAI SECURITIES CO LTD-A

1.52

1.46

1.38

1.31

8.17

7.02

5.78

4.66

GUANGHUI ENERGY CO LTD-A

6.91

4.79

5.16

2.19

10.05

5.92

3.84

1.97

181.43

92.36

101.60

5.43

CHINA COAL ENERGY CO-A

0.77

0.84

0.81

0.73

0.74

0.78

0.68

0.64

6.08

5.97

5.10

4.19

6.65

7.81

6.51

CSR CORP LTD -A

1.89

1.56

1.41

1.26

0.65

0.61

0.52

0.46

9.86

8.01

9.34

8.93

9.64

10.20

8.65

NEW CHINA LIFE INSURANCE C-A

2.16

1.89

1.67

1.47

0.59

0.56

0.51

0.45

CHINA COMMUNICATIONS CONST-A

0.80

0.70

0.63

0.57

0.24

0.22

0.20

3.86

4.53

5.05

7.63

6.59

6.05

5.55

CHINA RAILWAY GROUP LTD-A

0.77

0.70

0.64

0.59

0.13

0.12

0.11

0.10

10.22

7.03

3.19

10.49

9.02

8.18

DATANG INTL POWER GEN CO-A

1.50

1.40

1.31

1.20

0.72

0.70

0.63

0.56

3.70

2.82

2.73

2.29

11.07

10.05

CHINA CNR CORP LTD-A

1.36

1.18

1.08

0.97

0.49

0.45

0.40

0.36

5.89

17.28

9.89

5.05

12.08

10.27

JIANGSU HENGRUI MEDICINE C-A

8.64

6.83

5.61

4.64

8.01

6.89

5.60

4.55

34.28

35.98

32.42

27.06

28.16

TASLY PHARMACEUTICAL GROUP-A

10.63

7.51

6.06

4.78

5.10

3.65

3.04

2.47

441.89

49.98

35.13

34.13

41.18

0.57

0.39

5.15

5.00

4.83

4.36

4.54

4.15

4.21

6.15

5.45

4.81

4.52

3.11

5.13

5.43

5.94

14.60

26.1%

11.10

9.23

7.45

1.11

1.64

2.04

2.43

52.78

40.3%

5.89

5.17

4.61

3.94

2.89

4.34

4.64

5.25

10.49

-0.4%

11.63

10.24

8.45

7.51

2.87

4.82

5.30

6.32

221.42

46.7%

5.75

5.24

4.74

4.61

3.55

4.88

5.28

5.06

5.03

11.5%

6.94

6.38

5.63

3.15

4.13

4.50

4.78

18.50

36.4%

5.52

5.55

4.90

4.67

5.12

4.63

5.05

6.44

4.54

10.6%

11.39

11.35

10.74

10.66

4.74

4.55

4.77

5.03

8.19

20.2%

5.26

4.74

4.15

3.58

3.85

4.19

4.46

4.22

3.85

30.0%

30.54

24.95

18.96

15.23

2.00

1.89

2.18

2.77

17.31

46.1%

27.62

19.34

15.96

11.74

1.54

2.00

2.45

3.13

23.85

28.7%

5.25

9.53

8.55

7.85

7.35

5.27

5.87

6.56

7.82

9.36

27.7%

17.55

32.14

28.17

25.66

24.79

1.66

1.93

2.11

2.24

3.88

-41.4%

4.69

4.04

2.58

3.55

4.24

5.15

4.67

41.4%

22.81

17.37

1.03

1.18

1.56

2.37

11.73

-6.8%

13.91

11.43

0.93

1.67

1.84

2.11

43.43

-8.8%

31.03

26.21

21.48

0.48

0.83

0.97

1.21

41.25

3.2%

7.15

5.61

4.49

2.32

2.73

3.49

3.75

14.91

38.2%

4.68

4.27

3.47

4.54

5.23

4.09

9.34

8.1%

43.87

28.93

0.61

0.68

0.73

1.05

26.33

-10.4%

5.41

3.31

4.03

5.09

5.16

11.8%

2.21

2.54

3.32

4.74

4.28

29.2%

3.37

3.26

4.16

4.64

5.48

5.93

6.47

-16.6%

7.24

1.30

2.00

2.34

2.79

1.54

20.45

26.2%

7.11

4.13

7.32

7.03

7.65

6.89

26.4%

7.01

9.15

2.01

1.68

1.85

1.42

10.27

35.4%

26.61

21.22

17.54

0.84

1.31

1.63

1.82

11.79

-0.4%

13.81

11.86

10.84

1.17

1.83

2.02

2.17

19.47

11.4%

2.38

6.43

5.59

4.73

3.33

6.11

5.51

8.00

23.36

8.56

21.77

8.34

16.13

4.38

13.49

7.44

8.03

3.35

4.62

8.27

14.19

4.72

5.31

7.58

CHINA SHIPBUILDING INDUSTR-A

0.09

2.88

7.57

6.69

6.00

5.33

2.44

2.68

3.27

5.60

11.1%

27.55

22.78

18.03

13.34

1.77

1.82

2.89

9.75

4.4%

32.15

18.81

11.69

6.55

0.49

5.83

7.96

12.11

10.34

8.90

3.41

2.06

2.04

2.35

5.66

4.8%

7.66

13.93

13.65

11.11

10.68

2.24

1.90

2.29

2.58

5.15

25.4%

24.05

19.97

15.94

12.60

1.13

0.90

1.13

1.31

22.00

-8.3%

5.99

5.13

4.75

4.46

4.30

4.77

5.18

5.49

4.56

8.9%

7.41

8.54

7.32

6.55

5.92

1.71

2.14

2.31

2.46

3.45

22.8%

9.19

7.79

18.00

14.14

12.38

10.22

2.56

2.52

2.74

3.63

5.60

19.6%

8.88

7.89

13.98

11.84

10.26

8.47

1.69

2.34

2.62

2.94

5.51

27.5%

24.47

20.25

16.22

41.13

35.17

26.81

22.33

0.42

0.50

1.01

35.52

8.5%

28.04

22.10

17.76

56.35

39.05

30.64

24.36

0.64

1.23

0.72

1.19

44.88

6.9%

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.31

2.15

1.97

2.31

1.48

1.42

1.36

1.48

10.55

9.86

10.23

10.55

9.23

8.52

7.97

9.23

14.99

13.52

12.22

14.99

2.12

2.31

2.46

2.12

1844.6

11.4%

Euro Stoxx 50 Pr

1.23

1.17

1.10

1.23

0.80

0.78

0.75

0.80

6.26

5.74

5.18

6.26

7.39

6.98

6.60

7.39

12.50

11.09

9.97

12.50

4.10

4.32

4.67

4.10

3015.2

7.9%

NIKKEI 225

1.52

1.43

1.33

1.52

0.73

0.71

0.69

0.73

9.03

8.30

7.14

9.03

8.71

7.98

7.51

8.71

17.89

15.91

14.33

17.89

1.64

1.79

1.94

1.64

15127.1

6.5%

FTSE 100 INDEX

1.79

1.67

1.55

1.79

1.03

1.00

0.97

1.03

8.58

7.84

6.61

8.58

7.50

6.88

6.46

7.50

12.73

11.58

10.62

12.73

3.79

4.18

4.47

3.79

7068.2

8.3%

SWISS MARKET INDEX

2.41

2.23

2.08

2.41

2.05

1.96

1.87

2.05

12.81

11.53

10.29

12.81

12.97

12.02

11.21

12.97

15.10

13.69

12.43

15.11

3.27

3.26

3.64

4.11

3.26

8656.4

9.3%

S&P/TSX COMPOSITE INDEX

1.73

1.62

1.52

1.73

1.68

1.55

1.52

1.68

8.85

8.03

6.72

8.85

8.92

7.95

7.37

8.92

15.37

13.64

12.35

15.37

3.13

3.26

3.38

3.13

14271.0

11.3%

S&P/ASX 200 INDEX

1.90

1.81

1.72

1.90

1.80

1.70

1.63

1.80

10.83

9.97

9.32

10.83

9.25

8.41

7.87

9.25

15.07

13.67

12.61

15.07

4.56

4.84

5.21

4.56

5315.9

2.6%

HANG SENG INDEX

1.36

1.25

1.18

1.36

1.77

1.64

1.52

1.77

8.04

7.61

7.03

8.04

8.26

7.57

6.91

8.26

10.86

10.08

9.18

10.86

3.55

3.82

4.13

3.55

24937.3

9.6%

MSCI EM

1.37

1.25

1.06

1.37

0.99

0.92

0.86

0.99

7.12

6.47

5.40

7.12

7.57

6.87

6.33

7.57

10.98

9.82

8.98

10.98

2.86

3.13

3.39

2.86

1100.2

15.1%

KANGMEI PHARMACEUTICAL CO-A

3.88

3.39

2.85

2.37

4.28

2.92

2.29

1.73

23.40

38.60

21.39

17.41

28.58

20.92

16.28

13.05

0.27

1.07

23.00

22.9%

ZIJIN MINING GROUP CO LTD-A

2.00

1.71

1.55

1.38

1.09

1.06

0.98

0.85

9.30

8.67

9.96

8.81

6.87

9.58

10.59

10.22

11.13

16.48

19.78

12.25

2.81

1.69

0.90

1.39

2.55

-4.5%

CHINA CONSTRUCTION BANK-A

1.19

1.03

0.91

0.82

2.68

2.37

2.15

2.03

2.11

5.33

5.52

5.59

5.95

5.41

4.93

4.88

5.96

6.20

6.78

6.47

5.51

21.6%

GD POWER DEVELOPMENT CO -A

1.18

1.06

0.98

0.91

0.73

0.68

0.62

0.59

2.98

2.75

2.28

2.51

8.14

7.57

7.62

6.67

8.56

7.15

6.76

5.85

4.62

5.46

5.59

5.88

3.19

33.9%

CHINA NATIONAL CHEMICAL-A

2.22

1.87

1.54

1.27

0.72

0.61

0.46

0.39

5.81

6.14

4.99

4.57

5.75

4.59

3.88

3.38

12.43

10.18

8.20

6.78

0.62

0.98

1.27

1.23

13.65

67.9%

GUANGZHOU BAIYUNSHAN PHAR-A

6.49

6.24

5.19

4.27

5.85

2.19

2.11

1.57

475.86

34.34

36.21

29.22

172.07

31.05

22.96

16.63

75.70

38.29

30.12

18.33

0.26

0.35

0.37

0.44

WANHUA CHEMICAL GROUP CO -A

4.38

3.24

2.54

1.93

2.26

1.80

1.49

1.10

11.25

10.83

7.00

8.01

11.69

8.61

7.12

5.98

15.85

11.94

10.05

8.19

2.67

3.21

3.57

8.02

22.83

35.7%

CHINA INTERNATIONAL TRAVEL-A

6.05

4.53

3.78

3.33

2.31

1.93

1.59

1.40

27.81

25.48

23.88

32.16

21.95

16.08

12.96

10.16

33.87

27.43

22.78

19.00

0.47

0.91

1.22

1.63

41.13

8.1%

BESTV NEW MEDIA CO LTD-A

12.85

10.58

8.52

6.78

20.92

14.01

10.32

7.62

89.95

62.03

39.54

29.25

48.88

36.20

27.39

20.26

75.59

55.52

40.93

30.57

0.20

0.14

0.22

0.33

34.26

-4.8%

SHANGHAI JAHWA UNITED CO -A

14.81

11.09

9.04

7.12

8.04

6.50

5.22

4.20

62.87

45.51

31.62

27.27

46.87

37.13

25.62

20.02

60.35

42.01

31.49

23.55

0.60

1.12

1.48

1.85

61.80

14.3%

GUANGZHOU AUTOMOBILE GROUP-A

1.88

1.75

1.59

1.43

4.28

3.15

2.74

2.31

363.60

59.41

43.70

60.83

32.43

23.46

35.37

23.73

14.20

11.04

0.74

1.51

2.12

2.75

9.75

7.3%

FOUNDER SECURITIES CO LTD-A

2.48

2.32

2.19

18.52

9.30

8.11

5.83

98.50

30.00

23.83

19.06

1.69

2.20

2.71

7.04

19.1%

SHANGHAI ELECTRIC GRP CO L-A

1.49

1.45

1.35

1.28

0.59

0.54

0.47

148.80

9.54

10.63

11.27

7.53

6.42

5.61

4.97

14.14

16.68

14.88

13.78

2.18

1.69

1.94

2.20

4.00

7.5%

JIANGXI COPPER CO LTD-A

1.40

1.27

1.18

1.04

0.40

0.32

0.30

0.26

9.67

10.63

12.42

9.57

7.22

9.33

8.92

7.86

10.42

14.93

14.31

10.03

2.03

1.64

1.77

2.14

21.60

25.4%

AIR CHINA LTD-A

0.95

0.97

0.93

0.84

0.54

0.52

0.46

0.42

3.65

3.33

2.70

2.40

8.32

7.17

6.17

5.54

11.60

9.59

9.03

7.64

0.83

1.14

1.21

1.12

4.30

2.4%

NARI TECHNOLOGY DEVELOPMEN-A

8.90

7.17

5.44

4.20

5.44

4.57

3.60

2.91

24.39

31.94

27.15

19.83

30.07

23.59

18.54

14.89

29.33

23.82

18.68

14.70

0.30

0.67

0.60

0.86

19.17

19.1%

QINGDAO HAIER CO LTD-A

2.17

2.41

1.99

0.42

0.39

0.35

0.32

13.97

10.22

5.87

6.32

5.16

4.49

3.95

10.50

9.04

8.02

7.04

3.78

3.98

3.58

15.71

25.0%

SHANDONG GOLD MINING CO LT-A

4.27

3.79

3.41

3.01

0.69

0.70

0.71

0.68

11.01

12.67

14.91

10.67

9.36

12.07

13.97

12.17

14.29

19.56

14.91

22.17

0.49

0.30

0.45

22.81

-6.6%

CHINA AVIC ELECTRONICS CO-A

6.42

7.27

6.25

5.56

8.14

5.62

4.74

3.67

59.56

122.73

84.38

44.02

45.19

33.23

26.65

22.01

56.25

56.41

44.70

34.73

0.27

0.44

0.40

19.82

-2.1%

ALUMINUM CORP OF CHINA LTD-A

1.01

1.11

1.12

1.21

0.30

0.28

0.29

24.54

6.12

8.99

7.69

60.02

26.67

15.33

13.56

0.00

0.09

2.93

-15.2%

CHINA FORTUNE LAND DEVELOP-A

7.31

4.87

3.38

2.42

3.17

1.80

1.38

1.14

13.68

56.82

24.70

8.55

11.00

8.07

6.17

0.89

1.19

1.57

36.42

-1.4%

1.85

1.78

0.81

0.86

4.98

4.57

5.20

8.06

6.95

6.49

8.79

11.40

9.22

8.68

9.68

9.33

12.08

14.24

10.41

9.31

11.44

11.77

10.64

16.85

4.84

7.60

5.05

4.07

5.75

5.79

5.08

4.60

10.98

INNER MONGOLIAN BAOTOU STE-A

0.31

1.34

0.00 16.29

13.68

10.60

56.86

79.60

66.33

8.11

28.19

25.83

19.76

14.53

4.27

1.32

1.73

2.13

10.77

9.4%

23.23

22.11

2.97

0.90

1.16

1.58

7.84

-25.3%

26.24

22.77

23.84

0.59

0.77

0.66

0.54

9.67

-9.5%

13.71

12.50

9.68

2.91

2.15

2.26

3.35

16.84

25.5%

EVERBRIGHT SECURITIE CO -A

1.51

1.43

1.36

1.34

8.78

8.96

6.89

7.10

YANZHOU COAL MINING CO-A

1.17

1.21

1.14

1.15

0.78

0.80

0.74

0.68

ZHONGJIN GOLD CORP-A

3.13

2.96

2.77

2.67

0.87

0.89

0.88

0.82

SHANXI LU'AN ENVIRONMENTAL-A

1.86

1.85

1.70

1.43

1.48

1.53

1.32

1.13

JIANGSU PHOENIX PUBLISH-A

3.46

3.31

2.98

2.62

4.78

4.28

3.70

3.23

29.25

15.09

23.40

32.18

33.49

26.14

22.41

19.02

32.92

30.86

26.70

23.53

1.34

1.06

1.11

1.36

11.67

-9.3%

OFFSHORE OIL ENGINEERING-A

2.83

2.39

2.18

1.90

2.48

1.80

1.55

1.43

17.49

22.17

6.18

12.92

15.40

10.84

8.70

7.84

40.16

20.24

15.89

13.81

0.27

0.20

8.67

16.1%

SHANGHAI INTERNATIONAL AIR-A

1.88

1.81

1.68

1.54

6.17

5.75

5.13

4.69

13.48

12.21

10.15

9.72

11.58

2.20

2.57

2.50

2.63

17.13

7.3%

CHINA MOLYBDENUM CO LTD-A

3.34

1.09

1.03

0.55

5.51

5.49

4.65

3.64

29.66

13.91

10.41

4.62

3.82

5.22

6.87

NINGBO PORT CO LTD-A

1.14

1.03

0.94

3.84

3.08

2.64

10.86

29.88

23.90

GEMDALE CORP-A

1.23

1.10

0.96

0.81

1.05

0.83

0.68

0.56

9.58

12.85

5.85

TSINGTAO BREWERY CO LTD-A

4.40

3.88

3.44

3.06

2.33

2.06

1.80

1.60

18.47

19.98

17.79

BEIJING TONGRENTANG CO-A

7.19

5.93

4.97

4.15

3.69

3.09

2.54

2.11

28.75

17.91

4.49

3.73

3.11

8.44

5.64

4.03

2.70

0.76

0.70

0.17

0.13

0.14

0.54

0.51

0.23

0.19

0.16

0.15

2.07

1.90

1.74

6.77

6.35

6.05

SANAN OPTOELECTRONICS CO L-A METALLURGICAL CORP OF CHIN-A SINOHYDRO GROUP LTD-A

0.93

CHONGQING WATER GROUP-A

0.63

0.96

3.45

9.88

8.86

8.21

19.43

15.94

13.92

12.40

22.25

16.80

13.06

34.47

39.90

32.21

23.46

10.96

10.53

9.19

9.56

2.76

10.81

9.21

7.11

5.58

8.59

8.24

6.64

5.26

2.12

1.76

2.09

1.90

8.46

28.4%

15.73

17.96

15.64

13.65

11.82

31.53

26.97

23.54

20.88

0.57

1.00

1.11

1.31

40.53

-3.9%

14.23

26.33

24.48

18.57

14.97

12.29

51.65

39.09

31.08

25.14

0.89

1.02

0.81

0.90

23.83

9.1%

22.79

39.53

30.75

31.56

22.98

16.87

11.07

30.50

25.62

21.03

15.90

0.77

0.94

1.12

2.07

25.67

32.5%

4.45

6.36

2.25

2.81

1.53

2.24

7.08

5.82

4.75

2.10

2.33

13.95

13.02

14.58

14.07

11.48

10.17

6.90

6.02

5.15

4.20

13.80

16.28

14.40

13.72

12.88

JINDUICHENG MOLYBDENUM CO -A

2.09

2.08

2.02

1.96

3.56

3.11

2.93

2.64

47.72

55.42

23.53

15.34

22.96

27.16

17.58

13.66

38.52

57.27

40.90

35.06

1.69

0.93

1.71

2.29

7.90

-8.0%

SDIC POWER HOLDINGS CO LTD-A

1.79

1.67

1.45

1.23

0.99

0.95

0.79

0.71

4.75

2.60

2.13

2.66

17.02

12.09

9.03

7.39

24.52

12.42

8.59

9.63

0.42

0.96

1.06

1.04

5.11

32.7%

TBEA CO LTD-A

1.78

1.73

1.58

1.41

1.34

1.07

0.90

0.76

5.57

9.58

7.69

6.61

25.73

17.80

14.57

12.69

18.49

18.42

15.48

12.98

0.10

0.61

0.69

0.48

11.70

19.4%

INDUSTRIAL SECURITIES CO-A

2.53

2.11

1.99

1.55

10.22

7.75

6.79

4.54

42.66

34.74

28.32

19.08

1.09

2.08

2.77

11.44

13.2%

SHANGHAI LUJIAZUI FIN&TRAD-A

2.99

2.79

2.56

9.01

7.90

6.62

36.52

30.48

25.73

0.68

0.79

ZHE JIANG DAILY MEDIA GRP -A

10.41

5.72

5.10

17.23

11.24

9.77

34.03

0.51

0.36

0.51

0.58

25.65

-38.1%

3.13

4.23

4.66

5.26

4.28

105.50 8.12

79.65

26.55

29.17

32.11

72.09

37.24

28.63

24.29

CHINA CSSC HOLDINGS LTD-A BANK OF NANJING CO LTD -A

1.05

0.91

0.80

0.70

AVIC INVESTMENT HOLDINGS -A WUHAN IRON & STEEL CO LTD-A

0.65

HAINAN AIRLINES CO-A

1.36

HUAYU AUTOMOTIVE SYSTEMS -A

1.26

0.68

1.07

0.66

0.94

0.63

0.79

2.84

2.49

2.12

1.80

7.82

6.28

5.12

4.18

0.27

0.26

0.25

0.27

0.86

0.77

0.68

0.41

0.37

0.33

1.40

3.00

5.43

2.67

4.77

4.20

2.59

8.46

3.75 0.30

9.54

7.44

6.23

9.07 6.25

4.08

3.41

3.63

3.04

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

2.79

3.28

74.10

54.14

46.33

26.56

158.25

118.69

6.72

5.69

4.92

4.25

40.58

26.93

20.92

19.02

8.84

1.8%

21.34

16.9%

46.73

38.57

23.14

15.19

1.65

1.23

11.91

14.21

10.67

9.36

1.70

2.43

2.47

4.11

69.0%

2.43

2.25

7.63

7.01

6.28

5.79

3.35

4.38

4.70

9.2%

13.00

40.5%

4.97

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.31

2.15

1.97

2.31

1.48

1.42

1.36

1.48

10.55

9.86

10.23

10.55

9.23

8.52

7.97

9.23

14.99

13.52

12.22

14.99

2.12

2.31

2.46

2.12

1844.6

11.4%

Euro Stoxx 50 Pr

1.23

1.17

1.10

1.23

0.80

0.78

0.75

0.80

6.26

5.74

5.18

6.26

7.39

6.98

6.60

7.39

12.50

11.09

9.97

12.50

4.10

4.32

4.67

4.10

3015.2

7.9%

NIKKEI 225

1.52

1.43

1.33

1.52

0.73

0.71

0.69

0.73

9.03

8.30

7.14

9.03

8.71

7.98

7.51

8.71

17.89

15.91

14.33

17.89

1.64

1.79

1.94

1.64

15127.1

6.5%

FTSE 100 INDEX

1.79

1.67

1.55

1.79

1.03

1.00

0.97

1.03

8.58

7.84

6.61

8.58

7.50

6.88

6.46

7.50

12.73

11.58

10.62

12.73

3.79

4.18

4.47

3.79

7068.2

8.3%

SWISS MARKET INDEX

2.41

2.23

2.08

2.41

2.05

1.96

1.87

2.05

12.81

11.53

10.29

12.81

12.97

12.02

11.21

12.97

15.10

13.69

12.43

15.11

3.27

3.26

3.64

4.11

3.26

8656.4

9.3%

S&P/TSX COMPOSITE INDEX

1.73

1.62

1.52

1.73

1.68

1.55

1.52

1.68

8.85

8.03

6.72

8.85

8.92

7.95

7.37

8.92

15.37

13.64

12.35

15.37

3.13

3.26

3.38

3.13

14271.0

11.3%

S&P/ASX 200 INDEX

1.90

1.81

1.72

1.90

1.80

1.70

1.63

1.80

10.83

9.97

9.32

10.83

9.25

8.41

7.87

9.25

15.07

13.67

12.61

15.07

4.56

4.84

5.21

4.56

5315.9

2.6%

HANG SENG INDEX

1.36

1.25

1.18

1.36

1.77

1.64

1.52

1.77

8.04

7.61

7.03

8.04

8.26

7.57

6.91

8.26

10.86

10.08

9.18

10.86

3.55

3.82

4.13

3.55

24937.3

9.6%

MSCI EM

1.37

1.25

1.06

1.37

0.99

0.92

0.86

0.99

7.12

6.47

5.40

7.12

7.57

6.87

6.33

7.57

10.98

9.82

8.98

10.98

2.86

3.13

3.39

2.86

1100.2

15.1%

ZHENGZHOU YUTONG BUS CO -A

3.86

2.83

2.40

1.98

1.24

1.07

0.93

0.83

0.79

11.47

9.28

8.08

7.13

16.93

13.81

11.73

10.44

1.12

2.24

2.51

2.27

20.75

8.6%

CHINA COSCO HOLDINGS-A

1.30

1.49

1.59

1.33

0.47

0.48

0.43

0.40

71.17

15.63

7.99

12.28

0.00

0.26

1.07

3.05

-11.6%

HENAN DAYOU ENERGY CO LTD-A

1.11

1.22

1.35

1.20

2.23

SOUTHWEST SECURITIES CO LT-A

2.31

2.19

2.12

SICHUAN CHUANTOU ENERGY CO-A

2.56

2.39

2.06

1.74

CHINA EASTERN AIRLINES CO-A

1.43

1.33

1.24

YANGQUAN COAL INDUSTRY GRP-A

1.58

1.57

ZHEJIANG CHINT ELECTRICS-A

3.99

9.54

8.15

6.24

4.18

6.70

5.42

4.97

11.83

1.64

1.54

1.47

13.90

11.74

8.79

20.08

19.21

18.69

17.66

75.49

33.48

33.97

38.50

38.91

1.10

0.37

0.33

0.30

3.34

3.63

2.71

2.31

7.74

8.16

6.65

1.42

1.31

0.34

0.30

0.28

3.52

3.64

8.41

6.53

5.18

5.71

3.30

2.75

2.16

1.75

1.47

1.27

23.01

12.78

10.07

8.79

13.49

9.55

2.39

2.38

1.86

1.68

CHINA HAINAN RUBBER INDUST-A

7.01

9.90 16.27

BRIGHT DAIRY & FOOD CO LTD-A

6.26

5.60

4.92

4.11

1.78

1.51

1.30

1.10

45.36

36.76

20.58

17.66

SHANGHAI FOSUN PHARMACEUTI-A

1.84

1.72

1.53

1.36

3.27

2.84

2.33

1.94

50.48

27.32

22.11

UNIVERSAL SCIENTIFIC INDUS-A

6.65

5.89

4.87

4.01

1.84

1.60

1.39

1.23

29.61

19.27

31.74

25.03

SHANGHAI PHARMACEUTICALS-A

1.23

0.69

1.08

1.00

0.47

0.39

0.33

0.29

15.84

16.33

16.80

14.60

27.48

8.74

12.86

12.16

11.57

10.80

3.59

4.10

4.62

12.79

31.2%

44.13

43.94

35.74

26.71

0.64

0.79

1.08

10.34

1.8%

41.25

20.44

11.79

10.90

0.37

0.82

2.94

0.95

11.94

3.4%

5.87

10.13

9.97

8.49

8.74

0.00

2.82

-7.4%

5.86

5.52

10.17

13.72

12.49

11.24

1.85

1.80

1.64

2.12

10.70

13.3%

7.97

6.64

19.69

15.46

12.73

10.47

28.00

29.9%

101.86

62.00

43.21

76.77

52.25

36.36

26.54

0.25

1.00

1.23

2.10

19.19

-3.9%

13.24

10.99

9.45

17.00

13.50

11.77

9.86

0.99

1.34

1.03

1.55

15.00

29.2%

20.24

16.23

12.73

40.00

30.73

26.31

21.02

0.21

29.70

22.3%

7.88

6.89

5.92

15.54

13.81

12.15

10.92

1.52

1.72

1.92

13.62

17.0%

2.31

12.84

9.68

11.62

11.39

10.58

10.05

6.33

6.71

7.03

7.24

7.18

26.9%

94.59

47.57

37.75

29.78

SHANGHAI CHENGTOU HOLDING-A JIANGSU EXPRESSWAY CO LTD-A

1.52

CHENGDU DR PENG TELECOM-A

5.74

1.49

1.44

XINHU ZHONGBAO CO LTD-A

1.75

1.41

1.15

CHINA SOUTH PUBLISHING -A

2.67

2.45

2.20

1.46

3.92

3.82

3.44

9.16

3.98

3.38

0.94

1.83

1.81

1.36

1.09

8.77

18.00

12.53

10.06

13.52

9.90

6.64

5.96

10.46

7.94

5.86

5.13

0.56

0.70

0.88

1.05

3.84

12.3%

1.93

3.29

2.85

2.48

2.12

18.90

18.85

17.53

14.53

18.01

19.67

17.45

15.25

23.94

21.09

17.93

15.24

1.34

0.95

1.13

1.47

12.85

2.2%

39.53

22.78

20.06

21.72

17.58

16.05

33.78

42.41

26.10

25.67

0.67

0.63

0.73

0.94

31.20

4.9%

13.26

9.20

9.70

2.22

2.66

4.21

5.63

24.7%

SHANGHAI ORIENTAL PEARL-A

3.31

7.86

7.26

7.75

6.82

43.46

7.72

7.62

7.06

6.77

42.71

7.06

LIAONING CHENG DA CO LTD-A XIAMEN TUNGSTEN CO LTD-A

5.29

SHENERGY COMPANY LIMITED-A

4.83

4.37

0.96

0.90

4.17

2.41

2.24

1.89

0.84

0.81

0.78

1.62

9.92

0.19

29.38

16.68

5.31

5.37

23.26

16.15

17.79

13.46

11.08

SINOPEC SHANGHAI PETROCHE-A

1.83

1.67

1.57

1.54

0.29

0.24

0.23

209.00

11.45

8.12

7.46

5019.58

11.58

9.68

9.20

24.73

19.90

16.08

0.72

6.03

44.2%

ZHANGZHOU PIENTZEHUANG PHA-A

13.05

8.72

7.55

6.21

16.38

13.62

11.44

9.53

53.37

45.19

42.45

30.51

43.63

35.59

28.38

22.74

55.07

42.14

32.96

26.30

0.53

0.59

0.76

0.95

141.00

18.2%

CHINA SOUTHERN AIRLINES CO-A

0.90

0.84

0.82

0.77

0.26

0.25

0.22

0.20

2.24

2.63

2.03

1.79

8.07

7.66

6.56

5.47

9.77

8.00

8.54

7.83

1.88

2.09

2.05

0.51

3.20

9.6%

XI'AN AERO-ENGINE PLC -A

4.06

3.26

3.04

2.46

2.78

2.28

1.96

1.78

33.02

95.80

61.02

38.52

31.57

28.38

25.04

22.38

65.80

51.65

39.94

32.84

0.43

0.52

0.69

0.57

22.05

19.3%

PEOPLE.CN CO LTD-A

9.94

9.13

8.04

7.04

28.56

20.99

14.87

11.63

76.10

52.82

64.05

36.25

127.77

74.78

53.30

41.85

113.03

70.90

52.54

40.77

0.18

0.11

0.14

0.16

73.80

-4.0%

25.17

24.82

22.03

10.50

19.2% 25.2%

TSINGHUA TONGFANG CO LTD-A HUADIAN POWER INTL CORP-A

1.17

1.08

0.99

0.93

0.37

0.34

0.32

0.30

ZHEJIANG LONGSHENG GROUP C-A

2.33

1.95

1.70

1.48

2.25

1.29

1.14

1.03

DONGFANG ELECTRIC CORP LTD-A

1.37

1.28

1.13

0.97

0.52

0.55

0.53

0.47

CHINA XD ELECTRIC CO LTD-A

1.04

1.10

1.05

1.00

1.43

1.25

1.09

1.03

1.77

1.70

1.63

2.06

1.84

1.49

1.92

1.34

1.35

1.23

9.65

6.98

7.16

6.80

19.20

7.56

8.09

7.58

0.67

4.79

4.57

4.38

3.92

7.48

7.88

19.37

11.20

9.59

8.85

21.00

14.87

12.20

9.45

0.85

1.58

2.05

2.30

11.65

-0.6%

38.81

10.65

12.72

5.52

4.93

5.31

4.92

4.41

8.51

10.26

9.72

8.01

1.14

0.74

0.72

1.22

21.25

85.6%

52.00

12.55

9.84

18.57

18.30

16.63

13.67

151.67

33.09

20.92

17.33

4.95

36.0%

10.30

9.49

8.95

1.27

33.71

28.05

22.22

18.36

0.64

0.94

1.10

1.48

21.50

14.9%

20.5%

GUANGDONG GUANHAO HIGH-TEC-A

BEIJING JINGNENG THERMAL-A FIBERHOME TELECOM TECH CO-A

3.86

3.23

2.95

2.58

1.39

49.24

26.46

16.46

28.11

23.56

16.61

12.92

SHANGHAI CONSTRUCTION CO-A

11.75

YONGHUI SUPERSTORES CO LTD-A

4.30

2.41

2.18

1.86

0.81

0.66

0.53

0.43

YUNNAN CHIHONG ZINC & GERM-A

4.09

2.46

2.40

2.20

1.47

1.08

0.95

0.82

SHANXI XINGHUACUN FEN WINE-A

4.67

3.69

3.18

2.41

2.78

2.26

1.85

1.58

0.65

0.62

0.53

GANSU JIU STEEL GROUP HONG-A JOINTOWN PHARMACEUTICAL-A

0.22

0.23

0.59

0.47

0.40

0.32

75.15

18.54

28.78

10.88

9.68

15.01

13.51

10.50

8.71

39.34

27.52

21.20

16.87

0.55

0.97

1.25

1.90

15.13

16.07

13.59

10.90

18.08

17.64

15.56

12.83

43.52

36.82

51.45

36.95

0.78

1.18

0.68

1.24

11.05

0.4%

12.28

10.34

6.00

7.59

6.01

4.92

4.15

13.67

10.81

8.67

7.15

1.83

4.58

4.85

5.47

31.77

53.3%

4.24

4.17

10.67

14.05

11.85

16.00

30.46

22.60

18.52

41.30

36.12

27.72

23.83

26.51

29.61

14.88

0.00

0.62

2.40

-12.1%

SINOVEL WIND GROUP CO LTD-A CHINA SHIPPING CONTAINER-A

1.20

GANSU YASHENG INDUSTRIAL-A

1.24

1.21

1.14

0.83

0.85

0.76

0.69

3.72

3.30

2.88

8.52

6.52

5.35

4.53

12.13

SINOLINK SECURITIES CO LTD-A

3.38

2.63

2.50

12.66

10.42

9.52

6.21

GUANGXI WUZHOU ZHONGHENG G-A

6.29

5.10

4.23

9.63

4.99

3.99

2.61

9.21

CHINA SPACESAT CO LTD -A

7.26

4.87

4.38

4.12

3.65

2.95

2.48

21.17

XIAMEN C & D INC-A

7.89

2.26

1.85

0.17

0.16

0.13

0.11

INNER MONGOLIA YITAI COAL-B

1.55

1.86

1.74

1.19

1.54

1.49

1.39

HUMANWELL HEALTHCARE GROUP-A

4.86

4.31

3.66

3.43

2.57

1.95

1.52

3.89

3.00

29.04

11.28

6.83

32.39

29.26

23.87

22.39 37.82

24.19

5.56

3.41

3.70

4.23

3.59

34.62

67.77

82.09

21.99

23.45

18.65

18.10

16.08

44.92

35.22

29.53

8.13

24.17

78.00

42.66

16.35

39.43

33.97

25.41

22.68

53.44

48.58

37.74

32.59

25.93

23.09

18.54

14.31

58.62

50.80

39.79

36.55

7.75

6.26

5.01

0.28 0.60

0.60

1.05

14.07

5.3%

2.17

1.35

1.76

2.23

22.00

48.8%

4.10

1.20

2.40

3.00

3.60

9.90

32.0%

4.40

6.01

5.61

5.68

7.73

7.80

8.50

6.74

3.90

4.26

3.65

2.32

15.3%

21.60

17.96

13.49

10.46

36.48

34.25

25.22

18.92

0.27

0.24

0.32

0.41

36.43

14.4%

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

09.09.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601857 CH EQUITY YTD Change 601857 CH EQUITY YTD % CHANGE

12/2012 06/yy 9.50 7.08 31'099'510.00 8.05 -15.26% 13.70% 33.47% 161'922.1 1'450'189.25 444'826.00 0.0 116'738.0 46'245.00 1'976'613.29

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

120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

o-12

n-12

d-12

j-13

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

j-13

a-13

.0 M s-13

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

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

10 9 8 7 6 5 4 3 2 1 0 s-12

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

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

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 2'195'296.0 0.99x 329'642.0 6.57x 115'326.0 14.02x 329'642.00 177'667.00 8.09% 7.60% 5.41% 11.09% 8.70% 0.97% 14.7% 7.5% 5.3% 0.72 0.21 20.51% 41.81% 23.95 -

Price/ Cash Flow

LTM

FY+1

3.63 0.68 3'184.45 -7.58% -9.56% 0.679 14 4.357 15'414'060 15'162'860 19'996'310 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'969'829 2'071'212 2'407'403 2'526'571 4.01x 3.83x 149'425.0 85'592.0 335'813.0 320'871.0 0.00x 0.00x 5.89x 6.16x 129'012.0 118'821.0 122'835.0 130'943.5 11.62x 9.97x 11.35x 10.72x 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

17.62 0.96 1.26 1.76 41.8% 27.4% 0.97 1.85 15.24 -

Sales/Revenue/Turnover

10.00

2'500'000.0

9.00

2'000'000.0

8.00 7.00

1'500'000.0

6.00 5.00

1'000'000.0

4.00 3.00

500'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

PetroChina Co Ltd Holdings By:

All

Holder Name CHINA NATIONAL PETRO SOCIAL SECURITY FUND CHINA LIFE INSURANCE BLACKROCK ASSET MGMT LION FUND MANAGEMENT CAISSE DE DEPOT ET P CHINA UNIVERSAL ASSE GUANGXI INVESTMENT G CHINA ASSET MANAGEME CSOP ASSET MANAGEMEN HARVEST FUND MANAGEM LIANG NENG CONSTRUCT CHANGSHENG FUND MANA HUATAI-PINEBRIDGE FU E FUND MANAGEMENT YINHUA FUND MANAGEME UBS SDIC FUND MANAGE HUAAN FUND MANAGEMEN TIANTONG ASSET MANAG CHINA ASSET MANAGEME

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

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

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

Source

Amt Held EXCH 158'271'705'094 Co File 400'000'000 ULT-AGG 126'623'555 MF-AGG 80'659'379 MF-AGG 52'610'881 MF-AGG 50'662'970 MF-AGG 41'911'310 Co File 39'560'045 MF-AGG 36'340'526 MF-AGG 31'620'081 MF-AGG 30'883'069 Co File 26'363'816 MF-AGG 21'027'423 MF-AGG 20'001'794 MF-AGG 15'262'439 MF-AGG 11'500'232 MF-AGG 11'468'947 MF-AGG 10'202'016 MF-AGG 9'572'465 MF-AGG 6'938'647

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

Weighting

% Out 97.75 0.25 0.08 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0

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

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

Latest Chg (20'735'694) (2'531'330) (14'369'177) (18'458'163) 20'043'528 (2'091'557) (17'243'500) (16'021'120) 9'502'939 (2'120'479) 1'899'905 -

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

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

File Dt 24.05.2012 31.12.2011 31.12.2011 30.08.2013 31.12.2012 31.12.2012 02.09.2013 31.12.2011 31.12.2012 02.09.2013 31.12.2012 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 02.09.2013

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

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

Date 28.08.2013 28.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 16.08.2013 08.08.2013 19.07.2013 07.07.2013 09.04.2013 27.03.2013 17.01.2013 25.12.2012 11.06.2012 29.03.2012 01.03.2012 18.11.2011 07.04.2011 08.12.2010 08.06.2010 28.04.2010 22.03.2010

09.09.2013

Industrial & Commercial Bank of China Ltd Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China. The Bank's businesses include deposit, loan, credit card, fund underwriting and trust, and foreign currency settlement and trading.

Price/Volume 5

300.0 M

250.0 M

4 3

200.0 M

12/2012 06/yy 4.53 3.40 221'307'304.00 4.08 -9.93% 20.00% 45.13% 262'854.8 1'441'698.88 2'277'630.00 0.0 3'462.0 4'355'972.00 -

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

100.0 M

50.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601398 CH EQUITY YTD Change 601398 CH EQUITY YTD % CHANGE

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

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

31.12.2012 840'810.0 238'532.0 6.10x 56.75% 57.46% 1.42% 23.19% 7.70% 0.05% 44.4% 12.98% 202.46% -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.62 15'538.63 14.23% 4.60% 0.618 18 4.389 38'819'640 41'293'060 69'426'410 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 791'912.0 884'476.0 578'159.8 635'949.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 221'944.0 253'719.0 260'066.1 276'753.6 6.20x 5.50x 5.58x 5.16x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 202.5% Total Debt/Capital 66.9% Asset Turnover 0.05 Net Fixed Asset Turnover 6.28 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350.00

900'000.0

300.00

800'000.0 700'000.0

250.00

600'000.0

200.00

500'000.0

150.00

400'000.0 300'000.0

100.00

200'000.0

50.00 0.00 01.01.2010

100'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

Holder Name CHINA INVESTMENT COR CHINA MINISTRY OF FI PING AN LIFE INSURAN ICBC CREDIT SUISSE F CHINA LIFE INSURANCE ANBANG ASSETS INSUR SINO LIFE INSURANCE BLACKROCK ASSET MGMT CHINA PACIFIC LIFE I E FUND MANAGEMENT CHINA ASSET MANAGEME CAISSE DE DEPOT ET P BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM CSOP ASSET MANAGEMEN SCHRODER INVESTMENT HUATAI-PINEBRIDGE FU PENGHUA FUND MANAGEM EASTSPRING INVESTMEN HUAAN FUND MANAGEMEN

Firm Name PingAn Securities Capital Securities Corp Bank of China International Northeast Securities Co Ltd China International Capital Corp JPMorgan Guotai Junan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd Hua Tai Securities Co., Ltd UBS SWS Research Co Ltd Masterlink Securities GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities HSBC China Merchants Securities Central China Securities Citic Securities Co., Ltd China Securities Co., Ltd AJ Securities Industrial Securities China Minzu Securities Co Ltd Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities Great Wall Securities HuaChuang Securities Guodu Securities Co Ltd China Galaxy Securities

Portfolio Name 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 Multiple Portfolios SCHRODER ISF-BRIC (B Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GRACE LI TEAM COVERAGE YUAN LIN YAYUN TANG JIE HUANG KATHERINE LEI GUANHUA QIU LIU JUN JIAOYI CHENG TEAM COVERAGE JANET SUN JUN NI RAINY YUAN Mu Hua NING MA SHEN WEI ZHANG JIXIU TODD DUNIVANT LUO YI CHEN XI ZHU YAN #N/A N/A ZHANG ZHIPENG YIDONG ZHANG ZHANG JING XIE AIHONG LI SHANSHAN ZHANG ZHONGYANG CHENG BINBIN GAO LI DENG TING YE YUNYAN

Source

Amt Held ULT-AGG 123'999'728'833 Co File 123'316'451'864 Co File 2'806'269'049 Co File 1'053'190'083 ULT-AGG 869'328'284 Co File 544'890'787 Co File 386'771'556 MF-AGG 306'610'064 Co File 283'287'898 MF-AGG 181'585'345 MF-AGG 163'198'980 MF-AGG 161'198'751 MF-AGG 146'655'568 MF-AGG 128'940'408 MF-AGG 122'899'590 MF-PART 108'022'255 MF-AGG 101'842'733 MF-AGG 92'910'984 MF-AGG 63'601'742 MF-AGG 44'766'299

Recommendation buy buy hold add buy overweight add add add add buy outperform hold add Buy/Neutral accumulate add overweight strong buy add overweight add buy buy buy neutral long-term buy buy neutral buy buy speculative buy

Weighting

% Out 47.17 46.91 1.07 0.4 0.33 0.21 0.15 0.12 0.11 0.07 0.06 0.06 0.06 0.05 0.05 0.04 0.04 0.04 0.02 0.02

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

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

Latest Chg 41'746'595 57'560'575 3'070'465 (106'600'883) 108'022'255 6'716'284 (9'595'616) 63'601'742 43'984'165

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

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

File Dt 17.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.07.2013 30.06.2013 30.06.2013 31.07.2013 31.03.2013

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

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

Date 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 20.08.2013 18.08.2013 11.08.2013 08.08.2013 07.08.2013 19.07.2013 28.06.2013 19.06.2013 12.06.2013 02.06.2013 31.05.2013 17.09.2012 23.07.2012 03.07.2012 29.06.2012 25.06.2012 05.04.2012 29.03.2012 29.12.2011 20.12.2011 13.12.2011 02.12.2011 23.05.2011 31.03.2011 17.12.2010 11.05.2010

09.09.2013

Agricultural Bank of China Ltd Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price/Volume 4

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601288 CH EQUITY YTD Change 601288 CH EQUITY YTD % CHANGE

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

200.0 M

100.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 335'717.0 51'474.0 -

300.0 M

12/2012 06/yy 3.28 2.38 652'657'229.00 2.72 -17.07% 14.29% 10.00% 294'055.3 888'387.50 1'293'154.00 0.0 1'539.0 3'098'724.00 -

31.12.2009 31.12.2010 339'235.0 409'295.0 64'992.0 94'873.0 10.02x Profitability

LTM-4Q 31.12.2011 547'924.0 121'927.0 7.13x

31.12.2012 652'516.0 145'094.0 6.85x 43.79% 43.87% 1.16% 21.19% 7.25% 0.05% 33.9% 9.76% 172.46% -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.75 24'874.63 16.19% 3.32% 0.752 17 4.471 72'958'180 70'977'820 87'364'590 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 612'421.0 683'573.0 459'885.8 510'168.1 0.00x 0.00x 0.0 0.0 0.00x 0.00x 135'759.0 156'947.0 161'306.6 178'975.8 6.11x 5.31x 5.48x 4.98x S&P Issuer Ratings Long-Term Rating Date 17.12.2012 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 17.12.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 172.5% Total Debt/Capital 63.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.34 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

16.00

700'000.0

14.00

600'000.0

12.00

500'000.0

10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Agricultural Bank of China Ltd Holdings By:

All

Holder Name CHINA INVESTMENT COR CHINA MINISTRY OF FI SOCIAL SECURITY FUND PING AN LIFE INSURAN CHINA LIFE INSURANCE FORTUNE TRUST CO LTD BLACKROCK ASSET MGMT CHINA ASSET MANAGEME HARVEST FUND MANAGEM E FUND MANAGEMENT BOSHI FUND MANAGEMEN CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU CHINA UNIVERSAL ASSE HUAAN FUND MANAGEMEN LION FUND MANAGEMENT YINHUA FUND MANAGEME ICBC CREDIT SUISSE A CHINA ASSET MANAGEME CCB PRINCIPAL ASSET

Firm Name Northeast Securities Co Ltd China International Capital Corp PingAn Securities HSBC Guotai Junan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd UBS GF Securities Co. Ltd. SWS Research Co Ltd Masterlink Securities Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities Founder Securities Capital Securities Corp Sinolink Securities Co Ltd Bank of China International China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities AJ Securities Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities Central China Securities Guodu Securities Co Ltd HuaChuang Securities China Minzu Securities Co Ltd

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

Analyst YAYUN TANG JIE HUANG GRACE LI TODD DUNIVANT GUANHUA QIU LIU JUN JIAOYI CHENG JANET SUN Mu Hua JUN NI RAINY YUAN NING MA SHEN WEI ZHANG JIXIU WEI ZHOU TEAM COVERAGE JIANGANG CHEN JINHUA YIN LUO YI ZHU YAN #N/A N/A YIDONG ZHANG ZHANG ZHIPENG XIE AIHONG LI SHANSHAN FAN LIN CHEN XI DENG TING GAO LI ZHANG JING

Source

Amt Held ULT-AGG 130'695'462'077 Co File 127'361'764'737 Co File 11'122'941'167 Co File 4'010'542'258 ULT-AGG 1'340'244'522 Co File 1'105'576'095 MF-AGG 412'621'693 MF-AGG 275'115'216 MF-AGG 248'093'733 MF-AGG 247'744'023 MF-AGG 241'562'429 MF-AGG 160'766'632 MF-AGG 138'251'803 MF-AGG 115'904'820 MF-AGG 100'408'949 MF-AGG 83'961'084 MF-AGG 69'354'882 MF-AGG 57'599'700 MF-AGG 49'664'716 MF-AGG 46'460'404

Recommendation add buy buy overweight add buy buy neutral buy outperform buy Buy/Neutral accumulate add add buy neutral buy strong buy overweight add buy buy neutral long-term buy buy add buy buy neutral

Weighting

% Out 44.45 43.31 3.78 1.36 0.46 0.38 0.14 0.09 0.08 0.08 0.08 0.05 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02

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

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

Latest Chg 42'934'902 151'487'522 205'017'612 (117'997'149) 201'774'801 54'475'315 22'874'231 (143'610'456) 26'631'820 76'843'838 (47'924'652) 9'370'300 24'497'172

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

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

File Dt 17.06.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.08.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 02.09.2013 30.06.2013 02.09.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 02.09.2013 30.06.2013

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

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

Date 30.08.2013 29.08.2013 29.08.2013 28.08.2013 20.08.2013 18.08.2013 11.08.2013 07.08.2013 23.07.2013 19.07.2013 28.06.2013 12.06.2013 02.06.2013 31.05.2013 01.04.2013 27.03.2013 29.10.2012 30.08.2012 23.07.2012 29.06.2012 25.06.2012 20.04.2012 05.04.2012 20.12.2011 13.12.2011 02.12.2011 27.10.2011 11.10.2011 30.03.2011 01.09.2010

09.09.2013

Bank of China Ltd Bank of China Ltd provides a complete range of banking and other financial services to individual and corporation customers worldwide. The bank's services include retail banking, Great Wall credit card and debit card services, consumer credit, foreign currency transaction, corporate banking, settlement and clearing,investment banking, and fund management businesses.

Price/Volume 4 3 3 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601988 CH EQUITY YTD Change 601988 CH EQUITY YTD % CHANGE

12/2012 06/yy 3.26 2.48 207'431'684.00 2.85 -12.58% 14.92% 25.64% 195'525.2 788'258.31 2'243'457.00 0.0 36'865.0 3'157'170.00 -

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

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

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

Fiscal Year Ended 31.12.2008 355'641.0 64'360.0 7.47x

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

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

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

Price/ Cash Flow

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 s-13

LTM

FY+1

6.14 0.64 5'915.29 10.68% 3.86% 0.640 17 3.529 28'449'400 26'281'740 30'319'170 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 575'917.0 630'716.0 393'790.4 430'796.9 0.00x 0.00x 0.0 0.0 0.00x 0.00x 129'238.0 148'552.0 150'422.4 159'650.2 5.22x 4.74x 5.43x 5.03x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 272.0% Total Debt/Capital 72.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.10 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

400.00

700'000.0

350.00

600'000.0

300.00

500'000.0

250.00

400'000.0

200.00

300'000.0

150.00

200'000.0

100.00

100'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Bank of China Ltd Holdings By:

All

Holder Name CHINA INVESTMENT COR CHINA LIFE INSURANCE PICC PROPERTY & CASU CAISSE DE DEPOT ET P BLACKROCK ASSET MGMT SINO LIFE INSURANCE SHENHUA GROUP CORP L ALUMINUM CORP OF CHI CHINA SOUTHERN POWER CSOP ASSET MANAGEMEN HARVEST FUND MANAGEM CHINA UNIVERSAL ASSE BOSHI FUND MANAGEMEN PING AN LIFE INSURAN STATE DEVELOPMENT & HUATAI-PINEBRIDGE FU CHINA MERCHANTS FUND GTJA ALLIANZ FUND MA HUAAN FUND MANAGEMEN E FUND MANAGEMENT

Firm Name PingAn Securities JPMorgan HSBC Capital Securities Corp Bank of China International Northeast Securities Co Ltd China International Capital Corp Guotai Junan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd UBS SWS Research Co Ltd Masterlink Securities GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities Central China Securities Sinolink Securities Co Ltd China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd AJ Securities Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities Industrial Securities Great Wall Securities HuaChuang Securities China Galaxy Securities Guodu Securities Co Ltd

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

Analyst GRACE LI KATHERINE LEI TODD DUNIVANT TEAM COVERAGE YUAN LIN YAYUN TANG JIE HUANG GUANHUA QIU LIU JUN JIAOYI CHENG JANET SUN JUN NI RAINY YUAN Mu Hua NING MA SHEN WEI ZHANG JIXIU CHEN XI JIANGANG CHEN LUO YI ZHU YAN #N/A N/A ZHANG ZHIPENG XIE AIHONG LI SHANSHAN ZHANG ZHONGYANG YIDONG ZHANG CHENG BINBIN GAO LI YE YUNYAN DENG TING

Source

Amt Held ULT-AGG 189'084'736'007 ULT-AGG 597'786'234 Co File 195'759'432 MF-AGG 178'464'481 MF-AGG 156'494'879 EXCH 127'044'300 EXCH 99'999'900 ULT-AGG 99'999'900 EXCH 90'909'000 MF-AGG 61'102'780 MF-AGG 60'016'010 MF-AGG 59'302'397 MF-AGG 48'324'421 Co File 40'292'342 EXCH 38'550'000 MF-AGG 38'548'036 MF-AGG 33'100'151 MF-AGG 20'781'288 MF-AGG 16'792'949 MF-AGG 16'513'909

Recommendation neutral neutral overweight hold buy neutral buy neutral neutral hold neutral outperform hold hold neutral/neutral accumulate neutral monitored neutral buy overweight add neutral neutral long-term buy buy buy neutral buy speculative buy buy

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

% Out 96.71 0.31 0.1 0.09 0.08 0.06 0.05 0.05 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01

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

Latest Chg (453'400) (4'737'806) 16'324'479 (4'239'174) 33'100'151 310'795 (2'994'600) 1'427'300

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

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

File Dt 17.06.2013 31.03.2012 31.12.2011 31.12.2012 30.08.2013 31.03.2012 31.03.2012 31.03.2012 31.03.2012 02.09.2013 31.12.2012 02.09.2013 30.06.2013 31.12.2011 31.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 20.08.2013 18.08.2013 11.08.2013 07.08.2013 19.07.2013 28.06.2013 19.06.2013 12.06.2013 02.06.2013 01.12.2012 26.10.2012 24.08.2012 23.07.2012 29.06.2012 25.06.2012 05.04.2012 20.12.2011 13.12.2011 02.12.2011 26.10.2011 23.05.2011 25.03.2011 04.07.2010 25.01.2010

09.09.2013

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

Price/Volume 7 6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600028 CH EQUITY YTD Change 600028 CH EQUITY YTD % CHANGE

12/2011 06/yy 5.95 4.05 104'670'002.00 4.61 -22.47% 13.83% 23.73% 91'051.8 543'797.94 284'546.00 0.0 37'122.0 10'864.00 888'218.91

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

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

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

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

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

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 s-13

LTM

FY+1

0.78 5'515.56 1.83% -10.55% 0.784 12 4.500 41'081'690 41'694'630 55'520'030 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'733'618.0 ######### ######### ######### ######### 725'259.0 722'849.0 0.33x 1.35x 1.32x 0.32x 0.33x 169'557.0 0.0 0.0 192'071.0 203'508.0 5.39x 0.00x 0.00x 4.62x 4.36x 63'879.0 55'155.0 69'216.0 70'713.0 75'354.8 19'174.0 20'347.0 9.60x 8.86x 7.12x 7.18x 6.53x S&P Issuer Ratings 169'557.00 Long-Term Rating Date 16.12.2010 99'101.00 Long-Term Rating A+ 3.63% Long-Term Outlook STABLE 3.32% Short-Term Rating Date 5.67% Short-Term Rating 13.45% Credit Ratios - EBITDA/Interest Exp. 14.05 2.18% (EBITDA-Capex)/Interest Exp. 1.98 Net Debt/EBITDA - Total Debt/EBITDA - Reference 3.9% Total Debt/Equity 55.7% 2.3% Total Debt/Capital 34.2% Asset Turnover 2.18 0.71 Net Fixed Asset Turnover 3.50 0.22 Accounts receivable turnover-days 14.11 22.46% Inventory Days 31.75 55.69% Accounts Payable Turnover Day 26.91 25.87 Cash Conversion Cycle 11.50

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name CHINA PETROCHEMICAL CHINA ASSET MANAGEME BLACKROCK ASSET MGMT UBS SDIC FUND MANAGE HUAAN FUND MANAGEMEN CHINA SOUTHERN FUND E FUND MANAGEMENT HFT INVESTMENT MANAG LION FUND MANAGEMENT HARVEST FUND MANAGEM CHINA INTERNATIONAL CSOP ASSET MANAGEMEN CHINA ASSET MANAGEME CHANGSHENG FUND MANA FULLGOAL FUND MANAGE HUATAI-PINEBRIDGE FU BOSHI FUND MANAGEMEN CHINA UNIVERSAL ASSE YINHUA FUND MANAGEME BOSERA FUND MANAGEME

Firm Name Masterlink Securities HSBC Capital Securities Corp Bank of China International UBS Northeast Securities Co Ltd Jefferies SWS Research Co Ltd Hong Yuan Securities Goldman Sachs Everbright Securities Co., Ltd Rising Securities Co.,LTD

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

Analyst LI XIN THOMAS C HILBOLDT ZHENG CHUNMING LAWRENCE LAU NINA YAN WEIGANG WANG LABAN YU KAISHENG LIN XIXIN WANG ARTHUR YAN CHENG LEI HOU SHIXIA

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

Recommendation buy underweight buy buy buy buy hold buy buy Buy/Neutral buy outperform

Amt Held 85'536'265'999 158'946'828 128'332'829 112'951'167 106'444'393 89'639'446 79'121'060 74'090'330 65'582'966 54'525'011 49'822'569 49'691'491 45'272'988 43'288'276 42'358'017 35'539'506 26'156'052 24'399'706 22'171'874 19'772'350

% Out 93.94 0.17 0.14 0.12 0.12 0.1 0.09 0.08 0.07 0.06 0.05 0.05 0.05 0.05 0.05 0.04 0.03 0.03 0.02 0.02

Weighting

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

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

Latest Chg 24'269'838 109'853'982 82'471'029 21'338'431 28'142'252 52'429'125 24'157'237 (90'375'052) 35'148'048 41'685'805 40'018'512 9'656'310 452'491 4'350'875 (1'193'451) (29'841'141) 2'399'812

Target Price 5 4 6 6 6 9 4 #N/A N/A 8 5 #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 09.01.2012 30.06.2013 30.08.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012

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

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

Date 29.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 16.08.2013 19.07.2013 14.07.2013 18.06.2013 21.04.2013 27.03.2013

09.09.2013

China Life Insurance Co Ltd China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601628 CH EQUITY YTD Change 601628 CH EQUITY YTD % CHANGE

12/2011 06/yy 22.70 12.88 39'453'850.00 14.62 -35.59% 13.51% 11.20% 20'823.5 426'605.41 136'480.00 0.0 2'016.0 69'452.00 -

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

1.20

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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

20.0 M

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

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

31.12.2012 371'436.0 1.79x 11'061.0 52.18x 2.83% 2.95% 0.94% 7.94% 5.76% 0.22% 3.0% 7.19% 61.73% -

LTM

FY+1

.0 M s-13

0.96 1.19 1'500.00 -21.92% -31.04% 1.193 17 4.294 11'892'890 13'216'170 13'197'750 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 376'887.0 421'555.0 430'486.6 470'987.2 0.00x 0.00x 0.92x 0.81x 0.0 0.0 0.00x 0.00x 15'002.0 17'624.0 27'185.0 34'061.0 4'900.0 4'300.0 0.00x 23.35x 15.52x 12.45x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

AANEG 61.7% 38.0% 0.22 -

Sales/Revenue/Turnover

450'000.0 400'000.0

1.00 0.80

350'000.0 300'000.0 250'000.0

0.60

200'000.0 150'000.0

0.40 0.20

100'000.0 50'000.0 0.0

0.00

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

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

09.09.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name CHINA LIFE INSURANCE BOSHI FUND MANAGEMEN DACHENG FUND MANAGME BANK OF COMMUNICATIO CHANGSHENG FUND MANA BLACKROCK ASSET MGMT GREAT WALL FUND MANA CHINA ASSET MANAGEME HARVEST FUND MANAGEM GUOTAI ASSET MANAGEM CAISSE DE DEPOT ET P E FUND MANAGEMENT INVESCO GREAT WALL F RONGTONG FUND MANAGE CHINA MERCHANTS FUND ABC-CA FUND MANAGEME SYWG BNP PARIBAS ASS CSOP ASSET MANAGEMEN CHINA UNIVERSAL ASSE ABN AMRO TEDA FUND M

Firm Name Chang Jiang Securities Co. Limited Guotai Junan Sinolink Securities Co Ltd JPMorgan Capital Securities Corp GF Securities Co. Ltd. China International Capital Corp Credit Suisse HSBC Everbright Securities Co., Ltd SWS Research Co Ltd UBS Goldman Sachs HuaChuang Securities Bank of China International Hong Yuan Securities PingAn Securities China Merchants Securities Citic Securities Co., Ltd Industrial Securities Founder Securities China Minzu Securities Co Ltd Guodu Securities Co Ltd Northeast Securities Co Ltd China Securities Co., Ltd China Galaxy Securities China Investment Securities

Analyst LIU JUN PENG YULONG HE GUOWEN MW KIM XIE JIYONG CONG LI TANG SHENGBO ARJAN VAN VEEN JAMES GARNER ZIPEI TANG TINA SUN JANET SUN MANCY SUN GAO LI SUN PENG HUANG LIJUN LUO QI LUO YI PAN HONGWEN ZHANG YING WEI ZHOU SONG JIAN DENG TING XINAN ZHAO WEI TAO XU LIPING XU SHOUDE

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

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

Amt Held 19'323'530'000 80'204'977 50'616'467 34'384'637 31'080'761 29'207'671 23'696'531 20'718'199 19'967'963 18'446'882 17'919'388 17'704'212 16'787'146 16'070'766 13'361'713 13'294'033 12'181'845 11'387'463 11'134'601 10'349'701

% Out 92.8 0.39 0.24 0.17 0.15 0.14 0.11 0.1 0.1 0.09 0.09 0.09 0.08 0.08 0.06 0.06 0.06 0.05 0.05 0.05

Weighting

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

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

Latest Chg 25'169'691 19'770'831 18'219'615 13'934'196 13'907'680 (8'145'067) (1'259'693) 4'846'879 13'652'633 (5'666'449) 11'556'987 10'228'828 3'528'614 4'651'506 5'243'804 10'349'701

Target Price #N/A N/A 18 21 18 #N/A N/A #N/A N/A #N/A N/A 17 18 #N/A N/A #N/A N/A 20 21 26 19 #N/A N/A #N/A N/A 25 23 #N/A N/A #N/A N/A 21 #N/A N/A #N/A N/A 35 30 40

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

File Dt 11.04.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.08.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 02.09.2013 02.09.2013 31.12.2012

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

Date 02.09.2013 01.09.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 05.08.2013 24.07.2013 17.07.2013 16.05.2013 12.12.2012 06.12.2012 27.11.2012 28.10.2012 26.07.2012 24.07.2012 26.04.2012 09.12.2011 01.12.2011 23.03.2011 09.02.2011 08.12.2010 29.06.2010 17.07.2009

09.09.2013

China Shenhua Energy Co Ltd China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601088 CH EQUITY YTD Change 601088 CH EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 25.70 15.51 23'616'288.00 17.44 -32.14% 12.44% 14.82% 16'491.0 358'287.81 87'184.00 0.0 49'968.0 55'599.00 424'460.82

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 104'416.0 3.62x 50'621.0 7.47x 25'959.0 11.07x

31.12.2009 31.12.2010 117'526.0 157'662.0 6.12x 3.31x 58'355.0 72'181.0 12.32x 7.22x 30'276.0 38'834.0 21.98x 14.16x Profitability

LTM-4Q 31.12.2011 209'225.0 2.69x 84'836.0 6.64x 45'846.0 11.86x

31.12.2012 250'260.0 2.37x 88'014.0 6.73x 48'858.0 11.12x 88'014.00 69'864.00 27.92% 27.18% 10.48% 18.98% 0.57% 33.0% 27.4% 19.5% 1.05 0.72 19.06% 33.98% 11.23 9.33

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.99 1'969.19 -17.74% -26.99% 0.990 21 4.810 12'158'580 16'408'150 14'523'280 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225'853.0 252'577.0 251'723.3 267'158.1 63'260.0 70'432.0 9.29x 7.97x 1.70x 1.60x 0.0 0.0 87'806.8 93'427.0 0.00x 0.00x 4.83x 4.54x 48'327.0 46'787.0 45'950.1 47'505.2 9'309.5 12'948.0 9.12x 6.66x 7.50x 7.17x 7.28x 7.69x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.62 9.30 34.0% 22.1% 0.57 0.87 32.51 39.14 61.65 -3.13

Sales/Revenue/Turnover

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0 6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name SHENHUA GROUP CORP L CHINA ASSET MANAGEME E FUND MANAGEMENT HARVEST FUND MANAGEM GREAT WALL FUND MANA BLACKROCK ASSET MGMT BOSHI FUND MANAGEMEN HUAAN FUND MANAGEMEN HUATAI-PINEBRIDGE FU YINHUA FUND MANAGEME FULLGOAL FUND MANAGE CSOP ASSET MANAGEMEN CHINA SOUTHERN FUND BANK OF COMMUNICATIO RONGTONG FUND MANAGE CAISSE DE DEPOT ET P AEGON INDUSTRIAL FUN TIANTONG ASSET MANAG MORGAN STANLEY CHINA ASSET MANAGEME

Firm Name GF Securities Co. Ltd. Capital Securities Corp Masterlink Securities Bank of China International Central China Securities Goldman Sachs JPMorgan China International Capital Corp Chang Jiang Securities Co. Limited SWS Research Co Ltd Everbright Securities Co., Ltd China Minzu Securities Co Ltd UBS Qilu Securities Co Ltd Northeast Securities Co Ltd Hong Yuan Securities Guodu Securities Co Ltd Guotai Junan Founder Securities Rising Securities Co.,LTD Citic Securities Co., Ltd HuaChuang Securities AJ Securities China Merchants Securities PingAn Securities Great Wall Securities HSBC Industrial Securities China Securities Co., Ltd China Galaxy Securities China Investment Securities

Analyst AN PENG ZHENG CHUNMING LI XIN LAWRENCE LAU ZHILEI WANG JULIAN ZHU DANIEL KANG CAI HONGYU JUN GE LIU XIAONING CHEN HAOWU LI JING MICK MI ZHAOLIANG LIU WANG SHI WANG JINGLE WANG SHUBAO YIN XILONG SUN CAN XUE MINGJIE LUO ZETING HAN ZHENGUO WANG SIWEI LU PING WANG CHENG LIU FEI SARAH MAK LIU JIANGANG LI JUNSONG ZHAO KE XIAO HANPING

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

Recommendation buy buy buy buy buy Buy/Neutral overweight accumulate buy buy buy buy buy add add buy strong buy buy add outperform buy buy buy strong buy buy strong buy overweight strong buy add buy buy

Amt Held 14'521'846'560 43'501'495 40'952'127 40'705'840 38'691'424 35'415'391 28'890'851 27'730'844 26'609'065 16'429'576 14'307'598 14'166'567 13'419'199 10'222'761 8'670'991 8'383'534 8'369'036 7'086'975 7'057'443 6'586'753

% Out 88.06 0.26 0.25 0.25 0.23 0.21 0.18 0.17 0.16 0.1 0.09 0.09 0.08 0.06 0.05 0.05 0.05 0.04 0.04 0.04

Weighting

Change 5 5 5 5 5 5 5 4 5 5 5 5 5 4 4 5 5 5 4 5 5 5 5 5 5 5 5 5 4 5 5

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

Latest Chg 10'808'605 31'719'216 9'702'654 (16'265'219) 8'890'027 5'294'388 (17'324'753) 7'945'609 (16'545'297) 4'066'051 (674'674) 6'753'492 6'098'882 (2'547'158) 867'627 1'547'004 -

Target Price 19 18 22 29 #N/A N/A 25 21 #N/A N/A #N/A N/A #N/A N/A 27 28 20 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 26 #N/A N/A #N/A N/A 35 #N/A N/A #N/A N/A 38 35 #N/A N/A 35 #N/A N/A 34 #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 09.01.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.08.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 02.09.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 01.07.2013 30.06.2013 30.06.2013 02.09.2013

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

Date 03.09.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 25.08.2013 25.08.2013 25.08.2013 25.08.2013 23.08.2013 17.08.2013 12.08.2013 23.07.2013 07.07.2013 30.06.2013 16.04.2013 09.04.2013 24.03.2013 05.02.2013 18.12.2012 24.09.2012 03.09.2012 27.08.2012 07.07.2012 29.06.2012 28.03.2012 26.03.2012 24.03.2012 08.12.2010 13.07.2010 05.07.2010

09.09.2013

Industrial Bank Co Ltd Industrial Bank Company, Ltd. provides personal, corporate, institutional and electronic banking services. The Bank's businesses include residential mortgage, loan, savings and time deposit, RMB money management, foreign currency management advisory service and trading, debit and credit cards.

