Fundamental equity analysis & recommendations mxea index the msci eafe index is a free float weighte by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations QMS Advisors - MSCI EM Top 100 The MSCI EAFE Index is a free-float weighted equity index.

October 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

SAMSUNG ELECTRONICS CO LTD

KRW

194472

350

131

176.80

131472

141451

0.01

TAIWAN SEMICONDUCTOR MANUFAC

TWD

90367

14243

25924

90.47

16914

CHINA MOBILE LTD

HKD

225772

16100

20100

124.08

72267

76983

78805

83256

CHINA CONSTRUCTION BANK-H

HKD

192133

271515

250011

168

409

91999

95105

65545

TENCENT HOLDINGS LTD

HKD

99457

3676

1853

5660

6660

7739

IND & COMM BK OF CHINA-H

HKD

226849

187778

349620

294

562

108424

113440

75821

83931

GAZPROM OAO

RUB

105802

12676

22976

144.57

147479

154802

158241

158120

AMERICA MOVIL SAB DE C-SER L

MXN

72577

66443

75841

105.60

58732

58883

59285

60377

HYUNDAI MOTOR CO

KRW

50760

565

209

38.93

40187

38902

39769

42268

CNOOC LTD

HKD

90046

46575

44646

74.85

31932

34609

35301

NASPERS LTD-N SHS

ZAr

38581

605

395

40.08

4966

ITAU UNIBANCO HOLDING S-PREF

BRL

70285

9188

4965

197

58887

55111

BANK OF CHINA LTD-H

HKD

126964

297864

279142

289

407

79834

81313

51829

57100

PETROBRAS - PETROLEO BRAS-PR

BRL

105410

15455

13044

185.48

126948

132353

141490

149755

23983

26805

MTN GROUP LTD

ZAr

36684

1468

1861

38.75

13354

13237

13499

14693

5688

5578

SBERBANK

RUB

65485

21531

42872

48719

33921

38077

LUKOIL OAO

RUB

53584

348

755

BANCO BRADESCO SA-PREF

BRL

62506

5303

4199

139

HON HAI PRECISION INDUSTRY

TWD

33318

23814

13018

VALE SA-PREF

BRL

81000

12566

5153

CIA DE BEBIDAS DAS AME-PREF

BRL

120758

120.29

SASOL LTD

ZAr

30864

317

660

30.86

17916

19029

19228

PETROCHINA CO LTD-H

HKD

230550

59654

183021

249.88

283089

274511

292346

308125

PETROBRAS - PETROLEO BRAS

BRL

105410

7079

13044

185.48

126948

132353

141490

149755

INFOSYS LTD

INR

27717

701

571

24.48

6460

6724

7615

VALE SA

BRL

81000

4060

5153

106.39

42189

42945

CHINA LIFE INSURANCE CO-H

HKD

66214

22396

28265

47898

FOMENTO ECONOMICO MEXICA-UBD

MXN

33819

2239

3578

39.02

18058

CHINA PETROLEUM & CHEMICAL-H

HKD

86239

79373

112866

112.49

POSCO

KRW

25408

191

HYUNDAI MOBIS CO LTD

KRW

25468

247

HOUSING DEVELOPMENT FINANCE

INR

19604

1949

1546

SHINHAN FINANCIAL GROUP LTD

KRW

19338

400

474

RELIANCE INDUSTRIES LTD

INR

42485

2355

2936

SAMSUNG ELECTRONICS-PREF

KRW

19155

BRF SA

BRL

21689

1946

870

KIA MOTORS CORPORATION

KRW

23702

3431

405

MAGNIT OJSC-SPON GDR REGS

USD

29361

111

GRUPO TELEVISA SAB-SER CPO

MXN

16268

2822

GRUPO FINANCIERO BANORTE-O

MXN

17739

HDFC BANK LIMITED

INR

23415

STANDARD BANK GROUP LTD

ZAr

19026

NAVER CORP

KRW

17002

184

WALMART DE MEXICO-SER V

MXN

46303

16229

MEDIATEK INC

TWD

16803

5268

TATA CONSULTANCY SVCS LTD

INR

61070

SK HYNIX INC

KRW

PING AN INSURANCE GROUP CO-H KB FINANCIAL GROUP INC LG CHEM LTD

75.98

28728

108.38

118.09

10192

0.22

0.20

0.54

0.59

33116

33198

8277

0.83

0.84

0.82

0.80

1.37

1.39

1.43

72132

0.10

0.11

0.12

0.73

0.72

10115

2266

2445

692

0.88

1.01

1.14

1.43

5.37

0.09

0.10

0.76

50150

57792

1.63

1.44

1.35

0.08

19770

19457

4834

0.09

5541

4849

17.20

38053

15178

16776

7906

0.18

0.19

0.18

6078

7116

686

1.65

1.70

34381

37624

1.14

10818

3006

S&P LT Credit Rating Date

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

0.02

0.04

0.02

A+

08.08.2013

0.66

0.37

0.83

0.35

2.04

A+

20.04.2010

0.79

1.18

-0.02

0.70

5.56

AA-

16.12.2010

03.11.2005

0.67

3.09

1.82

29.11.2011

4.78

3.80

6.97

7.20

4.07

7.46

4.73

A-

24.06.2013

Baa1

14.11.2011

0.75

0.70

2.50

1.76

28.08.2012

0.10

0.08

0.35

-0.55

0.40

1.16

BBB

29.11.2006

Baa1

03.04.2009

0.88

0.83

0.81

1.25

1.52

0.37

1.19

2.50

13.08.2013

0.01

0.00

0.01

BBB+

20.03.2012

11.08.2010

0.19

1.07

1.13

1.08

0.36

3.21

-0.15

2.46

6.25

AA-

16.12.2010

2.75

3.56

5.38

5.55

3.33

2.57

2.69

2.29

-0.32

0.66

1.37

1.22

1.39

1.56

5.29

5.31

4.66

4.15

0.23

14.49

BBB

30.04.2008

(P)Baa1

20.06.2011

0.06

0.07

0.68

0.69

0.65

2.63

1.78

29.11.2011

0.73

0.94

0.98

1.03

4.04

3.89

3.69

6.87

3.20

-6.17

0.11

9.14

BBB

17.11.2011

3006

1.09

1.19

1.31

1.47

1.61

1.47

1.31

1.07

0.75

0.98

1.22

4.16

0.49

0.50

0.55

0.19

0.17

0.96

0.67

Baa1

05.07.2013

A-

14.07.2005

12.08.2013

3601

3649

4107

4124

584

594

163

0.45

0.42

0.41

0.14

0.15

0.14

0.24

-0.07

0.13

0.50

BBB

15.04.2013

45316

73073

29566

32017

1.42

1.25

1.35

1.51

5.03

4.66

4.16

0.80

6.47

BBB

30.04.2008

Baa1

20.06.2011

36.08

108921

1849

0.24

0.25

0.24

0.26

0.34

0.36

0.32

0.54

0.71

1.11

0.16

0.06

A-

09.11.2007

106.39

42189

42945

46655

49439

15505

16206

5400

1.94

0.41

2.13

2.15

15.87

4.36

3.04

3.02

-3.76

20.46

-17.94

1.27

17.03

A-

23.11.2011

Baa2

29.08.2008

7051

7264

1834

1.52

1.51

1.63

1.88

11.54

11.58

10.69

9.27

8.49

4.45

8.45

7.73

21.72

05.07.2012

27.04.2010

5934

5543

5.13

5.20

4.91

4.70

0.90

0.76

0.96

1.00

0.69

0.67

2.97

0.90

3.27

42508

0.08

0.09

0.10

1.32

1.25

1.16

1.23

2.22

0.25

0.53

23983

26805

10818

0.73

0.94

0.98

1.03

3.75

3.61

3.43

6.87

3.20

-6.17

0.11

9.14

BBB

17.11.2011

8507

1848

1989

535

2.64

2.66

2.86

3.21

0.29

0.27

0.24

0.31

0.27

0.12

0.27

0.47

BBB+

07.05.2010

46655

49439

15505

16206

5400

1.94

0.41

2.13

2.15

17.19

4.72

3.29

3.27

-3.76

20.46

-17.94

1.27

17.03

A-

23.11.2011

Baa2

29.08.2008

52880

54355

58894

0.05

0.08

0.13

0.15

3.29

2.08

1.71

0.04

3.12

AA-

16.12.2010

18289

19325

21535

2813

2877

783

0.44

0.41

0.48

1.74

1.86

1.58

1.38

0.84

1.60

0.48

1.19

BBB+

24.04.2013

352507

361336

364243

375446

21865

23323

0.07

0.08

1.02

1.05

0.96

1.41

2.46

-0.11

0.76

0.83

A+

16.12.2010

31.31

33206

29327

30826

4349

913

30.13

22.01

27.73

0.01

-0.01

0.01

-0.02

0.00

0.01

BBB+

22.10.2012

Baa1

24.10.2012

22.85

15703

2333

21.73

21.93

33.87

36.85

0.01

0.02

0.01

BBB+

20.03.2012

45.73

5760

4173

4995

3499

0.70

0.58

0.69

0.29

0.35

0.29

0.30

0.59

0.36

0.35

0.97

26.06

924

866

0.96

0.04

-0.05

-0.01

-0.05

-0.02

0.09

49.21

63566

63022

65138

5344

1.13

1.15

1.29

0.19

0.39

-0.08

0.13

BBB+

29.05.2013

Baa2

07.02.2006

1.48

131472

141451

213154

229375

25792

28728

164.52

173.22

24.94

12866

13568

14395

16075

1053

1337

419

0.42

0.63

0.89

1.22

17.72

22.30

26077

38944

27771

2218

4.88

4.91

9.13

9.66

0.01

14430

18432

23002

1488

1089

2.11

2.56

2395

19.43

5251

5360

5580

5952

2017

2121

564

0.28

0.25

0.21

7800

2326

39.39

7384

8054

4106

4674

3494

3661

0.40

3440

2379

6883

0.47

1606

12401

12645

7499

8236

0.88

1.01

16.74

1407

656

16.91

16.58

17722

45.72

31678

32204

33517

36700

3091

3159

765

0.10

1342

15.83

2148

4341

5337

278

252

0.42

834

1957

59.03

10084

10583

12678

14559

2888

3027

974

20598

7062

698

23.73

9312

10822

13899

14780

1519

3130

HKD

51260

8610

7916

206

95.81

44042

47290

47321

54754

KRW

13741

831

386

13.77

646

605

KRW

18727

224

19.08

19034

18938

2246

2320

1266

783

3127

1.87

25792

S&P LT Credit Rating -

14541

15089

15912

17724

0.18

0.16

0.17

0.00

0.02

0.04

0.02

A+

08.08.2013

14.07.2005

17.73

12.66

9.17

4.93

11.96

-8.55

11.43

4.45

BBB-

04.04.2012

Baa3

31.05.2012

0.01

0.00

0.01

-0.01

0.03

0.01

BBB+

20.03.2012

17.01.2008

29.50

24.23

26.32

32.81

66.06

46.99

10.31

08.04.2013

0.24

1.74

1.76

2.01

1.78

0.81

0.72

0.95

0.65

3.00

BBB+

02.10.2007

Baa1

02.05.2007

0.41

0.49

1.22

1.17

0.99

1.24

1.65

0.55

3.44

0.57

0.72

0.34

0.28

0.22

0.41

0.47

BBB-

17.01.2008

Baa2

30.04.2012

1.03

1.16

1.15

1.20

1.13

1.00

1.62

0.41

0.03

0.00

0.01

0.00

0.01

0.04

0.11

0.12

1.96

1.85

1.62

0.74

0.92

0.68

0.97

0.74

0.43

0.63

0.80

0.98

0.67

0.53

0.61

0.07

0.81

-0.82

0.44

1.14

1.18

1.42

1.64

0.42

0.35

0.30

0.46

0.37

0.40

0.41

0.46

BBB+

07.05.2010

-0.63

1.22

4.31

4.28

0.02

0.01

0.00

0.02

-0.03

0.00

0.03

22.02.2013

27.06.2012

0.33

0.39

0.46

0.53

1.94

1.66

1.42

3.26

3.41

1.55

1.56

0.02

2.30

0.09

18.21

17.92

0.01

0.00

0.01

-0.02

0.02

0.01

A-

24.11.2010

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

CHINA OVERSEAS LAND & INVEST

HKD

24081

16190

8173

26.29

8328

9218

10571

12908

2980

3110

0.30

0.34

0.31

0.37

1.13

1.23

1.04

3.33

3.25

2.77

3.59

4.35

BBB+

22.04.2013

CEMEX SAB-CPO

MXN

12975

24002

11374

29.49

14931

14536

15271

16298

2605

2010

804

-0.08

-0.09

-0.04

0.01

9.07

0.29

-0.36

1.22

-0.55

1.05

B+

26.09.2013

19.10.2006

CHUNGHWA TELECOM CO LTD

TWD

24543

5979

7757

22.69

6461

7696

6621

2646

0.18

0.17

0.63

-0.03

-0.20

-0.17

30.12.2010

NOVATEK OAO-SPONS GDR REG S

USD

39259

440

132

210973

250050

304755

356247

97218

105949

21091

292.39

331.66

14.28

12.59

19.83

9.34

27.23

42.37

BBB-

19.11.2010

BANK CENTRAL ASIA TBK PT

IDR

22035

3745

24456

3098

3294

2902

3374

0.05

0.06

0.00

11.07.2006

GRUPO MEXICO SAB DE CV-SER B

MXN

23803

14008

7785

772

726

738

805

357

312

0.02

0.94

0.95

0.89

-0.20

0.93

-0.72

0.07

3.26

MALAYAN BANKING BHD

MYR

26519

5402

8440

7080

7436

5658

6161

0.20

0.22

0.23

0.24

4.19

4.17

3.92

7.71

3.66

A-

11.07.2005

ECOPETROL SA

COP

95044

5261

41117

100.23

36379

36275

36180

36727

15598

14851

4199

0.18

0.01

0.00

0.01

0.02

BBB

24.04.2013

Baa2

13.07.2009

ITC LTD

INR

43489

4581

7902

42.12

5015

5805

6796

1788

0.15

0.16

0.18

0.21

0.57

0.49

0.41

0.31

0.26

0.32

0.31

0.57

ASTRA INTERNATIONAL TBK PT

IDR

22635

21543

40484

28.41

16558

16414

17260

19238

2341

2191

0.04

0.05

0.00

BBB-

11.05.2011

ITAUSA-INVESTIMENTOS ITAU-PR

BRL

23756

11141

5373

25.52

2550

2523

2584

3088

-5159

-3840

0.38

0.39

0.45

0.53

4.70

4.12

3.48

4.95

-4.57

-101.02

-68.66

Baa2

27.06.2012

FIRSTRAND LTD

ZAr

18973

737

5573

5567

6066

6748

0.26

0.27

0.30

0.34

1.22

1.28

1.10

0.98

-2.02

-0.68

BBB-

16.10.2012

FORMOSA PLASTICS CORP

TWD

16715

8412

6366

17.57

5855

6497

7015

458

0.08

0.12

0.14

1.14

0.75

0.62

-0.26

0.06

-1.99

-0.47

0.26

BBB+

30.12.2010

MOBILE TELESYSTEMS-SP ADR

USD

23702

1785

1989

28.85

12436

12439

12571

13194

4898

5501

1289

1.21

2.10

2.18

18.90

10.94

10.52

0.95

5.38

-5.13

0.08

44.23

BB+

25.07.2013

CHINA STEEL CORP

TWD

13388

9401

15112

16.78

7011

7038

7288

692

241

0.01

0.03

0.04

2.96

0.91

0.76

-0.47

-0.09

-1.13

-0.66

0.33

NAN YA PLASTICS CORP

TWD

17148

6428

7931

19.57

6194

6474

6534

551

0.02

0.10

0.11

4.06

0.72

0.66

-0.19

-0.05

-1.50

-0.61

0.30

BBB+

30.12.2010

CIMB GROUP HOLDINGS BHD

MYR

17695

10132

7433

5896

6047

4477

4932

0.18

0.19

0.21

3.71

3.69

3.85

3.46

2.86

2.52

BBB-

10.09.2008

CHINA SHENHUA ENERGY CO-H

HKD

55161

22070

19890

52.08

32272

33014

32110

33647

11350

11318

0.32

0.30

0.29

1.01

1.00

1.06

2.53

2.89

0.48

2.09

4.42

BM&FBOVESPA SA

BRL

11425

6168

1932

10.28

932

966

1012

1090

630

661

178

0.25

0.26

0.36

0.39

10.01

10.06

7.30

6.65

3.79

-0.33

9.01

30.86

BBB+

21.06.2010

Baa1

20.06.2011

PKO BANK POLSKI SA

PLN

14913

698

1250

5681

5425

3341

3696

0.96

0.85

0.79

0.93

4.48

4.54

4.87

4.12

2.86

1.17

A-

20.09.2013

18.06.2009

CATHAY FINANCIAL HOLDING CO

TWD

16057

9363

10300

16.26

1045

0.10

0.09

0.48

0.56

0.55

BBB+

29.04.2009

HYUNDAI HEAVY INDUSTRIES

KRW

18681

220

23.76

23328

TATNEFT-CLS

RUB

14298

2123

15.16

13747

BANCO BRADESCO S.A.

BRL

62506

936

4199

139

AGRICULTURAL BANK OF CHINA-H

HKD

134236

94212

324794

167

400

ROSNEFT OAO

RUB

86378

9238

SANLAM LTD

ZAr

9786

483

1936

CIELO SA

BRL

21670

1272

785

WANT WANT CHINA HOLDINGS LTD

HKD

20258

12374

13228

HANA FINANCIAL GROUP

KRW

10108

474

241

ALFA S.A.B.-A

MXN

14356

6241

5200

CHINA PACIFIC INSURANCE GR-H

HKD

28082

6538

9062

TURKIYE GARANTI BANKASI

TRY

16708

39721

4197

TELEKOMUNIKASI INDONESIA PER

IDR

19526

78815

DELTA ELECTRONICS INC

TWD

11787

2891

FUBON FINANCIAL HOLDING CO

TWD

14094

10403

ADVANCED INFO SERVICE-NVDR

THB

24601

3035

TENAGA NASIONAL BHD

MYR

15857

2723

UNI-PRESIDENT ENTERPRISES CO

TWD

9540

8880

PTT PCL-NVDR

THB

29018

1338

CREDICORP LTD

USD

10247

HENGAN INTL GROUP CO LTD

HKD

14228

3107

1229

CHINA MERCHANTS BANK-H

HKD

45181

27379

22080

SIME DARBY BERHAD

MYR

17704

3727

6009

SAMSUNG FIRE & MARINE INS

KRW

11093

SK INNOVATION CO LTD

KRW

12440

REMGRO LTD

ZAr

SIAM COMMERCIAL BANK P-NVDR

THB

BIDVEST GROUP LTD

ZAr

8229

120

CTBC FINANCIAL HOLDING CO LT

TWD

9733

17717

2.08

1683

12.37

16.79

0.01

0.02

0.00

0.01

-0.04

0.00

0.01

16892

16579

3759

1073

0.87

0.98

0.95

0.23

0.21

-0.86

-0.02

0.55

0.34

25.08.2006

1.42

1.25

1.35

1.51

5.71

5.28

4.72

0.80

6.47

BBB

30.04.2008

Baa1

20.06.2011

45316

73073

29566

32017

84143

88148

60738

67464

0.06

0.07

0.76

0.72

0.68

2.46

17.12.2012

4.55

3040

3532

4068

4385

577

686

262

0.04

0.20

0.21

0.40

0.72

-0.33

0.31

0.60

BBB

16.04.2013

20.11.2006

8.98

8773

9142

3752

4089

0.35

0.32

0.34

1.32

1.46

1.34

6.22

4.87

22.52

2449

2751

3159

3463

1391

1508

517

1.33

1.37

1.55

1.74

9.10

9.11

8.03

7.15

13.06

13.11

24.74

Baa2

01.11.2012

2.55

433

462

512

605

104

117

0.01

4.14

3.87

3.35

13.42

-25

-0.77

17.99

15168

15132

15084

15822

1839

1674

493

0.13

0.10

0.11

0.15

2.07

1.86

9.81

21554

24158

27214

0.08

0.14

0.17

4.84

4.86

8745

9020

5436

5961

0.44

0.48

4.47

95745

21.37

6793

7095

7326

7816

3501

3606

966

0.01

2421

12.12

1228

0.22

0.24

9041

14.70

541

1224

530

0.06

0.11

4523

4645

4795

5156

1964

1996

505

5502

20.65

11105

11451

11497

12057

3235

3285

0.17

5154

10.41

1585

1641

1736

89257

89085

90242

95765

6775

6902

2059

124

194

9968

107

513

16373

5808

8 1

374

314

4136

4.67

3.22

3.26

0.02

-0.09

1.43

0.71

0.90

1.81

1.36

0.84

2.61

2.21

0.97

2.80

4.49

4.11

7.12

97.33

BB+

05.04.2013

Baa2

03.07.2012

0.00

15.10.2008

0.68

0.37

-0.15

0.28

0.01

0.24

0.12

0.80

0.41

0.39

3.32

BBB+

16.12.2008

0.42

0.49

0.64

0.54

0.38

0.17

0.26

0.22

1.37

A-

24.10.2005

0.30

0.23

0.24

2.87

2.83

3.81

3.63

3.47

2.72

25.55

1.34

8.89

BBB+

10.12.2009

0.08

0.09

0.10

0.76

0.72

0.65

-0.32

0.00

0.11

-0.01

0.21

2059

1.23

1.34

0.26

0.24

0.48

0.18

0.13

0.24

0.25

BBB+

15.04.2009

Baa1

21.02.2011

3533

9.90

8.32

7.93

11.42

15.44

16.20

11.25

27.26

13.49

2389

2566

2820

3387

655

712

392

0.37

0.39

0.41

0.50

3.79

3.60

3.01

1.11

2.96

5.51

3.64

3.58

24097

16758

19121

0.26

0.28

0.27

0.29

0.66

0.69

0.65

3.08

2.63

BBB+

06.12.2011

19.89

14489

14546

15351

16236

1825

1827

0.16

0.17

0.18

0.20

5.28

5.59

5.05

4.62

-0.54

2.95

-3.66

0.21

3.89

11.01.2013

10.55

13039

14829

17244

16.27

16.29

15.65

19.12

0.01

0.08

0.01

AA-

29.05.2013

12.33

2188

1289

9.53

11.81

17.03

0.01

0.05

0.03

0.11

0.01

0.05

BBB

12.03.2008

Baa2

03.05.2013

10.24

1625

2080

2261

136

0.78

0.84

1.33

1.53

2.26

2.45

1.43

1.24

2.13

1.28

-4.69

-0.09

0.36

4749

5845

3828

4276

0.46

0.52

0.34

0.30

0.10

0.56

BBB+

23.12.2010

(P)A3

27.04.2011

15162

16491

17600

954

1053

1.57

1.54

1.72

1.90

1.61

1.58

1.45

1.30

1.47

0.69

0.95

0.70

0.62

0.06

0.39

BBB+

06.12.2011

04.05.2007

8.98

3083

2.58

22813

14.20

4341

1.80 -0.09

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

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

0.53

0.67

0.75

0.79

0.68

1804186.00

27.2%

2.91

2.93

2.95

2.74

118.78

15.3%

3.97

4.07

4.01

4.03

89.50

2.8%

5.66

6.12

6.57

7.20

7.42

24.1%

0.23

0.30

0.38

0.46

5.41

5.89

6.31

6.96

SAMSUNG ELECTRONICS CO LTD TAIWAN SEMICONDUCTOR MANUFAC CHINA MOBILE LTD

1.92

1.73

1.60

1.49

2.46

2.26

2.14

2.04

CHINA CONSTRUCTION BANK-H

1.25

1.09

0.96

0.84

2.58

2.31

2.10

1.90

TENCENT HOLDINGS LTD

14.75

10.84

8.17

6.28

13.88

10.14

7.76

6.16

IND & COMM BK OF CHINA-H

1.35

1.17

1.02

0.91

2.61

2.36

2.13

1.94

GAZPROM OAO

0.41

0.37

0.34

0.35

0.73

0.67

0.66

AMERICA MOVIL SAB DE C-SER L

3.17

4.43

3.64

3.29

1.26

1.22

1.20

1.17

HYUNDAI MOTOR CO

1.65

1.23

1.28

1.20

CNOOC LTD

1.76

1.54

1.37

1.24

2.30

2.01

1.87

1.76

1.83

5.69

4.83

4.80

4.61

NASPERS LTD-N SHS

7.00

6.05

5.06

4.28

7.97

6.35

5.42

4.64

3.91

44.15

32.69

26.38

18.90

ITAU UNIBANCO HOLDING S-PREF

1.97

1.94

1.70

1.50

1.97

2.04

1.87

1.70

1.74

11.30

10.69

9.39

8.42

BANK OF CHINA LTD-H

0.96

0.85

0.76

0.68

2.15

1.93

1.76

1.58

3.88

4.82

5.08

4.99

PETROBRAS - PETROLEO BRAS-PR

0.67

0.68

0.65

0.60

0.82

0.75

0.70

0.68

0.65

4.29

4.08

3.56

3.30

MTN GROUP LTD

3.88

3.75

3.52

3.31

2.74

2.72

2.50

2.34

2.05

9.28

8.46

7.59

7.11

SBERBANK

1.14

0.97

0.84

2.28

1.93

1.72

1.52

1.33

5.62

5.57

5.23

4.84

LUKOIL OAO

0.65

0.61

0.55

0.51

0.40

0.36

2.99

3.35

2.77

2.75

BANCO BRADESCO SA-PREF

1.86

1.75

1.58

1.57

2.23

2.11

1.95

1.79

1.92

11.14

10.60

9.38

8.62

HON HAI PRECISION INDUSTRY

1.32

VALE SA-PREF

1.04

0.98

0.89

0.85

1.97

1.74

1.64

1.54

1.52

4.70

4.20

4.52

4.46

CIA DE BEBIDAS DAS AME-PREF

9.57

8.20

7.79

7.47

8.49

7.59

6.81

6.26

5.55

25.54

22.15

18.02

SASOL LTD

2.06

1.76

1.61

1.44

1.76

1.62

1.61

1.50

1.43

7.24

6.77

6.98

PETROCHINA CO LTD-H

1.14

1.07

1.00

0.94

0.69

0.62

0.59

0.57

0.56

4.34

4.06

3.69

3.54

3.33

PETROBRAS - PETROLEO BRAS

0.63

0.60

0.56

0.82

0.75

0.70

0.68

0.65

3.98

3.79

3.30

3.07

1.85

INFOSYS LTD

4.47

3.75

3.22

2.74

4.27

3.64

3.26

2.84

2.32

16.64

15.62

14.07

12.99

VALE SA

1.13

1.06

0.97

0.92

1.97

1.74

1.64

1.54

1.52

5.09

4.55

4.89

4.83

CHINA LIFE INSURANCE CO-H

2.10

1.80

1.62

1.43

1.07

0.96

0.89

0.82

FOMENTO ECONOMICO MEXICA-UBD

4.44

3.16

2.97

1.97

1.88

1.75

1.57

1.44

26.06

20.83

17.76

10.15

CHINA PETROLEUM & CHEMICAL-H

1.07

0.96

0.88

0.81

0.21

0.19

0.18

3.55

3.39

3.20

3.01

POSCO

0.68

0.65

0.62

0.59

0.76

0.87

0.82

0.80

6.46

6.66

6.01

6.02

HYUNDAI MOBIS CO LTD

1.61

HOUSING DEVELOPMENT FINANCE

9.63

0.34

1.20

0.35

1.87

6.10

5.46

5.25

5.43

4.11

5.55

5.76

5.83

36.43

28.18

22.49

19.16

4.44

5.53

5.82

0.62

2.35

2.21

2.41

2.52

1.18

5.15

5.25

5.00

4.84

4.72

3.81

23.38

2.11

1.32

0.76

4.29

1.99

2.08

3.75

3.34

21.82

3.56

17.44

3.72

16.37

0.15

3.92

10.99

10.79

11.09

11.06

6.12

5.58

5.19

4.79

46.46

37.08

29.46

23.53

6.49

5.84

5.44

5.01

9.38

23.45

1.40

SAMSUNG ELECTRONICS-PREF

1.28

1.16

1.03

0.86

3.05

2.81

1.07

BRF SA

3.33

KIA MOTORS CORPORATION

1.48

MAGNIT OJSC-SPON GDR REGS

9.53

7.22

5.84

4.71

GRUPO TELEVISA SAB-SER CPO

3.49

2.99

2.72

2.47

GRUPO FINANCIERO BANORTE-O

2.43

1.96

1.77

1.55

3.42

2.83

1.50

1.38

HDFC BANK LIMITED STANDARD BANK GROUP LTD

1.68

2.53

1.28

0.72

0.67

0.65

7.95

7.67

6.71

2.84

2.92

2.73

2.89

3.10

3.31

3.91

3.92

5.23

5.14

6.05

6.11

7.37

202.51

40.3%

5.43

5.39

5.32

10.24

10.95

10.74

10.34

11.10

1.58

1.24

1.45

1.56

1.49

14.79

10.2%

0.76

0.79

0.82

0.87

0.80

287727.28

16.3% 11.4%

6.94

4.71

4.32

3.98

3.75

3.77

8.51

8.73

8.37

8.14

9.37

2.58

3.24

3.45

3.64

3.28

17.42

52.14

48.49

40.01

31.28

21.65

43.71

33.64

26.02

20.15

16.97

0.44

0.52

0.68

0.85

1.30

95066.54

1.5%

11.04

10.34

9.20

8.07

6.95

2.83

3.15

3.44

3.95

4.68

36.37

14.5%

5.91

5.33

5.07

4.55

5.73

6.30

6.62

7.51

4.09

15.7%

6.84

5.85

5.23

4.68

4.04

11.53

8.62

8.19

6.98

4.69

3.39

3.99

4.31

4.54

5.36

21.90

17.3%

6.67

6.69

6.12

5.71

4.90

17.01

14.91

13.23

12.09

11.20

4.31

4.84

5.45

6.09

7.31

20585.23

4.4%

6.22

6.03

5.54

4.94

4.83

2.69

3.10

3.64

4.26

6.40

129.62

32.3%

3.18

3.24

2.91

2.86

2.66

4.37

4.65

4.73

4.86

3.58

4.34

5.10

5.69

6.01

8.04

2527.45

24.2%

11.16

10.33

9.22

8.16

6.79

3.06

3.22

3.60

4.13

4.83

34.98

13.4%

10.41

10.51

9.58

9.22

1.84

2.03

2.14

2.09

4.00

78.13

4.2%

7.63

6.74

6.69

6.62

6.49

6.84

5.08

4.64

4.48

5.43

46.04

44.5% 10.8%

5.23

4.70

6.31

5.00

5.01

16.42

17.48

15.51

13.91

12.70

25.60

23.70

20.54

18.42

16.01

2.97

3.34

3.91

4.17

94.90

6.18

6.02

5.57

5.70

5.44

10.31

9.69

10.12

9.64

9.88

3.82

4.10

4.23

4.55

45600.00

-5.2%

5.84

5.27

4.86

4.49

4.04

10.33

9.72

8.99

8.39

6.74

4.42

4.70

4.92

5.28

10.03

17.8%

4.04

10.71

8.01

7.60

6.49

4.35

3.07

3.04

3.37

3.85

22.89

32.0%

18.44

16.90

15.04

13.07

1.60

1.67

1.88

2.18

3122.97

3.6%

8.26

7.30

7.25

7.17

7.03

6.35

3.30

4.31

4.93

45.57

32.1%

9.15

1.05

1.93

2.35

2.73

22.91

14.3%

1.32

1.57

1.55

1.88

3.84

4.66

5.03

5.26

4.32

4.67

3.05

13.40

16.22

19.01

13.94

5.60

0.09

0.08

1.51

1.35

0.85

0.61

0.85

3.46

2.04

1.59

1.28

1.04

0.84

27.20

19.30

15.87

13.12

7.55

2.24

3.14

2.92

2.73

2.62

2.56

15.65

20.77

25.51

10.65

23.24

5.05

4.32

3.80

3.31

2.21

17.96

15.50

13.30

11.14

2.93

2.54

2.31

1.23

1.12

23.85

5.15

6.84

5.85

5.23

4.68

12.97

11.93

10.67

9.41

6.31

5.00

5.01

5.15

40.27

16.17

13.27

11.05

13.79

12.59

11.03

9.94

8.11

29.44

24.49

20.88

18.55

5.22

4.70

4.25

3.96

3.58

9.01

8.13

7.46

7.05

7.48

7.54

6.70

6.36

10.43

13.24

10.51

10.12

2.97

2.53

2.55

9.14

7.73

7.10

6.63

0.65

0.70

0.74

21.86

18.28

15.56

1.56

1.81

2.10

2.45

1.93

1.71

2.04

2.27

1.18

1.28

1.52

11.98

11.46

9.25

8.60

7.44

0.03

22.07

14.23

11.57

6.19

10.11

8.19

8.29

2.08

10.66

9.24

8.33

6.46

9.68

8.86

8.40

8.09

43.54

30.17

22.89

18.29

8.11

7.30

12.48

11.43 5.10

4.84

71.93

28.05

6.19

4.41

MEDIATEK INC TATA CONSULTANCY SVCS LTD

9.57

SK HYNIX INC PING AN INSURANCE GROUP CO-H

2.33

4.24

3.88

3.40

1.45

2.60

2.33

7.56

6.05

4.82

6.06

1.64

1.35

1.14

1.95

1.67

1.40

0.94

1.38

1.26

1.13

3.87

3.15

2.77

4.82

4.19

3.60

1.48

1.39

1.35

0.86

0.74

0.66

1.02

21.52

18.22

17.50

12.89

14.58

3.07

26.32

21.14

18.24

16.39

20.29

13.71

12.30

10.72

19.88

14.58

15.77

13.82

3.63

3.44

3.35

9.72

8.6%

5.36

6.99

13.9%

2.66

3.14

390538.47

24.8%

0.74

0.70

338232.16

20.4%

873.19

11.1%

2.68

48148.15

9.9%

982.51

19.6%

1515000.00

68.1%

1.34

1.61

20.32

17.32

13.57

0.64

0.85

1.48

1.71

2.50

60.38

9.6%

6.41

6.06

5.98

1.05

1.08

1.15

1.23

1.10

74985.30

19.4%

40.21

29.50

24.23

19.86

14.17

0.41

0.85

1.08

1.35

2.52

66.48

7.1%

25.36

26.55

23.54

20.86

18.78

0.43

0.53

0.65

0.79

0.97

71.17

-4.9%

17.73

15.48

13.07

11.17

10.05

0.83

0.97

1.35

1.69

2.61

95.57

13.2%

17.18

13.67

0.89

1.10

1.34

1.63

722.46

18.1%

11.42

10.10

3.77

4.13

4.66

5.35

11710.36

-1.6%

0.16

0.13

0.16

0.19

0.18

567516.00

2.4%

3.21

39.18

13.2% 16.0%

8.69

25.96

24.39

21.42

18.52

16.88

1.57

2.62

2.45

2.31

12.79

29.96

19.80

15.62

14.20

10.33

2.50

3.01

3.90

4.53

426.97

11.96

27.42

21.91

19.01

16.36

1.16

1.42

1.63

1.90

1971.63

1.2%

6.73

6.77

6.13

0.03

0.13

0.44

0.52

38984.85

25.2%

12.90

11.05

9.66

0.97

1.23

1.46

1.72

71.50

23.6%

2.09

1.24

1.96

2.62

43596.43

14.1%

1.32

1.35

1.38

354760.00

16.9%

13.55

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

143.08

1.09

16.23

9.22

2.15

6.18

KB FINANCIAL GROUP INC LG CHEM LTD

6.24

8.64

12.79

10.18

NAVER CORP WALMART DE MEXICO-SER V

17.0%

6.13

1.70

2.37

-2.4%

6.39

2.69

3.54

0.60

405.19

5.29

SHINHAN FINANCIAL GROUP LTD RELIANCE INDUSTRIES LTD

0.26

2.78

8.67 4.70

17.34

6.33

1.45 4.37

26.91

3.67

6.02

0.32

0.84

32.33

3.74

16.10

1.32

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

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

CHINA OVERSEAS LAND & INVEST

2.25

1.82

1.54

1.31

2.81

2.28

1.87

1.56

7.93

9.20

6.20

4.74

8.39

7.05

5.78

4.91

11.98

9.55

8.07

6.86

1.65

2.04

2.41

2.82

26.42

15.6%

CEMEX SAB-CPO

0.55

1.17

1.13

1.10

0.89

0.85

0.80

0.75

9.40

13.15

8.73

7.65

11.74

10.70

9.43

8.36

119.68

25.26

0.28

0.00

CHUNGHWA TELECOM CO LTD

1.98

2.00

3.59

3.19

3.71

8.30

8.47

8.36

8.17

5.30

5.32

5.29

5.46

NOVATEK OAO-SPONS GDR REG S

1.08

3.50

3.05

2.69

2.16

5.76

4.16

3.56

3.25

BANK CENTRAL ASIA TBK PT

4.94

4.05

3.41

2.91

2.86

8.98

7.59

6.53

5.61

GRUPO MEXICO SAB DE CV-SER B

3.19

2.50

2.21

2.05

2.33

2.44

2.24

1.97

MALAYAN BANKING BHD

2.02

1.84

1.74

1.64

5.17

4.69

4.30

ECOPETROL SA

3.11

2.72

2.50

2.29

2.68

2.63

2.59

ITC LTD

12.19

10.27

9.14

8.82

8.87

7.49

6.40

ASTRA INTERNATIONAL TBK PT

3.63

3.17

2.77

2.29

ITAUSA-INVESTIMENTOS ITAU-PR

1.50

1.60

1.42

FIRSTRAND LTD

2.61

2.29

2.03

FORMOSA PLASTICS CORP

2.20

2.01

MOBILE TELESYSTEMS-SP ADR

6.26

CHINA STEEL CORP

1.41

NAN YA PLASTICS CORP

1.46

0.71

2.74

12.22

11.42

10.07

66.83

18.64

16.61

14.37

1.69

6.87

7.40

7.19

6.46

3.94

3.36

12.58

12.74

11.96

10.78

2.60

2.16

8.48

8.81

7.76

7.34

5.50

33.14

28.20

23.81

11.16

10.13

9.27

5.48

7.07

8.94

13.36

0.00

16.04

6.4%

87.07

-6.9% 10.5%

17.73

18.71

18.58

18.22

18.55

14.28

12.59

11.27

9.67

2.09

2.38

2.77

3.25

142.90

21.54

18.63

15.91

13.68

13.28

1.25

1.28

1.50

1.79

1.91

10341.67

1.9%

10.47

12.48

11.76

10.40

8.74

5.59

2.91

2.65

3.86

3.27

47.29

17.2%

14.22

13.48

12.64

11.75

11.96

5.38

5.23

5.44

5.78

6.12

10.99

12.1%

11.54

12.57

12.62

13.43

10.21

5.53

5.81

4.98

4.34

4.63

4549.33

4.0%

5.66

6.22

5.64

5.01

4.46

6.09

6.35

6.17

6.15

5.39

22.67

23.96

20.08

16.90

14.19

36.06

30.42

25.64

22.04

1.68

1.95

2.35

2.94

377.49

10.1%

8.51

12.53

13.16

11.61

10.79

13.38

13.85

12.27

10.92

3.38

3.31

3.61

3.99

7149.58

12.6%

9.74

9.14

7.70

6.14

3.41

4.13

4.57

5.72

10.93

20.3%

12.51

11.13

9.90

8.75

3.74

4.41

5.00

5.81

3693.92

8.5%

33.84

22.17

18.44

15.78

2.69

2.54

3.43

3.99

77.35

-0.3%

6.07

1.37

1.31

1.18

1.06

10.62

9.19

7.69

6.51

1.89

3.31

3.13

2.81

2.57

11.22

10.04

9.33

8.20

1.89

1.82

2.86

2.57

2.38

2.18

17.18

17.65

16.22

13.68

5.53

4.67

4.09

3.74

1.91

1.89

1.80

1.68

1.57

4.89

4.75

4.60

4.88

4.82

5.52

5.37

5.16

4.89

4.60

13.83

10.94

10.52

9.50

7.51

5.00

6.04

6.76

7.70

22.89

-0.2%

1.35

1.30

1.35

1.14

1.89

1.90

1.84

1.71

1.59

11.89

13.66

12.95

12.45

9.03

23.78

17.29

15.95

14.73

10.12

67.68

26.92

22.52

19.87

13.02

1.62

2.47

3.03

3.42

25.54

-0.4%

2.05

1.86

1.79

1.76

2.76

2.65

2.62

2.44

22.15

32.14

24.20

23.58

37.38

28.16

25.33

30.87

146.90

21.23

19.36

17.02

1.09

2.61

3.36

3.72

65.15

2.0%

CIMB GROUP HOLDINGS BHD

1.97

1.79

1.63

1.46

4.32

3.95

3.59

3.26

35.71

24.59

23.08

20.55

12.95

12.44

11.16

9.89

3.40

3.35

3.55

3.95

8.32

10.9%

CHINA SHENHUA ENERGY CO-H

1.43

1.30

1.19

1.08

1.42

1.36

1.29

1.22

5.48

5.37

5.20

5.00

4.76

4.70

4.51

4.22

BM&FBOVESPA SA

1.26

1.27

1.25

1.24

12.20

11.29

10.48

9.67

8.83

18.59

14.53

14.21

12.24

15.57

13.96

12.75

11.52

PKO BANK POLSKI SA

1.88

1.80

1.68

1.53

4.02

4.46

4.04

3.73

2.98

6.66

12.98

11.50

10.83

CATHAY FINANCIAL HOLDING CO

1.89

1.75

1.61

TATNEFT-CLS

0.98

0.91

0.95

1.06

BANCO BRADESCO S.A.