Price/Volume 14

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601166 CH EQUITY YTD Change 601166 CH EQUITY YTD % CHANGE

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

200.0 M

100.0 M

2 0 s-12

31.12.2009 31.12.2010 54'882.3 76'827.6 13'281.9 18'520.6 15.15x 7.33x Profitability

LTM-4Q 31.12.2011 118'156.0 25'505.0 5.31x

31.12.2012 171'915.0 34'718.0 5.18x 52.15% 52.28% 1.23% 25.00% 2.98% 0.06% 39.3% 37.33% 715.70% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

LTM

FY+1

1.21 14'336.23 58.85% 17.54% 1.208 26 4.462 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 151'284.0 189'579.0 103'319.1 120'466.6 26'923.0 28'320.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 30'375.0 39'254.0 41'737.4 48'683.0 10'625.3 9'908.7 4.60x 4.44x 5.63x 5.06x 5.26x 5.04x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

715.7% 87.7% 0.06 21.41 -

Sales/Revenue/Turnover

16.00

200'000.0

14.00

180'000.0 160'000.0

12.00

140'000.0

10.00

120'000.0

8.00

100'000.0 80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 56'348.1 11'385.0 6.40x

300.0 M

12/2012 06/yy 14.32 7.73 354'041'504.00 12.55 -12.36% 62.42% 55.86% 19'052.3 239'106.81 1'213'656.00 0.0 1'058.0 1'563'882.00 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Industrial Bank Co Ltd Holdings By:

All

Holder Name FUJIAN PROVINCE FINA HANG SENG BANK LIMIT XINZHENG TAIDA INVES FUJIAN TOBACCO CO HUAAN FUND MANAGEMEN CHINA TOBACCO HUNAN FJ LONGYAN FIN OFFIC HARVEST FUND MANAGEM CHINA ASSET MANAGEME BLACKROCK ASSET MGMT IM XISHUI VENTURE CA FULLGOAL FUND MANAGE E FUND MANAGEMENT INTERNATIONAL FINANC COFCO LTD ZHEJIANG SOUTHEAST E CHINA ASSET MANAGEME YINHUA FUND MANAGEME CHINA SOUTHERN FUND CSOP ASSET MANAGEMEN

Firm Name PingAn Securities Capital Securities Corp Northeast Securities Co Ltd Guotai Junan Chang Jiang Securities Co. Limited Masterlink Securities Qilu Securities Co Ltd Morgan Stanley HSBC GF Securities Co. Ltd. UBS Central China Securities SWS Research Co Ltd Standard Chartered Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities China International Capital Corp Sinolink Securities Co Ltd Founder Securities Deutsche Bank Bank of China International Guodu Securities Co Ltd Citic Securities Co., Ltd Great Wall Securities Tebon Securities Co Ltd China Merchants Securities China Securities Co., Ltd Industrial Securities AJ Securities Rising Securities Co.,LTD China Minzu Securities Co Ltd China Investment Securities BOCOM International Holdings HuaChuang Securities China Galaxy Securities

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

Analyst GRACE LI XIE JIYONG YAYUN TANG GUANHUA QIU LIU JUN TEAM COVERAGE JIAOYI CHENG RICHARD XU MICHAEL CHU Mu Hua JANET SUN CHEN XI JUN NI DORRIS CHEN NING MA SHEN WEI ZHANG JIXIU MAO JUNHUA JIANGANG CHEN WEI ZHOU TRACY YU YUAN LIN DENG TING ZHU YAN BIAO HUANG ZHANG FAN LUO YI #N/A N/A YIDONG ZHANG ZHANG ZHIPENG XIE AIHONG ZHANG JING ZHANG ZHONGYANG LI SHANSHAN GAO LI YE YUNYAN

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

Recommendation strong buy buy buy buy buy buy buy Equalwt/In-Line underweight buy neutral add outperform outperform Buy/Neutral buy add buy add add not rated hold strong buy overweight buy buy strong buy add buy buy outperform add buy long-term buy buy speculative buy

Amt Held 3'402'173'769 2'070'651'600 442'093'800 441'504'000 368'317'850 226'800'000 226'800'000 221'970'113 204'264'634 180'700'867 174'340'222 138'094'118 132'971'682 131'003'754 126'225'912 118'260'000 75'989'058 74'244'092 73'841'466 71'433'041

% Out 17.86 10.87 2.32 2.32 1.93 1.19 1.19 1.17 1.07 0.95 0.92 0.72 0.7 0.69 0.66 0.62 0.4 0.39 0.39 0.37

Weighting

Change

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

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

Latest Chg 294'466'570 81'372'952 64'959'309 55'267'714 (19'262'435) 47'027'426 (5'427'237) 6'200'818 -

Target Price #N/A N/A 13 #N/A N/A 12 #N/A N/A 14 #N/A N/A 9 10 #N/A N/A 10 #N/A N/A #N/A N/A 12 10 14 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9 17 13 #N/A N/A 10 #N/A N/A 11 #N/A N/A 10 #N/A N/A 9 #N/A N/A #N/A N/A 16 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.06.2013 02.09.2013

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

Inst Type Government Bank Other Other Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Venture Capital Investment Advisor Investment Advisor Government Government Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 30.08.2013 23.08.2013 20.08.2013 18.08.2013 14.08.2013 13.08.2013 12.08.2013 12.08.2013 11.08.2013 07.08.2013 29.07.2013 19.07.2013 10.07.2013 02.07.2013 02.06.2013 11.05.2013 25.04.2013 23.04.2013 23.04.2013 12.04.2013 22.03.2013 18.03.2013 22.01.2013 31.10.2012 31.10.2012 23.07.2012 25.06.2012 25.04.2012 22.03.2012 20.03.2012 20.12.2011 02.12.2011 07.11.2011 13.05.2011 11.05.2010

09.09.2013

China Minsheng Banking Corp Ltd China Minsheng Banking Corp., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

Price/Volume 14

800.0 M

700.0 M

600.0 M 500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (21.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600016 CH EQUITY YTD Change 600016 CH EQUITY YTD % CHANGE

12/2012 01/yy 11.91 5.42 410'342'026.00 10.2 -14.36% 88.19% 61.63% 22'587.6 272'578.84 1'057'701.00 0.0 5'467.0 736'661.00 -

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

300.0 M

200.0 M

100.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 61'242.0 7'885.0 9.69x

400.0 M

31.12.2009 Profitability

31.12.2010 80'034.0 17'581.0 7.61x

31.12.2011 135'546.0 27'920.0 5.61x

LTM-4Q

LTM

01/yy

31.12.2012 49.39% 48.56% 1.38% 24.76% 4.50% 0.07% 36.0% 32.93% 648.59% -

FY+1 -

Sales/Revenue/Turnover

1.2

1.00

1.0

0.80

0.8

0.60

0.6

0.40

0.4

0.20

0.2

0.00

0.0

######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 117'946.9 136'505.9 43'913.0 50'775.9 11'514.0 6.70x 5.79x S&P Issuer Ratings

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

1.20

3.02 1.14 17'228.33 78.15% 32.14% 1.135 22 4.273

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

NR 648.6% 86.3% 0.07 11.77 -

09.09.2013

China Minsheng Banking Corp Ltd Holdings By:

All

Holder Name NEW HOPE INVEST CO L CHINA LIFE INSURANCE SHANGHAI GIANT LIFET ORIENT GROUP INC CHINA SHIPOWNERS MUT CHINA SME INVESTMENT CHINA OCEANWIDE HLDG SICHUAN SOUTHERN HOP FUXING GROUP LTD CHINA ASSET MANAGEME BLACKROCK ASSET MGMT FOSUN INTERNATIONAL HARVEST FUND MANAGEM E FUND MANAGEMENT NANJING IRON&STEEL C HUAAN FUND MANAGEMEN YINHUA FUND MANAGEME CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU EVERBRIGHT PRAMERICA

Firm Name PingAn Securities Northeast Securities Co Ltd GF Securities Co. Ltd. Sinolink Securities Co Ltd Capital Securities Corp Bank of China International China International Capital Corp JPMorgan Chang Jiang Securities Co. Limited Guotai Junan Qilu Securities Co Ltd SWS Research Co Ltd Guodu Securities Co Ltd Masterlink Securities Goldman Sachs UBS Everbright Securities Co., Ltd Hong Yuan Securities Central China Securities Founder Securities HSBC Great Wall Securities Citic Securities Co., Ltd Tebon Securities Co Ltd China Merchants Securities China Securities Co., Ltd Deutsche Bank Industrial Securities AJ Securities China Minzu Securities Co Ltd Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities HuaChuang Securities China Galaxy Securities Nomura

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

Analyst GRACE LI YAYUN TANG Mu Hua HE GUOWEN XIE JIYONG YUAN LIN JIE HUANG KATHERINE LEI LIU JUN GUANHUA QIU JIAOYI CHENG JUN NI DENG TING RAINY YUAN NING MA JANET SUN SHEN WEI ZHANG JIXIU CHEN XI WEI ZHOU TODD DUNIVANT BIAO HUANG ZHU YAN ZHANG FAN LUO YI #N/A N/A TRACY YU YIDONG ZHANG ZHANG ZHIPENG ZHANG JING XIE AIHONG LI SHANSHAN ZHANG ZHONGYANG GAO LI YE YUNYAN LUCY FENG

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

Recommendation buy buy buy add buy buy buy underweight buy buy buy outperform strong buy hold Sell/Neutral restricted buy buy buy add underweight buy buy buy strong buy buy hold buy strong buy add buy long-term buy strong buy buy speculative buy neutral

Amt Held 1'416'691'092 1'151'307'314 1'032'680'665 976'019'646 905'764'505 737'955'031 698'939'116 571'113'783 550'151'500 457'777'394 331'014'578 312'685'076 286'765'906 220'842'960 179'063'130 171'550'431 146'878'443 130'545'427 124'698'879 124'406'108

% Out 6.27 5.1 4.57 4.32 4.01 3.27 3.09 2.53 2.44 2.03 1.47 1.38 1.27 0.98 0.79 0.76 0.65 0.58 0.55 0.55

Weighting

Change

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

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

Latest Chg 1'218'538 30'000'055 (5'954'564) 187'783 260'665'986 19'508'993 68'318'960 4'939'494 15'758'124 37'942'774 14'563'433 (27'353'892)

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 10 7 #N/A N/A 6 #N/A N/A 10 #N/A N/A #N/A N/A 16 9 9 #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A 6 #N/A N/A 7 #N/A N/A 8 8 6 #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 8 #N/A N/A 6

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

File Dt 27.06.2013 31.12.2012 26.07.2013 08.07.2013 31.12.2012 31.12.2012 31.12.2012 27.06.2013 31.12.2012 30.06.2013 30.08.2013 17.12.2012 30.06.2013 31.12.2012 07.05.2013 30.06.2013 30.06.2013 02.09.2013 30.06.2013 31.12.2012

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

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

Date 03.09.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 20.08.2013 11.08.2013 19.07.2013 05.07.2013 28.06.2013 12.06.2013 07.06.2013 02.06.2013 31.05.2013 24.05.2013 25.04.2013 08.04.2013 31.10.2012 21.09.2012 24.07.2012 23.07.2012 25.06.2012 11.06.2012 22.04.2012 29.03.2012 06.01.2012 20.12.2011 13.12.2011 02.12.2011 15.06.2011 11.05.2010 28.02.2010

09.09.2013

China Merchants Bank Co Ltd China Merchants Bank Co., Ltd. provides a wide range of commercial banking services including deposit, loan, bill discount, government bonds underwriting and trading, interbank lending, letter of credit, bank guarantee, and other related services.

Price/Volume 16

250.0 M

200.0 M

12 10

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (21.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600036 CH EQUITY YTD Change 600036 CH EQUITY YTD % CHANGE

12/2012 06/yy 14.72 9.50 226'690'991.00 11.58 -21.35% 21.95% 26.67% 17'666.1 257'985.80 610'425.00 0.0 73.0 962'670.00 -

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

100.0 M

6 4

50.0 M

2 0 s-12

31.12.2009 31.12.2010 78'480.0 100'188.0 18'235.0 25'769.0 19.00x 10.41x Profitability

LTM-4Q 31.12.2011 142'837.0 36'129.0 7.11x

31.12.2012 176'909.0 45'273.0 6.55x 51.66% 51.71% 1.35% 24.47% 5.54% 0.05% 39.3% 17.91% 304.55% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

5.44 1.01 11'055.14 22.13% -9.76% 1.008 20 4.600 39'812'720 53'761'010 60'796'510 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'362.0 186'464.0 129'809.1 148'479.0 32'263.0 33'376.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 40'903.0 48'167.0 50'736.4 56'756.5 13'286.0 11'815.0 5.77x 5.20x 5.45x 4.81x 4.69x 4.49x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 304.6% Total Debt/Capital 75.3% Asset Turnover 0.05 Net Fixed Asset Turnover 10.08 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

180.00

200'000.0

160.00

180'000.0

140.00

160'000.0 140'000.0

120.00

120'000.0

100.00 80.00

100'000.0 80'000.0

60.00

60'000.0

40.00

40'000.0

20.00

20'000.0

0.00 01.01.2010

.0 M o-12

Fiscal Year Ended 31.12.2008 82'401.0 21'077.0 8.50x

150.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Merchants Bank Co Ltd Holdings By:

All

Holder Name CHINA MERCHANTS STEA CHINA OCEAN SHIPPING SHENZHEN YAN QING IN GUANGZHOU MARITIME T ANBANG INSURANCE CO BESTWINNER INVESTMEN CHINA COMMUN CONSTRU SHANGHAI AUTO INDUST SINO LIFE INSURANCE BLACKROCK ASSET MGMT CHINA ASSET MANAGEME E FUND MANAGEMENT HARVEST FUND MANAGEM AEGON INDUSTRIAL FUN CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU DACHENG FUND MANAGME BOSHI FUND MANAGEMEN CHINA SOUTHERN FUND CHINA UNIVERSAL ASSE

Firm Name PingAn Securities HSBC Northeast Securities Co Ltd GF Securities Co. Ltd. Masterlink Securities Guotai Junan Capital Securities Corp Bank of China International Sinolink Securities Co Ltd JPMorgan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd Central China Securities SWS Research Co Ltd Goldman Sachs Everbright Securities Co., Ltd Tebon Securities Co Ltd Founder Securities Hong Yuan Securities Citic Securities Co., Ltd Guodu Securities Co Ltd Great Wall Securities China Securities Co., Ltd China Merchants Securities AJ Securities Industrial Securities Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities China Minzu Securities Co Ltd HuaChuang Securities China Galaxy Securities

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

Analyst GRACE LI TODD DUNIVANT YAYUN TANG Mu Hua RAINY YUAN GUANHUA QIU XIE JIYONG YUAN LIN HE GUOWEN KATHERINE LEI LIU JUN JIAOYI CHENG CHEN XI JUN NI NING MA SHEN WEI GENDA XIA WEI ZHOU ZHANG JIXIU ZHU YAN DENG TING BIAO HUANG #N/A N/A LUO YI ZHANG ZHIPENG YIDONG ZHANG XIE AIHONG LI SHANSHAN ZHANG ZHONGYANG ZHANG JING GAO LI YE YUNYAN

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

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

Amt Held 2'693'717'481 1'341'336'551 636'788'489 631'287'834 602'568'437 556'333'611 383'445'439 368'079'979 331'999'475 262'840'111 257'548'221 214'567'303 181'975'603 99'700'032 87'028'542 83'042'204 73'268'151 69'221'795 66'755'288 58'535'242

% Out 15.25 7.59 3.6 3.57 3.41 3.15 2.17 2.08 1.88 1.49 1.46 1.21 1.03 0.56 0.49 0.47 0.41 0.39 0.38 0.33

Weighting

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

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

Latest Chg 9'000'000 99'882'734 (47'955'041) (32'836'720) 9'032'966 10'373'967 (2'893'943) (11'518'205) (1'629'261) (11'726'572)

Target Price #N/A N/A 13 #N/A N/A #N/A N/A 13 13 15 16 #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 16 15 15 #N/A N/A 11 11 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A 18 #N/A N/A

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

File Dt 27.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 30.06.2013 31.12.2012 30.06.2013 01.07.2013 02.09.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 02.09.2013

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

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

Date 03.09.2013 28.08.2013 25.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 18.08.2013 18.08.2013 18.08.2013 29.07.2013 19.07.2013 12.06.2013 02.06.2013 26.04.2013 31.12.2012 29.10.2012 21.09.2012 22.08.2012 20.08.2012 25.06.2012 17.06.2012 05.04.2012 28.03.2012 20.12.2011 13.12.2011 02.12.2011 01.12.2011 15.06.2011 11.05.2010

09.09.2013

Ping An Insurance Group Co of China Ltd Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China. The Company writes property, casualty, and life insurance. Ping An Insurance also offers financial services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601318 CH EQUITY YTD Change 601318 CH EQUITY YTD % CHANGE

12/2011 06/yy 53.27 31.69 93'337'527.00 37.61 -29.40% 18.68% 18.91% 4'786.4 325'394.31 1'601'021.00 0.0 50'032.0 169'047.00 754'568.32

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

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 87'666.0 4.28x 1'418.0 173.82x

31.12.2009 31.12.2010 152'961.0 195'052.0 4.16x 4.27x 13'883.0 17'311.0 31.68x 32.03x Profitability

LTM-4Q 31.12.2011 272'683.0 5.13x 19'475.0 16.61x

31.12.2012 341'539.0 5.45x 20'050.0 20.64x 11.63% 9.47% 0.83% 15.02% 3.61% 0.13% 5.9% 56.29% 1003.04% -

Price/ Cash Flow

LTM

FY+1

1.33 1.34 3'190.19 -9.57% -16.35% 1.345 18 4.889 34'755'410 31'846'260 33'050'670 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 306'171.0 357'196.0 332'263.4 371'104.0 13.05x 8.83x 1.11x 0.93x 0.0 0.0 0.00x 0.00x 20'677.0 24'001.0 27'153.0 32'596.0 4'600.0 4'600.0 19.34x 13.62x 11.10x 9.23x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1003.0% 88.4% 0.13 -

Sales/Revenue/Turnover

14.00

400'000.0

12.00

350'000.0 300'000.0

10.00

250'000.0 8.00

200'000.0 6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name SHENZHEN INVESTMENT YUAN TRUST INVESTMEN LZ JING'AO INDUST DE CHINA FOREIGN ECONOM LINZHI XINHAOSHI INV SHUM YIP HOLDINGS CO SHENZHEN WUXIN YUFU GONGBUJIANGDA JIANGN SOCIAL SECURITY FUND BLACKROCK ASSET MGMT BOSHI FUND MANAGEMEN CHINA ASSET MANAGEME E FUND MANAGEMENT DACHENG FUND MANAGME HUAAN FUND MANAGEMEN HARVEST FUND MANAGEM AEGON INDUSTRIAL FUN CSOP ASSET MANAGEMEN FULLGOAL FUND MANAGE GREAT WALL FUND MANA

Firm Name Northeast Securities Co Ltd Credit Suisse Chang Jiang Securities Co. Limited JPMorgan Capital Securities Corp GF Securities Co. Ltd. Sinolink Securities Co Ltd HSBC China Merchants Securities Everbright Securities Co., Ltd SWS Research Co Ltd UBS Goldman Sachs Guotai Junan Bank of China International Guodu Securities Co Ltd Hong Yuan Securities HuaChuang Securities Great Wall Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities China Minzu Securities Co Ltd PingAn Securities China Galaxy Securities China Investment Securities

Analyst XINAN ZHAO ARJAN VAN VEEN LIU JUN MW KIM XIE JIYONG CONG LI HE GUOWEN JAMES GARNER LUO YI ZIPEI TANG TINA SUN JANET SUN MANCY SUN PENG YULONG SUN PENG DENG TING ZHANG JIXIU GAO LI BIAO HUANG PAN HONGWEN JIAO WENCHAO ZHANG YING SONG JIAN DOU ZEYUN XU LIPING XU SHOUDE

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

Recommendation add outperform buy overweight buy buy buy overweight strong buy buy buy buy Buy/Neutral buy buy buy add buy strong buy buy buy buy add strong buy buy buy

Amt Held 481'359'551 380'000'000 273'701'889 241'770'726 230'560'999 179'675'070 178'802'104 139'112'886 111'007'892 81'976'019 81'514'389 71'012'998 64'039'044 54'559'640 49'658'290 39'900'868 33'850'916 32'525'031 25'700'753 25'060'137

% Out 10.06 7.94 5.72 5.05 4.82 3.75 3.74 2.91 2.32 1.71 1.7 1.48 1.34 1.14 1.04 0.83 0.71 0.68 0.54 0.52

Weighting

Change 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 5 5 5 5 5 4 5 5 5

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

Latest Chg (88'533'188) 33'373'891 43'210'497 12'482'322 20'156'697 9'563'462 (8'005'129) 3'650'641 (1'994'851) 7'910'936

Target Price #N/A N/A 60 #N/A N/A 54 45 #N/A N/A #N/A N/A 50 54 #N/A N/A #N/A N/A 55 65 #N/A N/A 51 #N/A N/A 61 62 #N/A N/A 62 60 #N/A N/A 45 101 68 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 18.06.2012 31.01.2013 19.04.2013 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.08.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.06.2013 01.07.2013 02.09.2013 31.12.2012 30.06.2013

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

Inst Type Government Other Corporation Corporation Other Holding Company Corporation Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 21.08.2013 05.08.2013 24.07.2013 17.07.2013 16.05.2013 27.03.2013 15.03.2013 15.03.2013 03.02.2013 12.12.2012 27.08.2012 24.07.2012 25.06.2012 29.03.2012 01.12.2011 07.01.2011 29.06.2010 17.08.2009

09.09.2013

Shanghai Pudong Development Bank Shanghai Pudong Development Bank Co., Ltd. provides a broad range of retail and commercial banking services to its customers. The Company's services include commercial and consumer loans, deposits, remittances, accounts settlement, foreign exchange, letters of credit, and other related businesses.

Price/Volume 14

400.0 M

350.0 M

300.0 M 250.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600000 CH EQUITY YTD Change 600000 CH EQUITY YTD % CHANGE

12/2012 06/yy 12.27 7.10 580'189'224.00 10.53 -14.18% 48.31% 47.78% 18'653.5 196'421.05 732'285.00 0.0 2'162.0 1'091'365.00 -

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

150.0 M

100.0 M

50.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 59'287.9 12'516.0 5.99x

200.0 M

31.12.2009 31.12.2010 63'989.0 78'032.2 13'216.6 19'177.2 13.39x 7.74x Profitability

LTM-4Q 31.12.2011 128'186.4 27'286.0 5.80x

31.12.2012 160'408.0 34'186.0 5.41x 53.82% 53.58% 1.12% 20.86% 4.01% 0.05% 40.9% 23.28% 412.56% -

Price/ Cash Flow

LTM

06/yy 06/yy 151'078.0 171'915.6 0.00x 0.00x 0.0 0.0 0.00x 0.00x 31'599.4 36'379.0 4.80x 4.25x

FY+1

1.13 10'707.07 46.30% 12.08% 1.126 22 4.455 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 93'738.8 107'340.8 25'616.5 26'315.5 38'564.0 42'832.5 9'780.0 9'487.0 5.17x 4.61x 4.70x 4.58x S&P Issuer Ratings

24.06.2013 BBB+ STABLE 24.06.2013 A-2 412.6% 80.3% 0.05 18.01 -

Sales/Revenue/Turnover

60.00

180'000.0 160'000.0

50.00

140'000.0 120'000.0

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

01.07.2013

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

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

09.09.2013

Shanghai Pudong Development Bank Holdings By:

All

Holder Name CHINA MOBILE GROUP C SHANGHAI INTERNATION SHANGHAI INTERNATION SH GUOXIN INVEST DEV CHINA ASSET MANAGEME BLACKROCK ASSET MGMT BAILIAN GROUP CO LTD YOUNGOR GROUP CO CHINA NATL TOBACCO C CITIC SECURITIES CO NICE GROUP BV CHINA SOUTHERN FUND CHINA PACIFIC LIFE I HARVEST FUND MANAGEM CHINA LIFE INSURANCE E FUND MANAGEMENT EVERBRIGHT PRAMERICA HUAAN FUND MANAGEMEN ICBC CREDIT SUISSE A CSOP ASSET MANAGEMEN

Firm Name Guotai Junan Chang Jiang Securities Co. Limited Northeast Securities Co Ltd Qilu Securities Co Ltd HSBC GF Securities Co. Ltd. UBS PingAn Securities Central China Securities Standard Chartered Goldman Sachs EVA Dimensions Everbright Securities Co., Ltd Deutsche Bank Bank of China International Guodu Securities Co Ltd Founder Securities Capital Securities Corp Sinolink Securities Co Ltd China International Capital Corp Citic Securities Co., Ltd Hong Yuan Securities Great Wall Securities China Merchants Securities China Securities Co., Ltd Industrial Securities AJ Securities Rising Securities Co.,LTD China Minzu Securities Co Ltd BOCOM International Holdings Tebon Securities Co Ltd HuaChuang Securities China Galaxy Securities China Investment Securities

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

Analyst GUANHUA QIU LIU JUN YAYUN TANG JIAOYI CHENG MICHAEL CHU Mu Hua JANET SUN GRACE LI CHEN XI DORRIS CHEN NING MA DOUG WALTERS SHEN WEI TRACY YU YUAN LIN DENG TING WEI ZHOU XIE JIYONG JIANGANG CHEN MAO JUNHUA ZHU YAN ZHANG JIXIU BIAO HUANG LUO YI #N/A N/A YIDONG ZHANG ZHANG ZHIPENG XIE AIHONG ZHANG JING LI SHANSHAN TEAM COVERAGE GAO LI YE YUNYAN CHEN SHUIXIANG

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

Recommendation add add add buy neutral buy buy buy add outperform neutral/neutral buy buy not rated hold buy add buy add buy overweight add neutral strong buy add buy buy outperform buy buy outperform buy speculative buy buy

Amt Held 3'730'694'283 3'157'513'917 975'923'794 377'101'999 217'859'714 194'741'528 190'083'517 176'900'000 160'880'407 156'086'170 153'224'629 149'689'245 126'343'926 124'145'321 121'822'864 114'745'699 112'817'257 102'929'820 80'638'588 77'222'901

% Out 20 16.93 5.23 2.02 1.17 1.04 1.02 0.95 0.86 0.84 0.82 0.8 0.68 0.67 0.65 0.62 0.6 0.55 0.43 0.41

Weighting

Change

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

U 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 M M N M M M

Latest Chg 141'095'094 45'754'802 27'771'457 (57'481'300) 64'118'944 57'817'950 31'505'772 -

Target Price 9 #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A 11 #N/A N/A #N/A N/A 10 11 #N/A N/A 15 #N/A N/A 16 #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A 12 9 #N/A N/A #N/A N/A 11 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.06.2013 02.09.2013

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

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

Date 20.08.2013 18.08.2013 15.08.2013 14.08.2013 13.08.2013 11.08.2013 07.08.2013 06.08.2013 29.07.2013 10.07.2013 12.06.2013 06.06.2013 02.06.2013 12.04.2013 22.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 22.01.2013 07.01.2013 15.08.2012 23.07.2012 25.06.2012 12.04.2012 19.03.2012 16.03.2012 05.01.2012 07.11.2011 16.08.2011 28.04.2011 11.05.2010 12.04.2010

09.09.2013

Kweichow Moutai Co Ltd Kweichow Moutai Co., Ltd. manufactures spirits. The Company's spirit products are distilled from sorghum and wheat. Kweichow Moutai markets its products worldwide.

Price/Volume 300

25.0 M

250

20.0 M

200

Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (03.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600519 CH EQUITY YTD Change 600519 CH EQUITY YTD % CHANGE

12/2012 06/yy 254.96 149.00 6'927'092.00 150.95 -40.79% 1.31% 1.21% 1'038.2 156'713.28 0.00 0.0 1'304.4 22'062.00 139'483.90

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

10.0 M

100

5.0 M

50 0 s-12

.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 7'559.9 12.53x 5'451.2 17.38x 3'799.5 26.97x

15.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 8'729.5 10'056.3 17.26x 15.99x 6'148.2 7'269.4 24.51x 22.13x 4'312.4 5'051.2 37.16x 34.38x Profitability

LTM-4Q 31.12.2011 15'925.0 11.48x 12'330.1 14.83x 8'763.1 22.90x

31.12.2012 23'882.7 8.22x 18'841.5 10.42x 13'308.1 16.30x 18'841.46 18'406.66 77.07% 78.30% 32.55% 43.34% 0.60% 91.4% 75.8% 55.7% 3.80 2.34 0.00% 0.00% 130.42 0.21

Price/ Cash Flow

LTM

06/yy 19'284.6 40.28x 0.0 0.00x 10'851.7 22.88x

06/yy 25'012.7 23.50x 0.0 0.00x 13'560.3 14.73x

FY+1

0.64 346.48 -35.48% -25.42% 0.639 23 4.696 10'680'770 3'829'704 3'572'046 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'037.0 34'986.6 6'657.0 7'058.0 4.39x 3.55x 21'697.3 24'963.5 6.43x 5.59x 15'277.2 18'073.5 3'834.0 3'442.5 10.24x 8.45x S&P Issuer Ratings

142498.46 110643.75 0.0% 0.0% 0.60 3.25 2.80 1724.15 13.53 1491.32

Sales/Revenue/Turnover

45.00

30'000.0

40.00

25'000.0

35.00

20'000.0

30.00 25.00

15'000.0

20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Kweichow Moutai Co Ltd Holdings By:

All

Holder Name CHINA KWEICHOW MOUTA CHINA KWEICHOW MOUTA GREAT WALL FUND MANA BOSHI FUND MANAGEMEN GF FUND MANAGEMENT C E FUND MANAGEMENT HARVEST FUND MANAGEM CHINA SOUTHERN FUND CHINA ASSET MANAGEME FULLGOAL FUND MANAGE DACHENG FUND MANAGME BLACKROCK ASSET MGMT HUAAN FUND MANAGEMEN CHINA LIFE INSURANCE CHINA MERCHANTS FUND ICBC CREDIT SUISSE A CHINA UNIVERSAL ASSE COFCO LTD SINO LIFE INSURANCE AEGON INDUSTRIAL FUN

Firm Name Capital Securities Corp Sinolink Securities Co Ltd China International Capital Corp UBS SWS Research Co Ltd Guotai Junan PingAn Securities Fortune CLSA Securities Limited Morgan Stanley Chang Jiang Securities Co. Limited Everbright Securities Co., Ltd HSBC China Merchants Securities Hong Yuan Securities Guodu Securities Co Ltd EVA Dimensions AJ Securities Rising Securities Co.,LTD Credit Suisse Founder Securities Citic Securities Co., Ltd Masterlink Securities Bank of China International HuaChuang Securities China Securities Co., Ltd Northeast Securities Co Ltd China Investment Securities Central China Securities China Galaxy Securities KGI Securities

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

Analyst LIU HUI CHEN GANG QIAO YANG DENNIS WANG MICHAEL TONG HU CHUNXIA WEN XIAN KATHARINE SONG LILLIAN LOU ZHIJIAN CHEN TINGZHI XING CHRISTOPHER K LEUNG LONG JUN SU QINGQING ZHAO XIANDONG CRAIG STERLING WU ZHENGWU ZHAO YUE VINCENT CHAN BAOPING ZHANG HUANG WEI LIU WEI SU CHENG GAO LI FUSHENG HUANG ZHU CHENGLIANG KE HAIDONG LIU RAN DONG JUNFENG SABRINA LEE

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

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

Amt Held 641'698'212 29'584'372 14'255'545 13'277'210 13'117'054 11'283'791 10'091'394 9'096'275 8'554'452 8'455'553 7'680'798 7'375'193 6'899'928 6'484'459 5'992'353 5'905'659 5'598'894 5'499'416 5'324'536 4'967'018

% Out 61.81 2.85 1.37 1.28 1.26 1.09 0.97 0.88 0.82 0.81 0.74 0.71 0.66 0.62 0.58 0.57 0.54 0.53 0.51 0.48

Weighting

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

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

Latest Chg 8'854'883 6'922'794 (653'237) 2'681'002 (7'970'615) (854'558) 6'494'344 (445'055) (3'529'198) 853'218 3'568'411 521'183 (2'364'144) 2'172'118

Target Price 170 #N/A N/A #N/A N/A 238 #N/A N/A 200 #N/A N/A 228 209 #N/A N/A 262 226 238 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 184 283 270 246 274 255 240 #N/A N/A #N/A N/A #N/A N/A 146 145

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

File Dt 14.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.08.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 02.09.2013 31.12.2012 31.12.2012 30.06.2013

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

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

Date 03.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 01.09.2013 12.08.2013 28.07.2013 24.07.2013 06.07.2013 27.06.2013 06.06.2013 25.04.2013 22.04.2013 17.04.2013 29.03.2013 04.03.2013 25.01.2013 25.01.2013 24.01.2013 25.06.2012 21.06.2012 02.03.2011 09.09.2010 02.04.2010 17.08.2009

09.09.2013

Bank of Communications Co Ltd Bank of Communications Co. Ltd. provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601328 CH EQUITY YTD Change 601328 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.68 3.68 476'720'758.00 4.51 -20.60% 22.55% 21.00% 39'250.9 335'645.97 1'040'404.00 0.0 1'529.0 1'349'429.00 -

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

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 s-12

o-12

31.12.2009 31.12.2010 132'775.0 164'124.0 30'118.0 39'042.0 13.01x 9.09x Profitability

LTM-4Q 31.12.2011 218'749.0 50'735.0 5.37x

31.12.2012 271'747.0 58'373.0 5.34x 49.62% 49.72% 1.14% 17.89% 4.07% 0.05% 38.6% 19.73% 273.85% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.85 17'295.79 10.36% -3.27% 0.850 16 4.250 80'540'190 67'351'940 74'254'960 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 251'346.0 282'864.0 160'821.4 180'243.4 41'607.0 40'911.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 55'428.0 62'112.0 63'300.1 69'687.9 13'582.0 12'181.0 4.92x 4.62x 5.24x 4.74x 5.18x 4.90x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 273.8% Total Debt/Capital 73.2% Asset Turnover 0.05 Net Fixed Asset Turnover 6.40 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 129'757.0 28'524.0 8.49x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Bank of Communications Co Ltd Holdings By:

All

Holder Name CHINA MINISTRY OF FI SOCIAL SECURITY FUND CAPITAL AIRPORT HOLD SHANGHAI TOBACCO GRO PING AN LIFE INSURAN CHINA FAW GROUP CORP YUNNAN HONGTA GROUP STATE GRID CORP OF C CHINA PETROCHEMICAL BLACKROCK ASSET MGMT AVIATION INDUSTRY CO CHINA NATIONAL PETRO CHINA ASSET MANAGEME HARVEST FUND MANAGEM CHINA SOUTHERN FUND CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU AEGON INDUSTRIAL FUN INVESCO GREAT WALL F EVERBRIGHT PRAMERICA

Firm Name PingAn Securities HSBC Northeast Securities Co Ltd Masterlink Securities Capital Securities Corp Bank of China International China International Capital Corp Guotai Junan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd UBS SWS Research Co Ltd GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities China Merchants Securities Citic Securities Co., Ltd Industrial Securities Central China Securities Rising Securities Co.,LTD China Investment Securities Great Wall Securities BOCOM International Holdings China Securities Co., Ltd China Minzu Securities Co Ltd China Galaxy Securities

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

Analyst GRACE LI TODD DUNIVANT YAYUN TANG RAINY YUAN XIE JIYONG YUAN LIN MAO JUNHUA GUANHUA QIU LIU JUN JIAOYI CHENG JANET SUN BECKY XU Mu Hua NING MA SHEN WEI ZHANG JIXIU LUO YI ZHU YAN YIDONG ZHANG CHEN XI XIE AIHONG ZHANG ZHONGYANG CHENG BINBIN LI SHANSHAN WEI TAO ZHANG JING YE YUNYAN

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

Recommendation buy overweight buy hold buy hold buy buy buy add neutral buy add neutral/neutral accumulate add buy overweight buy add neutral buy neutral restricted add add speculative buy

Amt Held 15'148'693'829 1'877'513'451 1'246'591'087 808'145'417 705'385'012 663'941'711 658'467'013 571'078'169 374'901'733 329'576'070 310'678'434 294'936'165 269'944'695 175'925'036 152'376'214 131'821'233 90'715'369 68'067'922 66'101'350 49'993'170

% Out 38.59 4.78 3.18 2.06 1.8 1.69 1.68 1.45 0.96 0.84 0.79 0.75 0.69 0.45 0.39 0.34 0.23 0.17 0.17 0.13

Latest Chg 2'530'340'780 439'560'439 219'780'219 (560'000) 238'752'320 (155'754'585) 33'965'778 (3'000'000) 61'400'572 49'861'861 45'493'203

Weighting

Change

Target Price

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

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

#N/A N/A 5 #N/A N/A 4 5 7 #N/A N/A 5 #N/A N/A #N/A N/A 4 #N/A N/A #N/A N/A 4 5 #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 6 7 #N/A N/A

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

File Dt 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 17.08.2012 30.08.2013 17.08.2012 17.08.2012 30.06.2013 30.06.2013 30.06.2013 02.09.2013 31.12.2012 01.07.2013 31.12.2012 31.12.2012

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

Inst Type Government Government Corporation Corporation Insurance Company Government Corporation Government Government Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 28.08.2013 25.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 20.08.2013 18.08.2013 11.08.2013 07.08.2013 19.07.2013 19.06.2013 12.06.2013 02.06.2013 25.04.2013 23.07.2012 29.06.2012 28.03.2012 12.01.2012 20.12.2011 02.12.2011 23.05.2011 11.04.2011 08.12.2010 25.11.2010 11.05.2010

09.09.2013

SAIC Motor Corp Ltd SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600104 CH EQUITY YTD Change 600104 CH EQUITY YTD % CHANGE

12/2012 06/yy 19.00 11.83 46'787'376.00 13.56 -28.63% 14.62% 18.69% 11'025.6 149'506.69 53'779.96 0.0 22'669.0 68'368.70 132'848.11

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

31.12.2009 31.12.2010 138'170.3 357'290.6 1.38x 0.36x 4'041.6 32'040.4 47.29x 4.06x 6'591.9 16'389.8 25.97x 9.23x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 423'749.6 0.36x 37'182.3 4.11x 20'221.9 7.71x

31.12.2012 473'004.3 0.43x 32'008.5 6.33x 20'751.8 9.37x 32'008.48 25'279.90 5.34% 8.49% 6.68% 18.19% 1.63% 15.2% 3.3% 4.4% 1.21 0.70 16.95% 43.96% 11.53 17.59

Price/ Cash Flow

LTM

FY+1

1.08 1'823.36 14.66% -19.66% 1.076 20 4.600 25'855'840 28'368'630 28'072'850 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 490'314.7 521'938.4 539'952.3 602'756.5 129'126.0 145'913.0 1.24x 1.27x 0.24x 0.24x 0.0 0.0 21'726.0 24'112.8 0.00x 0.00x 6.11x 5.51x 22'985.2 21'434.0 22'705.8 25'793.9 5'614.0 6'026.0 6.68x 6.79x 6.38x 5.63x 6.76x 6.53x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

41.62 20.80 44.0% 27.1% 1.63 10.96 31.65 20.75 51.55 4.70

Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

o-12

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 s-13

Fiscal Year Ended 31.12.2008 104'615.5 0.29x 967.1 31.89x 656.2 53.60x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

SAIC Motor Corp Ltd Holdings By:

All

Holder Name SHANGHAI AUTO INDUST YUEJIN MOTOR GROUP C SHANGHAI AUTO INDUST SHUANGYASHAN RUNKE I SOCIAL SECURITY FUND HARVEST FUND MANAGEM UBS HUAAN FUND MANAGEMEN E FUND MANAGEMENT CHINA SOUTHERN FUND BLACKROCK ASSET MGMT YINHUA FUND MANAGEME CHINA ASSET MANAGEME BOSHI FUND MANAGEMEN EVERBRIGHT PRAMERICA FULLGOAL FUND MANAGE INVESCO GREAT WALL F GUOHUA LIFE INSURANC LION FUND MANAGEMENT HUATAI-PINEBRIDGE FU

Firm Name Goldman Sachs Capital Securities Corp Sinolink Securities Co Ltd PingAn Securities Everbright Securities Co., Ltd UBS Northeast Securities Co Ltd China Investment Securities Qilu Securities Co Ltd Guodu Securities Co Ltd SWS Research Co Ltd Bank of China International China Minzu Securities Co Ltd Central China Securities Citic Securities Co., Ltd Rising Securities Co.,LTD Hong Yuan Securities EVA Dimensions HuaChuang Securities Great Wall Securities China Merchants Securities China Securities Co., Ltd Industrial Securities AJ Securities China Galaxy Securities

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

Analyst YIPENG YANG HAN WEIQI WU WENZHAO DE AN WANG WEI FENG TIANLONG ZOU LIU LIXI ZHANG LEI BAI YU LIANG FENG CHANG LU WANG YUSHENG CAO HE XU MINFENG LI CHUNBO WANG LIANG PANG LINLIN CRAIG STERLING WANG YANXUE RAN FEI WANG LIUSHENG CHEN ZHENG LI GANGLING ZHANG ZHIPENG LI DAN

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

Recommendation Buy/Neutral buy add buy buy buy buy buy add strong buy outperform buy add buy buy outperform add sell buy buy strong buy buy buy buy speculative buy

Amt Held 8'191'449'931 413'919'141 334'408'775 95'191'059 92'693'715 92'517'186 76'137'738 68'707'656 56'060'818 55'409'711 47'162'376 46'970'278 45'230'191 45'113'319 44'221'858 38'992'977 38'339'783 37'530'729 26'708'859 20'648'500

% Out 74.3 3.75 3.03 0.86 0.84 0.84 0.69 0.62 0.51 0.5 0.43 0.43 0.41 0.41 0.4 0.35 0.35 0.34 0.24 0.19

Weighting

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

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

Latest Chg 33'433'716 (27'981'932) 22'678'072 29'979'063 2'959'385 10'633'145 (16'702'417) 35'765'810 25'574'366 (36'049'318) 6'615'227 (1'038'543)

Target Price 21 17 #N/A N/A 20 17 17 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 21 16 #N/A N/A 19 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 20 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.05.2013 30.06.2013 31.12.2012 30.06.2013 30.08.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012

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

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

Date 30.08.2013 30.08.2013 30.08.2013 30.08.2013 17.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 21.07.2013 19.07.2013 03.07.2013 28.06.2013 20.06.2013 26.04.2013 22.04.2013 18.03.2013 15.01.2013 16.12.2012 14.10.2012 20.07.2012 25.06.2012 14.04.2012 22.12.2011 05.12.2009

09.09.2013

China CITIC Bank Corp Ltd China CITIC Bank Corporation Limited provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, currency trading, bank guarantee, and export credit.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601998 CH EQUITY YTD Change 601998 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.48 3.39 149'043'522.00 4.1 -25.18% 20.94% 19.14% 31'905.2 179'676.72 456'136.00 0.0 4'730.0 820'348.00 -

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

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 66'493.0 13'296.0 5.83x

31.12.2009 31.12.2010 61'458.0 80'283.0 14'320.0 21'509.0 15.78x 7.77x Profitability

LTM-4Q 31.12.2011 117'780.0 30'819.0 4.99x

31.12.2012 153'719.0 31'032.0 5.61x 46.05% 46.03% 1.01% 16.07% 4.52% 0.05% 34.3% 15.41% 229.96% -

Price/ Cash Flow

LTM

06/yy 06/yy 141'379.0 162'956.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 35'168.0 32'050.0 4.37x 4.10x

FY+1

3.66 1.10 2'752.40 11.76% -0.48% 1.097 19 3.526 42'372'370 30'912'200 27'796'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 98'288.4 111'906.8 25'941.0 26'265.0 34'437.8 38'628.9 10'019.0 5'005.0 5.55x 4.90x 5.13x 4.94x S&P Issuer Ratings

230.0% 69.2% 0.05 14.05 -

Sales/Revenue/Turnover

25.00

180'000.0 160'000.0

20.00

140'000.0 120'000.0

15.00

100'000.0 80'000.0

10.00

60'000.0 40'000.0

5.00

20'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China CITIC Bank Corp Ltd Holdings By:

All

Holder Name CITIC GROUP SOCIAL SECURITY FUND BLACKROCK ASSET MGMT CHANG XIN ASSET MANA CHINA POST & CAPITAL HARVEST FUND MANAGEM CSOP ASSET MANAGEMEN HUAAN FUND MANAGEMEN CAISSE DE DEPOT ET P LION FUND MANAGEMENT BOSHI FUND MANAGEMEN HUATAI-PINEBRIDGE FU ICBC CREDIT SUISSE A E FUND MANAGEMENT CHINA SOUTHERN FUND CHINA UNIVERSAL ASSE FRANKLIN TEMPLETON S CITIC PRUDENTIAL FUN CHINA INTERNATIONAL GUOLIAN FUND MANAGEM

Firm Name PingAn Securities Masterlink Securities Northeast Securities Co Ltd HSBC Capital Securities Corp Bank of China International China International Capital Corp Chang Jiang Securities Co. Limited Guotai Junan Qilu Securities Co Ltd UBS SWS Research Co Ltd Central China Securities GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Founder Securities Hong Yuan Securities Sinolink Securities Co Ltd China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities Rising Securities Co.,LTD BOCOM International Holdings China Minzu Securities Co Ltd China Investment Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios CHINA POST CORE GROW Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GRACE LI RAINY YUAN YAYUN TANG TODD DUNIVANT TEAM COVERAGE YUAN LIN JIE HUANG LIU JUN GUANHUA QIU JIAOYI CHENG JANET SUN JUN NI CHEN XI Mu Hua NING MA SHEN WEI WEI ZHOU ZHANG JIXIU JIANGANG CHEN LUO YI ZHU YAN #N/A N/A YIDONG ZHANG XIE AIHONG LI SHANSHAN ZHANG JING CHEN SHUIXIANG

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

Recommendation buy hold add overweight hold sell hold add add add neutral neutral add hold neutral/neutral accumulate add add neutral strong buy overweight add buy buy long-term buy neutral buy

Amt Held 28'938'928'294 213'835'341 93'289'494 60'969'257 58'825'881 38'800'574 37'432'313 26'494'834 18'305'733 15'779'197 14'830'196 14'204'193 11'303'380 10'413'312 9'358'881 9'062'826 7'999'972 7'595'157 7'575'864 5'892'210

% Out 90.7 0.67 0.29 0.19 0.18 0.12 0.12 0.08 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

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

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

Latest Chg 60'857'010 58'825'881 (5'059'491) 6'448'067 14'818'373 9'788'232 1'474'246 1'718'600 4'287'616 55'500 (370'106) 5'546'048 6'806'957 7'509'964 5'892'210

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

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

File Dt 25.02.2013 31.12.2009 30.08.2013 31.12.2012 30.06.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 03.09.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 20.08.2013 11.08.2013 07.08.2013 19.07.2013 28.06.2013 19.06.2013 12.06.2013 02.06.2013 24.01.2013 12.01.2013 30.10.2012 23.07.2012 29.06.2012 25.06.2012 30.03.2012 20.12.2011 13.12.2011 25.11.2010 12.04.2010

09.09.2013

China Yangtze Power Co Ltd China Yangtze Power Company Ltd. owns the Gezhouba Power Station and the Three Gorges Power Station. The Company generates hydroelectric power, which is supplied to central China, east China, Guangdong province, Chongqing city, and other areas.

Price/Volume 8

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600900 CH EQUITY YTD Change 600900 CH EQUITY YTD % CHANGE

12/2012 06/yy 7.87 6.13 27'677'045.00 6.82 -13.34% 11.26% 33.91% 16'500.0 112'530.00 65'149.32 0.0 7.5 1'549.95 170'526.89

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

30.0 M

3 2

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 9'205.5 6'972.1 4'002.9 -

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 10'820.1 21'536.4 21.15x 9.77x 8'652.9 18'557.8 26.44x 11.34x 4'617.3 8'225.1 28.47x 15.19x Profitability

LTM-4Q 31.12.2011 20'362.5 9.27x 17'369.3 10.87x 7'699.9 13.63x

31.12.2012 25'292.3 7.00x 21'470.8 8.24x 10'352.0 10.95x 21'470.77 15'324.65 60.59% 53.68% 6.60% 14.96% 0.16% 63.0% 59.1% 40.9% 0.09 0.06 41.97% 87.01% 8.49 24.42

Price/ Cash Flow

LTM

06/yy 21'284.6 35.53x 0.0 0.00x 7'860.2 14.27x

06/yy 24'965.2 29.03x 0.0 0.00x 10'352.8 11.03x

FY+1

.0 M s-13

0.71 3'514.64 11.06% 4.27% 0.705 12 4.583 13'804'570 15'903'470 19'319'120 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'674.2 25'418.0 10'898.5 3'851.0 6.89x 6.46x 47.50x 19'912.3 20'437.3 8.56x 8.34x 9'908.3 10'416.7 4'669.5 1'516.0 11.35x 10.74x S&P Issuer Ratings

4.68 3.79 87.0% 46.5% 0.16 0.19 42.97 14.95 3.84 37.29

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

01.07.2013

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

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

09.09.2013

China Yangtze Power Co Ltd Holdings By:

All

Holder Name CHINA THREE GORGES P CHINA NATIONAL NUCLE CHINA NATIONAL PETRO HUANENG POWER INTERN SHANGHAI CHONGYANG I CHINA PACIFIC LIFE I CHINA MERCHANTS SECU BLACKROCK ASSET MGMT HARVEST FUND MANAGEM THREE GORGES FINANCE CHINA LIFE INSURANCE GUANGDONG POWER GRID HUATAI-PINEBRIDGE FU CSOP ASSET MANAGEMEN GUOTAI ASSET MANAGEM CHINA ASSET MANAGEME ICBC CREDIT SUISSE A E FUND MANAGEMENT HUAAN FUND MANAGEMEN DACHENG FUND MANAGME

Firm Name Credit Suisse Masterlink Securities Everbright Securities Co., Ltd SWS Research Co Ltd Central China Securities EVA Dimensions Goldman Sachs Capital Securities Corp Rising Securities Co.,LTD Citic Securities Co., Ltd UBS Bank of China International Great Wall Securities China Merchants Securities PingAn Securities China Galaxy Securities KGI Securities

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 Multiple Portfolios

Analyst VINCENT CHAN LI YAN JUNPENG CHEN EVAN LIANG PAN HANGJUN DOUG WALTERS FRANKLIN CHOW LAI SHENSHENG DAI LIPING WU FEI YINGZHEN XU PETER YAO GUI FANGXIAO PENG QUANGANG FAN WANG ZOU XUYUAN CHEN JUDITH

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

Recommendation outperform buy buy outperform add underweight Buy/Neutral buy outperform buy buy not rated buy strong buy buy buy neutral

Amt Held 12'099'532'950 261'594'750 257'559'750 257'559'750 82'600'000 80'839'206 71'252'261 69'710'167 62'248'892 56'400'000 56'038'661 52'521'975 31'391'614 28'356'020 23'272'928 22'856'384 22'657'106 16'115'766 15'726'555 12'995'794

% Out 73.33 1.59 1.56 1.56 0.5 0.49 0.43 0.42 0.38 0.34 0.34 0.32 0.19 0.17 0.14 0.14 0.14 0.1 0.1 0.08

Weighting

Change

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

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

Latest Chg (7'353'359) 28'577 12'925'277 (65'359'473) 16'541'343 (18'763'723) (1'613'651) 6'951'032

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

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

File Dt 10.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Government Government Government Holding Company Investment Advisor Insurance Company Corporation Investment Advisor Investment Advisor Investment Advisor Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 20.08.2013 18.08.2013 18.07.2013 27.06.2013 06.06.2013 20.05.2013 08.05.2013 23.04.2013 15.01.2013 10.01.2013 10.12.2012 23.10.2012 19.07.2012 30.11.2011 08.01.2010 20.05.2009

09.09.2013

China Everbright Bank Co Ltd China Everbright Bank Company Limited provides a full range of commercial banking services including deposit, loan, domestic and international settlement, currency trading, discount, financial and government bonds, interbank lending, receipt and payment, insurance, letter of credit, bank guarantee, deposit box services, and other related services.

Price/Volume

600.0 M

500.0 M 400.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601818 CH EQUITY YTD Change 601818 CH EQUITY YTD % CHANGE

12/2012 06/yy 3.80 2.53 441'947'070.00 2.96 -22.11% 17.00% 16.54% 40'434.8 119'686.98 677'751.00 0.0 144.0 699'202.00 -

300.0 M

2 1

200.0 M

100.0 M

0 s-12

o-12

31.12.2009 31.12.2010 42'457.0 59'635.8 7'643.0 12'790.2 11.00x Profitability

LTM-4Q 31.12.2011 84'924.9 18'067.9 6.40x

31.12.2012 114'139.0 23'591.0 5.26x 52.14% 52.27% 1.12% 22.11% 3.43% 0.05% 39.0% 29.74% 593.59% -

Price/ Cash Flow

d-12

j-13

LTM

06/yy 06/yy 100'728.9 124'419.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 21'778.0 25'587.5 5.29x 4.55x

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

0.88 12'107.88 8.53% -1.07% 0.875 17 3.471 88'803'580 72'576'840 77'447'740 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 68'705.5 79'130.9 16'524.0 17'966.5 27'135.8 30'422.9 7'243.0 5'621.5 4.74x 4.15x 4.29x 4.17x S&P Issuer Ratings

NR 593.6% 85.6% 0.05 10.95 -

Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

n-12

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

700.0 M

4 3

Valuation Analysis

31.12.2008 45'902.0 7'316.0 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Everbright Bank Co Ltd Holdings By:

All

Holder Name CHINA INVESTMENT COR CHINA EVERBRIGHT GRO CHINA EVERBRIGHT LTD CHINA REINSURANCE GR CHINA POWER FINANCE SHENERGY GROUP CO LT HONGTA TOBACCO GROUP SOCIAL SECURITY FUND AEROSPACE SCI & TECH BAOSTEEL GROUP CORP BLACKROCK ASSET MGMT CHINA ASSET MANAGEME HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU CSOP ASSET MANAGEMEN INVESCO GREAT WALL F CHANGSHENG FUND MANA YINHUA FUND MANAGEME FULLGOAL FUND MANAGE CHINA ASSET MANAGEME

Firm Name PingAn Securities Masterlink Securities Capital Securities Corp Northeast Securities Co Ltd Guotai Junan Chang Jiang Securities Co. Limited SWS Research Co Ltd Standard Chartered GF Securities Co. Ltd. EVA Dimensions Everbright Securities Co., Ltd Deutsche Bank Founder Securities Hong Yuan Securities Sinolink Securities Co Ltd Central China Securities Goldman Sachs China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities AJ Securities Rising Securities Co.,LTD BOCOM International Holdings Guodu Securities Co Ltd Bank of China International

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

Analyst GRACE LI RAINY YUAN XIE JIYONG YAYUN TANG GUANHUA QIU LIU JUN BECKY XU DORRIS CHEN Mu Hua DOUG WALTERS SHEN WEI TRACY YU WEI ZHOU ZHANG JIXIU JIANGANG CHEN CHEN XI NING MA LUO YI ZHU YAN #N/A N/A YIDONG ZHANG ZHANG ZHIPENG XIE AIHONG LI SHANSHAN DENG TING YUAN LIN

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

Recommendation buy hold hold neutral neutral neutral outperform in-line hold buy accumulate hold add add neutral add Sell/Neutral buy overweight add buy buy neutral long-term buy buy hold

Amt Held 19'580'382'099 2'093'991'629 1'757'581'229 1'466'875'189 799'887'815 782'333'434 549'896'819 543'598'286 383'404'248 368'958'396 163'436'442 108'363'210 105'799'323 69'133'258 63'168'100 47'216'154 43'633'617 34'921'356 34'321'700 32'227'757

% Out 48.42 5.18 4.35 3.63 1.98 1.93 1.36 1.34 0.95 0.91 0.4 0.27 0.26 0.17 0.16 0.12 0.11 0.09 0.08 0.08

Weighting

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

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

Latest Chg 22'046'246 (53'843'364) (59'750'970) 13'521'700 41'715'500 40'291'466 (53'932'971) 32'380'300 -

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

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

File Dt 14.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 30.06.2013 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

Inst Type Investment Advisor Corporation Holding Company Government Other Government Corporation Government Government Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 28.08.2013 27.08.2013 27.08.2013 20.08.2013 18.08.2013 19.07.2013 16.07.2013 19.06.2013 06.06.2013 02.06.2013 12.04.2013 08.03.2013 31.01.2013 29.10.2012 29.10.2012 11.10.2012 23.07.2012 29.06.2012 25.06.2012 26.04.2012 01.02.2012 20.12.2011 07.11.2011 12.08.2011 12.04.2011

09.09.2013

CITIC Securities Co Ltd CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

Price/Volume 18

300.0 M

250.0 M

14 12

200.0 M

12/2012 06/yy 15.97 9.29 264'873'010.00 11.85 -25.80% 27.56% 26.65% 9'838.6 131'412.30 75'060.24 0.0 219.3 25'835.77 121'617.84

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

100.0 M

50.0 M

2 0 s-12

31.12.2009 31.12.2010 24'178.0 24'527.0 12.44x 7.01x 14'125.4 11'609.5 21.29x 14.81x 8'984.0 11'311.3 23.45x 11.04x Profitability

LTM-4Q 31.12.2011 11'775.9 10.79x 2'496.3 50.88x 12'576.5 7.89x

31.12.2012 13'041.2 15.30x 6'421.6 31.06x 4'237.4 35.16x 6'421.63 41.78% 42.08% 2.35% 4.86% 3.62% 0.09% 32.5% 44.54% 86.81% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 23'700.7 13.52x 0.0 0.00x 11'851.8 11.64x

f-13 m-13

06/yy 14'832.9 29.43x 0.0 0.00x 4'098.3 27.19x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.54 7'279.19 6.11% -8.82% 1.542 20 4.300 64'964'660 87'542'340 90'058'480 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 15'161.7 19'440.9 4.20x 3.14x 5'587.0 7'539.0 21.77x 16.13x 5'360.4 6'920.6 24.95x 18.96x S&P Issuer Ratings

18.10.2012 BBB+ STABLE 18.10.2012 A-2 86.8% 46.4% 0.09 4.58 -

Sales/Revenue/Turnover

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

o-12

Fiscal Year Ended 31.12.2008 19'123.6 8.38x 11'377.6 14.08x 7'305.0 16.31x

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600030 CH EQUITY YTD Change 600030 CH EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

CITIC Securities Co Ltd Holdings By:

All

Holder Name CITIC GROUP CHINA LIFE INSURANCE BLACKROCK ASSET MGMT BOSHI FUND MANAGEMEN CHINA ACADEMY OF LAU YINHUA FUND MANAGEME HARVEST FUND MANAGEM CHINA SOUTHERN FUND NANJING XINGANG HIGH DACHENG FUND MANAGME E FUND MANAGEMENT EVERBRIGHT SECURITIE CITIC GUOAN GROUP NEW TIMES TRUST CO L CSOP ASSET MANAGEMEN RONGTONG FUND MANAGE LION FUND MANAGEMENT HUATAI-PINEBRIDGE FU HFT INVESTMENT MANAG CHANGSHENG FUND MANA

Firm Name Northeast Securities Co Ltd Chang Jiang Securities Co. Limited Credit Suisse GF Securities Co. Ltd. Sinolink Securities Co Ltd China International Capital Corp Guotai Junan Everbright Securities Co., Ltd China Minzu Securities Co Ltd Bank of China International SWS Research Co Ltd PingAn Securities Goldman Sachs HSBC Guodu Securities Co Ltd EVA Dimensions Deutsche Bank JPMorgan Capital Securities Corp Central China Securities Hong Yuan Securities China Merchants Securities Industrial Securities Tebon Securities Co Ltd China Securities Co., Ltd China Investment Securities China Galaxy Securities

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

Analyst XINAN ZHAO LIU JUN FRANCES FENG CONG LI WANG KUN JIE HUANG ZHAO XIANGHUAI ZIPEI TANG SONG JIAN ZHANG JIAN HE ZONGYAN WU JIE NING MA YORK PUN DENG TING DOUG WALTERS TRACY YU JOSHUA KLACZEK TEAM COVERAGE XIE PEIJIE HUANG LIJUN HONG JINPING ZHANG YING TEAM COVERAGE WEI TAO CHEN JIANTAO XIAOHUI CHI

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

Recommendation add add neutral buy buy buy buy buy add buy outperform buy Buy/Neutral neutral buy sell not rated neutral buy add buy strong buy buy outperform add neutral buy

Amt Held 2'303'963'550 592'201'934 137'116'998 127'927'843 106'478'308 94'039'153 91'483'569 73'149'583 71'223'634 70'230'811 68'607'829 66'737'803 63'739'930 58'000'000 54'550'984 48'634'288 42'852'898 41'269'162 39'450'653 37'281'556

% Out 23.42 6.02 1.39 1.3 1.08 0.96 0.93 0.74 0.72 0.71 0.7 0.68 0.65 0.59 0.55 0.49 0.44 0.42 0.4 0.38

Weighting

Change

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

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

Latest Chg 82'234'470 (26'958'954) (38'464'950) 31'271'828 10'105'797 20'846'117 8'798'611 (582'826) (27'799'044) (24'948'494) 20'660'472

Target Price #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A 13 15 15 38 #N/A N/A #N/A N/A 14 13 #N/A N/A #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A 15 #N/A N/A 14 22 #N/A N/A 26

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

File Dt 25.02.2013 31.12.2012 30.08.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013

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

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

Date 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 06.08.2013 23.07.2013 22.07.2013 22.07.2013 28.06.2013 24.06.2013 24.06.2013 21.06.2013 06.06.2013 12.04.2013 31.01.2013 24.01.2013 06.12.2012 30.11.2012 23.07.2012 30.03.2012 21.08.2011 08.12.2010 07.06.2010 30.06.2009

09.09.2013

China Pacific Insurance Group Co Ltd China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Price/Volume 25

80.0 M 70.0 M

60.0 M 50.0 M

40.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601601 CH EQUITY YTD Change 601601 CH EQUITY YTD % CHANGE

12/2012 06/yy 23.88 15.01 60'660'673.00 18.53 -22.40% 23.45% 29.43% 6'286.7 180'347.11 65'722.00 0.0 1'392.0 23'875.00 84'480.11

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

20.0 M 10.0 M

0 s-12

31.12.2009 31.12.2010 104'175.0 141'127.0 1.92x 1.45x 7'356.0 8'557.0 26.97x 22.90x Profitability

LTM-4Q 31.12.2011 155'446.0 1.21x 8'313.0 19.80x

31.12.2012 167'146.0 1.49x 5'077.0 38.14x 5.01% 3.66% 0.81% 5.87% 5.01% 0.27% 3.0% 9.64% 68.33% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.89 1.31 2'370.12 -9.00% -15.87% 1.313 19 4.737 19'399'840 17'104'680 19'271'300 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'384.0 184'010.0 189'243.0 212'691.7 2.15x 1.59x 0.97x 0.86x 0.0 0.0 0.00x 0.00x 5'135.0 7'903.0 8'923.4 11'250.3 1'300.0 2'300.0 37.15x 18.05x 19.34x 15.96x 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

68.3% 40.2% 0.27 -

Sales/Revenue/Turnover

4.50

180'000.0

4.00

160'000.0

3.50

140'000.0

3.00

120'000.0

2.50

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

o-12

Fiscal Year Ended 31.12.2008 76'135.0 1.03x 2'569.0 33.70x

30.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name FORTUNE INV CO LTD SHENERGY GROUP CO LT SHANGHAI TOBACCO GRO SHANGHAI STATE OWNED SHANGHAI JIUSHI CORP NORGES BANK YUNNAN HONGTA GROUP BOSHI FUND MANAGEMEN SOCIAL SECURITY FUND E FUND MANAGEMENT DACHENG FUND MANAGME BLACKROCK ASSET MGMT CHINA ASSET MANAGEME EVERBRIGHT PRAMERICA HARVEST FUND MANAGEM SCHRODER INVESTMENT AEGON INDUSTRIAL FUN YINHUA FUND MANAGEME GREAT WALL FUND MANA CSOP ASSET MANAGEMEN

Firm Name Chang Jiang Securities Co. Limited Guotai Junan Northeast Securities Co Ltd Credit Suisse GF Securities Co. Ltd. China International Capital Corp JPMorgan Capital Securities Corp Everbright Securities Co., Ltd SWS Research Co Ltd UBS HSBC Goldman Sachs Sinolink Securities Co Ltd Guodu Securities Co Ltd HuaChuang Securities Bank of China International Hong Yuan Securities PingAn Securities Great Wall Securities China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Masterlink Securities Industrial Securities China Minzu Securities Co Ltd China Galaxy Securities China Investment Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios SCHRODER ISF-BRIC (B Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LIU JUN PENG YULONG XINAN ZHAO ARJAN VAN VEEN CONG LI TANG SHENGBO MW KIM XIE JIYONG ZIPEI TANG TINA SUN JANET SUN JAMES GARNER MANCY SUN JIANGANG CHEN DENG TING GAO LI SUN PENG HUANG LIJUN LUO QI BIAO HUANG LUO YI PAN HONGWEN JIAO WENCHAO LI YAN ZHANG YING SONG JIAN XU LIPING XU SHOUDE

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

Recommendation add buy add outperform buy accumulate overweight strong buy buy outperform buy overweight Buy/Neutral add buy buy buy add buy strong buy strong buy buy buy buy buy add buy neutral

Amt Held 1'284'277'846 1'235'291'781 468'828'104 424'099'214 250'949'460 242'413'639 174'339'390 138'099'859 78'412'727 61'159'439 61'031'021 50'466'857 46'450'978 38'076'481 34'475'142 26'451'186 24'640'399 22'402'265 19'909'247 19'679'050

% Out 20.43 19.65 7.46 6.75 3.99 3.86 2.77 2.2 1.25 0.97 0.97 0.8 0.74 0.61 0.55 0.42 0.39 0.36 0.32 0.31

Weighting

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

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 M

Latest Chg 72'702'483 2'261'689 21'433'631 (7'400'869) 7'959'643 (48'034'505) 26'451'186 3'368'857 (10'235'169) 3'910'047 -

Target Price #N/A N/A 22 #N/A N/A 30 #N/A N/A 19 23 23 #N/A N/A #N/A N/A 24 26 26 22 25 25 23 #N/A N/A #N/A N/A #N/A N/A 28 26 30 26 #N/A N/A 30 33 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 30.06.2013 31.12.2012 31.07.2013 31.12.2012 31.12.2012 30.06.2013 02.09.2013

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

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

Date 02.09.2013 01.09.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 13.08.2013 05.08.2013 24.07.2013 17.07.2013 07.07.2013 16.05.2013 26.04.2013 16.04.2013 12.12.2012 06.12.2012 27.11.2012 29.10.2012 21.08.2012 26.07.2012 24.07.2012 25.06.2012 07.06.2012 29.03.2012 01.03.2012 29.06.2010 30.06.2009

09.09.2013

Daqin Railway Co Ltd Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern China. It also operates passenger transportation business.

Price/Volume 9 8 7 6 5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601006 CH EQUITY YTD Change 601006 CH EQUITY YTD % CHANGE

12/2012 06/yy 8.26 5.41 52'695'644.00 7.33 -11.26% 35.49% 69.47% 14'866.8 108'973.58 16'459.58 0.0 158.4 7'753.98 117'598.81

2 1 0 s-12

o-12

n-12

d-12

31.12.2008 21'852.0

31.12.2009 32'090.3

11'630.8

13'896.8

6'679.5

7'146.7

31.12.2010 40'643.5 3.25x 18'332.3 7.20x 10'410.8 10.02x

LTM-4Q 31.12.2011 43'497.0 2.84x 18'765.2 6.59x 11'698.6 9.44x

31.12.2012 44'604.1 2.45x 18'091.3 6.05x 11'502.6 8.78x

LTM

06/yy 43'962.6 10.95x 0.0 0.00x 11'579.1 9.06x

06/yy 46'614.2 9.14x 0.0 0.00x 11'917.5 7.41x

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

18'091.28 13'581.39 30.45% 32.96% 12.15% 17.79% 0.48% 36.5% 29.3% 25.8% 0.83 0.60 16.40% 23.45% 24.29 19.21

Price/ Cash Flow

f-13 m-13

a-13 m-13

j-13

a-13

FY+1

0.73 5'013.89 27.44% 14.81% 0.731 21 4.762 39'460'940 38'888'840 34'559'680 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 48'859.5 51'951.2 11'889.0 13'226.0 2.39x 2.05x 19'875.3 20'870.1 5.92x 5.63x 12'805.7 13'956.1 3'192.0 3'314.0 8.55x 7.85x S&P Issuer Ratings

21.00 16.42 23.5% 19.0% 0.48 0.67 15.03 19.00 41.33 -15.08

Sales/Revenue/Turnover

18.00

50'000.0

16.00

45'000.0

14.00

40'000.0 35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 01.01.2010

j-13

Market Data

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

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 s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Daqin Railway Co Ltd Holdings By:

All

Holder Name TAIYUAN RAILWAY ADMI CHINA PACIFIC LIFE I SOCIAL SECURITY FUND CHINA SOUTHERN FUND HEIBEI PORT GROUP CO CHINA NATIONAL COAL HARVEST FUND MANAGEM BLACKROCK ASSET MGMT PENGHUA FUND MANAGEM GUOTAI JUNAN SECURIT CHINA RAILWAY CONS I CHINA ASSET MANAGEME E FUND MANAGEMENT CSOP ASSET MANAGEMEN BOSERA FUND MANAGEME HUATAI-PINEBRIDGE FU AEGON INDUSTRIAL FUN BOSHI FUND MANAGEMEN YINHUA FUND MANAGEME FRANKLIN TEMPLETON S

Firm Name Northeast Securities Co Ltd China International Capital Corp Capital Securities Corp SWS Research Co Ltd Fortune CLSA Securities Limited Morgan Stanley Guotai Junan Chang Jiang Securities Co. Limited EVA Dimensions Hong Yuan Securities Standard Chartered Goldman Sachs Credit Suisse China Minzu Securities Co Ltd Qilu Securities Co Ltd Rising Securities Co.,LTD UBS HuaChuang Securities Bank of China International Founder Securities Everbright Securities Co., Ltd China Securities Co., Ltd China Merchants Securities Citic Securities Co., Ltd Industrial Securities PingAn Securities China Investment Securities China Galaxy Securities

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

Analyst XIANG XU REN ZHONG LI XIAOLU JINGDONG DENG JIE LI EDWARD XU CUI SHUTIAN HAN YICHAO TIMOTHY STANISH QU YONGZHONG CLAIRE TENG RONALD KEUNG VINCENT CHAN WANG XIAOYAN ZHOU LI XUE MINGJIE RICHARD WEI CHEN JUAN DU JIANPING WANG TAO DING XIANDA LI LEI TAO CHANG ZHANG HONGBO ZENG XU CHU HAI OUYANG JUN MAO ANG

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

Recommendation add buy buy buy buy Overwt/Attractive buy buy hold buy outperform Buy/Neutral outperform add buy outperform buy buy buy add accumulate add strong buy buy strong buy buy strong buy buy

Amt Held 9'172'093'536 407'750'040 303'076'719 177'463'105 158'702'841 139'308'018 124'292'911 118'895'847 97'004'588 86'322'980 79'719'060 73'290'090 51'668'717 46'210'901 43'926'925 40'987'998 38'173'963 38'144'208 36'210'714 28'003'445

% Out 61.7 2.74 2.04 1.19 1.07 0.94 0.84 0.8 0.65 0.58 0.54 0.49 0.35 0.31 0.3 0.28 0.26 0.26 0.24 0.19

Weighting

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

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

Latest Chg 53'017'394 (77'313'943) 27'787'915 (46'832'537) 18'881'214 134'202 13'719'675 28'191'597 (21'054'726) (30'291'063) 2'268'511

Target Price #N/A N/A 8 8 #N/A N/A 10 9 9 #N/A N/A #N/A N/A 13 9 9 12 9 9 #N/A N/A 11 #N/A N/A 8 #N/A N/A 7 9 #N/A N/A #N/A N/A #N/A N/A 16 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.08.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013

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

Inst Type Government Insurance Company Government Investment Advisor Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 31.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 16.08.2013 24.07.2013 09.07.2013 02.07.2013 18.06.2013 07.06.2013 24.03.2013 21.03.2013 05.03.2013 20.02.2013 25.01.2013 30.10.2012 28.08.2012 25.06.2012 10.06.2012 02.05.2012 26.04.2012 11.03.2012 07.01.2011 27.05.2010

09.09.2013

Shanghai International Port Group Co Ltd Shanghai International Port (Group) Co., Ltd is a holding company that owns interests in container and port service companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.09.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600018 CH EQUITY YTD Change 600018 CH EQUITY YTD % CHANGE

12/2012 06/yy 6.62 2.33 536'574'502.00 6.62 0.00% 184.12% 100.00% 22'755.2 150'639.30 21'196.55 0.0 5'852.9 8'977.05 169'169.57

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

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 17'486.3 4.50x 8'109.5 9.70x 4'619.3 15.04x

31.12.2009 31.12.2010 16'046.0 18'768.9 8.38x 4.91x 6'782.7 8'660.0 19.82x 10.64x 3'760.0 5'417.1 32.38x 14.76x Profitability

LTM-4Q 31.12.2011 21'414.9 3.50x 10'176.7 7.37x 4'724.2 12.15x

31.12.2012 28'151.3 2.77x 9'455.7 8.24x 4'969.3 12.04x 9'455.73 6'638.21 23.58% 25.53% 6.15% 11.45% 0.33% 31.5% 23.4% 17.7% 1.17 0.71 24.34% 44.40% 9.71 9.94

Price/ Cash Flow

LTM

06/yy 24'552.4 12.84x 0.0 0.00x 4'487.2 13.50x

06/yy 28'264.4 7.93x 0.0 0.00x 5'266.5 10.73x

FY+1

1.11 7'663.14 175.63% 165.15% 1.113 12 4.000 ######### 97'135'630 49'880'820 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 30'875.6 33'597.8 9'458.0 8'427.0 5.47x 4.99x 20.16x 8'839.0 9'174.5 2'995.0 2'137.0 19.14x 18.44x 16.95x 16.74x 5'300.4 5'846.0 1'395.0 1'678.0 28.17x 25.66x 27.58x 28.05x S&P Issuer Ratings

10.48 8.67 44.4% 28.3% 0.33 0.55 37.58 36.72 23.05 42.41

Sales/Revenue/Turnover

50.00

30'000.0

45.00

25'000.0

40.00 35.00

20'000.0

30.00

15'000.0

25.00 20.00

10'000.0

15.00 10.00

5'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Shanghai International Port Group Co Ltd Holdings By:

All

Holder Name SHANGHAI MUNICIPAL A YAJI INVEST CO LTD SHANGHAI TONGSHENG I SHANGHAI STATE OWNED SHANGHAI JIUSHI CORP SHANGHAI DASHENG ASS BOSHI FUND MANAGEMEN SHANGHAI TRANSPORTAT ORIENT INTL HOLDING CH OCEAN SHIPPING AG CHINA UNIVERSAL ASSE NORGES BANK HUAAN FUND MANAGEMEN HARVEST FUND MANAGEM EVERBRIGHT PRAMERICA RONGTONG FUND MANAGE SUMITOMO MITSUI TRUS CHINA ASSET MANAGEME HARVEST GLOBAL INVES DIAM

Firm Name Chang Jiang Securities Co. Limited Credit Suisse UBS GF Securities Co. Ltd. EVA Dimensions Northeast Securities Co Ltd Goldman Sachs SWS Research Co Ltd Capital Securities Corp Sinolink Securities Co Ltd Qilu Securities Co Ltd Everbright Securities Co., Ltd China Securities Co., Ltd Industrial Securities PingAn Securities Hong Yuan Securities Citic Securities Co., Ltd China Investment Securities China Merchants Securities AJ Securities China Galaxy Securities

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

Analyst HAN YICHAO DAVIN CHUNPONG WU JEAN RAO ZHANG LIANG TIMOTHY STANISH XIANG XU JANET LU AMOS ZHANG ZHANG LU JIANG MING ZHOU LI DING XIANDA LI LEI YUNTAO JI CHU HAI PANG LINLIN ZHANG HONGBO SUN MIN JI MIN LE MINYANG QIUSHENG ZHANG

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

Recommendation buy outperform buy hold sell add neutral/neutral outperform buy add add accumulate neutral strong buy buy add add buy buy neutral buy

Amt Held 9'284'491'490 5'570'694'894 5'292'486'284 293'235'050 92'844'915 92'844'915 29'335'257 29'070'000 20'564'802 15'570'000 6'163'003 2'557'590 2'241'997 1'821'300 1'471'968 1'350'439 1'149'500 590'382 553'300 552'124

% Out 40.8 24.48 23.26 1.29 0.41 0.41 0.13 0.13 0.09 0.07 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0

Weighting

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

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

Latest Chg (381'217) (297'172) (552'847) 360'900 1'471'968 (116'800) 450'000 -

Target Price #N/A N/A 5 4 #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A 3 #N/A N/A #N/A N/A 3 3 #N/A N/A #N/A N/A 4 6 #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 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 15.03.2013 31.12.2012 02.09.2013 17.12.2012

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

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

Date 01.09.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 13.08.2013 22.07.2013 18.07.2013 15.05.2013 26.04.2013 26.03.2013 20.11.2012 25.06.2012 27.03.2012 11.03.2012 29.08.2011 03.05.2011 02.03.2011 29.10.2010 14.07.2010 14.05.2010

09.09.2013

China State Construction Engineering Corp Ltd China State Construction Engineering Corporation Limited is a state-owned enterprise. The Company engages in housing construction, international building contracting, property development and investment, and infrastructure construction.