2.11

1.99

1.79

AGRICULTURAL BANK OF CHINA-H

1.21

1.06

0.93

ROSNEFT OAO

1.05

0.99

0.85

0.80

SANLAM LTD

2.07

1.94

1.76

CIELO SA

20.71

16.51

WANT WANT CHINA HOLDINGS LTD

12.66

10.42

1.41

34.86

28.08

22.41

18.90

10.61

6.65

HYUNDAI HEAVY INDUSTRIES

0.81 0.65

7.80

8.20

8.21

7.80

9.19

4.95

4.73

4.82

5.14

28.22

20.6%

15.03

16.17

14.74

13.10

11.37

3.48

3.99

4.96

5.62

8.13

14.56

13.9%

12.40

15.19

12.86

10.81

8.75

3.72

3.41

3.59

4.53

5.19

40.33

8.3%

30.26

16.60

16.19

16.23

1.15

1.91

1.95

2.15

46.98

11.1%

1.57

0.98

1.01

1.02

1.09

285720.00

8.2%

6.58

6.69

6.87

7.41

6.30

3.93

3.53

3.36

3.16

3.63

203.92

-3.8%

7.70

11.42

0.73

0.85

0.86

0.84

0.75

4.98

5.33

5.65

5.61

1.78

2.23

2.11

1.95

1.79

1.92

12.64

12.03

10.64

9.78

12.65

11.71

10.45

9.25

0.82

1.93

1.74

1.57

1.42

3.81

5.22

6.17

5.60

5.25

4.67

5.46

6.07

6.35

7.27

4.04

13.2%

0.87

0.66

0.61

0.60

3.94

3.01

3.50

3.17

7.06

6.91

6.72

7.40

6.60

3.14

3.64

3.78

3.66

3.30

271.90

3.3%

1.60

3.36

2.61

2.39

2.19

18.76

16.02

14.88

13.11

15.84

14.75

13.59

12.27

12.18

3.38

4.04

4.46

4.93

4.85

4759.80

1.0%

13.80

11.90

7.94

6.86

6.26

5.81

5.55

19.47

13.28

14.46

11.36

13.01

12.55

11.50

10.78

20.62

17.80

15.85

14.42

13.10

3.31

3.97

4.43

5.08

7.00

60.94

-0.3%

8.80

7.58

5.75

5.10

4.32

3.68

3.39

30.04

25.97

21.89

19.15

24.79

20.76

17.88

15.13

37.37

30.04

25.97

22.20

21.89

1.63

2.02

2.42

2.87

3.13

11.92

0.3%

1.84

1.47

1.93

2.22

2.00

46493.10

24.1%

1.06

0.55

5.38

4.27

4.22

7.33

4.25

5.59

4.25

5.23

4.46

5.18

4.33

10.81

4.84

10.17

HANA FINANCIAL GROUP ALFA S.A.B.-A

3.59

3.30

2.92

2.53

CHINA PACIFIC INSURANCE GR-H

2.15

1.94

1.77

1.60

TURKIYE GARANTI BANKASI

1.63

1.42

1.28

1.14

TELEKOMUNIKASI INDONESIA PER

3.94

3.61

3.26

2.92

DELTA ELECTRONICS INC

4.21

3.76

FUBON FINANCIAL HOLDING CO

1.29

1.17

1.04

ADVANCED INFO SERVICE-NVDR

17.84

16.44

15.27

14.34

TENAGA NASIONAL BHD

1.47

1.30

1.21

1.12

UNI-PRESIDENT ENTERPRISES CO

3.42

3.20

2.98

PTT PCL-NVDR

1.40

1.33

CREDICORP LTD

2.47

HENGAN INTL GROUP CO LTD

7.98

CHINA MERCHANTS BANK-H

1.46

0.95

0.91

0.85

1.04

0.92

0.81

0.74

3.07

2.80

2.64

2.67

2.50

2.35

2.91

0.83

2.55

12.87

11.88

9.85

9.93

6.28

5.19

4.70

4.19

7.03

6.31

5.95

5.65

9.65

6.10

18.28 15.33

5.64

8.84

5.27

8.32

4.95

5.13

4.77

4.47

5.12

15.96

14.54

12.70

10.59

1.38

1.32

1.26

1.24

7.14

5.37

5.23

5.11

2.70

5.95

5.81

5.49

5.26

25.29

25.50

24.64

1.19

1.08

0.33

0.32

0.30

5.02

4.81

4.70

2.42

2.07

1.78

3.53

3.32

2.90

2.56

2.62

12.69

14.12

10.90

9.39

7.11

6.25

5.65

5.66

5.05

4.20

3.63

3.35

30.86

26.28

22.16

19.44

1.26

1.05

0.92

0.79

2.43

2.13

1.87

1.64

SIME DARBY BERHAD

2.08

1.96

1.84

1.72

1.64

1.20

1.15

1.09

1.05

0.99

SAMSUNG FIRE & MARINE INS

1.35

1.27

1.16

1.07

0.93

0.76

0.75

0.64

0.63

0.57

REMGRO LTD

1.78

1.63

1.54

1.45

6.21

4.79

4.41

4.85

SIAM COMMERCIAL BANK P-NVDR

2.40

2.05

1.79

1.56

4.92

4.28

3.83

3.40

BIDVEST GROUP LTD

3.18

3.16

2.78

2.30

0.56

0.50

0.47

0.43

CTBC FINANCIAL HOLDING CO LT

1.54

1.39

1.27

13.53

17.39

14.24

7.71

6.33

6.09

5.75

60.27

90.17

89.66

66.35

11.32

9.91

10.66

19.11

10.05

15.97

9.35

13.65

8.77

SK INNOVATION CO LTD

3.03

5.11

4.65

21.86

21.79

18.20

16.07

14.42

25.55

10.41

9.24

8.08

11.50

9.80

7.82

8.32

88.26

9.54

20.20

24.49

18.87

17.56

18.61

0.68

1.05

1.03

1.15

34.33

20.24

17.11

14.44

11.47

1.16

1.68

1.93

2.28

75.17

8.53

14.68

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

74.15

7.87

79.59

7.39

8.59

1.81

34.41

-6.6%

32.76

16.8%

9.85

9.07

8.30

7.17

2.01

2.24

2.92

3.45

8.85

10.1%

16.43

14.63

13.41

12.37

3.65

4.35

4.99

5.45

2475.19

12.5%

3.06

3.91

4.44

5.01

152.20

6.1%

9.74

2.44

2.68

2.90

3.03

0.00

45.14

10.9%

8.72

1.75

2.64

2.79

3.08

4.63

10.30

13.5%

2.11

2.60

2.92

3.10

58.75

7.4%

151.22

17.7%

23.55

11.51

1.46

1.36

8.14

16.36

5.54 0.97

9.94

14.74

12.00

11.60

10.83

21.59

19.88

16.79

14.51

18.86

12.29

11.73

10.97

22.53

21.22

19.24

17.20

8.37

8.28

7.60

7.49

12.92

16.20

11.25

9.88

2.10

2.17

2.09

2.82

31.43

27.93

23.32

20.02

17.16

1.96

2.17

2.60

2.88

5.80

5.33

5.05

4.51

5.95

4.29

5.23

5.60

6.47

17.35

16.31

14.93

13.88

13.59

3.07

3.21

3.45

3.71

3.68

10.05

5.7%

14.93

14.97

12.24

11.21

8.16

1.75

1.71

2.05

2.23

2.08

276750.00

10.0%

11.10

11.40

7.90

6.28

1.83

2.14

2.17

2.19

2.16

191200.00

32.3%

17.28

14.47

12.58

11.38

9.60

1.84

2.17

2.50

2.69

19598.75

0.4%

12.61

10.49

9.27

8.06

7.05

16.28

14.62

13.20

11.89

2.72

3.07

3.42

3.84

25620.40

0.8%

14.16

11.67

11.51

10.67

2.28

3.37

3.48

3.92

20.78

6.3%

8.85

3.46

0.00

92.35

3.1%

16.37

15.6%

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

130799107 19182008 100586462 18510436 199150502 27376186 141206377 105887869

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

SAMSUNG ELECTRONICS CO LTD

KRW

1.9

6.27

1.00

13.2

0.5256

TAIWAN SEMICONDUCTOR MANUFAC

TWD

3.5

939723

69019

408321

176802

2514670

222975

499872

723198

8.62

1.00

15.1

3.0928

CHINA MOBILE LTD

HKD

2.0

1014291

148797

334122

155549

1459268

326800

560413

725309

3.85

1.00

11.3

3.8196

CHINA CONSTRUCTION BANK-H

HKD

1.3

13969116

691721

251272

1247061

13023219

713433

949609

6.5

5.3562

TENCENT HOLDINGS LTD

HKD

9.0

70537

15844

38417

14949

371225

33108

43894

42148

9.22

1.00

28.8

0.3992

IND & COMM BK OF CHINA-H

HKD

1.3

17533396

775377

304870

1474728

16413758

840810

1128459

6.1

5.759

GAZPROM OAO

RUB

0.4

12068139

918929

8066537

1285968

3306476

3367045

4764411

8701094

2.45

1.00

2.8

4.1623

AMERICA MOVIL SAB DE C-SER L

MXN

3.7

858996

-43727

205383

157310

1130031

691575

775070

312323

2.38

1.00

12.4

1.3423

HYUNDAI MOTOR CO

KRW

1.2

51909710

8500895

32209329

4297228

45725445

16926273

43162401

37019656

3.79

1.00

11.3

0.8696

CNOOC LTD

HKD

1.9

455097

88457

266702

84799

602645

146290

247627

309780

2.63

1.00

9.4

2.7966

NASPERS LTD-N SHS

ZAr

4.2

77096

8936

30473

4283

226267

47683

50249

55853

4.37

1.00

33.3

0.6721

ITAU UNIBANCO HOLDING S-PREF

BRL

2.0

952483

30014

17241

150710

881156

130524

75998

11.9

BANK OF CHINA LTD-H

HKD

0.9

12675700

545530

184847

803679

11819073

619095

861542

5.6

6.2875

PETROBRAS - PETROLEO BRAS-PR

BRL

0.7

596510

48481

137688

31392

254629

332283

281379

345434

1.33

1.00

12.0

MTN GROUP LTD

ZAr

3.7

147449

5097

46413

40301

330540

88497

135112

92887

4.78

1.00

16.3

4.6396

SBERBANK

RUB

1.2

15023300

1290700

440700

2000623

13473600

1385000

1623800

5.9

2.2385

LUKOIL OAO

RUB

0.7

96997

11820

68458

14040

49954

24773

116335

74188

3.52

1.00

4.6

1.9644

BANCO BRADESCO SA-PREF

BRL

1.9

793431

40967

14632

134257

729840

100443

71346

11.9

HON HAI PRECISION INDUSTRY

TWD

1.6

1715645

94884

469871

45926

1052093

1069113

3218928

646532

3.00

1.00

11.1

1.6873

VALE SA-PREF

BRL

1.4

248100

20371

77388

25969

217885

111288

93511

155633

1.97

1.00

22.2

CIA DE BEBIDAS DAS AME-PREF

BRL

9.3

31253

737

16676

13860

267601

24236

32231

29924

11.80

1.00

25.4

2.4487

SASOL LTD

ZAr

1.9

247104

53477

120914

48014

284644

96220

181269

153275

3.80

1.00

8.2

4.4028

PETROCHINA CO LTD-H

HKD

1.5

2144754

-160416

880989

177667

1650133

988148

2195296

1180748

2.43

1.00

14.0

3.2104

PETROBRAS - PETROLEO BRAS

BRL

0.7

596510

48481

137688

31392

254629

332283

281379

345434

1.33

1.00

12.0

INFOSYS LTD

INR

4.3

439990

272440

346380

104450

1650982

83370

403520

379940

14.60

1.00

17.5

1.4536

VALE SA

BRL

1.4

248100

20371

77388

25969

217885

111288

93511

155633

1.97

1.00

22.2

CHINA LIFE INSURANCE CO-H

HKD

2.6

1898916

138960

10506

597066

1675815

371436

223101

52.2

0.6879

FOMENTO ECONOMICO MEXICA-UBD

MXN

3.0

228049

26939

129173

29227

462701

85781

238309

210161

4.83

1.00

22.3

CHINA PETROLEUM & CHEMICAL-H

HKD

1.2

1260436

-148358

398342

99101

603193

718657

2733618

548036

3.18

1.00

9.6

4.2476

POSCO

KRW

0.7

52026596

8065958

37454452

2789597

26958311

13155888

35664933

39164547

3.17

1.00

10.8

1.7192

HYUNDAI MOBIS CO LTD

KRW

2.1

17511069

4350187

11638219

2312302

27514727

4827517

16865694

13412627

6.05

1.00

12.2

0.6597

HOUSING DEVELOPMENT FINANCE

INR

4.0

2517087

219771

77217

1277669

2188164

359790

331318

18.9

1.5129

SHINHAN FINANCIAL GROUP LTD

KRW

0.9

27205812

17021868

587624

18422654

7546003

992378

19666921

37.6

1.8018

RELIANCE INDUSTRIES LTD

INR

1.2

2628590

464510

1368930

221510

2269473

1793530

3970620

1830040

3.49

1.00

10.9

1.1644

SAMSUNG ELECTRONICS-PREF

KRW

6.27

1.00

BRF SA

BRL

2.5

26021

4126

2078

1366

36708

16196

28517

14576

3.15

1.00

45.1

0.7487

KIA MOTORS CORPORATION

KRW

1.5

23049525

280130

11014806

1645332

22881666

9547124

28007913

14932983

3.57

1.00

10.7

1.1504

MAGNIT OJSC-SPON GDR REGS

USD

7244

-628

1783

1126

3993

14430

3267

6.67

1.00

GRUPO TELEVISA SAB-SER CPO

MXN

2.7

149753

18392

39776

18140

163459

96532

69290

68535

2.53

1.00

18.7

GRUPO FINANCIERO BANORTE-O

MXN

2.4

895843

50490

14371

194138

828057

97448

88510

17.8

0.6579

HDFC BANK LIMITED

INR

4.1

4077230

155763

100057

1487970

3708589

429950

368641

21.5

0.8795

STANDARD BANK GROUP LTD

ZAr

1.7

1529533

92278

27938

190937

1414047

125473

130173

12.3

3.8274

NAVER CORP

KRW

5.0

2597070

794533

1960852

684887

9881550

656535

1511391

1984916

11.91

1.00

18.6

0.2714

WALMART DE MEXICO-SER V

MXN

5.4

196358

16484

96319

32399

750155

82449

418051

139837

8.37

1.00

32.2

MEDIATEK INC

TWD

2.5

190826

28579

83192

5850

434000

22127

63474

175740

12.99

1.00

25.1

2.782

TATA CONSULTANCY SVCS LTD

INR

8.0

484309

197338

364315

169600

3084091

129262

629895

393410

15.97

1.00

22.2

1.3962

SK HYNIX INC

KRW

1.8

17489796

455228

3892361

-616285

17965363

8243841

10001783

9959643

2.88

1.00

PING AN INSURANCE GROUP CO-H

HKD

2.6

2806730

68195

39731

380171

2634617

341539

209649

20.6

0.862

KB FINANCIAL GROUP INC

KRW

0.8

18380906

3925987

645191

14642729

305686

693943

18084342

22.7

1.5831

LG CHEM LTD

KRW

2.1

14561427

2894784

8919439

1726960

21750732

4584153

20442790

10200634

4.81

1.00

16.9

1.2121

130799107 19182008 100586462 18510436

27376186 141206377 105887869

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

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

CHINA OVERSEAS LAND & INVEST

HKD

2.2

229716

96292

67631

23061

188785

142268

64581

87557

2.03

1.00

10.1

1.6883

CEMEX SAB-CPO

MXN

1.0

336326

9528

23044

17200

138889

323170

197036

155600

1.15

1.00

CHUNGHWA TELECOM CO LTD

TWD

2.0

423715

36177

118372

46100

733079

63741

190951

365442

8.20

1.00

18.4

5.6614

NOVATEK OAO-SPONS GDR REG S

USD

3113

258437

85719

171832

210973

291301

9.04

1.00

BANK CENTRAL ASIA TBK PT

IDR

4.3

442994197

45889408

51897942

19.0

1.2582

GRUPO MEXICO SAB DE CV-SER B

MXN

3.4

18402

5311

6293

4082

28160

8646

10183

10139

3.58

1.00

11.9

MALAYAN BANKING BHD

MYR

1.8

488335

18149

7687

77648

450912

22854

43954

12.7

180

7.0652

ECOPETROL SA

COP

3.5

110467740

-250099

47507459

68852002

67343048

4.84

1.00

15.2

5.4945

ITC LTD

INR

10.6

349157

84500

189203

313235

233378

15.13

1.00

31.9

1.6966

ASTRA INTERNATIONAL TBK PT

IDR

4.3

3.57

1.00

15.8

2.8421

ITAUSA-INVESTIMENTOS ITAU-PR

BRL

1.6

357691

35173

13527

-12904

46972

331308

5653

32709

4.84

1.00

10.3

FIRSTRAND LTD

ZAr

2.2

868500

66733

20464

161234

790041

56329

79628

10.5

4.701

FORMOSA PLASTICS CORP

TWD

2.1

343755

72264

157281

5744

481103

117307

173035

226620

3.91

1.00

32.8

1.5267

MOBILE TELESYSTEMS-SP ADR

USD

4.4

12562

-693

3497

2623

16115

11151

12436

3829

2.87

1.00

16.0

5.4674

CHINA STEEL CORP

TWD

1.5

427124

3126

89143

2690

409229

148914

207193

278352

2.46

1.00

72.0

1.4625

NAN YA PLASTICS CORP

TWD

1.8

393108

83425

158972

8467

439718

147282

183043

246566

3.15

1.00

103.7

0.5357

CIMB GROUP HOLDINGS BHD

MYR

2.0

327199

16751

4903

56712

307705

19032

29351

13.1

1.9659

CHINA SHENHUA ENERGY CO-H

HKD

2.1

453586

5803

151698

69864

510864

150810

250260

306557

2.74

1.00

11.1

3.5152

BM&FBOVESPA SA

BRL

1.4

7635

1876

820

1302

27042

4733

2065

19414

6.73

1.00

25.2

3.9727

PKO BANK POLSKI SA

PLN

1.9

191768

23458

4820

46125

168772

17738

24708

12.3

CATHAY FINANCIAL HOLDING CO

TWD

52.4

HYUNDAI HEAVY INDUSTRIES

KRW

1.0

30264129

971218

13787248

1284650

14831802

15447947

25055014

15189935

2.22

1.00

13.4

1.0331

TATNEFT-CLS

RUB

1.1

63782

330705

103672

462761

184374

444099

446233

4.87

1.00

6.4

3.2483

BANCO BRADESCO S.A.

BRL

1.9

793431

40967

14632

134257

729840

100443

71346

11.9

AGRICULTURAL BANK OF CHINA-H

HKD

1.3

13240855

425021

187566

805105

12492988

652516

751354

6.8

5.0796

ROSNEFT OAO

RUB

1.1

121247

16134

60345

11315

81658

52099

98224

74155

1.66

1.00

7.5

3.4064

SANLAM LTD

ZAr

2.3

440044

36897

10206

86679

403675

88765

39889

15.0

3.6855

CIELO SA

BRL

16.4

7792

1711

1777

2765

37292

7751

5427

2286

16.1

2.2509

WANT WANT CHINA HOLDINGS LTD

HKD

11.4

3460

1087

1282

721

18227

1858

3359

1604

8.68

1.00

32.9

2.0756

HANA FINANCIAL GROUP

KRW

0.7

16174987

4961213

-181092

8363733

3542252

27778

12637902

301

1.2968

ALFA S.A.B.-A

MXN

2.7

134796

25342

51831

16305

142376

93081

200167

60777

3.57

1.00

15.7

1.0707

CHINA PACIFIC INSURANCE GR-H

HKD

2.1

679802

87115

8379

205412

583933

167146

97569

38.1

1.5556

TURKIYE GARANTI BANKASI

TRY

1.8

179697

14731

4311

38864

158122

17675

21657

11.7

1.5337

TELEKOMUNIKASI INDONESIA PER

IDR

3.4

109926000

2423000

45428000

77143000

66978000

4.87

1.00

13.5

4.0783

DELTA ELECTRONICS INC

TWD

3.1

118665

3244

34816

1830

257855

35436

36288

83666

5.17

1.00

15.0

4.9681

FUBON FINANCIAL HOLDING CO

TWD

17.1

ADVANCED INFO SERVICE-NVDR

THB

84323

1816

18008

45830

57426

141568

43542

11.90

1.00

TENAGA NASIONAL BHD

MYR

1.0

88469

9352

26107

6175

37631

52071

35848

36398

1.63

1.00

8.9

2.9371

UNI-PRESIDENT ENTERPRISES CO

TWD

3.1

120171

622

33453

1994

259170

37577

46852

82601

4.98

1.00

20.9

2.6266

PTT PCL-NVDR

THB

1467949

91249

548010

143897

899656

2793833

731664

3.48

1.00

CREDICORP LTD

USD

2.8

40037

3588

985

11636

36432

4136

4365

14.8

1.5693

HENGAN INTL GROUP CO LTD

HKD

6.1

28614

5370

13955

4519

85970

14797

18524

14408

4.50

1.00

24.4

2.4303

CHINA MERCHANTS BANK-H

HKD

1.5

3395770

178857

59500

292073

3207712

176909

200507

6.5

4.5818

SIME DARBY BERHAD

MYR

2.1

47543

12063

23997

4572

57570

20471

46771

27987

3.84

1.00

17.2

3.5491

SAMSUNG FIRE & MARINE INS

KRW

1.0

45485774

8296370

944848

9239357

36733051

14004636

8916273

12.5

1.7202

SK INNOVATION CO LTD

KRW

1.2

14056358

1412412

12776604

1217522

15998325

2058561

2349805

13245173

6.51

1.00

17.0

1.8391

REMGRO LTD

ZAr

1.6

66928

8620

55505

169

97478

11694

16446

61065

13.36

1.00

22.2

1.8215

SIAM COMMERCIAL BANK P-NVDR

THB

2258463

172485

51186

2050728

148648

219155

BIDVEST GROUP LTD

ZAr

2.9

56799

7667

7556

76805

39128

153405

27551

5.02

1.00

15.7

2.9394

CTBC FINANCIAL HOLDING CO LT

TWD

179758000 21621000

68071000

14255568 222551684 391096255 35188157

24206290 224497174 46536530 103071

2445222

120156

19870000 307675004 92460000 188053000 89814000

25301000 173299073 44391000

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

02.10.2013

Samsung Electronics Co Ltd Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Price/Volume 1800000

1.2 M

1600000

1.0 M

1400000 1200000

.8 M

1000000

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

12/2012 06/yy 1'584'000.00 1'209'000.00 350'017.00 1418000 -10.48% 17.29% 46.13% 147.3 208'870'464.00 3'111'874.00 119'467.0 0.0 16'911'345.00 189'885'731.87

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

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

600000

.4 M

400000

.2 M

200000 0 o-12

n-12 d-12

j-13

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

j-13

a-13

.0 M s-13 o-13

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

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

.6 M

800000

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 1.05x 1.02x 1.06x 1.31x 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 6.61x 5.60x 6.75x 6.70x 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 18.96x 10.69x 15.82x 13.17x Profitability 27'701'730.00 18'510'436.00 13.11% 14.69% 14.37% 16.93% 17.76% 1.14% 29.6% 20.3% 14.2% 12.3% 1.77 1.38 2.34% 2.94% 7.88 17.71

Price/ Cash Flow

LTM

06/yy 06/yy ######### ######### 4.11x 4.54x ######### ######### 6.88x 5.08x ######### ######### 14.07x 10.58x

1.19 108.77 0.00 4.14% -6.80% 1.186 52 4.750 218'354 261'030 268'441

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

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

08.08.2013 A+ STABLE 25.01.2006 A-1 205.30 100.84 -0.62 0.08 2.9% 2.9% 1.14 3.87 46.31 20.60 23.12 38.44

Sales/Revenue/Turnover

12.00

160'000'000.0 140'000'000.0

10.00

120'000'000.0 8.00

100'000'000.0 80'000'000.0

6.00

60'000'000.0 4.00

40'000'000.0 2.00 0.00 02.01.2010

20'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Samsung Electronics Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 16'513'149 11'138'747 10'948'157 5'976'362 4'985'464 3'989'329 3'645'734 3'117'346 1'524'065 1'429'654 1'231'444 1'034'306 904'418 782'050 685'431 667'627 611'891 521'568 514'713 500'819

% Out 11.21 7.56 7.43 4.06 3.38 2.71 2.48 2.12 1.03 0.97 0.84 0.7 0.61 0.53 0.47 0.45 0.42 0.35 0.35 0.34

Weighting

Change

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

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

Latest Chg (399'465) 20'054 631'368 (241'473) 36'611 (62'967) (71'401) (75'627) (3'758) (151'678) (63'442) 91'690 (332'810) 32'350 12'089 (170'352)

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

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

File Dt 30.09.2012 01.07.2013 30.06.2013 21.03.2013 21.03.2013 30.11.2012 31.07.2013 27.09.2013 30.06.2013 31.03.2013 31.12.2012 31.07.2013 31.08.2013 30.08.2013 31.08.2013 31.08.2013 30.06.2013 31.03.2013 31.08.2013 31.03.2013

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

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

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 29.09.2013 27.09.2013 27.09.2013 27.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 22.09.2013 17.09.2013 16.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 09.09.2013 09.09.2013 05.09.2013 03.09.2013 29.08.2013 26.08.2013 22.08.2013 07.08.2013 29.07.2013 29.07.2013

02.10.2013

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

Price/Volume

120.0 M 100.0 M 80.0 M

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

12/2012 12/yy 116.50 84.50 14'242'576.00 103 -11.59% 21.89% 53.13% 25'928.2 2'670'608.00 114'714.93 0.0 0.0 111'697.01 2'673'625.89

60.0 M

40.0 M

20.0 M

0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

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

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.89 22'418.24 174.96 18.18% 9.16% 0.887 34 4.147 30'832'870 34'526'260 39'586'820 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 418'245.5 499'871.9 17.46x 18.17x 241'831.2 301'201.6 7.96x 8.36x 134'201.3 166'158.8 184'444.5 207'700.2 51'714.4 42'130.2 14.64x 15.14x 17.34x S&P Issuer Ratings Long-Term Rating Date 20.04.2010 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 318.69 (EBITDA-Capex)/Interest Exp. 62.57 Net Debt/EBITDA 0.01 Total Debt/EBITDA 0.38 Reference Total Debt/Equity 15.9% Total Debt/Capital 13.7% Asset Turnover 0.59 Net Fixed Asset Turnover 0.96 Accounts receivable turnover-days 8.80 Inventory Days 40.07 Accounts Payable Turnover Day 15.08 Cash Conversion Cycle 33.79 Sales/Revenue/Turnover

12.00

600'000.0

10.00

500'000.0

8.00

400'000.0

6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00 02.01.2010

n-12

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

140.0 M

100 80

Valuation Analysis

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

120

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Taiwan Semiconductor Manufacturing Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

Recommendation buy buy market perform neutral buy neutral hold buy add neutral hold neutral overweight outperform overweight buy Buy/Neutral outperform buy neutral outperform buy buy neutral Equalwt/In-Line neutral buy neutral buy buy hold hold

Amt Held 2'487'317'378 1'650'000'000 813'105'396 610'373'757 577'487'654 496'005'919 452'968'156 293'334'212 271'795'529 264'833'400 255'515'235 231'645'068 226'137'807 210'801'743 209'058'468 186'455'053 179'726'334 147'985'467 135'670'925 132'428'760

% Out 9.59 6.36 3.14 2.35 2.23 1.91 1.75 1.13 1.05 1.02 0.99 0.89 0.87 0.81 0.81 0.72 0.69 0.57 0.52 0.51