Price/Volume 5

700.0 M

600.0 M

500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601668 CH EQUITY YTD Change 601668 CH EQUITY YTD % CHANGE

12/2012 06/yy 4.18 2.90 251'282'783.00 3.3 -21.05% 13.79% 23.44% 30'000.0 99'000.00 175'054.19 0.0 37'695.8 118'365.25 221'433.70

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

400.0 M

300.0 M

200.0 M

100.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 194'406.7 9'524.0 2'746.0 -

31.12.2009 31.12.2010 250'346.0 355'530.6 0.52x 0.37x 15'040.8 20'823.3 8.74x 6.38x 6'091.8 9'240.2 18.15x 11.03x Profitability

LTM-4Q 31.12.2011 472'108.7 0.34x 29'560.6 5.44x 13'644.3 6.47x

31.12.2012 549'458.9 0.38x 33'960.2 6.22x 15'735.2 7.50x 33'960.21 30'311.95 5.52% 5.49% 2.70% 16.44% 9.42% 0.94% 8.4% 6.2% 5.5% 2.9% 1.35 0.54 26.86% 171.86% 6.95 2.16

Price/ Cash Flow

LTM

FY+1

3.18 1.00 11'099.93 8.22% -12.59% 0.998 7 5.000 93'247'690 89'071'860 89'898'500 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 505'705.9 596'126.8 650'733.6 737'948.4 1.47x 1.43x 0.0 0.0 41'648.0 47'789.0 0.00x 0.00x 5.32x 4.63x 14'210.9 17'350.7 18'292.0 21'182.8 7.17x 5.61x 5.40x 4.69x 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

4.18 2.98 1.67 5.15 171.9% 55.6% 0.94 24.73 52.66 169.50 107.72 114.44

Sales/Revenue/Turnover

10.00

600'000.0

9.00

500'000.0

8.00 7.00

400'000.0

6.00

300'000.0

5.00 4.00

200'000.0

3.00 2.00

100'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China State Construction Engineering Corp Ltd Holdings By:

All

Holder Name CHINA STATE CONSTRUC SOCIAL SECURITY FUND CHINA LIFE INSURANCE SINOCHEM CORP BAOSTEEL GROUP CORP CHINA NATIONAL PETRO E FUND MANAGEMENT BOSHI FUND MANAGEMEN CHINA SOUTHERN FUND HARVEST FUND MANAGEM CHINA PACIFIC INSURA SOCIAL SECURITY FUND BLACKROCK ASSET MGMT PENGHUA FUND MANAGEM BANK OF COMMUNICATIO CHINA ASSET MANAGEME AEGON INDUSTRIAL FUN CSOP ASSET MANAGEMEN YINHUA FUND MANAGEME GF FUND MANAGEMENT C

Firm Name Capital Securities Corp China International Capital Corp Guotai Junan GF Securities Co. Ltd. Hong Yuan Securities SWS Research Co Ltd Citic Securities Co., Ltd China Securities Co., Ltd Northeast Securities Co Ltd China Merchants Securities AJ Securities Industrial Securities HuaChuang Securities China Investment Securities China Minzu Securities Co Ltd China Galaxy Securities Founder Securities

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

Analyst ZHU JIXIANG YUE DING ZHANG KUN XIAO TANG ZHOU RONGZI LU LINGLING YANG TAO TIAN DONGHONG XIE WENJIE MENG QUN ZUO HONGYING WANG SHUANG ZHANG CHI LI FAN XU YONGCHAO HAO FEIFEI WEI ZHOU

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

Recommendation buy buy buy buy buy outperform buy buy buy strong buy buy strong buy strong buy strong buy add speculative buy add

Amt Held 16'521'065'218 1'128'000'000 386'140'548 336'000'000 336'000'000 336'000'000 290'098'919 287'332'362 281'350'564 267'338'008 253'537'466 243'004'050 241'337'214 220'265'420 214'725'071 179'457'213 95'881'662 93'719'044 88'383'243 82'274'482

% Out 55.07 3.76 1.29 1.12 1.12 1.12 0.97 0.96 0.94 0.89 0.85 0.81 0.8 0.73 0.72 0.6 0.32 0.31 0.29 0.27

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 4 4

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

Latest Chg 110'819'507 (41'784'064) 120'078'519 (46'417'523) (780'103) 194'024'812 (51'233'430) 74'234'852 (46'499'577) 67'361'672

Target Price 5 #N/A N/A 5 #N/A N/A 5 #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.08.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012

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

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

Date 29.08.2013 29.08.2013 26.08.2013 06.08.2013 17.07.2013 16.07.2013 03.05.2013 25.06.2012 20.06.2012 11.06.2012 14.10.2011 05.09.2011 31.08.2011 03.08.2011 31.08.2010 21.06.2010 14.10.2009

09.09.2013

Haitong Securities Co Ltd Haitong Securities Co., Ltd. is a securities firm which acts as a broker, dealer for securities. The Company also provides investment advisory, placing and underwriting, nominee and custodian services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600837 CH EQUITY YTD Change 600837 CH EQUITY YTD % CHANGE

12/2012 06/yy 13.50 7.55 501'454'662.00 12.59 -6.74% 66.75% 67.90% 8'092.1 116'064.31 24'666.87 0.0 1'750.9 52'312.05 92'105.40

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

350.0 M

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 7'926.5 5.51x 4'148.7 10.53x 3'301.7 20.28x

31.12.2009 31.12.2010 11'309.5 11'299.1 12.24x 7.88x 6'394.0 5'478.0 21.65x 16.25x 4'548.2 3'686.3 34.89x 21.42x Profitability

LTM-4Q 31.12.2011 10'329.3 2.29x 5'000.3 4.74x 3'103.0 19.50x

31.12.2012 9'874.1 7.40x 5'074.0 14.39x 3'019.8 31.06x 5'073.98 44.20% 41.62% 2.87% 6.24% 4.70% 0.09% 30.6% 19.52% 42.04% -

Price/ Cash Flow

LTM

06/yy 10'142.0 13.31x 0.0 0.00x 2'893.8 28.14x

06/yy 11'263.4 23.41x 2'349.3 0.00x 3'659.6 24.75x

FY+1

1.66 5'713.07 37.19% 24.21% 1.662 21 4.333 ######### ######### ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'259.8 13'270.0 5.37x 4.12x 5'706.0 6'581.0 16.14x 14.00x 4'204.2 5'071.3 27.37x 22.81x S&P Issuer Ratings

42.0% 29.0% 0.09 11.49 -

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Haitong Securities Co Ltd Holdings By:

All

Holder Name BRIGHT FOOD GROUP CO SHANGHAI TOBACCO GRO SHANGHAI ELECTRIC CO SHENERGY GROUP CO LT SHANGHAI JIUSHI CORP CHINA ASSET MANAGEME SHANGHAI FRIENDSHIP SHANGHAI LANSHENG CO WENHUI XINMIN UTD PR CHINA LIFE INSURANCE BLACKROCK ASSET MGMT HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN DACHENG FUND MANAGME YINHUA FUND MANAGEME E FUND MANAGEMENT CHINA SOUTHERN FUND HUATAI-PINEBRIDGE FU CSOP ASSET MANAGEMEN RONGTONG FUND MANAGE

Firm Name Chang Jiang Securities Co. Limited Sinolink Securities Co Ltd GF Securities Co. Ltd. China International Capital Corp Guotai Junan Credit Suisse Tebon Securities Co Ltd Everbright Securities Co., Ltd China Minzu Securities Co Ltd SWS Research Co Ltd Hong Yuan Securities Capital Securities Corp Northeast Securities Co Ltd PingAn Securities Goldman Sachs HSBC Guodu Securities Co Ltd Citic Securities Co., Ltd JPMorgan Bank of China International Central China Securities Founder Securities China Merchants Securities Industrial Securities China Investment Securities China Securities Co., Ltd China Galaxy Securities

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

Analyst LIU JUN JIANGANG CHEN CONG LI JIE HUANG ZHAO XIANGHUAI FRANCES FENG LI XIANGFENG ZIPEI TANG SONG JIAN HE ZONGYAN HUANG LIJUN XIE JIYONG XINAN ZHAO WU JIE NING MA YORK PUN DENG TING PAN HONGWEN JOSHUA KLACZEK ZHANG JIAN XIE PEIJIE WEI ZHOU LUO YI ZHANG YING CHEN JIANTAO WEI TAO XIAOHUI CHI

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

Recommendation buy buy buy accumulate buy neutral buy buy add buy buy buy add buy neutral/neutral neutral buy buy neutral hold add add strong buy buy buy add neutral

Amt Held 450'220'026 400'709'623 377'667'258 322'162'086 235'247'280 227'378'619 214'471'652 190'950'000 187'629'853 167'789'759 111'223'489 102'464'150 93'738'899 91'042'326 79'655'352 55'009'591 49'121'932 45'950'689 44'316'137 40'829'310

% Out 5.56 4.95 4.67 3.98 2.91 2.81 2.65 2.36 2.32 2.07 1.37 1.27 1.16 1.13 0.98 0.68 0.61 0.57 0.55 0.5

Weighting

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

M 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

Latest Chg 155'184'847 (56'625'982) 30'746'838 9'272'770 (4'191'838) 12'255'444 29'688'368 (28'534'194) 9'264'487

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13 11 14 14 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 10 11 #N/A N/A 11 9 16 #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A 18 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 02.09.2013 30.06.2013

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

Inst Type Other Corporation Government Government Holding Company Investment Advisor Holding Company Government Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 19.08.2013 06.08.2013 23.07.2013 22.07.2013 21.07.2013 17.07.2013 30.06.2013 28.06.2013 24.06.2013 24.06.2013 21.06.2013 15.03.2013 31.01.2013 10.01.2013 06.12.2012 27.08.2012 19.07.2012 16.03.2012 02.03.2011 08.12.2010 30.06.2009

09.09.2013

Great Wall Motor Co Ltd Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.09.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601633 CH EQUITY YTD Change 601633 CH EQUITY YTD % CHANGE

12/2012 06/yy 48.00 15.75 3'108'699.00 47.6 -0.83% 202.22% 94.95% 2'009.2 129'156.66 4'393.38 0.0 129.1 6'348.63 126'133.07

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 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 8'207.3 514.1 12.52x

50 45 40 35 30 25 20 15 10 5 0 s-12

31.12.2009 31.12.2010 12'396.4 22'175.0 0.41x 0.71x 1'269.1 3'511.9 4.00x 4.46x 1'022.6 2'700.7 9.17x 8.25x Profitability

LTM-4Q 31.12.2011 29'037.2 1.06x 4'740.6 6.48x 3'426.2 7.54x

31.12.2012 41'565.2 1.59x 7'539.4 8.77x 5'692.4 10.52x 7'539.45 6'590.22 15.86% 16.46% 15.04% 29.76% 24.37% 1.10% 24.1% 18.1% 15.9% 13.7% 1.34 1.13 10.32% 20.42% 3.34 11.54

Price/ Cash Flow

06/yy 32'992.1 2.80x 1'942.3 0.00x 3'967.9 6.66x

LTM 06/yy 49'402.7 4.98x 0.0 0.00x 7'426.3 10.85x

FY+1

.0 M s-13

1.20 0.83 304.24 204.60% 103.97% 0.831 19 4.737 2'152'626 3'405'555 4'032'116 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 56'766.2 70'910.1 12'978.0 15'407.0 2.16x 1.66x 11'188.2 14'362.8 11.27x 8.78x 8'444.0 10'515.1 1'800.0 1'840.0 17.53x 13.91x 15.11x S&P Issuer Ratings

721.07 295.99 -0.26 0.58 20.4% 16.9% 1.10 2.92 109.47 31.72 85.63 55.57

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

01.07.2013

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 |

09.09.2013

Great Wall Motor Co Ltd Holdings By:

All

Holder Name BAODING INNOVATION G HARVEST FUND MANAGEM TAIKANG LIFE INSURAN CHINA INTERNATIONAL BOSHI FUND MANAGEMEN JIASHI FUND MANAGEME INVESCO GREAT WALL F CHINA ASSET MANAGEME FOUNDER SECURITIES C RONGTONG FUND MANAGE SOOCHOW ASSET MANAGE E FUND MANAGEMENT PENGHUA FUND MANAGEM BLACKROCK ASSET MGMT DACHENG FUND MANAGME AEGON INDUSTRIAL FUN GUOTAI ASSET MANAGEM HFT INVESTMENT MANAG CHINA MERCHANTS FUND FIRST STATE CINDA FU

Firm Name Sinolink Securities Co Ltd Chang Jiang Securities Co. Limited Capital Securities Corp Bank of China International Northeast Securities Co Ltd China International Capital Corp PingAn Securities Goldman Sachs Everbright Securities Co., Ltd SWS Research Co Ltd China Investment Securities Qilu Securities Co Ltd UBS Guodu Securities Co Ltd China Minzu Securities Co Ltd Citic Securities Co., Ltd Guotai Junan HuaChuang Securities Great Wall Securities Founder Securities China Merchants Securities Industrial Securities AJ Securities

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

Analyst WU WENZHAO LIU YUANRUI HAN WEIQI ERIC HU LIU LIXI LUO WEI DE AN WANG YIPENG YANG WEI FENG CHANG LU ZHANG LEI BAI YU TIANLONG ZOU XIAO SHIJUN CAO HE LI CHUNBO BAI XIAOLAN WANG YANXUE RAN FEI WANG YUQIONG WANG LIUSHENG LI GANGLING ZHANG ZHIPENG

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

Recommendation buy buy buy buy buy buy strong buy neutral/neutral buy outperform strong buy buy neutral strong buy add buy buy buy strong buy add buy neutral buy

Amt Held 1'705'000'000 48'217'346 31'710'239 28'224'413 17'401'955 14'803'920 14'197'643 12'137'899 10'287'200 8'543'639 7'655'160 7'304'332 6'653'847 6'342'748 6'036'846 4'098'225 3'829'331 3'827'238 3'552'422 3'314'060

% Out 84.86 2.4 1.58 1.4 0.87 0.74 0.71 0.6 0.51 0.43 0.38 0.36 0.33 0.32 0.3 0.2 0.19 0.19 0.18 0.16

Weighting

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

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

Latest Chg 19'939'521 6'614'546 752'737 325'602 1'649'171 3'823'717 (165'686) 961'968 1'605'969 (962'945) 5'288'528 (100'023) (4'682'403) (1'755'104) (1'250'096) 3'314'060

Target Price 53 #N/A N/A 50 53 #N/A N/A #N/A N/A 55 36 41 #N/A N/A 42 45 37 #N/A N/A 40 20 30 #N/A N/A 19 #N/A N/A #N/A N/A #N/A N/A 16

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

File Dt 08.02.2013 30.06.2013 27.09.2011 30.06.2013 30.06.2013 30.06.2013 31.03.2013 31.12.2012 27.09.2011 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.08.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.08.2013 25.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 17.08.2013 15.08.2013 06.08.2013 06.08.2013 23.07.2013 21.07.2013 28.06.2013 26.04.2013 08.02.2013 21.01.2013 26.10.2012 09.09.2012 15.06.2012 14.04.2012 22.12.2011

09.09.2013

Inner Mongolia Yili Industrial Group Co Ltd Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice cream, and other dairy products. The Company also produces frozen food and noodles.

Price/Volume 40

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (09.09.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600887 CH EQUITY YTD Change 600887 CH EQUITY YTD % CHANGE

12/2012 06/yy 40.34 18.99 8'815'520.00 39.97 -0.92% 110.48% 97.54% 2'042.9 81'655.27 2'584.97 0.0 190.1 2'004.20 75'670.71

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

30.0 M

15 10

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 24'214.7 29'577.2 0.85x 1.03x 1'171.6 1'184.9 17.54x 25.75x 647.7 777.2 32.69x 39.44x Profitability

LTM-4Q 31.12.2011 37'218.5 0.86x 2'176.3 14.78x 1'809.2 18.08x

31.12.2012 41'741.2 0.86x 2'563.3 14.01x 1'717.2 20.54x 2'563.30 1'648.76 3.95% 5.00% 10.87% 25.75% 1.80% 29.3% 5.0% 4.1% 0.54 0.21 13.05% 35.24% 88.88 10.26

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 39'420.4 3.29x 0.0 0.00x 1'754.8 18.64x

f-13 m-13

06/yy 44'566.8 4.09x 0.0 0.00x 2'693.6 20.69x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.91 1'628.17 88.74% 83.67% 0.909 21 4.667 22'251'370 11'476'740 12'834'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 48'396.1 55'823.1 13'278.0 10'069.0 1.59x 1.36x 3'687.3 4'751.0 1'304.0 1'147.0 20.52x 15.93x 2'683.5 3'104.1 1'087.0 881.0 31.03x 26.21x 26.74x 24.01x S&P Issuer Ratings

25.55 -5.37 35.2% 25.6% 1.80 4.13 4.11 35.56 70.58 -12.15

Sales/Revenue/Turnover

40.00

45'000.0

35.00

40'000.0

30.00

35'000.0 30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 21'537.1 0.33x (1'515.2) (1'687.4) -

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Inner Mongolia Yili Industrial Group Co Ltd Holdings By:

All

Holder Name HOHHOT INVESTMENT CO HARVEST FUND MANAGEM E FUND MANAGEMENT SOCIAL SECURITY FUND CHINA ASSET MANAGEME CHINA ASSET MANAGEME MORGAN STANLEY PENGHUA FUND MANAGEM BOSHI FUND MANAGEMEN MERRILL LYNCH INTERN TAIKANG LIFE INSURAN BANK OF COMMUNICATIO CHINA AMC RETURN FUN CITIGROUP INCORPORAT NEW CHINA LIFE INSUR YINHUA FUND MANAGEME HARVEST THEMATIC FUN GF FUND MANAGEMENT C YALE UNIVERSITY FULLGOAL FUND MANAGE

Firm Name Capital Securities Corp China International Capital Corp UBS Guotai Junan PingAn Securities China Investment Securities Morgan Stanley SWS Research Co Ltd Chang Jiang Securities Co. Limited Everbright Securities Co., Ltd China Merchants Securities Hong Yuan Securities Qilu Securities Co Ltd Northeast Securities Co Ltd Guodu Securities Co Ltd EVA Dimensions Rising Securities Co.,LTD Citic Securities Co., Ltd Bank of China International HuaChuang Securities Sinolink Securities Co Ltd China Securities Co., Ltd Industrial Securities Central China Securities China Galaxy Securities

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

Analyst LIU HUI FEIYANG YUAN ERICA POON WERKUN HU CHUNXIA WEN XIAN JIANG XIN LILLIAN LOU JASMINE ZHOU ZHIJIAN CHEN TINGZHI XING LONG JUN SU QINGQING XIE GANG ZHU CHENGLIANG ZHAO XIANDONG CRAIG STERLING ZHAO YUE HUANG WEI SU CHENG GAO LI XIAO ZHE FUSHENG HUANG CHEN YU FANG XIAHONG DONG JUNFENG

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

Recommendation buy buy buy buy strong buy strong buy Equalwt/In-Line buy buy accumulate buy buy buy buy strong buy sell outperform buy buy buy buy buy buy buy buy

Amt Held 190'013'958 108'004'438 74'982'481 63'808'863 61'610'907 61'568'308 49'682'034 45'483'997 40'834'378 40'620'259 36'458'375 34'923'606 33'711'947 32'651'073 32'400'000 28'866'119 25'063'579 23'233'749 22'056'237 17'006'077

% Out 9.3 5.29 3.67 3.12 3.02 3.01 2.43 2.23 2 1.99 1.78 1.71 1.65 1.6 1.59 1.41 1.23 1.14 1.08 0.83

Weighting

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

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

Latest Chg 14'936'049 (1'293'778) (11'310'111) 1'474'731 4'953'599 30'131'227 10'622'369 6'347'490 765'310 16'251'165

Target Price 42 43 48 45 45 46 33 #N/A N/A #N/A N/A 28 #N/A N/A 30 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 29 26 #N/A N/A #N/A N/A #N/A N/A 30 #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 10.01.2013 30.06.2013 31.12.2012 10.01.2013 30.06.2013 30.06.2013 10.01.2013 30.06.2013 30.06.2013 10.01.2013 10.01.2013 30.06.2013 10.01.2013 10.01.2013 10.01.2013 31.12.2012 10.01.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 01.09.2013 31.08.2013 12.08.2013 29.07.2013 14.07.2013 07.07.2013 28.06.2013 27.06.2013 06.06.2013 22.04.2013 06.02.2013 24.01.2013 17.12.2012 01.11.2012 25.06.2012 18.07.2011 28.05.2011 29.06.2010

09.09.2013

Poly Real Estate Group Co Ltd Poly Real Estate Group Co., Ltd. mainly develops and sells residential homes. The company is also in the business of leasing and rental of real estates, and property management.

Price/Volume 16

180.0 M

160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600048 CH EQUITY YTD Change 600048 CH EQUITY YTD % CHANGE

12/2012 06/yy 14.64 8.59 121'003'185.00 10.79 -26.30% 25.61% 29.26% 7'138.0 77'018.96 81'522.44 0.0 12'293.1 32'672.70 147'292.67

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

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 13'973.9 3.87x 3'731.6 14.48x 2'238.9 15.82x

100.0 M

31.12.2009 31.12.2010 20'450.2 32'309.9 4.60x 3.09x 5'204.4 7'480.3 18.06x 13.36x 3'519.2 4'920.0 21.13x 11.76x Profitability

LTM-4Q 31.12.2011 41'962.8 2.77x 10'601.4 10.97x 6'530.9 9.09x

31.12.2012 60'785.5 2.60x 14'172.4 11.16x 8'438.2 11.53x 14'172.40 13'874.30 22.83% 22.26% 3.73% 23.09% 0.28% 27.7% 21.0% 13.9% 1.73 0.25 32.46% 191.88% 57.91 0.27

Price/ Cash Flow

LTM

06/yy 46'473.1 10.57x 0.0 0.00x 6'246.9 13.00x

06/yy 70'363.8 8.18x 0.0 0.00x 9'334.5 7.62x

FY+1

1.37 3'673.65 3.22% -19.17% 1.370 25 4.920 76'397'900 58'968'700 65'615'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 89'933.7 112'793.1 21'667.0 35'217.5 1.25x 0.71x 18'258.0 23'262.4 8.07x 6.33x 10'718.1 13'631.1 3'933.0 3'933.0 7.15x 5.61x 6.26x 5.21x S&P Issuer Ratings

14.06.2013 BBB+ STABLE 17.81 17.72 191.9% 59.8% 0.28 64.16 6.30 1337.06 33.27 1380.97

Sales/Revenue/Turnover

20.00

70'000.0

18.00

60'000.0

16.00 14.00

50'000.0

12.00

40'000.0

10.00

30'000.0

8.00

20'000.0

6.00 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

01.07.2013

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

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

09.09.2013

Poly Real Estate Group Co Ltd Holdings By:

All

Holder Name POLY SOUTHERN GROUP SOCIAL SECURITY FUND GUANGDONG HUAMEI INT CHINA POLY GROUP COR CHINA ASSET MANAGEME GF FUND MANAGEMENT C HUAAN FUND MANAGEMEN HARVEST FUND MANAGEM GUOSEN SECURITIES CO BLACKROCK ASSET MGMT YINHUA FUND MANAGEME E FUND MANAGEMENT QIANJI ZHU CHINA ASSET MANAGEME CHINA LIFE INSURANCE INVESCO GREAT WALL F CCB PRINCIPAL ASSET PENGHUA FUND MANAGEM KEQIANG ZHANG BOSHI FUND MANAGEMEN

Firm Name GF Securities Co. Ltd. PingAn Securities China Investment Securities Central China Securities Chang Jiang Securities Co. Limited Capital Securities Corp Northeast Securities Co Ltd China International Capital Corp Guotai Junan Goldman Sachs Everbright Securities Co., Ltd Credit Suisse UBS SWS Research Co Ltd Hong Yuan Securities Qilu Securities Co Ltd Guodu Securities Co Ltd Masterlink Securities EVA Dimensions Citic Securities Co., Ltd Fortune CLSA Securities Limited Bank of China International Sinolink Securities Co Ltd Great Wall Securities AJ Securities China Merchants Securities Industrial Securities HuaChuang Securities China Minzu Securities Co Ltd Tebon Securities Co Ltd Founder Securities China Galaxy Securities China Securities Co., Ltd

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

Analyst ZOU GE YATING ZHOU LI SHAOMING WU JIANXIONG LIU JUN ZHU JIXIANG GAO JIAN ANSON JINGBIAN NING LI PINKE WANG YI ZIPEI TANG JINSONG DU MICHAEL LI SIYI HAN HONG JUNHUA DING CHEN ZHANG WEI DAI KAI-YU DOUG WALTERS CONG CHEN YANG YAN TIAN SHIXIN ZHANG WEI SU XUSHENG ZUO HONGYING ZUGUO JIA YU MIAO GAO LI CUI JUAN ZHANG FAN WEI ZHOU DING WEN ZHANG CHAOHUI

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

Recommendation buy buy buy buy buy strong buy buy buy buy Buy/Neutral accumulate outperform buy buy buy buy buy buy sell buy buy buy add strong buy buy buy buy buy buy outperform add speculative buy add

Amt Held 3'007'916'449 159'888'115 148'983'000 139'031'682 121'047'581 118'144'042 105'239'066 105'049'685 81'849'101 80'189'127 74'096'725 59'438'475 57'454'590 57'124'119 56'716'856 52'503'306 51'634'221 49'880'270 49'247'000 49'073'966

% Out 42.14 2.24 2.09 1.95 1.7 1.66 1.47 1.47 1.15 1.12 1.04 0.83 0.8 0.8 0.79 0.74 0.72 0.7 0.69 0.69

Weighting

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

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

Latest Chg (5'206'154) 25'846'046 (8'481'780) (10'827'091) (13'762'200) (25'592'351) 1'292'974 6'727'615 3'623'598 (20'588'941) 28'252'888

Target Price #N/A N/A #N/A N/A 16 #N/A N/A #N/A N/A 15 #N/A N/A #N/A N/A 16 13 15 15 15 #N/A N/A 15 #N/A N/A #N/A N/A 14 #N/A N/A 18 15 14 #N/A N/A #N/A N/A 11 11 #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A 14

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 30.06.2013 30.06.2013 31.12.2012 30.08.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 18.08.2013 07.08.2013 02.08.2013 19.07.2013 16.07.2013 30.06.2013 24.06.2013 19.06.2013 06.06.2013 14.05.2013 09.05.2013 29.01.2013 30.10.2012 30.10.2012 09.10.2012 12.06.2012 19.04.2012 11.01.2012 02.12.2011 08.11.2011 07.03.2011 04.02.2010 02.12.2009

09.09.2013

Bank of Beijing Co Ltd Bank of Beijing Company Ltd. attracts deposits and offers commercial banking services. The Bank offers short-, medium- and long-term loans, insurance, foreign exchange, international settlement, government bonds, and other products and services.

Price/Volume 12

160.0 M 140.0 M

120.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601169 CH EQUITY YTD Change 601169 CH EQUITY YTD % CHANGE

12/2012 06/yy 10.70 6.60 91'950'322.00 8.64 -19.25% 30.91% 35.85% 8'800.2 76'033.38 321'597.22 0.0 73.9 370'400.20 -

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

80.0 M 60.0 M

40.0 M 2

20.0 M

0 s-12

31.12.2009 31.12.2010 18'479.5 24'834.6 5'633.9 6'803.0 21.49x 10.50x Profitability

LTM-4Q 31.12.2011 39'891.9 8'946.7 6.44x

31.12.2012 57'347.9 11'674.8 6.74x 52.47% 52.66% 1.14% 18.23% 3.34% 0.05% 41.6% 28.71% 449.05% -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

LTM

06/yy 50'512.9 0.00x 0.0 0.00x 10'247.8 6.54x

06/yy 59'473.7 0.00x 0.0 0.00x 13'074.5 5.36x

FY+1

0.93 6'239.47 24.59% -2.07% 0.929 17 4.412 25'123'510 25'565'080 26'864'460 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 32'521.5 38'409.2 8'173.0 8'497.0 13'732.4 16'272.0 3'497.5 2'431.0 5.51x 4.68x 5.14x 4.91x S&P Issuer Ratings

449.1% 81.8% 0.05 18.14 -

Sales/Revenue/Turnover

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 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

o-12

Fiscal Year Ended 31.12.2008 19'894.7 5'417.2 10.24x

100.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Bank of Beijing Co Ltd Holdings By:

All

Holder Name ING BANK NV BEIJING STATE-OWNED BEIJING ENERGY INVES HUATAI MOTOR GRP CITIC SECURITIES CO INTERNATIONAL FINANC CHINA FOREIGN ECON & TAIKANG LIFE INSURAN CENTURY GOLDEN RESOU CHINA HI-TECH GROUP STATE DEVELOPMENT & BLACKROCK ASSET MGMT HARVEST FUND MANAGEM CHINA ASSET MANAGEME CHINA HUANENG GROUP CH SOUTH INDUST ASSE LIQIN INVEST CO XA KAIYUAN INTL INVE E FUND MANAGEMENT CHINA SOUTHERN FUND

Firm Name PingAn Securities Northeast Securities Co Ltd Capital Securities Corp China International Capital Corp Guotai Junan Chang Jiang Securities Co. Limited GF Securities Co. Ltd. Qilu Securities Co Ltd UBS Central China Securities SWS Research Co Ltd Standard Chartered Goldman Sachs Hong Yuan Securities Everbright Securities Co., Ltd Tebon Securities Co Ltd Deutsche Bank Citic Securities Co., Ltd China Merchants Securities China Securities Co., Ltd Rising Securities Co.,LTD China Investment Securities BOCOM International Holdings Industrial Securities Great Wall Securities China Minzu Securities Co Ltd Guodu Securities Co Ltd China Galaxy Securities HuaChuang Securities Bank of China International

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

Analyst GRACE LI YAYUN TANG XIE JIYONG JIE HUANG GUANHUA QIU LIU JUN Mu Hua JIAOYI CHENG JANET SUN CHEN XI BECKY XU DORRIS CHEN NING MA ZHANG JIXIU SHEN WEI GENDA XIA TRACY YU ZHU YAN LUO YI #N/A N/A XIE AIHONG ZHANG ZHONGYANG LI SHANSHAN YIDONG ZHANG WU XIAOLING ZHANG JING DENG TING YE YUNYAN GAO LI SUN PENG

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

Recommendation buy add buy buy buy add buy add buy add outperform in-line neutral/neutral add accumulate outperform not rated overweight strong buy buy neutral buy long-term buy buy neutral add buy speculative buy buy hold

Amt Held 1'200'581'777 777'796'427 446'648'700 393'626'991 348'209'452 301'653'713 169'106'987 146'989'709 132'300'000 127'412'427 89'971'882 88'291'828 73'059'836 66'912'396 56'232'427 56'232'427 56'232'427 56'232'427 50'903'766 50'345'854

% Out 13.64 8.84 5.08 4.47 3.96 3.43 1.92 1.67 1.5 1.45 1.02 1 0.83 0.76 0.64 0.64 0.64 0.64 0.58 0.57

Weighting

Change

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

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

Latest Chg (25'780'936) (8'558'388) 4'537'112 44'962'005

Target Price #N/A N/A #N/A N/A 10 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A 9 8 8 10 10 #N/A N/A 10 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13 13 #N/A N/A #N/A N/A 13

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 31.12.2012 31.12.2012 26.03.2012 30.08.2013 31.12.2012 31.12.2012 26.03.2012 26.03.2012 26.03.2012 26.03.2012 31.12.2012 30.06.2013

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

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

Date 03.09.2013 30.08.2013 29.08.2013 29.08.2013 20.08.2013 18.08.2013 11.08.2013 11.08.2013 07.08.2013 29.07.2013 19.07.2013 16.07.2013 12.06.2013 04.06.2013 02.06.2013 02.05.2013 26.04.2013 22.01.2013 23.07.2012 25.06.2012 20.12.2011 02.12.2011 07.11.2011 30.08.2011 23.05.2011 12.04.2011 21.02.2011 11.05.2010 06.04.2010 26.02.2010

09.09.2013

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd. explores and refines rare earth concentrates and processes rare earth products. The Company also produces and exports rechargeable batteries and mineral products.

Price/Volume 40

180.0 M

160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.12.2012) 52-Week Low (04.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600111 CH EQUITY YTD Change 600111 CH EQUITY YTD % CHANGE

12/2012 06/yy 38.84 19.32 49'248'542.00 29.39 -24.33% 52.12% 48.10% 2'422.0 71'183.87 6'184.18 0.0 3'214.0 2'957.60 76'567.03

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

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 2'570.7 5'215.7 9.30x 11.56x 366.1 2'155.8 65.28x 27.97x 55.8 750.7 397.39x 76.82x Profitability

31.12.2011 11'370.3 4.35x 3'478.4 13.11x

31.12.2012 9'135.3 10.63x 2'467.3 39.37x 1'510.4 60.02x 2'467.26 2'257.34 24.71% 22.94% 5.38% 14.10% 0.42% 34.1% 6.1% 16.5% 1.65 0.50 35.04% 92.03% 5.30 0.88

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

06/yy 11'672.6 26.18x 0.0 0.00x 3'071.3 31.11x

06/yy 7'740.3 41.63x 0.0 0.00x 991.9 50.93x

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.32 1'220.59 -17.22% -20.96% 1.319 15 3.467 38'447'520 64'506'520 52'979'840 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'406.1 9'425.6 2'098.0 1'417.0 8.74x 7.66x 2'497.8 3'123.5 30.65x 24.51x 1'434.5 1'641.2 411.0 459.0 50.41x 43.87x 39.72x 36.51x S&P Issuer Ratings

9.30 7.56 92.0% 38.4% 0.42 3.00 68.89 414.68 75.26 394.16

Sales/Revenue/Turnover

300.00

12'000.0

250.00

10'000.0

200.00

8'000.0

150.00

6'000.0

100.00

4'000.0

50.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'204.2 2.30x 495.8 14.83x 167.1 33.91x

100.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd Holdings By:

All

Holder Name BAOTOU IRON AND STEE JIAXIN (HK) CO LTD BLACKROCK ASSET MGMT HARVEST FUND MANAGEM E FUND MANAGEMENT CHINA ASSET MANAGEME BAOGANG INTEGRATED E CSOP ASSET MANAGEMEN UBS HUATAI-PINEBRIDGE FU ZHOU LELI UBS SDIC FUND MANAGE FIL LIMITED HUAAN FUND MANAGEMEN DACHENG FUND MANAGME HFT INVESTMENT MANAG MANULIFE TEDA FUND M CHINA ASSET MANAGEME ZHONG HAI FUND MANAG YINHUA FUND MANAGEME

Firm Name GF Securities Co. Ltd. Credit Suisse Capital Securities Corp China International Capital Corp Guotai Junan Everbright Securities Co., Ltd Founder Securities Fortune CLSA Securities Limited SWS Research Co Ltd UBS Northeast Securities Co Ltd Hong Yuan Securities Bank of China International Masterlink Securities HuaChuang Securities AJ Securities China Securities Co., Ltd Rising Securities Co.,LTD China Merchants Securities Tebon Securities Co Ltd Great Wall Securities Central China Securities China Minzu Securities Co Ltd Citic Securities Co., Ltd

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

Analyst GUOXIAN JU VINCENT CHAN LI XIAOLU CAI HONGYU YONGLIANG SANG WANG QIANMING LIU WEIYUAN JIE LI PEGGY YE HAOXIANG LIN CHEN BINGHUI MIN DAN LE YUKUN DAI KAI-YU GAO LI ZHANG ZHIPENG ZHANG FANG ZHAO YUE WANG XIAODAN TEAM COVERAGE LIU FEI HE WEIJIANG GUAN JIANXIN LI ZHUIYANG

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

Recommendation buy underperform neutral hold buy accumulate add sell outperform neutral neutral add buy hold neutral buy add outperform buy buy buy monitored buy add

Amt Held 942'574'146 239'050'000 24'474'928 17'552'422 12'953'151 12'585'821 12'000'000 9'462'841 8'571'180 7'766'201 7'465'905 6'655'440 5'778'599 4'730'313 3'915'066 3'381'409 3'065'858 2'904'368 2'768'452 2'768'339

% Out 38.92 9.87 1.01 0.72 0.53 0.52 0.5 0.39 0.35 0.32 0.31 0.27 0.24 0.2 0.16 0.14 0.13 0.12 0.11 0.11

Weighting

Change

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

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

Latest Chg (1'634'235) 669'050 (5'579'060) 1'085'945 (2'586'744) 10'464 (316'650) (6'924'972) 2'677'535 3'052'744 2'605'786 (3'845'416)

Target Price #N/A N/A 24 29 #N/A N/A 36 33 #N/A N/A 17 #N/A N/A 31 #N/A N/A #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A 65 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 30 #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 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.10.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012

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

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

Date 01.09.2013 26.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 19.07.2013 02.04.2013 02.04.2013 30.03.2013 31.12.2012 01.11.2012 21.10.2012 28.06.2012 25.06.2012 18.06.2012 11.06.2012 08.04.2012 30.03.2012 09.08.2011 07.12.2010 18.06.2008

09.09.2013

Baoshan Iron & Steel Co Ltd Baoshan Iron & Steel Co., Ltd. manufactures and markets a variety of iron and steel products including cold rolled plates and coils, hot rolled plates and coils, seamless steel tubes, high-speed wire rods, and steel billets. The company also operates in related energy production businesses.

Price/Volume 6

140.0 M

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (08.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600019 CH EQUITY YTD Change 600019 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.21 3.85 79'672'763.00 4.62 -11.32% 20.00% 47.06% 16'471.7 76'099.37 57'699.51 0.0 5'954.5 8'922.20 135'857.99

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

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 199'418.9 0.72x 24'383.2 5.86x 6'459.2 12.54x

80.0 M

Valuation Analysis

31.12.2009 31.12.2010 147'955.6 201'888.4 1.57x 0.86x 21'382.5 29'878.5 10.83x 5.84x 5'816.2 12'868.8 29.27x 8.75x Profitability

LTM-4Q 31.12.2011 222'415.3 0.72x 21'441.5 7.47x 7'362.0 11.55x

31.12.2012 191'204.2 0.72x 16'884.1 8.19x 10'386.4 8.15x 16'884.15 5'480.27 2.87% 6.87% 1.98% 4.05% 0.83% 7.8% 3.8% 5.4% 0.84 0.36 26.92% 51.80% 9.80 5.23

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.72 3'057.25 5.95% -2.50% 0.718 21 4.095 60'521'830 26'612'790 23'767'310 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 209'472.7 189'240.8 179'762.9 184'948.4 44'568.5 44'892.0 2.92x 2.83x 0.64x 0.58x 0.0 0.0 18'464.8 20'675.0 4'396.0 4'770.0 0.00x 0.00x 7.36x 6.57x 7.04x 6.96x 11'892.5 4'479.2 6'601.6 8'021.0 1'437.0 1'178.0 6.36x 14.43x 11.52x 9.63x 11.13x 10.74x S&P Issuer Ratings Long-Term Rating Date 24.08.2009 Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 8.12 (EBITDA-Capex)/Interest Exp. 2.18 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 51.8% Total Debt/Capital 33.0% Asset Turnover 0.83 Net Fixed Asset Turnover 1.77 Accounts receivable turnover-days 37.25 Inventory Days 69.82 Accounts Payable Turnover Day 44.38 Cash Conversion Cycle 66.35 Sales/Revenue/Turnover

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Baoshan Iron & Steel Co Ltd Holdings By:

All

Holder Name BAOSTEEL GROUP CORP BLACKROCK ASSET MGMT FRANKLIN TEMPLETON S ZJG DUTY FREE ZONE Q RUGAO CHANGRONG ORE HARVEST FUND MANAGEM GOVERNMENT OF SINGAP CHINA ASSET MANAGEME ZJG DUTY FREE ZONE L ZHANGJIAGANG FTZ RON ZJG DUTY FREE ZONE R CHINA UNIVERSAL ASSE ZJG HONGDA TRANS CO NINGBO HONGGUANG TRA E FUND MANAGEMENT FULLGOAL FUND MANAGE CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU BOSHI FUND MANAGEMEN YINHUA FUND MANAGEME

Firm Name Chang Jiang Securities Co. Limited Capital Securities Corp Morgan Stanley Credit Suisse HSBC GF Securities Co. Ltd. China International Capital Corp JPMorgan Masterlink Securities Jefferies VTB Capital SWS Research Co Ltd UBS Macquarie Qilu Securities Co Ltd EVA Dimensions Goldman Sachs Bank of China International IBT Securities Co Ltd Hong Yuan Securities Guodu Securities Co Ltd China Merchants Securities China Securities Co., Ltd Citic Securities Co., Ltd Industrial Securities HuaChuang Securities Tebon Securities Co Ltd China Investment Securities Northeast Securities Co Ltd China Galaxy Securities

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

Analyst LIU YUANRUI LI XIAOLU RACHEL L ZHANG TRINA CHEN CHRIS CHEN FENG GANGYONG YUE DING DANIEL KANG SARAH WANG PO WEI WIKTOR BIELSKI KERRY HE JANET SUN LAURA SHI DU HUI TIMOTHY STANISH JULIAN ZHU HANG YIJUN PETER TZENG ZHAO LIMING WANG SHUBAO ZHANG SHIBAO WANG ZHE YUJIAO JIANG LAN JIE HAN ZHENGUO TEAM COVERAGE CHU XUELIANG XIFENG PAN SUN YONG

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

Recommendation buy buy Equalwt/In-Line neutral overweight buy buy overweight hold buy hold buy buy neutral add underweight Buy/Neutral hold neutral buy buy buy buy buy buy buy buy buy buy speculative buy

Amt Held 13'128'825'267 77'329'118 65'753'429 63'419'861 62'777'182 52'206'234 52'009'386 49'609'232 48'894'600 45'524'951 42'120'356 41'892'033 41'544'158 40'804'594 34'968'787 31'992'485 30'760'764 29'398'708 21'320'401 21'105'640

% Out 79.71 0.47 0.4 0.39 0.38 0.32 0.32 0.3 0.3 0.28 0.26 0.25 0.25 0.25 0.21 0.19 0.19 0.18 0.13 0.13

Weighting

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

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

Latest Chg 65'095'829 (27'575'353) (17'651'437) 34'144'116 (31'256'103) (391'985) (3'173'603) (5'860'824) (61'298'547)

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

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

File Dt 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 20.08.2013 05.08.2013 05.08.2013 22.07.2013 17.07.2013 15.07.2013 30.06.2013 06.06.2013 24.01.2013 23.01.2013 26.12.2012 28.08.2012 28.08.2012 19.07.2012 25.06.2012 18.05.2012 12.04.2012 04.04.2012 18.02.2012 11.01.2012 14.03.2011 18.05.2010

09.09.2013

China United Network Communications Ltd China United Network Communications Limited provides a variety of telecommunication services, including GSM and CDMA wireless telecommunication services, international and domestic long distance communication services, data communication and Internet services, as well as paging services.

Price/Volume 5

300.0 M

250.0 M

4 3

200.0 M

12/2012 06/yy 3.87 2.97 191'148'231.00 3.31 -14.47% 11.45% 31.11% 21'196.6 70'160.73 104'405.99 0.0 139'937.0 18'320.08 294'215.19

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

100.0 M

50.0 M

1 0 s-12

o-12

31.12.2009 31.12.2010 153'881.8 171'370.0 2.32x 1.75x 60'190.4 61'766.1 5.93x 4.87x 3'137.0 1'234.5 49.26x 91.92x Profitability

LTM-4Q 31.12.2011 209'166.9 1.44x 64'768.2 4.65x 1'412.2 78.68x

31.12.2012 248'926.0 1.21x 73'936.0 4.06x 2'368.1 31.33x 73'936.03 10'997.50 4.42% 3.83% 0.61% 4.14% 0.55% 28.0% 5.0% 1.0% 0.16 0.11 20.14% 144.41% 17.21 36.03

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

LTM

FY+1

0.94 7'836.18 -13.14% -4.20% 0.943 12 4.167 84'864'720 ######### 96'107'230 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 229'462.0 271'542.9 296'883.6 340'139.4 75'005.0 73'790.0 5.18x 4.33x 1.05x 0.90x 0.0 0.0 70'110.3 82'920.5 0.00x 0.00x 4.20x 3.55x 1'696.1 2'981.0 3'552.3 5'123.6 815.0 734.0 46.50x 22.18x 20.18x 14.21x 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

15.98 -3.64 144.4% 33.0% 0.55 0.65 21.21 10.13 175.25 -167.05

Sales/Revenue/Turnover

3.00

300'000.0

2.50

250'000.0

2.00

200'000.0

1.50

150'000.0

1.00

100'000.0

0.50

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 159'487.0 1.67x 70'927.3 3.76x 20'235.9 5.27x

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600050 CH EQUITY YTD Change 600050 CH EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China United Network Communications Ltd Holdings By:

All

Holder Name CHINA UNITED TELECOM CHINA ASSET MANAGEME BLACKROCK ASSET MGMT PENGHUA FUND MANAGEM CHINA LIFE INSURANCE CHANGSHENG FUND MANA HARVEST FUND MANAGEM ZHANG DAZHONG SOCIAL SECURITY FUND CSOP ASSET MANAGEMEN HUAAN FUND MANAGEMEN E FUND MANAGEMENT FRANKLIN TEMPLETON S HUATAI-PINEBRIDGE FU YINHUA FUND MANAGEME FULLGOAL FUND MANAGE CHINA MERCHANTS FUND BOSHI FUND MANAGEMEN CHINA SOUTHERN FUND TIANTONG ASSET MANAG

Firm Name Masterlink Securities China Investment Securities UBS Capital Securities Corp Qilu Securities Co Ltd Everbright Securities Co., Ltd Chang Jiang Securities Co. Limited SWS Research Co Ltd Goldman Sachs HuaChuang Securities EVA Dimensions Guodu Securities Co Ltd PingAn Securities Bank of China International China Merchants Securities China Securities Co., Ltd Great Wall Securities Industrial Securities Founder Securities Citic Securities Co., Ltd Tebon Securities Co Ltd Northeast Securities Co Ltd China Minzu Securities Co Ltd JPMorgan China Galaxy Securities Hong Yuan Securities

Portfolio Name n/a Multiple Portfolios Multiple Portfolios 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 Multiple Portfolios

Analyst LV HAN QI NING WANG JINJIN HU JIAMING YANG HONG ZHOU LIQIAN ZHIJIAN CHEN WANG JING DONALD LU MA JUN ANDREW S ZAMFOTIS DENG TING LU SHAN YANG TONY ZHANG LIANGYONG DAI CHUNRONG LIU SHEN LIU LIANG WANG HUI JUNTAO GONG TEAM COVERAGE ZHOU SILI WANG XIAOYAN LUCY LIU XU YAOWEN HU YING

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

Recommendation buy strong buy buy hold buy buy buy neutral neutral/neutral strong buy sell buy buy buy strong buy add strong buy buy add buy buy buy buy neutral speculative buy buy

Amt Held 13'211'103'654 275'054'941 170'224'712 165'578'761 135'119'092 102'494'286 84'493'930 78'237'247 71'048'325 66'228'042 62'308'096 55'087'676 46'386'307 39'080'418 38'655'249 35'080'363 32'004'233 29'066'151 22'834'970 22'601'854

% Out 62.33 1.3 0.8 0.78 0.64 0.48 0.4 0.37 0.34 0.31 0.29 0.26 0.22 0.18 0.18 0.17 0.15 0.14 0.11 0.11

Weighting

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

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

Latest Chg 83'969'005 (8'096'455) 166'655 (43'475'991) 20'363'049 (9'305'000) 44'750'002 221'500 (118'326'636) 34'556'877 10'200'000 (28'653'706) 10'525'067 5'358'498

Target Price 4 5 5 4 4 5 #N/A N/A #N/A N/A 4 5 #N/A N/A #N/A N/A #N/A N/A 6 5 6 6 #N/A N/A 8 8 #N/A N/A #N/A N/A 7 7 #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 03.05.2013 30.06.2013 30.08.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 02.09.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013

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

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

Date 02.09.2013 15.08.2013 14.08.2013 12.08.2013 11.08.2013 09.08.2013 08.08.2013 19.07.2013 23.05.2013 21.02.2013 15.01.2013 08.10.2012 24.08.2012 03.08.2012 23.07.2012 25.06.2012 26.04.2012 11.04.2012 23.03.2012 29.12.2011 20.12.2011 05.12.2011 16.05.2011 27.04.2011 26.03.2010 05.12.2009

09.09.2013

China Shipbuilding Industry Co Ltd China Shipbuilding Industry Company Limited designs, manufactures, sells and leases ship parts. The Company's products include engines and parts, auxiliay engines and transportation equipment.

Price/Volume 6

160.0 M 140.0 M

120.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601989 CH EQUITY YTD Change 601989 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.63 3.91 0.00 35.47% 14'667.7 67'467.53 0.0 2'636.1 67'268.15 -

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

1.20 1.00

80.0 M 60.0 M

40.0 M 1

20.0 M

0 s-12

.0 M o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

Fiscal Year Ended 31.12.2008 15'974.4 1'536.7 1'220.9 -

100.0 M

Valuation Analysis

31.12.2009 31.12.2010 18'463.7 53'971.6 2.01x 0.87x 1'878.5 5'530.0 19.75x 8.49x 1'490.5 4'321.0 25.19x 40.66x Profitability

LTM-4Q 31.12.2011 64'643.8 0.96x 6'149.9 10.10x 5'019.7 14.60x

31.12.2012 58'343.3 1.25x 4'385.5 16.60x 3'577.1 19.88x 4'385.51 2'573.59 4.41% 7.55% 1.39% 5.92% 0.31% 13.0% 1.6% 6.1% 1.36 0.93 37.66% 161.37% 1.99 1.66

LTM

06/yy 61'869.1 4.70x 0.0 0.00x 4'076.9 18.67x

06/yy 54'313.5 4.12x 0.0 0.00x 2'460.6 0.00x

FY+1

3'297.69 5 4.600 0 0 0 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 59'712.7 64'777.0 3'689.3 4'100.7 S&P Issuer Ratings

1.79 0.36 161.4% 60.3% 0.31 1.41 183.82 219.80 184.35 199.34

Sales/Revenue/Turnover

70'000.0 60'000.0 50'000.0

0.80

40'000.0 0.60

30'000.0

0.40

20'000.0 10'000.0

0.20

0.0 0.00

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 |

09.09.2013

China Shipbuilding Industry Co Ltd Holdings By:

All

Holder Name CHINA SHIPBUILDING I DL SHIPBUILDING INDU CITIC SECURITIES CO BOHAI SHIPBUILDING C CHINA HUARONG ASSET SOCIAL SECURITY FUND ANSHAN IRON & STEEL CHINA CONSTRUCTION B CHINA SOUTHERN FUND CHINA DEVELOPMENT BA BLACKROCK ASSET MGMT YINHUA FUND MANAGEME CHANGSHENG FUND MANA CHINA ASSET MANAGEME DACHENG FUND MANAGME FULLGOAL FUND MANAGE HFT INVESTMENT MANAG HUATAI-PINEBRIDGE FU CSOP ASSET MANAGEMEN HARVEST FUND MANAGEM

Firm Name China International Capital Corp Northeast Securities Co Ltd PingAn Securities Everbright Securities Co., Ltd Hong Yuan Securities China Securities Co., Ltd SWS Research Co Ltd Citic Securities Co., Ltd Industrial Securities Great Wall Securities China Merchants Securities China Investment Securities China Minzu Securities Co Ltd Central China Securities China Galaxy Securities

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

Analyst JIN ZHANG LI KUN HAITAO ZHU LU ZHOU PANG LINLIN GAO XIAOCHUN MILLER LI ZHANG TING WU HUA YAN FUYIN TEAM COVERAGE LI QIN CAIXIA FU LU YONGGUANG TIAN SHUHUA

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

Recommendation accumulate add buy buy buy buy outperform not rated neutral buy neutral buy add add buy

Amt Held 8'029'035'174 1'621'341'182 585'584'140 540'640'446 393'750'127 310'287'629 153'144'330 130'000'053 129'879'042 100'058'363 87'152'528 65'510'670 58'095'781 56'972'772 51'198'510 39'618'069 39'408'657 36'934'730 36'628'959 34'976'609

% Out 54.74 11.05 3.99 3.69 2.68 2.12 1.04 0.89 0.89 0.68 0.59 0.45 0.4 0.39 0.35 0.27 0.27 0.25 0.25 0.24

Weighting

Change

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

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

Latest Chg (6'197'580) (32'167'218) (54'666'439) (11'815'146) 42'558'684 (4'452'774) (123'694'789) 13'755'669 (23'118'190)

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

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012

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

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

Date 02.09.2013 30.06.2013 25.06.2013 20.05.2013 15.04.2013 25.06.2012 08.06.2012 19.03.2012 18.01.2012 30.12.2011 27.07.2011 04.05.2011 03.05.2011 26.11.2010 01.06.2010

09.09.2013

Huaxia Bank Co Ltd Huaxia Bank Co., Ltd. provides a full range of commercial banking services i ncluding RMB and foreign currency deposit, loan, international and domestic s ettlement, discount, currency trading, letter of credit, bank guarantee, and o ther related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (27.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600015 CH EQUITY YTD Change 600015 CH EQUITY YTD % CHANGE

12/2012 06/yy 9.56 5.99 139'679'234.00 7.76 -18.84% 29.67% 34.26% 8'904.6 69'100.03 356'921.94 0.0 28.4 585'104.04 -

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

31.12.2009 31.12.2010 34'108.4 45'434.0 3'760.2 5'989.6 16.48x 9.08x Profitability

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M o-12

LTM-4Q 31.12.2011 66'205.8 9'221.9 7.59x

31.12.2012 78'225.9 12'796.3 5.54x 42.83% 42.94% 0.98% 18.61% 3.71% 0.05% 31.9% 23.97% 477.84% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 73'875.6 0.00x 0.0 0.00x 11'029.7 5.90x

f-13 m-13

06/yy 78'665.6 0.00x 0.0 0.00x 14'021.0 4.76x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

0.99 4'536.45 24.16% 2.81% 0.987 16 3.625 40'009'300 38'167'660 36'236'360 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 45'151.4 52'186.1 11'576.0 11'576.0 14'355.4 16'343.7 3'400.0 3'400.0 4.85x 4.28x 4.46x 4.41x S&P Issuer Ratings

NR 477.8% 82.7% 0.05 10.87 -

Sales/Revenue/Turnover

4.50

90'000.0

4.00

80'000.0

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

160.0 M

Fiscal Year Ended 31.12.2008 38'762.0 3'070.8 10.33x

10 9 8 7 6 5 4 3 2 1 0 s-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Huaxia Bank Co Ltd Holdings By:

All

Holder Name SHOUGANG CORP STATE GRID CORP OF C DEUTSCHE BANK AG HONGTA TOBACCO GROUP RUNHUA GROUP CO LTD SAL OPPENHEIM JR & C BEIJING SANJILI ENER SHANGHAI JIANTE BIOT E FUND MANAGEMENT CHINA ASSET MANAGEME BLACKROCK ASSET MGMT BANK OF COMMUNICATIO BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM ICBC CREDIT SUISSE A PENGHUA FUND MANAGEM CHINA SOUTHERN FUND HUATAI-PINEBRIDGE FU FULLGOAL FUND MANAGE GREAT WALL FUND MANA

Firm Name PingAn Securities Guotai Junan Chang Jiang Securities Co. Limited Northeast Securities Co Ltd Qilu Securities Co Ltd Capital Securities Corp Sinolink Securities Co Ltd UBS Goldman Sachs SWS Research Co Ltd GF Securities Co. Ltd. EVA Dimensions Everbright Securities Co., Ltd Hong Yuan Securities Bank of China International Guodu Securities Co Ltd China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities AJ Securities Rising Securities Co.,LTD China Investment Securities China Minzu Securities Co Ltd BOCOM International Holdings Great Wall Securities HuaChuang Securities

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

Analyst GRACE LI GUANHUA QIU LIU JUN YAYUN TANG JIAOYI CHENG XIE JIYONG HE GUOWEN JANET SUN NING MA BECKY XU Mu Hua DOUG WALTERS SHEN WEI ZHANG JIXIU SUN PENG DENG TING LUO YI ZHU YAN #N/A N/A YIDONG ZHANG ZHANG ZHIPENG XIE AIHONG ZHANG ZHONGYANG ZHANG JING LI SHANSHAN CHENG BINBIN GAO LI

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

Recommendation buy neutral add add buy hold neutral neutral Sell/Neutral neutral hold buy accumulate add hold buy strong buy overweight buy buy strong buy buy strong buy add long-term buy neutral buy

Amt Held 1'805'506'535 1'623'994'959 1'557'478'237 389'480'000 277'388'945 222'560'000 155'385'033 116'438'818 103'979'019 77'756'753 57'681'691 40'472'967 39'937'270 39'833'624 37'547'930 31'909'797 27'565'579 25'359'022 24'694'357 24'009'060

% Out 20.28 18.24 17.49 4.37 3.12 2.5 1.74 1.31 1.17 0.87 0.65 0.45 0.45 0.45 0.42 0.36 0.31 0.28 0.28 0.27

Weighting

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

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

Latest Chg (11'971'192) (9'178'671) 33'673'982 (22'138'714) (21'541'493) 29'323'380 8'312'283 (8'748'917) (2'744'332) 2'612'276 21'881

Target Price #N/A N/A 8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 7 5 #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A 10 #N/A N/A #N/A N/A 11 10 #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013

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

Inst Type Government Government Investment Advisor Corporation Corporation Bank Corporation 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

Date 03.09.2013 20.08.2013 18.08.2013 12.08.2013 11.08.2013 09.08.2013 09.08.2013 07.08.2013 23.07.2013 19.07.2013 19.06.2013 06.06.2013 02.06.2013 25.04.2013 05.12.2012 26.10.2012 23.07.2012 29.06.2012 25.06.2012 12.04.2012 29.03.2012 20.12.2011 02.12.2011 01.12.2011 07.11.2011 23.05.2011 29.04.2011

09.09.2013

Anhui Conch Cement Co Ltd Anhui Conch Cement Company Limited produces and sells ordinary portland cement, portland cement, portland blast furnace slag cement, compound cement, and commercial clinker. The Company sells its products under the Conch, Hailuo, and Huangshan trademarks.

Price/Volume 25

90.0 M 80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600585 CH EQUITY YTD Change 600585 CH EQUITY YTD % CHANGE

12/2011 06/yy 22.10 11.88 28'533'126.00 16.21 -26.65% 36.45% 38.45% 3'999.7 92'326.01 23'810.06 0.0 2'265.6 8'231.30 109'033.26

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

40.0 M 30.0 M 20.0 M

10.0 M 0 s-12

31.12.2009 31.12.2010 24'998.0 34'508.3 10.56x 3.42x 6'530.7 10'630.0 40.43x 11.12x 3'505.9 6'159.6 22.19x 17.76x Profitability

LTM-4Q 31.12.2011 48'653.8 2.13x 18'761.3 5.51x 11'586.4 8.54x

31.12.2012 45'766.2 2.65x 12'367.9 9.79x 6'331.1 19.06x

n-12

d-12

j-13

12'367.89 9'091.94 19.87% 17.75% 7.70% 13.65% 10.47% 0.58% 27.3% 27.1% 20.0% 13.8% 1.63 1.14 27.20% 49.05% 8.66 7.93

LTM

06/yy 46'627.6 9.86x 0.0 0.00x 8'513.1 10.64x

f-13 m-13

06/yy 48'537.2 10.10x 0.0 0.00x 6'450.1 13.76x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.54 1.49 1'765.71 9.42% -10.62% 1.488 22 4.864 15'458'500 22'406'500 26'875'920 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'219.0 62'368.2 14'040.0 16'580.0 2.02x 1.68x 15'325.7 17'993.3 2'999.0 4'603.0 7.11x 6.06x 7.64x 7.66x 8'397.4 9'943.7 2'085.0 3'032.0 10.54x 8.79x 8.69x 8.88x S&P Issuer Ratings

10.02 4.58 1.09 1.78 49.1% 31.9% 0.58 0.87 42.15 46.04 45.07 67.13

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

o-12

Fiscal Year Ended 31.12.2008 24'228.3 2.18x 5'396.1 9.77x 2'607.2 20.26x

50.0 M

30'000.0 20'000.0

0.40

10'000.0 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 |

09.09.2013

Anhui Conch Cement Co Ltd Holdings By:

All

Holder Name ANHUI CONCH HLDGS CO ANHUI CONCH VENTURE BANK OF COMMUNICATIO PINGAN TRUST CO LTD HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN BLACKROCK ASSET MGMT FULLGOAL FUND MANAGE PENGHUA FUND MANAGEM YINHUA FUND MANAGEME CHINA ASSET MANAGEME DACHENG FUND MANAGME EVERBRIGHT PRAMERICA RONGTONG FUND MANAGE MORGAN STANLEY INTER E FUND MANAGEMENT CHINA SOUTHERN FUND CCB PRINCIPAL ASSET INVESCO GREAT WALL F CSOP ASSET MANAGEMEN

Firm Name Chang Jiang Securities Co. Limited Guotai Junan Masterlink Securities Northeast Securities Co Ltd Capital Securities Corp GF Securities Co. Ltd. Sinolink Securities Co Ltd China Merchants Securities Everbright Securities Co., Ltd JPMorgan Bank of China International China International Capital Corp China Investment Securities SWS Research Co Ltd China Minzu Securities Co Ltd UBS Goldman Sachs Guodu Securities Co Ltd Founder Securities HuaChuang Securities Hong Yuan Securities Citic Securities Co., Ltd China Securities Co., Ltd Industrial Securities AJ Securities PingAn Securities China Galaxy Securities KGI Securities

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 Multiple Portfolios Multiple Portfolios

Analyst FAN CHAO YANXIN BAO DAI KAI-YU XIE WENJIE ZHU JIXIANG ZOU GE HUANG SHITAO WANG JINGJING CHEN HAOWU NICK LAI MICHELLE LEUNG LUO WEI LI FAN KATHY WANG Pengcheng Yu MICK MI JULIAN ZHU WANG SHUANG WEI ZHOU LI LONG DENG HAIQING ZENG HAO TIAN DONGHONG YIDONG ZHANG ZUO HONGYING XU WEI HONG LIANG YANG HAN

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

Recommendation buy buy buy buy buy buy buy strong buy buy overweight buy buy strong buy buy buy buy neutral/neutral buy add strong buy buy buy buy buy strong buy strong buy buy outperform

Amt Held 1'947'282'844 286'713'246 79'116'552 74'425'633 56'208'243 51'068'696 35'382'552 34'796'368 32'580'531 29'796'033 29'733'536 27'371'273 26'788'250 26'261'142 25'181'353 21'749'027 17'918'821 15'518'364 15'410'686 13'743'250

% Out 48.69 7.17 1.98 1.86 1.41 1.28 0.88 0.87 0.81 0.74 0.74 0.68 0.67 0.66 0.63 0.54 0.45 0.39 0.39 0.34

Weighting

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

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

Latest Chg 69'586'653 (6'524'390) 8'162'475 9'556'353 31'407'596 (3'220'011) (4'218'588) (18'141'058) (15'828'865) 7'344'075 (248'861) 7'989'536 5'538'029 (10'360'524) -

Target Price #N/A N/A 21 20 #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A 21 22 20 #N/A N/A 20 #N/A N/A 20 20 19 27 #N/A N/A #N/A N/A 20 #N/A N/A 20 31 25 #N/A N/A 33 16

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

File Dt 20.03.2012 31.12.2011 31.12.2012 31.12.2011 31.12.2012 31.12.2012 30.08.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2011 31.12.2012 30.06.2013 30.06.2013 28.03.2013 02.09.2013

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

Inst Type Holding Company Other Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 02.09.2013 29.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 17.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 22.07.2013 17.07.2013 15.07.2013 08.05.2013 25.04.2013 25.03.2013 03.02.2013 01.02.2013 28.01.2013 25.06.2012 19.04.2012 26.10.2011 25.10.2011 01.07.2010 24.08.2009

09.09.2013

Huaneng Power International Inc Huaneng Power International, Inc. develops, constructs, owns and operates coal-fired power plants throughout China.

Price/Volume 8

120.0 M

100.0 M

6 80.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.12.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600011 CH EQUITY YTD Change 600011 CH EQUITY YTD % CHANGE

12/2011 06/yy 7.40 4.76 27'980'303.00 5.45 -26.35% 14.50% 21.59% 10'500.0 77'458.23 167'398.05 0.0 9'830.2 10'718.25 209'345.19

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

40.0 M

2 20.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 67'728.7 2.75x 6'911.4 26.99x (3'937.7) -

60.0 M

31.12.2009 31.12.2010 76'711.0 104'170.5 2.33x 1.97x 18'639.8 19'363.9 9.59x 10.60x 4'929.5 3'348.0 9.43x 12.44x Profitability

LTM-4Q 31.12.2011 132'936.8 1.77x 21'207.5 11.08x 1'180.5 41.87x

31.12.2012 133'294.6 1.97x 29'477.3 8.89x 5'512.5 14.79x 29'477.29 18'220.88 13.67% 6.66% 3.44% 16.40% 7.25% 0.50% 26.4% 17.8% 4.1% 0.39 0.28 64.61% 298.23% 9.25 -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

3.85 0.74 1'760.07 -14.58% -20.56% 0.743 18 4.556 20'617'000 26'238'740 26'456'360 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 135'962.5 129'973.8 135'068.3 140'181.9 34'281.5 35'661.0 6.04x 6.57x 1.77x 1.75x 0.0 0.0 36'634.6 36'249.6 0.00x 0.00x 5.71x 5.78x 2'298.0 9'554.8 10'458.5 10'500.1 2'200.5 2'452.5 27.79x 8.98x 7.63x 7.35x S&P Issuer Ratings Long-Term Rating Date 14.04.2010 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.09 (EBITDA-Capex)/Interest Exp. 1.46 Net Debt/EBITDA 4.27 Total Debt/EBITDA 4.72 Reference Total Debt/Equity 298.2% Total Debt/Capital 71.7% Asset Turnover 0.50 Net Fixed Asset Turnover 0.72 Accounts receivable turnover-days 39.45 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

12.00

140'000.0

10.00

120'000.0 100'000.0

8.00

80'000.0 6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Huaneng Power International Inc Holdings By:

All

Holder Name HUANENG INTL POWER D CHINA HUANENG GROUP HEBEI PROVINCIAL CON LIAONING ENERGY INVE JIANGSU INVESTMENT M FUJIAN INVESTMENT EN DALIAN CONSTRUCTION LION FUND MANAGEMENT YINHUA FUND MANAGEME HARVEST FUND MANAGEM HFT INVESTMENT MANAG GUOTAI ASSET MANAGEM BOSHI FUND MANAGEMEN HUATAI-PINEBRIDGE FU CHINA ASSET MANAGEME HUAAN FUND MANAGEMEN BLACKROCK ASSET MGMT E FUND MANAGEMENT CHINA UNIVERSAL ASSE FULLGOAL FUND MANAGE

Firm Name Goldman Sachs Chang Jiang Securities Co. Limited Masterlink Securities Everbright Securities Co., Ltd Guotai Junan Capital Securities Corp Bank of China International Jefferies China International Capital Corp SWS Research Co Ltd JPMorgan UBS Central China Securities Rising Securities Co.,LTD Guodu Securities Co Ltd Citic Securities Co., Ltd Hong Yuan Securities Great Wall Securities China Merchants Securities PingAn Securities China Galaxy Securities

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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst FRANKLIN CHOW JUN GE LI YAN JUNPENG CHEN WANG WEI LAI SHENSHENG KEVIN XING JOSEPH FONG JUNHUA CHEN EVAN LIANG BORIS KAN YINGZHEN XU PAN HANGJUN DAI LIPING WANG SHUBAO WU FEI LU RUMIN GUI FANGXIAO PENG QUANGANG SHAO QING ZOU XUYUAN

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

Recommendation Buy/Neutral add buy accumulate buy buy hold buy accumulate buy neutral buy add outperform strong buy overweight buy buy strong buy buy speculative buy

Amt Held 5'066'662'118 1'555'124'549 603'000'000 422'679'939 416'500'000 374'466'667 301'500'000 145'144'418 45'123'674 43'574'216 42'074'297 34'965'115 34'510'296 33'595'480 33'079'812 30'894'208 29'396'480 26'415'455 25'780'134 20'687'249

% Out 48.25 14.81 5.74 4.03 3.97 3.57 2.87 1.38 0.43 0.41 0.4 0.33 0.33 0.32 0.32 0.29 0.28 0.25 0.25 0.2

Weighting

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

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

Latest Chg (10'584'275) (6'989'431) (13'189'647) 8'843'928 23'161'669 (78'902'656) 8'997'535 18'072'308 10'520'694 2'587'803 3'694'359 (24'281'346)

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

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

File Dt 30.06.2011 31.03.2012 30.06.2011 30.06.2011 30.06.2011 30.06.2011 30.06.2011 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.08.2013 31.12.2012 02.09.2013 31.12.2012

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

Inst Type Corporation Government Investment Advisor Corporation Corporation Other 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

Date 23.08.2013 21.08.2013 20.08.2013 18.08.2013 08.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 18.07.2013 12.07.2013 10.07.2013 27.06.2013 23.04.2013 26.12.2012 18.12.2012 28.11.2012 23.10.2012 19.07.2012 09.03.2012 21.10.2009

09.09.2013

Sany Heavy Industry Co Ltd Sany Heavy Industry Co., Ltd. manufactures and markets construction machinery and related parts. The Company's products include concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry sells its products under the "Sany" trade mark.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600031 CH EQUITY YTD Change 600031 CH EQUITY YTD % CHANGE

12/2012 06/yy 13.19 6.75 54'077'723.00 7.58 -42.53% 12.30% 10.25% 7'616.5 57'733.10 25'132.98 0.0 1'594.1 9'644.77 78'408.06

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

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 13'727.5 1.65x 2'116.6 10.71x 1'232.2 16.88x

31.12.2009 31.12.2010 18'917.0 33'823.7 3.00x 3.37x 3'880.8 7'628.2 14.63x 14.95x 2'639.9 5'615.5 20.80x 19.50x Profitability

LTM-4Q 31.12.2011 50'516.8 2.11x 11'310.3 9.44x 8'648.9 11.01x

31.12.2012 46'663.7 2.09x 8'678.9 11.23x 5'686.1 14.12x 8'678.91 7'445.57 15.96% 14.75% 4.50% 13.80% 0.52% 31.4% 11.2% 12.2% 1.76 1.16 38.99% 109.18% 1.53 2.46

Price/ Cash Flow

LTM

06/yy 51'985.1 9.00x 0.0 0.00x 7'869.8 13.41x

06/yy 36'942.4 9.95x 0.0 0.00x 3'176.9 18.02x

FY+1

1.38 2'788.26 -20.98% -25.91% 1.380 21 4.143 42'433'490 31'948'610 30'300'990 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 43'342.1 57'676.0 8'289.0 7'231.0 1.53x 1.05x 7.13x 8.17x 7'440.0 8'684.0 10.54x 9.03x 5'342.1 7'985.5 1'059.0 1'018.0 10.01x 7.01x S&P Issuer Ratings

5.82 2.61 109.2% 50.5% 0.52 1.79 238.33 148.30 106.36 176.51

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00 250.00

30'000.0

200.00

20'000.0

150.00 100.00

10'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Sany Heavy Industry Co Ltd Holdings By:

All

Holder Name SANY GROUP CO LTD WENGEN LIANG BLACKROCK ASSET MGMT HARVEST FUND MANAGEM FULLGOAL FUND MANAGE XIUGUO TANG ZHONGWU MAO WENBO XIANG DI CHUN DACHENG FUND MANAGME CHINA LIFE INSURANCE JIASHI FUND MANAGEME GUO LIANGBAO CHINA ASSET MANAGEME E FUND MANAGEMENT JINHUA YUAN CSOP ASSET MANAGEMEN BOSHI FUND MANAGEMEN FUGUI ZHOU MANULIFE TEDA FUND M

Firm Name China International Capital Corp GF Securities Co. Ltd. SWS Research Co Ltd UBS Goldman Sachs Jefferies China Investment Securities Morgan Stanley EVA Dimensions Chang Jiang Securities Co. Limited Sun Hung Kai Securities Credit Suisse Capital Securities Corp Guotai Junan Hong Yuan Securities PingAn Securities Everbright Securities Co., Ltd Northeast Securities Co Ltd Citic Securities Co., Ltd Bank of China International HuaChuang Securities Fortune CLSA Securities Limited Sinolink Securities Co Ltd China Securities Co., Ltd Industrial Securities Central China Securities China Merchants Securities Great Wall Securities Guodu Securities Co Ltd China Galaxy Securities

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

Analyst WU HUIMIN DONG YAGUANG MILLER LI WEIQI FU TIAN LU JULIAN BU OUYANG JUN CEDRIC SHI TIMOTHY STANISH Cheng Zhang VIK CHOPRA YANG SONG HAN WEIQI LU JUAN PANG LINLIN ZHANG WEI LU ZHOU JIANGTAO WU GUO YALING XU MINLE GAO LI YANG YAN DONGYA GUANG FUZHANG FENG WU HUA XU MINFENG LIU RONG YAN FUYIN WEI JING JU HOULIN

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

Recommendation accumulate add buy buy neutral/neutral hold buy restricted sell buy not rated underperform hold buy add buy buy buy buy buy buy outperform add buy buy buy strong buy buy strong buy speculative buy

Amt Held 4'281'311'012 286'575'517 56'029'753 53'565'891 52'523'220 47'284'115 43'231'190 43'231'189 37'436'485 36'074'644 34'366'660 29'314'318 28'145'307 26'353'564 26'101'850 25'668'519 21'946'098 21'231'122 18'913'646 18'666'441

% Out 56.21 3.76 0.74 0.7 0.69 0.62 0.57 0.57 0.49 0.47 0.45 0.38 0.37 0.35 0.34 0.34 0.29 0.28 0.25 0.25

Weighting

Change

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

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

Latest Chg (43'422'383) (1'121'149) (19'034'287) (2'995'360) (21'151'677) (25'170'912) (83'583'785) 17'417'753

Target Price #N/A N/A #N/A N/A #N/A N/A 10 7 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9 14 12 #N/A N/A #N/A N/A 13 #N/A N/A #N/A N/A 13 #N/A N/A 10 #N/A N/A 16 #N/A N/A #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 01.09.2013 28.08.2013 13.08.2013 11.08.2013 16.07.2013 25.06.2013 12.06.2013 06.06.2013 03.06.2013 08.05.2013 06.05.2013 03.05.2013 21.04.2013 15.04.2013 04.03.2013 09.02.2013 31.01.2013 30.01.2013 28.01.2013 17.12.2012 15.11.2012 07.11.2012 25.06.2012 16.04.2012 09.04.2012 06.04.2012 31.01.2012 13.05.2011 27.01.2010

09.09.2013

China Merchants Securities Co Ltd China Merchants Securities Company, Ltd. provides brokerage services, securities placement services and, asset management services. The Company operates securities trading outlets in multiple cities in China.