Weighting

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

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

Latest Chg 65'183'000 (22'067'203) (10'204'957) 65'194'871 (8'511'000) (13'253'585) 28'625'000 24'913'028 14'406'404 (52'000) (369'559) (1'087'747) (32'357'500)

Target Price 123 118 110 #N/A N/A 120 #N/A N/A 107 138 120 108 111 #N/A N/A 125 127 128 #N/A N/A 125 120 125 114 116 115 120 112 104 115 125 107 125 126 100 #N/A N/A

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

File Dt 31.07.2013 31.08.2013 31.12.2012 27.09.2013 31.08.2013 31.12.2012 30.06.2013 31.05.2013 31.12.2012 31.12.2012 31.12.2012 30.04.2013 31.12.2012 30.06.2013 31.08.2013 31.08.2013 31.07.2013 31.08.2013 31.08.2013 30.06.2013

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

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

Date 30.09.2013 30.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 17.09.2013 11.09.2013 11.09.2013 10.09.2013 04.09.2013 02.09.2013 29.08.2013 27.08.2013 22.08.2013 16.08.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013 18.07.2013 03.07.2013 05.06.2013 22.04.2013 18.01.2013 17.01.2013

02.10.2013

China Mobile Ltd China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 941 HK EQUITY YTD Change 941 HK EQUITY YTD % CHANGE

12/2012 06/yy 91.80 74.90 16'100'292.00 87.1 -5.12% 16.29% 69.53% 20'101.2 1'750'816.00 29'846.00 0.0 1'862.0 402'903.00 962'181.87

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

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

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

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

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

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

Price/ Cash Flow

LTM

FY+1

4.06 0.61 5'210.03 5.64% 0.61% 0.612 38 3.658 14'377'770 17'592'970 15'567'670 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 544'449.0 596'987.0 611'120.1 645'633.9 154'179.0 162'423.5 0.00x 0.00x 1.68x 1.57x 0.0 0.0 257'107.3 262'309.0 64'189.5 62'117.0 0.00x 0.00x 3.74x 3.67x 126'789.0 130'200.0 128'526.7 125'008.7 30'650.0 32'373.5 0.00x 0.00x 10.79x 11.09x S&P Issuer Ratings Long-Term Rating Date 16.12.2010 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 658.49 (EBITDA-Capex)/Interest Exp. 337.92 Net Debt/EBITDA -1.64 Total Debt/EBITDA 0.12 Reference Total Debt/Equity 4.1% Total Debt/Capital 4.0% Asset Turnover 0.56 Net Fixed Asset Turnover 1.21 Accounts receivable turnover-days 7.90 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0 3.00

200'000.0 2.00

100'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

China Mobile Ltd Holdings By:

All

Holder Name CHINA MOBILE HK BVI BLACKROCK ABERDEEN VANGUARD GROUP INC STATE STREET CORP JP MORGAN FRANKLIN RESOURCES BANK OF NEW YORK MEL NORGES BANK HARBOR CAPITAL ADVIS INVESCO LTD FIL LIMITED SCHRODER INVESTMENT HANG SENG INVESTMENT GRANTHAM MAYO VAN OT PICTET FUNDS ROBECO COMGEST S A WILLIAM BLAIR & COMP THORNBURG INVESTMENT

Firm Name

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

Analyst

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

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

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

Amt Held 14'890'116'842 183'026'516 174'912'958 164'013'642 64'586'395 59'726'449 54'553'169 44'858'755 37'789'538 36'829'500 31'779'311 31'687'369 31'405'398 29'378'955 29'324'237 29'053'668 19'842'062 17'970'713 15'299'809 15'115'000

% Out 74.08 0.91 0.87 0.82 0.32 0.3 0.27 0.22 0.19 0.18 0.16 0.16 0.16 0.15 0.15 0.14 0.1 0.09 0.08 0.08

Weighting

Change

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

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

Latest Chg (328'000) 6'175'189 356'500 1'781'104 (1'077'567) 695'000 (770'500) (16'890'000) 4'717'797 (8'193'803) (4'220'074) (270'839) 831'529 (165'259) 3'131'387 (7'504'446) 5'415'000

Target Price 87 #N/A N/A 100 98 91 101 86 80 80 99 90 87 105 80 91 90 70 91 75 76 86 90 96 92 89 102 79 100 84 #N/A N/A #N/A N/A 90 77 87 #N/A N/A 89

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

File Dt 31.12.2012 27.09.2013 31.08.2013 30.06.2013 27.09.2013 31.08.2013 31.08.2013 27.09.2013 31.12.2012 30.06.2013 30.09.2013 31.07.2013 30.08.2013 31.07.2013 31.05.2013 31.08.2013 30.04.2013 30.08.2013 30.06.2013 31.07.2013

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

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

Date 30.09.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 09.09.2013 29.08.2013 28.08.2013 23.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 13.08.2013 23.04.2013 03.04.2013 27.03.2013 15.03.2013 15.03.2013 15.01.2013 03.10.2012

02.10.2013

China Construction Bank Corp China Construction Bank Corporation provides a complete range of banking services and other financial services to individual and corporate customers. The bank's services include retail banking, international settlement, project finance, and credit card services.

Price/Volume 7

3000.0 M

2500.0 M

2000.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 939 HK EQUITY YTD Change 939 HK EQUITY YTD % CHANGE

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

1000.0 M

500.0 M

1 0 o-12

.0 M n-12

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

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

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

Price/ Cash Flow

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.14 73'180.76 17.97% 2.04% 1.139 36 4.639 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 654'757.0 737'524.0 508'291.0 559'368.9 124'085.0 129'827.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 182'716.0 206'607.0 211'659.9 226'781.7 57'169.5 43'045.5 5.90x 5.23x 5.58x 5.19x 5.02x 4.82x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 138.6% Total Debt/Capital 57.9% Asset Turnover 0.05 Net Fixed Asset Turnover 5.86 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

800'000.0

8.00

700'000.0

7.00

600'000.0

6.00

500'000.0

5.00

400'000.0

4.00

300'000.0

3.00

200'000.0

2.00

100'000.0

1.00 0.00 01.01.2010

d-12

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

1500.0 M

12/2012 06/yy 6.75 5.00 271'515'106.00 5.98 -11.41% 19.60% 55.43% 240'417.3 1'489'952.50 1'305'403.00 0.0 7'877.0 3'173'620.00 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

China Construction Bank Corp Holdings By:

All

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

Firm Name

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

Analyst

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

Source

Amt Held ULT-AGG 142'590'494'651 ULT-AGG 17'878'670'050 ULT-AGG 2'325'057'843 ULT-AGG 2'216'210'701 Co File 2'000'000'000 Co File 1'315'282'730 Co File 1'015'613'000 ULT-AGG 913'041'356 MF-AGG 907'349'635 Co File 856'000'000 Co File 856'000'000 ULT-AGG 836'813'751 ULT-AGG 784'785'727 MF-AGG 753'524'019 ULT-AGG 698'768'942 ULT-AGG 687'933'382 MF-AGG 539'589'238 ULT-AGG 436'495'811 MF-AGG 377'002'055 Co File 374'500'000

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

Weighting

% Out 59.31 7.44 0.97 0.92 0.83 0.55 0.42 0.38 0.38 0.36 0.36 0.35 0.33 0.31 0.29 0.29 0.22 0.18 0.16 0.16

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

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

Latest Chg (20'884'200) 60'920'000 (810'000'000) 33'339'810 (85'400'000) 1'053'000 (290'339) 7'414'534 72'872'337 35'840'478 37'337'091 2'577'000 -

Target Price 9 8 8 8 8 8 8 8 7 7 7 8 8 6 8 8 7 6 6 7 8 8 8 7 7 6 #N/A N/A 8 7 7 7 8 #N/A N/A #N/A N/A #N/A N/A 9 #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 27.09.2013 30.06.2013 31.12.2012 31.12.2012 31.12.2012 27.09.2013 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013 30.08.2013 31.07.2013 27.09.2013 31.12.2012

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

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

Date 02.10.2013 23.09.2013 23.09.2013 17.09.2013 11.09.2013 05.09.2013 03.09.2013 02.09.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 25.08.2013 26.07.2013 15.07.2013 10.07.2013 19.06.2013 14.06.2013 06.06.2013 03.06.2013 29.04.2013 26.03.2013 01.03.2013 25.02.2013 29.10.2012 28.08.2012 26.03.2012 01.11.2010 02.01.2009

02.10.2013

Tencent Holdings Ltd Tencent Holdings Limited provides Internet, mobile, and telecommunication value-added services in China. The Company has an instant messaging community in China. Tencent also provides online advertising services.

Price/Volume 450

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (05.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 700 HK EQUITY YTD Change 700 HK EQUITY YTD % CHANGE

12/2012 06/yy 422.40 237.00 3'676'146.00 415 -1.75% 75.11% 91.59% 1'858.5 771'266.31 10'699.52 0.0 850.8 27'189.07 589'201.64

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

1.20

100 50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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

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

150

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

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

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

LTM

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

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

FY+1

0.24 1.04 967.12 57.59% 67.20% 1.042 38 4.132 3'318'256 3'671'623 3'974'024 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 60'016.6 78'440.6 15'508.5 16'525.8 9.80x 7.31x 21'894.8 26'997.3 5'369.5 5'288.5 26.91x 21.82x 25.25x 23.97x 16'323.2 20'445.5 4'133.5 4'085.8 37.08x 29.46x 34.24x 31.91x S&P Issuer Ratings

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

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

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

0.20

5'000.0 0.0

0.00

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

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

02.10.2013

Tencent Holdings Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 630'240'380 189'892'880 75'088'895 65'000'000 42'539'882 38'367'000 28'987'116 24'221'100 23'839'824 15'057'800 11'544'084 11'108'021 11'051'780 9'069'426 8'976'800 7'747'235 6'103'600 5'381'874 4'942'876 4'657'000

% Out 33.91 10.22 4.04 3.5 2.29 2.06 1.56 1.3 1.28 0.81 0.62 0.6 0.59 0.49 0.48 0.42 0.33 0.29 0.27 0.25

Weighting

Change

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

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

Latest Chg 160'800 2'254'000 (309'500) (4'000) (2'202'325) (1'160'000) 405'918 (361'358) 279'676 (9'033'800) 5'970'800 500'000 2'240 (49'600) -

Target Price 480 465 440 470 440 364 410 485 500 335 391 180 #N/A N/A 450 410 456 433 380 401 387 430 360 450 390 260 407 336 382 410 387 396 410 380 330 300 #N/A N/A #N/A N/A 217 185 188

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

File Dt 31.07.2013 24.09.2013 25.09.2013 31.07.2013 30.06.2013 30.06.2013 27.09.2013 31.07.2013 31.07.2013 30.06.2013 27.09.2013 31.08.2013 31.12.2012 30.08.2013 30.06.2013 30.06.2013 27.08.2013 31.07.2013 31.05.2013 28.06.2013

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

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

Date 01.10.2013 30.09.2013 26.09.2013 19.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 13.09.2013 11.09.2013 04.09.2013 30.08.2013 29.08.2013 23.08.2013 22.08.2013 20.08.2013 20.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 14.08.2013 29.07.2013 24.07.2013 04.07.2013 21.05.2013 30.04.2013 02.04.2013 04.06.2012 23.03.2010 29.01.2010

02.10.2013

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

Price/Volume 6

2500.0 M

2000.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1398 HK EQUITY YTD Change 1398 HK EQUITY YTD % CHANGE

12/2012 06/yy 6.00 4.39 187'777'578.00 5.46 -9.00% 24.37% 63.35% 86'794.0 1'759'167.00 2'277'630.00 0.0 3'462.0 4'355'972.00 -

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

1000.0 M

500.0 M

1 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

1500.0 M

Valuation Analysis

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

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

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

Price/ Cash Flow

LTM

FY+1

1.31 69'386.00 26.69% 5.50% 1.315 36 4.750 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 791'912.0 879'703.0 587'977.3 650'867.9 141'197.0 154'285.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 221'944.0 253'719.0 259'257.2 278'139.1 71'625.0 59'782.0 6.20x 5.53x 5.84x 5.44x S&P Issuer Ratings Long-Term Rating Date 09.12.2010 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 09.12.2010 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 202.5% Total Debt/Capital 66.9% Asset Turnover 0.05 Net Fixed Asset Turnover 5.77 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

350.00

900'000.0

300.00

800'000.0 700'000.0

250.00

600'000.0

200.00

500'000.0

150.00

400'000.0 300'000.0

100.00

200'000.0

50.00 0.00 01.01.2010

100'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Industrial & Commercial Bank of China Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 10'405'376'524 7'002'665'393 5'920'894'436 5'141'730'522 4'866'715'667 3'377'350'593 2'999'938'786 2'170'164'205 1'158'363'069 928'834'688 899'171'873 795'234'268 700'243'412 649'993'263 439'038'094 382'474'462 309'926'018 303'778'770 298'973'776 291'391'460

% Out 11.99 8.07 6.82 5.92 5.61 3.89 3.46 2.5 1.33 1.07 1.04 0.92 0.81 0.75 0.51 0.44 0.36 0.35 0.34 0.34

Latest Chg (794'983'615) (1'115'878'560) (1'351'090'000) 57'485'000 44'349'046 24'300'704 (200'870) 49'924'478 3'524'157 3'803'540 (38'634'015) (10'868'000) (2'016'000)

Weighting

Change

Target Price

5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 4 5 3 5 5 5 5 3 5 5

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

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

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

File Dt 13.12.2012 26.06.2013 31.08.2013 27.09.2013 31.07.2013 04.07.2013 30.04.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 27.09.2013 31.07.2013 30.08.2013 30.09.2013 31.08.2013 31.05.2013 31.08.2013 31.03.2013 27.09.2013

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

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

Date 02.10.2013 29.09.2013 25.09.2013 23.09.2013 23.09.2013 17.09.2013 11.09.2013 05.09.2013 03.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 16.07.2013 15.07.2013 02.07.2013 25.06.2013 21.06.2013 19.06.2013 12.06.2013 07.06.2013 03.06.2013 01.03.2013 06.07.2012 29.06.2012 23.04.2010

02.10.2013

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

Price/Volume 160

140.0 M

140

120.0 M

120

100.0 M

100

Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GAZP RM EQUITY YTD Change GAZP RM EQUITY YTD % CHANGE

12/2012 03/yy 192.00 106.50 12'675'960.00 144.38 -24.81% 35.57% 45.84% 23'673.5 3'417'982.00 1'504'741.00 0.0 309'363.0 436'498.00 4'670'336.91

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

60.0 M

60 40

40.0 M

20.0 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

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

80.0 M

Valuation Analysis

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

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

LTM

FY+1

.0 M o-13

1.13 5'448.66 -5.03% 5.12% 1.125 21 4.143 33'379'860 44'070'330 39'756'430 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'764'411.0 ######### ######### ######### ######### 889'767.0 ######### 0.98x 4.74x 3.83x 0.95x 0.96x 1'620'130.0 ######### ######### ######### ######### 2.89x 2.97x 2.32x 2.69x 2.84x 1'182'625.0 ######### ######### ######### ######### 189'119.0 154'883.0 2.79x 3.60x 2.55x 3.10x 3.31x S&P Issuer Ratings 1'620'130.00 Long-Term Rating Date 29.11.2006 1'285'968.00 Long-Term Rating BBB 26.99% Long-Term Outlook STABLE 31.73% Short-Term Rating Date 20.08.2010 10.34% Short-Term Rating A-2 14.74% Credit Ratios 12.60% EBITDA/Interest Exp. 15.60 0.43% (EBITDA-Capex)/Interest Exp. 2.70 Net Debt/EBITDA 0.51 - Total Debt/EBITDA 0.83 37.3% Reference 30.1% Total Debt/Equity 17.9% 24.8% Total Debt/Capital 14.7% Asset Turnover 0.43 1.62 Net Fixed Asset Turnover 0.67 0.73 Accounts receivable turnover-days 44.90 12.47% Inventory Days 17.93% Accounts Payable Turnover Day 8.13 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

6'000'000.0

4.50

5'000'000.0

4.00 3.50

4'000'000.0

3.00

3'000'000.0

2.50 2.00

2'000'000.0

1.50 1.00

1'000'000.0

0.50 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

02.10.2013

Gazprom OAO Holdings By:

All

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

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

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

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

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

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

Amt Held 11'836'520'101 6'382'379'286 191'390'829 134'445'321 42'643'809 33'088'629 28'900'196 23'333'519 13'503'031 11'851'400 11'405'176 10'938'662 9'890'000 4'293'458 3'738'644 3'735'306 3'539'486 3'471'871 2'714'285 2'457'654

% Out 50 26.96 0.81 0.57 0.18 0.14 0.12 0.1 0.06 0.05 0.05 0.05 0.04 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

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

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

Latest Chg 1'064'781 30'035'845 (3'687'295) 10'571'531 2'210'748 (484'960) (910'949) (715'000) 500'000 (154'968) 116'050 1'175'686 1'009'072 2'714'285 14'534

Target Price 220 185 157 318 257 136 175 169 133 349 141 195 162 167 #N/A N/A 145 184 170 228

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

File Dt 18.03.2013 31.12.2012 27.09.2013 30.06.2013 31.08.2013 31.03.2013 31.12.2012 30.08.2013 30.04.2013 30.08.2013 30.06.2013 30.08.2013 30.08.2013 31.08.2013 28.06.2013 30.08.2013 30.06.2013 31.05.2013 31.05.2013 31.07.2013

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

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

Date 01.10.2013 24.09.2013 24.09.2013 23.09.2013 19.09.2013 16.09.2013 13.09.2013 09.09.2013 06.09.2013 03.09.2013 01.08.2013 18.07.2013 16.07.2013 19.06.2013 06.06.2013 13.03.2013 26.02.2013 20.01.2013 22.11.2012

02.10.2013

America Movil SAB de CV America Movil SAB de C.V. provides wireless communications in 18 countries across Latin America, the Caribbean and the U.S. The company also offers fixed-line phone, Internet and pay-TV services in most parts of the region.

Price/Volume 18

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

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMXL MM EQUITY YTD Change AMXL MM EQUITY YTD % CHANGE

12/2012 06/yy 17.05 11.53 66'442'999.00 13.43 -21.23% 16.48% 34.42% 47'282.1 957'783.44 417'670.09 0.0 10'525.6 45'487.20 1'393'548.67

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

4 2 0 o-12

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

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

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

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

Price/ Cash Flow

LTM

FY+1

1.08 -17.65% -9.12% 1.082 18 3.278 78'989'980 92'005'070 84'684'570 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 750'366.8 777'060.6 782'364.1 796'778.3 192'637.0 198'805.3 8.33x 7.64x 1.75x 1.69x 7.13x 6.97x 264'472.8 256'766.1 256'722.6 258'531.6 63'794.8 61'727.2 6.42x 5.67x 5.43x 5.39x 5.52x 5.50x 80'530.7 86'613.4 89'380.5 91'314.6 23'129.7 19'953.3 16.87x 12.22x 10.95x 10.74x 11.05x 11.01x S&P Issuer Ratings Long-Term Rating Date 13.08.2013 Long-Term Rating A- *Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 10.47 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 1.66 Total Debt/EBITDA 1.79 Reference Total Debt/Equity 138.4% Total Debt/Capital 57.2% Asset Turnover 0.79 Net Fixed Asset Turnover 1.60 Accounts receivable turnover-days 28.34 Inventory Days 25.68 Accounts Payable Turnover Day 101.96 Cash Conversion Cycle -66.73 Sales/Revenue/Turnover

9.00

900'000.0

8.00

800'000.0

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

n-12

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

America Movil SAB de CV Holdings By:

All

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

Firm Name Actinver SA Sanford C. Bernstein & Co BBVA Itau BBA Securities Goldman Sachs Interacciones Casa de Bolsa UBS Banorte-IXE GBM Vector Servicios Financieros Invex Casa de Bolsa SA de CV Grupo Santander EVA Dimensions Banco BTG Pactual SA Punto Casa de Bolsa Scotia Capital HSBC

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

Analyst MARTIN LARA ROBIN BIENENSTOCK ALEJANDRO GALLOSTRA GREGORIO TOMASSI VERA ROSSI RAUL OCHOA MARIA TEREZA AZEVEDO MANUEL JIMENEZ ZALDIVAR ANDRES MEDINA-MORA JULIO ZETINA MARTIN GONZALEZ BADILLO VALDER NOGUEIRA ANDREW S ZAMFOTIS CARLOS SEQUEIRA HOMERO RUIZ LOPEZ ANDRES COELLO RICHARD DINEEN

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

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

Amt Held 9'582'118'099 5'998'110'014 3'816'448'145 2'698'490'986 1'575'020'348 1'194'461'372 972'888'468 963'722'656 722'617'800 683'575'905 491'162'407 374'514'510 356'255'147 168'049'532 158'391'504 104'553'450 87'035'953 82'103'934 76'367'103 63'111'809

% Out 20.27 12.69 8.07 5.71 3.33 2.53 2.06 2.04 1.53 1.45 1.04 0.79 0.75 0.36 0.33 0.22 0.18 0.17 0.16 0.13

Weighting

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

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

Latest Chg 5'000'000 (1'507'080) (106'668'691) (540'000'000) 50'300'000 (3'394'831) (6'553'409) (6'174'400) (7'159'517) 10'079 (58'310)

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

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

File Dt 15.07.2013 15.07.2013 27.09.2013 15.07.2013 15.07.2013 27.09.2013 30.06.2013 04.06.2013 30.06.2013 30.08.2013 30.08.2013 15.07.2013 31.12.2012 15.07.2013 25.09.2013 31.12.2012 30.08.2013 30.08.2013 30.08.2013 31.07.2013

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

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

Date 01.10.2013 30.09.2013 30.09.2013 27.09.2013 17.09.2013 16.09.2013 06.09.2013 30.08.2013 29.08.2013 19.08.2013 13.08.2013 12.08.2013 31.07.2013 26.07.2013 26.07.2013 22.03.2013 13.03.2013

02.10.2013

Hyundai Motor Co Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (19.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005380 KS EQUITY YTD Change 005380 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 258'500.00 176'500.00 565'403.00 247500 -4.26% 40.23% 95.12% 220.3 54'518'428.00 3'015'534.00 331'011.0 0.0 13'131'318.00 41'814'433.55

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

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 o-12

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

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

d-12

j-13

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

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.11 136.47 1.26% 13.27% 1.109 47 4.872 358'836 485'333 495'678 FY+2

FQ+1

FQ+2

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

Price/ Cash Flow

Sales/Revenue/Turnover

10.00

50'000'000.0

9.00

45'000'000.0

8.00

40'000'000.0

7.00

35'000'000.0

6.00

30'000'000.0

5.00 4.00

25'000'000.0 20'000'000.0

3.00

15'000'000.0

2.00

10'000'000.0

1.00

5'000'000.0

0.00 02.01.2010

n-12

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

300000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Hyundai Motor Co Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 45'782'023 15'406'112 11'408'874 11'006'710 4'441'933 4'356'884 4'307'240 2'439'026 2'410'529 2'358'632 2'145'276 1'760'509 1'599'844 1'438'321 1'176'193 954'136 851'157 842'340 764'438 748'300

% Out 20.78 6.99 5.18 5 2.02 1.98 1.96 1.11 1.09 1.07 0.97 0.8 0.73 0.65 0.53 0.43 0.39 0.38 0.35 0.34

Weighting

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

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

Latest Chg 2'302'666 54'426 (540'098) (675'100) 263'848 (1'064'039) (338'401) 120'283 (342'579) 142'421 (91'197) 142'050 46'060 83'434 4'000

Target Price 320'000 300'000 295'000 300'000 270'000 270'000 300'000 280'000 275'000 265'000 270'000 270'000 300'000 270'000 310'000 280'000 300'000 330'000 300'000 290'000 272'000 303'000 300'000 290'000 #N/A N/A 275'000 267'000 300'000 265'000 300'000 290'000 266'000 285'000 290'000 295'000 280'000 300'000 264'000 265'000 210'000 270'000 270'000 257'000

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

File Dt 19.04.2013 22.01.2013 19.04.2013 31.12.2012 27.09.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 31.07.2013 31.08.2013 31.03.2013 30.06.2013 31.12.2012 30.08.2013 31.03.2013 31.03.2013 15.04.2013 31.07.2013 30.08.2013

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

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

Date 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 27.09.2013 27.09.2013 25.09.2013 23.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 15.09.2013 13.09.2013 11.09.2013 03.09.2013 02.09.2013 21.08.2013 12.08.2013 12.08.2013 02.08.2013 02.08.2013 30.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 10.07.2013 21.06.2013 19.06.2013 26.04.2013 26.04.2013 07.01.2013

02.10.2013

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

Price/Volume 18

250.0 M

16 200.0 M

14 12

150.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 883 HK EQUITY YTD Change 883 HK EQUITY YTD % CHANGE

12/2012 01/yy 17.38 12.04 46'574'694.00 15.64 -10.01% 29.90% 70.04% 44'647.5 698'286.25 57'886.00 0.0 0.0 133'709.00 580'415.40

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

50.0 M

2 0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

LTM-4Q

LTM

01/yy

01/yy -

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

3.66 1.19 15'873.58 2.24% -3.12% 1.188 32 4.344 47'643'440 67'297'100 55'968'250 FY+2

12/13 Y 12/14 Y 273'749.3 295'089.6 2.21x 2.03x 134'262.7 145'695.6 4.32x 3.98x 63'459.7 66'321.0 8.73x 8.37x S&P Issuer Ratings

FQ+1

FQ+2

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

Sales/Revenue/Turnover

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

.0 M n-12

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

100.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

CNOOC Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 28'772'727'273 535'056'260 522'216'108 519'803'847 250'006'302 234'196'153 218'751'992 211'123'561 204'093'806 190'790'843 165'242'000 145'884'500 135'484'403 123'141'000 95'254'109 88'272'877 88'021'971 80'820'957 71'662'376 68'538'000

% Out 64.44 1.2 1.17 1.16 0.56 0.52 0.49 0.47 0.46 0.43 0.37 0.33 0.3 0.28 0.21 0.2 0.2 0.18 0.16 0.15

Weighting

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

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

Latest Chg 4'479'000 (6'291'000) (4'159'700) (8'151'596) 19'341'420 (71'513'056) 5'330'578 7'813'000 49'445'961 392'000 10'781'000 83'597'308 (19'027) 2'159'000 4'163'892 -

Target Price 18 18 17 10 15 17 22 21 18 17 19 18 18 18 17 14 17 16 17 15 18 18 20 18 17 #N/A N/A 19 15 19 #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 30.06.2013 27.09.2013 31.08.2013 31.07.2013 31.08.2013 31.07.2013 30.08.2013 31.07.2013 27.09.2013 30.06.2013 31.05.2013 30.09.2013 31.08.2013 27.09.2013 31.08.2013 31.07.2013 31.03.2013 31.08.2013 30.06.2013

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided 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 Bank Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 17.09.2013 12.09.2013 10.09.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 05.08.2013 13.06.2013 06.06.2013 27.03.2013 25.03.2013 18.12.2012 25.07.2012 24.07.2012 29.03.2012

02.10.2013

Naspers Ltd Naspers Limited is a holding company for a group of companies which operate in the electronic and print media industries. The Group provides television subscription and internet services and publishes newspapers, magazines and books.

Price/Volume 120000

8.0 M 7.0 M

100000

6.0 M 80000

Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NPN SJ EQUITY YTD Change NPN SJ EQUITY YTD % CHANGE

03/2013 01/yy 95'650.00 51'665.00 604'960.00 93689 -2.10% 81.34% 95.40% 415.9 390'358.88 28'901.00 0.0 2'112.0 15'813.00 405'558.88

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

4.0 M 3.0 M

40000

2.0 M 20000

1.0 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

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

5.0 M

60000

Valuation Analysis

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

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

31.03.2013 50'249.0 4.81x 6'945.0 34.77x 6'047.0 33.27x

6'945.00 4'283.00 8.52% 18.51% 6.54% 11.94% 10.74% 0.54% 44.6% 13.8% 8.5% 12.0% 1.48 1.08 27.91% 53.78% 13.55 17.52

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.41 0.97 292.04 77.80% 73.18% 0.975 17 4.294 1'297'891 1'366'740 1'440'776 FY+2

03/14 Y 03/15 Y 61'498.2 71'997.8 6.56x 5.61x 8'363.0 10'138.3 48.49x 40.01x 10'298.6 13'266.0 33.64x 26.02x S&P Issuer Ratings

.0 M o-13

FQ+1

FQ+2

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

Sales/Revenue/Turnover

40.00

60'000.0

35.00

50'000.0

30.00

40'000.0

25.00 20.00

30'000.0

15.00

20'000.0

10.00

10'000.0 5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

02.10.2013

Naspers Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 65'997'952 50'563'483 38'471'244 25'502'361 25'394'000 25'087'495 12'285'435 11'949'474 9'761'305 8'757'432 7'729'709 7'093'847 6'684'662 6'627'760 6'509'544 6'317'362 5'543'961 4'715'855 4'711'207 4'185'082

% Out 15.87 12.16 9.25 6.13 6.11 6.03 2.95 2.87 2.35 2.11 1.86 1.71 1.61 1.59 1.57 1.52 1.33 1.13 1.13 1.01

Weighting

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

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

Latest Chg 970'259 4'887'548 215'057 (167'000) (1'100'000) 272'986 630'103 549'282 87'111 (2'174'542) (57'000) 37'393 12'495 49'291 (16'937) 4'487 (44'194) 177'800

Target Price 105'000 106'343 106'000 85'000 93'500 105'000 100'000 #N/A N/A 87'000 73'500 82'900 83'000 86'465 75'400 89'000

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 27.09.2013 27.09.2013 31.08.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013

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

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

Date 26.09.2013 24.09.2013 16.09.2013 06.09.2013 04.09.2013 04.09.2013 28.08.2013 02.08.2013 30.07.2013 25.07.2013 22.07.2013 09.07.2013 05.07.2013 26.06.2013 04.06.2013

02.10.2013

Itau Unibanco Holding SA Itau Unibanco Holding SA attracts deposits and offer retail, commercial, corporate, and private banking services. The Bank offers consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services.

Price/Volume 35

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITUB4 BZ EQUITY YTD Change ITUB4 BZ EQUITY YTD % CHANGE

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

10.0 M

5.0 M

5 0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

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

a-13 m-13

j-13

a-13

s-13

FY+1

0.96 2'509.82 17.07% 7.25% 0.959 21 4.476 9'979'060 10'455'870 11'410'230 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 76'205.6 83'394.3 19'785.5 20'476.5 15'135.1 16'981.1 4'152.0 4'368.0 10.34x 9.20x 9.62x 9.35x S&P Issuer Ratings

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

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 01.01.2010

.0 M n-12

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

15.0 M

12/2012 06/yy 33.66 25.63 9'187'800.00 31.75 -5.68% 23.89% 76.19% 2'509.8 155'787.08 436'506.00 0.0 96.0 101'494.00 -

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 |

02.10.2013

Itau Unibanco Holding SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 175'185'066 47'937'461 34'409'542 32'965'891 32'336'286 25'345'689 21'655'162 18'339'590 11'814'767 10'629'080 10'436'730 10'308'188 9'668'055 9'600'780 8'910'000 7'698'349 7'112'600 6'951'601 6'678'155 6'661'682

% Out 6.98 1.91 1.37 1.31 1.29 1.01 0.86 0.73 0.47 0.42 0.42 0.41 0.39 0.38 0.36 0.31 0.28 0.28 0.27 0.27

Weighting

Change

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

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

Latest Chg 5'040'394 408'332 7'071'478 20'611'727 316'122 (915'558) 681'600 3'478'741 (2'600'489) (211'909) (402'473) 6'007'979 (23'314) (97'818) (1'362'150)

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

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

File Dt Inst Type 27.09.2013 Investment Advisor 08.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2010 Pension Fund (ERISA) 31.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor

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

Date 01.10.2013 01.10.2013 27.09.2013 27.09.2013 26.09.2013 23.09.2013 20.09.2013 13.09.2013 16.08.2013 06.08.2013 30.07.2013 30.07.2013 06.06.2013 03.06.2013 22.05.2013 21.05.2013 07.05.2013 30.04.2013 26.04.2013 20.02.2013 27.09.2012 27.09.2012

02.10.2013

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

Price/Volume 800.0 M

700.0 M 600.0 M 500.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (08.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3988 HK EQUITY YTD Change 3988 HK EQUITY YTD % CHANGE

12/2012 06/yy 4.00 2.89 297'864'378.00 3.54 -11.50% 22.49% 58.56% 83'622.3 984'578.88 2'243'457.00 0.0 36'865.0 3'157'170.00 -

400.0 M

300.0 M

200.0 M

100.0 M

0 o-12

.0 M n-12

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

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

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

Price/ Cash Flow

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

6.26 1.13 72'987.26 27.91% 9.06% 1.133 37 4.135 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 575'917.0 630'716.0 401'922.9 442'802.7 98'312.0 104'129.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 129'238.0 148'552.0 147'079.9 154'460.7 37'269.0 33'904.0 5.22x 4.74x 5.33x 5.07x S&P Issuer Ratings Long-Term Rating Date 29.11.2011 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 29.11.2011 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 272.0% Total Debt/Capital 72.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.10 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

450.00

700'000.0

400.00

600'000.0

350.00

500'000.0

300.00 250.00

400'000.0

200.00

300'000.0

150.00

200'000.0

100.00

100'000.0

50.00 0.00 01.01.2010

d-12

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

900.0 M

4 3

Valuation Analysis

31.12.2008 355'641.0 64'360.0 7.47x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Bank of China Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 7'518'157'041 5'657'996'142 5'074'408'846 4'760'850'951 3'116'864'905 2'261'492'029 1'235'270'525 956'921'821 889'233'026 780'074'232 539'300'548 422'962'873 375'267'416 352'054'100 333'788'549 304'007'461 298'404'152 264'017'686 255'219'098 234'601'100

% Out 8.99 6.77 6.07 5.69 3.73 2.7 1.48 1.14 1.06 0.93 0.64 0.51 0.45 0.42 0.4 0.36 0.36 0.32 0.31 0.28

Weighting

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

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

Latest Chg (158'792'000) 54'326'000 29'593'546 (2'701'937) 18'429'939 (85'154'869) (6'014'586) 40'755'742 23'718'000 (37'706'041) 15'319'000 (57'716'000)

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

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

File Dt 28.01.2013 27.09.2013 30.06.2013 16.09.2013 04.05.2012 30.06.2013 31.07.2013 31.07.2013 27.09.2013 30.04.2013 31.07.2013 31.12.2012 30.08.2013 30.06.2013 31.08.2013 31.12.2011 31.05.2013 31.03.2013 27.09.2013 28.06.2013

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

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

Date 02.10.2013 26.09.2013 23.09.2013 17.09.2013 11.09.2013 05.09.2013 05.09.2013 03.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 02.08.2013 17.07.2013 15.07.2013 10.07.2013 21.06.2013 19.06.2013 06.06.2013 03.06.2013 10.05.2013 26.04.2013 27.03.2013 25.02.2013 30.10.2012 29.06.2012