Price/Volume 16

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600999 CH EQUITY YTD Change 600999 CH EQUITY YTD % CHANGE

12/2012 06/yy 14.86 8.04 62'708'721.00 11.84 -20.32% 47.26% 47.95% 4'661.1 55'187.42 14'913.73 0.0 2.0 28'913.20 45'280.50

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

60.0 M

6 4

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 10'460.8 8'517.9 4.40x 4.08x 5'789.5 4'798.2 7.95x 7.24x 3'727.7 3'228.9 25.78x 21.07x Profitability

LTM-4Q 31.12.2011 6'908.3 3.72x 3'357.7 7.65x 2'008.3 23.67x

31.12.2012 6'276.0 5.61x 2'868.2 12.26x 1'646.0 29.88x

n-12

d-12

j-13

2'868.18 37.60% 29.88% 2.11% 6.82% 4.07% 0.08% 26.2% 19.74% 57.88% -

LTM

06/yy 6'154.8 19.75x 0.0 0.00x 1'481.0 36.00x

f-13 m-13

06/yy 6'806.3 22.18x 1'231.4 0.00x 1'744.4 27.79x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.64 1'067.47 14.47% 13.71% 1.639 10 3.700 19'242'100 23'164'870 24'413'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'454.0 6'520.8 2'022.4 2'542.0 26.61x 21.22x S&P Issuer Ratings

57.9% 36.7% 0.08 7.37 -

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.60

o-12

Fiscal Year Ended 31.12.2008 5'197.0 2'950.2 2'020.7 -

80.0 M

Valuation Analysis

6'000.0 4'000.0

0.40

2'000.0 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 |

09.09.2013

China Merchants Securities Co Ltd Holdings By:

All

Holder Name SZ JISHENG INVEST DE CHINA MERCHANTS FIN CHINA OCEAN SHIPPING HEBEI PORT GROUP CO CHINA COMMUN CONSTRU GUANGZHOU MARITIME T CHINA MERCHANTS STEA SHENZHEN HUAQIANG NE CHINA SHIPPING HAISH COFCO PROPERTY GROUP DACHENG FUND MANAGME CHINA ASSET MANAGEME HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU E FUND MANAGEMENT HUAAN FUND MANAGEMEN CHINA SOUTHERN FUND CHINA ASSET MANAGEME GUOTAI ASSET MANAGEM BANK OF COMMUNICATIO

Firm Name Chang Jiang Securities Co. Limited GF Securities Co. Ltd. Sinolink Securities Co Ltd Guotai Junan Everbright Securities Co., Ltd Hong Yuan Securities Northeast Securities Co Ltd Goldman Sachs Deutsche Bank China International Capital Corp Citic Securities Co., Ltd Industrial Securities Central China Securities China Minzu Securities Co Ltd Guodu Securities Co Ltd PingAn Securities China Investment Securities

Analyst LIU JUN CONG LI HE GUOWEN ZHAO XIANGHUAI ZIPEI TANG HUANG LIJUN XINAN ZHAO NING MA PANDORA LEE JIE HUANG PAN HONGWEN ZHANG YING XIE PEIJIE SONG JIAN DENG TING DOU ZEYUN WANG PENG

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

Recommendation neutral add add buy accumulate buy add Sell/Neutral hold accumulate buy buy add neutral buy buy buy

Amt Held 1'341'378'000 619'802'023 505'951'852 225'127'284 214'297'546 187'729'772 177'244'952 167'799'593 82'923'000 71'374'097 48'189'538 22'483'373 18'523'941 13'647'810 7'369'261 7'190'384 7'041'021 4'628'004 4'027'035 3'834'466

% Out 28.78 13.3 10.85 4.83 4.6 4.03 3.8 3.6 1.78 1.53 1.03 0.48 0.4 0.29 0.16 0.15 0.15 0.1 0.09 0.08

Weighting

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

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

Latest Chg 6'405'344 3'620'643 (18'491'331) (3'944'986) 1'695'341 (540'936) 4'851'063 (14'501'413) (9'075'524)

Target Price #N/A N/A #N/A N/A #N/A N/A 14 12 #N/A N/A #N/A N/A 9 15 #N/A N/A 14 #N/A N/A #N/A N/A 22 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012

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

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

Date 02.09.2013 21.08.2013 21.08.2013 21.08.2013 06.08.2013 21.07.2013 30.06.2013 24.06.2013 12.04.2013 10.09.2012 03.05.2012 28.10.2011 12.10.2011 15.09.2011 15.02.2011 24.12.2010 21.07.2010

09.09.2013

China Oilfield Services Ltd China Oilfield Services Limited provides drilling services, well services, marine support and transportation services, and geophysical services to the oil field industry in the offshore China market.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.08.2013) 52-Week Low (04.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601808 CH EQUITY YTD Change 601808 CH EQUITY YTD % CHANGE

12/2011 06/yy 18.46 13.55 6'127'101.00 17.48 -5.31% 29.00% 77.80% 2'960.5 76'281.09 33'369.96 0.0 11.0 13'769.08 96'522.01

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

31.12.2009 31.12.2010 17'878.7 17'561.0 4.91x 6.90x 8'139.6 8'564.8 10.79x 14.14x 3'135.3 4'128.5 11.74x 15.55x Profitability

31.12.2012 22'104.7 3.98x 8'911.0 9.86x 4'559.4 12.67x

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M o-12

n-12

d-12

j-13

8'911.00 5'737.54 25.96% 24.60% 7.59% 16.71% 9.50% 0.35% 39.0% 26.1% 20.6% 2.80 2.34 44.70% 103.65% 3.88 -

LTM

06/yy 20'297.6 12.22x 0.0 0.00x 4'365.8 9.30x

f-13 m-13

06/yy 24'535.1 12.34x 0.0 0.00x 5'341.9 10.08x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.77 0.97 493.64 4.83% 8.80% 0.970 11 4.636 5'656'140 7'048'334 5'990'528 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 27'182.0 30'729.9 7'022.0 6'107.0 3.23x 2.79x 10'792.3 11'939.8 1'715.0 4'671.0 8.94x 8.08x 5'721.8 6'552.1 1'516.5 1'094.0 13.81x 11.86x S&P Issuer Ratings

20.12.2012 ASTABLE 14.19 8.39 2.12 3.34 103.7% 50.9% 0.35 0.53 94.19 -

Sales/Revenue/Turnover

25'000.0

1.00

20'000.0

0.60

30.0 M

LTM-4Q 31.12.2011 18'426.1 4.33x 8'159.6 9.77x 4'039.3 11.07x

1.20

0.80

35.0 M

Fiscal Year Ended 31.12.2008 12'142.9 5.57x 5'228.0 12.93x 3'102.2 7.98x

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

15'000.0 10'000.0

0.40

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 |

09.09.2013

China Oilfield Services Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH SOCIAL SECURITY FUND CHINA SOUTHERN FUND BLACKROCK ASSET MGMT EVERBRIGHT PRAMERICA CHINA ASSET MANAGEME CHANGSHENG FUND MANA WU XIANGFEN BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM CSOP ASSET MANAGEMEN CAISSE DE DEPOT ET P CHINA MERCHANTS FUND BOSERA FUND MANAGEME FULLGOAL FUND MANAGE HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN GUOTAI ASSET MANAGEM GREAT WALL FUND MANA AEGON INDUSTRIAL FUN

Firm Name PingAn Securities Northeast Securities Co Ltd Masterlink Securities Bank of China International China International Capital Corp Founder Securities SWS Research Co Ltd Goldman Sachs China Minzu Securities Co Ltd Sinolink Securities Co Ltd Citic Securities Co., Ltd UBS HuaChuang Securities China Investment Securities Jefferies Central China Securities China Galaxy Securities Industrial Securities

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

Analyst SHAOHUI YANG WEIGANG WANG LI XIN LAWRENCE LAU BIN GUAN LIQUAN HUANG KAISHENG LIN ARTHUR YAN QI QIUSHI LIU BO HUANG LILI NINA YAN GAO LI ZHEJIAN SONG LABAN YU LU YONGGUANG LI GUOHONG ZHENG FANGBIAO

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

Recommendation buy buy buy buy buy add buy neutral/neutral add buy buy buy buy strong buy underperform add buy buy

Amt Held 2'410'468'000 50'000'000 17'766'349 11'699'341 9'449'600 8'156'652 8'062'106 6'344'533 6'179'433 4'694'262 4'627'889 3'732'811 3'706'387 3'697'658 3'109'810 2'750'862 2'559'050 2'193'285 1'899'540 1'628'162

% Out 81.42 1.69 0.6 0.4 0.32 0.28 0.27 0.21 0.21 0.16 0.16 0.13 0.13 0.12 0.11 0.09 0.09 0.07 0.06 0.05

Weighting

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

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

Latest Chg (853'911) 7'072'555 1'607'966 7'898'092 2'964'025 (5'894'389) 1'076'612 3'111'621 2'274'962 (1'449'166) (3'401'518) 650'323 673'024 1'628'162

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

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

File Dt 31.12.2009 31.12.2009 30.06.2013 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2009 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 29.08.2013 25.08.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 19.07.2013 13.06.2013 01.04.2013 14.03.2013 25.12.2012 09.08.2012 18.05.2012 02.12.2011 20.05.2011 26.11.2010 20.07.2010 22.03.2010

09.09.2013

China Railway Construction Corp Ltd China Railway Construction Corporation Ltd is a full service construction company. The Company's services include construction operations, survey design and consulting. China Railway also has manufacturing operations, real estate operations, and logistics. The Company specializes in railway construction.

Price/Volume 7

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601186 CH EQUITY YTD Change 601186 CH EQUITY YTD % CHANGE

12/2011 06/yy 6.49 3.95 35'044'126.00 5.04 -22.34% 27.59% 37.01% 10'261.3 65'368.09 107'283.34 0.0 1'365.6 105'817.06 125'192.13

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

60.0 M

40.0 M

20.0 M

0 s-12

o-12

31.12.2009 31.12.2010 344'976.2 456'187.2 0.22x 0.18x 13'754.6 14'427.2 5.41x 5.59x 6'599.1 4'246.2 16.38x 23.34x Profitability

LTM-4Q 31.12.2011 443'319.3 0.15x 21'822.9 3.08x 7'854.3 5.42x

31.12.2012 469'871.7 0.17x 23'688.9 3.28x 8'478.9 10.27x 23'688.89 13'999.85 2.98% 2.32% 1.88% 12.40% 7.09% 1.04% 7.8% 5.0% 3.0% 1.8% 1.13 0.49 22.32% 149.08% 6.76 2.69

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

2.18 1.06 2'404.50 11.79% -12.01% 1.064 11 4.727 22'463'400 21'357'640 23'167'950 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 417'448.9 519'951.8 522'853.8 551'818.8 0.67x 0.75x 0.0 0.0 26'460.0 28'821.0 0.00x 0.00x 4.73x 4.34x 7'403.6 9'964.2 9'376.5 10'133.5 8.72x 6.66x 6.69x 6.00x S&P Issuer Ratings Long-Term Rating Date 03.05.2013 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 4.06 (EBITDA-Capex)/Interest Exp. 2.26 Net Debt/EBITDA 0.06 Total Debt/EBITDA 4.53 Reference Total Debt/Equity 149.1% Total Debt/Capital 59.4% Asset Turnover 1.04 Net Fixed Asset Turnover 10.29 Accounts receivable turnover-days 54.11 Inventory Days 135.86 Accounts Payable Turnover Day 124.19 Cash Conversion Cycle 65.78 Sales/Revenue/Turnover

100'000.00

500'000.0

90'000.00

450'000.0

80'000.00

400'000.0

70'000.00

350'000.0

60'000.00

300'000.0

50'000.00 40'000.00

250'000.0 200'000.0

30'000.00

150'000.0

20'000.00

100'000.0

10'000.00

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 219'410.2 0.42x 9'883.9 9.43x 3'643.8 31.76x

80.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Railway Construction Corp Ltd Holdings By:

All

Holder Name CHINA RAILWAY CONSTR SOCIAL SECURITY FUND BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM CHANGSHENG FUND MANA BLACKROCK ASSET MGMT UBS FULLGOAL FUND MANAGE CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU RONGTONG FUND MANAGE HUAAN FUND MANAGEMEN INVESCO LTD E FUND MANAGEMENT CHINA ASSET MANAGEME CHINA ASSET MANAGEME HSBC-JINTRUST FUND M BOSERA FUND MANAGEME CAISSE DE DEPOT ET P HUAFU FUND MANAGEMEN

Firm Name Capital Securities Corp China International Capital Corp Bank of China International Guotai Junan Chang Jiang Securities Co. Limited Goldman Sachs SWS Research Co Ltd Everbright Securities Co., Ltd Citic Securities Co., Ltd Hong Yuan Securities Jefferies China Investment Securities China Galaxy Securities China Minzu Securities Co Ltd China Securities Co., Ltd

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

Analyst LI XIAOLU YUE DING LI PAN ZHANG KUN SHI HENGHUI TIAN LU ERNEST ZHANG WANG TIANRUI YANG TAO ZHOU RONGZI JULIAN BU LI FAN HAO FEIFEI XU YONGCHAO TIAN DONGHONG

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

Recommendation buy accumulate buy buy buy Buy/Neutral outperform accumulate buy add buy buy speculative buy add add

Amt Held 7'566'245'500 290'499'901 131'103'520 55'152'199 50'441'420 48'355'759 23'116'605 20'835'776 19'236'503 14'234'616 11'612'282 9'275'738 7'999'926 7'564'464 6'179'553 6'141'089 5'960'500 5'771'483 5'065'615 4'797'829

% Out 73.74 2.83 1.28 0.54 0.49 0.47 0.23 0.2 0.19 0.14 0.11 0.09 0.08 0.07 0.06 0.06 0.06 0.06 0.05 0.05

Weighting

Change 5 4 5 5 5 5 5 4 5 4 5 5 4 4 4

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

Latest Chg 105'220'276 6'689'555 49'580'139 (5'476'910) (28'843) 9'925'347 150'533 7'999'926 713'906 (8'852'182) 3'918'000 2'264'192 2'631'259

Target Price 5 #N/A N/A 6 #N/A N/A #N/A N/A 6 #N/A N/A 6 #N/A N/A #N/A N/A 6 #N/A N/A #N/A N/A #N/A N/A 12

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

File Dt 31.12.2009 31.12.2009 30.06.2013 31.12.2012 31.12.2012 30.08.2013 30.06.2008 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 03.09.2013 03.09.2013 02.09.2013 26.08.2013 26.08.2013 11.08.2013 16.07.2013 15.04.2013 04.12.2012 30.11.2012 31.10.2012 03.08.2011 23.06.2010 18.05.2010 02.12.2009

09.09.2013

Huatai Securities Co Ltd Huatai Securities Co., Ltd. provides securities brokerage services, research consulting services, investment banking services and direct investment services, fixed-income services and asset management services.

Price/Volume 14

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (29.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601688 CH EQUITY YTD Change 601688 CH EQUITY YTD % CHANGE

12/2012 06/yy 12.49 7.19 89'134'699.00 9.34 -25.22% 29.90% 30.57% 5'600.0 52'304.00 6'328.17 0.0 455.7 33'088.22 32'402.00

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

1.20 1.00

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 6'770.3 1'253.1 -

80.0 M

31.12.2009 31.12.2010 9'897.9 11'298.3 1.79x 5'427.1 3.73x 3'795.3 3'425.0 21.78x Profitability

LTM-4Q 31.12.2011 8'078.9 1.45x 3'401.1 3.43x 1'784.4 24.54x

31.12.2012 7'377.7 3.87x 3'171.1 9.01x 1'615.7 33.97x 3'171.11 33.40% 28.77% 2.05% 5.42% 4.02% 0.08% 21.9% 7.98% 18.51% -

LTM

06/yy 7'935.6 9.11x 156.8 0.00x 1'698.9 34.56x

06/yy 7'616.3 14.14x 0.0 0.00x 1'846.1 24.55x

FY+1

1.59 1'628.04 1.31% -3.14% 1.589 11 4.455 23'067'160 28'549'360 30'446'780 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'447.2 9'041.5 2'441.5 3'071.2 22.78x 18.03x S&P Issuer Ratings

18.5% 15.4% 0.08 4.16 -

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

09.09.2013

Huatai Securities Co Ltd Holdings By:

All

Holder Name JIANGSU GUOXIN ASSET JIANGSU CMNS HLDG CO JIANGSU HIGH HOPE IN JIANGSU HIGH TECH IN JS SOHO HOLDING GRP SHENHUA GROUP CORP L SHENHUA GUOHUA ENERG JIANGSU HONGTU HI-TE SHANGHAI XINGJU INVS JS SOHO INTL GRP JINCHENG GROUP CO LT CHINA ASSET MANAGEME BOSHI FUND MANAGEMEN CHANG XIN ASSET MANA DACHENG FUND MANAGME HARVEST FUND MANAGEM GF FUND MANAGEMENT C CHANGSHENG FUND MANA YINHUA FUND MANAGEME CHINA ASSET MANAGEME

Firm Name Chang Jiang Securities Co. Limited GF Securities Co. Ltd. Tebon Securities Co Ltd Guotai Junan Everbright Securities Co., Ltd China Minzu Securities Co Ltd SWS Research Co Ltd PingAn Securities Great Wall Securities Hong Yuan Securities China International Capital Corp Sinolink Securities Co Ltd China Merchants Securities Northeast Securities Co Ltd Citic Securities Co., Ltd Industrial Securities Central China Securities China Investment Securities Guodu Securities Co Ltd

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

Analyst LIU JUN CONG LI LI XIANGFENG ZHAO XIANGHUAI ZIPEI TANG SONG JIAN HE ZONGYAN WU JIE BIAO HUANG HUANG LIJUN JIE HUANG JIANGANG CHEN HONG JINPING XINAN ZHAO PAN HONGWEN ZHANG YING XIE PEIJIE CHEN JIANTAO DENG TING

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

Recommendation buy add outperform add buy add buy buy buy add hold add strong buy add buy neutral add buy buy

Amt Held 1'367'687'495 475'819'370 439'588'150 426'096'799 341'418'259 304'620'662 228'730'503 147'618'708 143'786'827 131'447'067 108'929'397 50'929'490 46'360'594 43'042'222 40'884'132 17'783'897 13'768'047 11'774'344 10'923'825 5'571'453

% Out 24.42 8.5 7.85 7.61 6.1 5.44 4.08 2.64 2.57 2.35 1.95 0.91 0.83 0.77 0.73 0.32 0.25 0.21 0.2 0.1

Weighting

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

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

Latest Chg (11'473'619) 37'819'241 8'267'932 16'462'388 (9'257'456) (9'717'335) (2'842'498) 10'430'641 -

Target Price #N/A N/A #N/A N/A #N/A N/A 9 10 11 #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 13 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 09.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

Inst Type Corporation Other Corporation Corporation Corporation Government Corporation Holding Company Other Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 19.08.2013 19.08.2013 18.08.2013 06.08.2013 23.07.2013 22.07.2013 01.04.2013 29.10.2012 27.10.2012 10.09.2012 20.08.2012 19.07.2012 30.06.2012 03.05.2012 29.10.2011 12.10.2011 02.03.2011 07.12.2010

09.09.2013

Guanghui Energy Co Ltd Guanghui Energy Co., Ltd. is principally engaged in energy development, automotive services and real estate property leasing. The Company is in the business of coal mining and related coal chemical manufacturing. The Company is also engaged in the processing and distributing of granite materials and trading of general merchandise such as plastic doors and windows.

Price/Volume

120.0 M

100.0 M

12/2012 06/yy 14.69 8.15 60'246'760.00 10.16 -30.82% 24.66% 30.90% 5'256.5 53'406.48 10'969.34 0.0 653.5 1'906.37 65'769.06

60.0 M

6 4

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'962.2 3'634.5 10.58x 16.17x 921.4 1'153.6 34.01x 50.95x 537.4 688.4 40.60x 75.44x Profitability

LTM-4Q 31.12.2011 4'390.3 10.97x 1'386.7 34.73x 976.6 40.24x

31.12.2012 3'625.4 18.52x 992.2 67.68x 964.0 59.58x 992.20 760.84 20.99% 34.35% 3.48% 9.82% 0.17% 29.8% 24.8% 26.6% 0.79 0.36 47.26% 135.44% 4.46 6.24

Price/ Cash Flow

06/yy 3'860.6 54.64x 0.0 0.00x 1'055.7 44.71x

LTM 06/yy 3'970.1 74.02x 0.0 0.00x 804.1 84.06x

FY+1

1.02 2'877.89 11.45% -6.78% 1.021 12 4.250 56'691'140 51'708'110 44'468'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'020.0 13'903.0 2'837.3 4'816.3 18.81x 11.69x S&P Issuer Ratings

1.47 -2.59 135.4% 55.6% 0.17 0.28 81.83 58.49 130.04 10.76

Sales/Revenue/Turnover

800.00

5'000.0

700.00

4'500.0 4'000.0

600.00

3'500.0

500.00

3'000.0

400.00

2'500.0 2'000.0

300.00

1'500.0

200.00

1'000.0

100.00

500.0

0.00 01.01.2010

80.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600256 CH EQUITY YTD Change 600256 CH EQUITY YTD % CHANGE

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

140.0 M

14 10

Valuation Analysis

31.12.2008 1'989.9 4.74x 784.5 12.03x 463.1 17.07x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Guanghui Energy Co Ltd Holdings By:

All

Holder Name XINJIANG GUANGHUI IN XINJIANG YUANXING WO HONG YUAN SECURITIES HAITONG SECURITIES C HUASHANG FUND MANAGE HARVEST FUND MANAGEM XINJIANG INV DEV GRO BOSHI FUND MANAGEMEN AEGON INDUSTRIAL FUN CHINA ASSET MANAGEME CHINA SOUTHERN FUND BANK OF CHINA INVEST CHINA SECURITIES CO GUOTAI JUNAN SECURIT E FUND MANAGEMENT FORTUNE SGAM FUND MA HUAAN FUND MANAGEMEN HUATAI-PINEBRIDGE FU YINHUA FUND MANAGEME PENGHUA FUND MANAGEM

Firm Name Capital Securities Corp Qilu Securities Co Ltd EVA Dimensions SWS Research Co Ltd Central China Securities Everbright Securities Co., Ltd Guotai Junan Bank of China International Citic Securities Co., Ltd Hong Yuan Securities HuaChuang Securities China Minzu Securities Co Ltd China Investment Securities

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

Analyst TEAM COVERAGE ZHAOLIANG LIU DOUG WALTERS KAISHENG LIN ZHILEI WANG CHENG LEI WANG GANG XU MINLE HUANG LILI CHAI QINHU KAI NING ZHOU QI QIUSHI RUI DINGKUN

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

Recommendation hold buy sell outperform add buy add buy buy buy buy add buy

Amt Held 2'311'156'708 186'690'142 186'023'379 151'382'431 103'000'000 79'871'720 67'267'500 54'662'367 50'679'986 47'417'344 42'407'251 40'702'464 35'654'712 33'840'918 26'119'858 25'034'659 20'962'457 14'428'054 14'340'989 9'664'721

% Out 43.97 3.55 3.54 2.88 1.96 1.52 1.28 1.04 0.96 0.9 0.81 0.77 0.68 0.64 0.5 0.48 0.4 0.27 0.27 0.18

Weighting

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

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

Latest Chg (9'499'119) (53'084'606) 44'687'878 10'990'003 (11'144'723) (23'314'940) 37'505'268 5'159'423 (1'755'981) 2'444'732 (13'151'034) 8'627'824

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 19 13 12 13 13 #N/A N/A 13 #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 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013

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

Inst Type Corporation Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.08.2013 22.08.2013 24.07.2013 19.07.2013 24.06.2013 21.04.2013 09.04.2013 14.01.2013 25.12.2012 13.12.2012 11.11.2012 05.11.2012 07.04.2011

09.09.2013

China Coal Energy Co Ltd China Coal Energy Company Ltd mines and markets thermal coal and coking coal. The Company also manufactures coal mining equipment and offers coal mine design services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601898 CH EQUITY YTD Change 601898 CH EQUITY YTD % CHANGE

12/2011 06/yy 8.47 4.69 18'187'946.00 5.4 -36.25% 15.14% 16.14% 9'152.0 65'271.24 48'092.09 0.0 14'694.0 22'693.96 115'561.93

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

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

o-12

31.12.2009 31.12.2010 53'187.0 70'302.6 3.06x 1.98x 12'138.8 14'723.9 13.40x 9.46x 7'409.3 7'466.4 22.39x 18.38x Profitability

LTM-4Q 31.12.2011 90'864.7 1.35x 18'996.1 6.46x 9'955.3 9.06x

31.12.2012 87'291.7 1.60x 17'593.0 7.93x 8'842.2 10.11x 17'592.96 12'895.77 14.77% 14.65% 3.87% 8.12% 6.11% 0.46% 19.8% 19.6% 13.1% 10.1% 1.45 1.00 25.90% 55.45% 6.87 8.97

Price/ Cash Flow

d-12

j-13

LTM

06/yy 92'081.6 4.02x 0.0 0.00x 9'537.2 7.24x

f-13 m-13

06/yy 80'973.4 5.48x 0.0 0.00x 7'253.7 5.89x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

3.89 1.08 1'643.61 -21.83% -28.73% 1.078 17 3.824 8'547'319 12'444'240 12'623'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 83'382.4 95'343.5 18'617.0 21'276.0 1.65x 1.61x 14'789.8 17'754.4 7.81x 6.51x 6'247.1 7'102.5 816.0 1'333.0 12.11x 10.34x 13.43x 12.00x S&P Issuer Ratings

7.75 -4.39 2.31 3.37 55.5% 32.2% 0.46 0.98 53.12 40.67 76.52 11.72

Sales/Revenue/Turnover

16.00

100'000.0

14.00

90'000.0 80'000.0

12.00

70'000.0

10.00

60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 51'753.1 1.20x 12'819.2 4.85x 7'131.0 10.06x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Coal Energy Co Ltd Holdings By:

All

Holder Name CHINA NATIONAL COAL BLACKROCK ASSET MGMT CHINA ASSET MANAGEME DACHENG FUND MANAGME HARVEST FUND MANAGEM YINHUA FUND MANAGEME CSOP ASSET MANAGEMEN BOSHI FUND MANAGEMEN CAISSE DE DEPOT ET P HUATAI-PINEBRIDGE FU GTJA ALLIANZ FUND MA HUAAN FUND MANAGEMEN TIANTONG ASSET MANAG CHINA ASSET MANAGEME ICBC CREDIT SUISSE A FULLGOAL FUND MANAGE E FUND MANAGEMENT CHINA UNIVERSAL ASSE FORTUNE SGAM FUND MA BOSERA FUND MANAGEME

Firm Name GF Securities Co. Ltd. Bank of China International China International Capital Corp JPMorgan SWS Research Co Ltd Qilu Securities Co Ltd Everbright Securities Co., Ltd China Minzu Securities Co Ltd UBS Goldman Sachs Northeast Securities Co Ltd Masterlink Securities Founder Securities Hong Yuan Securities Guodu Securities Co Ltd Guotai Junan Rising Securities Co.,LTD HuaChuang Securities PingAn Securities AJ Securities Citic Securities Co., Ltd HSBC Great Wall Securities Tebon Securities Co Ltd Industrial Securities Central China Securities China Securities Co., Ltd China Investment Securities China Galaxy Securities

Analyst AN PENG LAWRENCE LAU CAI HONGYU DANIEL KANG LIU XIAONING ZHAOLIANG LIU CHEN HAOWU LI JING MICK MI JULIAN ZHU WANG SHI LI XIN SUN CAN WANG JINGLE WANG SHUBAO YIN XILONG XUE MINGJIE HAN ZHENGUO WANG CHENG WANG SIWEI LUO ZETING SARAH MAK LIU FEI LI XIANGFENG LIU JIANGANG PAN HANGJUN LI JUNSONG XIAO HANPING ZHAO KE

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

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

Amt Held 7'508'392'019 29'913'403 19'454'334 17'866'291 15'803'004 13'203'152 11'435'922 10'660'657 9'960'480 8'460'396 5'879'022 5'793'172 3'652'959 3'644'792 3'079'684 2'895'312 2'775'595 2'757'992 2'346'871 2'230'625

% Out 82.04 0.33 0.21 0.2 0.17 0.14 0.12 0.12 0.11 0.09 0.06 0.06 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02

Weighting

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

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

Latest Chg 2'520'000 (3'915'503) (875'210) (10'041'330) (18'134'963) 7'224'957 (6'167'895) 657'481 (405'646) (3'645) (1'326'950) 1'073'840 (2'396'643) (149'407) 85'148 985'106

Target Price #N/A N/A 4 #N/A N/A 6 #N/A N/A #N/A N/A 9 9 5 5 #N/A N/A 8 13 #N/A N/A #N/A N/A 9 #N/A N/A 11 14 #N/A N/A 14 12 #N/A N/A #N/A N/A 11 #N/A N/A 11 #N/A N/A 8

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

File Dt 10.10.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012

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

Date 03.09.2013 22.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 17.08.2013 12.08.2013 23.07.2013 08.07.2013 30.06.2013 21.05.2013 23.04.2013 16.04.2013 09.04.2013 17.03.2013 23.11.2012 03.09.2012 29.06.2012 28.06.2012 27.06.2012 29.03.2012 28.03.2012 13.02.2012 18.12.2011 09.12.2011 08.12.2010 05.07.2010 19.03.2009

09.09.2013

CSR Corp Ltd CSR Corp Ltd provides a wide range of rolling stock products and services. The Company's products include locomotives, passenger carriages, freight wagons, MUs, rapid transit vehicles and key related components.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601766 CH EQUITY YTD Change 601766 CH EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 5.24 3.32 81'398'925.00 4.11 -21.56% 23.80% 34.90% 11'779.0 57'517.71 22'271.08 0.0 6'754.4 14'504.61 70'169.41

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

1.20

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 35'092.8 1.37x 2'788.2 17.27x 1'384.2 27.45x

31.12.2009 31.12.2010 45'620.8 64'132.4 1.49x 1.55x 3'293.5 4'943.7 20.63x 20.10x 1'678.2 2'526.3 40.07x 35.45x Profitability

LTM-4Q 31.12.2011 79'517.0 0.75x 7'310.0 8.11x 3'864.2 13.28x

31.12.2012 89'019.4 0.84x 7'490.2 10.03x 4'009.5 16.59x 7'490.23 5'707.26 6.41% 6.28% 3.41% 11.17% 7.86% 0.80% 17.7% 7.4% 5.2% 4.5% 1.17 0.73 21.17% 67.99% 2.51 3.51

LTM

06/yy 82'637.1 3.28x 0.0 0.00x 3'738.2 14.72x

06/yy 84'496.7 3.38x 0.0 0.00x 3'552.2 13.80x

FY+1

1.11 2'887.02 -1.61% -14.90% 1.105 19 4.526 30'922'970 42'622'570 44'507'610 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 94'943.8 110'672.0 21'293.0 21'866.0 0.60x 0.52x 6'879.4 8'116.0 1'480.0 1'368.0 10.20x 8.65x 4'004.3 4'938.0 1'082.5 957.0 13.65x 11.11x S&P Issuer Ratings

9.04 3.25 0.79 3.01 68.0% 36.0% 0.80 3.08 145.25 103.96 135.27 72.35

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

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 |

09.09.2013

CSR Corp Ltd Holdings By:

All

Holder Name CHINA SOUTH LOCOMOTI SOCIAL SECURITY FUND CHINA POST CORE GROW GREAT WALL FUND MANA EFUND MGMT CO LTD GREAT WALL BRAND STO CHINA SOUTHERN FUND CSR CAPITAL COMPANY HARVEST FUND MANAGEM YINHUA FUND MANAGEME CHINA SOUTH LONG YUA PENGHUA FUND MGMT CO RONGTONG FUND MANAGE ANHUI INVESTMENT GRO HARVEST FUND MGMT CO CHINA NATIONAL MACHI CH RAILWAY MATERIALS CHINA ASSET MANAGEME AEGON-INDUST FUND MG CHANGSHENG FUND MANA

Firm Name Capital Securities Corp Bank of China International GF Securities Co. Ltd. China International Capital Corp Fortune CLSA Securities Limited Chang Jiang Securities Co. Limited Everbright Securities Co., Ltd Goldman Sachs UBS Guodu Securities Co Ltd Hong Yuan Securities Guotai Junan SWS Research Co Ltd Jefferies PingAn Securities HuaChuang Securities Tebon Securities Co Ltd Northeast Securities Co Ltd Central China Securities China Securities Co., Ltd China Merchants Securities Founder Securities Industrial Securities China Minzu Securities Co Ltd Citic Securities Co., Ltd China Galaxy Securities

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

Analyst LI XIAOLU XU MINLE LUO LIBO WU HUIMIN JIE LI LI JIA LU ZHOU TIAN LU RICHARD WEI XIAO SHIJUN QU YONGZHONG WANG FAN SANFORD ZHAO JULIAN BU GUOJI YE QU XIAOXI LI XIANGFENG LI KUN XU MINFENG FUZHANG FENG LIU RONG PENG MIN WU HUA CAIXIA FU TEAM COVERAGE JU HOULIN

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

Recommendation buy buy add accumulate buy buy buy neutral/neutral buy buy buy buy outperform underperform buy strong buy outperform buy add add buy add buy add buy buy

Amt Held 7'796'321'142 479'465'300 150'750'000 146'187'448 107'623'300 105'030'845 104'155'155 93'085'715 90'375'189 81'974'839 78'000'000 71'748'800 71'232'024 69'506'700 67'264'500 67'264'500 67'264'500 40'513'846 38'116'500 37'572'928

% Out 66.19 4.07 1.28 1.24 0.91 0.89 0.88 0.79 0.77 0.7 0.66 0.61 0.6 0.59 0.57 0.57 0.57 0.34 0.32 0.32

Weighting

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

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

Latest Chg 7'270'232 (3'001'917) 43'471'799 29'053'080 57'253'141 (16'688'910) 33'299'991

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

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

File Dt 29.08.2013 31.12.2012 15.03.2012 30.06.2013 15.03.2012 15.03.2012 31.12.2012 29.08.2013 31.12.2012 31.12.2012 15.03.2012 15.03.2012 31.12.2012 31.12.2012 15.03.2012 31.12.2012 31.12.2012 31.12.2012 15.03.2012 31.12.2012

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

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

Date 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 18.08.2013 11.08.2013 08.08.2013 06.08.2013 24.07.2013 24.07.2013 19.07.2013 02.04.2013 04.03.2013 13.01.2013 31.12.2012 04.12.2012 26.11.2012 25.06.2012 08.05.2012 04.05.2012 19.04.2012 05.03.2012 12.08.2010 01.06.2010

09.09.2013

New China Life Insurance Co Ltd New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

Price/Volume 35

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601336 CH EQUITY YTD Change 601336 CH EQUITY YTD % CHANGE

12/2011 06/yy 32.36 17.63 24'694'949.00 23.98 -25.90% 36.02% 35.44% 2'085.4 68'618.72 70'437.00 0.0 8.0 25'066.00 -

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 48'899.0 649.0 -

30.0 M

31.12.2009 31.12.2010 73'904.0 102'657.0 2'660.0 2'249.0 Profitability

LTM-4Q 31.12.2011 108'404.0 0.93x 2'799.0 16.81x

31.12.2012 111'662.0 1.16x 2'933.0 25.20x 3.61% 2.05% 0.67% 8.73% 0.25% 2.6% 14.27% 196.37% -

Price/ Cash Flow

LTM

FY+1

.0 M s-13

0.00 633.64 -13.86% -16.79% 17 4.000 6'208'551 7'639'924 10'726'520 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 64'887.0 109'452.0 123'542.0 134'604.0 0.00x 0.00x 0.49x 0.42x 0.0 0.0 0.00x 0.00x 1'904.0 3'216.0 3'808.3 5'028.8 600.0 1'500.0 0.00x 18.35x 19.97x 15.94x 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

196.4% 66.3% 0.25 -

Sales/Revenue/Turnover

1.60

120'000.0

1.40

100'000.0

1.20

80'000.0

1.00 0.80

60'000.0

0.60

40'000.0

0.40

20'000.0 0.20 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

New China Life Insurance Co Ltd Holdings By:

All

Holder Name CHINA INVESTMENT COR BAOSTEEL GROUP CORP HB DEREN INVEST CENTURY GOLDEN RESOU TIBET SHANNAN XINSHA DACHENG FUND MANAGME BOSHI FUND MANAGEMEN BLACKROCK ASSET MGMT CHINA ASSET MANAGEME CSOP ASSET MANAGEMEN CCB PRINCIPAL ASSET NANSONG ZHU YINHUA FUND MANAGEME BANK OF COMMUNICATIO HARVEST FUND MANAGEM CHANGSHENG FUND MANA ABC-CA FUND MANAGEME INVESCO GREAT WALL F HUAAN FUND MANAGEMEN NEW CAPITAL FUND MAN

Firm Name Chang Jiang Securities Co. Limited Guotai Junan Northeast Securities Co Ltd JPMorgan HSBC Capital Securities Corp GF Securities Co. Ltd. China International Capital Corp PingAn Securities Credit Suisse Everbright Securities Co., Ltd SWS Research Co Ltd Goldman Sachs Sinolink Securities Co Ltd Bank of China International HuaChuang Securities Hong Yuan Securities Founder Securities China Merchants Securities Citic Securities Co., Ltd Industrial Securities

Portfolio Name n/a n/a n/a n/a n/a 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 NEW CAPITAL UCITS FU

Analyst LIU JUN PENG YULONG XINAN ZHAO MW KIM MICHAEL P CHANG TEAM COVERAGE CONG LI TANG SHENGBO GRACE LI FRANCES FENG ZIPEI TANG TINA SUN MANCY SUN JIANGANG CHEN SUN PENG GAO LI HUANG LIJUN WEI ZHOU LUO YI PAN HONGWEN ZHANG YINGJUAN

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

Recommendation add buy add neutral neutral hold buy hold buy neutral accumulate outperform neutral/neutral add buy buy add add strong buy buy buy

Amt Held 976'233'686 471'212'186 124'825'942 78'000'000 45'288'722 21'393'672 15'577'219 12'224'505 7'596'337 4'887'259 4'565'437 4'350'000 4'156'340 3'673'015 2'701'336 2'382'868 2'255'222 2'010'843 1'689'090 1'648'008

% Out 46.81 22.6 5.99 3.74 2.17 1.03 0.75 0.59 0.36 0.23 0.22 0.21 0.2 0.18 0.13 0.11 0.11 0.1 0.08 0.08

Weighting

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

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

Latest Chg 2'060'532 15'231'645 7'973'622 4'430'922 (10'732'141) (4'024'023) (6'202'365) (926'549) 2'377'668 614'358 (2'515'910) 399'925 -

Target Price #N/A N/A 25 #N/A N/A 25 24 #N/A N/A #N/A N/A 19 #N/A N/A 21 #N/A N/A #N/A N/A 30 #N/A N/A 23 30 #N/A N/A #N/A N/A 35 #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 16.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.08.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013

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

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

Date 02.09.2013 01.09.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 05.08.2013 24.07.2013 16.05.2013 02.05.2013 23.01.2013 12.12.2012 27.11.2012 30.08.2012 26.07.2012 24.07.2012 27.04.2012

09.09.2013

China Communications Construction Co Ltd China Communications Construction Company Ltd. is a transportation infrastructure group. The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing. China Communications has operations worldwide.

Price/Volume 6

90.0 M 80.0 M

70.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (22.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601800 CH EQUITY YTD Change 601800 CH EQUITY YTD % CHANGE

12/2011 06/yy 5.79 3.80 44'281'661.00 4.19 -27.63% 10.26% 12.06% 11'747.2 70'992.50 144'245.00 0.0 9'454.0 69'029.00 183'939.88

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

50.0 M 40.0 M

30.0 M 20.0 M

10.0 M

0 s-12

o-12

31.12.2009 31.12.2010 226'920.0 272'734.0 0.64x 0.51x 16'122.0 18'384.0 9.02x 7.55x 7'200.0 9'599.0 13.35x 8.87x Profitability

LTM-4Q 31.12.2011 294'281.0 0.49x 21'463.0 6.73x 11'761.0 6.23x

31.12.2012 295'321.0 0.59x 25'045.0 6.93x 12'248.0 7.81x 25'045.00 18'058.00 6.11% 5.25% 2.85% 14.83% 0.70% 11.0% 6.0% 4.1% 1.07 0.47 33.25% 166.28% 5.31 2.77

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1'154.55 -1.96% -17.31% 4 4.250 19'761'460 16'919'600 17'954'280 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 121'783.9 307'727.4 325'776.0 349'208.0 2.92x 1.68x 0.0 0.0 27'900.0 30'425.5 0.00x 0.00x 6.59x 6.05x 4'850.0 12'828.3 13'237.3 14'176.0 0.00x 3.34x 5.13x 4.75x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.64 2.52 166.3% 60.0% 0.70 4.94 68.71 132.00 121.23 39.20

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 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 176'054.1 0.92x 13'432.1 12.11x 5'875.4 21.05x

60.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Communications Construction Co Ltd Holdings By:

All

Holder Name CHINA COMM CONSTRUCT SOCIAL SECURITY FUND CHINA SHIPPING INVES SANY GROUP CO LTD CHINA ASSET MANAGEME BOSHI FUND MANAGEMEN SHANGHAI PORT & SHIP HARVEST FUND MANAGEM CITIC SECURITIES CO BOCI CHINA LTD GUOTAI JUNAN SECURIT E FUND INVESTMENT BO BLACKROCK ASSET MGMT HUAAN TACTICAL SELEC CHINA LIFE INSURANCE YINHUA FUND MANAGEME TIANHONG ASSET MANAG CHINA SOUTHERN FUND E FUND MANAGEMENT CAISSE DE DEPOT ET P

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

Firm Name Bank of China International China International Capital Corp Goldman Sachs Citic Securities Co., Ltd

Analyst LI PAN YUE DING TIAN LU YANG TAO

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

Recommendation buy accumulate neutral/neutral buy

Amt Held 10'314'907'379 92'592'593 92'592'000 55'555'000 44'602'343 38'236'845 37'037'000 34'220'370 34'106'863 34'096'642 34'096'642 25'400'000 23'262'479 20'000'000 20'000'000 19'767'149 16'565'626 14'174'634 10'865'722 10'604'955

% Out 87.81 0.79 0.79 0.47 0.38 0.33 0.32 0.29 0.29 0.29 0.29 0.22 0.2 0.17 0.17 0.17 0.14 0.12 0.09 0.09

Weighting

Change 5 4 3 5

M M M M

Latest Chg 9'999'972 44'602'343 38'236'845 7'344'845 19'063'449 16'565'626 14'174'634 5'015'722 -

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

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

File Dt 18.10.2012 08.03.2012 08.03.2012 08.03.2012 31.12.2012 31.12.2012 08.03.2012 31.12.2012 08.03.2012 08.03.2012 08.03.2012 08.03.2012 30.08.2013 08.03.2012 08.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided

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

Date 28.08.2013 28.08.2013 11.08.2013 04.12.2012

09.09.2013

China Railway Group Ltd China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridges.

Price/Volume 4

180.0 M

160.0 M 140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601390 CH EQUITY YTD Change 601390 CH EQUITY YTD % CHANGE

12/2011 06/yy 3.41 2.30 63'352'835.00 2.81 -17.60% 22.17% 39.64% 17'092.5 62'509.09 163'026.00 0.0 10'199.0 67'943.00 206'303.77

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

100.0 M

80.0 M 60.0 M

40.0 M

20.0 M

0 s-12

o-12

31.12.2009 31.12.2010 334'045.0 456'162.0 0.43x 0.29x 12'946.0 15'702.0 11.00x 8.38x 6'875.0 7'398.0 16.47x 13.71x Profitability

LTM-4Q 31.12.2011 442'216.0 0.30x 18'977.0 6.90x 6'690.0 6.28x

31.12.2012 465'625.0 0.37x 20'070.0 8.60x 7'354.0 10.56x 20'070.00 13'885.00 2.98% 2.38% 1.53% 11.02% 5.09% 0.93% 7.6% 4.1% 2.9% 1.6% 1.19 0.48 29.61% 208.49% 4.85 2.43

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.85 1.02 5'142.14 10.95% -5.84% 1.020 9 4.444 31'253'460 30'065'320 31'760'050 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 422'280.1 516'632.8 529'463.6 569'363.2 1.35x 1.51x 0.0 0.0 22'862.0 25'230.5 0.00x 0.00x 9.02x 8.18x 6'593.5 8'452.3 8'274.0 9'081.0 8.81x 7.10x 7.32x 6.55x S&P Issuer Ratings Long-Term Rating Date 23.01.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 2.03 (EBITDA-Capex)/Interest Exp. 1.23 Net Debt/EBITDA 6.29 Total Debt/EBITDA 10.22 Reference Total Debt/Equity 208.5% Total Debt/Capital 64.8% Asset Turnover 0.93 Net Fixed Asset Turnover 10.53 Accounts receivable turnover-days 75.19 Inventory Days 150.05 Accounts Payable Turnover Day 113.78 Cash Conversion Cycle 99.63 Sales/Revenue/Turnover

10.00

500'000.0

9.00

450'000.0

8.00

400'000.0

7.00

350'000.0

6.00

300'000.0

5.00 4.00

250'000.0 200'000.0

3.00

150'000.0

2.00

100'000.0

1.00

50'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 227'245.5 0.55x 10'036.8 12.52x 1'115.2 94.59x

120.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Railway Group Ltd Holdings By:

All

Holder Name CHINA RAILWAY ENGINE HARVEST FUND MANAGEM CHANGSHENG FUND MANA BOSHI FUND MANAGEMEN CITIGROUP INCORPORAT HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN FULLGOAL FUND MANAGE CHINA SOUTHERN FUND E FUND MANAGEMENT CAISSE DE DEPOT ET P CHINA ASSET MANAGEME BOSERA FUND MANAGEME CHINA INTERNATIONAL HSBC-JINTRUST FUND M TIANTONG ASSET MANAG BANK OF COMMUNICATIO GUOTAI ASSET MANAGEM ICBC CREDIT SUISSE A CHINA UNIVERSAL ASSE

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

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

Analyst LI XIAOLU LI PAN TIAN LU ERNEST ZHANG WANG TIANRUI WU HUIMIN YANG TAO ZHOU RONGZI JULIAN BU LI FAN HAO FEIFEI XU YONGCHAO TIAN DONGHONG

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

Recommendation buy buy neutral/neutral outperform accumulate accumulate buy add buy buy speculative buy add add

Amt Held 11'950'010'000 85'666'042 57'291'375 36'922'255 25'864'422 23'697'612 22'241'119 22'171'050 19'146'322 15'600'405 10'338'437 10'240'322 8'703'166 8'537'101 8'328'800 7'570'902 6'010'282 5'961'529 5'764'309 5'414'426

% Out 69.91 0.5 0.34 0.22 0.15 0.14 0.13 0.13 0.11 0.09 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03

Weighting

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

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

Latest Chg 9'172'778 55'858'003 27'409'672 (48'045) 2'646'383 21'568'050 13'094'979 4'159'600 7'398'266 8'537'100 8'328'800 (512'601) (478'620) 640'965 (518'600) (306'037)

Target Price 3 3 3 #N/A N/A 3 #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A 7 #N/A N/A 8

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

File Dt 31.12.2010 31.12.2012 31.12.2012 31.12.2012 30.06.2008 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

Date 02.09.2013 02.09.2013 11.08.2013 16.07.2013 15.04.2013 21.01.2013 04.12.2012 30.11.2012 31.10.2012 03.08.2011 30.06.2010 18.05.2010 02.12.2009

09.09.2013

Datang International Power Generation Co Ltd Datang International Power Generation Company Limited develops and operates power plants, sells electricity, repairs and maintains power equipment, and provides power-related technical services.

Price/Volume 6 5 4 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601991 CH EQUITY YTD Change 601991 CH EQUITY YTD % CHANGE

12/2011 06/yy 5.56 3.68 8'199'460.00 4.68 -15.83% 27.17% 50.53% 9'894.4 55'177.48 179'453.00 0.0 15'001.2 4'612.69 257'583.64

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

1 0 s-12

31.12.2009 31.12.2010 47'942.9 60'672.4 4.76x 3.64x 14'183.6 16'490.8 16.09x 13.40x 1'536.6 2'569.7 22.69x 11.02x Profitability

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 72'381.9 3.08x 18'171.6 12.28x 1'971.2 13.90x

31.12.2012 77'598.1 3.07x 22'323.0 10.66x 4'062.3 7.68x 22'322.97 13'422.49 17.30% 9.78% 1.76% 11.91% 5.72% 0.28% 31.1% 18.9% 5.2% 0.46 0.23 65.19% 430.77% 7.81 -

Price/ Cash Flow

LTM

06/yy 75'326.9 10.97x 0.0 0.00x 2'145.1 15.46x

06/yy 76'975.6 11.84x 0.0 0.00x 4'807.1 6.88x

FY+1

4.49 0.62 748.43 1.09% 18.40% 0.621 11 3.636 7'439'833 6'956'765 11'310'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 78'691.6 87'005.2 20'659.5 21'071.5 3.37x 3.16x 25'626.3 28'034.0 10.05x 9.19x 4'237.3 4'817.3 1'080.0 1'146.5 14.14x 12.38x S&P Issuer Ratings

25.02.2009 1.89 -0.36 7.77 8.08 430.8% 76.0% 0.28 0.35 46.75 -

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

o-12

Fiscal Year Ended 31.12.2008 36'900.1 4.90x 9'069.3 19.94x 749.4 56.42x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Datang International Power Generation Co Ltd Holdings By:

All

Holder Name CHINA DATANG CORPORA TIANJIN JINNENG INVE HEBEI PROVINCIAL CON BEIJING ENERGY INVES DONGFANG ELECTRIC CO HARBIN POWER EQUIPME AEROSPACE S & I FIN SH TONGHUI INDUST CO ZHONGRONGHUI INVEST SHANGHAI ELECTRIC GR INNER MONGOLIA YITAI LION FUND MANAGEMENT CAISSE DE DEPOT ET P ICBC CREDIT SUISSE A CHINA ASSET MANAGEME CHINA ASSET MANAGEME CHINA ASSET MANAGEME CHINA UNIVERSAL ASSE HARVEST FUND MANAGEM GUOTAI ASSET MANAGEM

Firm Name Everbright Securities Co., Ltd Goldman Sachs Masterlink Securities Bank of China International China International Capital Corp Capital Securities Corp UBS Qilu Securities Co Ltd SWS Research Co Ltd Jefferies Rising Securities Co.,LTD Hong Yuan Securities Citic Securities Co., Ltd Central China Securities China Galaxy Securities

Analyst CHEN SHUWEI FRANKLIN CHOW LI YAN KEVIN XING JUNHUA CHEN LAI SHENSHENG YINGZHEN XU ZHAOLIANG LIU EVAN LIANG JOSEPH FONG DAI LIPING LU RUMIN WU FEI PAN HANGJUN ZOU XUYUAN

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

Recommendation accumulate neutral/neutral hold hold hold hold neutral buy neutral buy outperform buy overweight monitored neutral

Amt Held 4'138'977'414 1'311'012'600 1'281'872'927 1'278'988'672 239'960'000 200'000'000 169'097'023 166'000'000 160'000'000 100'000'000 100'000'000 21'118'097 7'233'688 6'989'438 6'619'918 5'966'400 4'218'103 3'166'869 3'062'091 2'256'533

% Out 41.83 13.25 12.96 12.93 2.43 2.02 1.71 1.68 1.62 1.01 1.01 0.21 0.07 0.07 0.07 0.06 0.04 0.03 0.03 0.02

Weighting

Change

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

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

Latest Chg (4'721'165) (13'940'671) 6'619'918 (3'408'299) 165'426 (9'156'569) 244'616

Target Price 6 5 6 5 #N/A N/A 7 6 #N/A N/A #N/A N/A 6 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 04.05.2012 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 30.05.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012

Date 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 Not Provided Not Provided

Inst Type Government Government Investment Advisor Holding Company Government Corporation Other Corporation Corporation Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 31.08.2013 30.08.2013 28.08.2013 27.08.2013 26.08.2013 17.07.2013 10.07.2013 01.07.2013 12.04.2013 25.02.2013 26.11.2012 26.06.2012 25.06.2012 16.09.2009 17.02.2009

09.09.2013

China CNR Corp Ltd China CNR Corp Ltd. manufactures rail cars. The Company designs, manufactures, refurbishes, overhauls, and maintains electric locomotives, diesel locomotives, passenger coaches and freight wagons, electric and diesel multiple units, traction motors, and rolling stock.

Price/Volume 6

250.0 M

200.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601299 CH EQUITY YTD Change 601299 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.20 3.39 71'046'499.00 4.32 -16.92% 27.43% 47.51% 10'320.1 44'582.64 15'809.39 0.0 1'578.6 10'065.37 73'225.09

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

100.0 M

50.0 M

1 0 s-12

o-12

31.12.2009 31.12.2010 40'406.5 64'141.8 1.23x 0.98x 2'081.0 3'567.3 23.82x 17.69x 1'315.6 1'923.9 26.65x 30.83x Profitability

LTM-4Q 31.12.2011 89'055.0 0.56x 5'591.5 8.85x 2'985.2 11.81x

31.12.2012 91'962.3 0.59x 6'172.1 8.73x 3'383.8 13.26x 6'172.15 4'448.70 4.84% 4.50% 2.92% 9.64% 0.76% 14.1% 5.4% 3.7% 0.98 0.50 14.85% 45.41% 3.15 2.60

Price/ Cash Flow

d-12

j-13

LTM

06/yy 90'688.1 2.43x 0.0 0.00x 3'038.4 11.74x

f-13 m-13

06/yy 85'974.2 2.63x 0.0 0.00x 3'294.5 11.73x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.09 3'116.17 16.51% -2.09% 1.092 18 4.722 39'366'400 41'236'430 42'461'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 98'260.4 110'626.1 29'901.0 35'320.0 0.56x 0.50x 7'130.0 8'246.2 1'304.0 3'602.0 10.27x 8.88x 3'791.5 4'378.6 937.0 1'301.0 11.84x 10.26x S&P Issuer Ratings

5.00 0.06 45.4% 30.3% 0.76 2.62 115.89 140.14 143.36 90.88

Sales/Revenue/Turnover

100.00

100'000.0

90.00

90'000.0

80.00

80'000.0

70.00

70'000.0

60.00

60'000.0

50.00 40.00

50'000.0 40'000.0

30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 34'577.8 2'557.3 1'130.7 -

150.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China CNR Corp Ltd Holdings By:

All

Holder Name CHINA NORTH LOCOMOTI CHINA CNR INVESTMENT SOCIAL SECURITY FUND GREAT WALL FUND MANA HARVEST FUND MANAGEM CHINA SOUTHERN FUND INVESCO GREAT WALL F NEW CHINA LIFE INSUR YINHUA FUND MANAGEME CHINA ASSET MANAGEME E FUND MANAGEMENT CHANGSHENG FUND MANA CHINA INTERNATIONAL INVESCO LTD SOOCHOW ASSET MANAGE ICBC CREDIT SUISSE A BOSHI FUND MANAGEMEN HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN HUASHANG FUND MANAGE

Firm Name Northeast Securities Co Ltd GF Securities Co. Ltd. Goldman Sachs Capital Securities Corp China International Capital Corp SWS Research Co Ltd Chang Jiang Securities Co. Limited Guotai Junan Everbright Securities Co., Ltd Morgan Stanley UBS Guodu Securities Co Ltd Hong Yuan Securities Credit Suisse PingAn Securities Bank of China International HuaChuang Securities Central China Securities Industrial Securities Citic Securities Co., Ltd China Securities Co., Ltd China Galaxy Securities

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

Analyst JIANGTAO WU DONG YAGUANG TIAN LU LI XIAOLU WU HUIMIN SANFORD ZHAO Cheng Zhang WANG FAN LU ZHOU KEVIN LUO JEAN RAO XIAO SHIJUN QU YONGZHONG YANG SONG GUOJI YE XU MINLE GAO LI XU MINFENG WU HUA XIAOBO XUE GAO XIAOCHUN TIAN SHUHUA

Source EXCH EXCH Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File 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 buy buy Buy/Neutral buy buy outperform buy buy buy Equalwt/Cautious buy strong buy buy neutral buy buy strong buy add buy buy add buy

Amt Held 6'354'045'554 539'583'320 309'393'275 176'791'561 171'820'975 79'332'428 56'939'872 50'440'504 48'651'978 45'387'068 40'884'555 39'289'097 31'994'602 24'999'990 24'598'038 22'248'125 21'133'547 18'940'468 18'202'459 11'051'788

% Out 61.57 5.23 3 1.71 1.66 0.77 0.55 0.49 0.47 0.44 0.4 0.38 0.31 0.24 0.24 0.22 0.2 0.18 0.18 0.11

Weighting

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

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

Latest Chg 8'104'400 81'717'774 114'620'715 (3'647'885) 29'067'744 (13'601'122) (8'921'739) 1'558'800 37'268'485 27'852'616 24'999'990 20'191'134 17'122'100 13'349'638 4'637'366 11'051'788

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

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

File Dt 09.07.2013 09.07.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 02.09.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 19.08.2013 18.08.2013 16.08.2013 08.08.2013 06.08.2013 24.07.2013 09.04.2013 04.03.2013 28.01.2013 17.12.2012 26.11.2012 19.04.2012 08.07.2011 08.12.2010 01.06.2010

09.09.2013

Jiangsu Hengrui Medicine Co Ltd Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. The Company's products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foil, and other related products.

Price/Volume 40

30.0 M

25.0 M

30 20.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600276 CH EQUITY YTD Change 600276 CH EQUITY YTD % CHANGE

12/2012 06/yy 36.80 24.16 4'921'380.00 32.74 -11.03% 35.49% 70.24% 1'360.2 44'533.64 10.00 0.0 228.4 1'329.47 43'130.14

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

10.0 M

10 5.0 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'354.9 8.27x 674.0 28.91x 422.9 47.10x

15.0 M

31.12.2009 31.12.2010 2'983.7 3'688.0 10.71x 11.86x 752.7 907.6 42.44x 48.20x 665.7 724.2 48.95x 61.42x Profitability

LTM-4Q 31.12.2011 4'481.7 7.21x 1'114.7 28.99x 876.6 37.75x

31.12.2012 5'340.0 6.77x 1'415.6 25.52x 1'077.4 34.55x 1'415.56 1'283.53 24.04% 25.22% 19.45% 22.24% 0.95% 83.7% 24.0% 20.2% 10.26 8.21 0.17% 0.19% 2.50 3.16

Price/ Cash Flow

06/yy 4'914.8 25.95x 0.0 0.00x 966.2 36.75x

LTM 06/yy 5'691.4 25.87x 0.0 0.00x 1'162.2 30.85x

FY+1

.0 M s-13

0.72 1'130.80 14.77% 19.96% 0.722 12 5.000 5'331'448 6'874'471 7'708'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'464.4 7'946.9 1'631.0 1'631.0 6.60x 5.29x 1'762.7 2'129.7 435.0 435.0 24.47x 20.25x 22.49x 21.49x 1'274.3 1'570.0 322.0 322.0 35.17x 26.81x 30.89x 29.50x S&P Issuer Ratings

26751.40 17929.31 0.2% 0.2% 0.95 4.30 145.81 115.40 78.09 196.88

Sales/Revenue/Turnover

160.00

6'000.0

140.00

5'000.0

120.00

4'000.0

100.00 80.00

3'000.0

60.00

2'000.0

40.00

1'000.0 20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Jiangsu Hengrui Medicine Co Ltd Holdings By:

All

Holder Name LIANYUNGANG TIANYU I LIANYUNGANG DAYUAN I LIANYUNGANG HENGCHUA CHINA NATIONAL PHARM JIANGSU JINHAI INVES UBS SDIC FUND MANAGE AEGON INDUSTRIAL FUN FRANKLIN TEMPLETON S CHINA LIFE INSURANCE GREAT WALL FUND MANA E FUND MANAGEMENT BANK OF COMMUNICATIO HUAAN FUND MANAGEMEN GUOTAI ASSET MANAGEM GF FUND MANAGEMENT C CHANGSHENG FUND MANA BANK OF CHINA INVEST HARVEST FUND MANAGEM CHINA INTERNATIONAL HUATAI-PINEBRIDGE FU

Firm Name SWS Research Co Ltd UBS Capital Securities Corp GF Securities Co. Ltd. China International Capital Corp Tebon Securities Co Ltd Chang Jiang Securities Co. Limited Morgan Stanley EVA Dimensions Guotai Junan Rising Securities Co.,LTD HuaChuang Securities Sinolink Securities Co Ltd China Merchants Securities Northeast Securities Co Ltd Citic Securities Co., Ltd Industrial Securities China Investment Securities PingAn Securities Founder Securities Central China Securities China Securities Co., Ltd

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

Analyst LUO JIARONG JI XUWO LI YING ZHANG QILI QIANG JING ZHENG YINING Liu Shuchang BIN LI TIMOTHY STANISH LI QIUSHI XIE NINGNING LIAO WANGUO LI JINGLEI LI SHANSHAN ZHOU SILI LI CHAO WANG XI ZHOU RUI LING JUN KUAI XUEZHANG WANG BO XI LUO

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

Recommendation buy buy buy buy buy outperform buy Overwt/In-Line overweight buy outperform buy add buy buy add buy strong buy buy add add add

Amt Held 332'523'790 229'034'682 102'794'052 72'441'316 50'367'369 34'079'797 31'513'328 20'661'668 19'288'964 16'892'934 15'692'232 14'790'141 12'905'397 10'726'013 10'618'352 9'832'219 9'698'265 9'566'075 8'979'802 8'869'641

% Out 24.45 16.84 7.56 5.33 3.7 2.51 2.32 1.52 1.42 1.24 1.15 1.09 0.95 0.79 0.78 0.72 0.71 0.7 0.66 0.65

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 4 5 5 4 5 5 5 4 4 4

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

Latest Chg 4'272'919 3'344'580 504'786 (1'494'773) 5'550'636 (3'130'192) (4'762'870) 2'118'458 7'950'911 1'447'501 8'285'509 (5'207'032) 2'974'948 4'705'818

Target Price #N/A N/A 37 37 #N/A N/A #N/A N/A 33 #N/A N/A 33 #N/A N/A 32 #N/A N/A 30 #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 18

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012

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

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

Date 30.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 16.08.2013 06.06.2013 31.03.2013 06.12.2012 28.10.2012 13.08.2012 02.07.2012 21.06.2012 03.05.2012 26.04.2012 02.12.2011 18.11.2011 09.08.2010 02.06.2010 02.12.2009

09.09.2013

Tasly Pharmaceutical Group Co Ltd Tasly Pharmaceutical Group Co researches, produces, and sells Chinese medicines which are mainly derived from the root of red-rooted salvia. The Company's products focus on the treatment of cardiovascular and brain blood vessel diseases.