02.10.2013

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

Price/Volume 25

80.0 M 20

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR4 BZ EQUITY YTD Change PETR4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 23.10 14.94 15'455'100.00 18.67 -19.18% 24.97% 45.71% 5'602.0 233'642.30 196'350.31 2'354.0 49'302.76 411'113.07

30.0 M 20.0 M

10.0 M 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

70.0 M

Valuation Analysis

31.12.2008 217'266.2 0.98x 57'362.2 3.72x 34'685.2 4.59x

90.0 M

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

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

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

Price/ Cash Flow

LTM

FY+1

1.02 3'722.00 -14.56% -0.64% 1.025 20 4.300 20'433'780 28'331'020 29'882'800 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 262'088.2 293'359.8 313'612.9 331'930.9 80'194.0 81'072.5 5.75x 5.49x 1.41x 1.46x 5.30x 5.45x 57'420.8 59'413.0 70'242.4 78'585.8 23'979.0 24'313.0 6.39x 6.54x 5.85x 5.23x 19'253.7 27'208.1 27'571.3 30'191.8 9'246.5 4'070.0 12.36x 7.76x 8.62x 8.19x 9.28x 8.79x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.96 Total Debt/EBITDA 4.19 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.43 Net Fixed Asset Turnover 0.71 Accounts receivable turnover-days 21.21 Inventory Days 50.55 Accounts Payable Turnover Day 38.19 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

9.00

300'000.0

8.00

250'000.0

7.00

200'000.0

6.00 5.00

150'000.0

4.00

100'000.0

3.00 2.00

50'000.0

1.00 0.00 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 |

02.10.2013

Petroleo Brasileiro SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 1'505'268'946 374'776'675 120'973'376 93'085'778 87'514'816 75'136'023 60'199'250 21'778'977 19'843'333 19'063'381 17'409'556 14'225'870 13'360'155 13'100'619 12'778'811 11'023'559 11'000'000 10'720'927 10'684'707 10'384'300

% Out 26.87 6.69 2.16 1.66 1.56 1.34 1.07 0.39 0.35 0.34 0.31 0.25 0.24 0.23 0.23 0.2 0.2 0.19 0.19 0.19

Weighting

Change

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

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

Latest Chg (705'400) (20'229'152) 9'673'735 371'080 449'110 (204'800) (1'037'432) 1'397'971 (927'000) (12'740'700) (505'591) (822'744) 75'472 281'600 -

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

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

File Dt 09.05.2013 09.05.2013 27.09.2013 31.12.2012 31.08.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.08.2013 30.06.2013 31.05.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 31.08.2013 31.12.2012 30.06.2013

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

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

Date 01.10.2013 01.10.2013 30.09.2013 26.09.2013 23.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 16.08.2013 14.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 09.08.2013 04.07.2013 27.06.2013 03.06.2013

02.10.2013

MTN Group Ltd MTN Group Limited provides a wide range of communication services. The Company's services include cellular network access and business solutions. MTN Group is a multinational telecommunications group, operating in countries in Africa and the Middle East.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTN SJ EQUITY YTD Change MTN SJ EQUITY YTD % CHANGE

12/2012 01/yy 20'090.00 14'944.00 1'467'625.00 19721 -1.84% 31.97% 94.36% 1'882.1 371'165.63 32'532.00 0.0 3'881.0 32'774.00 392'028.63

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

25.0 M

20000

20.0 M

15000

15.0 M

10000

10.0 M

5000

5.0 M

0 o-12

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

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

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

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

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

j-13

a-13

.0 M o-13

s-13

FY+1 -

4.43 1.00 1'449.98 30.56% 16.81% 0.998 20 4.050 5'326'968 7'058'906 6'667'173 FY+2

12/13 Y 12/14 Y 136'576.5 148'660.3 2.77x 2.52x 58'581.0 64'106.8 6.69x 6.12x 24'726.7 27'737.7 14.91x 13.23x S&P Issuer Ratings

FQ+1

FQ+2

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

Sales/Revenue/Turnover

10.00

160'000.0

9.00

140'000.0

8.00

120'000.0

7.00

100'000.0

6.00 5.00

80'000.0

4.00

60'000.0

3.00

40'000.0

2.00

20'000.0

1.00 0.00 01.01.2010

n-12

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

25000

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 |

02.10.2013

MTN Group Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 237'910'529 173'925'121 163'061'574 88'929'091 51'594'314 42'927'564 41'182'400 40'046'235 38'491'604 31'350'715 28'663'784 28'455'870 27'138'344 25'229'934 25'163'479 23'444'038 22'757'493 22'336'163 19'900'327 19'833'650

% Out 12.64 9.24 8.66 4.73 2.74 2.28 2.19 2.13 2.05 1.67 1.52 1.51 1.44 1.34 1.34 1.25 1.21 1.19 1.06 1.05

Weighting

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

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

Latest Chg (5'300'000) 8'238'163 1'420'982 6'582'500 1'159'301 550'000 (417'509) 2'597'744 (2'157'286) 47'137 (115'200) 117'016 1'051'135 140'980 (382'350) (471'215) 400'878 131'082 -

Target Price 21'100 21'500 20'900 21'501 20'600 21'000 23'500 19'000 22'200 22'278 #N/A N/A 16'600 19'000 20'000 20'000 20'270 17'348 #N/A N/A

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

File Dt 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 27.09.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.07.2013 31.07.2013

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

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

Date 27.09.2013 26.09.2013 18.09.2013 16.09.2013 09.09.2013 03.09.2013 02.09.2013 28.08.2013 27.08.2013 21.08.2013 20.08.2013 20.08.2013 16.08.2013 15.08.2013 15.08.2013 01.08.2013 12.03.2013 14.12.2012

02.10.2013

Sberbank of Russia Sberbank of Russia attracts deposits and offers commercial banking services. The Bank offers time deposits,corporate banking, securities brokerage,credit, foreign exchange services and sponsors credit cards.

Price/Volume 120

16.0 M 14.0 M

100

12.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBERS RU EQUITY YTD Change SBERS RU EQUITY YTD % CHANGE

12/2010 06/yy 111.55 83.80 6'264.00 98 -12.15% 16.95% 56.58% 21'587.0 2'115'521.00 2'998'000.00 4'400.0 12'800.0 1'616'800.00 -

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

8.0 M 6.0 M

4.0 M 20

2.0 M

0 o-12

n-12

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

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

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.93 10'290.23 9.35% 7.94% 0.927 31 4.613 60'032 175'908 176'635 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'385'000.0 ######### ######### ######### ######### 276'026.0 276'667.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 348'800.0 315'343.0 348'300.0 357'231.6 392'204.4 89'000.0 78'600.0 5.86x 5.90x 5.94x 6.03x 5.54x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 47.26% Long-Term Outlook 48.03% Short-Term Rating Date 2.44% Short-Term Rating 22.34% Credit Ratios 9.09% EBITDA/Interest Exp. 0.11% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 37.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 19.86% Inventory Days 186.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

186.6% 64.9% 0.11 3.78 -

Sales/Revenue/Turnover

16.00

1'600'000.0

14.00

1'400'000.0

12.00

1'200'000.0

10.00

1'000'000.0

8.00

800'000.0

6.00

600'000.0

4.00

400'000.0

2.00

200'000.0

0.00 01.01.2010

d-12

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

10.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Sberbank of Russia Holdings By:

All

Holder Name CENTRAL BANK OF RUSS VANGUARD GROUP INC BLACKROCK LAZARD ASSET MANAGEM JP MORGAN SCHRODER INVESTMENT FMR LLC FRANKLIN RESOURCES SWEDBANK ROBUR FONDE BARING INTERNATIONAL BNP PARIBAS RAIFFEISEN KAPITALAN ROBECO INVESCO LTD CAISSE DE DEPOT ET P UBS AG EAST CAPITAL ASSET M CREDIT SUISSE AG CAPITAL GROUP COMPAN CARNEGIE FONDER AB/S

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

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

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

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

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

Amt Held 11'294'290'809 313'207'056 217'460'972 199'828'970 121'071'603 85'959'926 80'185'317 73'514'423 57'825'158 52'949'695 45'547'590 34'805'293 34'684'751 32'618'144 29'110'811 28'901'178 24'147'878 23'075'579 22'805'111 21'460'000

% Out 52.32 1.45 1.01 0.93 0.56 0.4 0.37 0.34 0.27 0.25 0.21 0.16 0.16 0.15 0.13 0.13 0.11 0.11 0.11 0.1

Weighting

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

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

Latest Chg 21'122'782 (675'563) (855'978) 28'057'217 2'979'280 74'449'231 16'570 (7'398'401) (7'730'020) (2'834'360) (809'600) 100'000 7'270'585 (3'314'565) (336'411) (82'095) 16'100 -

Target Price 120 119 123 130 142 117 120 112 106 140 160 145 134 130 130 133 126 133 146 123 112 #N/A N/A 141 149 116 142 132 135 78

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

File Dt 01.07.2013 30.06.2013 27.09.2013 31.08.2013 31.07.2013 30.08.2013 31.08.2013 30.06.2013 31.03.2013 30.06.2013 31.05.2013 28.06.2013 30.04.2013 30.06.2013 31.12.2012 31.07.2013 30.08.2013 31.05.2013 31.07.2013 30.08.2013

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

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

Date 02.10.2013 01.10.2013 01.10.2013 30.09.2013 26.09.2013 13.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 06.09.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 06.06.2013 04.06.2013 30.05.2013 30.05.2013 29.05.2013 24.04.2013 14.12.2012 05.12.2012

02.10.2013

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

Price/Volume 2500

3.0 M 2.5 M

1500

2.0 M 1000

Latest Fiscal Year: LTM as of: 52-Week High (26.09.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LKOH RM EQUITY YTD Change LKOH RM EQUITY YTD % CHANGE

12/2012 06/yy 2'089.20 1'781.30 347'506.00 2035.2 -2.57% 14.25% 86.72% 850.6 1'731'066.25 6'621.00 0.0 981.0 3'200.00 60'366.02

1.5 M 1.0 M

500

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

3.5 M

2000

Valuation Analysis

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

4.0 M

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

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

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

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.85 811.12 11.37% 6.51% 0.855 20 4.500 1'092'859 1'095'616 980'239 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 113'277.0 117'879.0 132'667.9 133'218.1 35'738.0 34'483.0 1.68x 1.78x 0.47x 0.48x 1.79x 1.89x 17'802.0 19'193.0 18'659.2 20'775.9 5'276.0 4'996.0 2.63x 2.61x 3.24x 2.91x 8'396.0 10'882.0 10'433.2 10'668.7 2'834.0 2'569.0 5.10x 3.99x 4.65x 4.73x S&P Issuer Ratings Long-Term Rating Date 15.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 35.08 (EBITDA-Capex)/Interest Exp. 13.43 Net Debt/EBITDA 0.31 Total Debt/EBITDA 0.49 Reference Total Debt/Equity 9.0% Total Debt/Capital 8.2% Asset Turnover 1.18 Net Fixed Asset Turnover 1.75 Accounts receivable turnover-days 24.82 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

5.00

140'000.0

4.50

120'000.0

4.00 3.50

100'000.0

3.00

80'000.0

2.50

60'000.0

2.00

40'000.0

1.50 1.00

20'000.0

0.50 0.00 03.01.2010

0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

02.10.2013

Lukoil OAO Holdings By:

All

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

Firm Name Infina Investment Company Investcafe LLC Otkritie Capital AK Bars Finance Deutsche Bank UFS-Finance Investment Company Alfa-Bank Uralsib Gazprombank BCS Morgan Stanley EVA Dimensions VTB Capital Raiffeisenbank AG JPMorgan Veles Capital Energocapital Brokerage Aton LLC HSBC RMG Securities ING Bank Sberbank CIB

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

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

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

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

Amt Held 16'075'646 14'932'342 9'951'591 8'599'890 6'610'702 4'947'713 3'283'174 3'147'084 2'934'443 2'526'173 2'068'733 1'788'587 1'405'011 872'000 837'229 654'420 646'842 642'919 587'240 538'574

% Out 1.89 1.76 1.17 1.01 0.78 0.58 0.39 0.37 0.35 0.3 0.24 0.21 0.17 0.1 0.1 0.08 0.08 0.08 0.07 0.06

Weighting

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

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

Latest Chg 9'975 1'722'091 403'347 (342'000) (64'319) (18'201) (19'139) -

Target Price 2'304 2'815 2'450 2'013 2'100 2'640 2'703 2'536 2'898 2'482 2'427 #N/A N/A 3'565 2'555 2'636 3'514 2'175 1'793 2'416 2'579 2'061 2'229

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

File Dt 30.09.2012 31.12.2012 30.09.2012 27.09.2013 30.06.2013 30.08.2013 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.03.2013 30.06.2013 31.12.2012 28.03.2013 30.08.2013 25.04.2012 30.06.2013 31.07.2013 31.08.2013 30.08.2013

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

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

Date 01.10.2013 24.09.2013 20.09.2013 13.09.2013 11.09.2013 03.09.2013 02.09.2013 02.09.2013 22.08.2013 01.08.2013 21.07.2013 06.06.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 20.01.2013 22.11.2012 29.08.2012 12.07.2012 22.03.2012 05.07.2011

02.10.2013

Banco Bradesco SA Banco Bradesco S.A. attracts deposits and offers commercial banking services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage, and Internet banking services. Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands, and the United Kingdom. Bradesco offers credit cards, insurance, and pension funds.

Price/Volume 40

20.0 M

25 20

12/2012 06/yy 35.38 25.50 5'302'900.00 30.86 -12.78% 21.02% 54.25% 2'103.6 138'545.55 307'230.10 0.0 208.7 84'145.54 -

15.0 M

10.0 M

10 5.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC4 BZ EQUITY YTD Change BBDC4 BZ EQUITY YTD % CHANGE

31.12.2008 76'701.0 7'018.0 4.93x

30.0 M

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

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

31.12.2012 100'442.6 11'291.6 11.89x 24.06% 25.50% 1.35% 17.89% 3.42% 0.19% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

06/yy 06/yy 159'024.7 161'966.1 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'166.3 11'623.6 10.24x 10.41x

FY+1

0.93 2'049.57 5.67% -1.96% 0.929 24 4.167 6'904'260 7'526'174 8'296'478 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 65'532.1 70'965.8 16'934.0 17'496.0 12'314.3 13'750.5 3'119.0 3'065.0 10.33x 9.22x 10.28x 10.04x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.19 36.04 -

Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Banco Bradesco SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 106'864'758 59'421'445 47'121'468 37'474'317 30'728'594 26'993'244 16'257'341 10'498'978 10'219'285 9'658'867 8'429'288 7'770'742 7'004'721 6'516'639 5'957'881 5'580'000 5'259'092 4'648'396 4'368'629 4'261'271

% Out 5.08 2.82 2.24 1.78 1.46 1.28 0.77 0.5 0.49 0.46 0.4 0.37 0.33 0.31 0.28 0.27 0.25 0.22 0.21 0.2

Weighting

Change

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

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

Latest Chg (4'535'710) (11'990) 3'807'782 20'100 1'095'877 9'136'361 412'435 815'334 (792'124) 6'964'303 (131'482) 1'732'499 280'000 25'000 573'300

Target Price 30 36 34 35 34 38 #N/A N/A 37 30 37 36 36 41 33 36 38 #N/A N/A 42 #N/A N/A 40 35 #N/A N/A

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

File Dt 30.06.2013 27.09.2013 12.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.05.2013 31.08.2013 31.07.2013 31.08.2013 31.08.2013 31.12.2012 12.06.2013 31.08.2013 31.08.2013 30.06.2013

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

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

Date 01.10.2013 01.10.2013 26.09.2013 23.09.2013 20.09.2013 13.09.2013 10.09.2013 16.08.2013 06.08.2013 30.07.2013 26.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 21.05.2013 26.04.2013 22.04.2013 10.04.2013 08.04.2013 17.12.2012 23.01.2012

02.10.2013

Hon Hai Precision Industry Co Ltd Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products. The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2317 TT EQUITY YTD Change 2317 TT EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 87.82 62.55 23'813'640.00 75 -14.60% 19.91% 51.26% 13'128.7 984'653.00 153'693.61 0.0 0.0 72'208.39 1'066'138.24

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

n-12

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

j-13

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

j-13

a-13

s-13

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M o-13

Market Data

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

LTM

FY+1

1.10 10'608.49 46.27 -8.44% -5.56% 1.103 28 4.036 21'109'700 39'748'240 36'278'310 FY+2

FQ+1

FQ+2

31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'218'928.4 ######### ######### 0.35x 1.42x 1.45x 54'644.5 41'132.9 54'644.5 174'025.0 203'720.0 20.74x 23.49x 20.74x 6.13x 5.23x 94'762.4 81'591.0 94'762.4 95'014.9 104'897.1 26'655.1 35'498.7 11.07x 10.71x 10.90x 10.51x 9.58x 9.91x 9.36x S&P Issuer Ratings 54'644.47 Long-Term Rating Date 09.11.2007 45'925.84 Long-Term Rating A1.43% Long-Term Outlook STABLE 3.34% Short-Term Rating Date 5.84% Short-Term Rating 15.48% Credit Ratios 12.61% EBITDA/Interest Exp. 24.99 1.98% (EBITDA-Capex)/Interest Exp. 22.35 Net Debt/EBITDA 1.49 4.7% Total Debt/EBITDA 2.81 1.7% Reference 1.4% Total Debt/Equity 23.8% 2.9% Total Debt/Capital 19.2% Asset Turnover 1.98 1.10 Net Fixed Asset Turnover 106.04 0.61 Accounts receivable turnover-days 55.51 8.96% Inventory Days 13.14 23.77% Accounts Payable Turnover Day 59.68 6.59 Cash Conversion Cycle 8.97 27.86