Price/Volume 60

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.07.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600535 CH EQUITY YTD Change 600535 CH EQUITY YTD % CHANGE

12/2012 06/yy 50.05 23.75 7'163'988.00 41.98 -16.12% 76.76% 70.11% 1'032.8 43'358.73 1'459.80 0.0 194.9 1'011.71 45'026.15

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

10.0 M

5.0 M

10 0 s-12

31.12.2009 31.12.2010 3'966.9 4'620.4 3.03x 4.58x 540.1 707.7 22.26x 29.88x 316.7 450.3 34.46x 44.30x Profitability

LTM-4Q 31.12.2011 6'524.7 3.37x 848.0 25.93x 610.8 35.54x

31.12.2012 9'237.5 3.16x 1'194.8 24.43x 769.2 37.09x 1'194.83 1'038.24 11.24% 10.39% 12.40% 27.61% 1.34% 29.8% 12.7% 8.3% 1.65 1.14 19.50% 36.39% 4.60 7.49

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 7'712.7 10.95x 0.0 0.00x 696.0 32.33x

f-13 m-13

06/yy 10'456.8 12.92x 0.0 0.00x 966.1 36.99x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.76 521.98 64.46% 52.29% 0.764 16 4.813 5'649'569 7'545'707 6'798'917 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'894.3 14'285.0 1'605.8 2'037.0 28.04x 22.10x 1'117.8 1'420.0 39.05x 30.64x S&P Issuer Ratings

10.92 7.36 36.4% 25.8% 1.34 4.30 79.39 48.74 37.67 91.08

Sales/Revenue/Turnover

2'000.00

10'000.0

1'800.00

9'000.0

1'600.00

8'000.0

1'400.00

7'000.0

1'200.00

6'000.0

1'000.00 800.00

5'000.0 4'000.0

600.00

3'000.0

400.00

2'000.0

200.00

1'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'411.0 2.01x 502.8 13.63x 255.9 23.79x

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Tasly Pharmaceutical Group Co Ltd Holdings By:

All

Holder Name TIANJIN TASLY GROUP CHINA UNIVERSAL ASSE GF FUND MANAGEMENT C BANK OF COMMUNICATIO HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN E FUND MANAGEMENT GREAT WALL FUND MANA SOCIAL SECURITY FUND MANULIFE TEDA FUND M ABN AMRO TEDA FUND M CHINA INTERNATIONAL SH HAOYI INDUSTRY CO PENGHUA FUND MANAGEM GUOTAI ASSET MANAGEM RONGTONG FUND MANAGE CHINA ASSET MANAGEME HUASHANG FUND MANAGE AEGON INDUSTRIAL FUN FORTUNE SGAM FUND MA

Firm Name Chang Jiang Securities Co. Limited SWS Research Co Ltd GF Securities Co. Ltd. China Minzu Securities Co Ltd Morgan Stanley Capital Securities Corp Tebon Securities Co Ltd China Investment Securities Hong Yuan Securities Everbright Securities Co., Ltd Guotai Junan China International Capital Corp Goldman Sachs Citic Securities Co., Ltd Guodu Securities Co Ltd Rising Securities Co.,LTD HuaChuang Securities China Merchants Securities Industrial Securities PingAn Securities Great Wall Securities China Securities Co., Ltd Central China Securities

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

Analyst Liu Shuchang SELINA LUO HE JUYING WANG XIAOYAN BIN LI LI YING ZHENG YINING ZHOU RUI WEI WENQING YAO JIE LI QIUSHI SUN LIANG DU WEI LI CHAO WANG YIN XIE NINGNING LIAO WANGUO LI SHANSHAN WANG XI LING JUN YANG YUE XI LUO WANG BO

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

Recommendation buy buy buy buy Overwt/Attractive buy outperform strong buy buy buy buy accumulate neutral/neutral buy buy outperform buy strong buy buy buy buy add add

Amt Held 488'201'106 64'694'513 31'359'344 30'812'668 22'668'072 19'082'282 17'371'460 14'909'332 13'427'040 10'695'108 10'055'968 9'589'456 9'233'540 8'148'301 8'004'046 7'541'526 7'351'726 5'791'892 5'442'485 4'059'106

% Out 47.27 6.26 3.04 2.98 2.19 1.85 1.68 1.44 1.3 1.04 0.97 0.93 0.89 0.79 0.77 0.73 0.71 0.56 0.53 0.39

Weighting

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

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

Latest Chg 30'701'788 9'723'222 (2'343'128) (4'760'114) (23'718'146) 2'149'106 3'863'484 2'676'352 (1'130'850) (721'788) (4'753'647) 1'362'806 4'388'286 2'149'056 (4'917'374) (74'133) 3'691'038

Target Price #N/A N/A #N/A N/A 56 #N/A N/A 55 51 55 #N/A N/A #N/A N/A 32 30 #N/A N/A 40 21 #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 21 #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 02.09.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012

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

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

Date 02.09.2013 30.08.2013 29.08.2013 13.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 21.07.2013 08.07.2013 03.07.2013 20.06.2013 28.05.2013 07.05.2013 22.04.2013 08.04.2013 08.08.2012 02.07.2012 04.04.2012 27.02.2012 23.06.2011 08.12.2010 02.06.2010

09.09.2013

Kangmei Pharmaceutical Co Ltd Kangmei Pharmaceutical Co., Ltd. develops, produces, and sells medicines that are used for the treatment of high blood pressure and cold. The Company also pr oduces antibiotic drugs and health care products. Kangmei also sells other manufacturers' medical products through its wholesale and retail chain.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.08.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600518 CH EQUITY YTD Change 600518 CH EQUITY YTD % CHANGE

12/2012 06/yy 23.22 12.05 29'673'374.00 18.72 -19.38% 55.35% 62.40% 2'198.7 41'159.93 5'611.47 0.0 2.2 6'105.81 40'279.18

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

0 s-12

31.12.2009 31.12.2010 2'370.5 3'291.2 7.46x 10.18x 666.3 947.9 26.56x 35.33x 501.5 715.5 34.40x 46.71x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 6'053.5 3.86x 1'418.8 16.45x 1'005.0 24.08x

31.12.2012 11'107.3 2.56x 2'140.8 13.27x 1'441.2 20.06x 2'140.83 1'962.64 17.67% 15.24% 9.29% 16.03% 0.67% 24.7% 18.8% 13.0% 3.07 2.00 31.25% 53.03% 8.59 3.06

Price/ Cash Flow

06/yy 8'368.3 13.52x 0.0 0.00x 1'277.3 26.56x

LTM 06/yy 12'079.4 11.73x 0.0 0.00x 1'677.8 25.18x

FY+1

0.86 1'354.75 19.07% 43.81% 0.860 5 5.000 25'689'460 22'586'850 24'269'440 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'101.5 18'013.0 1'979.0 2'550.0 20.92x 16.28x S&P Issuer Ratings

5.94 2.04 53.0% 34.7% 0.67 1.93 42.48 119.10 24.74 133.01

Sales/Revenue/Turnover

1'200.00

12'000.0

1'000.00

10'000.0

800.00

8'000.0

600.00

6'000.0

400.00

4'000.0

200.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 1'723.9 3.26x 391.8 14.37x 294.6 23.66x

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 s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Kangmei Pharmaceutical Co Ltd Holdings By:

All

Holder Name PUNING KANGMEI INDUS DACHENG FUND MANAGME BANK OF CHINA INVEST HARVEST FUND MANAGEM PUNING JINXIN PAWN C DONGJIN XU PUNING INTL INFO CON CHINA INTERNATIONAL CHINA ASSET MANAGEME YANJUN XU YINHUA FUND MANAGEME HUAAN FUND MANAGEMEN FORTUNE SGAM FUND MA CHINA ASSET MANAGEME GUOTAI ASSET MANAGEM INVESCO GREAT WALL F CHINA SOUTHERN FUND E FUND MANAGEMENT BAOYING FUND MANAGEM PENGHUA FUND MANAGEM

Firm Name SWS Research Co Ltd Capital Securities Corp Everbright Securities Co., Ltd China Investment Securities Guotai Junan Tebon Securities Co Ltd Sinolink Securities Co Ltd China Merchants Securities Citic Securities Co., Ltd Great Wall Securities Northeast Securities Co Ltd HuaChuang Securities Central China Securities

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

Analyst TU WEINING LI YING LI JIE ZHOU RUI LI QIUSHI ZHENG YINING LI JINGLEI LI SHANSHAN LI CHAO YAO WENQI ZHOU SILI LIAO WANGUO WANG BO

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

Recommendation buy buy buy buy buy buy add strong buy buy buy buy buy add

Amt Held 668'874'274 104'590'163 62'110'911 56'104'847 46'557'358 46'557'350 46'557'350 41'753'407 38'350'513 34'918'028 34'700'598 31'983'609 31'933'323 29'736'367 26'075'085 24'096'856 24'012'850 23'547'193 14'228'264 14'176'003

% Out 30.42 4.76 2.82 2.55 2.12 2.12 2.12 1.9 1.74 1.59 1.58 1.45 1.45 1.35 1.19 1.1 1.09 1.07 0.65 0.64

Weighting

Change 5 5 5 5 5 5 4 5 5 5 5 5 4

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

Latest Chg 8'378'400 18'036'768 (63'079'887) (2'783'604) 14'860'085 9'476'917 (5'879'911) 16'933'585 17'898'170 (689'848) (14'963'897) 1'947'406 (2'460'141) 11'027'274 (17'641'871)

Target Price #N/A N/A 19 27 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18 #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 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013

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

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

Date 30.08.2013 28.08.2013 05.08.2013 28.05.2013 31.03.2013 03.09.2012 29.08.2012 02.07.2012 03.05.2012 29.03.2012 02.12.2011 16.12.2010 02.06.2010

09.09.2013

Zijin Mining Group Co Ltd Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

Price/Volume 5

400.0 M

350.0 M

300.0 M

250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601899 CH EQUITY YTD Change 601899 CH EQUITY YTD % CHANGE

12/2011 06/yy 4.18 2.27 73'969'064.00 2.67 -36.12% 17.62% 19.37% 15'803.8 51'396.13 23'412.70 0.0 5'401.4 8'144.34 74'492.93

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

150.0 M

2 1

100.0 M

50.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 16'744.7 4.10x 5'615.7 12.23x 3'005.3 19.71x

200.0 M

Valuation Analysis

31.12.2009 31.12.2010 20'215.1 28'186.6 6.50x 4.18x 6'038.3 8'635.6 21.75x 13.64x 3'552.3 4'827.9 27.22x 18.41x Profitability

LTM-4Q 31.12.2011 39'381.9 2.12x 10'731.6 7.78x 5'712.6 9.11x

31.12.2012 47'873.6 2.00x 10'658.6 9.00x 5'211.2 10.22x 10'658.62 8'978.60 18.75% 17.87% 6.15% 15.07% 10.49% 0.83% 23.9% 17.9% 14.4% 10.9% 1.06 0.42 34.76% 83.08% 29.33 4.66

Price/ Cash Flow

LTM

06/yy 44'459.7 5.54x 0.0 0.00x 4'947.9 9.39x

06/yy 52'843.3 4.98x 0.0 0.00x 3'924.5 6.01x

FY+1

1.11 5'707.09 -29.16% -27.68% 1.107 10 3.600 71'326'160 73'347'010 63'186'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 48'462.0 52'235.8 7'859.0 9'261.5 1.44x 1.34x 7'777.5 7'036.5 1'290.0 2'599.0 9.58x 10.59x 15.51x 21.20x 3'282.9 2'954.5 765.5 968.5 16.48x 19.78x S&P Issuer Ratings

11.30 2.82 1.88 2.55 83.1% 41.1% 0.83 2.16 12.44 78.40 28.80 70.60

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

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

01.07.2013

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

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

09.09.2013

Zijin Mining Group Co Ltd Holdings By:

All

Holder Name MINXI XINGHANG STE-O NEWHUADU INDUS GROUP XIAMEN HENGXING INDU XIPING KE SHANGHANG COUNTY JIN CHEN JINGHE CHINA ASSET MANAGEME E FUND MANAGEMENT HARVEST FUND MANAGEM CITIC SECURITIES CO CHINA SOUTHERN FUND CHINA UNIVERSAL ASSE HUATAI-PINEBRIDGE FU YINHUA FUND MANAGEME HUAAN FUND MANAGEMEN GUOTAI ASSET MANAGEM BOSERA FUND MANAGEME AEGON INDUSTRIAL FUN FULLGOAL FUND MANAGE CHINA ASSET MANAGEME

Firm Name UBS Founder Securities Masterlink Securities China International Capital Corp SWS Research Co Ltd Capital Securities Corp Goldman Sachs Everbright Securities Co., Ltd Bank of China International Citic Securities Co., Ltd China Merchants Securities Hong Yuan Securities Industrial Securities Central China Securities Cinda Securities Ltd Tebon Securities Co Ltd China Securities Co., Ltd China Minzu Securities Co Ltd Rising Securities Co.,LTD China Investment Securities

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

Analyst HAOXIANG LIN LIU WEIYUAN SARAH WANG CAI HONGYU PEGGY YE LI XIAOLU JULIAN ZHU WANG QIANMING ROBIN TSUI SONG XIAOQING WANG XIAODAN MIN DAN RENYUAN LUO HE WEIJIANG FAN HAIBO TEAM COVERAGE ZHANG FANG GUAN JIANXIN WANG HUACHUN ZHANG LEI

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

Recommendation neutral neutral buy hold neutral neutral neutral/neutral neutral buy overweight neutral not rated strong buy add buy add neutral buy neutral neutral

Amt Held 6'316'353'180 2'451'864'106 509'772'757 376'624'720 256'245'000 132'000'000 77'840'216 71'563'706 62'809'698 53'995'470 53'623'704 50'486'801 36'240'383 27'233'415 23'167'839 18'981'963 18'135'343 16'894'803 15'999'943 15'747'470

% Out 39.97 15.51 3.23 2.38 1.62 0.84 0.49 0.45 0.4 0.34 0.34 0.32 0.23 0.17 0.15 0.12 0.11 0.11 0.1 0.1

Weighting

Change

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

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

Latest Chg (27'619'772) (22'459'162) (41'514'858) (9'612'383) (57'149'178) (37'458'243) (1'960'416) 10'983'290 162'339 (134'862) (1'685'590) -

Target Price 3 #N/A N/A 3 #N/A N/A #N/A N/A 3 2 4 6 #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A 8 #N/A N/A #N/A N/A 5 #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 08.07.2013 05.07.2011 31.12.2009 05.05.2009 31.12.2009 05.07.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2009 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

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

Date 26.08.2013 26.08.2013 16.08.2013 14.08.2013 19.07.2013 10.07.2013 07.07.2013 28.03.2013 29.10.2012 21.09.2012 25.05.2012 27.04.2012 04.04.2012 29.03.2012 20.06.2011 11.04.2011 08.12.2010 10.08.2010 02.08.2010 02.11.2009

09.09.2013

China Construction Bank Corp China Construction Bank Corporation provides a complete range of banking services and other financial services to individual and corporate customers. The bank's services include retail banking, international settlement, project finance, and credit card services.

Price/Volume 6

160.0 M 140.0 M

120.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601939 CH EQUITY YTD Change 601939 CH EQUITY YTD % CHANGE

12/2012 06/yy 5.19 3.82 116'744'306.00 4.53 -12.72% 18.59% 35.04% 9'593.7 1'183'928.50 1'305'403.00 0.0 7'877.0 3'173'620.00 -

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

80.0 M 60.0 M

40.0 M 1

20.0 M

0 s-12

o-12

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

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

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

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

0.75 8'782.17 20.39% 4.95% 0.751 17 4.176 20'383'050 20'578'690 29'254'510 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 654'757.0 737'005.0 499'166.4 550'798.5 121'665.0 124'242.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 182'716.0 206'607.0 212'524.9 231'699.4 57'878.0 44'750.0 5.90x 5.23x 5.41x 4.93x 4.82x 4.62x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 138.6% Total Debt/Capital 57.9% Asset Turnover 0.05 Net Fixed Asset Turnover 5.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

10.00

800'000.0

9.00

700'000.0

8.00

600'000.0

7.00

500'000.0

6.00 5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 01.01.2010

n-12

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

100.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Construction Bank Corp Holdings By:

All

Holder Name CHINA LIFE INSURANCE CHINA INVESTMENT COR BAOSTEEL GROUP CORP CHINA LIFE INSURANCE CAISSE DE DEPOT ET P BLACKROCK ASSET MGMT BOSHI FUND MANAGEMEN HARVEST FUND MANAGEM CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU LION FUND MANAGEMENT MORGAN STANLEY PICTET FUNDS DACHENG FUND MANAGME UBS SDIC FUND MANAGE PENGHUA FUND MANAGEM CHINA ASSET MANAGEME GRANTHAM MAYO VAN OT TIANTONG ASSET MANAG GUOTAI ASSET MANAGEM

Firm Name PingAn Securities Masterlink Securities Bank of China International Northeast Securities Co Ltd China International Capital Corp Chang Jiang Securities Co. Limited Guotai Junan Qilu Securities Co Ltd UBS SWS Research Co Ltd GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities Capital Securities Corp Sinolink Securities Co Ltd HSBC China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Central China Securities Industrial Securities Rising Securities Co.,LTD BOCOM International Holdings China Investment Securities China Minzu Securities Co Ltd Great Wall Securities China Galaxy Securities Guodu Securities Co Ltd

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

Analyst GRACE LI RAINY YUAN YUAN LIN YAYUN TANG JIE HUANG LIU JUN GUANHUA QIU JIAOYI CHENG JANET SUN JUN NI Mu Hua NING MA SHEN WEI ZHANG JIXIU TEAM COVERAGE JIANGANG CHEN TODD DUNIVANT LUO YI ZHU YAN #N/A N/A CHEN XI YIDONG ZHANG XIE AIHONG LI SHANSHAN ZHANG ZHONGYANG ZHANG JING CHENG BINBIN YE YUNYAN DENG TING

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

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

Amt Held 1'626'830'229 492'631'014 318'860'498 204'563'395 180'211'848 178'769'823 125'999'629 98'437'675 70'698'036 53'056'557 43'059'664 39'285'859 25'330'830 25'272'998 23'699'777 21'557'451 19'110'892 17'969'856 17'419'691 17'309'471

% Out 16.96 5.13 3.32 2.13 1.88 1.86 1.31 1.03 0.74 0.55 0.45 0.41 0.26 0.26 0.25 0.22 0.2 0.19 0.18 0.18

Weighting

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

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

Latest Chg 76'399'753 (42'401'318) (3'308'689) 33'359'845 13'126'641 2'153'200 2'340'321 17'079'585 (1'422'540) 2'671'753

Target Price #N/A N/A 5 7 #N/A N/A #N/A N/A #N/A N/A 5 #N/A N/A 5 #N/A N/A #N/A N/A 5 5 5 #N/A N/A #N/A N/A 6 #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 6 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 30.06.2011 17.06.2013 30.06.2011 30.06.2011 31.12.2012 30.08.2013 30.06.2013 31.12.2012 02.09.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 31.12.2012 30.06.2013 31.12.2012 02.09.2013 31.05.2013 31.12.2012 31.12.2012

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

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

Date 03.09.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 25.08.2013 20.08.2013 11.08.2013 07.08.2013 19.07.2013 19.06.2013 12.06.2013 02.06.2013 11.05.2013 25.03.2013 25.03.2013 17.09.2012 23.07.2012 29.06.2012 25.06.2012 26.03.2012 25.03.2012 20.12.2011 13.12.2011 02.12.2011 30.06.2011 23.05.2011 11.05.2010 23.08.2009

09.09.2013

GD Power Development Co Ltd GD Power Development Co., Ltd. generates and distributes electric power and heat throughout China. The Company also invests in new energy development and environmental protection projects.

Price/Volume 4

300.0 M

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600795 CH EQUITY YTD Change 600795 CH EQUITY YTD % CHANGE

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

100.0 M

50.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 16'271.3 4.70x 3'435.2 22.24x 178.9 168.79x

150.0 M

12/2012 06/yy 3.05 2.15 130'402'487.00 2.38 -21.97% 10.70% 18.89% 17'229.9 41'007.15 116'263.73 0.0 16'755.6 5'291.98 167'867.23

31.12.2009 31.12.2010 33'694.3 40'797.1 3.67x 3.62x 10'139.6 11'269.2 12.20x 13.12x 2'496.9 2'429.2 16.10x 14.64x Profitability

LTM-4Q 31.12.2011 50'579.6 3.30x 13'805.6 12.10x 3'648.1 11.77x

31.12.2012 55'259.8 3.13x 18'082.2 9.57x 5'050.6 8.02x 18'082.18 10'818.38 19.58% 14.26% 3.32% 21.72% 0.28% 21.2% 23.5% 9.1% 0.29 0.20 56.00% 335.57% 7.79 14.14

Price/ Cash Flow

LTM

06/yy 53'337.8 12.44x 0.0 0.00x 3'716.7 11.20x

06/yy 56'874.5 12.25x 0.0 0.00x 6'808.2 5.54x

FY+1

0.76 6'469.55 -2.88% -5.10% 0.757 12 4.167 53'434'480 60'799'650 61'441'760 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 60'737.8 66'111.8 15'917.0 15'692.0 2.89x 2.95x 22'188.0 22'036.0 7.57x 7.62x 6'053.2 5'893.4 1'723.0 1'600.5 7.15x 6.76x S&P Issuer Ratings

2.18 -0.92 335.6% 69.3% 0.28 0.34 46.85 25.82 99.86 -26.08

Sales/Revenue/Turnover

50.00

60'000.0

45.00

50'000.0

40.00 35.00

40'000.0

30.00

30'000.0

25.00 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

01.07.2013

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

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

09.09.2013

GD Power Development Co Ltd Holdings By:

All

Holder Name CHINA GOUDIAN CORP NATL COUNCIL SOC SEC BOSHI FUND MANAGEMEN SHANGHAI ELECTRIC GR LION FUND MANAGEMENT YINHUA FUND MANAGEME HARBIN ELECTRIC CO L TIBET AUTO REG INVES SOCIAL SECURITY FUND BEIJING ENERGY INVES CHINA CO-OP GROUP PENGHUA FUND MANAGEM HARVEST FUND MANAGEM HUAAN FUND MANAGEMEN CHINA ASSET MANAGEME AEGON INDUSTRIAL FUN HUATAI-PINEBRIDGE FU CHINA UNIVERSAL ASSE GUOTAI ASSET MANAGEM CHINA ASSET MANAGEME

Firm Name Masterlink Securities UBS Capital Securities Corp China International Capital Corp Everbright Securities Co., Ltd SWS Research Co Ltd China Merchants Securities Chang Jiang Securities Co. Limited Central China Securities EVA Dimensions Rising Securities Co.,LTD Citic Securities Co., Ltd Bank of China International Hong Yuan Securities PingAn Securities China Galaxy Securities China Minzu Securities Co Ltd KGI Securities

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

Analyst LI YAN YINGZHEN XU LAI SHENSHENG JUNHUA CHEN JUNPENG CHEN EVAN LIANG PENG QUANGANG JUN GE PAN HANGJUN DOUG WALTERS DAI LIPING WU FEI PETER YAO LU RUMIN SHAO QING ZOU XUYUAN ZHANG KAI CHEN JUDITH

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

Recommendation buy buy hold accumulate accumulate outperform strong buy add add sell outperform buy not rated add buy buy add outperform

Amt Held 8'982'166'685 917'431'192 272'510'956 200'000'000 184'749'662 162'078'409 160'000'000 156'800'000 142'957'701 100'975'770 100'000'000 70'575'495 67'536'497 56'296'243 53'979'357 51'690'559 43'860'630 40'330'967 32'823'294 27'931'662

% Out 52.13 5.32 1.58 1.16 1.07 0.94 0.93 0.91 0.83 0.59 0.58 0.41 0.39 0.33 0.31 0.3 0.25 0.23 0.19 0.16

Weighting

Change

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

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

Latest Chg (29'268'745) (45'654'824) 49'356'009 1'152'795 (42'143'805) 4'392'531 8'020'000 (63'263'744) 8'195'284 34'504'251 18'342'638 (28'256'500)

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

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

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

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

Date 02.09.2013 30.08.2013 30.08.2013 30.08.2013 18.08.2013 18.07.2013 10.07.2013 05.07.2013 27.06.2013 06.06.2013 23.04.2013 15.01.2013 10.12.2012 06.06.2012 09.03.2012 01.07.2010 18.05.2010 17.11.2008

09.09.2013

China National Chemical Engineering Co Ltd China National Chemical Engineering Company Ltd. offers construction services. The Company builds chemical, petrochemical, pharmaceutical and power plants, and coal industry facilities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601117 CH EQUITY YTD Change 601117 CH EQUITY YTD % CHANGE

12/2012 06/yy 12.24 6.21 48'731'142.00 8.13 -33.58% 30.92% 29.19% 4'933.0 40'105.29 1'230.18 0.0 1'207.9 18'868.46 22'989.17

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

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 27'409.5 33'240.2 0.47x 1'649.1 2'460.3 6.37x 979.2 1'681.2 17.00x Profitability

LTM-4Q 31.12.2011 43'718.5 0.28x 3'161.8 3.85x 2'380.4 11.88x

31.12.2012 52'970.5 0.46x 3'945.0 6.14x 3'083.6 13.08x 3'944.98 3'451.89 6.52% 7.33% 5.63% 18.54% 0.98% 12.9% 6.5% 5.8% 1.29 0.69 2.08% 6.84% 7.19 5.29

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 49'040.5 1.22x 0.0 0.00x 2'847.8 9.98x

f-13 m-13

06/yy 57'769.9 1.78x 0.0 0.00x 3'310.1 13.93x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.39 1'236.83 22.68% -0.69% 1.390 15 4.867 31'362'490 52'983'940 44'944'020 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 65'457.4 86'270.3 5'006.0 5'931.0 4.59x 3.88x 3'900.2 4'945.8 10.18x 8.20x S&P Issuer Ratings

54.22 30.05 6.8% 6.0% 0.98 8.40 50.76 68.96 83.00 17.67

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 22'107.9 1'546.3 634.4 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China National Chemical Engineering Co Ltd Holdings By:

All

Holder Name CHINA NATIONAL CHEMI SHENHUA GROUP CORP L SOCIAL SECURITY FUND SINOCHEM CORP BANK OF COMMUNICATIO GF FUND MANAGEMENT C BANK OF CHINA INVEST INVESCO GREAT WALL F ABC-CA FUND MANAGEME HUATAI-PINEBRIDGE FU GUOTAI ASSET MANAGEM CHINA ASSET MANAGEME E FUND MANAGEMENT ORIENT FUND MANAGEME HARVEST FUND MANAGEM CHINA POST & CAPITAL CHINA SOUTHERN FUND SOOCHOW ASSET MANAGE GALAXY ASSET MANAGEM CHINA INTERNATIONAL

Firm Name Guotai Junan Central China Securities Sinolink Securities Co Ltd Capital Securities Corp GF Securities Co. Ltd. Hong Yuan Securities SWS Research Co Ltd Qilu Securities Co Ltd Guodu Securities Co Ltd China International Capital Corp China Minzu Securities Co Ltd EVA Dimensions Citic Securities Co., Ltd Bank of China International HuaChuang Securities China Securities Co., Ltd Industrial Securities Great Wall Securities Rising Securities Co.,LTD Everbright Securities Co., Ltd

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

Analyst ZHANG KUN MINHAO GU HE GUOWEN ZHENG CHUNMING XIAO TANG ZHOU RONGZI LU LINGLING ZHAOLIANG LIU WANG SHUANG BIN GUAN YU WALI TIMOTHY STANISH YANG TAO NI XIAOMAN GAO LI TIAN DONGHONG WANG SHUANG RAN FEI SONG HUAISONG WANG XIXIN

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

Recommendation buy buy add buy buy buy outperform buy strong buy buy add buy buy buy buy buy buy buy outperform accumulate

Amt Held 3'290'564'000 143'068'000 135'327'537 127'206'129 86'073'527 79'616'685 46'540'571 39'270'354 33'246'589 32'138'283 30'421'376 20'594'051 20'448'732 18'158'275 18'127'197 18'000'000 15'728'246 14'052'061 13'634'473 12'734'185

% Out 66.71 2.9 2.74 2.58 1.74 1.61 0.94 0.8 0.67 0.65 0.62 0.42 0.41 0.37 0.37 0.36 0.32 0.28 0.28 0.26

Weighting

Change 5 5 4 5 5 5 5 5 5 5 4 5 5 5 5 5 5 5 5 4

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

Latest Chg 79'073'733 (10'628'893) 44'742'752 27'383'442 31'694'713 11'752'507 24'163'681 (5'724'014) (527'582) 12'098'275 (36'776'000) (50'213'660) (8'053'109) (500'000) 13'284'524 12'734'185

Target Price 12 #N/A N/A #N/A N/A 15 #N/A N/A 13 #N/A N/A #N/A N/A 10 #N/A N/A 7 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A #N/A N/A 10

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 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.08.2013 15.08.2013 14.08.2013 13.08.2013 13.08.2013 21.07.2013 16.07.2013 01.07.2013 28.06.2013 17.06.2013 17.06.2013 06.06.2013 03.05.2013 14.01.2013 06.12.2012 25.06.2012 20.04.2012 30.03.2012 09.01.2012 27.06.2011

09.09.2013

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. manufactures and sells Chinese patent medicine. The Company also wholesales, retails, imports, and exports Western and Chinese pharmaceutical products and various medical apparatus.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600332 CH EQUITY YTD Change 600332 CH EQUITY YTD % CHANGE

12/2011 06/yy 40.73 15.10 8'748'480.00 33.31 -18.22% 120.60% 71.56% 1'071.4 40'671.08 121.40 0.0 127.7 732.41 39'404.10

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

45.0 M

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'450.6 1.16x 104.8 38.21x 181.8 10.30x

31.12.2009 31.12.2010 3'802.4 4'455.9 1.93x 3.17x 163.0 316.3 44.97x 44.69x 214.9 267.1 19.44x 33.14x Profitability

LTM-4Q 31.12.2011 5'395.6 0.72x 298.2 13.07x 287.5 13.87x

31.12.2012 8'161.9 1.65x 358.1 37.50x 395.3 22.73x 358.12 247.73 3.04% 5.61% 8.65% 14.68% 14.04% 1.55% 27.0% 6.0% 5.0% 4.8% 1.85 0.92 1.95% 2.96% 8.45 5.95

Price/ Cash Flow

LTM

06/yy 6'072.0 3.31x 0.0 0.00x 325.0 28.14x

06/yy 13'680.8 2.44x 0.0 0.00x 765.4 9.36x

FY+1

.0 M s-13

677.32 37.76% 71.52% 5 4.000 7'488'921 10'612'200 13'281'070 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'562.5 19'282.0 1'269.0 1'716.0 31.05x 22.96x 1'037.8 1'384.0 38.29x 30.12x S&P Issuer Ratings

30.62 26.12 -1.76 0.83 3.0% 2.8% 1.55 8.32 43.22 61.39 38.16 77.20

Sales/Revenue/Turnover

600.00

14'000.0

500.00

12'000.0 10'000.0

400.00

8'000.0 300.00

6'000.0

200.00

4'000.0

100.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd Holdings By:

All

Holder Name GUANGZHOU PHARMACEUT AEGON INDUSTRIAL FUN MORGAN STANLEY HUAXI HFT INVESTMENT MANAG INVESCO GREAT WALL F GZ XINJIAO RURAL CRE GF FUND MANAGEMENT C HUAAN FUND MANAGEMEN BOSHI FUND MANAGEMEN E FUND MANAGEMENT BOSERA FUND MANAGEME CHINA ASSET MANAGEME MINSHENG ROYAL FUND HUAFU FUND MANAGEMEN LION FUND MANAGEMENT CHINA MERCHANTS FUND CHINA ASSET MANAGEME CITIC PRUDENTIAL FUN BANK OF COMMUNICATIO FULLGOAL FUND MANAGE

Firm Name SWS Research Co Ltd Guotai Junan Morgan Stanley Capital Securities Corp China International Capital Corp Citic Securities Co., Ltd Industrial Securities China Investment Securities HuaChuang Securities Founder Securities Everbright Securities Co., Ltd

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

Analyst SELINA LUO LI QIUSHI BIN LI LI YING SUN LIANG LI CHAO WANG XI ZHOU RUI LIAO WANGUO NA XUE YAO JIE

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

Recommendation outperform buy Equalwt/In-Line hold accumulate add buy neutral buy add accumulate

Amt Held 390'833'391 7'654'819 6'270'000 6'064'696 4'609'500 3'276'750 3'028'864 2'416'423 1'390'379 1'311'058 1'175'734 988'201 545'273 459'938 457'685 441'580 370'000 300'000 277'590 168'000

% Out 36.48 0.71 0.59 0.57 0.43 0.31 0.28 0.23 0.13 0.12 0.11 0.09 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.02

Weighting

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

M M M M M M M M M N N

Latest Chg 4'705'715 4'088'213 6'064'696 1'069'950 2'319'295 1'916'423 1'390'379 1'111'118 1'175'734 (463'275) 459'938 452'685 (39'048) 370'000 (571'006) 277'590 168'000

Target Price #N/A N/A 45 29 16 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 21 #N/A N/A 9

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

File Dt 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2008 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 02.09.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 29.05.2013 19.03.2013 01.03.2013 01.03.2013 03.05.2012 17.02.2012 02.12.2011 30.10.2011 29.03.2010 19.08.2009

09.09.2013

Wanhua Chemical Group Co Ltd Wanhua Chemical Group Co., Ltd. develops, manufactures, and markets pure isocyanate, polymeric isocyanate, polyurethane, and other related chemical products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (19.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600309 CH EQUITY YTD Change 600309 CH EQUITY YTD % CHANGE

12/2012 06/yy 19.73 12.56 13'983'445.00 16.83 -14.70% 34.00% 54.53% 2'162.3 36'392.09 10'686.58 0.0 1'538.4 1'400.51 50'874.13

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 6'465.4 9'402.5 6.57x 3.94x 1'453.3 1'839.8 29.23x 20.12x 1'066.4 1'530.2 37.52x 20.86x Profitability

LTM-4Q 31.12.2011 13'601.7 2.50x 3'555.4 9.58x 1'853.9 15.00x

31.12.2012 15'853.9 2.81x 4'651.1 9.58x 2'348.9 14.32x 4'651.06 3'896.31 24.58% 22.49% 12.87% 38.02% 0.83% 34.5% 25.4% 14.8% 1.02 0.71 47.41% 128.69% 4.23 6.11

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

Market Data

Fiscal Year Ended 31.12.2008 7'655.8 2.31x 2'006.1 8.82x 1'548.8 10.75x

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

LTM

06/yy 13'878.2 10.72x 0.0 0.00x 1'839.4 15.77x

06/yy 18'624.8 9.97x 0.0 0.00x 2'903.0 11.94x

FY+1

1.08 1'038.34 30.68% 11.84% 1.083 21 4.762 12'720'180 15'301'610 12'665'720 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'167.5 24'381.2 4'500.0 6'750.0 2.25x 1.62x 5'907.2 7'145.2 1'453.0 1'180.0 8.61x 7.12x 3'007.7 3'590.3 619.0 929.0 11.94x 10.05x S&P Issuer Ratings

11.56 1.78 128.7% 52.1% 0.83 1.53 86.33 59.75 27.24 124.42

Sales/Revenue/Turnover

250.00

18'000.0 16'000.0

200.00

14'000.0 12'000.0

150.00

10'000.0 8'000.0

100.00

6'000.0 4'000.0

50.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Wanhua Chemical Group Co Ltd Holdings By:

All

Holder Name WANHUA INDUSTRIAL GR GF FUND MANAGEMENT C HARVEST FUND MANAGEM HUAAN FUND MANAGEMEN E FUND MANAGEMENT YANTAI MOON GROUP CO CHANGSHENG FUND MANA FULLGOAL FUND MANAGE CHINA SOUTHERN FUND TAIKANG LIFE INSURAN RONGTONG FUND MANAGE PENGHUA FUND MANAGEM CHINA LIFE INSURANCE DACHENG FUND MANAGME ICBC CREDIT SUISSE A GTJA ALLIANZ FUND MA HUATAI-PINEBRIDGE FU HFT INVESTMENT MANAG CHINA MERCHANTS FUND ORIENT FUND MANAGEME

Firm Name PingAn Securities GF Securities Co. Ltd. Guotai Junan EVA Dimensions Fortune CLSA Securities Limited Chang Jiang Securities Co. Limited SWS Research Co Ltd Hong Yuan Securities China Minzu Securities Co Ltd Guodu Securities Co Ltd Central China Securities Everbright Securities Co., Ltd Rising Securities Co.,LTD China International Capital Corp UBS Capital Securities Corp Northeast Securities Co Ltd HuaChuang Securities Citic Securities Co., Ltd Bank of China International Qilu Securities Co Ltd China Securities Co., Ltd China Merchants Securities Industrial Securities Great Wall Securities China Investment Securities Founder Securities China Galaxy Securities

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

Analyst YAN ZHUBING WANG JIANYU KANG KAI TIMOTHY STANISH XUAN LI ZHANG XIANG SHAWN ZHOU ZU GUANGPING YU WALI WANG SHUANG LI LINLIN CHENG LEI ZENG WEIQIANG GAO ZHENG NINA YAN ZHENG CHUNMING TIAN BEI GAO LI YIN XIAODONG SU WENJIE LI XUAN LIANG BIN LU PING ZHENG FANGBIAO LING XUELIANG LIANG HAO ZHENGHUA ZHANG LI GUOHONG

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

Recommendation strong buy buy buy hold buy buy outperform buy add buy add buy outperform buy buy buy buy buy buy buy add add buy buy buy strong buy add speculative buy

Amt Held 1'091'880'317 56'169'861 48'218'491 47'663'074 40'556'675 32'115'799 31'267'491 21'444'726 17'358'513 15'802'538 15'780'081 14'939'829 14'352'494 11'973'919 10'853'114 10'312'583 9'553'551 7'447'933 7'367'936 7'259'334

% Out 50.5 2.6 2.23 2.2 1.88 1.49 1.45 0.99 0.8 0.73 0.73 0.69 0.66 0.55 0.5 0.48 0.44 0.34 0.34 0.34

Weighting

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

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

Latest Chg (1'013'748) 22'513'121 694'369 650'773 9'405'488 6'533'896 6'055'191 13'051'418 997'600 (8'647'550) (5'118'877) 9'272'382 1'372'794 1'175'547 2'664'364 190'900

Target Price #N/A N/A 23 21 #N/A N/A 25 #N/A N/A #N/A N/A 23 15 23 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 21 25 #N/A N/A 18 19 20 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2011 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2011 30.06.2013 31.12.2012 31.12.2012 31.12.2011 31.12.2012 30.06.2013 31.12.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 19.08.2013 11.08.2013 31.07.2013 30.07.2013 29.07.2013 17.07.2013 14.07.2013 08.07.2013 28.06.2013 21.06.2013 21.04.2013 18.04.2013 12.04.2013 11.04.2013 27.03.2013 25.03.2013 03.02.2013 29.01.2013 28.01.2013 17.01.2013 25.06.2012 10.06.2012 17.04.2012 16.04.2012 07.09.2011 30.10.2010 30.11.2009

09.09.2013

China International Travel Service Corp Ltd China International Travel Service Corp Ltd. operates travel agencies that offer a wide range of travel packages. The Company also operates duty free shops.

Price/Volume 40

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.09.2013) 52-Week Low (07.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601888 CH EQUITY YTD Change 601888 CH EQUITY YTD % CHANGE

12/2012 06/yy 38.98 23.90 5'544'894.00 38.04 -2.41% 59.16% 93.77% 976.2 37'136.09 35.00 0.0 593.3 3'959.33 33'172.98

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

6.0 M

15 10

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 5'770.4 423.4 221.2 -

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 6'014.9 9'539.0 2.57x 2.52x 537.0 676.0 28.82x 35.59x 312.8 409.7 47.59x 65.89x Profitability

LTM-4Q 31.12.2011 12'589.0 1.64x 1'061.2 19.42x 684.9 33.71x

31.12.2012 15'944.0 1.30x 1'443.8 14.41x 1'005.6 23.99x 1'443.80 1'310.82 8.22% 9.80% 13.52% 22.07% 1.84% 20.6% 9.4% 6.3% 2.45 1.76 0.39% 0.63% 16.89 12.18

Price/ Cash Flow

LTM

06/yy 14'382.2 5.62x 0.0 0.00x 922.7 26.91x

06/yy 16'887.5 4.02x 0.0 0.00x 1'241.7 20.69x

FY+1

.0 M s-13

0.86 289.95 30.68% 40.21% 0.863 17 4.824 5'847'706 4'700'717 4'583'009 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 19'235.3 23'286.9 5'257.5 5'445.0 1.60x 1.26x 2'062.5 2'560.0 16.08x 12.96x 1'335.0 1'596.7 273.0 296.0 27.43x 22.78x S&P Issuer Ratings

13.27 10.43 0.6% 0.6% 1.84 13.25 21.61 29.96 33.54 16.55

Sales/Revenue/Turnover

70.00

18'000.0

60.00

16'000.0 14'000.0

50.00

12'000.0

40.00

10'000.0

30.00

8'000.0 6'000.0

20.00

4'000.0

10.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China International Travel Service Corp Ltd Holdings By:

All

Holder Name CITS GROUP CORP OVERSEAS CHINESE TOW SOCIAL SECURITY FUND CHINA CONSTRUCTION B YINHUA FUND MANAGEME FORTUNE SGAM FUND MA FIDELITY LTD RONGTONG FUND MANAGE BANK OF CHINA INVEST E FUND MANAGEMENT HUATAI-PINEBRIDGE FU GF FUND MANAGEMENT C CCB PRINCIPAL ASSET CHINA ASSET MANAGEME HUAAN FUND MANAGEMEN HARVEST FUND MANAGEM GUOTAI ASSET MANAGEM ABC-CA FUND MANAGEME FIRST-TRUST FUND MAN FRANKLIN TEMPLETON S

Firm Name Capital Securities Corp Northeast Securities Co Ltd Sinolink Securities Co Ltd China International Capital Corp Guotai Junan SWS Research Co Ltd Guodu Securities Co Ltd Hong Yuan Securities Goldman Sachs Everbright Securities Co., Ltd Citic Securities Co., Ltd Tebon Securities Co Ltd Bank of China International China Securities Co., Ltd UBS Central China Securities Founder Securities China Merchants Securities AJ Securities Industrial Securities China Investment Securities

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

Analyst ZHANG LU LI LIANG MAO ZHENGRONG HAIYAN GUO XU JUANJUAN JENNIFER JIN YANG ZHIGANG SUN YAN LIAO XUFA LIN YUHONG ZHAO XUEQIN LI XIANGFENG TRACY FENG SHEN ZHOUXIANG DENNIS WANG CHEN SHANSHAN WANG LANGQI ZHU WEIHUA HOU JIALIN LIU LUDAN CHEN QINGQING

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

Recommendation buy buy buy buy buy outperform buy buy buy/attractive accumulate buy buy buy add buy add buy buy buy strong buy strong buy

Amt Held 539'846'100 98'153'900 26'782'145 21'510'613 16'356'393 8'071'024 5'780'910 5'631'424 5'479'459 5'432'664 4'511'109 4'491'742 4'277'163 3'806'851 3'650'657 3'198'211 2'918'290 2'876'891 2'840'443 2'817'245

% Out 55.3 10.05 2.74 2.2 1.68 0.83 0.59 0.58 0.56 0.56 0.46 0.46 0.44 0.39 0.37 0.33 0.3 0.29 0.29 0.29

Weighting

Change 5 5 5 5 5 5 5 5 5 4 5 5 5 4 5 4 5 5 5 5 5

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

Latest Chg 530'890 5'535'013 1'570'910 (1'759'433) 1'878'157 (2'035'351) 4'350'789 (215'401) (5'990'852) 2'130'952 (386'951) 499'246 (5'534'740) (1'559'500) 763'228

Target Price 43 #N/A N/A #N/A N/A #N/A N/A 41 #N/A N/A 34 30 37 33 35 38 28 35 37 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

Date 03.09.2013 03.09.2013 02.09.2013 02.09.2013 01.09.2013 19.07.2013 16.07.2013 12.07.2013 30.06.2013 26.06.2013 11.04.2013 19.02.2013 04.01.2013 02.11.2012 31.10.2012 25.10.2012 19.09.2012 12.07.2012 06.07.2012 26.04.2012 04.05.2011

09.09.2013

BesTV New Media Co Ltd BesTV New Media Co Ltd manufactures and sells a variety of electronic products. The Company's products include television sets, radios, CDand cassette players, VCRs, and DVD players. The Company also develops Internet switches and security software, produces LCDs (Liquid Crystal Display), and provides import and export service.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.09.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600637 CH EQUITY YTD Change 600637 CH EQUITY YTD % CHANGE

12/2012 06/yy 37.88 13.00 20'058'057.00 35.98 -5.02% 176.77% 94.91% 1'113.7 40'072.22 1.26 0.0 56.3 1'943.07 38'370.94

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

31.12.2009 31.12.2010 2'332.3 898.1 2.24x 164.1 315.0 31.85x 35.4 257.8 136.60x Profitability

LTM-4Q 31.12.2011 1'284.3 11.91x 515.4 29.69x 355.1 23.89x

31.12.2012 1'955.3 8.08x 726.3 21.74x 516.5 34.50x 726.26 497.07 25.42% 29.83% 14.95% 18.59% 0.56% 41.8% 27.4% 26.4% 3.27 3.00 0.03% 0.04% 4.80 9.29

Price/ Cash Flow

06/yy 1'212.9 42.57x 0.0 0.00x 664.2 17.92x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 2'161.1 36.30x 0.0 0.00x 580.9 53.85x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.97 506.16 113.66% 126.72% 0.967 14 4.643 12'915'650 14'210'360 16'854'170 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'860.2 3'881.1 1'060.0 1'401.0 36.20x 27.39x 719.3 976.9 55.52x 40.93x S&P Issuer Ratings

2056.67 1099.87 0.0% 0.0% 0.56 7.29 76.02 39.31 107.99 -16.95

Sales/Revenue/Turnover

160.00

5'000.0

140.00

4'500.0 4'000.0

120.00

3'500.0

100.00

3'000.0

80.00

2'500.0 2'000.0

60.00

1'500.0

40.00

1'000.0

20.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'461.9 1.00x (696.1) (984.1) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

BesTV New Media Co Ltd Holdings By:

All

Holder Name SHANGHAI MEDIA GROUP TSINGHUA TONGFANG CO SHANGHAI YIDIAN HLDG SH CHENGBEI INVEST C INVESCO GREAT WALL F TAIKANG LIFE INSURAN SHANGHAI LIANHE INVE BJ HENGSHENG JIAYE I GUOTAI JUNAN SECURIT CHENGDU YUANHONG INN HUAAN FUND MANAGEMEN UBS SDIC FUND MANAGE MORGAN STANLEY HUAXI BANK OF CHINA INVEST CHINA UNIVERSAL ASSE CHANGSHENG FUND MANA CCB PRINCIPAL ASSET HARVEST FUND MANAGEM ABN AMRO TEDA FUND M FORTUNE SGAM FUND MA

Firm Name Chang Jiang Securities Co. Limited Tebon Securities Co Ltd Capital Securities Corp Sinolink Securities Co Ltd Guotai Junan Everbright Securities Co., Ltd Goldman Sachs SWS Research Co Ltd China Minzu Securities Co Ltd Hong Yuan Securities Qilu Securities Co Ltd EVA Dimensions Great Wall Securities Rising Securities Co.,LTD Citic Securities Co., Ltd HuaChuang Securities

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

Analyst ZHIJIAN CHEN LI XIANGFENG HU JIAMING ZHANG YAN GAO HUI ZHANG LIANGWEI LIAO XUFA ZHANG HENG XUEFEI LUAN ZHANG ZEJING LIU JIANGXIAO CRAIG STERLING JIN WEI ZHAO YUE HU YALI GAO LI

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

Recommendation buy outperform buy buy buy buy neutral/neutral buy buy add buy hold strong buy outperform buy buy

Amt Held 466'885'075 53'333'339 40'000'000 29'842'081 28'341'027 22'242'879 17'514'081 17'101'014 16'633'000 14'184'325 13'896'315 9'786'033 8'786'868 5'458'742 5'398'215 4'786'690 4'500'278 4'422'792 4'000'000 3'149'797

% Out 41.92 4.79 3.59 2.68 2.54 2 1.57 1.54 1.49 1.27 1.25 0.88 0.79 0.49 0.48 0.43 0.4 0.4 0.36 0.28

Weighting

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

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

Latest Chg (10'000'000) 14'322'605 13'667'878 (1'294'053) 3'987'043 92'285 1'572'214 3'134'882 4'500'278 12'820 4'000'000 (1'450'134)

Target Price #N/A N/A 20 37 30 40 40 30 #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

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

File Dt 31.12.2012 09.01.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Government Corporation Government Investment Advisor Investment Advisor Insurance Company Government Other Investment Advisor Venture Capital Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 16.07.2013 12.07.2013 08.07.2013 30.06.2013 07.05.2013 10.10.2012 07.09.2012 21.03.2012 20.06.2011

09.09.2013

Shanghai Jahwa United Co Ltd Shanghai Jahwa United Co., Ltd. develops, manufactures and wholesales skin care and hair care products, cosmetics, perfumes, detergents, and other household chemical products. The Company also provides technical and food services.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (28.08.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600315 CH EQUITY YTD Change 600315 CH EQUITY YTD % CHANGE

12/2012 06/yy 57.76 29.40 2'886'941.00 54.07 -6.39% 83.91% 89.21% 672.4 36'359.00 0.00 0.0 21.4 1'328.50 35'029.04

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

10 0 s-12

31.12.2009 31.12.2010 2'673.0 3'069.1 3.77x 4.88x 402.5 328.0 25.02x 45.65x 233.3 275.6 45.69x 57.12x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 3'539.3 3.84x 455.3 29.83x 361.3 40.11x

31.12.2012 4'461.4 4.83x 627.4 34.35x 614.6 36.16x 627.44 524.06 11.75% 16.21% 19.17% 26.78% 1.25% 54.4% 14.3% 13.8% 2.43 1.95 0.00% 0.00% 8.05 5.25

Price/ Cash Flow

06/yy 3'954.5 13.65x 0.0 0.00x 514.4 32.66x

LTM 06/yy 4'867.4 20.48x 0.0 0.00x 744.1 40.64x

FY+1

0.59 439.74 75.13% 60.74% 0.590 14 4.571 2'159'072 3'674'819 4'915'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'594.3 6'967.8 1'445.0 1'400.0 6.23x 4.94x 25.18x 25.98x 943.3 1'367.3 37.13x 25.62x 863.7 1'197.7 149.0 178.0 42.01x 31.49x S&P Issuer Ratings

993.09 780.18 0.0% 0.0% 1.25 13.61 45.37 69.58 87.58 30.94

Sales/Revenue/Turnover

45.00

5'000.0

40.00

4'500.0

35.00

4'000.0 3'500.0

30.00

3'000.0

25.00 20.00

2'500.0 2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'467.4 2.33x 298.9 19.26x 185.0 32.59x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Shanghai Jahwa United Co Ltd Holdings By:

All

Holder Name SHANGHAI JAHWA UNITE CHINA UNIVERSAL ASSE HARVEST FUND MANAGEM HUASHANG FUND MANAGE E FUND MANAGEMENT SHANGHAI JIUSHI CORP BANK OF CHINA INVEST SH CITY CONSTR INVES BOSHI FUND MANAGEMEN GUOTAI ASSET MANAGEM GALAXY ASSET MANAGEM AEGON INDUSTRIAL FUN UBS SDIC FUND MANAGE FIRST-TRUST FUND MAN CHINA SOUTHERN FUND CHINA POST & CAPITAL FULLGOAL FUND MANAGE SOOCHOW ASSET MANAGE RONGTONG FUND MANAGE MANULIFE TEDA FUND M

Firm Name UBS GF Securities Co. Ltd. China International Capital Corp Fortune CLSA Securities Limited Qilu Securities Co Ltd Hong Yuan Securities SWS Research Co Ltd EVA Dimensions Citic Securities Co., Ltd Sinolink Securities Co Ltd Everbright Securities Co., Ltd Bank of China International Rising Securities Co.,LTD China Minzu Securities Co Ltd Founder Securities China Merchants Securities Tebon Securities Co Ltd China Galaxy Securities China Securities Co., Ltd China Investment Securities

Portfolio Name n/a 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst YUNYUN HU Zi Meng GAO ZHENG KATHARINE SONG XIE GANG CHEN XU MAGGIE WANG TIMOTHY STANISH ZHAO XUEQIN WANG XIAOYING WANG XIXIN SU WENJIE ZHAO YUE YU WALI ZHENGHUA ZHANG LI SHANSHAN LI XIANGFENG XIYAN PENG JING LI HOU HONGSEN

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

Recommendation buy buy buy underperform buy buy buy overweight buy add buy buy outperform add add buy outperform buy add buy

Amt Held 180'090'282 92'693'158 42'690'109 37'644'057 33'513'368 31'092'856 18'149'921 15'546'427 12'033'230 9'948'539 9'634'357 9'307'599 5'979'286 5'950'770 5'672'981 5'292'021 4'550'949 4'483'955 4'399'115 4'061'370

% Out 26.78 13.78 6.35 5.6 4.98 4.62 2.7 2.31 1.79 1.48 1.43 1.38 0.89 0.88 0.84 0.79 0.68 0.67 0.65 0.6

Weighting

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

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

Latest Chg 66'714'255 (4'727'222) (4'460'759) 6'586'418 (1'870'489) 10'008'856 (3'116'056) (762'519) 4'016'202 697'830 (533'175) (7'682'690) 3'769'065 (331'864) (2'558'190) 3'349'015 985'286

Target Price 64 63 #N/A N/A 59 #N/A N/A 82 #N/A N/A #N/A N/A 52 #N/A N/A 54 40 #N/A N/A #N/A N/A 25 #N/A N/A #N/A N/A 17 13 #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 02.09.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013

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

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

Date 28.08.2013 28.08.2013 28.08.2013 28.08.2013 08.08.2013 22.07.2013 19.07.2013 06.06.2013 03.05.2013 02.05.2013 26.04.2013 28.01.2013 18.12.2012 30.11.2012 15.08.2012 10.07.2012 25.06.2012 03.08.2009 31.05.2009 19.05.2009

09.09.2013

Guangzhou Automobile Group Co Ltd Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Price/Volume 12

45.0 M 40.0 M

35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601238 CH EQUITY YTD Change 601238 CH EQUITY YTD % CHANGE

12/2008 06/yy 10.20 4.87 13'927'195.00 9.09 -10.88% 86.65% 74.30% 4'221.7 53'993.28 11'401.71 0.0 921.8 14'905.92 49'289.58

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 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 43'769.7 3'793.7 1'566.8 -

30.0 M

31.12.2009 31.12.2010 50'253.6 8'742.3 5.77x 4'346.2 99.6 506.49x 2'031.8 4'295.1 9.89x Profitability

LTM-4Q 31.12.2011 10'814.3 2.61x (895.2) 4'271.6 7.62x

31.12.2012 12'963.9 2.73x (808.2) 1'134.0 30.70x -808.21 -1'475.82 -11.38% 7.71% 2.41% 3.76% 0.28% 5.3% -6.2% -11.4% 8.7% 2.25 1.77 23.06% 36.61% 13.49 8.37

Price/ Cash Flow

LTM

06/yy 7'418.9 5.02x 0.0 0.00x 2'830.5 0.00x

06/yy 15'176.2 7.85x 0.0 0.00x 870.5 42.81x

FY+1

.0 M s-13

0.99 204.46 51.63% 49.12% 10 4.400 10'789'480 10'115'000 10'861'010 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 17'124.5 19'715.9 2.77x 2.25x 810.3 1'519.7 60.83x 32.43x 2'266.0 3'830.6 654.0 662.0 23.73x 14.20x S&P Issuer Ratings

-1.44 -6.70 -14.11 36.6% 26.2% 0.28 2.13 27.13 43.75 70.39 0.48

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

01.07.2013

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

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

09.09.2013

Guangzhou Automobile Group Co Ltd Holdings By:

All

Holder Name GZ AUTOMOBILE INDUST WANXIANG GROUP CO CHINA NATIONAL MACHI CHINA AMC RENAISSANC SOCIAL SECURITY FUND GUANGZHOU IRON & STE CHIMELONG GROUP CO L SHU YIMIN CHINA ASSET MANAGEME ZHONGRONG STRENGTHEN ZHU XIAOMEI CHINA SOUTHERN FUND FRANKLIN TEMPLETON S ORIENT FUND MANAGEME HARVEST FUND MANAGEM CHINA ASSET MANAGEME CHINA UNIVERSAL ASSE E FUND MANAGEMENT FULLGOAL FUND MANAGE HUATAI-PINEBRIDGE FU

Firm Name Chang Jiang Securities Co. Limited Bank of China International Everbright Securities Co., Ltd China Investment Securities Qilu Securities Co Ltd China Minzu Securities Co Ltd UBS Hong Yuan Securities PingAn Securities HuaChuang Securities

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

Analyst LIU YUANRUI ERIC HU WEI FENG LEI ZHANG BAI YU CAO HE TIANLONG ZOU PANG LINLIN YU BING WANG YANXUE

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

Recommendation buy buy accumulate strong buy buy add neutral buy neutral buy

Amt Held 3'679'503'529 156'996'823 145'227'963 21'226'890 11'200'000 7'869'515 7'259'627 5'589'286 4'240'697 4'187'829 3'610'402 1'987'501 1'833'875 1'768'883 1'688'609 1'626'037 1'272'149 1'222'388 1'053'800 941'800

% Out 87.16 3.72 3.44 0.5 0.27 0.19 0.17 0.13 0.1 0.1 0.09 0.05 0.04 0.04 0.04 0.04 0.03 0.03 0.02 0.02

Weighting

Change 5 5 4 5 5 4 3 5 3 5

M U M M M M U M M M

Latest Chg 62'100'000 (17'180'926) 1'137'201 1'833'875 1'768'883 4'900 1'129'610 1'222'388 (10'075'315) 7'800

Target Price #N/A N/A 10 9 10 #N/A N/A 10 8 10 #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 29.03.2012 28.03.2012 28.03.2012 28.03.2012 28.03.2012 28.03.2012 28.03.2012 28.03.2012 31.12.2012 28.03.2012 28.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 31.08.2013 30.08.2013 30.08.2013 30.08.2013 06.08.2013 28.06.2013 24.05.2013 22.01.2013 21.12.2012 16.12.2012

09.09.2013

Founder Securities Co Ltd Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.

Price/Volume 9

400.0 M

350.0 M

300.0 M

250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601901 CH EQUITY YTD Change 601901 CH EQUITY YTD % CHANGE

12/2012 06/yy 8.25 3.60 66'637'195.00 5.91 -28.36% 64.17% 49.68% 6'100.0 36'051.00 779.27 0.0 385.6 12'179.54 26'578.52

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

1.20 1.00

150.0 M

3 2

100.0 M

50.0 M

0 s-12

.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'152.5 859.1 -

200.0 M

Valuation Analysis

31.12.2009 31.12.2010 3'312.7 3'088.0 1'385.4 1'248.1 Profitability

LTM-4Q 31.12.2011 1'776.8 5.03x 523.6 17.06x 256.9 82.74x

31.12.2012 2'614.1 6.08x 1'108.0 14.34x 562.2 47.83x 1'107.99 35.57% 25.49% 2.08% 3.93% 3.71% 0.10% 42.4% 21.5% 2.78% 5.40% -

06/yy 1'610.5 30.80x 359.9 0.00x 343.5 0.00x

LTM 06/yy 2'850.3 22.51x 0.0 0.00x 627.9 56.10x

FY+1

0.63 1.62 2'230.37 33.91% 34.82% 1.624 8 4.250 0 73'524'920 ######### FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'878.5 4'443.8 1'061.0 1'419.3 30.00x 23.83x S&P Issuer Ratings

-10.29 0.70 5.4% 5.0% 0.10 6.31 -

Sales/Revenue/Turnover

3'500.0 3'000.0 2'500.0

0.80

2'000.0 0.60

1'500.0

0.40

1'000.0 500.0

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 |

09.09.2013

Founder Securities Co Ltd Holdings By:

All

Holder Name PEKING UNIVERSITY FO LIDE TECH DEVELOP CO HAERBIN HATOU INVEST JIAXIN INVEST CO BJ WANHUA INVEST CON SOCIAL SECURITY FUND SH YUANRONG LEASE GU LI BAOQING ZHENGZHOU COAL INDUS CS XIANDAO INVEST HL ZHEJIANG SILK HOLDIN ZJ ECON CONSTRUCT GR ZJ XINGFA CHEM FIBER SH RONGDA TRAD DEVEL WZ LIANCHUANG HLD CO HN HEXIN NEW BUILD M CHINA ASSET MANAGEME GUANGDONG YUECAI INV GF FUND MANAGEMENT C CHINA AEROSPACE SCIE

Firm Name Northeast Securities Co Ltd Chang Jiang Securities Co. Limited Everbright Securities Co., Ltd China Minzu Securities Co Ltd Hong Yuan Securities Guotai Junan Guodu Securities Co Ltd Sinolink Securities Co Ltd Industrial Securities

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

Analyst XINAN ZHAO LIU JUN ZIPEI TANG SONG JIAN ZHANG JIXIU ZHAO XIANGHUAI DENG TING JIANGANG CHEN ZHANG YING

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

Recommendation add neutral accumulate add add add buy buy buy

Amt Held 2'514'420'000 301'791'148 296'234'942 139'066'991 139'066'991 97'307'846 83'440'195 82'806'991 79'963'520 79'274'451 74'957'108 74'888'965 73'177'051 54'613'810 54'236'127 48'770'794 36'207'782 33'017'809 31'806'219 27'320'618

% Out 41.22 4.95 4.86 2.28 2.28 1.6 1.37 1.36 1.31 1.3 1.23 1.23 1.2 0.9 0.89 0.8 0.59 0.54 0.52 0.45

Weighting

Change 4 3 4 4 4 4 5 5 5

M M M M M M M U M

Latest Chg 2'167'768 (28'174'261) 12'420'953 (15'490'456) -

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

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

File Dt 17.04.2013 18.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 09.08.2011 09.08.2011 09.08.2011 09.08.2011 09.08.2011 09.08.2011 31.12.2012 09.08.2011 31.12.2012 09.08.2011

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

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

Date 02.09.2013 02.09.2013 06.08.2013 23.07.2013 21.07.2013 07.07.2013 21.06.2013 02.05.2013 31.10.2011

09.09.2013

Shanghai Electric Group Co Ltd Shanghai Electric Group Company Limited, through its subsidiaries, designs, manufactures, sells, and services a wide range of products and services in the power equipment, electromechanical equipment, transportation equipment and environmental system industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601727 CH EQUITY YTD Change 601727 CH EQUITY YTD % CHANGE

12/2011 06/yy 4.66 3.13 15'934'280.00 3.72 -20.17% 18.85% 35.95% 9'850.7 43'191.46 7'904.69 0.0 10'175.7 25'247.25 34'827.28

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

45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 59'057.9 0.98x 3'967.7 14.61x 2'566.2 12.87x

5 5 4 4 3 3 2 2 1 1 0 s-12

31.12.2009 31.12.2010 57'622.4 62'957.5 1.65x 1.33x 3'516.9 4'107.2 27.10x 20.39x 2'453.4 2'783.6 16.11x 19.86x Profitability

LTM-4Q 31.12.2011 71'461.3 0.69x 5'481.1 8.97x 3'183.1 11.73x

31.12.2012 76'591.0 0.53x 6'391.1 6.39x 2'714.9 12.58x 6'391.09 4'883.72 6.38% 7.48% 1.92% 7.32% 8.52% 0.67% 18.3% 7.6% 5.6% 3.5% 1.24 0.70 6.66% 25.91% 2.81 2.93

Price/ Cash Flow

LTM

06/yy 76'329.0 1.57x 0.0 0.00x 3'462.7 9.50x

06/yy 78'937.5 1.29x 0.0 0.00x 2'253.1 11.71x

FY+1

.0 M s-13

1.01 1'668.05 -10.14% -6.82% 1.006 5 3.600 17'290'520 8'658'607 6'351'115 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 79'427.7 80'375.3 5'428.0 6'209.0 6.42x 5.61x 2'850.5 3'170.8 16.68x 14.88x S&P Issuer Ratings

32.69 22.06 -2.96 1.55 25.9% 16.3% 0.67 4.84 129.95 124.69 133.60 125.27

Sales/Revenue/Turnover

60.00

90'000.0 80'000.0

50.00

70'000.0 60'000.0

40.00

50'000.0 30.00

40'000.0 30'000.0

20.00

20'000.0 10.00 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

01.07.2013

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

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

09.09.2013

Shanghai Electric Group Co Ltd Holdings By:

All

Holder Name SHANGHAI ELECTRIC GR FUNG CHI SHENZHEN IN SHENERGY GROUP CO LT WESTERN JIANYUAN HLD YUNNAN METROPOLITAN ST MINGGUANG INVEST SINOMACH FINANCE CO SHANGHAI CHENGTOU CO HUNAN LIGHT INDUS SA CHINA ASSET MANAGEME CAISSE DE DEPOT ET P CHINA UNIVERSAL ASSE LION FUND MANAGEMENT DIMENSIONAL FUND ADV RONGTONG FUND MANAGE HFT INVESTMENT MANAG FULLGOAL FUND MANAGE CHINA SOUTHERN FUND DBS ASSET MANAGEMENT ZHONG HAI FUND MANAG

Firm Name Bank of China International China International Capital Corp SWS Research Co Ltd PingAn Securities Qilu Securities Co Ltd China Merchants Securities Everbright Securities Co., Ltd China Securities Co., Ltd

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

Analyst KEVIN XING RAN SHI DANIEL ZHOU ZHANG HAI LIU JIANGXIAO PENG QUANGANG ZHOU LIQIAN CHEN YIHUA

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

Recommendation hold hold neutral buy add buy buy add

Amt Held 7'411'997'802 910'986'654 489'892'122 104'000'000 56'877'667 50'988'612 50'853'485 40'937'826 28'106'700 9'525'017 6'691'473 2'667'962 2'580'782 2'392'000 972'110 416'578 393'205 277'700 240'000 119'372

% Out 75.24 9.25 4.97 1.06 0.58 0.52 0.52 0.42 0.29 0.1 0.07 0.03 0.03 0.02 0.01 0 0 0 0 0

Weighting

Change 3 3 3 5 4 5 5 4

M M M M D M M U

Latest Chg 929'304 9'525'017 (128'651) (618'321) (40'700) (88'100) 4'800 (63'800) 240'000 -

Target Price 4 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 7 #N/A N/A 10

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

File Dt 26.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2010 31.12.2012

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

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

Date 03.09.2013 02.09.2013 19.07.2013 10.07.2013 20.02.2013 04.07.2012 06.06.2012 08.12.2010

09.09.2013

Jiangxi Copper Co Ltd Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver businesses. The Company also provides smelting and refining services pursuant to tolling arrangements for customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600362 CH EQUITY YTD Change 600362 CH EQUITY YTD % CHANGE

12/2011 06/yy 28.30 14.80 16'703'368.00 17.22 -39.15% 16.35% 14.37% 2'075.2 53'082.82 19'645.74 0.0 1'087.6 18'670.36 54'019.02

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 51'430.6 76'138.9 1.87x 1.75x 4'522.3 7'575.6 21.25x 17.55x 2'383.2 4'987.6 20.46x 13.62x Profitability

LTM-4Q 31.12.2011 117'119.2 0.58x 8'684.2 7.82x 6'586.9 7.16x

31.12.2012 158'006.0 0.47x 7'034.4 10.57x 5'169.7 11.01x 7'034.40 5'753.49 3.64% 3.97% 4.60% 9.05% 6.86% 2.20% 4.7% 3.3% 2.5% 3.3% 1.93 1.03 25.16% 45.93% 16.91 13.08

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

FY+1

.0 M s-13

2.90 1.42 741.09 -18.47% -25.54% 1.422 11 4.273 9'199'807 11'869'010 10'969'780 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 124'838.6 178'897.9 165'103.5 177'731.7 32'660.0 38'950.0 1.58x 1.14x 0.0 0.0 5'790.0 6'059.0 0.00x 0.00x 9.33x 8.92x 4'897.1 3'880.1 3'777.7 4'163.0 1'608.0 935.0 9.76x 9.29x 14.93x 14.31x 18.03x 25.32x 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

8.46 5.63 -0.02 4.25 45.9% 30.9% 2.20 8.94 21.58 27.91 15.11 41.28

Sales/Revenue/Turnover

100.00

180'000.0

90.00

160'000.0

80.00

140'000.0

70.00

120'000.0

60.00

100'000.0

50.00

80'000.0

40.00

60'000.0

30.00

40'000.0

20.00

20'000.0

10.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 53'693.4 0.52x 5'583.5 5.01x 2'285.1 6.58x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Jiangxi Copper Co Ltd Holdings By:

All

Holder Name JIANGXI COPPER CORP HARVEST FUND MANAGEM BLACKROCK ASSET MGMT YINHUA FUND MANAGEME CHINA ASSET MANAGEME CHINA SOUTHERN FUND HUAAN FUND MANAGEMEN E FUND MANAGEMENT DACHENG FUND MANAGME CSOP ASSET MANAGEMEN HUATAI-PINEBRIDGE FU SOOCHOW ASSET MANAGE FULLGOAL FUND MANAGE SANJIANG AEROSPACE G PENGHUA FUND MANAGEM CAISSE DE DEPOT ET P BOSERA FUND MANAGEME JIASHI FUND MANAGEME DAI ICHI LIFE INSURA EVERBRIGHT PRAMERICA

Firm Name Masterlink Securities China International Capital Corp Founder Securities SWS Research Co Ltd Goldman Sachs Everbright Securities Co., Ltd HuaChuang Securities Rising Securities Co.,LTD Bank of China International Tebon Securities Co Ltd Citic Securities Co., Ltd PingAn Securities AJ Securities China Securities Co., Ltd China Merchants Securities Central China Securities China Investment Securities Great Wall Securities Industrial Securities China Minzu Securities Co Ltd Northeast Securities Co Ltd Cinda Securities Ltd HSBC

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

Analyst SARAH WANG CAI HONGYU LIU WEIYUAN ARTHUR WANG JULIAN ZHU WANG QIANMING GAO LI ZHAO YUE ROBIN TSUI CAI PEIPEI SONG XIAOQING LIANG ZHIGANG ZHANG ZHIPENG ZHANG FANG WANG XIAODAN HE WEIJIANG YANG GUOPING LIU FEI RENYUAN LUO GUAN JIANXIN XIFENG PAN FAN HAIBO SARAH MAK

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

Recommendation hold hold add outperform Buy/Neutral accumulate buy outperform hold buy overweight buy buy add buy add buy buy neutral buy buy buy neutral

Amt Held 1'329'999'325 22'435'359 16'255'255 13'143'539 8'349'683 7'726'943 7'218'872 7'101'939 6'731'597 6'485'970 6'151'817 4'704'322 4'195'762 4'160'000 3'557'618 3'435'493 2'878'133 2'861'679 2'499'947 2'050'233

% Out 64.09 1.08 0.78 0.63 0.4 0.37 0.35 0.34 0.32 0.31 0.3 0.23 0.2 0.2 0.17 0.17 0.14 0.14 0.12 0.1

Weighting

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

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

Latest Chg 47'924'432 9'760'750 2'526'578 (7'493'713) 1'133'585 4'212'637 (451'941) (4'681'549) 2'315'617 1'200'007 (2'570'128) 3'278'456 (342'760) 2'261'737 -

Target Price 19 #N/A N/A #N/A N/A #N/A N/A 22 24 #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 30 #N/A N/A #N/A N/A #N/A N/A 26 #N/A N/A 35 #N/A N/A #N/A N/A 40

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

File Dt 30.07.2012 31.12.2012 30.08.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2009 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2009 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 30.08.2013 29.08.2013 26.08.2013 16.07.2013 07.07.2013 27.03.2013 03.02.2013 17.12.2012 30.10.2012 20.10.2012 21.09.2012 02.07.2012 28.06.2012 25.06.2012 22.06.2012 08.06.2012 19.04.2012 30.03.2012 27.03.2012 10.10.2011 22.06.2011 20.06.2011 15.04.2011

09.09.2013

Air China Ltd Air China Limited provides passenger, cargo, and airline-related services in China. The Company is primarily based in Beijing and a major hub for domestic and international air transportation. Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

Price/Volume 7

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601111 CH EQUITY YTD Change 601111 CH EQUITY YTD % CHANGE

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

20.0 M

10.0 M

1 0 s-12

o-12

31.12.2009 31.12.2010 48'091.6 78'209.2 3.35x 2.81x 9'985.1 19'185.1 16.14x 11.44x 4'854.2 12'005.0 13.03x 7.18x Profitability

LTM-4Q 31.12.2011 93'343.4 1.40x 19'226.3 6.78x 7'082.4 8.00x

31.12.2012 95'319.4 1.75x 18'775.6 8.87x 4'636.7 13.79x

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

18'775.60 8'304.00 8.71% 6.90% 2.57% 9.82% 4.82% 0.51% 18.6% 7.4% 4.9% 0.38 0.25 54.32% 205.20% 26.39 -

LTM

FY+1

.0 M s-13

1.41 1.14 1'600.95 -14.23% -28.95% 1.145 16 4.125 19'563'580 18'198'650 16'338'920 FY+2

FQ+1

FQ+2

06/yy 97'263.7 5.20x 0.0 0.00x 4'456.3 10.26x

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'325.9 106'295.1 118'448.2 38'333.0 23'966.0 5.77x 1.42x 1.30x 0.0 20'767.4 24'146.6 0.00x 7.17x 6.17x 5'005.1 5'231.0 5'557.7 3'304.0 (793.0) 10.99x 9.59x 9.03x 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

6.15 1.02 5.10 5.92 205.2% 66.1% 0.51 0.66 13.83 -

Sales/Revenue/Turnover

1.20

120'000.0

1.00

100'000.0

0.80

80'000.0

0.60

n-12

Fiscal Year Ended 31.12.2008 50'536.7 1.85x 3'154.8 29.68x (9'255.8) -

30.0 M

12/2012 06/yy 6.19 3.74 55'231'255.00 4.2 -32.15% 12.30% 13.06% 8'522.1 54'843.75 101'899.03 0.0 2'619.1 12'060.41 148'958.99

60'000.0 40'000.0

0.40

20'000.0 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 |

09.09.2013

Air China Ltd Holdings By:

All

Holder Name NCA HOLDING COMPANY NCA HOLDING COMPANY CHINA NATIONAL AVIAT SINOTRANS AIR TRANSP NEW CHINA LIFE INSUR GUODIAN CAPITAL HOLD GUOHUA LIFE INSUR CHINA INTERNATIONAL BLACKROCK ASSET MGMT HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN HARVEST SHSZ300 INDE ORIENT FUND MANAGEME CHINA INT FIRST GROW HUAAN FUND MANAGEMEN HUATAI-PINEBRIDGE FU CSOP ASSET MANAGEMEN CHINA ASSET MANAGEME HFT INVESTMENT MANAG YIMIN ASSET MANAGEME

Firm Name China Merchants Securities Capital Securities Corp GF Securities Co. Ltd. China International Capital Corp SWS Research Co Ltd Goldman Sachs UBS Northeast Securities Co Ltd China Minzu Securities Co Ltd Citic Securities Co., Ltd Rising Securities Co.,LTD Founder Securities Sinolink Securities Co Ltd PingAn Securities Bank of China International HuaChuang Securities Masterlink Securities China Securities Co., Ltd Industrial Securities AJ Securities Central China Securities China Investment Securities Everbright Securities Co., Ltd China Galaxy Securities Guodu Securities Co Ltd KGI Securities

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

Analyst LUO YANYAN LI XIAOLU YANG ZHIQING SHEN XIAOFENG AMOS ZHANG HINO LAM XIN CHEN XIANG XU WANG XIAOYAN SU BAOLIANG XUE MINGJIE WANG TAO HUANG JINXIANG SUN CHAO DU JIANPING CHEN JUAN DAI KAI-YU LI LEI ZENG XU XIN ZHANG FANG XIAHONG XIE HONG CHEN XIN MAO ANG GONG JUNJIE JERRY WENG

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

Recommendation buy hold add buy neutral neutral/neutral neutral add neutral buy outperform add add buy buy buy hold add neutral buy add strong buy buy speculative buy buy outperform

Amt Held 5'426'536'093 1'332'482'920 86'300'000 75'800'000 68'378'218 48'000'000 43'576'065 34'507'884 33'138'172 27'423'915 24'557'137 17'770'240 16'438'473 16'430'247 13'846'017 13'618'996 13'310'019 9'979'460 8'679'904 7'849'918

% Out 63.68 15.64 1.01 0.89 0.8 0.56 0.51 0.4 0.39 0.32 0.29 0.21 0.19 0.19 0.16 0.16 0.16 0.12 0.1 0.09

Weighting

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

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

Latest Chg 32'816'668 (37'211'753) 18'355'365 16'438'473 2'179'788 (940'781) (10'319'002) 7'562'074 (4'595'244)

Target Price #N/A N/A 4 #N/A N/A #N/A N/A #N/A N/A 5 4 #N/A N/A #N/A N/A 7 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A 7 9 7 #N/A N/A #N/A N/A #N/A N/A 20 #N/A N/A #N/A N/A 8

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

File Dt 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.06.2011 30.01.2013 31.12.2012 30.08.2013 31.12.2012 31.12.2012 30.01.2013 31.12.2012 30.01.2013 31.03.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 30.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 07.06.2013 12.04.2013 29.03.2013 27.03.2013 22.01.2013 14.01.2013 11.12.2012 02.11.2012 10.08.2012 25.06.2012 26.04.2012 31.08.2011 13.06.2011 02.03.2011 26.02.2011 27.05.2010 23.04.2010 30.06.2009

09.09.2013

NARI Technology Development Co Ltd NARI Technology Development Limited Company develops, manufactures and sells automation products for electricity distribution, converting stations, coal-fired power plants, and industrial process. The Company also provides services and system integration.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600406 CH EQUITY YTD Change 600406 CH EQUITY YTD % CHANGE

12/2012 06/yy 17.46 9.49 18'223'097.00 16.1 -7.81% 69.73% 79.39% 2'205.8 35'512.63 634.06 0.0 22.5 1'910.43 34'817.41

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

90.0 M

80.0 M

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 1'363.7 3.39x 144.4 32.00x 173.1 29.99x

31.12.2009 31.12.2010 1'762.4 3'009.2 6.97x 12.14x 218.9 485.1 56.15x 75.32x 249.7 518.7 99.92x 141.29x Profitability

LTM-4Q 31.12.2011 4'608.1 6.87x 853.6 37.06x 854.8 38.52x

31.12.2012 5'978.1 4.02x 1'035.0 23.19x 1'056.0 23.93x 1'035.01 990.50 16.57% 19.72% 16.40% 32.75% 0.90% 29.6% 15.5% 17.7% 1.84 1.37 8.26% 16.33% 1.77 3.40

Price/ Cash Flow

06/yy 5'314.3 24.24x 0.0 0.00x 908.4 32.25x

LTM 06/yy 6'400.2 16.51x 0.0 0.00x 1'162.7 26.42x

FY+1

.0 M s-13

0.76 1'302.57 33.96% 41.90% 0.764 17 4.706 19'322'450 20'461'550 20'784'490 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'771.8 9'875.4 1'666.0 3'346.0 4.23x 3.22x 1'475.7 1'877.7 326.0 795.0 23.59x 18.54x 19.02x 18.26x 1'396.6 1'775.9 290.0 671.0 23.82x 18.68x 23.00x 21.61x S&P Issuer Ratings

56.97 50.57 16.3% 14.0% 0.90 16.46 205.80 107.42 169.66 153.16

Sales/Revenue/Turnover

400.00

7'000.0

350.00

6'000.0

300.00

5'000.0

250.00

4'000.0

200.00

3'000.0

150.00

2'000.0

100.00

1'000.0

50.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

NARI Technology Development Co Ltd Holdings By:

All

Holder Name NANJING NARI GROUP C HUAAN FUND MANAGEMEN CHINA UNIVERSAL ASSE INVESCO GREAT WALL F CHINA SOUTHERN FUND YINHUA FUND MANAGEME CHINA INTERNATIONAL CHINA ASSET MANAGEME GD POWER DEVELOPMENT EVERBRIGHT PRAMERICA SOCIAL SECURITY FUND BANK OF COMMUNICATIO CHINA LIFE INSURANCE CHANGSHENG FUND MANA HFT INVESTMENT MANAG CHINA ASSET MANAGEME GTJA ALLIANZ FUND MA BAOYING FUND MANAGEM GF FUND MANAGEMENT C HARVEST FUND MANAGEM

Firm Name Chang Jiang Securities Co. Limited Capital Securities Corp PingAn Securities EVA Dimensions Northeast Securities Co Ltd GF Securities Co. Ltd. China International Capital Corp Qilu Securities Co Ltd Guotai Junan Everbright Securities Co., Ltd SWS Research Co Ltd Founder Securities UBS Hong Yuan Securities Guodu Securities Co Ltd HuaChuang Securities Great Wall Securities China Securities Co., Ltd Rising Securities Co.,LTD China Merchants Securities Central China Securities China Minzu Securities Co Ltd China Investment Securities Citic Securities Co., Ltd

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

Analyst HAOLONG DENG LAI SHENSHENG JUN ZHANG TIMOTHY STANISH YANG JIALI HAN LING YAFENG ZHU LIU JIANGXIAO XIAO LIU ZHOU LIQIAN DANIEL ZHOU WEI ZHOU WEIQI FU WANG JING WEI JING LI DAJUN GUI FANGXIAO XU CHAO ZENG WEIQIANG WANG LIUSHENG PAN HANGJUN CAIXIA FU MA HENG LIU LEI

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

Recommendation buy buy strong buy underweight buy buy accumulate buy buy buy buy buy buy buy buy strong buy buy add outperform buy add add buy buy

Amt Held 821'534'112 91'695'863 89'999'940 73'725'372 73'211'192 69'591'326 67'639'286 54'853'078 48'900'220 32'341'383 32'330'698 27'831'290 22'967'742 21'653'398 19'433'774 18'859'488 14'344'966 11'845'113 10'575'726 10'568'788

% Out 37.25 4.16 4.08 3.34 3.32 3.15 3.07 2.49 2.22 1.47 1.47 1.26 1.04 0.98 0.88 0.86 0.65 0.54 0.48 0.48

Weighting

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

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

Latest Chg 46'952'709 78'718'413 44'442'333 (14'484'180) (26'000'381) 31'016'324 14'239'788 30'071'193 (57'629'114) 13'961'638 (75'338'312) 8'056'184 10'970'232 6'875'013 (7'019'565) (42'271'730)

Target Price #N/A N/A 20 22 #N/A N/A #N/A N/A 20 #N/A N/A #N/A N/A 19 20 #N/A N/A #N/A N/A 18 23 #N/A N/A #N/A N/A 18 29 #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A 12

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

File Dt 31.12.2012 31.03.2013 02.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 30.08.2013 29.08.2013 26.08.2013 25.08.2013 25.08.2013 23.08.2013 23.08.2013 22.08.2013 25.07.2013 19.07.2013 19.07.2013 14.06.2013 03.06.2013 21.03.2013 24.02.2013 05.11.2012 25.06.2012 18.06.2012 09.04.2012 25.02.2011 09.02.2011 26.07.2010 28.06.2010

09.09.2013

Qingdao Haier Co Ltd Qingdao Haier Co., Ltd. manufactures and markets air conditioners, refrigerators, freezers, small household electrical appliances, and other related products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600690 CH EQUITY YTD Change 600690 CH EQUITY YTD % CHANGE

12/2012 06/yy 14.40 10.01 20'762'074.00 12.57 -12.71% 25.57% 61.28% 2'695.9 33'887.58 9'818.24 0.0 4'297.6 16'283.77 32'605.63

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

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 s-12

31.12.2009 31.12.2010 44'539.8 64'528.4 0.68x 0.55x 2'552.1 3'522.5 11.92x 10.11x 1'383.5 2'240.0 23.97x 33.74x Profitability

LTM-4Q 31.12.2011 73'520.2 0.31x 4'382.7 5.24x 2'690.1 8.91x

31.12.2012 79'426.7 0.43x 5'379.2 6.29x 3'269.5 11.00x 5'379.19 4'716.02 5.94% 6.83% 7.42% 32.23% 1.71% 24.7% 6.4% 4.1% 1.27 1.00 19.76% 88.23% 5.60 12.19

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 75'918.7 1.31x 0.0 0.00x 3'014.8 10.44x

f-13 m-13

06/yy 81'884.9 1.47x 0.0 0.00x 3'547.9 8.28x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.13 1'446.72 16.01% -3.30% 1.131 13 4.923 11'286'130 11'225'280 10'869'670 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 87'279.0 97'043.0 6'314.0 7'264.0 5.16x 4.49x 3'763.4 4'290.8 9.04x 8.02x S&P Issuer Ratings

46.47 35.86 88.2% 38.9% 1.71 12.82 65.15 29.94 71.41 30.71

Sales/Revenue/Turnover

8.00

90'000.0

7.00

80'000.0

6.00

70'000.0 60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 30'312.6 0.38x 1'482.0 7.71x 768.2 15.66x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Qingdao Haier Co Ltd Holdings By:

All

Holder Name HAIER ELECTRICAL APP HAIER CO LTD DACHENG FUND MANAGME QINGDAO HAIER VENTUR PENGHUA FUND MANAGEM EVERBRIGHT PRAMERICA CHINA ASSET MANAGEME CHONGYANG 3 PHASE CO GF FUND MANAGEMENT C BANK OF COMMUNICATIO CITIC SECURITIES CO GUOTAI JUNAN SECURIT NEW CHINA LIFE INSUR E FUND MANAGEMENT BOSHI FUND MANAGEMEN SYWG BNP PARIBAS ASS HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU BANK OF CHINA INVEST ABC-CA FUND MANAGEME

Firm Name SWS Research Co Ltd Capital Securities Corp China International Capital Corp Guotai Junan Fortune CLSA Securities Limited China Investment Securities Citic Securities Co., Ltd Guodu Securities Co Ltd Northeast Securities Co Ltd EVA Dimensions Central China Securities Sinolink Securities Co Ltd Great Wall Securities China Merchants Securities China Securities Co., Ltd Industrial Securities PingAn Securities Hong Yuan Securities Cinda Securities Ltd Rising Securities Co.,LTD Bank of China International

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

Analyst CAI WENJUAN HU JIAMING HE WEI FAN YANG KATHARINE SONG HAO XUEMEI HU YALI YANG ZHIGANG WU NA CRAIG STERLING HU ZHUQIANG WANG XIAOYING ZHU ZHENG JI MIN LIU YI LIU LUDAN ZHU ZHENG ZHANG ZEJING ZHANG DONGFENG TEAM COVERAGE LIU HUIMING

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

Recommendation outperform buy buy buy buy buy buy buy add buy buy buy buy buy add buy strong buy buy buy outperform buy

Amt Held 629'342'412 536'305'382 96'928'028 80'298'880 63'147'487 52'109'390 43'275'082 33'925'000 30'672'500 28'032'695 24'583'840 23'061'369 22'986'576 21'988'813 20'595'041 14'206'172 12'805'608 12'751'590 12'539'501 11'999'656

% Out 23.34 19.89 3.6 2.98 2.34 1.93 1.61 1.26 1.14 1.04 0.91 0.86 0.85 0.82 0.76 0.53 0.48 0.47 0.47 0.45

Weighting

Change 5 5 5 5 5 5 5 5 4 5 5 5 5 5 4 5 5 5 5 5 5

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

Latest Chg (25'382'068) 18'347'301 5'734'306 4'069'339 5'013'468 25'872'917 7'887'745 13'493'824 462'437 (33'936'633) 3'122'478 (14'874'000) 10'092'776

Target Price #N/A N/A #N/A N/A #N/A N/A 15 16 #N/A N/A #N/A N/A 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 17

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 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 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 Holding Company Corporation Investment Advisor Venture Capital Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 18.06.2013 19.04.2013 22.03.2013 01.02.2013 17.01.2013 29.11.2012 01.11.2012 31.10.2012 16.07.2012 25.06.2012 26.04.2012 20.11.2011 09.10.2011 17.06.2011 15.04.2011 31.03.2011

09.09.2013

Shandong Gold Mining Co Ltd Shandong Gold Mining Co., Ltd. mines, produces, and processes gold, silver, and sulphur.

Price/Volume 45

80.0 M

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (19.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600547 CH EQUITY YTD Change 600547 CH EQUITY YTD % CHANGE

12/2012 06/yy 42.70 21.00 19'705'481.00 24.43 -42.79% 16.33% 14.24% 1'423.1 34'765.66 5'282.40 0.0 1'115.8 897.74 40'287.44

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

30.0 M

15 10

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 23'358.4 31'511.0 2.53x 2.48x 1'504.6 2'395.4 39.30x 32.58x 748.7 1'223.0 151.51x 61.29x Profitability

LTM-4Q 31.12.2011 39'409.5 1.12x 3'571.9 12.35x 1'902.4 21.19x

31.12.2012 50'221.8 1.19x 4'156.2 14.39x 2'171.2 24.94x 4'156.24 3'204.55 6.38% 5.80% 10.77% 22.78% 3.29% 9.9% 4.8% 4.3% 0.60 0.13 30.25% 69.52% 904.16 67.20

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 44'934.1 4.54x 0.0 0.00x 2'259.1 20.73x

f-13 m-13

06/yy 52'899.6 3.32x 0.0 0.00x 1'732.9 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

691.92 -34.61% -35.62% 14 3.571 22'482'480 20'413'950 16'896'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 49'787.3 49'260.3 10'668.0 5'747.0 0.81x 0.82x 3'337.0 2'883.7 1'138.0 12.07x 13.97x 1'589.7 1'956.6 375.0 221.0 19.56x 14.91x S&P Issuer Ratings

14.64 5.36 69.5% 37.7% 3.29 6.71 0.40 5.43 7.54 -1.61

Sales/Revenue/Turnover

60.00

60'000.0

50.00

50'000.0

40.00

40'000.0

30.00

30'000.0

20.00

20'000.0

10.00

10'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 19'871.4 0.91x 1'261.2 14.38x 637.0 27.13x

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Shandong Gold Mining Co Ltd Holdings By:

All

Holder Name SHANDONG GOLD GROUP CHINA ASSET MANAGEME CHINA SOUTHERN FUND SD GOLD GRP QINGDOU PICC LIFE INSURANCE HARVEST FUND MANAGEM E FUND MANAGEMENT CHINA LIFE INSURANCE BANK OF COMMUNICATIO RONGTONG FUND MANAGE YINHUA FUND MANAGEME HUATAI-PINEBRIDGE FU BILL & MELINDA FOUND GF FUND MANAGEMENT C FULLGOAL FUND MANAGE CCB PRINCIPAL ASSET INVESCO GREAT WALL F CHINA MERCHANTS FUND BAOYING FUND MANAGEM HUASHANG FUND MANAGE

Firm Name China International Capital Corp Chang Jiang Securities Co. Limited Founder Securities SWS Research Co Ltd Goldman Sachs Credit Suisse UBS EVA Dimensions Hong Yuan Securities HuaChuang Securities Central China Securities Sinolink Securities Co Ltd Citic Securities Co., Ltd PingAn Securities Rising Securities Co.,LTD AJ Securities China Securities Co., Ltd China Merchants Securities Everbright Securities Co., Ltd China Minzu Securities Co Ltd Cinda Securities Ltd Bank of China International

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

Analyst CAI HONGYU JUN GE LIU WEIYUAN PEGGY YE JEFFERSON ZHANG VINCENT CHAN HAOXIANG LIN TIMOTHY STANISH ZHAO LIMING GAO LI HE WEIJIANG YANG CHENGXIAO SONG XIAOQING LIANG ZHIGANG ZHAO YUE ZHANG ZHIPENG ZHANG FANG WANG XIAODAN WANG QIANMING GUAN JIANXIN FAN HAIBO LE YUKUN

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

Recommendation hold add neutral neutral Sell/Neutral underperform neutral underweight add strong buy add add overweight strong buy outperform buy add buy accumulate buy hold buy

Amt Held 715'097'736 19'115'539 17'940'889 16'054'672 14'799'770 10'022'278 9'813'026 9'145'780 7'692'527 5'691'374 5'348'098 5'135'525 4'400'074 3'962'527 3'894'134 3'766'726 3'714'474 3'037'735 2'943'000 2'702'624

% Out 50.25 1.34 1.26 1.13 1.04 0.7 0.69 0.64 0.54 0.4 0.38 0.36 0.31 0.28 0.27 0.26 0.26 0.21 0.21 0.19

Weighting

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

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

Latest Chg 3'699'047 2'618'143 (6'487'861) (141'500) 7'644'608 3'701'328 (2'915'743) 1'882'439 3'576'056 1'887'094 3'344'574 3'085'209 2'652'735 1'131'909 2'702'624

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 19 21 33 #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 41 40 #N/A N/A 38 40 #N/A N/A 64

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

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012

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

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

Date 01.09.2013 01.09.2013 26.08.2013 19.07.2013 07.07.2013 03.07.2013 01.07.2013 06.06.2013 30.03.2013 15.12.2012 06.11.2012 31.10.2012 21.09.2012 21.09.2012 17.08.2012 17.08.2012 25.06.2012 22.06.2012 06.05.2012 14.02.2012 20.06.2011 04.03.2011

09.09.2013

China Avic Electronics Co Ltd China Avic Avionics Equipment Co., Ltd. manufactures and markets a series of cars, vans, and related parts. The Company also provides after-sale and consulting services.

Price/Volume 25

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600372 CH EQUITY YTD Change 600372 CH EQUITY YTD % CHANGE

12/2012 06/yy 21.96 9.02 13'479'678.00 20.25 -7.79% 124.62% 80.83% 1'759.2 35'623.05 1'628.46 0.0 195.1 1'760.33 36'015.62

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

20.0 M

15.0 M 10.0 M

5 0 s-12

5.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2'248.7 0.96x (89.5) (346.2) -

31.12.2009 31.12.2010 1'184.8 3'238.5 4.77x 108.6 626.0 24.70x 25.5 374.1 41.37x Profitability

LTM-4Q 31.12.2011 3'656.3 5.52x 674.8 29.93x 410.9 48.48x

31.12.2012 4'292.5 5.01x 756.9 28.42x 469.8 44.57x 756.93 579.42 13.50% 13.14% 6.16% 11.73% 0.56% 31.3% 14.0% 10.9% 1.89 1.31 18.85% 34.96% 1.59 2.19

Price/ Cash Flow

06/yy 3'763.6 23.99x 0.0 0.00x 435.1 54.37x

LTM 06/yy 4'625.7 23.02x 0.0 0.00x 507.7 55.60x

FY+1

.0 M s-13

1.41 343.11 29.96% 66.45% 1.408 6 4.500 7'310'147 5'149'970 7'238'644 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'337.5 7'510.6 1'191.0 2'898.0 1'083.7 1'351.7 33.23x 26.65x 675.5 797.8 56.41x 44.70x S&P Issuer Ratings

11.76 7.88 35.0% 25.1% 0.56 2.29 230.13 166.86 147.82 232.12

Sales/Revenue/Turnover

600.00

5'000.0 4'500.0

500.00

4'000.0 3'500.0

400.00

3'000.0

300.00

2'500.0 2'000.0

200.00

1'500.0 1'000.0

100.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Avic Electronics Co Ltd Holdings By:

All

Holder Name AVICHINA INDUSTRY & CHINA AVIATION ENGIN CHINA AVIATION INDUS HANZHONG AVIA INDUST XJ RONGSHENG YUJIN I CHINA LIFE INSURANCE BOHONG SHUJUN TIANJI GALAXY ASSET MANAGEM ZHONGRONG ENHANCE NO SHANGHAI SECURITIES XU XIAOAI HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU EVERBRIGHT PRAMERICA GOLDEN EAGLE ASSET M E FUND MANAGEMENT SOOCHOW ASSET MANAGE CHINA ASSET MANAGEME GUOTAI ASSET MANAGEM CHINA UNIVERSAL ASSE

Firm Name China International Capital Corp GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd PingAn Securities Sinolink Securities Co Ltd Guodu Securities Co Ltd

Analyst JIN ZHANG DONG YAGUANG RONALD KEUNG LU ZHOU HAITAO ZHU WEI MENG WEI JING

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

Recommendation buy buy neutral/neutral buy strong buy add neutral

Amt Held 760'323'599 319'254'544 158'090'063 123'690'611 27'288'560 19'952'448 15'160'340 7'931'560 5'368'656 4'781'849 4'317'561 2'796'318 1'613'837 1'127'003 816'400 794'691 770'403 677'801 578'056 531'394

% Out 43.22 18.15 8.99 7.03 1.55 1.13 0.86 0.45 0.31 0.27 0.25 0.16 0.09 0.06 0.05 0.05 0.04 0.04 0.03 0.03

Weighting

Change 5 5 3 5 5 4 3

M U M M M N N

Latest Chg 49'728 (2'686'338) (11'394) 1'127'003 816'400 (5'737) (16'488) 62'553 471'851

Target Price #N/A N/A #N/A N/A 17 23 #N/A N/A 18 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 19.10.2012 18.09.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 02.09.2013

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

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

Date 23.08.2013 22.08.2013 12.08.2013 03.07.2013 25.06.2013 11.10.2012 01.12.2010

09.09.2013

Aluminum Corp of China Ltd Aluminum Corporation of China Limited, also known as Chalco, is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts aluminato to produce primary aluminum.

Price/Volume 6

80.0 M 70.0 M

60.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601600 CH EQUITY YTD Change 601600 CH EQUITY YTD % CHANGE

12/2010 06/yy 5.42 3.01 43'548'536.00 3.46 -36.16% 14.95% 14.11% 9'580.5 41'864.95 106'726.54 0.0 9'963.4 9'072.58 154'785.95

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

40.0 M 30.0 M

20.0 M 1

10.0 M

0 s-12

o-12

31.12.2009 31.12.2010 70'268.0 120'994.8 3.29x 1.56x 3'024.7 9'697.0 76.49x 19.48x (4'642.9) 778.0 100.18x Profitability

LTM-4Q 31.12.2011 145'514.9 0.97x 9'088.5 15.55x 238.0 137.08x

31.12.2012 149'478.8 1.12x 1'722.7 97.54x (8'233.8) 1'722.70 -4'662.46 -3.12% -6.08% -2.93% -12.24% 0.81% -0.2% 1.2% -2.5% -5.5% 0.58 0.14 60.98% 243.62% 21.43 5.95

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

LTM

FY+1

.0 M s-13

1.14 2'905.17 -34.10% -32.55% 1.140 9 2.889 16'541'000 16'816'100 16'371'790 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 151'289.2 154'078.9 140'207.4 147'590.8 35'794.0 35'433.5 3.03x 3.58x 1.10x 1.05x 0.0 0.0 5'803.3 10'099.7 0.00x 0.00x 26.67x 15.33x (3'427.9) (5'604.3) (3'239.3) (1'372.3) (843.0) (678.0) 0.00x 0.00x S&P Issuer Ratings Long-Term Rating Date 12.09.2012 Long-Term Rating Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 0.31 (EBITDA-Capex)/Interest Exp. -1.34 Net Debt/EBITDA 52.96 Total Debt/EBITDA 58.68 Reference Total Debt/Equity 243.6% Total Debt/Capital 66.5% Asset Turnover 0.81 Net Fixed Asset Turnover 1.54 Accounts receivable turnover-days 17.03 Inventory Days 61.37 Accounts Payable Turnover Day 16.57 Cash Conversion Cycle 57.05 Sales/Revenue/Turnover

45.00

160'000.0

40.00

140'000.0

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 76'728.1 1.58x 7'607.8 15.90x 19.5 2566.61x

50.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Aluminum Corp of China Ltd Holdings By:

All

Holder Name ALUMINUM CORP OF CHI CHINA CINDA ASSET MA CHINA CONSTRUCTION B HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU CHINA ASSET MANAGEME CAISSE DE DEPOT ET P GTJA ALLIANZ FUND MA HUAAN FUND MANAGEMEN E FUND MANAGEMENT CHINA ASSET MANAGEME CHINA SOUTHERN FUND TIANTONG ASSET MANAG BANK OF COMMUNICATIO ICBC CREDIT SUISSE A GUOTAI ASSET MANAGEM CHINA UNIVERSAL ASSE DACHENG FUND MANAGME RONGTONG FUND MANAGE BOSERA FUND MANAGEME

Firm Name China International Capital Corp JPMorgan UBS Founder Securities Goldman Sachs Masterlink Securities SWS Research Co Ltd Central China Securities Bank of China International China Investment Securities Industrial Securities Citic Securities Co., Ltd HSBC Everbright Securities Co., Ltd Rising Securities Co.,LTD China Minzu Securities Co Ltd

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

Analyst CAI HONGYU DANIEL KANG HAOXIANG LIN LIU WEIYUAN JULIAN ZHU SARAH WANG ARTHUR WANG HE WEIJIANG ROBIN TSUI YANG GUOPING RENYUAN LUO SONG XIAOQING SARAH MAK WANG QIANMING WANG HUACHUN TEAM COVERAGE

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

Recommendation neutral neutral neutral neutral Sell/Neutral hold neutral add hold neutral neutral hold overweight accumulate neutral add

Amt Held 5'214'407'195 800'759'074 660'184'654 26'841'835 13'284'136 10'729'035 9'732'441 9'229'378 7'234'816 7'055'844 5'735'256 4'690'266 4'195'526 3'365'399 3'260'104 3'239'937 3'036'988 2'932'652 2'273'728 1'955'099

% Out 54.43 8.36 6.89 0.28 0.14 0.11 0.1 0.1 0.08 0.07 0.06 0.05 0.04 0.04 0.03 0.03 0.03 0.03 0.02 0.02

Weighting

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

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

Latest Chg (14'772'767) (2'029'601) (26'917'768) 1'054'772 (887'450) (12'570'202) (125'060) (402'852) (284'317) (261'625) 351'049 (171'134) (180'300) 321'500 (192'944)

Target Price #N/A N/A 4 3 #N/A N/A 2 5 #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A 13 13 #N/A N/A #N/A N/A

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

File Dt 31.12.2011 31.12.2011 21.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 01.09.2013 27.08.2013 26.08.2013 24.07.2013 11.04.2013 20.02.2013 02.11.2012 31.10.2012 19.04.2012 19.03.2012 09.02.2012 15.04.2011 02.08.2010 02.08.2010 29.03.2010

09.09.2013

China Fortune Land Development Co Ltd China Fortune Land Development Company Limited conducts property development, infrastructure investment and management of industrial parks, as well as sales of building and furnishing materials.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.08.2013) 52-Week Low (18.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600340 CH EQUITY YTD Change 600340 CH EQUITY YTD % CHANGE

12/2012 06/yy 39.09 16.70 5'445'015.00 36.93 -5.53% 121.14% 84.23% 881.9 32'569.30 7'846.20 0.0 642.2 5'556.48 37'238.97

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

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

31.12.2009 31.12.2010 182.9 4'097.8 10.70x 0.30x 14.5 640.5 134.60x 1.92x 7.5 417.2 278.20x 3.04x Profitability

LTM-4Q 31.12.2011 7'331.3 1.32x 1'771.7 5.48x 1'358.0 6.95x

31.12.2012 11'292.4 2.46x 2'543.6 10.94x 1'783.6 13.98x 2'543.59 2'497.74 22.12% 22.31% 5.12% 47.25% 0.34% 35.5% 20.9% 15.8% 1.31 0.22 18.17% 181.77% 10.13 0.31

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 11'308.0 4.43x 0.0 0.00x 2'618.8 6.09x

f-13 m-13

06/yy 15'349.0 6.81x 0.0 0.00x 2'292.5 12.55x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.16 220.79 104.31% 31.72% 1.164 12 4.667 3'534'716 2'984'292 3'747'947 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'105.0 23'521.0 3'384.0 4'614.0 11.00x 8.07x 2'396.6 3'137.8 13.68x 10.60x S&P Issuer Ratings

92.46 75.99 181.8% 61.3% 0.34 15.24 36.04 1164.60 34.93 1323.45

Sales/Revenue/Turnover

600.00

12'000.0

500.00

10'000.0

400.00

8'000.0

300.00

6'000.0

200.00

4'000.0

100.00

2'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 301.0 1.82x (14.7) (38.8) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Fortune Land Development Co Ltd Holdings By:

All

Holder Name CHINA FORTUNE LAND D E FUND MANAGEMENT HUASHANG FUND MANAGE CHINA MINSHENG BANKI ZHEJIANG CHUNHUI GRO ZHEJIANG SHANGFENG I PING AN LIFE INSURAN CHINA CONSTRUCTION B INDUSTRIAL & COMM BA BANK OF CHINA LTD DINGJI CAPITAL MGMT AEGON INDUSTRIAL FUN HARVEST FUND MANAGEM JIASHI FUND MANAGEME HFT INVESTMENT MANAG ZHONG HAI FUND MANAG CCB PRINCIPAL ASSET CHINA SOUTHERN FUND HUATAI-PINEBRIDGE FU CHINA UNIVERSAL ASSE

Firm Name PingAn Securities China Investment Securities Guotai Junan Chang Jiang Securities Co. Limited Everbright Securities Co., Ltd Hong Yuan Securities SWS Research Co Ltd Guodu Securities Co Ltd EVA Dimensions Bank of China International Central China Securities Hua Tai Securities Co., Ltd HuaChuang Securities

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

Analyst YATING ZHOU LI SHAOMING LI PINKE LIU JUN ZIPEI TANG HONG JUNHUA SIYI HAN ZHANG WEI DOUG WALTERS TIAN SHIXIN WU JIANXIONG ZHOU YATING GAO LI

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

Recommendation buy buy buy buy accumulate buy buy buy hold buy add buy buy

Amt Held 607'457'706 38'462'762 26'895'902 24'724'512 17'439'046 10'504'413 9'324'821 9'297'012 8'700'000 7'730'000 6'840'000 4'319'235 4'101'774 3'290'689 2'669'641 2'160'457 1'986'996 1'674'153 1'582'602 1'350'213

% Out 68.88 4.36 3.05 2.8 1.98 1.19 1.06 1.05 0.99 0.88 0.78 0.49 0.47 0.37 0.3 0.24 0.23 0.19 0.18 0.15

Weighting

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

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

Latest Chg 18'407'045 (2'637'198) 3'497'943 1'308'183 1'486'080 (1'175'418) (4'330'876) 1'986'996 (1'207'679) 16'500 1'245'854

Target Price 35 #N/A N/A 43 #N/A N/A 30 40 #N/A N/A #N/A N/A #N/A N/A 26 #N/A N/A #N/A N/A 24

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

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

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

Date 02.09.2013 02.09.2013 27.08.2013 27.08.2013 18.08.2013 25.07.2013 19.07.2013 24.06.2013 06.06.2013 29.01.2013 17.12.2012 29.10.2012 15.08.2012

09.09.2013

Inner Mongolian Baotou Steel Union Co Ltd Inner Mongolian Baotou Steel Union Co., Ltd. smelts and processes ferrous metal products. The Company's products include plates, seamless metal tubes, heavy tubes, square steel, wire rods, steel pipes, steel scraps, and other related products.

Price/Volume 7

300.0 M

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600010 CH EQUITY YTD Change 600010 CH EQUITY YTD % CHANGE

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

100.0 M

50.0 M

1 0 s-12

31.12.2009 31.12.2010 33'778.5 39'926.7 1.19x 0.91x 954.3 3'940.4 42.04x 9.24x (1'631.2) 298.6 75.80x Profitability

LTM-4Q 31.12.2011 42'631.3 1.01x 4'084.4 10.53x 496.3 51.50x

31.12.2012 36'769.2 1.63x 4'553.6 13.13x 256.1 135.00x 4'553.65 1'322.58 3.60% 0.92% 0.44% 1.89% 0.54% 6.8% 3.4% 0.7% 0.77 0.33 47.27% 232.63% 5.44 2.09

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 40'041.9 5.04x 0.0 0.00x 388.4 103.61x

f-13 m-13

06/yy 37'315.0 6.21x 0.0 0.00x 301.1 99.30x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.02 2'950.50 -23.85% -26.11% 1.023 3 3.333 44'373'670 38'919'040 44'196'600 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 39'543.0 37'198.0 390.5 450.0 79.60x 66.33x S&P Issuer Ratings

3.31 -3.92 232.6% 69.6% 0.54 1.05 67.04 174.97 163.56 102.96

Sales/Revenue/Turnover

180.00

50'000.0

160.00

45'000.0

140.00

40'000.0 35'000.0

120.00

30'000.0

100.00 80.00

25'000.0 20'000.0

60.00

15'000.0

40.00

10'000.0

20.00

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 43'953.9 0.62x 3'842.4 7.10x 920.3 18.14x

150.0 M

12/2012 06/yy 6.02 3.67 47'167'374.00 3.98 -33.89% 8.45% 11.06% 8'002.6 31'850.31 30'139.69 0.0 189.9 5'242.59 57'206.38

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Inner Mongolian Baotou Steel Union Co Ltd Holdings By:

All

Holder Name BAOTOU IRON AND STEE BAOTOU IRON&STEE TRU GUOHUA LIFE INSURANC CHINA GREAT WALL ASS ICBC CREDIT SUISSE A CAITONG FUND MANAGEM CITIC SECURITIES CO CHANGSHENG FUND MANA HARVEST FUND MANAGEM CHINA INTERNATIONAL CHINA CONSTRUCTION B CHINA ASSET MANAGEME HUATAI SECURITIES CO INDUSTRIAL & COMM BA GF SECURITIES CO LTD BANK OF CHINA LTD YINHUA FUND MANAGEME HAITONG SECURITIES C HUATAI-PINEBRIDGE FU E FUND MANAGEMENT

Firm Name SWS Research Co Ltd Capital Securities Corp Qilu Securities Co Ltd Rising Securities Co.,LTD Citic Securities Co., Ltd Industrial Securities China Galaxy Securities China Securities Co., Ltd

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

Analyst KERRY HE LI XIAOLU DU HUI ZHAO YUE YUJIAO JIANG LAN JIE SUN YONG WANG ZHE

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

Recommendation neutral neutral add outperform add buy buy add

Amt Held 4'062'591'261 239'471'321 179'394'736 168'045'027 167'833'568 155'523'314 43'841'213 38'417'841 34'423'027 26'199'923 26'199'923 24'726'704 21'862'976 20'679'482 20'608'597 20'365'118 19'043'239 16'053'821 14'796'643 13'735'774

% Out 50.77 2.99 2.24 2.1 2.1 1.94 0.55 0.48 0.43 0.33 0.33 0.31 0.27 0.26 0.26 0.25 0.24 0.2 0.18 0.17

Weighting

Change 3 3 4 5 4 5 5 4

N M M M M M M U

Latest Chg (12'288'633) 499'480 (3'407'056) (18'913'219) (31'406'955) 2'999'944 10'050'099

Target Price #N/A N/A 7 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 5

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

File Dt 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

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

Date 22.07.2013 18.04.2013 17.04.2013 22.05.2012 18.05.2012 28.02.2012 18.05.2010 02.12.2009

09.09.2013

Everbright Securities Co Ltd Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

Price/Volume 18

160.0 M

140.0 M

120.0 M

100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (03.09.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601788 CH EQUITY YTD Change 601788 CH EQUITY YTD % CHANGE

12/2012 06/yy 16.79 9.05 121'478'887.00 9.84 -41.39% 8.73% 1.55% 3'418.0 33'633.12 10'905.05 0.0 737.1 20'663.59 17'602.07

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

60.0 M

6 4

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 6'057.0 5'126.1 6.99x 3.80x 4'118.6 3'064.2 10.28x 6.36x 2'826.7 2'200.1 27.74x 23.36x Profitability

LTM-4Q 31.12.2011 4'705.9 3.24x 2'513.3 6.06x 1'544.5 22.67x

31.12.2012 4'028.8 9.72x 1'882.6 20.81x 1'003.0 48.62x 1'882.64 37.11% 33.77% 1.78% 4.48% 3.57% 0.08% 24.9% 18.69% 49.18% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 4'236.4 23.32x 0.0 0.00x 1'243.6 36.20x

f-13 m-13

06/yy 4'315.7 26.44x 0.0 0.00x 984.5 35.15x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.56 781.43 -19.19% -29.73% 1.562 15 3.200 59'757'970 35'119'600 30'899'720 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'755.4 4'882.2 1'457.1 1'929.9 25.83x 19.76x S&P Issuer Ratings

49.2% 32.2% 0.08 4.29 -

Sales/Revenue/Turnover

30.00

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

o-12

Fiscal Year Ended 31.12.2008 3'748.0 1'818.5 1'367.5 -

80.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Everbright Securities Co Ltd Holdings By:

All

Holder Name CHINA EVERBRIGHT GRO CHINA EVERBRIGHT LTD JIAYUGUAN HONGFENG I XIAMEN XINSHIJI GROU YIYANG GROUP CO LTD DAZHONG TRANSPORTATI HONGCHENG BLDG GROUP CHINA ASSET MANAGEME HUAXIA DONGS BROTHER CHINA LIFE INSURANCE PICC PROPERTY & CASU CHINA INTERNATIONAL YINHUA FUND MANAGEME AEGON INDUSTRIAL FUN CHANGSHENG FUND MANA HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU ABN AMRO TEDA FUND M ZHONG HAI FUND MANAG LION FUND MANAGEMENT

Firm Name Chang Jiang Securities Co. Limited Sinolink Securities Co Ltd Tebon Securities Co Ltd GF Securities Co. Ltd. China International Capital Corp Guotai Junan Everbright Securities Co., Ltd SWS Research Co Ltd Goldman Sachs EVA Dimensions Northeast Securities Co Ltd PingAn Securities Citic Securities Co., Ltd Bank of China International Hong Yuan Securities Guodu Securities Co Ltd Capital Securities Corp China Minzu Securities Co Ltd China Merchants Securities Industrial Securities Founder Securities Central China Securities China Investment Securities

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

Analyst LIU JUN JIANGANG CHEN LEI ZHANG CONG LI JIE HUANG ZHAO XIANGHUAI ZIPEI TANG SUSIE WANG NING MA DOUG WALTERS XINAN ZHAO WU JIE PAN HONGWEN JINHUA YIN HUANG LIJUN DENG TING TEAM COVERAGE SONG JIAN HONG JINPING ZHANG YING WEI ZHOU XIE PEIJIE CHEN JIANTAO

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

Recommendation neutral neutral neutral hold hold neutral accumulate neutral Sell/Neutral sell add buy overweight hold add buy buy add strong buy buy add add buy

Amt Held 1'159'456'183 1'139'250'000 128'000'000 60'300'000 40'000'000 34'000'000 23'484'847 23'481'050 19'000'000 16'862'744 16'218'593 15'941'747 15'457'257 14'635'765 12'110'783 10'873'577 9'227'758 8'964'120 8'118'816 8'097'470

% Out 33.92 33.33 3.74 1.76 1.17 0.99 0.69 0.69 0.56 0.49 0.47 0.47 0.45 0.43 0.35 0.32 0.27 0.26 0.24 0.24

Weighting

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

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

Latest Chg (15'255'701) 8'032'167 (4'412'257) 8'976'045 (1'152'776) (7'182'900) (1'335'426) 7'464'210 7'287'595 3'362'665

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 10 12 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 17 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 15 #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 |

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

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

Date 02.09.2013 26.08.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 06.08.2013 17.07.2013 24.06.2013 06.06.2013 22.04.2013 15.04.2013 15.03.2013 29.01.2013 30.11.2012 03.08.2012 01.08.2012 01.08.2012 12.07.2012 22.03.2012 29.02.2012 25.04.2011 21.07.2010

09.09.2013

Yanzhou Coal Mining Co Ltd Yanzhou Coal Mining Company Limited operates underground mining and coal preparation and operation businesses. Its products are sold in domestic and international markets. The Company also provides railway transportation 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 (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600188 CH EQUITY YTD Change 600188 CH EQUITY YTD % CHANGE

12/2011 06/yy 20.18 8.76 8'023'780.00 10.5 -47.97% 19.86% 13.40% 2'960.0 42'317.75 44'901.53 0.0 3'264.8 15'904.32 81'677.38

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

20.0 M 15.0 M 10.0 M

5.0 M 0 s-12

31.12.2009 31.12.2010 20'677.1 33'944.3 5.26x 3.33x 7'221.7 10'248.0 15.06x 11.02x 4'117.3 9'281.4 17.99x 10.65x Profitability

LTM-4Q 31.12.2011 49'170.7 2.28x 15'539.0 7.22x 8'530.2 7.75x

31.12.2012 58'146.2 1.83x 9'713.9 10.96x 6'219.0 8.18x 9'713.88 5'698.52 9.80% 10.91% -0.93% -2.64% 0.46% 22.0% 13.7% 5.7% 10.7% 1.06 0.82 36.59% 97.98% 13.73 25.15

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 57'044.8 5.76x 0.0 0.00x 8'374.1 5.76x

f-13 m-13

06/yy 56'090.1 5.59x 0.0 0.00x (1'787.3) 0.00x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

3.43 1.39 359.98 -41.05% -40.47% 1.393 17 3.235 7'232'182 11'670'180 10'825'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 53'018.6 57'198.4 13'778.0 14'405.0 1.49x 1.33x 7'164.8 8'858.4 11.40x 9.22x (714.3) 1'810.8 23.23x S&P Issuer Ratings

24.07.2013 BBB- *6.29 2.26 4.61 5.96 98.0% 47.8% 0.46 1.42 26.58 14.51 19.19 40.55

Sales/Revenue/Turnover

35.00

70'000.0

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 25'956.7 0.97x 10'119.3 2.50x 6'324.0 3.90x

25.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Yanzhou Coal Mining Co Ltd Holdings By:

All

Holder Name YANKUANG GROUP CO LT CHINA ASSET MANAGEME YINHUA FUND MANAGEME HARVEST FUND MANAGEM CAISSE DE DEPOT ET P HUATAI-PINEBRIDGE FU GTJA ALLIANZ FUND MA HUAAN FUND MANAGEMEN SOOCHOW ASSET MANAGE CHINA ASSET MANAGEME E FUND MANAGEMENT CHINA UNIVERSAL ASSE TIANTONG ASSET MANAG BANK OF COMMUNICATIO GUOTAI ASSET MANAGEM DACHENG FUND MANAGME FORTUNE SGAM FUND MA FULLGOAL FUND MANAGE ICBC CREDIT SUISSE A BOSERA FUND MANAGEME

Firm Name GF Securities Co. Ltd. Bank of China International Central China Securities JPMorgan China International Capital Corp Qilu Securities Co Ltd UBS Capital Securities Corp Goldman Sachs Masterlink Securities SWS Research Co Ltd Hong Yuan Securities Guodu Securities Co Ltd Guotai Junan China Minzu Securities Co Ltd Founder Securities Rising Securities Co.,LTD HuaChuang Securities Hua Tai Securities Co., Ltd AJ Securities Citic Securities Co., Ltd PingAn Securities Great Wall Securities HSBC Industrial Securities Tebon Securities Co Ltd Northeast Securities Co Ltd China Merchants Securities China Investment Securities China Galaxy Securities

Analyst AN PENG LAWRENCE LAU ZHILEI WANG DANIEL KANG CAI HONGYU ZHAOLIANG LIU MICK MI TEAM COVERAGE JULIAN ZHU LI XIN LIU XIAONING WANG JINGLE WANG SHUBAO YIN XILONG LI JING SUN CAN XU HAIYANG HAN ZHENGUO TANG ZONGCHEN WANG SIWEI LUO ZETING SHUN ZHANG LIU FEI SARAH MAK LIU JIANGANG LI XIANGFENG WANG SHI LU PING XIAO HANPING ZHAO KE

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

Recommendation add hold add underweight reduce add sell neutral Sell/Neutral hold outperform add buy add add add neutral buy add neutral buy strong buy buy neutral strong buy outperform buy strong buy neutral neutral

Amt Held 2'600'000'000 6'711'232 5'644'868 5'002'060 4'710'160 2'727'895 1'900'713 1'473'009 1'467'276 1'181'626 897'727 893'884 879'597 689'448 677'551 667'178 611'911 484'637 403'070 403'017

% Out 87.84 0.23 0.19 0.17 0.16 0.09 0.06 0.05 0.05 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 0.01

Weighting

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

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

Latest Chg (1'806'156) (6'980'629) (3'310'877) 211'549 (305'542) (4'607'371) (3'175'827) (47'846) (249'562) (55'046) 74'216 (55'800) (86'114) (4'077'690) (39'500) -

Target Price 12 5 #N/A N/A 8 #N/A N/A #N/A N/A 6 #N/A N/A 8 16 #N/A N/A #N/A N/A #N/A N/A 20 20 44 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 35 40 #N/A N/A 28 #N/A N/A #N/A N/A #N/A N/A 38 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Date 03.09.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 19.08.2013 23.07.2013 18.07.2013 08.07.2013 21.05.2013 26.04.2013 16.04.2013 09.04.2013 29.03.2013 29.03.2013 05.02.2013 20.11.2012 03.09.2012 28.08.2012 28.06.2012 27.06.2012 10.04.2012 28.03.2012 26.03.2012 26.03.2012 13.02.2012 01.02.2012 23.08.2011 04.08.2010 19.03.2009

09.09.2013

Zhongjin Gold Co Ltd Zhongjin Gold Co., Ltd. acquires, explores and develops properties for gold production. The Company's products also include silver, electrolytic copper and sulphuric acid.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600489 CH EQUITY YTD Change 600489 CH EQUITY YTD % CHANGE

12/2012 06/yy 18.50 8.85 33'742'489.00 10.68 -42.27% 20.68% 17.41% 2'943.2 31'433.68 3'824.26 0.0 1'992.9 2'228.59 36'740.37

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

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 s-13

Market Data

Fiscal Year Ended 31.12.2008 15'191.5 0.98x 1'440.2 10.37x 585.3 22.57x

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

31.12.2009 31.12.2010 18'681.2 21'831.0 2.69x 2.83x 1'622.3 2'929.0 30.98x 21.11x 521.4 1'203.1 88.30x 47.72x Profitability

LTM-4Q 31.12.2011 33'142.3 1.12x 4'124.8 9.03x 1'847.3 27.36x

31.12.2012 35'980.5 1.46x 3'967.0 13.24x 1'557.4 31.38x 3'967.03 3'036.86 8.44% 8.01% 5.98% 13.50% 1.60% 12.9% 7.5% 4.3% 1.21 0.41 17.79% 38.05% 65.17 8.80

Price/ Cash Flow

LTM

06/yy 36'630.5 4.75x 0.0 0.00x 1'821.0 22.97x

06/yy 35'056.9 5.38x 0.0 0.00x 1'312.6 20.88x

FY+1

1.19 1'349.04 -29.62% -34.70% 1.191 17 3.824 31'216'180 26'862'630 21'938'320 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'411.7 35'757.4 8'473.5 12'179.0 1.02x 1.02x 3'210.8 3'120.3 11.44x 11.77x 1'179.2 1'160.2 366.0 342.0 26.24x 22.77x 22.58x 21.49x S&P Issuer Ratings

13.79 8.19 38.0% 24.1% 1.60 4.11 5.60 41.47 17.08 27.52

Sales/Revenue/Turnover

70.00

40'000.0

60.00

35'000.0 30'000.0

50.00

25'000.0 40.00

20'000.0 30.00

15'000.0

20.00

10'000.0

10.00

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

01.07.2013

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

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

09.09.2013

Zhongjin Gold Co Ltd Holdings By:

All

Holder Name CHINA GOLD GROUP CO PICC PROPERTY & CASU CCB INTERNATIONAL AS CH LIFE ASSETS MGMT CHINA LIFE INSURANCE CITIC SECURITIES CO NB QINGCHUN INVEST C CHINA SOUTHERN FUND GUOTAI ASSETS MGMT C PICC ASSETS MGMT CO PICC LIFE INSURANCE CHINA SOUTH LONG YUA SH TONGHUI INDUST CO CHINA ASSET MANAGEME YINHUA FUND MANAGEME HARVEST FUND MANAGEM GF FUND MANAGEMENT C HUATAI-PINEBRIDGE FU GUOTAI ASSET MANAGEM BAOYING FUND MANAGEM

Firm Name GF Securities Co. Ltd. Credit Suisse Founder Securities UBS China International Capital Corp Fortune CLSA Securities Limited Chang Jiang Securities Co. Limited SWS Research Co Ltd Goldman Sachs Hong Yuan Securities Northeast Securities Co Ltd Guotai Junan Sinolink Securities Co Ltd HuaChuang Securities Central China Securities Tebon Securities Co Ltd Citic Securities Co., Ltd AJ Securities China Securities Co., Ltd China Merchants Securities Rising Securities Co.,LTD Everbright Securities Co., Ltd China Investment Securities China Minzu Securities Co Ltd Cinda Securities Ltd Masterlink Securities

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

Analyst GUOXIAN JU VINCENT CHAN LIU WEIYUAN HAOXIANG LIN CAI HONGYU JIE LI JUN GE PEGGY YE JEFFERSON ZHANG MIN DAN CHEN BINGHUI YONGLIANG SANG YANG CHENGXIAO GAO LI HE WEIJIANG CAI PEIPEI SONG XIAOQING ZHANG ZHIPENG ZHANG FANG WANG XIAODAN ZHAO YUE WANG QIANMING YANG GUOPING GUAN JIANXIN FAN HAIBO SARAH WANG

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

Recommendation buy neutral add buy hold underperform add neutral neutral/neutral add neutral add add strong buy add buy overweight buy add buy outperform accumulate buy buy hold buy

Amt Held 1'471'888'685 34'263'528 30'000'000 30'000'000 26'702'248 24'161'696 23'401'080 22'658'712 22'500'000 22'500'000 20'197'500 19'222'968 17'300'762 14'224'788 13'980'739 11'990'458 9'211'761 8'961'024 7'600'038 6'623'682

% Out 50.01 1.16 1.02 1.02 0.91 0.82 0.8 0.77 0.76 0.76 0.69 0.65 0.59 0.48 0.48 0.41 0.31 0.3 0.26 0.23

Weighting

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

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

Latest Chg (2'594'382) (11'350'883) (3'749'946) (10'589'981) 7'362'288 2'199'979 (9'856'260) 3'004'925

Target Price #N/A N/A 8 #N/A N/A 12 #N/A N/A 10 #N/A N/A #N/A N/A 8 #N/A N/A #N/A N/A 13 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 21 19 #N/A N/A #N/A N/A 17 #N/A N/A 19 #N/A N/A 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 12.08.2011 31.12.2012 31.12.2012 31.12.2012 30.06.2013 12.08.2011 12.08.2011 31.12.2012 12.08.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013

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

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

Date 28.08.2013 26.08.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 19.07.2013 07.07.2013 02.05.2013 02.05.2013 26.04.2013 21.01.2013 14.12.2012 06.11.2012 20.10.2012 21.09.2012 29.08.2012 25.06.2012 22.06.2012 18.06.2012 06.05.2012 19.04.2012 14.02.2012 20.06.2011 13.05.2011

09.09.2013

Shanxi Lu'an Environmental Energy Development Co Ltd Shanxi Lu'an Environmental Energy Development Co., Ltd. mines, processes, and markets low sulfur high quality coal. The company also researches and develops coal and environment protection related technologies.

Price/Volume 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601699 CH EQUITY YTD Change 601699 CH EQUITY YTD % CHANGE

12/2012 06/yy 25.51 10.75 22'972'835.00 13.42 -47.39% 24.84% 15.58% 2'301.1 30'880.55 9'182.53 0.0 549.4 6'672.79 35'285.14

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

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 18'081.3 21'211.5 3.31x 3.24x 4'450.4 6'455.7 13.46x 10.64x 2'109.0 3'436.7 28.25x 19.97x Profitability

LTM-4Q 31.12.2011 22'111.4 2.20x 7'423.9 6.55x 3'835.9 12.67x

31.12.2012 19'798.2 2.70x 6'438.5 8.30x 2'566.5 19.54x 6'438.45 3'417.55 17.26% 15.18% 4.33% 10.07% 0.49% 40.2% 12.2% 13.0% 0.96 0.89 23.18% 57.32% 2.39 12.06

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 21'302.0 10.42x 0.0 0.00x 3'685.2 12.97x

f-13 m-13

06/yy 19'113.0 9.11x 0.0 0.00x 1'682.9 16.42x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.68 749.48 -22.34% -36.92% 1.679 21 4.381 13'978'200 24'216'920 20'666'800 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'207.5 23'400.9 5'312.0 5'899.0 1.74x 1.47x 6'097.6 6'941.6 5.79x 5.08x 2'138.5 2'342.2 643.0 827.0 13.71x 12.50x 10.09x 9.72x S&P Issuer Ratings

10.46 2.72 57.3% 35.7% 0.49 1.59 152.86 30.28 156.83 -21.96

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

o-12

Fiscal Year Ended 31.12.2008 16'539.3 0.87x 4'304.7 3.34x 2'100.9 6.83x

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Shanxi Lu'an Environmental Energy Development Co Ltd Holdings By:

All

Holder Name LU'AN MINING INDUSTR E FUND MANAGEMENT SOCIAL SECURITY FUND DACHENG FUND MANAGME SHANXI LU'AN ENGINEE RIZHAO PORT GROUP CO YINHUA FUND MANAGEME BANK OF COMMUNICATIO SHANXI TIANJI COAL C FULLGOAL FUND MANAGE CHINA ASSET MANAGEME INVESCO GREAT WALL F HARVEST FUND MANAGEM HUAAN FUND MANAGEMEN HUATAI-PINEBRIDGE FU JIASHI FUND MANAGEME SOOCHOW ASSET MANAGE CHINA MERCHANTS FUND SYWG BNP PARIBAS ASS CHANG XIN ASSET MANA

Firm Name GF Securities Co. Ltd. China International Capital Corp Chang Jiang Securities Co. Limited Fortune CLSA Securities Limited Everbright Securities Co., Ltd China Minzu Securities Co Ltd SWS Research Co Ltd China Investment Securities Goldman Sachs Qilu Securities Co Ltd Northeast Securities Co Ltd EVA Dimensions UBS Founder Securities Hong Yuan Securities Guodu Securities Co Ltd HuaChuang Securities Citic Securities Co., Ltd Bank of China International Rising Securities Co.,LTD China Merchants Securities PingAn Securities AJ Securities Great Wall Securities Industrial Securities Central China Securities China Securities Co., Ltd China Galaxy Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst AN PENG LIAO MINGBING JUN GE JIE LI CHEN HAOWU LI JING RYAN XIANG ZHANG LEI YONG HAN ZHAOLIANG LIU WANG SHI DOUG WALTERS JANET SUN SUN CAN WANG JINGLE WANG SHUBAO HAN ZHENGUO ZU GUOPENG LAWRENCE LAU XUE MINGJIE LU PING WANG CHENG WANG SIWEI LIU FEI LIU JIANGANG PAN HANGJUN LI JUNSONG ZHAO KE

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

Recommendation buy hold buy underperform buy buy buy strong buy Buy/Neutral add buy sell buy add add strong buy strong buy buy buy outperform strong buy buy neutral strong buy strong buy buy add buy

Amt Held 1'441'993'947 61'737'349 50'980'194 23'898'933 23'400'000 21'480'000 20'686'882 14'286'270 13'730'000 13'148'233 9'821'745 8'798'977 8'315'979 8'281'460 6'815'638 6'329'391 6'199'941 5'030'466 4'889'881 4'849'348

% Out 62.67 2.68 2.22 1.04 1.02 0.93 0.9 0.62 0.6 0.57 0.43 0.38 0.36 0.36 0.3 0.28 0.27 0.22 0.21 0.21

Weighting

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

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

Latest Chg (2'706'537) (10'970'513) 5'624'748 10'159'040 6'176'037 (2'025'871) 499'866 (5'847'056) 5'058'492 1'021'076 5'241'406 (800'059) 4'032'233 1'652'677 619'853

Target Price 15 #N/A N/A #N/A N/A 14 24 #N/A N/A #N/A N/A #N/A N/A 15 #N/A N/A #N/A N/A #N/A N/A 20 30 24 #N/A N/A #N/A N/A 35 20 #N/A N/A 34 35 #N/A N/A #N/A N/A 38 #N/A N/A 32 #N/A N/A

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

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

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

Date 03.09.2013 29.08.2013 29.08.2013 29.08.2013 13.08.2013 12.08.2013 18.07.2013 14.07.2013 08.07.2013 01.07.2013 30.06.2013 06.06.2013 26.04.2013 23.04.2013 16.04.2013 09.04.2013 03.03.2013 18.02.2013 29.01.2013 18.12.2012 12.07.2012 29.06.2012 28.06.2012 28.03.2012 06.03.2012 01.09.2011 08.12.2010 13.07.2010

09.09.2013

Jiangsu Phoenix Publishing & Media Corp Ltd Jiangsu Phoenix Publishing & Media Corporation Limited publishes, distributes books, publications and audio-visual products, and sells cultural goods. The Company's main products include textbooks, teaching aids, and general books.

Price/Volume 14

160.0 M

140.0 M 120.0 M

100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.09.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601928 CH EQUITY YTD Change 601928 CH EQUITY YTD % CHANGE

12/2012 06/yy 13.38 5.75 65'581'076.00 12.87 -3.81% 123.83% 95.81% 2'544.9 32'752.86 0.00 0.0 410.7 5'869.02 27'009.89

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

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 4'549.5 643.5 452.9 -

80.0 M

31.12.2009 31.12.2010 4'999.6 5'369.9 768.1 787.8 642.4 662.1 Profitability

LTM-4Q 31.12.2011 5'984.9 2.41x 652.0 22.12x 739.2 23.22x

31.12.2012 6'660.8 1.77x 599.9 19.66x 927.2 18.83x 599.86 462.84 6.95% 14.05% 7.23% 10.43% 10.11% 0.52% 35.8% 9.0% 6.9% 13.9% 3.31 2.09 0.00% 0.00% 27.10 2.74

Price/ Cash Flow

06/yy 3'336.2 9.05x 0.0 0.00x 482.0 0.00x

LTM 06/yy 6'958.7 5.73x 0.0 0.00x 968.1 22.57x

FY+1

0.78 659.00 41.81% 91.84% 13 4.615 78'697'270 66'636'780 54'167'790 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'655.5 8'856.1 1'033.3 1'205.3 26.14x 22.41x 1'063.9 1'229.8 30.86x 26.70x S&P Issuer Ratings

-9.78 0.00 0.0% 0.0% 0.52 2.25 13.50 133.81 134.36 12.95

Sales/Revenue/Turnover

80.00

7'000.0

70.00

6'000.0

60.00

5'000.0

50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Jiangsu Phoenix Publishing & Media Corp Ltd Holdings By:

All

Holder Name PHOENIX PUBLISHING & TJ HONGYI INVEST IND SOCIAL SECURITY FUND ICBC CS ENHAN RETURN CHINA LIFE INSURANCE HARVEST FUND MANAGEM ICBC CS CREDIT BOND BOC STABLE GROWTH BO ICBC CS DOUBLE PROFI TAIKANG LIFE INSURAN ORIENT SECURITIES CO CHONGQING INTL TRUST FIRST-TRUST FUND MAN PENGHUA FUND MANAGEM ZHONG HAI FUND MANAG HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN E FUND MANAGEMENT ICBC CREDIT SUISSE A CHINA ASSET MANAGEME

Firm Name Chang Jiang Securities Co. Limited Guotai Junan Tebon Securities Co Ltd China Investment Securities Founder Securities Goldman Sachs Hong Yuan Securities Everbright Securities Co., Ltd Qilu Securities Co Ltd China International Capital Corp Capital Securities Corp Sinolink Securities Co Ltd HuaChuang Securities Rising Securities Co.,LTD AJ Securities

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

Analyst ZHIJIAN CHEN GAO HUI LI XIANGFENG LENG XINGXING WANG YU LIAO XUFA ZHANG ZEJING ZHANG LIANGWEI XU BIN WU HUIMIN TEAM COVERAGE ZHENG WANG GU JIA ZHAO YUE LE MINYANG

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

Recommendation buy buy outperform strong buy buy neutral/neutral buy buy add buy neutral buy buy outperform neutral

Amt Held 1'835'000'000 125'000'000 50'900'000 16'954'108 16'050'559 11'103'656 8'477'054 7'978'403 7'978'403 7'608'792 7'102'311 6'173'891 6'000'000 5'410'005 3'868'800 3'510'373 1'927'186 1'876'036 1'520'912 1'487'226

% Out 72.1 4.91 2 0.67 0.63 0.44 0.33 0.31 0.31 0.3 0.28 0.24 0.24 0.21 0.15 0.14 0.08 0.07 0.06 0.06

Weighting

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

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

Latest Chg (25'000'000) (15'076'340) (12'329'849) 4'222'775 3'708'800 (4'656'044) (272'800) 393'700 (12'238'088) -

Target Price #N/A N/A 14 #N/A N/A 14 #N/A N/A 7 #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

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

File Dt 31.12.2012 23.05.2013 31.12.2012 29.11.2011 31.12.2012 31.12.2012 29.11.2011 29.11.2011 29.11.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

Date 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 Not Provided Not Provided

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

Date 02.09.2013 28.08.2013 26.08.2013 25.08.2013 22.08.2013 31.07.2013 18.07.2013 01.05.2013 10.03.2013 21.01.2013 29.10.2012 29.10.2012 29.10.2012 07.09.2012 05.12.2011

09.09.2013

Offshore Oil Engineering Co Ltd Offshore Oil Engineering Co., Ltd. provides offshore oil engineering services, including designing, construction, installation, and repair and maintenance services. The Company's main businesses include oil/gas exploration engineering, subsea pipeline laying, oil/gas field equipment testing and maintenance, as well as pressure container and steel structure manufacturing.

Price/Volume

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (03.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600583 CH EQUITY YTD Change 600583 CH EQUITY YTD % CHANGE

12/2012 06/yy 8.46 4.93 42'891'412.00 7.47 -11.70% 51.52% 69.12% 3'889.4 29'054.12 3'224.79 0.0 67.9 1'034.77 30'790.09

80.0 M

60.0 M

40.0 M

20.0 M

1 0 s-12

31.12.2009 31.12.2010 13'743.8 6'924.2 2.92x 5.08x 1'826.5 1'085.6 22.00x 32.41x 983.0 84.3 38.00x 405.00x Profitability

LTM-4Q 31.12.2011 7'154.3 3.35x 1'239.1 19.35x 181.0 110.00x

31.12.2012 12'044.3 2.08x 1'946.8 12.89x 848.1 26.68x 1'946.78 1'040.47 8.64% 8.71% 7.09% 14.04% 0.74% 14.8% 10.7% 7.0% 0.93 0.59 15.83% 31.49% 7.30 8.25

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 8'852.3 11.32x 0.0 0.00x 665.9 36.85x

f-13 m-13

06/yy 15'167.8 6.86x 0.0 0.00x 1'443.2 17.28x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.00 1'630.13 28.42% 27.77% 1.004 12 4.167 25'620'360 30'596'080 33'662'480 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'127.1 18'773.3 4'796.0 4'361.5 1.94x 1.63x 2'840.4 3'538.0 571.0 1'417.0 10.84x 8.70x 1'463.0 1'851.8 398.5 349.0 20.24x 15.89x S&P Issuer Ratings

12.24 3.68 31.5% 23.8% 0.74 1.19 49.98 44.23 93.83 7.54

Sales/Revenue/Turnover

90.00

16'000.0

80.00

14'000.0

70.00

12'000.0

60.00

10'000.0

50.00

8'000.0

40.00

6'000.0

30.00

4'000.0

20.00

2'000.0

10.00 0.00 01.01.2010

o-12

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

140.0 M

8 7

Valuation Analysis

31.12.2008 9'423.2 3.58x 1'871.0 18.03x 1'191.2 24.17x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Offshore Oil Engineering Co Ltd Holdings By:

All

Holder Name CHINA NATIONAL OFFSH CH NATL OFFSHORE OIL SOCIAL SECURITY FUND CHINA SOUTHERN FUND HUAAN FUND MANAGEMEN CHINA MERCHANTS FUND HSBC-JINTRUST FUND M CHANGSHENG FUND MANA CHINA ASSET MANAGEME HARVEST FUND MANAGEM CHINA NATURE ASSET M YINHUA FUND MANAGEME E FUND MANAGEMENT HUATAI-PINEBRIDGE FU RONGTONG FUND MANAGE GOLDEN EAGLE ASSET M EVERBRIGHT PRAMERICA BAOYING FUND MANAGEM LION FUND MANAGEMENT CCB PRINCIPAL ASSET

Firm Name Northeast Securities Co Ltd GF Securities Co. Ltd. Founder Securities China Investment Securities PingAn Securities Masterlink Securities SWS Research Co Ltd Goldman Sachs EVA Dimensions UBS China Minzu Securities Co Ltd Citic Securities Co., Ltd Great Wall Securities Central China Securities China Merchants Securities Bank of China International China Securities Co., Ltd KGI Securities Capital Securities Corp Industrial Securities China Galaxy Securities

Analyst JIANGTAO WU DONG YAGUANG LIQUAN HUANG LI FAN DU ZHIQIANG LI XIN KAISHENG LIN ARTHUR YAN DOUG WALTERS NINA YAN QI QIUSHI HUANG LILI YAN FUYIN LU YONGGUANG LIU RONG LAWRENCE LAU TIAN DONGHONG ZHANG GUO JASEPER TSANG ZHENG FANGBIAO LI GUOHONG

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

Recommendation buy buy buy buy buy buy outperform Sell/Neutral sell neutral buy overweight buy add buy sell neutral outperform hold buy neutral

Amt Held 1'897'772'854 294'215'908 66'722'866 42'206'646 33'184'309 26'091'759 21'012'622 15'935'217 15'477'271 15'458'154 15'083'300 14'376'148 12'580'533 9'180'286 8'462'321 7'700'000 7'245'613 6'641'066 5'871'980 4'392'451

% Out 48.79 7.56 1.72 1.09 0.85 0.67 0.54 0.41 0.4 0.4 0.39 0.37 0.32 0.24 0.22 0.2 0.19 0.17 0.15 0.11

Weighting

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

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

Latest Chg (11'069'802) 8'535'725 5'564'807 (217'469) 15'861'794 (1'674'401) (10'217'009) 14'326'056 1'247'988 41'144 (18'233) 4'296'300 (499'990) 6'349'913 6'641'066 (5'319'942) 3'238'609

Target Price #N/A N/A 11 #N/A N/A 9 #N/A N/A 9 #N/A N/A 6 #N/A N/A 9 8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 6 10 13 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 02.09.2013 30.08.2013 30.08.2013 29.08.2013 08.08.2013 19.07.2013 13.06.2013 06.06.2013 05.06.2013 01.04.2013 25.12.2012 30.12.2011 26.11.2010 05.11.2010 28.10.2010 02.12.2009 24.08.2009 19.08.2009 20.07.2009 15.04.2009

09.09.2013

Shanghai International Airport Co Ltd Shanghai International Airport Co., Ltd. operates Pudong Airport and Hongquiao airport in Shanghai. The Company provides a full range of services including air traffic control, terminal management, cargo handling, advertising, space rental, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600009 CH EQUITY YTD Change 600009 CH EQUITY YTD % CHANGE

12/2012 06/yy 17.22 10.76 55'037'437.00 15.97 -7.26% 48.42% 84.21% 1'927.0 30'773.53 2'488.93 0.0 267.5 4'795.70 28'092.98

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

90.0 M

80.0 M

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 3'217.1 7.78x 1'738.2 14.41x 859.7 25.04x

31.12.2009 31.12.2010 3'204.0 4'020.2 11.36x 6.24x 1'602.3 2'136.6 22.72x 11.75x 706.3 1'310.7 47.08x 18.22x Profitability

LTM-4Q 31.12.2011 4'429.1 5.15x 2'390.2 9.53x 1'499.6 15.69x

31.12.2012 4'615.6 4.76x 2'417.1 9.09x 1'581.1 15.20x 2'417.08 1'501.35 32.53% 45.62% 8.60% 11.12% 0.24% 36.5% 35.6% 34.3% 6.63 6.51 12.82% 15.77% 4.38 156.69

Price/ Cash Flow

06/yy 4'563.4 20.40x 0.0 0.00x 1'531.5 16.12x

LTM 06/yy 4'808.7 18.34x 0.0 0.00x 1'719.1 13.34x

FY+1

.0 M s-13

0.80 900.74 34.87% 31.94% 0.803 18 4.500 44'497'010 21'196'320 13'018'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'353.7 5'998.2 1'465.0 1'613.0 5.12x 4.31x 2'842.0 3'169.3 9.88x 8.86x 1'919.2 2'167.7 656.0 522.0 15.94x 13.92x S&P Issuer Ratings

18.26 17.44 15.8% 13.4% 0.24 0.40 83.41 2.33 13.80 65.38

Sales/Revenue/Turnover

30.00

5'000.0 4'500.0

25.00

4'000.0 3'500.0

20.00

3'000.0

15.00

2'500.0 2'000.0

10.00

1'500.0 1'000.0

5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Shanghai International Airport Co Ltd Holdings By:

All

Holder Name SHANGHAI AIRPORT GRO BOSHI FUND MANAGEMEN UBS EVERBRIGHT PRAMERICA CHINA LIFE INSURANCE HUAAN FUND MANAGEMEN YINHUA FUND MANAGEME CHONGYANG 3 PHASE CO GOVERNMENT OF SINGAP CHINA INTERNATIONAL JP MORGAN CHINA SOUTHERN FUND ORIENT FUND MANAGEME HARVEST FUND MANAGEM ICBC CREDIT SUISSE A GF FUND MANAGEMENT C MORGAN STANLEY INVESCO GREAT WALL F HSBC-JINTRUST FUND M HUATAI-PINEBRIDGE FU

Firm Name UBS Capital Securities Corp Northeast Securities Co Ltd GF Securities Co. Ltd. HSBC China International Capital Corp Chang Jiang Securities Co. Limited Morgan Stanley Goldman Sachs China Merchants Securities SWS Research Co Ltd China Minzu Securities Co Ltd EVA Dimensions Citic Securities Co., Ltd PingAn Securities Sinolink Securities Co Ltd China Securities Co., Ltd Industrial Securities China Investment Securities Bank of China International Everbright Securities Co., Ltd China Galaxy Securities AJ Securities

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

Analyst XIN CHEN LI XIAOLU XIANG XU YANG ZHIQING DAN DAN YU SHEN XIAOFENG HAN YICHAO EDWARD XU HINO LAM LUO YANYAN AMOS ZHANG WANG XIAOYAN TIMOTHY STANISH SU BAOLIANG SUN CHAO HUANG JINXIANG LI LEI ZENG XU XIE HONG DU JIANPING CHEN XIN MAO ANG LE MINYANG

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

Recommendation buy buy add add neutral buy buy Overwt/Cautious Buy/Neutral strong buy outperform add underweight buy buy buy add strong buy buy buy accumulate buy neutral

Amt Held 1'026'177'895 29'005'685 19'796'901 18'426'889 17'050'022 16'667'063 16'497'213 14'247'621 13'607'166 11'722'946 11'353'891 10'671'403 8'310'000 7'657'901 7'657'167 7'231'452 6'703'274 6'391'640 6'294'876 5'531'676

% Out 53.25 1.51 1.03 0.96 0.88 0.86 0.86 0.74 0.71 0.61 0.59 0.55 0.43 0.4 0.4 0.38 0.35 0.33 0.33 0.29

Weighting

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

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

Latest Chg 21'442'029 (465'172) (6'688'849) (2'000'976) 2'486'857 4'749'784 (228'035) 1'195'000 (10'525'807) (2'796'400) 8'049 6'703'274 (1'500'000) (162'666) 991'043

Target Price 18 17 #N/A N/A #N/A N/A 17 #N/A N/A #N/A N/A 14 17 #N/A N/A #N/A N/A 15 #N/A N/A 18 15 #N/A N/A 14 14 #N/A N/A 15 #N/A N/A 11 #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 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.04.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 24.07.2013 18.07.2013 07.06.2013 06.06.2013 12.04.2013 08.03.2013 29.10.2012 25.06.2012 24.04.2012 02.03.2011 01.11.2010 15.07.2010 02.07.2010 02.04.2010

09.09.2013

China Molybdenum Co Ltd China Molybdenum Company Limited is a mineral mining and exploration company. The Company explores for molybdenum in the People's Republic of China.

Price/Volume 12

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

10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 603993 CH EQUITY YTD Change 603993 CH EQUITY YTD % CHANGE

12/2011 06/yy 11.14 6.27 10'457'178.00 7.86 -29.44% 25.36% 30.18% 3'765.0 32'790.85 2'348.21 0.0 829.9 2'720.96 33'682.38

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

2 0 o-12

31.12.2009 31.12.2010 2'957.1 4'307.7 8.28x 6.49x 495.1 1'020.7 54.95x 28.87x Profitability

d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 6'001.7 2.27x 1'912.8 7.12x 1'122.8 11.71x

31.12.2012 5'442.0 6.51x 1'357.3 26.09x 1'050.3 13.02x 1'357.32 946.27 17.39% 20.16% 6.74% 9.45% 7.65% 0.35% 26.0% 24.9% 17.4% 19.3% 5.83 3.51 14.91% 20.35% 3.07 2.75

Price/ Cash Flow

06/yy 2'892.2 4.52x 0.0 0.00x 720.7 0.00x

LTM 06/yy 5'114.5 6.64x 0.0 0.00x 934.5 10.75x

FY+1

1.53 195.76 -3.99% 4 3.750 9'589'167 8'881'231 8'493'618 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'971.0 7'048.8 1'514.0 2'005.0 22.25x 16.80x 994.0 1'236.8 39.90x 32.21x S&P Issuer Ratings

14.61 10.02 -0.27 1.73 20.3% 16.0% 0.35 1.11 119.30 132.97 35.04 217.23

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 5'563.3 2.26x 2'693.9 4.66x 1'640.9 9.12x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

China Molybdenum Co Ltd Holdings By:

All

Holder Name CHINA MOLYBDENUM CO HONGSHANG INDUSTRY H SH YUELING INVEST MG SOCIAL SEC FUND III SH JINGQUAN INVEST M SH LIUHE CAPITAL CO SOUTHERN CHINA GOOD FULLGOAL TIANYI VALU SOCIAL SEC FUND 604 HAITONG SECURITIES C SOOCHOW SECURITIES C CHINA HUADIAN FIN KUNLUN TRUST CO LTD TIANAN INSURANCE EQT CHINA ASSET MANAGEME BLACKROCK ASSET MGMT CHINA UNIVERSAL ASSE NIKKO ASSET MANAGEME

Firm Name Central China Securities GF Securities Co. Ltd. China International Capital Corp Everbright Securities Co., Ltd Qilu Securities Co Ltd

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

Analyst KUN ZHANG GUOXIAN JU CAI HONGYU WANG QIANMING YAN LEI

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

Recommendation monitored add hold neutral buy

Amt Held 1'776'593'475 1'726'706'322 22'014'728 20'000'000 10'000'000 9'700'000 2'121'486 2'121'415 2'121'415 2'121'415 2'121'415 2'121'415 2'121'415 2'121'415 404'214 44'623 32'000 10'900

% Out 47.19 45.86 0.58 0.53 0.27 0.26 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.01 0 0 0

Weighting

Change

#N/A N/A 4 3 3 5

D N M N M

Latest Chg (4'600) 10'900

Target Price #N/A N/A #N/A N/A #N/A N/A 10 #N/A N/A

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

File Dt 08.10.2012 11.12.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 08.10.2012 02.09.2013 30.08.2013 02.09.2013 16.08.2013

Date Not Provided Not Provided Not Provided 6 month Not Provided

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

Date 02.09.2013 23.08.2013 23.08.2013 15.03.2013 29.01.2013

09.09.2013

Ningbo Port Co Ltd Ningbo Port Company Limited primarily provides container, iron ore, crude oil and other cargo handling and related services. The Company also provides integrated logistics and other businesses.

Price/Volume 3

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601018 CH EQUITY YTD Change 601018 CH EQUITY YTD % CHANGE

12/2012 06/yy 2.68 1.98 81'008'456.00 2.39 -10.82% 20.71% 47.14% 12'800.0 30'592.00 5'615.48 0.0 948.0 2'129.89 37'037.25

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

150.0 M

100.0 M

50.0 M

0 s-12

31.12.2009 31.12.2010 4'705.4 5'811.5 6.55x 2'221.0 2'546.0 14.95x 1'818.6 2'199.1 16.42x Profitability

LTM-4Q 31.12.2011 6'749.4 4.90x 3'011.1 10.98x 2'468.2 12.58x

31.12.2012 7'537.6 4.95x 3'377.5 11.05x 2'676.6 12.24x 3'377.45 2'444.45 32.43% 45.82% 6.76% 9.36% 0.23% 44.8% 30.1% 35.5% 1.38 1.10 15.56% 20.72% 4.81 40.01

Price/ Cash Flow

06/yy 7'236.0 19.39x 0.0 0.00x 2'762.2 11.86x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 9'491.9 11.60x 0.0 0.00x 2'620.9 10.06x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

0.80 2'005.65 -1.85% -3.38% 0.796 5 4.200 73'717'140 39'846'680 24'848'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'921.0 11'609.0 10.53x 9.19x S&P Issuer Ratings

10.04 4.34 20.7% 16.7% 0.23 0.43 75.84 9.12 28.05 41.95

Sales/Revenue/Turnover

45.00

8'000.0

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 4'421.3 2'024.5 1'763.9 -

200.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Ningbo Port Co Ltd Holdings By:

All

Holder Name NINGBO PORT CO NB CM INTL CONTAINER CITIC PORT INVEST SOCIAL SECURITY FUND NB COMMU INVEST HLDS NB NINGSHING GRP NB DEVELOP & INVEST NB URBAN CONSTR INVE HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU HUAFU FUND MANAGEMEN HUARUN SHENGUO TRUST CHINA ASSET MANAGEME E FUND MANAGEMENT GUOTAI ASSET MANAGEM CHINA UNIVERSAL ASSE DACHENG FUND MANAGME GTJA ALLIANZ FUND MA BANK OF CHINA INVEST CHINA ASSET MANAGEME

Firm Name Sinolink Securities Co Ltd Qilu Securities Co Ltd Bank of China International Northeast Securities Co Ltd Everbright Securities Co., Ltd Industrial Securities Citic Securities Co., Ltd

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

Analyst JIANG MING ZHOU LI DU JIANPING XIANG XU DING XIANDA YUNTAO JI ZHANG HONGBO

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

Recommendation add add buy add accumulate buy buy

Amt Held 9'547'562'818 583'200'000 190'594'503 190'274'842 105'885'835 105'885'835 31'765'751 31'765'751 30'522'239 22'736'818 11'334'494 7'413'000 7'406'905 5'822'900 4'307'332 4'054'950 3'917'276 3'739'409 3'694'900 3'427'156

% Out 74.59 4.56 1.49 1.49 0.83 0.83 0.25 0.25 0.24 0.18 0.09 0.06 0.06 0.05 0.03 0.03 0.03 0.03 0.03 0.03

Weighting

Change 4 4 5 4 4 5 5

M M M M M M N

Latest Chg 17'837'660 (20'174'446) 4'965'398 11'205'550 1'009'600 1'685'388 (177'320) 1'177'100 1'276'459 1'844'200 (6'484'100)

Target Price #N/A N/A 3 4 #N/A N/A 3 #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 08.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 25.04.2013 29.03.2013 16.01.2013 21.12.2012 20.11.2012 20.04.2012 03.05.2011

09.09.2013

Gemdale Corp Gemdale Corporation develops residential buildings and operates in property rental and management. The Company also invests in commercial trading businesses.

Price/Volume 9

250.0 M

8 200.0 M

7 6

150.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600383 CH EQUITY YTD Change 600383 CH EQUITY YTD % CHANGE

12/2012 06/yy 8.25 4.62 97'620'661.00 6.59 -20.12% 42.64% 48.48% 4'471.5 29'467.24 30'746.38 0.0 7'479.9 20'616.23 56'642.69

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

50.0 M

1 0 s-12

31.12.2009 31.12.2010 10'922.8 17'576.6 4.03x 2.37x 2'690.7 4'179.6 16.37x 9.96x 1'776.2 2'694.0 17.79x 10.30x Profitability

LTM-4Q 31.12.2011 21'500.2 1.79x 5'067.4 7.60x 3'017.2 7.39x

31.12.2012 29'861.8 1.64x 5'483.7 8.94x 3'385.2 9.24x 5'483.67 5'407.26 18.11% 19.72% 3.02% 14.32% 0.30% 23.7% 16.8% 11.3% 1.97 0.41 29.99% 130.74% 7883.32 0.35

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 22'691.6 7.46x 0.0 0.00x 3'041.4 9.55x

f-13 m-13

06/yy 32'184.6 6.26x 0.0 0.00x 3'186.6 9.70x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.43 3'954.19 25.82% -5.01% 1.433 18 4.778 68'577'700 58'527'640 57'687'510 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'555.0 43'097.0 7'120.5 21'749.5 1.30x 0.51x 6'152.4 7'965.8 1'138.0 3'754.0 9.21x 7.11x 7.99x 7.46x 3'512.3 4'466.2 685.0 2'252.0 8.24x 6.64x 6.56x 6.19x S&P Issuer Ratings

16.07.2012 BB+ STABLE 2.63 2.55 130.7% 49.8% 0.30 133.17 0.05 1031.13 64.52 984.31

Sales/Revenue/Turnover

140.00

35'000.0

120.00

30'000.0

100.00

25'000.0

80.00

20'000.0

60.00

15'000.0

40.00

10'000.0

20.00

5'000.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 8'571.0 2.39x 1'811.0 11.29x 840.9 13.02x

100.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Gemdale Corp Holdings By:

All

Holder Name SHENZHEN FUTIAN INV ANBANG INSURANCE CO BOSHI FUND MANAGEMEN DACHENG FUND MANAGME SHENZHEN FUTIAN CONS GF FUND MANAGEMENT C ICBC CREDIT SUISSE A EVERBRIGHT PRAMERICA GREAT WALL FUND MANA CHANGSHA PILOT INVS BANK OF COMMUNICATIO CHINA LIFE INSURANCE YINHUA FUND MANAGEME TJ WANGGEN EQY INVES PENGHUA FUND MANAGEM CCB PRINCIPAL ASSET HUAAN FUND MANAGEMEN CHINA ASSET MANAGEME FULLGOAL FUND MANAGE HARVEST FUND MANAGEM

Firm Name GF Securities Co. Ltd. PingAn Securities Central China Securities Northeast Securities Co Ltd Guotai Junan Goldman Sachs Jefferies Capital Securities Corp China International Capital Corp Credit Suisse Everbright Securities Co., Ltd Chang Jiang Securities Co. Limited UBS SWS Research Co Ltd Guodu Securities Co Ltd Fortune CLSA Securities Limited Citic Securities Co., Ltd Sinolink Securities Co Ltd Bank of China International AJ Securities China Securities Co., Ltd China Merchants Securities Industrial Securities China Minzu Securities Co Ltd Tebon Securities Co Ltd Founder Securities China Galaxy Securities KGI Securities

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

Analyst ZOU GE YATING ZHOU WU JIANXIONG GAO JIAN LI PINKE VICKY LI CHRISTIE JU ZHU JIXIANG ANSON JINGBIAN NING JINSONG DU ZIPEI TANG LIU JUN MICHAEL LI SIYI HAN ZHANG WEI YANG YAN CONG CHEN CAO XUTE TIAN SHIXIN ZUO HONGYING SU XUEJING ZUGUO JIA YU MIAO CUI JUAN TEAM COVERAGE WEI ZHOU DING WEN CHEN JUDITH

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

Recommendation buy buy buy buy buy Buy/Neutral hold buy buy restricted accumulate buy buy outperform buy outperform buy add buy buy buy buy buy add outperform add speculative buy outperform

Amt Held 351'060'854 205'939'847 183'680'247 170'634'346 165'703'417 142'084'518 96'770'732 94'272'641 90'678'281 90'000'000 74'978'026 64'595'162 61'775'326 59'692'483 56'978'280 55'870'052 55'737'147 45'774'673 37'537'418 36'645'236

% Out 7.85 4.61 4.11 3.82 3.71 3.18 2.16 2.11 2.03 2.01 1.68 1.44 1.38 1.33 1.27 1.25 1.25 1.02 0.84 0.82

Weighting

Change

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

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

Latest Chg 125'538'183 75'508'444 39'686'936 15'748'014 (12'332'537) 1'060'752 36'777'431 (36'314'921) (41'910'098) 3'261'864 16'251'704 (74'738'928) (48'476'048) (72'071'167)

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9 8 7 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A 8 8 #N/A N/A #N/A N/A #N/A N/A 17 8 #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 9

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

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 02.09.2013 30.08.2013 25.08.2013 22.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 18.08.2013 18.08.2013 18.08.2013 25.07.2013 19.07.2013 24.06.2013 07.06.2013 14.05.2013 12.04.2013 28.01.2013 03.09.2012 25.06.2012 12.06.2012 25.04.2012 02.12.2011 18.07.2011 12.12.2010 10.07.2010 14.09.2009

09.09.2013

Tsingtao Brewery Co Ltd Tsingtao Brewery Company Limited produces and distributes beer products. The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.08.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600600 CH EQUITY YTD Change 600600 CH EQUITY YTD % CHANGE

12/2011 06/yy 44.98 28.63 1'639'132.00 42.16 -6.27% 47.26% 78.84% 695.9 60'440.13 2'094.09 0.0 315.5 7'118.25 52'207.55

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

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

31.12.2009 31.12.2010 16'478.8 18'234.7 2.87x 2.24x 2'418.9 2'775.0 19.57x 14.72x 1'250.0 1'520.5 39.86x 30.67x Profitability

LTM-4Q 31.12.2011 21'133.6 2.00x 2'807.2 15.05x 1'737.9 27.12x

31.12.2012 23'580.5 1.80x 2'795.3 15.17x 1'758.9 28.27x 2'795.28 1'951.44 8.28% 10.53% 8.25% 17.02% 15.70% 0.97% 34.5% 11.7% 8.1% 7.5% 1.38 0.99 8.85% 16.80% 106.16 7.84

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M s-13

Market Data

Fiscal Year Ended 31.12.2008 15'781.4 1.41x 1'887.7 11.75x 699.6 26.64x

50 45 40 35 30 25 20 15 10 5 0 s-12

LTM

06/yy 22'255.7 7.61x 0.0 0.00x 1'755.4 27.77x

06/yy 25'102.5 7.33x 0.0 0.00x 2'146.3 27.65x

FY+1

0.66 256.47 24.80% 28.76% 0.662 15 4.133 2'218'968 2'210'547 2'141'118 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 29'303.8 33'488.3 9'342.0 4'598.5 1.93x 1.72x 3'338.0 3'825.5 1'336.0 232.0 15.64x 13.65x 14.39x 13.65x 2'108.3 2'348.3 805.0 44.3 26.97x 23.54x 28.26x 25.44x S&P Issuer Ratings

26.85 4.01 -2.78 0.68 16.8% 14.1% 0.97 2.52 3.44 46.53 66.43 18.40

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Tsingtao Brewery Co Ltd Holdings By:

All

Holder Name TSINGTAO BREWERY CO E FUND MANAGEMENT CHINA CONSTRUCTION I TAIKANG LIFE INSURAN CHINA MERCHANTS SECU SOCIAL SECURITY FUND AEGON INDUSTRIAL FUN GUOTAI JUNAN SECURIT CHINA MERCHANTS FUND MORGAN STANLEY HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU JP MORGAN NEW CHINA FUND MANAG TIANTONG ASSET MANAG FORTUNE SGAM FUND MA HUAAN FUND MANAGEMEN RONGTONG FUND MANAGE LORD ABBETT CHINA CHINA ASSET MANAGEME

Firm Name Guotai Junan PingAn Securities SWS Research Co Ltd JPMorgan Capital Securities Corp Sinolink Securities Co Ltd Chang Jiang Securities Co. Limited Morgan Stanley Jefferies UBS Goldman Sachs Masterlink Securities Rising Securities Co.,LTD Everbright Securities Co., Ltd Bank of China International Guodu Securities Co Ltd China Merchants Securities China Securities Co., Ltd Citic Securities Co., Ltd Central China Securities Northeast Securities Co Ltd China Investment Securities Industrial Securities China Galaxy Securities Hong Yuan Securities UBS KGI Securities

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

Analyst HU CHUNXIA WEN XIAN MICHAEL TONG KURUMLU EBRU SENER LIU HUI CHEN GANG ZHIJIAN CHEN LILLIAN LOU JESSIE GUO ERICA POON WERKUN LISA DENG LIU WEI ZHAO YUE LI JIE JENNY CHAN LU SHAN SHAN ZHU WEIHUA FUSHENG HUANG HUANG WEI LIU RAN ZHU CHENGLIANG KE HAIDONG CHEN YU DONG JUNFENG SU JINGRAN CHEN LEI SABRINA LEE

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

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

Amt Held 411'400'050 22'928'150 17'574'505 15'899'945 15'119'578 9'649'914 8'475'321 8'368'496 4'380'605 4'053'242 2'758'413 2'521'999 2'291'647 1'797'371 1'620'580 1'488'186 1'416'628 1'110'000 845'337 692'650

% Out 59.12 3.29 2.53 2.28 2.17 1.39 1.22 1.2 0.63 0.58 0.4 0.36 0.33 0.26 0.23 0.21 0.2 0.16 0.12 0.1

Weighting

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

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

Latest Chg (5'583'498) 960'164 (1'569'527) (1'369'300) (1'836'051) 377'562 1'641'810 (345'940) 122'351 (163'518) 29'669 610'018 845'337 -

Target Price 50 #N/A N/A #N/A N/A 38 40 #N/A N/A #N/A N/A 36 37 43 44 45 38 34 35 #N/A N/A 40 40 42 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 45 #N/A N/A 39 25

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 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

Inst Type Government Investment Advisor Government Insurance Company Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 02.09.2013 01.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 04.08.2013 11.07.2013 08.05.2013 23.04.2013 02.04.2013 01.04.2013 06.01.2013 31.10.2012 16.08.2012 05.07.2012 25.06.2012 21.06.2012 19.06.2012 06.12.2011 07.01.2011 21.10.2010 29.06.2010 23.06.2010 26.11.2009 13.05.2009

09.09.2013

Beijing Tongrentang Co Ltd Beijing Tongrentang Co., Ltd. develops, manufactures, and markets Chinese traditional medicines and medicinal wines. The Company also operates pharmaceutical retail businesses and provides consulting services.

Price/Volume 30

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.05.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600085 CH EQUITY YTD Change 600085 CH EQUITY YTD % CHANGE

12/2012 06/yy 25.30 16.18 12'344'258.00 21.85 -13.64% 35.04% 66.56% 1'302.1 28'450.91 1'264.92 0.0 1'625.5 3'640.06 27'366.40

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

31.12.2009 31.12.2010 3'247.3 4'889.7 3.20x 3.52x 555.9 722.5 18.69x 23.80x 288.0 340.4 38.03x 52.44x Profitability

5.0 M

5 0 s-12

o-12

LTM-4Q 31.12.2011 6'049.5 2.93x 939.5 18.90x 438.1 41.76x

31.12.2012 7'428.9 3.02x 1'212.6 18.52x 570.1 40.68x 1'212.60 1'083.48 14.58% 14.49% 6.56% 16.43% 0.85% 42.8% 15.0% 7.7% 2.79 1.43 13.08% 31.79% 11.86 1.35

Price/ Cash Flow

06/yy 7'796.8 9.47x 0.0 0.00x 486.5 46.73x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 8'269.5 12.10x 0.0 0.00x 635.3 44.83x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.84 546.63 26.74% 23.89% 0.843 9 3.889 6'370'674 8'658'459 8'593'821 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'215.1 11'205.1 1'474.0 1'827.5 18.57x 14.97x 731.0 922.0 39.09x 31.08x S&P Issuer Ratings

65.67 50.03 31.8% 18.4% 0.85 5.63 30.77 269.76 119.92 206.94

Sales/Revenue/Turnover

50.00

8'000.0

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

10.0 M

Fiscal Year Ended 31.12.2008 2'904.9 2.14x 514.1 12.11x 258.9 24.77x

15.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Beijing Tongrentang Co Ltd Holdings By:

All

Holder Name CHINA BEIJING TONGRE E FUND MANAGEMENT SOCIAL SECURITY FUND CHANGSHENG FUND MANA CHINA UNIVERSAL ASSE YINHUA FUND MANAGEME HUASHANG FUND MANAGE HARVEST FUND MANAGEM PICC LIFE INSURANCE GF FUND MANAGEMENT C CHINA MERCHANTS FUND GUOTAI JUNAN SECURIT HUATAI-PINEBRIDGE FU CCB PRINCIPAL ASSET RONGTONG FUND MANAGE CHINA SOUTHERN FUND UBS SDIC FUND MANAGE HUAAN FUND MANAGEMEN GOLDEN EAGLE ASSET M LION FUND MANAGEMENT

Firm Name Guotai Junan Chang Jiang Securities Co. Limited SWS Research Co Ltd Capital Securities Corp Sinolink Securities Co Ltd Fortune CLSA Securities Limited Morgan Stanley Hong Yuan Securities HuaChuang Securities Citic Securities Co., Ltd China Merchants Securities Industrial Securities PingAn Securities China Investment Securities Guodu Securities Co Ltd Great Wall Securities Central China Securities

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

Analyst LI QIUSHI Liu Shuchang SELINA LUO TEAM COVERAGE LI JINGLEI ZEN ZHOU BIN LI WEI WENQING LIAO WANGUO LI CHAO LI SHANSHAN WANG XI LING JUN ZHOU RUI PAN LEI YANG YUE WANG BO

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

Recommendation buy buy outperform hold add underperform Equalwt/Attractive add buy add buy buy buy neutral buy strong buy add

Amt Held 719'308'540 42'047'465 35'899'698 20'023'562 13'423'450 12'883'096 12'401'011 10'320'633 10'000'000 8'360'145 8'031'908 5'478'301 5'170'884 4'186'696 3'634'643 3'359'144 3'156'473 1'947'600 1'750'438 1'688'603

% Out 55.24 3.23 2.76 1.54 1.03 0.99 0.95 0.79 0.77 0.64 0.62 0.42 0.4 0.32 0.28 0.26 0.24 0.15 0.13 0.13

Weighting

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

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

Latest Chg (8'699'064) (5'001'323) 7'203'094 9'243'735 9'990'486 (274'468) (2'494'404) 946'422 2'153'846 1'100'127 1'634'739 (3'455'391) 2'890'675 (2'765'052) 680'802 872'626

Target Price 26 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 24 22 #N/A N/A 19 #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

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 02.09.2013 30.06.2013 31.12.2012 28.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.09.2013 02.09.2013 30.08.2013 27.08.2013 27.08.2013 27.08.2013 29.07.2013 06.07.2013 30.11.2012 03.05.2012 28.04.2012 04.04.2012 06.02.2012 02.12.2011 16.06.2011 23.05.2011 25.05.2009

09.09.2013

Sanan Optoelectronics Co Ltd Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

Price/Volume 25

60.0 M

50.0 M 40.0 M

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.07.2013) 52-Week Low (16.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600703 CH EQUITY YTD Change 600703 CH EQUITY YTD % CHANGE

12/2012 06/yy 23.14 10.93 16'394'310.00 19.37 -16.29% 77.22% 73.05% 1'444.0 27'970.55 3'497.84 0.0 251.3 1'500.88 30'229.98

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

0 s-12

10.0 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 211.7 12.00x 103.6 24.53x 52.1 34.11x

20.0 M

31.12.2009 31.12.2010 465.5 857.4 30.35x 33.41x 230.7 420.3 61.22x 68.15x 180.2 419.3 74.30x 63.69x Profitability

LTM-4Q 31.12.2011 1'742.5 9.44x 776.6 21.18x 936.2 16.82x

31.12.2012 3'355.5 6.56x 1'009.6 21.79x 810.0 24.43x 1'009.60 598.16 17.83% 30.24% 7.04% 13.54% 0.32% 25.9% 20.3% 24.1% 3.43 2.12 30.04% 57.89% 2.61 2.46

Price/ Cash Flow

06/yy 2'392.9 30.95x 0.0 0.00x 943.3 20.64x

LTM 06/yy 3'659.0 26.98x 0.0 0.00x 806.8 35.14x

FY+1

.0 M s-13

1.01 634.45 21.33% 43.05% 1.007 11 4.818 11'023'500 12'120'090 15'661'090 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'958.0 6'944.5 1'375.0 1'314.0 1'315.5 1'791.5 22.98x 16.87x 1'100.4 1'313.7 305.0 202.0 25.62x 21.03x S&P Issuer Ratings

4.92 -1.93 57.9% 35.7% 0.32 0.59 139.83 148.37 60.00 185.54

Sales/Revenue/Turnover

120.00

4'000.0 3'500.0

100.00

3'000.0 80.00

2'500.0 2'000.0

60.00

1'500.0

40.00

1'000.0 20.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Sanan Optoelectronics Co Ltd Holdings By:

All

Holder Name XIAMEN SANAN ELECTRO FUJIAN SANAN GROUP C ZHENGRONG WANG JIANGXI INTERNATIONA HAITONG SECURITIES C YINHUA FUND MANAGEME HUABAO TRUST INVESTM DACHENG FUND MANAGME CHINA SOUTHERN FUND HFT INVESTMENT MANAG FORTUNE SGAM FUND MA PINGAN TRUST CO LTD ABC-CA FUND MANAGEME HARVEST FUND MANAGEM PENGHUA FUND MANAGEM GF FUND MANAGEMENT C SYWG BNP PARIBAS ASS FULLGOAL FUND MANAGE CCB PRINCIPAL ASSET HUATAI-PINEBRIDGE FU

Firm Name Chang Jiang Securities Co. Limited PingAn Securities Everbright Securities Co., Ltd Capital Securities Corp Sinolink Securities Co Ltd Fortune CLSA Securities Limited Guotai Junan SWS Research Co Ltd Masterlink Securities Founder Securities Rising Securities Co.,LTD Goldman Sachs Central China Securities AJ Securities Hong Yuan Securities Northeast Securities Co Ltd Industrial Securities China Investment Securities KGI Securities

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

Analyst XIAOQIANG GAO LU SHAN JIAN KUAI ZHU JIXIANG ZHANG SHUAI FENG LINGTIAN XIONG JUN TONY YU LV HAN SHENG JINSONG SONG LEI AMY SONG FANG XIAHONG ZHU ZHIYONG LI KUNYANG WU NA LIU LIANG WANG HAIJUN HONDA WEI

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

Recommendation buy not rated buy buy buy buy buy outperform buy buy outperform neutral/neutral add buy buy add buy buy outperform

Amt Held 505'759'725 245'448'074 56'477'400 45'351'770 44'000'000 40'403'688 38'120'564 28'338'215 17'080'521 14'588'715 12'743'398 12'542'826 10'926'584 7'554'047 6'645'202 4'637'462 4'000'516 3'704'291 3'500'259 3'326'664

% Out 35.02 17 3.91 3.14 3.05 2.8 2.64 1.96 1.18 1.01 0.88 0.87 0.76 0.52 0.46 0.32 0.28 0.26 0.24 0.23

Weighting

Change

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

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

Latest Chg (29'281'822) 21'300'060 12'308'163 (1'003'578) 7'662'499 9'156'903 (2'078'728) 6'450'787 4'323'709 3'758'116 (2'451'373) 3'071'944 (6'466)

Target Price #N/A N/A #N/A N/A 24 24 26 27 #N/A N/A #N/A N/A 22 #N/A N/A #N/A N/A 13 #N/A N/A 17 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 8

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 26.08.2013 19.08.2013 18.08.2013 06.08.2013 06.08.2013 06.08.2013 22.07.2013 17.07.2013 28.05.2013 29.03.2013 18.12.2012 17.12.2012 20.08.2012 10.08.2012 10.01.2012 03.11.2011 23.10.2011 03.02.2010 24.09.2009

09.09.2013

Metallurgical Corp of China Ltd Metallurgical Corporation of China Ltd., through its subsidiaries, operates in EPC projects (engineering, procurement and construction) mainly for metallurgical facilities, natural resources exploration, equipment fabrication, and property development.

Price/Volume 3

180.0 M 160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601618 CH EQUITY YTD Change 601618 CH EQUITY YTD % CHANGE

12/2011 06/yy 2.36 1.52 70'363'442.00 1.78 -24.58% 17.11% 25.00% 16'239.0 32'395.20 131'502.00 0.0 11'653.0 33'086.00 136'633.21

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

80.0 M 60.0 M 40.0 M

20.0 M 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 149'987.0 7'607.4 3'068.1 -

100.0 M

31.12.2009 31.12.2010 165'495.0 206'397.0 0.82x 0.72x 9'817.0 12'598.0 13.82x 11.85x 4'425.0 5'321.0 13.47x 10.39x Profitability

LTM-4Q 31.12.2011 222'113.0 0.68x 12'775.0 11.86x 4'243.0 4.24x

31.12.2012 216'242.0 0.69x 10'390.0 14.46x (6'952.0) 9.79x 10'390.00 7'522.00 3.48% 0.86% -2.11% -15.56% -6.98% 0.66% 7.4% 4.8% 3.5% -3.2% 1.14 0.44 40.31% 319.58% 3.91 1.85

Price/ Cash Flow

LTM

FY+1

0.00 0.90 3'586.63 -15.24% -21.24% 0.896 2 3.000 36'494'150 38'602'430 39'592'200 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 224'659.9 199'406.0 244'236.0 237'566.5 2.26x 2.49x 0.0 0.0 0.00x 0.00x 2'092.3 (5'285.0) 2'959.5 3'310.5 12.16x 0.00x 11.48x 10.17x 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

1.19 0.62 9.47 12.66 319.6% 71.4% 0.66 4.37 93.59 197.86 116.41 175.05

Sales/Revenue/Turnover

20.00

250'000.0

18.00

200'000.0

16.00 14.00

150'000.0

12.00 10.00

100'000.0

8.00 6.00

50'000.0

4.00 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

Metallurgical Corp of China Ltd Holdings By:

All

Holder Name CHINA METALLURGICAL SOCIAL SECURITY FUND PICC PROPERTY & CASU BAOSTEEL GROUP CORP HARVEST FUND MANAGEM PICC HEALTH INSURANC HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN E FUND MANAGEMENT CHINA ASSET MANAGEME TIANTONG ASSET MANAG BANK OF COMMUNICATIO ICBC CREDIT SUISSE A GUOTAI ASSET MANAGEM CHINA UNIVERSAL ASSE DACHENG FUND MANAGME GTJA ALLIANZ FUND MA CHINA SOUTHERN FUND CHINA ASSET MANAGEME E FUND MANAGEMENT

Firm Name China International Capital Corp SWS Research Co Ltd Citic Securities Co., Ltd Hong Yuan Securities China Investment Securities Masterlink Securities Industrial Securities China Securities Co., Ltd

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

Analyst YUE DING ERNEST ZHANG YANG TAO ZHAO LIMING LI FAN TEAM COVERAGE WANG SHUANG TIAN DONGHONG

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

Recommendation hold neutral buy buy buy buy buy not rated

Amt Held 12'265'108'500 264'253'476 132'346'374 121'891'500 48'622'588 41'691'484 22'100'406 16'411'537 12'410'987 9'702'630 7'337'080 5'725'908 5'510'900 5'473'255 5'143'560 4'972'016 4'744'085 3'686'339 3'430'600 2'821'987

% Out 75.53 1.63 0.81 0.75 0.3 0.26 0.14 0.1 0.08 0.06 0.05 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change

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

M M M M M N N M

Latest Chg (21'212'226) (41'000) (992'471) 1'570'316 (329'127) (473'622) (454'000) 587'020 (292'612) (243'600) 57'164 76'100 (39'993'617) -

Target Price #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A 5 #N/A N/A 7

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 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

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

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

Date 02.09.2013 03.04.2013 29.05.2012 30.03.2012 03.08.2011 11.05.2011 17.12.2010 02.12.2009

09.09.2013

SINOHYDRO Group Ltd Sinohydro. Group Limited conducts project contracting, power investment and operations, equipment manufacturing and leasing, as well as property development.

Price/Volume 5

250.0 M

4 200.0 M

4 3

150.0 M

3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601669 CH EQUITY YTD Change 601669 CH EQUITY YTD % CHANGE

12/2012 06/yy 4.24 2.55 132'205'235.00 3 -29.25% 17.65% 19.53% 9'600.0 28'800.00 70'562.34 0.0 3'930.8 27'086.32 90'235.48

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

50.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 59'137.9 1'265.7 -

100.0 M

31.12.2009 31.12.2010 73'380.8 99'054.2 7'466.7 9'163.8 2'289.7 2'911.1 Profitability

LTM-4Q 31.12.2011 110'647.2 0.63x 11'435.5 6.10x 3'619.1 8.31x

31.12.2012 124'051.5 0.68x 12'302.5 6.83x 4'094.2 8.96x 12'302.54 7'863.18 6.34% 4.45% 2.38% 14.07% 7.01% 0.72% 11.5% 9.9% 6.3% 3.3% 1.17 0.54 38.87% 228.14% 6.85 3.15

Price/ Cash Flow

LTM

FY+1

4.27 1.21 9'189.92 -6.99% -17.70% 1.212 6 4.833 60'362'660 51'836'180 56'269'610 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 80'381.7 134'706.5 151'835.0 180'244.5 2.01x 2.45x 0.0 0.0 15'502.0 18'995.0 0.00x 0.00x 5.82x 4.75x 2'768.8 4'310.2 4'968.0 5'885.0 0.00x 6.42x 6.02x 5.15x 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

3.23 -0.77 3.53 5.74 228.1% 66.9% 0.72 2.45 53.40 116.22 82.89 86.73

Sales/Revenue/Turnover

3'000.00

140'000.0

2'500.00

120'000.0 100'000.0

2'000.00

80'000.0 1'500.00

60'000.0

1'000.00

40'000.0

500.00

20'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

09.09.2013

SINOHYDRO Group Ltd Holdings By:

All

Holder Name SOCIAL SECURITY FUND GUOTAI JUNAN SECURIT CHINA ASSET MANAGEME YINHUA FUND MANAGEME HUAAN FUND MANAGEMEN SINOHYDRO CONSTRUCT FOUNDER SECURITIES C GF FUND MANAGEMENT C CHINA AMC ADVANTAGE HFT INVESTMENT MANAG PEOPLE'S INSURANCE C HONGYANG FUND CHINA LIFE INSURANCE CHANG XIN ASSET MANA HARVEST FUND MANAGEM ICBC CREDIT SUISSE A CHINA UNIVERSAL ASSE CHANGSHENG FUND MANA CHINA SOUTHERN FUND GALAXY ASSET MANAGEM

Firm Name Chang Jiang Securities Co. Limited PingAn Securities Guotai Junan Sinolink Securities Co Ltd Citic Securities Co., Ltd Bank of China International China Merchants Securities Hong Yuan Securities Great Wall Securities HuaChuang Securities

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

Analyst SHI HENGHUI GRACE LI ZHANG KUN HE GUOWEN YANG TAO LI PAN MENG QUN ZHOU RONGZI RAN FEI ZHANG CHI

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

Recommendation buy buy buy add buy buy strong buy buy buy strong buy

Amt Held 347'080'559 153'688'800 131'731'653 126'384'534 71'932'375 63'000'000 57'300'620 50'002'367 45'838'267 45'183'791 44'381'304 40'108'483 37'337'713 34'941'506 33'682'839 31'762'294 28'488'014 28'290'306 23'420'404 22'848'690

% Out 3.62 1.6 1.37 1.32 0.75 0.66 0.6 0.52 0.48 0.47 0.46 0.42 0.39 0.36 0.35 0.33 0.3 0.29 0.24 0.24

Weighting

Change 5 5 5 4 5 5 5 5 5 5

M M M M M N M M N N

Latest Chg 274'805 2'235'544 57'319'603 4'479'194 17'855'729 3'330'440 (77'497'523) 1'528'118 (103'250'129) 27'364'092 8'872'126 9'848'690

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

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 17.10.2011 31.12.2012 31.12.2012 17.10.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 22.07.2013 24.05.2013 23.05.2013 23.04.2013 14.01.2013 20.12.2012 11.06.2012 24.04.2012 30.03.2012 28.11.2011

09.09.2013

Chongqing Water Group Co Ltd Chongqing Water Group Co., Ltd. is a holding company. The Company, through holding subsidiaries, joint ventures and associated companies, produces and sells tap water, collects and treats urban wastewater, and constructs water supply and drainage facilities.

Price/Volume 8

90.0 M

80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601158 CH EQUITY YTD Change 601158 CH EQUITY YTD % CHANGE

12/2012 06/yy 7.55 4.69 15'128'358.00 5.86 -22.38% 24.95% 35.66% 4'800.0 28'128.00 3'542.80 0.0 8.2 3'555.18 28'936.36

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

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 2'713.6 3'254.9 12.19x 1'503.5 1'722.8 23.04x 1'014.1 1'293.7 29.54x Profitability

LTM-4Q 31.12.2011 3'738.3 8.05x 1'771.5 17.00x 1'609.0 17.68x

31.12.2012 3'931.4 6.48x 1'846.6 13.80x 1'888.6 13.62x 1'846.63 1'305.78 33.21% 47.56% 10.93% 16.76% 0.22% 47.0% 33.9% 48.0% 2.81 2.43 19.75% 28.60% 5.70 15.94

Price/ Cash Flow

06/yy 3'983.5 30.00x 0.0 0.00x 1'665.1 16.60x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'911.9 27.49x 0.0 0.00x 1'965.8 12.56x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

1.16 488.09 8.27% 14.79% 1.158 2 4.000 10'549'770 13'247'440 10'591'570 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'154.0 4'428.3 1'984.0 2'056.0 14.58x 14.07x 1'951.0 2'052.3 14.40x 13.72x S&P Issuer Ratings

13.94 10.25 28.6% 22.2% 0.22 0.46 64.01 22.89 141.37 -70.97

Sales/Revenue/Turnover

45.00

4'500.0

40.00

4'000.0

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 2'357.6 1'415.4 736.2 -

50.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.09.2013

Chongqing Water Group Co Ltd Holdings By:

All

Holder Name CHONGQING WATER ASSE CQ SUYU INDUSTRY DEV SOCIAL SECURITY FUND CHINA LIFE INSURANCE CHANGSHENG FUND MANA HARVEST FUND MANAGEM LI XUEJIAO WU QIFEI HUATAI-PINEBRIDGE FU CHINA ASSET MANAGEME HUAAN FUND MANAGEMEN E FUND MANAGEMENT CHINA ASSET MANAGEME NORGES BANK CHINA UNIVERSAL ASSE TIANTONG ASSET MANAG DACHENG FUND MANAGME GUOTAI ASSET MANAGEM GTJA ALLIANZ FUND MA ICBC CREDIT SUISSE A

Firm Name China Minzu Securities Co Ltd Chang Jiang Securities Co. Limited SWS Research Co Ltd Capital Securities Corp Guodu Securities Co Ltd HuaChuang Securities Rising Securities Co.,LTD

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

Analyst LI JING YING DENG GU FENG TEAM COVERAGE GONG JUNJIE GAO LI TEAM COVERAGE

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

Recommendation add add outperform neutral buy buy outperform

Amt Held 3'605'000'000 645'000'000 50'000'000 10'266'057 8'639'808 7'630'326 7'383'907 4'521'952 4'423'630 3'728'157 2'555'867 2'358'990 1'859'791 1'468'721 1'444'888 1'410'057 1'081'574 1'079'195 934'868 653'200

% Out 75.1 13.44 1.04 0.21 0.18 0.16 0.15 0.09 0.09 0.08 0.05 0.05 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01

Weighting

Change 4 4 5 3 5 5 5

M M M N N N M

Latest Chg (11'634'574) (5'043'512) (8'893) (3'043'600) (332'625) 222'790 (75'861) (339'793) 53'500 116'918 11'249 (60'200)

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Government Other Government Government Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.08.2013 07.08.2013 15.02.2012 31.03.2011 24.01.2011 03.12.2010 30.11.2010

09.09.2013

Jinduicheng Molybdenum Co Ltd Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Price/Volume 14

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601958 CH EQUITY YTD Change 601958 CH EQUITY YTD % CHANGE

12/2012 06/yy 13.87 7.38 13'504'418.00 8.59 -38.07% 16.40% 16.18% 3'226.6 27'716.53 427.71 0.0 255.2 6'088.96 23'166.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 4'508.0 6'949.5 12.00x 10.28x 697.9 1'132.1 77.52x 63.13x 549.5 835.6 112.12x 93.23x Profitability

20.0 M

10.0 M

0 s-12

o-12

LTM-4Q 31.12.2011 7'226.7 4.29x 1'053.5 29.41x 736.1 49.48x

31.12.2012 8'491.1 3.81x 716.1 45.22x 521.9 73.19x 716.06 412.01 4.85% 7.45% 2.28% 2.56% 0.58% 10.1% 2.5% 6.1% 21.34 17.53 2.89% 3.19% 7.81 6.44

Price/ Cash Flow

06/yy 7'792.9 18.57x 0.0 0.00x 683.7 61.45x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 8'601.7 13.64x 0.0 0.00x 336.7 76.31x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.36 688.91 -27.06% -25.57% 1.360 6 3.500 9'031'594 8'496'565 7'876'863 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'926.3 9'456.5 2.60x 2.37x 853.0 1'318.0 27.16x 17.58x 356.0 567.0 57.27x 40.90x S&P Issuer Ratings

133.90 23.49 3.2% 3.0% 0.58 1.82 46.74 56.64 15.66 93.77

Sales/Revenue/Turnover

200.00

9'000.0

180.00

8'000.0

160.00

7'000.0

140.00

6'000.0

120.00

5'000.0

100.00

4'000.0

80.00

3'000.0

60.00

2'000.0

40.00

1'000.0

20.00 0.00 01.01.2010

30.0 M

Fiscal Year Ended 31.12.2008 5'364.2 3.27x 3'347.5 5.24x 2'733.5 11.07x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Jinduicheng Molybdenum Co Ltd Holdings By:

All

Holder Name SX NON-FERROUS METAL TAIYUAN IRON & STEEL SOCIAL SECURITY FUND ORIENT GROUP INC GUOTAI JUNAN SECURIT HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU CQ YUXINTONG SINGLE GREAT WALL SECURITIE CHINA LIFE INSURANCE HUAAN FUND MANAGEMEN GTJA ALLIANZ FUND MA CHINA ASSET MANAGEME E FUND MANAGEMENT CHINA ASSET MANAGEME TIANTONG ASSET MANAG INVESCO GREAT WALL F BANK OF COMMUNICATIO GUOTAI ASSET MANAGEM DACHENG FUND MANAGME

Firm Name Founder Securities Credit Suisse SWS Research Co Ltd China International Capital Corp Everbright Securities Co., Ltd Citic Securities Co., Ltd Central China Securities Hong Yuan Securities China Securities Co., Ltd China Merchants Securities China Investment Securities Great Wall Securities China Minzu Securities Co Ltd Bank of China International AJ Securities Rising Securities Co.,LTD Tebon Securities Co Ltd PingAn Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LIU WEIYUAN VINCENT CHAN ARTHUR WANG CAI HONGYU WANG QIANMING SONG XIAOQING HE WEIJIANG MIN DAN ZHANG FANG WANG XIAODAN YANG GUOPING LIU FEI GUAN JIANXIN LE YUKUN ZHANG ZHIPENG WANG HUACHUN TEAM COVERAGE LIANG ZHIGANG

Source Co File Co File Co File Co File Co File MF-AGG MF-AGG Co File Co File ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add neutral buy hold neutral hold add add add buy buy neutral add buy buy neutral add buy

Amt Held 2'390'743'200 68'493'200 64'560'000 13'900'000 11'029'000 7'693'729 7'669'609 6'557'900 5'466'600 4'568'300 3'193'649 3'108'817 2'872'603 2'376'395 1'914'616 1'433'604 1'155'112 1'131'959 1'091'379 1'090'924

% Out 74.09 2.12 2 0.43 0.34 0.24 0.24 0.2 0.17 0.14 0.1 0.1 0.09 0.07 0.06 0.04 0.04 0.04 0.03 0.03

Weighting

Change 4 3 5 3 3 3 4 4 4 5 5 3 4 5 5 3 4 5

M M M D D M M M M M M N D M M N N M

Latest Chg (5'085'348) 1'565'684 (203'230) 347'009 (9'272'461) (4'895'916) (114'032) (1'047'651) (90'423) 117'998 (91'200)

Target Price #N/A N/A 8 #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A 20 30 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Government Government Holding Company Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.08.2013 19.08.2013 16.07.2013 10.07.2013 19.03.2013 21.09.2012 17.08.2012 07.08.2012 25.06.2012 22.06.2012 19.04.2012 30.03.2012 12.08.2011 30.03.2011 28.09.2010 02.08.2010 30.06.2010 27.05.2010

09.09.2013

SDIC Power Holdings Co Ltd SDIC Power Holdings Co Ltd . generates thermal electric and hydroelectric power. The electric power generated by the Company are supplied to Gansu area.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (17.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600886 CH EQUITY YTD Change 600886 CH EQUITY YTD % CHANGE

12/2012 06/yy 4.25 2.56 62'133'569.00 3.85 -9.41% 50.24% 75.11% 6'786.0 26'126.19 107'303.85 0.0 13'193.1 6'268.35 147'533.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

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 s-12

31.12.2009 31.12.2010 11'811.1 17'350.5 7.71x 5.69x 5'317.4 6'005.7 17.13x 16.43x 531.4 504.4 36.95x 28.36x Profitability

LTM-4Q 31.12.2011 23'412.4 4.87x 6'488.4 17.58x 332.3 36.32x

31.12.2012 23'671.6 5.68x 8'643.3 15.56x 1'053.9 19.23x 8'643.26 5'150.83 21.76% 9.79% 1.55% 16.18% 0.18% 24.7% 30.5% 4.5% 0.41 0.29 73.55% 873.31% 8.01 15.43

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 25'231.8 18.05x 0.0 0.00x 275.7 48.04x

f-13 m-13

06/yy 24'886.4 21.85x 0.0 0.00x 2'185.2 9.11x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

0.84 3'074.92 40.56% 8.35% 0.844 9 5.000 45'624'890 49'386'400 51'283'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 27'590.0 33'077.0 5.07x 4.20x 12'200.0 16'347.0 12.09x 9.03x 2'061.5 2'629.0 680.0 253.0 12.42x 8.59x S&P Issuer Ratings

1.48 -1.88 873.3% 80.8% 0.18 0.20 45.58 23.66 43.07 33.38

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

o-12

Fiscal Year Ended 31.12.2008 10'871.1 6.25x 5'466.5 12.42x 658.5 27.66x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

SDIC Power Holdings Co Ltd Holdings By:

All

Holder Name STATE DEVELOPMENT & BOSHI FUND MANAGEMEN SOCIAL SECURITY FUND CHINA ASSET MANAGEME BOSERA FUND MANAGEME CITIC SECURITIES CO AEGON INDUSTRIAL FUN CHINA LIFE INSURANCE CCB PRINCIPAL ASSET E FUND MANAGEMENT RONGTONG FUND MANAGE HARVEST FUND MANAGEM CHINA ASSET MANAGEME GOLDEN EAGLE ASSET M INVESCO GREAT WALL F HUATAI-PINEBRIDGE FU TIANHONG ASSET MANAG FULLGOAL FUND MANAGE CHINA ASSET MANAGEME GF FUND MANAGEMENT C

Firm Name China International Capital Corp Everbright Securities Co., Ltd UBS Chang Jiang Securities Co. Limited Rising Securities Co.,LTD SWS Research Co Ltd Guotai Junan Citic Securities Co., Ltd Guodu Securities Co Ltd Hong Yuan Securities China Merchants Securities PingAn Securities China Galaxy Securities Central China Securities Bank of China International KGI Securities

Portfolio Name n/a 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JUNHUA CHEN JUNPENG CHEN WEI YU JUN GE DAI LIPING EVAN LIANG WANG WEI WU FEI WANG SHUBAO LU RUMIN PENG QUANGANG FAN WANG ZOU XUYUAN PAN HANGJUN YU NIAN CHEN JUDITH

Source Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy restricted buy outperform outperform buy buy strong buy buy strong buy buy speculative buy monitored buy neutral

Amt Held 3'478'459'944 242'271'616 232'549'604 181'593'885 61'593'446 46'644'433 45'573'686 34'064'315 29'962'380 26'116'432 18'761'641 17'880'480 15'630'031 11'895'758 10'988'956 9'976'790 9'663'722 7'647'581 6'596'583 4'799'920

% Out 51.26 3.57 3.43 2.68 0.91 0.69 0.67 0.5 0.44 0.38 0.28 0.26 0.23 0.18 0.16 0.15 0.14 0.11 0.1 0.07

Weighting

Change

5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 4 #N/A N/A 5 3

N M M N M M N M N M M M M N U D

Latest Chg 39'291'533 24'398'789 (2'231'115) 20'527'560 5'523'902 2'092'477 15'204'704 51'840 9'374'851 11'435'598 7'658'324 (20'904) 9'663'722 (2'335'373) (5'279'728)

Target Price #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 4 #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 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.08.2013 18.08.2013 25.07.2013 21.05.2013 23.04.2013 28.01.2013 24.01.2013 15.01.2013 26.12.2012 28.11.2012 19.07.2012 18.11.2010 30.11.2009 16.09.2009 21.08.2009 12.06.2009

09.09.2013

TBEA Co Ltd TBEA Co., Ltd. manufactures and markets electrical transformers, wires and cables, and other accessory equipment. Through its subsidiaries, the Company also develops and manages real estate.

Price/Volume 12

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.09.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600089 CH EQUITY YTD Change 600089 CH EQUITY YTD % CHANGE

12/2012 06/yy 10.27 5.51 68'045'246.00 9.8 -4.58% 77.86% 89.08% 2'635.6 25'828.49 15'470.81 0.0 1'235.6 10'836.71 37'745.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 12'462.7 2.30x 1'411.7 20.28x 962.6 28.27x

120.0 M

31.12.2009 31.12.2010 14'686.8 17'685.1 2.94x 1.96x 2'063.0 2'141.1 20.96x 16.16x 1'528.7 1'611.3 27.98x 21.70x Profitability

LTM-4Q 31.12.2011 18'096.6 1.17x 1'645.1 12.84x 1'229.2 16.47x

31.12.2012 20'224.9 1.13x 1'551.7 14.76x 980.6 17.36x 1'551.69 967.71 4.78% 5.22% 2.82% 8.19% 0.56% 16.2% 5.4% 4.8% 1.33 0.89 36.80% 113.25% 3.87 4.28

Price/ Cash Flow

LTM

06/yy 19'713.4 5.12x 0.0 0.00x 1'086.9 16.41x

06/yy 21'901.7 5.01x 0.0 0.00x 1'108.5 19.14x

FY+1

1.22 2'087.94 56.01% 53.84% 1.223 11 4.000 ######### 55'507'080 50'502'580 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 24'099.4 28'786.3 0.85x 0.64x 2'120.0 2'590.0 17.80x 14.57x 1'271.8 1'639.3 18.42x 15.48x S&P Issuer Ratings

2.67 -6.41 113.3% 50.9% 0.56 1.36 94.39 85.25 97.12 57.44

Sales/Revenue/Turnover

120.00

25'000.0

100.00

20'000.0

80.00

15'000.0

60.00

10'000.0 40.00

5'000.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

TBEA Co Ltd Holdings By:

All

Holder Name TEBIAN ELECTRIC APPA XINJIANG HONGLIAN VE XINJIANG INVS & DEV EVERBRIGHT SECURITIE HARVEST FUND MANAGEM E FUND MANAGEMENT NEW CHINA LIFE INSUR HUATAI SECURITIES CO HUATAI-PINEBRIDGE FU HAITONG SECURITIES C GUOTAI ASSET MANAGEM HUAAN FUND MANAGEMEN CHINA ASSET MANAGEME FULLGOAL FUND MANAGE MORGAN STANLEY TIANTONG ASSET MANAG BOSHI FUND MANAGEMEN BANK OF COMMUNICATIO DACHENG FUND MANAGME CHINA ASSET MANAGEME

Firm Name Guotai Junan Sinolink Securities Co Ltd Chang Jiang Securities Co. Limited Founder Securities Northeast Securities Co Ltd Capital Securities Corp China International Capital Corp Hong Yuan Securities Everbright Securities Co., Ltd EVA Dimensions Credit Suisse China Securities Co., Ltd Central China Securities PingAn Securities HuaChuang Securities China Investment Securities Citic Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst XIAO LIU ZHANG SHUAI HAOLONG DENG WEI ZHOU YANG JIALI LAI SHENSHENG RAN SHI WANG JING ZHOU LIQIAN TIMOTHY STANISH VINCENT CHAN XU CHAO PAN HANGJUN DOU ZEYUN GAO LI XIONG LIN LIU LEI

Source Co File Co File Co File Co File MF-AGG MF-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy add buy add add hold buy buy buy sell neutral buy add buy buy buy buy

Amt Held 309'368'350 180'176'786 57'479'600 25'410'893 20'949'345 20'477'331 16'200'000 14'284'710 12'184'860 12'161'463 10'401'624 8'502'664 5'093'388 4'532'321 4'019'869 3'940'203 3'720'736 3'087'634 2'689'109 2'595'162

% Out 11.74 6.84 2.18 0.96 0.79 0.78 0.61 0.54 0.46 0.46 0.39 0.32 0.19 0.17 0.15 0.15 0.14 0.12 0.1 0.1

Weighting

Change 5 4 5 4 4 3 5 5 5 1 3 5 4 5 5 5 5

M M M M M M M M M M U M M M M M M

Latest Chg (14'346'605) (20'632'967) (24'564) (214'848) (532'692) (210'024) (5'259'194) (265'854) (133'200) (20'412'813)

Target Price 12 #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 7 19 #N/A N/A #N/A N/A 18 #N/A N/A 25

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 31.12.2012 31.12.2012 30.06.2013 31.12.2012 02.09.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 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 6 month Not Provided 6 month

Inst Type Corporation Corporation Corporation Unclassified Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 28.08.2013 15.08.2013 07.08.2013 31.07.2013 30.07.2013 30.07.2013 21.07.2013 30.06.2013 06.06.2013 02.04.2013 25.06.2012 28.03.2012 01.04.2011 06.01.2011 06.04.2010 25.02.2010

09.09.2013

Industrial Securities Co Ltd Industrial Securities Co., Ltd. is a securities company. The Company's business covers securities brokerage, investment consulting, securities trading, financial advisory, securities underwriting and sponsorship, proprietary trading, asset management, investment funds marketing as well intermediary services for futures companies.

Price/Volume

60.0 M 50.0 M

40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601377 CH EQUITY YTD Change 601377 CH EQUITY YTD % CHANGE

12/2012 06/yy 14.15 8.45 43'770'963.00 10.11 -28.55% 19.64% 21.58% 2'600.0 26'286.00 3'361.20 0.0 362.1 8'780.42 20'895.88

30.0 M

6 4

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

14 12

Valuation Analysis

31.12.2008 1'397.8 608.7 266.6 -

31.12.2009 31.12.2010 3'152.9 2'828.6 8.10x 1'784.5 1'361.6 16.83x 1'155.3 787.2 41.54x Profitability

LTM-4Q 31.12.2011 2'449.6 5.91x 915.7 15.82x 435.3 46.50x

31.12.2012 2'691.8 8.16x 936.8 23.44x 476.4 55.82x 936.81 27.52% 27.77% 2.09% 5.06% 4.39% 0.11% 37.3% 17.7% 14.80% 38.59% -

Price/ Cash Flow

06/yy 2'470.0 27.85x 0.0 0.00x 400.0 56.83x

LTM 06/yy 2'915.4 27.02x 0.0 0.00x 538.7 38.62x

FY+1

.0 M s-13

1.67 1'163.44 9.19% -16.78% 1.672 11 4.273 13'034'870 16'705'010 17'649'050 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'391.0 3'868.8 717.6 894.8 34.74x 28.32x S&P Issuer Ratings

-5.30 4.32 38.6% 27.0% 0.11 3.88 -

Sales/Revenue/Turnover

100.00

6'000.0

90.00

5'000.0

80.00 70.00

4'000.0

60.00

3'000.0

50.00 40.00

2'000.0

30.00 20.00

1'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Industrial Securities Co Ltd Holdings By:

All

Holder Name FUJIAN PROVINCE FINA FUJIAN INVEST DEVELO SH SHENXIN GROUP CO SH XINGYE INVEST DEV XM YUNDANG NEW DISTR XM SPECIAL ECON ZONE HUAYU AUTOMOTIVE SYS CHENGGONG HLDS GRP SHANGHAI TANGJIU GRO XIAMEN XIANGYU GROUP SH JIAODA ONLLY CO FUJIAN FIN GUARANTEE GF FUND MANAGEMENT C FUZHOU HONGYUAN INV HARVEST FUND MANAGEM ZHONG HAI FUND MANAG MANULIFE TEDA FUND M HUATAI-PINEBRIDGE FU DACHENG FUND MANAGME ABC-CA FUND MANAGEME

Firm Name Chang Jiang Securities Co. Limited Tebon Securities Co Ltd GF Securities Co. Ltd. Sinolink Securities Co Ltd Guotai Junan Everbright Securities Co., Ltd PingAn Securities China International Capital Corp Central China Securities Hong Yuan Securities Citic Securities Co., Ltd China Minzu Securities Co Ltd Northeast Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LIU JUN LEI ZHANG CONG LI JIANGANG CHEN ZHAO XIANGHUAI ZIPEI TANG WU JIE JIE HUANG XIE PEIJIE HUANG LIJUN PAN HONGWEN SONG JIAN XINAN ZHAO

Source EXCH EXCH EXCH Co File Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral outperform buy add buy accumulate buy neutral add add overweight add add

Amt Held 521'957'590 227'441'223 101'400'000 78'000'000 76'402'672 76'402'672 62'400'000 57'600'630 54'500'573 50'000'000 49'800'000 49'661'737 31'483'619 30'991'000 15'570'592 7'601'012 7'535'277 7'121'610 4'801'703 4'104'254

% Out 20.08 8.75 3.9 3 2.94 2.94 2.4 2.22 2.1 1.92 1.92 1.91 1.21 1.19 0.6 0.29 0.29 0.27 0.18 0.16

Weighting

Change 3 5 5 4 5 4 5 3 4 4 5 4 4

M M M M M M M D M M M U M

Latest Chg 40'000'000 8'815'980 (4'759'673) 7'574'052 7'535'277 (13'192) (13'826'619) 3'482'706

Target Price #N/A N/A 12 #N/A N/A #N/A N/A 13 10 10 #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.05.2013 08.05.2013 08.05.2013 31.12.2012 31.12.2012 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 6 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided

Inst Type Government Government Corporation Other Government Government Holding Company Corporation Government Government Corporation Government Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 19.08.2013 08.08.2013 08.08.2013 08.08.2013 06.08.2013 11.03.2013 08.03.2013 06.12.2012 30.11.2012 30.11.2012 21.08.2012 23.04.2012

09.09.2013

Shanghai Lujiazui Finance & Trade Zone Development Co Ltd Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. operates in land development, property management, and infrastructure facilities construction within the Lujiazui Finance and Trade Zone. The Company also undertakes building and renovation projects.

Price/Volume 25

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.09.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600663 CH EQUITY YTD Change 600663 CH EQUITY YTD % CHANGE

12/2012 06/yy 21.25 9.36 39'756'230.00 18.99 -10.64% 102.88% 87.72% 1'358.1 30'718.45 6'074.72 0.0 1'608.0 1'329.67 39'037.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

30.0 M 20.0 M

5 0 s-12

31.12.2009 31.12.2010 3'416.6 2'544.8 12.82x 13.67x 2'577.1 1'643.4 17.00x 21.17x 1'176.4 1'191.7 40.13x 26.33x Profitability

o-12

LTM-4Q 31.12.2011 2'961.6 9.15x 1'642.4 16.50x 984.9 21.48x

31.12.2012 2'864.7 9.25x 1'607.2 16.49x 1'011.0 21.98x 1'607.16 1'405.33 49.06% 49.89% 3.39% 9.63% 0.10% 57.5% 50.3% 35.3% 1.13 0.09 19.73% 52.44% 82.00 0.09

Price/ Cash Flow

06/yy 1'699.1 64.44x 0.0 0.00x 505.1 45.37x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 3'086.9 34.62x 0.0 0.00x 1'089.9 18.04x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

1.22 228.19 72.51% 61.78% 1.218 3 3.000 46'803'010 15'512'860 8'185'948 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'886.0 4'643.0 1'242.5 1'496.5 30.48x 25.73x S&P Issuer Ratings

3.76 3.24 52.4% 31.5% 0.10 5.97 4.45 4243.33 29.59 4158.21

Sales/Revenue/Turnover

180.00

4'000.0

160.00

3'500.0

140.00

3'000.0

120.00

2'500.0

100.00

2'000.0

80.00

1'500.0

60.00

1'000.0

40.00

500.0

20.00 0.00 01.01.2010

10.0 M

Fiscal Year Ended 31.12.2008 1'630.0 12.08x 984.9 20.00x 880.5 28.17x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Shanghai Lujiazui Finance & Trade Zone Development Co Ltd Holdings By:

All

Holder Name SHANGHAI LUJIAZUI GR SHANGHAI INTERNATION HUAAN FUND MANAGEMEN TIANTONG ASSET MANAG E FUND MANAGEMENT CHINA UNIVERSAL ASSE INVESCO GREAT WALL F FULLGOAL FUND MANAGE HARVEST GLOBAL INVES CAISSE DE DEPOT ET P CHINA SOUTHERN FUND WEI ZHU JINZHAO LI HUATAI-PINEBRIDGE FU XIAOMING YANG JIANWEN TAO ERJIN XU ZHOU XIANG WEIMIN ZHOU CAO QIONG

Firm Name Capital Securities Corp China International Capital Corp SWS Research Co Ltd Central China Securities Founder Securities Industrial Securities China Galaxy Securities

Portfolio Name 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 n/a n/a n/a n/a n/a n/a

Analyst ZHU JIXIANG ANSON JINGBIAN NING SIYI HAN WU JIANXIONG WEI ZHOU WANG JIA WEI PAN

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG Co File Co File Co File EXCH Co File EXCH

Recommendation hold hold neutral add add buy speculative buy

Amt Held 1'076'556'437 53'234'998 1'267'636 601'489 383'368 367'820 197'031 90'700 71'115 45'785 43'277 27'337 20'000 15'508 14'050 10'000 10'000 8'500 8'000 3'800

% Out 79.27 3.92 0.09 0.04 0.03 0.03 0.01 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change 3 3 3 4 4 5 4

M M M M M N N

Latest Chg (105'484) (40'130) 61'092 (13'344) 3'200 1'327 (3'792) (2'800) (1'200)

Target Price #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

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 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 02.09.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.07.2013 26.07.2013 19.07.2013 09.08.2012 14.10.2009 25.08.2009 13.03.2009

09.09.2013

Zhe Jiang Daily Media Group Co Ltd Zhe Jiang Daily Media Group Co., Ltd is a media company. The Company's interests include communication and culture industries, investment, development, management and consulting services, information integration, radio, television and other multimedia content production and management, new media technology development and investment.

Price/Volume 45

30.0 M

25.0 M

35 30

20.0 M

12/2012 06/yy 43.28 9.89 7'224'919.00 41.42 -4.30% 318.81% 93.65% 594.1 24'609.44 390.00 0.0 552.4 406.68 24'654.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 371.9 1'152.8 3.18x (8.4) 291.2 (19.3) 209.2 Profitability

5.0 M

5 0 s-12

o-12

LTM-4Q 31.12.2011 1'266.0 4.73x 306.3 19.57x 220.7 21.52x

31.12.2012 1'363.2 4.65x 337.6 18.77x 221.3 25.96x 337.55 273.03 20.03% 20.77% 6.54% 13.48% 0.38% 43.2% 22.2% 16.2% 1.27 0.58 14.83% 37.91% 5.17 20.08

Price/ Cash Flow

06/yy 1'267.9 20.37x 0.0 0.00x 210.8 28.10x

n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'649.4 20.51x 0.0 0.00x 286.1 36.15x

a-13 m-13

j-13

a-13

FY+1

.0 M s-13

0.91 125.31 169.18% 211.05% 0.912 12 4.333 8'890'742 8'185'331 11'757'330 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'188.6 2'518.2 532.0 532.0 662.0 861.0 37.24x 28.63x 491.0 656.6 54.14x 46.33x S&P Issuer Ratings

16.43 11.83 37.9% 19.8% 0.38 2.72 70.57 18.18 77.12 -24.62

Sales/Revenue/Turnover

80.00

1'600.0

70.00

1'400.0

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

10.0 M

Fiscal Year Ended 31.12.2008 449.3 1.69x (20.3) (35.6) -

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.09.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600633 CH EQUITY YTD Change 600633 CH EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Zhe Jiang Daily Media Group Co Ltd Holdings By:

All

Holder Name ZHEJIANG DAILY MEDIA XINZHOU GROUP CO LTD CHINA UNIVERSAL ASSE GUOGUANG GLOBAL MEDI TAIKANG LIFE INSURAN XIANGCAI SECURITIES SHANGHAI WHITE CAT G RONGTONG PRE BLUE CH RONGTONG FUND MANAGE XIAN INVESTMENT HOLD SHANGHAI QIXI INVEST ICBC CREDIT SUISSE A SHANGHAI LIGHT INDUS ZJ NEW GANXIAN MEDIA SHANGHAI MECHANICAL ABC-CA FUND MANAGEME AXA SPDB INVESTMENT MANULIFE TEDA FUND M CITIC PRUDENTIAL FUN CHINA SOUTHERN FUND

Firm Name Chang Jiang Securities Co. Limited Northeast Securities Co Ltd Everbright Securities Co., Ltd Guotai Junan China Investment Securities Qilu Securities Co Ltd Goldman Sachs Guodu Securities Co Ltd Hong Yuan Securities Citic Securities Co., Ltd HuaChuang Securities Rising Securities Co.,LTD

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a RONGTONG PRE BLUE CH n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ZHIJIAN CHEN GENG YUN ZHANG LIANGWEI GAO HUI LENG XINGXING LIU JIANGXIAO LIAO XUFA ZHAO XIANDONG ZHANG ZEJING PI SHUN GAO LI ZHAO YUE

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-PART EXCH EXCH MF-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add add buy buy neutral add neutral/neutral buy add overweight buy outperform

Amt Held 295'668'528 41'943'851 28'669'064 17'985'611 15'265'635 14'388'489 13'683'281 11'612'734 11'612'734 10'791'366 9'122'302 7'341'066 3'930'000 3'580'516 2'191'200 1'277'853 946'401 503'400 460'150 427'436

% Out 49.76 7.06 4.83 3.03 2.57 2.42 2.3 1.95 1.95 1.82 1.54 1.24 0.66 0.6 0.37 0.22 0.16 0.08 0.08 0.07

Weighting

Change 4 4 5 5 3 4 3 5 4 5 5 5

M M M M M M N M N N M M

Latest Chg 13'587'495 11'612'734 2'808'239 824'467 946'401 503'400 460'150 29'600

Target Price #N/A N/A #N/A N/A 45 30 #N/A N/A #N/A N/A 21 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 30.06.2013 22.04.2013 22.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Corporation Investment Advisor n/a Insurance Company Investment Advisor Other n/a Investment Advisor Holding Company Investment Advisor Investment Advisor Government Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 29.08.2013 29.08.2013 28.08.2013 25.08.2013 15.08.2013 09.08.2013 22.07.2013 08.07.2013 06.02.2013 19.12.2012 25.09.2012

09.09.2013

China CSSC Holdings Ltd China CSSC Holdings Ltd. offers shipbuilding, ship components, ship repairing and diesel engines manufacturing. The Company distributes its products within the domestic market and to overseas markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600150 CH EQUITY YTD Change 600150 CH EQUITY YTD % CHANGE

12/2012 06/yy 25.95 14.98 25'530'711.00 18.99 -26.82% 26.77% 30.99% 1'378.1 26'170.45 15'058.42 0.0 2'167.9 18'702.68 23'572.63

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 25'175.4 29'784.8 1.75x 1.06x 2'822.3 3'539.8 15.63x 8.94x 2'500.6 2'608.5 20.65x 17.20x Profitability

LTM-4Q 31.12.2011 28'657.3 0.64x 3'504.5 5.24x 2'252.4 12.22x

31.12.2012 24'235.2 1.26x 721.6 42.34x 26.9 1162.00x 721.56 -295.47 -1.22% 0.97% -0.93% -2.22% 0.45% 5.0% -2.3% 0.1% 1.80 1.38 33.19% 85.96% 14.01 6.96

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

.0 M s-13

a-13

LTM

06/yy 27'353.9 3.41x 0.0 0.00x 1'445.9 21.90x

06/yy 18'890.8 5.36x 0.0 0.00x (393.0) 0.00x

1.17 375.41 -3.60% -18.24% 1.168 3 3.667 9'681'410 8'794'872 7'591'039

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

158.25x 118.69x S&P Issuer Ratings

1.08 -0.19 86.0% 43.3% 0.45 1.41 26.05 52.41 70.30 7.94

Sales/Revenue/Turnover

45.00

35'000.0

40.00

30'000.0

35.00

25'000.0

30.00 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

o-12

Fiscal Year Ended 31.12.2008 27'596.4 0.63x 4'389.0 3.96x 4'159.6 6.09x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

China CSSC Holdings Ltd Holdings By:

All

Holder Name CHINA STATE SHIPBUIL SHANGHAI ELECTRIC CO BAOSTEEL GROUP CORP CITIC GROUP INDUSTRIAL & COMM BA CITIC SECURITIES CO CHINA SOUTHERN FUND HARVEST FUND MANAGEM BANK OF CHINA LTD HUATAI-PINEBRIDGE FU GF SECURITIES CO LTD HUAAN FUND MANAGEMEN LION FUND MANAGEMENT E FUND MANAGEMENT CHINA ASSET MANAGEME TIANTONG ASSET MANAG GUOTAI ASSET MANAGEM ICBC CREDIT SUISSE A DACHENG FUND MANAGME GTJA ALLIANZ FUND MA

Firm Name Northeast Securities Co Ltd Capital Securities Corp Everbright Securities Co., Ltd China Securities Co., Ltd Industrial Securities SWS Research Co Ltd China Minzu Securities Co Ltd Bank of China International China Galaxy Securities Citic Securities Co., Ltd PingAn Securities China Merchants Securities Hanwha Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JIANGTAO WU TEAM COVERAGE LU ZHOU GAO XIAOCHUN WU HUA MILLER LI CAIXIA FU XU MINLE JU HOULIN ZHANG TING GUOJI YE LIU RONG BAN YOUNG-WOOK

Source Co File Co File Co File ULT-AGG Co File ULT-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add neutral accumulate add neutral neutral add buy buy buy neutral neutral not rated

Amt Held 841'523'925 67'885'282 50'360'697 20'800'000 17'765'364 17'033'662 14'171'159 4'380'961 4'368'219 2'526'786 2'431'120 1'716'862 1'441'816 1'354'592 1'063'260 819'526 621'618 620'397 562'403 536'801

% Out 61.06 4.93 3.65 1.51 1.29 1.24 1.03 0.32 0.32 0.18 0.18 0.12 0.1 0.1 0.08 0.06 0.05 0.05 0.04 0.04

Weighting

Change

4 3 4 4 3 3 4 5 5 5 3 3 #N/A N/A

M M M M M M N M M M M N M

Latest Chg (919'132) (3'012'974) (5'780) (149'807) 1'246'110 127'941 (49'168) 68'439 (56'691) (27'800) 6'419

Target Price #N/A N/A #N/A N/A 25 45 #N/A N/A #N/A N/A 38 41 31 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Government Government Government Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.04.2013 27.03.2013 03.02.2013 25.06.2012 20.12.2011 08.09.2011 03.05.2011 01.11.2010 01.06.2010 30.04.2010 31.03.2010 31.03.2010 05.02.2009

09.09.2013

Bank Of Nanjing Co Ltd Bank of Nanjing Co., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

Price/Volume 12 10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601009 CH EQUITY YTD Change 601009 CH EQUITY YTD % CHANGE

12/2012 06/yy 11.00 7.29 67'580'809.00 8.69 -21.00% 19.20% 24.26% 2'968.9 25'800.03 100'312.71 0.0 192.4 123'088.76 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 5'180.3 1'456.1 10.62x

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 s-13

31.12.2009 31.12.2010 5'435.7 8'340.3 1'543.7 2'310.9 23.04x 11.04x Profitability

LTM-4Q 31.12.2011 13'992.2 3'211.5 8.59x

31.12.2012 18'203.3 4'012.6 6.81x 54.17% 54.39% 1.14% 17.28% 3.14% 0.05% 43.8% 29.18% 407.47% -

Price/ Cash Flow

LTM

06/yy 16'942.3 0.00x 0.0 0.00x 3'806.2 6.65x

06/yy 19'310.2 0.00x 0.0 0.00x 4'232.2 5.93x

FY+1

0.98 2'489.94 14.52% -0.79% 0.979 14 3.929 15'423'320 12'994'500 12'575'240 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'377.0 12'168.0 2'420.0 2'420.0 4'583.3 5'303.4 1'020.0 1'020.0 5.69x 4.92x 5.43x 5.23x S&P Issuer Ratings

09.08.2011 BBBSTABLE 09.08.2011 A-3 407.5% 80.2% 0.05 9.58 -

Sales/Revenue/Turnover

25.00

20'000.0 18'000.0 16'000.0

20.00

14'000.0 15.00

12'000.0

10.00

10'000.0 8'000.0 6'000.0 4'000.0

5.00

2'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Bank Of Nanjing Co Ltd Holdings By:

All

Holder Name BNP PARIBAS INV PART NANJING ZIJING INVES NANJING XINGANG HIGH NANJING STATE-OWNED SINOPEC FINANCE CO L NANJING JINLING PHAR JIANGSU GUOXIN INVES NANJING TEXTILE INDU CHINA PACIFIC LIFE I HARVEST FUND MANAGEM ICBC CREDIT SUISSE A E FUND MANAGEMENT HUATAI-PINEBRIDGE FU HFT INVESTMENT MANAG CHINA MERCHANTS FUND CHINA ASSET MANAGEME CITIC PRUDENTIAL FUN GUOTAI ASSET MANAGEM CHINA SOUTHERN FUND JP MORGAN

Firm Name PingAn Securities Northeast Securities Co Ltd China International Capital Corp Guotai Junan Chang Jiang Securities Co. Limited Qilu Securities Co Ltd UBS SWS Research Co Ltd GF Securities Co. Ltd. Goldman Sachs Everbright Securities Co., Ltd Hong Yuan Securities Deutsche Bank Capital Securities Corp Sinolink Securities Co Ltd China Merchants Securities Citic Securities Co., Ltd China Securities Co., Ltd Tebon Securities Co Ltd Bank of China International Rising Securities Co.,LTD China Investment Securities China Minzu Securities Co Ltd Industrial Securities BOCOM International Holdings Central China Securities Great Wall Securities Founder Securities Guodu Securities Co Ltd HuaChuang Securities

Analyst GRACE LI YAYUN TANG JIE HUANG GUANHUA QIU LIU JUN JIAOYI CHENG JANET SUN JUN NI Mu Hua NING MA SHEN WEI ZHANG JIXIU TRACY YU XIE JIYONG JIANGANG CHEN LUO YI ZHU YAN #N/A N/A ZHANG FAN JINHUA YIN XIE AIHONG ZHANG ZHONGYANG ZHANG JING YIDONG ZHANG LI SHANSHAN CHEN XI CHENG BINBIN WEI ZHOU DENG TING GAO LI

Source ULT-AGG Co File Co File Co File Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy add accumulate add buy add neutral buy add Sell/Neutral buy add not rated buy neutral buy overweight add buy buy neutral buy buy strong buy long-term buy add neutral add buy buy

Amt Held 437'620'740 365'996'746 333'450'000 42'634'346 34'708'274 33'800'000 32'365'967 32'256'571 25'328'501 16'902'776 12'981'049 12'491'794 12'481'644 11'286'219 9'500'000 9'489'296 9'201'411 8'614'748 7'325'290 7'099'675

% Out 14.74 12.33 11.23 1.44 1.17 1.14 1.09 1.09 0.85 0.57 0.44 0.42 0.42 0.38 0.32 0.32 0.31 0.29 0.25 0.24

Weighting

Change

5 4 4 4 5 4 3 5 4 1 5 4 #N/A N/A 5 3 5 5 4 5 5 3 5 5 5 5 4 3 4 5 5

M M M U M M M M N M M M M M N M M M M U D M M U M N N M M M

Latest Chg 53'656'647 (11'268'650) 7'507'061 (24'232'960) 2'756'725 11'279'219 9'500'000 (8'213'005) 4'599'987 (9'442'260) 5'688'706 7'099'675

Target Price #N/A N/A #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A 8 #N/A N/A #N/A N/A 8 11 8 #N/A N/A 15 #N/A N/A #N/A N/A 11 11 #N/A N/A 11 #N/A N/A #N/A N/A 14 #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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Holding Company Holding Company Other Investment Advisor Government Corporation Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 30.08.2013 30.08.2013 20.08.2013 18.08.2013 11.08.2013 07.08.2013 19.07.2013 19.06.2013 12.06.2013 02.06.2013 11.05.2013 12.04.2013 19.02.2013 29.10.2012 23.07.2012 29.06.2012 25.06.2012 07.06.2012 24.02.2012 20.12.2011 02.12.2011 01.12.2011 29.11.2011 07.11.2011 31.10.2011 23.05.2011 20.03.2011 15.03.2011 06.04.2010

09.09.2013

Avic Investment Holdings Co Ltd AVIC Investment Holdings Co., Ltd. provides railroad passenger and freight transportation services. Through its subsidiaries, the Company also operates in commercial trading, manufactures wood products and pharmaceuticals, as well as provides technical and brokerage services.

Price/Volume 25

90.0 M 80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600705 CH EQUITY YTD Change 600705 CH EQUITY YTD % CHANGE

12/2012 06/yy 19.97 8.99 58'948'260.00 18.26 -8.56% 103.11% 69.31% 1'522.5 27'800.31 48'623.11 0.0 4'859.1 23'643.41 63'028.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 30.0 M 20.0 M

10.0 M 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 0.0 (1.2) 0.1 -

50.0 M

31.12.2009 31.12.2010 0.0 (6.9) (4.1) 0.1 878.3 Profitability

LTM-4Q 31.12.2011 3'314.8 1'551.6 638.3 -

31.12.2012 4'267.6 11.87x 1'876.3 26.99x 722.2 26.27x 1'876.33 1'820.80 42.67% 49.69% 1.43% 14.97% 0.08% 82.5% 44.0% 16.9% 0.96 0.52 74.67% 916.56% 80.82 61.58

Price/ Cash Flow

06/yy 4'910.1 0.00x 0.0 0.00x 887.4 0.00x

LTM 06/yy 4'551.4 32.63x 0.0 0.00x 451.8 44.62x

FY+1

.0 M s-13

645.63 55.99% 34.98% 5 4.600 21'478'140 12'633'220 14'638'410 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'427.5 5'428.5 1'023.0 1'324.3 26.93x 20.92x S&P Issuer Ratings

16.05 12.33 916.6% 82.7% 0.08 19.83 4.52 5.93 100.86 -105.24

Sales/Revenue/Turnover

70.00

4'500.0

60.00

4'000.0 3'500.0

50.00

3'000.0

40.00

2'500.0

30.00

2'000.0 1'500.0

20.00

1'000.0

10.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Avic Investment Holdings Co Ltd Holdings By:

All

Holder Name AVIATION INDUSTRY CO HARBIN RAILROAD BURE HEILONGJIANG HONGTON HAITONG SECURITIES C HEILONGJIANG FINANCI DAQING PETROLEUM MGM HARBIN NORTH ASSETS YANG ZHIWEN YANG HUIMIN SHANGHAI MEIJIN TECH AEGON INDUSTRIAL FUN GUANGFA SECURITIES C LIU TAO YU LINGSHU SHENG YUHONG CHEN FURONG YANG PENGCHENG LION FUND MANAGEMENT FULLGOAL FUND MANAGE GAO PENGFEI

Firm Name GF Securities Co. Ltd. China Minzu Securities Co Ltd Northeast Securities Co Ltd SWS Research Co Ltd Everbright Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a LION THEME SELECTION Multiple Portfolios n/a

Analyst CONG LI SONG JIAN XINAN ZHAO SUSIE WANG LU ZHOU

Source ULT-AGG Co File Co File Co File Co File Co File Co File Co File Co File Co File MF-AGG Co File Co File Co File Co File Co File Co File MF-PART MF-AGG Co File

Recommendation buy add add outperform buy

Amt Held 777'828'113 31'078'586 18'174'611 9'310'356 6'767'548 6'506'510 6'481'260 5'413'692 5'165'709 5'015'315 3'399'940 2'999'929 2'996'547 2'723'436 2'441'773 2'149'872 2'080'000 1'931'700 1'904'257 1'600'000

% Out 51.09 2.04 1.19 0.61 0.44 0.43 0.43 0.36 0.34 0.33 0.22 0.2 0.2 0.18 0.16 0.14 0.14 0.13 0.13 0.11

Weighting

Change 5 4 4 5 5

M D M M N

Latest Chg 3'399'940 1'931'700 1'904'257 -

Target Price 21 #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 |

Date 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Government Corporation Investment Advisor Bank Government Government n/a n/a Other Investment Advisor Investment Advisor n/a n/a n/a n/a n/a Investment Advisor Investment Advisor n/a

Date 28.08.2013 28.08.2013 22.08.2013 17.07.2013 17.02.2013

09.09.2013

Wuhan Iron & Steel Co Ltd Wuhan Iron & Steel Co., Ltd. manufactures and markets cold rolled steel plates and silicon steel sheets. The Company also invests in metallurgical technology development and provides related technical services.

Price/Volume 4

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600005 CH EQUITY YTD Change 600005 CH EQUITY YTD % CHANGE

12/2012 06/yy 3.10 2.15 27'946'872.00 2.43 -21.61% 13.02% 26.32% 10'093.8 24'527.89 40'270.09 0.0 1'143.4 1'613.67 66'140.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 72'952.8 0.86x 10'680.0 5.85x 5'185.0 7.22x

40.0 M

31.12.2009 31.12.2010 53'556.5 86'686.1 1.70x 0.77x 6'317.6 8'784.8 14.42x 7.63x 1'515.4 1'891.6 42.90x 17.74x Profitability

LTM-4Q 31.12.2011 100'824.0 0.68x 8'311.7 8.30x 1'083.6 26.51x

31.12.2012 91'292.7 0.74x 6'458.6 10.49x 210.0 131.90x 6'458.61 1'202.55 1.32% 0.12% 0.54% 1.50% 0.91% 5.1% 1.6% 0.2% 0.49 0.23 40.79% 113.08% 10.38 5.72

Price/ Cash Flow

LTM

06/yy 95'355.8 2.88x 0.0 0.00x (7.2) 0.00x

06/yy 90'366.8 2.93x 0.0 0.00x 535.7 41.98x

FY+1

.0 M s-13

0.84 3'014.79 -3.17% -11.91% 0.839 6 4.000 31'786'260 16'672'150 17'031'190 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 96'013.8 98'636.0 8'884.0 10'613.0 7.44x 6.23x 777.5 1'207.3 38.57x 23.14x S&P Issuer Ratings

3.39 1.08 113.1% 52.3% 0.91 1.35 35.18 63.76 75.57 33.37

Sales/Revenue/Turnover

700.00

120'000.0

600.00

100'000.0

500.00

80'000.0

400.00

60'000.0 300.00

40'000.0 200.00

20'000.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Wuhan Iron & Steel Co Ltd Holdings By:

All

Holder Name WUHAN IRON & STEEL G SHENZHEN JIFU VENTUR YANG TAO PICC HEALTH INSURANC HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU ZHANG WENMIN CHINA ASSET MANAGEME DATON SECURITIES CO E FUND MANAGEMENT CHINA ASSET MANAGEME GUOTAI ASSET MANAGEM DACHENG FUND MANAGME GTJA ALLIANZ FUND MA CHINA UNIVERSAL ASSE BANK OF CHINA INVEST ICBC CREDIT SUISSE A CHINA SOUTHERN FUND BOSHI FUND MANAGEMEN E FUND MANAGEMENT

Firm Name Chang Jiang Securities Co. Limited Capital Securities Corp Masterlink Securities SWS Research Co Ltd Qilu Securities Co Ltd China International Capital Corp Hong Yuan Securities Industrial Securities Tebon Securities Co Ltd China Investment Securities China Merchants Securities China Securities Co., Ltd China Galaxy Securities GuoSen Securities Co Ltd Bank of China International

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LIU YUANRUI LI XIAOLU SARAH WANG KERRY HE DU HUI LUO WEI ZHAO LIMING LAN JIE TEAM COVERAGE CHU XUELIANG ZHANG SHIBAO WANG ZHE SUN YONG WANG ZHAOHUA LE YUKUN

Source EXCH Co File Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add neutral buy outperform add neutral buy buy outperform buy buy add speculative buy neutral buy

Amt Held 6'795'503'954 209'901'791 51'470'795 43'291'563 41'035'470 23'159'594 22'102'100 15'200'083 14'390'277 8'122'479 7'817'717 4'661'555 4'551'951 3'931'738 3'349'087 2'820'916 2'745'588 2'559'892 2'460'331 2'338'724

% Out 67.32 2.08 0.51 0.43 0.41 0.23 0.22 0.15 0.14 0.08 0.08 0.05 0.05 0.04 0.03 0.03 0.03 0.03 0.02 0.02

Weighting

Change 4 3 5 5 4 3 5 5 5 5 5 4 4 3 5

M M M U M M N M M M M M M N M

Latest Chg (20'698'861) (2'471'318) (11'232'500) (862'082) 600'552 (377'900) 47'333 (162'228) 111'897 (2'200'239) (1'661'220) (5'657'315) -

Target Price #N/A N/A 5 3 #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 10 5 #N/A N/A #N/A N/A 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.07.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013

Date 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 Not Provided Not Provided

Inst Type Government Venture Capital n/a Insurance Company Investment Advisor Investment Advisor n/a Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 27.08.2013 20.08.2013 22.07.2013 02.05.2013 05.03.2013 28.08.2012 24.04.2012 18.02.2012 11.01.2012 26.01.2011 08.12.2010 18.05.2010 01.03.2010 27.08.2009

09.09.2013

Hainan Airlines Co Ltd Hainan Airlines Co., Ltd. provides passenger and freight air transportation. The Company also provides charter flight services.

Price/Volume 3

250.0 M

200.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (26.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600221 CH EQUITY YTD Change 600221 CH EQUITY YTD % CHANGE

12/2012 06/yy 2.63 1.83 157'487'749.00 2.06 -21.52% 12.88% 23.12% 11'812.7 25'211.65 58'236.41 0.0 111.7 22'312.40 64'142.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

50.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 13'167.4 2.76x 1'159.9 31.30x (1'414.4) -

150.0 M

Valuation Analysis

31.12.2009 31.12.2010 15'052.7 21'078.6 3.63x 3.38x 2'554.3 6'510.5 21.38x 10.95x 334.7 3'013.9 50.14x 10.24x Profitability

LTM-4Q 31.12.2011 25'470.4 2.22x 6'373.4 8.87x 2'631.3 6.48x

31.12.2012 27'992.4 2.21x 6'425.2 9.61x 1'927.8 9.88x 6'425.22 3'989.03 14.25% 9.48% 2.30% 10.81% 0.32% 23.0% 12.7% 6.9% 0.73 0.65 62.81% 244.72% 61.55 233.34

Price/ Cash Flow

LTM

06/yy 27'691.7 8.24x 0.0 0.00x 2'460.8 7.45x

06/yy 28'585.3 9.48x 0.0 0.00x 2'073.9 11.77x

FY+1

0.98 4'506.12 4.61% -0.58% 0.977 5 3.800 88'337'180 60'043'060 42'275'210 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 32'836.0 37'012.5 2'053.0 2'164.0 14.21x 10.67x S&P Issuer Ratings

1.76 -0.50 244.7% 70.9% 0.32 0.64 5.93 1.56 72.01 -44.46

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Hainan Airlines Co Ltd Holdings By:

All

Holder Name GRAND CHINA AIR CO L HAIKOU MEILAN INTL A HNA GROUP CO LTD HAINAN DEV HOLDINGS ZHONGHAI TRUST CO LT CHANGJIANG LEASING C ZHONGTIE TRUST CO SINOSAFE GEN INSUR C HAITONG SECURITIES C SHAANXI INTL TRUST C RONGTONG FUND MANAGE EVERBRIGHT PRAMERICA INVESCO GREAT WALL F CHINA ASSET MANAGEME HARVEST FUND MANAGEM BOSHI FUND MANAGEMEN XI'AN RONGXIN AGRI T CHINA INTERNATIONAL HUATAI-PINEBRIDGE FU BOSERA FUND MANAGEME

Firm Name Capital Securities Corp EVA Dimensions GF Securities Co. Ltd. PingAn Securities HuaChuang Securities Citic Securities Co., Ltd Industrial Securities Hong Yuan Securities China Investment Securities Everbright Securities Co., Ltd Bank of China International China Galaxy Securities AJ Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LI XIAOLU TIMOTHY STANISH YANG ZHIQING SUN CHAO CHEN JUAN ZHANG HONGBO ZENG XU PANG LINLIN XIE HONG CHEN XIN DU JIANPING MAO ANG LE MINYANG

Source Co File Co File Co File Co File EXCH Co File Co File Co File Co File EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation hold sell buy buy buy buy neutral buy buy buy buy speculative buy buy

Amt Held 3'432'789'486 862'848'902 595'238'094 595'238'094 589'700'000 517'671'098 493'000'000 397'199'862 396'437'878 393'100'000 187'000'000 174'262'838 158'569'771 32'280'292 21'578'274 16'183'524 15'835'400 13'999'844 10'890'632 10'851'730

% Out 29.06 7.3 5.04 5.04 4.99 4.38 4.17 3.36 3.36 3.33 1.58 1.48 1.34 0.27 0.18 0.14 0.13 0.12 0.09 0.09

Weighting

Change 3 1 5 5 5 5 3 5 5 5 5 4 5

M N M M M U M N M M U U D

Latest Chg 49'000'000 (50'432) 135'945'713 2'636'128 (15'004'498) 11'331'196 13'999'844 (24'590) 9'911'696

Target Price 2 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 3 2 5 #N/A N/A 8 5 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 13.08.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 13.08.2012 30.06.2013 30.06.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month 6 month Not Provided 6 month Not Provided Not Provided Not Provided

Inst Type Corporation Corporation Corporation Other Investment Advisor Corporation Other Insurance Company Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 07.08.2013 04.07.2013 18.12.2012 05.11.2012 08.06.2012 04.04.2012 30.08.2011 02.03.2011 26.02.2011 01.11.2010 16.04.2010 02.04.2010

09.09.2013

Huayu Automotive Systems Co Ltd Huayu Automotive Systems Company Limited manufactures and sells auto parts. The Company's main products include interior and exterior auto parts, functional assembly autoparts and thermo processed auto parts etc.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.12.2012) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600741 CH EQUITY YTD Change 600741 CH EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 11.20 7.20 20'050'746.00 9.25 -17.41% 28.47% 48.75% 2'583.2 23'894.60 2'512.70 0.0 7'336.0 12'928.02 19'798.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 31.12.2008 6'930.4 0.71x 635.8 7.78x 1'003.0 3.56x

31.12.2009 31.12.2010 24'641.3 44'778.3 1.14x 0.52x 2'245.9 4'367.1 12.47x 5.36x 1'530.9 2'553.7 16.78x 10.31x Profitability

LTM-4Q 31.12.2011 52'176.5 0.40x 4'962.0 4.18x 2'990.4 8.00x

31.12.2012 57'733.0 0.45x 5'340.6 4.83x 3'103.7 9.31x 5'340.56 4'181.91 7.24% 10.78% 6.52% 17.17% 1.27% 16.1% 6.8% 5.4% 1.52 1.22 5.21% 13.04% 5.16 15.45

Price/ Cash Flow

LTM

06/yy 54'430.0 1.63x 0.0 0.00x 3'053.4 7.59x

06/yy 62'665.4 1.34x 0.0 0.00x 3'202.7 6.29x

FY+1

1.01 1'015.75 13.94% -13.07% 1.008 13 4.615 12'376'700 19'465'930 16'034'340 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 64'331.0 71'529.8 15'929.0 16'579.0 6'505.5 7'097.0 3.04x 2.79x 3'330.0 3'891.8 7.01x 6.28x S&P Issuer Ratings

91.63 48.94 13.0% 8.6% 1.27 8.48 70.67 23.62 91.01 4.72

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Huayu Automotive Systems Co Ltd Holdings By:

All

Holder Name SHANGHAI AUTO INDUST HUAAN FUND MANAGEMEN CHINA SOUTHERN FUND BOSHI FUND MANAGEMEN INVESCO GREAT WALL F LION FUND MANAGEMENT FULLGOAL FUND MANAGE SOCIAL SECURITY FUND ABC-CA FUND MANAGEME EVERBRIGHT PRAMERICA HFT INVESTMENT MANAG GALAXY ASSET MANAGEM GF FUND MANAGEMENT C CHINA ASSET MANAGEME HARVEST FUND MANAGEM FIRST STATE CINDA FU BANK OF CHINA INVEST CCB PRINCIPAL ASSET YINHUA FUND MANAGEME AEGON INDUSTRIAL FUN

Firm Name PingAn Securities Sinolink Securities Co Ltd Everbright Securities Co., Ltd Capital Securities Corp Goldman Sachs Northeast Securities Co Ltd Guodu Securities Co Ltd China Minzu Securities Co Ltd EVA Dimensions Rising Securities Co.,LTD China International Capital Corp Citic Securities Co., Ltd Bank of China International SWS Research Co Ltd China Securities Co., Ltd China Merchants Securities Central China Securities Great Wall Securities AJ Securities Hong Yuan Securities Industrial Securities China Galaxy Securities

Portfolio Name n/a 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DE AN WANG WU WENZHAO WEI FENG HAN WEIQI YIPENG YANG LIU LIXI XIAO SHIJUN CAO HE CRAIG STERLING WANG LIANG ZHENG DONG LI CHUNBO WANG YUSHENG CHANG LU CHEN ZHENG WANG LIUSHENG XU MINFENG RAN FEI ZHANG ZHIPENG ZU GUANGPING LI GANGLING LI DAN

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy strong buy not rated buy buy add underweight outperform buy buy buy outperform buy buy add buy buy add buy buy

Amt Held 1'552'448'271 89'921'463 61'736'499 33'754'876 32'630'240 30'515'528 15'484'895 15'000'000 14'583'245 14'368'752 13'346'940 13'051'064 12'343'678 12'342'378 10'947'095 9'390'803 8'379'846 8'318'565 7'561'415 7'369'201

% Out 60.1 3.48 2.39 1.31 1.26 1.18 0.6 0.58 0.56 0.56 0.52 0.51 0.48 0.48 0.42 0.36 0.32 0.32 0.29 0.29

Weighting

Change

5 5 5 5 #N/A N/A 5 5 4 1 5 5 5 5 5 5 5 4 5 5 4 5 5

M M M M M M M M U M M M M M M M M M M M M M

Latest Chg (18'593'828) 32'206'727 (2'105'916) (32'794'443) 29'267'410 3'967'932 6'475'180 13'861'924 (1'387'767) 4'727'902 11'782'353 6'845'640 (9'686'296) 8'547'817 7'679'546 3'341'393 7'497'554 5'837'619

Target Price 13 13 12 14 #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A #N/A N/A 15 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 30.06.2013 30.06.2013 31.12.2012 28.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.08.2013 19.08.2013 17.08.2013 16.08.2013 14.08.2013 12.07.2013 30.06.2013 28.06.2013 10.06.2013 22.04.2013 26.03.2013 13.03.2013 14.01.2013 29.10.2012 25.06.2012 15.06.2012 19.03.2012 30.12.2011 22.12.2011 28.11.2011 25.08.2011 08.01.2010

09.09.2013

Zhengzhou Yutong Bus Co Ltd Zhengzhou Yutong Bus Co., Ltd. manufactures and markets medium and large size buses.

Price/Volume 25

35.0 M 30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600066 CH EQUITY YTD Change 600066 CH EQUITY YTD % CHANGE

12/2012 06/yy 20.20 11.06 14'274'885.00 19.11 -5.40% 72.85% 86.88% 1'273.7 24'340.60 1'013.23 0.0 4.7 3'054.54 22'223.12

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

15.0 M 10.0 M

5.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 8'305.7 0.49x 602.7 6.70x 531.0 8.82x

31.12.2009 31.12.2010 8'742.8 13'573.1 1.23x 0.87x 804.4 1'236.2 13.32x 9.60x 563.5 868.7 18.51x 12.59x Profitability

LTM-4Q 31.12.2011 16'849.5 0.71x 1'556.8 7.69x 1'181.4 10.42x

31.12.2012 19'646.7 0.80x 1'831.7 8.59x 1'549.7 10.91x 1'831.73 1'539.83 7.84% 8.98% 11.55% 23.45% 1.52% 19.3% 7.1% 7.9% 1.56 1.09 7.10% 13.85% 5.44 22.98

Price/ Cash Flow

LTM

06/yy 18'824.6 2.47x 0.0 0.00x 1'372.5 9.43x

06/yy 21'011.6 3.21x 0.0 0.00x 1'592.1 14.38x

FY+1

.0 M s-13

0.81 836.88 44.20% 39.34% 0.810 19 4.737 10'616'600 8'419'805 8'568'868 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 22'837.5 26'207.7 0.95x 0.76x 2'395.0 2'750.3 9.28x 8.08x 1'757.5 2'046.3 439.0 639.0 13.81x 11.73x S&P Issuer Ratings

57.99 -2.03 13.9% 12.2% 1.52 6.56 67.13 15.89 72.98 20.90

Sales/Revenue/Turnover

160.00

25'000.0

140.00

20'000.0

120.00 100.00

15'000.0

80.00

10'000.0

60.00 40.00

5'000.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Zhengzhou Yutong Bus Co Ltd Holdings By:

All

Holder Name ZHENGZHOU YUTONG GRO E FUND MANAGEMENT BOSHI FUND MANAGEMEN DACHENG FUND MANAGME CHINA HIGHWAY VEHICL ICBC CREDIT SUISSE A YINHUA FUND MANAGEME BANK OF CHINA INVEST GUOTAI ASSET MANAGEM GF FUND MANAGEMENT C CHINA LIFE INSURANCE UBS SDIC FUND MANAGE CHINA MERCHANTS FUND CHINA ASSET MANAGEME FORTUNE SGAM FUND MA HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU ORIENT FUND MANAGEME INVESCO GREAT WALL F NORGES BANK

Firm Name Capital Securities Corp PingAn Securities Northeast Securities Co Ltd SWS Research Co Ltd Sinolink Securities Co Ltd China Investment Securities Everbright Securities Co., Ltd Guodu Securities Co Ltd Chang Jiang Securities Co. Limited China Minzu Securities Co Ltd UBS Hong Yuan Securities China International Capital Corp EVA Dimensions Citic Securities Co., Ltd Guotai Junan HuaChuang Securities Bank of China International Great Wall Securities China Merchants Securities Industrial Securities AJ Securities Central China Securities China Securities Co., Ltd

Portfolio Name n/a Multiple Portfolios 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HAN WEIQI YU BING LIU LIXI CHANG LU WU WENZHAO ZHANG LEI WEI FENG XIAO SHIJUN LIU YUANRUI CAO HE TIANLONG ZOU HE YADONG ZHENG DONG TIMOTHY STANISH LI CHUNBO BAI XIAOLAN WANG YANXUE ERIC HU RAN FEI WANG LIUSHENG LI GANGLING ZHANG ZHIPENG XU MINFENG CHEN ZHENG

Source Co File MF-AGG MF-AGG MF-AGG Co File 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 MF-AGG MF-AGG

Recommendation buy strong buy buy outperform buy strong buy buy buy buy add buy buy buy underweight buy buy strong buy buy buy strong buy strong buy strong buy add buy

Amt Held 400'191'543 76'274'723 40'093'294 38'496'917 29'590'128 24'354'425 22'916'128 20'868'800 19'758'340 19'396'137 15'315'004 12'597'890 12'377'106 10'248'225 9'841'430 8'812'163 8'264'000 8'261'196 8'024'157 7'714'504

% Out 31.42 5.99 3.15 3.02 2.32 1.91 1.8 1.64 1.55 1.52 1.2 0.99 0.97 0.8 0.77 0.69 0.65 0.65 0.63 0.61

Weighting

Change 5 5 5 5 5 5 5 5 5 4 5 5 5 1 5 5 5 5 5 5 5 5 4 5

M M M M M M M M N M U M M M M M M M M M M M M U

Latest Chg 14'237'564 (6'945'539) 5'667'460 6'973'474 (5'489'659) 9'189'465 9'101'499 6'584'066 10'194'197 658'472 (997'307) 9'723'147 (5'010'115) 2'607'177 (11'259'885) 3'357'023 -

Target Price 21 22 #N/A N/A #N/A N/A #N/A N/A 20 21 #N/A N/A #N/A N/A 23 21 22 #N/A N/A #N/A N/A 17 17 #N/A N/A 17 16 #N/A N/A #N/A N/A 12 #N/A N/A 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 30.06.2013 31.12.2012

Date Not Provided 6 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month 6 month Not Provided Not Provided 6 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 6 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 03.09.2013 03.09.2013 27.08.2013 27.08.2013 20.08.2013 19.08.2013 17.08.2013 05.08.2013 11.07.2013 28.06.2013 19.06.2013 18.06.2013 18.06.2013 06.06.2013 26.04.2013 26.03.2013 03.02.2013 22.01.2013 03.11.2012 20.07.2012 14.04.2012 08.02.2012 17.12.2010 08.12.2010

09.09.2013

China COSCO Holdings Co Ltd China COSCO Holdings Company Ltd. offers marine freight transportation services. The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally. China COSCO operates container ships and terminals, and manufactures shipping containers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601919 CH EQUITY YTD Change 601919 CH EQUITY YTD % CHANGE

12/2011 06/yy 4.66 2.68 26'866'626.00 3.45 -25.97% 28.73% 30.81% 7'635.7 34'490.57 94'631.46 0.0 16'560.6 46'336.79 98'344.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 131'838.9 0.56x 21'072.8 3.53x 11'606.1 4.18x

5 5 4 4 3 3 2 2 1 1 0 s-12

31.12.2009 31.12.2010 55'211.7 96'487.6 2.80x 1.24x (3'783.8) 9'955.8 11.97x (7'539.8) 6'785.5 10.52x Profitability

LTM-4Q 31.12.2011 84'639.2 1.07x (8'724.7) (10'495.3) -

31.12.2012 88'329.1 1.20x (3'886.4) (9'559.2) -3'886.40 -7'713.79 -8.73% -8.37% -3.49% -21.25% 0.47% -2.5% -3.6% -8.8% -10.8% 1.56 1.37 57.28% 376.46% 10.33 22.21

LTM

06/yy 68'869.3 4.63x 0.0 0.00x (12'609.8) 0.00x

06/yy 67'342.2 5.69x 0.0 0.00x (5'677.6) 0.00x

FY+1

.0 M s-13

0.00 1.11 1'915.66 -17.27% -21.77% 1.106 10 2.900 20'985'140 13'868'200 11'786'940 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 72'391.0 79'576.1 15'824.0 18'772.0 1.44x 1.32x 1'381.8 6'292.0 71.17x 15.63x (682.3) (1'043.0) (1'804.0) 289.0 S&P Issuer Ratings

-1.55 -6.10 -37.22 376.5% 69.4% 0.47 0.94 35.33 16.43 50.63 12.63

Sales/Revenue/Turnover

140'000.0 120'000.0 100'000.0

0.80

80'000.0 0.60

60'000.0

0.40

40'000.0 20'000.0

0.20

0.0 0.00

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 |

09.09.2013

China COSCO Holdings Co Ltd Holdings By:

All

Holder Name CHINA OCEAN SHIPPING SOCIAL SECURITY FUND CHINA SOUTHERN FUND CHINA NATIONAL NUCLE SINOCHEM CORP CHINA AEROSPACE SCIE CHINA MINMETALS CORP CHINA ENERGY CONSERV AEROSPACE SCI & TECH BEIJING CAPITAL INVE CAISSE DE DEPOT ET P TIANTONG ASSET MANAG CHINA ASSET MANAGEME HARVEST FUND MANAGEM GUOTAI ASSET MANAGEM LION FUND MANAGEMENT CHINA UNIVERSAL ASSE GF FUND MANAGEMENT C PENGHUA FUND MANAGEM AEGON INDUSTRIAL FUN

Firm Name Chang Jiang Securities Co. Limited Capital Securities Corp China International Capital Corp SWS Research Co Ltd Jefferies UBS Goldman Sachs Sinolink Securities Co Ltd Masterlink Securities Rising Securities Co.,LTD China Securities Co., Ltd China Merchants Securities Industrial Securities Bank of China International PingAn Securities Citic Securities Co., Ltd HuaChuang Securities China Investment Securities China Galaxy Securities Northeast Securities Co Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HAN YICHAO TEAM COVERAGE NIE DIZHONG AMOS ZHANG JOHNSON LEUNG JEAN RAO RONALD KEUNG HUANG JINXIANG SARAH WANG XUE MINGJIE LI LEI TAO CHANG YUNTAO JI DU JIANPING CHU HAI ZHANG HONGBO GAO LI SUN MIN MAO ANG XIANG XU

Source Co File Co File MF-AGG Co File Co File ULT-AGG ULT-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral neutral accumulate outperform underperform sell Sell/Neutral neutral hold outperform add buy neutral hold strong buy hold neutral strong buy speculative buy neutral

Amt Held 5'313'082'844 178'386'745 99'169'055 72'000'000 40'000'000 40'000'000 31'000'000 23'500'000 22'044'941 20'000'000 6'504'895 3'291'479 3'201'807 2'881'824 2'578'987 2'397'029 2'068'038 1'263'636 412'464 390'000

% Out 69.58 2.34 1.3 0.94 0.52 0.52 0.41 0.31 0.29 0.26 0.09 0.04 0.04 0.04 0.03 0.03 0.03 0.02 0.01 0.01

Weighting

Change 3 3 4 5 1 1 1 3 3 5 4 5 3 3 5 3 3 5 4 3

M M U M M M M M M M M M M M M M D U U M

Latest Chg 13'008'086 (1'378'782) (2'064'351) (11'629'599) 280'800 (148'432) (68'790) 19'205 (357'368) (82'155)

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 3 3 3 #N/A N/A 5 #N/A N/A 6 #N/A N/A #N/A N/A 5 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2010 31.12.2010 31.12.2012 31.12.2010 31.12.2010 31.12.2009 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided 12 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 Government Government Investment Advisor Government Government Government Government Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.09.2013 30.08.2013 30.08.2013 30.08.2013 08.07.2013 19.04.2013 01.04.2013 29.03.2013 23.01.2013 21.11.2012 25.06.2012 10.06.2012 26.04.2012 30.03.2012 11.03.2012 27.02.2012 27.06.2011 07.04.2011 26.11.2009 30.10.2009

09.09.2013

Henan Dayou Energy Co Ltd Henan Dayou Energy Co., Ltd. designs and develops computer software. The main products are customized and integrated software for the communication industry. The Company also sells networking equipment.

Price/Volume 14

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.01.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600403 CH EQUITY YTD Change 600403 CH EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

2 0 s-12

31.12.2009 31.12.2010 311.2 8'576.0 4.45x 0.60x 58.1 2'856.1 23.81x 1.80x 21.9 1'180.9 75.49x 3.66x Profitability

LTM-4Q 31.12.2011 12'024.3 1.68x 3'954.2 5.10x 2'539.5 8.01x

31.12.2012 12'560.4 1.75x 2'922.5 7.54x 1'788.6 10.29x 2'922.50 2'395.43 19.07% 19.13% 14.24% 24.26% 0.99% 31.5% 18.1% 14.2% 1.55 1.40 11.14% 18.42% 5.96 20.22

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

LTM

06/yy 13'233.8 6.23x 0.0 0.00x 2'749.2 6.24x

06/yy 13'213.1 6.13x 0.0 0.00x 1'905.9 9.43x

FY+1

.0 M s-13

1.36 508.58 -5.56% -3.50% 1.365 10 4.400 4'100'291 9'674'145 7'833'910 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'198.2 15'113.2 1'882.3 2'003.8 12.16x 11.57x S&P Issuer Ratings

26.94 14.73 18.4% 15.2% 0.99 2.13 61.29 18.05 54.47 4.09

Sales/Revenue/Turnover

90.00

14'000.0

80.00

12'000.0

70.00

10'000.0

60.00 50.00

8'000.0

40.00

6'000.0

30.00

4'000.0

20.00

2'000.0

10.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 294.6 1.36x 48.3 8.27x 13.0 48.13x

15.0 M

12/2012 06/yy 12.86 7.25 6'415'174.00 9.75 -24.15% 34.48% 38.89% 2'390.8 23'310.42 1'843.40 0.0 303.6 4'735.90 21'525.05

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Henan Dayou Energy Co Ltd Holdings By:

All

Holder Name YIMA COAL GROUP CO L CHINA ASSETS MANAGEM CQ XINFEI ASSET MGMT CHINA CINDA ASSET MA CHINA UNIVERSAL ASSE YINGDA FUND CO SZ PINGAN VEN CAP HUIXIANG TIANYUAN IN SH FUXIN COMMUNIC TE HUAAN FUND CO NANJING BEIHAO TECHN ZHONGGUANG CABLE NET SOOCHOW ASSET MANAGE ICBC CS STABLE GROWT CHINA UNIVERSAL BALA ICBC CS DIVIDEND FD CHINA UNIVERSAL SOCI ICBC CREDIT SUISSE A YUNSHAN MA FULLGOAL FUND MANAGE

Firm Name GF Securities Co. Ltd. Everbright Securities Co., Ltd Northeast Securities Co Ltd EVA Dimensions Chang Jiang Securities Co. Limited China Investment Securities Qilu Securities Co Ltd Hong Yuan Securities Guodu Securities Co Ltd Great Wall Securities HuaChuang Securities AJ Securities PingAn Securities China Merchants Securities Industrial Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a SOOCHOW HANGYE LUNDO n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst AN PENG CHEN HAOWU WANG SHI DOUG WALTERS JUN GE ZHANG LEI ZHAOLIANG LIU WANG JINGLE WANG SHUBAO LIU FEI HAN ZHENGUO WANG SIWEI SHUN ZHANG LU PING LIU JIANGANG

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File EXCH EXCH MF-PART EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG

Recommendation buy buy add hold add strong buy hold buy buy strong buy buy neutral strong buy strong buy buy

Amt Held 1'412'383'126 115'160'000 114'000'000 95'969'288 95'960'000 95'960'000 95'800'000 70'663'188 51'851'172 40'000'000 24'140'000 12'627'784 10'209'260 9'870'272 8'142'650 7'560'000 6'101'770 5'066'600 4'800'000 3'699'504

% Out 59.08 4.82 4.77 4.01 4.01 4.01 4.01 2.96 2.17 1.67 1.01 0.53 0.43 0.41 0.34 0.32 0.26 0.21 0.2 0.15

Weighting

Change 5 5 4 3 4 5 3 5 5 5 5 3 5 5 5

N M M D N M D M M M D D M M D

Latest Chg 10'209'260 (10'826'824) 3'559'498

Target Price #N/A N/A 13 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13 #N/A N/A 18 #N/A N/A #N/A N/A 16 18 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 14.09.2012 14.09.2012 30.06.2013 14.09.2012 14.09.2012 14.09.2012 14.09.2012 31.12.2012 14.09.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Corporation Other Government Investment Advisor Other n/a Other Corporation Other Investment Advisor Government Investment Advisor n/a n/a n/a n/a Investment Advisor n/a Investment Advisor

Date 03.09.2013 17.08.2013 12.08.2013 12.08.2013 08.08.2013 14.07.2013 01.07.2013 16.04.2013 09.04.2013 30.10.2012 03.09.2012 28.06.2012 10.04.2012 21.02.2012 10.02.2012

09.09.2013

Southwest Securities Co Ltd Southwest Securities Co., Ltd. operates in the brokerage, investment banking, asset management and the consulting services business.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (30.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600369 CH EQUITY YTD Change 600369 CH EQUITY YTD % CHANGE

12/2012 06/yy 10.60 7.02 36'641'250.00 10.15 -4.25% 44.59% 74.30% 2'322.6 23'573.93 1'569.81 0.0 5'616.37 23'335.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 2'210.5 2'155.5 11.75x 8.18x 1'406.2 1'240.4 18.48x 14.22x 1'007.2 805.3 35.17x 29.82x Profitability

LTM-4Q 31.12.2011 1'264.8 11.96x 416.4 36.31x 262.7 78.45x

31.12.2012 1'604.0 10.41x 623.0 26.80x 342.4 59.53x 622.95 32.41% 24.01% 1.93% 3.50% 2.76% 0.09% 21.3% 9.10% 15.09% -

Price/ Cash Flow

06/yy 1'279.5 54.28x 0.0 0.00x 210.0 127.36x

LTM 06/yy 1'756.2 39.32x 214.7 0.00x 364.4 46.80x

FY+1

.0 M s-13

1.51 415.54 12.49% 14.88% 1.512 6 4.167 18'218'040 16'402'540 14'627'640 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'695.7 2'008.7 556.7 695.7 43.94x 35.74x S&P Issuer Ratings

15.1% 13.1% 0.09 4.00 -

Sales/Revenue/Turnover

800.00

2'500.0

700.00

2'000.0

600.00 500.00

1'500.0

400.00

1'000.0

300.00 200.00

500.0

100.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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 |

09.09.2013

Southwest Securities Co Ltd Holdings By:

All

Holder Name CHONGQING YUFU ASSET CHINA CONSTRUCTION I CHONGQING GUOXIN INV CHONGQING CITY CONST CQ JIANGBEIZUI CBD D CQ GUOCHUANG INVEST CQ WATER CONSER INVE CQ EXPRESSWAY GRP CHONGQING WATERWORKS HAINAN ZHUJIANG HLDG CHANGZHOU DAYA INVS CHONGQING FULING ASS CHONGQING BREWERY GR CHONGQING CHANGJIANG YUNNAN METALLURGICAL YUNNAN METROPOLITAN WENZHOU XINCHEN INVS GF FUND MANAGEMENT C HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU

Firm Name Chang Jiang Securities Co. Limited Sinolink Securities Co Ltd China International Capital Corp Guotai Junan Everbright Securities Co., Ltd China Minzu Securities Co Ltd Northeast Securities Co Ltd Industrial Securities Hong Yuan Securities Central China Securities PingAn Securities Guodu Securities Co Ltd China Investment Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LIU JUN WANG KUN JIE HUANG ZHAO XIANGHUAI ZIPEI TANG SONG JIAN XINAN ZHAO ZHANG YING HUANG LIJUN XIE PEIJIE LIU YINGHUA DENG TING CHEN JIANTAO

Source Co File EXCH Co File Co File Co File Co File Co File Co File Co File Co File EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy add hold buy accumulate add add buy add add neutral neutral neutral

Amt Held 939'536'796 164'213'506 161'084'587 114'685'600 100'000'000 88'000'000 59'350'000 50'000'000 49'683'351 33'250'000 28'399'999 26'972'900 26'308'695 24'537'245 22'294'000 18'700'000 14'027'472 12'729'573 9'230'223 5'356'720

% Out 40.45 7.07 6.94 4.94 4.31 3.79 2.56 2.15 2.14 1.43 1.22 1.16 1.13 1.06 0.96 0.81 0.6 0.55 0.4 0.23

Weighting

Change 5 4 3 5 4 4 4 5 4 4 3 3 3

M M U U M M M M M M N M M

Latest Chg (600'687) (6'100'952) (11'836)

Target Price #N/A N/A #N/A N/A #N/A N/A 11 10 13 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 22.05.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 20.08.2010 20.08.2010 20.08.2010 20.08.2010 20.08.2010 30.08.2010 13.02.2009 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided

Inst Type Investment Advisor Government Corporation Private Equity Government Government Government Government Government Corporation Other Government Government Corporation Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 27.08.2013 27.08.2013 27.08.2013 06.08.2013 23.07.2013 30.06.2012 20.03.2012 05.12.2011 12.10.2011 31.08.2010 16.07.2010 30.04.2010

09.09.2013

Sichuan Chuantou Energy Co Ltd Sichuan Chuantou Energy Co., Ltd. invests in electric power projects through its subsidiaries, the Company also develops and manufactures cable, railroad control systems and other automation equipment.

Price/Volume 14 12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (16.08.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600674 CH EQUITY YTD Change 600674 CH EQUITY YTD % CHANGE

12/2012 06/yy 12.65 6.41 9'738'536.00 11.55 -8.70% 80.19% 80.61% 1'972.7 22'784.54 6'506.78 0.0 329.6 458.92 28'789.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 516.1 25.60x 204.4 64.65x 358.7 26.02x

31.12.2009 31.12.2010 897.1 1'085.3 21.56x 16.40x 509.7 669.9 37.95x 26.57x 171.7 340.5 61.39x 40.38x Profitability

LTM-4Q 31.12.2011 1'139.0 14.83x 679.9 24.84x 349.8 29.87x

31.12.2012 1'124.9 20.33x 668.6 34.21x 410.4 39.36x 668.56 414.80 36.88% 43.14% 6.00% 10.98% 0.07% 47.1% 39.8% 36.5% 0.62 0.56 41.44% 76.55% 3.35 10.42

Price/ Cash Flow

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

06/yy 1'134.9 62.86x 0.0 0.00x 303.0 39.30x

LTM 06/yy 6'866.4 9.80x 0.0 0.00x 591.1 29.71x

FY+1

1.03 824.45 67.62% 38.95% 1.029 8 4.875 8'392'789 9'288'995 10'216'610 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'186.3 1'219.0 1'114.7 1'881.3 20.44x 11.79x S&P Issuer Ratings

2.14 1.93 76.6% 42.4% 0.07 0.27 109.09 35.04 72.42 57.13

Sales/Revenue/Turnover

40.00

1'200.0

35.00

1'000.0

30.00

800.0

25.00 20.00

600.0

15.00

400.0

10.00

200.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Sichuan Chuantou Energy Co Ltd Holdings By:

All

Holder Name SICHUAN PROV INVEST HAITONG SECURITIES C BOSHI FUND MANAGEMEN LA COMPAGNIE FINANCI INVESCO GREAT WALL F BJ YUANTONG XINHAI T BEIJING DADI YUANTON EMEI FERROALLOY COMP CHINA POST & CAPITAL GREAT WALL SECURITIE BOSERA FUND MANAGEME HARVEST FUND MANAGEM E FUND MANAGEMENT EVERBRIGHT PRAMERICA HUATAI-PINEBRIDGE FU CHINA ASSET MANAGEME HUAAN FUND MANAGEMEN CCB PRINCIPAL ASSET CHINA ASSET MANAGEME CHINA UNIVERSAL ASSE

Firm Name China International Capital Corp Everbright Securities Co., Ltd SWS Research Co Ltd Rising Securities Co.,LTD UBS Hong Yuan Securities Citic Securities Co., Ltd Guodu Securities Co Ltd Great Wall Securities China Merchants Securities China Minzu Securities Co Ltd

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JUNHUA CHEN JUNPENG CHEN EVAN LIANG DAI LIPING WEI YU LU RUMIN WU FEI WANG SHUBAO GUI FANGXIAO PENG QUANGANG CAIXIA FU

Source Co File Co File MF-AGG Co File MF-AGG Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation accumulate buy outperform outperform restricted buy buy strong buy strong buy buy add

Amt Held 1'087'397'021 55'500'000 35'759'328 30'000'000 22'302'756 20'625'361 20'385'527 19'830'519 18'800'000 15'108'301 13'648'919 10'839'492 8'400'283 5'779'478 4'540'307 4'484'136 3'301'400 2'127'481 1'907'062 1'831'931

% Out 55.12 2.81 1.81 1.52 1.13 1.05 1.03 1.01 0.95 0.77 0.69 0.55 0.43 0.29 0.23 0.23 0.17 0.11 0.1 0.09

Weighting

Change

4 5 5 5 #N/A N/A 5 5 5 5 5 4

M M M M M M M M M M N

Latest Chg 12'479'784 22'021'015 (13'799'376) 13'648'919 (2'181'817) 6'205'507 129'504 (9'282) (1'680'744) (201'155) 1'542'276 (456'111)

Target Price #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Holding Company Investment Advisor Corporation Corporation 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

Date 28.08.2013 18.08.2013 18.07.2013 23.04.2013 03.04.2013 15.01.2013 15.01.2013 26.12.2012 26.10.2012 29.03.2012 05.11.2010

09.09.2013

China Eastern Airlines Corp Ltd China Eastern Airlines Corporation Limited provides passenger and cargo airline services.

Price/Volume 4

180.0 M

160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (29.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600115 CH EQUITY YTD Change 600115 CH EQUITY YTD % CHANGE

12/2012 06/yy 3.79 2.31 118'541'578.00 3.04 -19.79% 31.60% 35.14% 8'481.1 34'056.72 67'594.10 0.0 1'627.6 2'511.70 99'689.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 38'989.7 73'803.7 2.30x 1.62x 3'263.0 12'026.8 27.45x 9.96x 168.8 4'958.0 93.81x 7.59x Profitability

LTM-4Q 31.12.2011 82'403.1 1.18x 11'677.8 8.30x 4'575.7 5.46x

31.12.2012 85'253.3 1.20x 11'398.1 9.01x 2'953.6 9.56x 11'398.12 3'841.21 4.51% 3.53% 2.31% 11.83% 4.60% 0.69% 10.9% 1.4% 3.5% 0.26 0.11 54.59% 294.84% 25.22 -

Price/ Cash Flow

n-12

d-12

j-13

LTM

06/yy 84'229.0 3.49x 0.0 0.00x 3'430.1 6.62x

f-13 m-13

06/yy 86'110.2 3.68x 0.0 0.00x 3'198.3 6.75x

a-13 m-13

j-13

a-13

.0 M s-13

FY+1

1.10 1'097.83 -7.60% -13.39% 1.099 13 3.692 45'482'680 35'312'490 22'566'800 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 92'410.0 103'305.0 27'036.5 23'063.5 1.16x 1.11x 12'221.5 14'995.5 8.16x 6.65x 2'752.4 3'235.2 3'051.0 (1'065.5) 9.97x 8.49x 10.27x 29.23x S&P Issuer Ratings

5.71 2.63 6.83 7.48 294.8% 73.4% 0.69 0.95 14.47 -

Sales/Revenue/Turnover

4.50

90'000.0

4.00

80'000.0

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

o-12

Fiscal Year Ended 31.12.2008 41'072.6 1.70x (3'252.7) (15'268.5) -

100.0 M 80.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

China Eastern Airlines Corp Ltd Holdings By:

All

Holder Name CHINA EASTERN AIR HO CES FINANCE HOLDING SHANGHAI LIANHE INVE CHINA NATIONAL AVIAT JINJIANG INTL GROUP AEROSPACE SCI & TECH SINOTRANS AIR TRANSP CHINA INTERNATIONAL HUAAN FUND MANAGEMEN HARVEST FUND MANAGEM ORIENT FUND MANAGEME BANK OF CHINA LTD BOSHI FUND MANAGEMEN HUATAI-PINEBRIDGE FU EVERBRIGHT PRAMERICA CHINA ASSET MANAGEME E FUND MANAGEMENT GTJA ALLIANZ FUND MA CHINA ASSET MANAGEME MINSHENG ROYAL FUND

Firm Name UBS GF Securities Co. Ltd. Goldman Sachs China International Capital Corp SWS Research Co Ltd Chang Jiang Securities Co. Limited China Minzu Securities Co Ltd Masterlink Securities Citic Securities Co., Ltd Capital Securities Corp PingAn Securities HuaChuang Securities Sinolink Securities Co Ltd Great Wall Securities China Merchants Securities China Securities Co., Ltd Bank of China International Industrial Securities Rising Securities Co.,LTD China Investment Securities Everbright Securities Co., Ltd AJ Securities China Galaxy Securities Northeast Securities Co Ltd Guodu Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst XIN CHEN YANG ZHIQING HINO LAM SHEN XIAOFENG AMOS ZHANG HAN YICHAO WANG XIAOYAN DAI KAI-YU SU BAOLIANG TEAM COVERAGE SUN CHAO CHEN JUAN HUANG JINXIANG BIAO HUANG LUO YANYAN LI LEI DU JIANPING ZENG XU SONG HUAISONG XIE HONG CHEN XIN XIN ZHANG MAO ANG XIANG XU GONG JUNJIE

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell add neutral/neutral buy neutral add neutral hold overweight hold buy buy add neutral neutral add buy neutral neutral buy buy buy speculative buy neutral neutral

Amt Held 5'530'240'000 457'317'073 427'085'429 421'052'632 343'288'860 99'088'580 83'157'894 47'579'437 37'518'049 36'480'832 29'289'934 21'997'755 14'838'394 10'809'494 8'271'000 5'915'450 5'737'004 5'273'522 4'928'171 4'497'921

% Out 65.21 5.39 5.04 4.96 4.05 1.17 0.98 0.56 0.44 0.43 0.35 0.26 0.17 0.13 0.1 0.07 0.07 0.06 0.06 0.05

Weighting

Change 1 4 3 5 3 4 3 3 5 3 5 5 4 3 3 4 5 3 3 5 5 5 4 3 3

D D M M M M M M M M M U M D M M M M N D M N M N N

Latest Chg 698'865'000 45'597'009 25'909'786 28'449'834 4'740'435 (24'223) 470'797 (9'235'600) 457'600 3'027'372 4'497'921

Target Price 2 #N/A N/A 3 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 3 #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 5 5 4 5 #N/A N/A 12 9 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 31.12.2012 31.12.2012 16.04.2013 31.12.2012 16.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012

Date 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Government Government Government Government Government Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 02.09.2013 01.09.2013 01.09.2013 01.09.2013 01.09.2013 07.06.2013 28.05.2013 12.04.2013 27.03.2013 14.01.2013 05.11.2012 31.10.2012 31.08.2012 17.07.2012 25.06.2012 02.05.2012 04.04.2012 24.11.2011 07.04.2011 26.02.2011 06.01.2011 20.04.2010 13.07.2009 13.07.2009

09.09.2013

Yang Quan Coal Industry Group Co Ltd Yangquan Coal Industry Group Co Ltd. produces, processes, and sells coal. The Company also generates electricity and heat. Yangquan Coal sells its products domestically and exports to other countries.

Price/Volume 18

80.0 M

70.0 M

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (09.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600348 CH EQUITY YTD Change 600348 CH EQUITY YTD % CHANGE

12/2012 06/yy 17.30 8.06 19'925'189.00 9.44 -45.43% 17.12% 12.45% 2'405.0 22'703.20 3'317.74 0.0 1'590.4 5'683.99 23'301.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 30.0 M

6 4

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 16'827.3 0.50x 2'775.9 3.00x 1'454.5 6.44x

50.0 M

10 8

31.12.2009 31.12.2010 19'723.9 27'458.4 2.42x 2.49x 3'556.2 5'073.3 13.43x 13.47x 1'856.3 2'412.5 25.06x 28.68x Profitability

LTM-4Q 31.12.2011 50'174.7 0.67x 5'590.7 5.98x 2'810.6 12.97x

31.12.2012 70'986.6 0.48x 5'275.4 6.48x 2'287.6 15.29x 5'275.44 3'230.66 4.55% 4.44% 5.17% 12.02% 2.52% 7.9% 3.0% 3.2% 1.18 0.92 10.53% 25.54% 11.51 57.31

Price/ Cash Flow

LTM

06/yy 58'445.6 2.73x 0.0 0.00x 2'539.0 14.48x

06/yy 78'118.6 1.54x 0.0 0.00x 1'601.0 13.41x

FY+1

.0 M s-13

1.39 995.22 -33.33% -32.91% 1.388 16 4.000 11'225'000 18'508'950 16'213'880 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 76'170.7 80'078.0 4'077.5 3'977.0 5.71x 5.86x 1'519.3 1'619.7 13.72x 12.49x S&P Issuer Ratings

18.24 8.98 25.5% 18.5% 2.52 11.31 31.72 6.37 25.31 11.42

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Yang Quan Coal Industry Group Co Ltd Holdings By:

All

Holder Name YANGQUAN COAL INDUST CHINA ASSET MANAGEME E FUND MANAGEMENT SOOCHOW ASSET MANAGE HARVEST FUND MANAGEM HUAAN FUND MANAGEMEN CHINA LIFE INSURANCE YINHUA FUND MANAGEME YANGQUAN COAL IND GR HUATAI-PINEBRIDGE FU CHANGSHENG FUND MANA BOSERA FUND MANAGEME GTJA ALLIANZ FUND MA BANK OF CHINA INVEST TIANTONG ASSET MANAG BAOYING FUND MANAGEM CHINA ASSET MANAGEME BOSHI FUND MANAGEMEN BANK OF COMMUNICATIO GUOTAI ASSET MANAGEM

Firm Name GF Securities Co. Ltd. EVA Dimensions Everbright Securities Co., Ltd Chang Jiang Securities Co. Limited SWS Research Co Ltd China Investment Securities Goldman Sachs Qilu Securities Co Ltd Masterlink Securities Citic Securities Co., Ltd Hong Yuan Securities Guodu Securities Co Ltd China Minzu Securities Co Ltd Founder Securities Bank of China International Central China Securities HuaChuang Securities China Merchants Securities PingAn Securities AJ Securities Great Wall Securities Tebon Securities Co Ltd Northeast Securities Co Ltd Industrial Securities China Securities Co., Ltd China Galaxy Securities

Portfolio Name 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 Multiple Portfolios Multiple Portfolios

Analyst AN PENG DOUG WALTERS CHEN HAOWU JUN GE LIU XIAONING ZHANG LEI YONG HAN ZHAOLIANG LIU LI XIN ZU GUOPENG WANG JINGLE WANG SHUBAO LI JING SUN CAN LAWRENCE LAU ZHILEI WANG HAN ZHENGUO LU PING WANG CHENG WANG SIWEI LIU FEI LI XIANGFENG WANG SHI LIU JIANGANG LI JUNSONG ZHAO KE

Source Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation add sell buy add outperform buy neutral/neutral add hold buy buy buy add add hold add buy strong buy buy neutral buy buy buy strong buy buy buy

Amt Held 1'403'038'240 19'875'893 15'623'405 14'669'938 10'657'763 8'875'199 7'927'245 7'235'000 6'740'440 5'494'422 4'738'666 4'731'251 2'721'145 2'654'389 2'650'795 2'420'000 2'387'433 1'918'285 1'911'665 1'367'972

% Out 58.34 0.83 0.65 0.61 0.44 0.37 0.33 0.3 0.28 0.23 0.2 0.2 0.11 0.11 0.11 0.1 0.1 0.08 0.08 0.06

Weighting

Change 4 1 5 4 5 5 3 4 3 5 5 5 4 4 3 4 5 5 5 3 5 5 5 5 5 5

M D M M D M M M M M U M M M M M M U M D M M M M N M

Latest Chg (1'357'384) (14'881'124) 1'169'938 (7'723'349) 4'613'777 (10'017'744) (2'297'202) (303'436) 1'531'020 1'905'919 250'579 (146'065) (3'253'642) 887'099 149'375

Target Price #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A 13 25 23 #N/A N/A 17 #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A 20 22 #N/A N/A #N/A N/A #N/A N/A 38 29 #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 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 6 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided 6 month 6 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 20.08.2013 17.08.2013 16.08.2013 22.07.2013 14.07.2013 08.07.2013 01.07.2013 21.05.2013 06.05.2013 16.04.2013 09.04.2013 29.03.2013 05.02.2013 29.01.2013 25.10.2012 03.09.2012 12.07.2012 29.06.2012 28.06.2012 28.03.2012 13.02.2012 12.12.2011 18.08.2011 08.12.2010 13.07.2010

09.09.2013

Zhejiang Chint Electrics Co Ltd Zhejiang Chint Electrics Co., Ltd. manufactures low voltage electric appliances. The Company's products include high, Medium and low voltage electrical apparatus, power transmission and distribution equipment, and measuring meters and instruments.

Price/Volume 25

9.0 M 8.0 M

7.0 M 6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.05.2013) 52-Week Low (20.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601877 CH EQUITY YTD Change 601877 CH EQUITY YTD % CHANGE

12/2012 06/yy 22.99 14.32 1'350'470.00 21.56 -6.22% 50.56% 84.89% 1'005.0 21'667.80 1'702.61 0.0 500.0 3'967.15 21'555.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M 2.0 M

1.0 M 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 4'415.4 388.5 -

5.0 M 4.0 M

31.12.2009 31.12.2010 4'770.1 6'304.6 3.23x 770.7 889.1 22.88x 522.3 638.5 37.42x Profitability

LTM-4Q 31.12.2011 9'672.4 1.11x 1'263.6 8.51x 894.3 14.72x

31.12.2012 10'632.3 1.57x 1'806.1 9.25x 1'261.6 14.58x 1'806.10 1'643.20 15.45% 15.71% 15.47% 31.62% 1.26% 29.4% 16.4% 11.9% 2.29 1.96 17.20% 37.50% 4.28 10.70

Price/ Cash Flow

LTM

06/yy 10'298.2 4.71x 0.0 0.00x 991.4 15.42x

06/yy 11'689.1 6.18x 0.0 0.00x 1'436.1 13.90x

FY+1

.0 M s-13

0.85 235.69 46.04% 20.79% 0.846 11 4.545 709'209 1'172'644 1'273'401 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'367.9 14'789.9 2'258.0 2'703.0 9.55x 7.97x 1'398.1 1'735.9 15.46x 12.73x S&P Issuer Ratings

15.78 7.81 37.5% 25.3% 1.26 9.17 85.24 34.11 77.37 47.79

Sales/Revenue/Turnover

100.00

12'000.0

90.00

10'000.0

80.00 70.00

8'000.0

60.00

6'000.0

50.00 40.00

4'000.0

30.00 20.00

2'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Zhejiang Chint Electrics Co Ltd Holdings By:

All

Holder Name CHINT GROUP CORP CUNHUI NAN EVERBRIGHT PRAMERICA GUOTAI ASSET MANAGEM CUNFEI NAN XINMIN ZHU E FUND MANAGEMENT LIMING LIN BINGCHI WU CHINA ASSET MANAGEME YIQIANG GAO FULLGOAL FUND MANAGE GF FUND MANAGEMENT C INVESCO GREAT WALL F MANULIFE TEDA FUND M BOSHI FUND MANAGEMEN CCB PRINCIPAL ASSET CHANGSHENG FUND MANA OPEN DOOR INVESTMENT GUOLIANG CHEN

Firm Name Northeast Securities Co Ltd GF Securities Co. Ltd. Founder Securities EVA Dimensions Qilu Securities Co Ltd Sinolink Securities Co Ltd Rising Securities Co.,LTD HuaChuang Securities PingAn Securities Everbright Securities Co., Ltd Great Wall Securities Central China Securities Hong Yuan Securities China Merchants Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios 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

Analyst YANG JIALI HAN LING WEI ZHOU ANDREW S ZAMFOTIS LIU JIANGXIAO ZHANG SHUAI HUANG HE LI DAJUN ZHANG HAI ZHOU LIQIAN GUI FANGXIAO PAN HANGJUN ZHAO XI PENG QUANGANG

Source EXCH Co File MF-AGG MF-AGG Co File Co File MF-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy add hold add add strong buy strong buy strong buy buy buy add buy strong buy

Amt Held 657'000'000 57'319'436 30'760'095 23'421'173 17'235'223 16'735'233 11'000'000 8'677'800 8'343'489 3'335'606 2'813'000 2'587'682 2'554'047 2'524'682 2'476'407 1'294'026 1'208'537 1'161'961 1'094'314 1'070'250

% Out 65.37 5.7 3.06 2.33 1.71 1.67 1.09 0.86 0.83 0.33 0.28 0.26 0.25 0.25 0.25 0.13 0.12 0.12 0.11 0.11

Weighting

Change 5 5 4 3 4 4 5 5 5 5 5 4 5 5

M M M D M M M M M U N M M M

Latest Chg (480'001) 1'270'466 13'743'107 1'156'628 (2'629'947) (347'700) 2'554'047 1'022'593 2'476'407 (305'911) 1'208'537 1'161'961 -

Target Price #N/A N/A 28 #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 19 #N/A N/A #N/A N/A #N/A N/A 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.05.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month

Inst Type Corporation n/a Investment Advisor Investment Advisor n/a n/a Investment Advisor n/a n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 02.09.2013 26.08.2013 26.08.2013 25.04.2013 01.04.2013 26.03.2013 26.03.2013 24.02.2013 18.12.2012 07.11.2012 25.10.2012 20.08.2012 18.08.2012 18.07.2012

09.09.2013

China Hainan Rubber Industry Group Co Ltd China Hainan Rubber Industry Group Co.,Ltd. Produces, cultivates, process and sales natural rubber. The Company's sector also includes E-commerce services, software development, agricultural cultivation, fertilizer sales, land leases, land development, livestock, and aquaculture industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.09.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 601118 CH EQUITY YTD Change 601118 CH EQUITY YTD % CHANGE

12/2012 06/yy 7.13 3.89 241'898'965.00 7.13 0.00% 83.29% 84.36% 3'931.2 28'029.25 840.01 0.0 121.2 1'387.57 27'248.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

31.12.2009 31.12.2010 3'741.2 6'321.8 939.6 285.7 572.8 Profitability

LTM-4Q 31.12.2011 10'523.1 2.37x 1'082.2 23.02x 761.0 35.05x

31.12.2012 11'667.9 1.88x 498.3 43.96x 296.8 75.73x 498.26 274.28 2.35% 2.70% 2.67% 3.27% 3.45% 1.05% 7.7% 4.3% 2.4% 2.5% 3.10 1.49 7.55% 9.26% 17.35 5.53

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

LTM

06/yy 10'154.7 10.41x 0.0 0.00x 482.0 56.06x

06/yy 13'120.2 6.19x 0.0 0.00x 294.2 55.27x

FY+1

0.70 1.47 865.56 20.22% 26.78% 1.474 2 5.000 ######### 50'905'560 31'678'860 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'783.0 15'053.0 228.0 354.0 62.00x 43.21x S&P Issuer Ratings

10.08 -0.13 -1.10 1.69 9.3% 8.4% 1.05 7.29 21.09 66.18 9.13 78.14

Sales/Revenue/Turnover

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 3'636.0 610.1 337.3 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

China Hainan Rubber Industry Group Co Ltd Holdings By:

All

Holder Name HAINAN NONGKEN GROUP SOCIAL SECURITY FUND HEHE HOLDINGS CO LTD CHINA LIFE INSURANCE HAIKOU AGRI INDUS LU HAINAN DEV HOLDINGS XIAMEN XIANGYU GROUP GUANGDONG NONGKEN GR HARVEST FUND MANAGEM CHINA ASSET MANAGEME HUATAI-PINEBRIDGE FU CHINA INTERNATIONAL E FUND MANAGEMENT BANK OF CHINA INVEST HUAAN FUND MANAGEMEN CHINA ASSET MANAGEME CHINA MERCHANTS FUND TIANTONG ASSET MANAG DACHENG FUND MANAGME CHINA UNIVERSAL ASSE

Firm Name Citic Securities Co., Ltd SWS Research Co Ltd

Analyst CHANGQING MAO GONG YANHAI

Source Co File Co File Co File ULT-AGG Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight outperform

Amt Held 2'869'012'024 77'159'576 28'773'500 27'835'483 20'000'000 19'476'210 13'613'417 9'738'105 9'373'886 7'595'273 5'436'766 2'968'900 2'895'243 2'811'785 2'707'233 2'286'366 2'202'954 1'711'680 1'282'574 1'247'987

% Out 72.98 1.96 0.73 0.71 0.51 0.5 0.35 0.25 0.24 0.19 0.14 0.08 0.07 0.07 0.07 0.06 0.06 0.04 0.03 0.03

Weighting

Change 5 5

U M

Latest Chg (6'195'909) (5'618'629) 43'700 2'688'000 (3'559'751) 2'120'100 513'969 (194'848) 416'464 361'500 (56'443)

Target Price 7 #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 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 02.09.2013 31.12.2012 31.12.2012 31.12.2012 02.09.2013

Date 6 month Not Provided

Inst Type Unclassified Government Holding Company Government Corporation Other Government 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

Date 03.05.2013 23.04.2013

09.09.2013

Bright Dairy & Food Co Ltd Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products. The Company's products include liquid milk, milk powder, yogurt, cheese, and juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (06.09.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600597 CH EQUITY YTD Change 600597 CH EQUITY YTD % CHANGE

12/2012 06/yy 20.70 8.10 15'070'964.00 19.96 -3.57% 146.42% 94.05% 1'224.6 24'442.97 1'632.23 0.0 410.8 2'339.38 24'568.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 s-12

31.12.2009 31.12.2010 7'916.4 9'529.1 1.19x 1.14x 407.6 474.2 23.06x 22.81x 122.5 194.4 79.42x 54.00x Profitability

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q 31.12.2011 11'724.9 0.90x 546.3 19.27x 237.8 38.91x

31.12.2012 13'702.3 0.86x 795.9 14.76x 311.3 35.11x 795.85 472.62 3.45% 3.06% 4.15% 11.51% 1.68% 34.8% 3.9% 2.3% 1.25 0.92 17.48% 40.67% 10.28 8.38

Price/ Cash Flow

LTM

06/yy 12'625.5 3.28x 0.0 0.00x 261.2 37.41x

06/yy 14'685.1 3.80x 0.0 0.00x 362.6 43.98x

FY+1

0.98 532.52 117.86% 105.67% 0.977 12 4.500 26'298'450 9'791'225 8'382'131 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'201.9 18'843.4 455.9 646.9 52.25x 36.36x S&P Issuer Ratings

9.89 -3.67 40.7% 26.9% 1.68 4.21 35.50 43.57 52.95 24.44

Sales/Revenue/Turnover

50.00

16'000.0

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 7'337.4 0.58x (214.3) (286.0) -

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

09.09.2013

Bright Dairy & Food Co Ltd Holdings By:

All

Holder Name SHANGHAI MILK GROUP BRIGHT FOOD GROUP CO SHANGHAI LIUHE YUXIU GUOTAI ASSET MANAGEM SOCIAL SECURITY FUND HUASHANG FUND MANAGE E FUND MANAGEMENT CHINA INTERNATIONAL SH JINGLIN JINGTONG GUANGDONG WENS INVES HUATAI-PINEBRIDGE FU SYWG BNP PARIBAS ASS EVERBRIGHT GOLD SHAN YINHUA FUND MANAGEME CHINA LIFE INSURANCE CHINA MERCHANTS FUND FRANKLIN TEMPLETON S CHINA ASSET MANAGEME TAIKANG LIFE INSURAN FORTUNE SGAM FUND MA

Firm Name China International Capital Corp Guotai Junan SWS Research Co Ltd Capital Securities Corp Chang Jiang Securities Co. Limited Sinolink Securities Co Ltd Everbright Securities Co., Ltd Qilu Securities Co Ltd Northeast Securities Co Ltd PingAn Securities Citic Securities Co., Ltd Bank of China International China Merchants Securities HuaChuang Securities China Investment Securities China Minzu Securities Co Ltd Central China Securities

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios CHINA AMC RENAISSANC n/a Multiple Portfolios

Analyst ZHIYAO JIN HU CHUNXIA MICHAEL TONG LIU HUI ZHIJIAN CHEN TEAM COVERAGE TINGZHI XING XIE GANG ZHU CHENGLIANG WEN XIAN HUANG WEI SU CHENG LONG JUN GAO LI JIANG XIN LIU XIAOFENG LIU RAN

Source Co File Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-PART Co File MF-AGG

Recommendation accumulate buy buy hold buy buy accumulate add add buy overweight buy neutral buy buy add monitored

Amt Held 367'498'967 314'404'338 57'300'000 26'079'455 26'061'624 23'622'857 22'478'235 21'352'189 20'500'000 18'500'000 18'489'472 18'100'000 18'100'000 8'400'000 8'335'190 8'169'373 7'708'476 7'540'029 7'204'116 4'760'004

% Out 30.01 25.67 4.68 2.13 2.13 1.93 1.84 1.74 1.67 1.51 1.51 1.48 1.48 0.69 0.68 0.67 0.63 0.62 0.59 0.39

Weighting

Change

4 5 5 3 5 5 4 4 4 5 5 5 3 5 5 4 #N/A N/A

M M M M M N M M M M M M M M N N N

Latest Chg 10'319'879 23'593'357 (6'525'310) 12'768'707 1'278'543 8'400'000 2'598'208 3'583'403 7'540'029 2'160'004

Target Price 19 21 #N/A N/A 20 #N/A N/A 21 15 #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

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 30.06.2013 31.12.2012 30.06.2013 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Other Private Equity Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Private Equity Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 02.09.2013 02.09.2013 01.09.2013 30.08.2013 29.08.2013 20.08.2013 12.08.2013 04.07.2013 28.06.2013 27.03.2013 06.02.2013 24.01.2013 05.07.2012 26.03.2012 07.01.2011 23.03.2010 21.09.2009