Price/ Cash Flow

Sales/Revenue/Turnover

450.00

3'500'000.0

400.00

3'000'000.0

350.00

2'500'000.0

300.00 250.00

2'000'000.0

200.00

1'500'000.0

150.00

1'000'000.0

100.00

500'000.0

50.00 0.00 02.01.2010

d-12

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

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

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Hon Hai Precision Industry Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 1'617'000'000 333'691'744 270'154'050 253'711'289 190'031'297 170'946'616 155'018'651 125'444'627 123'606'171 122'220'155 99'539'655 87'583'940 76'497'219 62'190'038 60'519'684 40'307'612 37'036'775 33'702'339 31'283'390 30'708'643

% Out 12.32 2.54 2.06 1.93 1.45 1.3 1.18 0.96 0.94 0.93 0.76 0.67 0.58 0.47 0.46 0.31 0.28 0.26 0.24 0.23

Weighting

Change

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

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

Latest Chg 8'411'854 (26'400) (1'158'434) 17'802'105 19'230'327 169'403 1 9'528'396 9'349'278 12'292'298 333'302 (546'747)

Target Price 84 #N/A N/A 93 86 91 58 #N/A N/A 67 60 85 83 107 68 83 82 89 86 75 85 86 69 62 82 69 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 89 100 96

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

File Dt 31.08.2013 30.06.2013 27.09.2013 28.04.2013 28.04.2013 31.08.2013 28.04.2013 31.12.2012 28.04.2013 28.04.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 31.08.2013 31.07.2013 31.07.2013 31.07.2013 30.04.2013

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

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

Date 01.10.2013 24.09.2013 18.09.2013 16.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 09.09.2013 09.09.2013 08.09.2013 05.09.2013 04.09.2013 15.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 04.08.2013 16.07.2013 15.07.2013 02.07.2013 21.03.2013 27.02.2013 06.02.2013 05.09.2012

02.10.2013

Vale SA Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2012 06/yy 43.09 25.52 12'566'400.00 31.86 -26.06% 24.84% 36.08% 2'108.6 179'536.34 61'855.85 0.0 3'245.0 11'918.22 235'808.41

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

20.0 M

10.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'760.5 1.77x 33'998.1 3.58x 24'284.6 4.64x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE5 BZ EQUITY YTD Change VALE5 BZ EQUITY YTD % CHANGE

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

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

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

Price/ Cash Flow

LTM

FY+1

0.91 2'020.90 -3.79% -19.87% 0.908 17 5.000 14'626'560 20'154'270 21'280'840 FY+2

FQ+1

FQ+2

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

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 95'187.7 103'410.3 109'580.8 27'324.0 27'347.8 9.88x 2.35x 2.23x 9.68x 9.88x 35'920.6 47'119.8 47'029.5 11'969.4 11'577.4 5.74x 5.00x 5.01x 5.11x 5.14x 4'732.3 25'001.2 25'171.2 6'683.7 6'150.2 32.14x 6.74x 6.69x 6.40x 6.58x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.48 Total Debt/EBITDA 1.84 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.36 Net Fixed Asset Turnover 0.54 Accounts receivable turnover-days 47.79 Inventory Days 72.54 Accounts Payable Turnover Day 59.92 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Vale SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 156'034'890 103'385'654 67'342'071 57'363'706 37'950'325 33'156'088 20'340'000 18'314'820 17'389'963 16'310'544 10'975'602 9'789'318 9'124'960 8'437'849 8'423'270 7'394'828 6'909'419 5'847'305 5'657'075 5'647'738

% Out 7.4 4.9 3.19 2.72 1.8 1.57 0.96 0.87 0.82 0.77 0.52 0.46 0.43 0.4 0.4 0.35 0.33 0.28 0.27 0.27

Weighting

Change

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

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

Latest Chg (7'171'520) 212'100 4'779'195 (672'800) (2'613'638) 539'971 (127'307) (1'304'918) 91'549 (139'100) 254'625 (85'357) (139'406) 3'731'836 5'250'775 -

Target Price 45 53 46 43 54 42 42 43 #N/A N/A #N/A N/A 39 54 44 47 43 41 #N/A N/A

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

File Dt 28.06.2013 31.08.2013 31.12.2012 27.09.2013 31.12.2012 30.06.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.05.2013 31.12.2012

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

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

Date 30.09.2013 23.09.2013 23.09.2013 16.09.2013 13.09.2013 13.09.2013 05.09.2013 03.09.2013 29.08.2013 14.08.2013 12.08.2013 08.08.2013 07.08.2013 16.07.2013 27.06.2013 20.06.2013 03.06.2013

02.10.2013

Cia de Bebidas das Americas Companhia de Bebidas das Americas (AmBev) produces beer, soft drinks, teas, mineral water, and sports drinks. The Company's main brands are Antarctica, Brahma, and Skol. AmBev is the sole distributor of Pepsi products in Brazil.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMBV4 BZ EQUITY YTD Change AMBV4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 94.29 75.31 1'266'200.00 85.62 -9.19% 13.69% 54.32% 1'374.8 267'659.19 3'143.85 0.0 1'060.1 9'652.15 266'614.22

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 n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

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

31.12.2008 20'713.2

31.12.2009 23'194.0

9'117.2

10'554.4

5'119.1

5'986.1

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

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

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

LTM

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

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

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

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

Price/ Cash Flow

FY+1

0.40 663.66 10.09% 1.63% 0.401 14 4.143 1'422'800 1'958'483 1'754'385 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'268.7 39'285.6 8'739.6 11'107.4 7.39x 6.58x 30.43x 23.49x 17'187.3 19'169.2 4'065.3 5'933.5 15.51x 13.91x 15.07x 14.75x 11'207.5 13'088.2 2'740.0 4'126.8 23.70x 20.54x 22.81x 22.37x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

35'000.0 30'000.0

20.00

25'000.0 15.00

20'000.0 15'000.0

10.00

10'000.0 5.00

0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Cia de Bebidas das Americas Holdings By:

All

Holder Name CIA DE BEBIDAS DAS A CAIXA DE PREVIDENCIA BLACKROCK VANGUARD GROUP INC NORGES BANK BTG PACTUAL GLOBAL A ITAU UNIBANCO SA BRAM BRADESCO ASSET WESTERN ASSET MANAGE CSHG ASSET MGMT SA CAISSE DE DEPOT ET P BB GESTAO DE RECURSO PICTET FUNDS SANTANDER BRASIL ASS CALAMOS ADVISORS LLC INVESCO LTD HSBC GESTAO DE RECUR VINCI EQUITIES GESTO DWS INVESTMENTS CLARITAS ADMIN DE RE

Firm Name

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

Analyst

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

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

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

Amt Held 637'014'821 74'109'862 20'292'747 10'660'733 8'821'021 3'025'921 2'843'857 2'758'259 2'160'593 2'137'303 2'106'496 1'829'641 1'713'294 1'533'226 1'408'500 1'199'394 1'167'650 1'146'000 1'012'860 993'873

% Out 46.34 5.39 1.48 0.78 0.64 0.22 0.21 0.2 0.16 0.16 0.15 0.13 0.12 0.11 0.1 0.09 0.08 0.08 0.07 0.07

Weighting

Change

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

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

Latest Chg (34'632) 25'300 1'209'658 1'294'900 365'812 (242'219) 181'546 462'887 (56'860) (59'958) 328'000 (602'000) 200 29'781 254'600 (127'700) 545'946

Target Price 95 100 101 88 101 101 95 91 83 #N/A N/A 96 #N/A N/A #N/A N/A 101 95 84 #N/A N/A

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

File Dt 01.07.2013 01.07.2013 27.09.2013 30.06.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.12.2012 31.08.2013 31.05.2013 31.08.2013 31.07.2013 30.09.2013 31.08.2013 31.07.2013 28.06.2013 31.08.2013

Date Not Provided Not Provided 12 month 12 month 15 month Not Provided 12 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 Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.10.2013 25.09.2013 23.09.2013 09.09.2013 12.08.2013 01.08.2013 31.07.2013 31.07.2013 31.07.2013 26.07.2013 27.06.2013 06.06.2013 20.02.2013 07.01.2013 07.01.2013 01.08.2012 10.06.2012

02.10.2013

Sasol Ltd Sasol is an integrated oil and gas company with substantial chemical interests, with production facilities located in South Africa, Europe, North America and Asia. The Company operates commercial scale facilities to produce fuels and chemicals from coal in South Africa, and is developing ventures internationally to convert natural gas into clean diesel fuel.

Price/Volume

6.0 M

06/2013 01/yy 49'396.00 35'434.00 317'094.00 48094 -2.70% 35.73% 90.86% 649.3 312'276.22 23'126.00 0.0 3'650.0 26'797.00 312'255.23

4.0 M 3.0 M

20000

2.0 M

10000

1.0 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

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

30.06.2012 169'446.0 1.38x 46'169.0 5.06x 23'583.0 8.10x

30.06.2013 181'269.0 1.57x 60'044.0 4.74x 26'278.0 8.20x 60'044.00 48'014.00 26.49% 21.94% 11.60% 19.12% 17.97% 0.80% 57.2% 33.1% 26.5% 14.5% 2.48 1.54 9.27% 15.46% 7.32 3.47

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

3.95 0.98 426.43 32.51% 34.52% 0.984 14 2.857 1'601'686 1'676'879 1'505'471 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 06/11 Q2 09/11 Q3 192'538.2 194'546.8 1.62x 1.58x 56'085.1 54'761.4 5.57x 5.70x 29'851.9 28'248.3 9.69x 10.12x S&P Issuer Ratings

16.10.2012 NEG 19.02.2003 A-2 29.99 13.86 -0.06 0.39 15.5% 13.1% 0.80 1.30 49.86 105.27 69.78

Sales/Revenue/Turnover

10.00

200'000.0

9.00

180'000.0

8.00

160'000.0

7.00

140'000.0

6.00

120'000.0

5.00 4.00

100'000.0 80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.07.2010

5.0 M

30000

Latest Fiscal Year: LTM as of: 52-Week High (29.08.2013) 52-Week Low (19.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SOL SJ EQUITY YTD Change SOL SJ EQUITY YTD % CHANGE

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

7.0 M

50000 40000

Valuation Analysis

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

60000

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Sasol Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 71'626'357 53'266'887 34'397'871 23'794'536 23'339'310 21'607'128 16'920'774 10'649'027 9'843'267 9'716'198 9'461'882 9'393'175 8'809'886 7'964'184 6'952'275 5'727'165 5'710'033 5'700'080 5'590'605 4'978'349

% Out 11.03 8.2 5.3 3.66 3.59 3.33 2.61 1.64 1.52 1.5 1.46 1.45 1.36 1.23 1.07 0.88 0.88 0.88 0.86 0.77

Weighting

Change

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

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

Latest Chg 4'546'996 64'481 (731'210) 7'600 361'507 19'868 19'134 (65'478) 325'223 264'956 (841'704) 38'138 (863'434) (472'270) (376'915)

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

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 30.06.2013

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

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

Date 19.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 10.09.2013 10.09.2013 10.09.2013 21.07.2013 12.07.2013 13.06.2013 06.06.2013 13.05.2013 05.12.2012 31.10.2012

02.10.2013

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

Price/Volume 12

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 857 HK EQUITY YTD Change 857 HK EQUITY YTD % CHANGE

12/2012 06/yy 11.32 7.73 59'654'294.00 8.52 -24.73% 10.22% 23.12% 21'098.9 1'787'865.38 444'826.00 0.0 116'738.0 46'245.00 1'937'801.40

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

150.0 M

100.0 M

2 0 o-12

50.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

200.0 M

Valuation Analysis

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

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

LTM

FY+1

0.97 20'807.38 -12.58% -19.11% 0.970 32 3.938 63'787'470 ######### 94'986'470 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'195'296.0 ######### ######### ######### ######### 0.99x 4.01x 3.73x 0.89x 0.86x 329'642.0 149'425.0 168'768.0 367'941.9 399'018.8 6.57x 0.00x 0.00x 5.27x 4.86x 115'326.0 129'012.0 118'822.0 127'503.1 137'471.9 14.02x 11.62x 9.97x 9.72x 8.99x S&P Issuer Ratings 329'642.00 Long-Term Rating Date 177'667.00 Long-Term Rating 8.09% Long-Term Outlook 7.60% Short-Term Rating Date 5.41% Short-Term Rating 11.09% Credit Ratios - EBITDA/Interest Exp. 0.97% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference 8.7% Total Debt/Equity 5.3% Total Debt/Capital Asset Turnover 0.72 Net Fixed Asset Turnover 0.21 Accounts receivable turnover-days 20.51% Inventory Days 41.81% Accounts Payable Turnover Day 23.94 Cash Conversion Cycle -

Price/ Cash Flow

17.62 0.96 41.8% 27.4% 0.97 1.40 15.25 -

Sales/Revenue/Turnover

10.00

2'500'000.0

9.00

2'000'000.0

8.00 7.00

1'500'000.0

6.00 5.00

1'000'000.0

4.00 3.00

500'000.0

2.00 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

PetroChina Co Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 2'232'373'947 1'257'496'648 1'183'603'671 1'178'532'553 623'017'554 325'964'000 291'518'000 279'438'881 240'113'759 222'989'949 114'416'000 79'900'164 72'531'243 58'420'335 50'514'000 46'382'000 44'300'000 43'495'259 42'766'000 40'127'944

% Out 10.58 5.96 5.61 5.59 2.95 1.54 1.38 1.32 1.14 1.06 0.54 0.38 0.34 0.28 0.24 0.22 0.21 0.21 0.2 0.19

Weighting

Change

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

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

Latest Chg 17'411'537 (6'796'000) 15'080'000 (24'456'000) (252'620) (12'533'291) 6'224'657 (1'906'000) 16'380'406 13'774'000 70'000 (9'226'000) 206'000 1'400'000 2'027'636 5'361'223

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

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

File Dt 31.08.2013 27.09.2013 29.08.2013 31.07.2013 30.06.2013 30.06.2013 31.03.2013 31.07.2013 30.04.2013 27.09.2013 27.09.2013 30.08.2013 31.03.2013 31.05.2013 30.06.2013 30.08.2013 31.05.2013 31.07.2013 30.09.2012 30.08.2013

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

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

Date 30.09.2013 30.09.2013 27.09.2013 25.09.2013 25.09.2013 24.09.2013 24.09.2013 10.09.2013 03.09.2013 28.08.2013 28.08.2013 26.08.2013 26.08.2013 26.08.2013 24.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 30.07.2013 08.07.2013 07.07.2013 18.06.2013 06.06.2013 22.03.2013 28.11.2012 24.08.2012 31.05.2012 28.10.2011

02.10.2013

Price/Volume

50.0 M 40.0 M 30.0 M

12/2011 06/yy 23.97 13.50 7'079'000.00 17.34 -27.66% 28.44% 36.68% 7'442.5 233'642.30 196'350.31 2'354.0 49'302.76 411'113.07

20.0 M

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PETR3 BZ EQUITY YTD Change PETR3 BZ EQUITY YTD % CHANGE

31.12.2008 217'266.2 0.98x 57'362.2 3.72x 34'685.2 4.59x

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

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

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

Price/ Cash Flow

LTM

FY+1

1.08 2'938.28 -25.26% -10.05% 1.077 13 4.231 9'300'340 10'365'470 10'471'960 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 262'088.2 293'359.8 313'612.9 331'930.9 80'194.0 81'072.5 5.75x 5.49x 1.41x 1.46x 5.30x 5.45x 57'420.8 59'413.0 70'242.4 78'585.8 23'979.0 24'313.0 6.39x 6.54x 5.85x 5.23x 19'253.7 27'208.1 27'571.3 30'191.8 9'246.5 4'070.0 12.36x 7.76x 8.01x 7.60x 8.62x 8.17x S&P Issuer Ratings Long-Term Rating Date 17.11.2011 Long-Term Rating BBB Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 3.04 (EBITDA-Capex)/Interest Exp. -1.47 Net Debt/EBITDA 2.96 Total Debt/EBITDA 4.19 Reference Total Debt/Equity 57.2% Total Debt/Capital 36.2% Asset Turnover 0.43 Net Fixed Asset Turnover 0.71 Accounts receivable turnover-days 21.21 Inventory Days 50.55 Accounts Payable Turnover Day 38.19 Cash Conversion Cycle 37.20 Sales/Revenue/Turnover

9.00

300'000.0

8.00

250'000.0

7.00

200'000.0

6.00 5.00

150'000.0

4.00

100'000.0

3.00 2.00

50'000.0

1.00 0.00 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 |

02.10.2013

Petroleo Brasileiro SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 3'740'577'431 752'432'110 105'648'965 84'119'764 66'469'153 47'681'775 40'239'634 38'681'844 31'503'110 21'600'375 13'503'830 12'166'813 11'163'681 9'370'339 7'673'444 7'553'672 6'995'207 6'745'871 6'504'961 5'914'919

% Out 50.26 10.11 1.42 1.13 0.89 0.64 0.54 0.52 0.42 0.29 0.18 0.16 0.15 0.13 0.1 0.1 0.09 0.09 0.09 0.08

Weighting

Change

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

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

Latest Chg (585'200) 555'464 11'718'186 (1'026'040) (494'193) 57'600 146'720 (326'230) (265'200) (8'535) 23'200 2'025'000 127'700 187'700 (387'962) (160'282)

Target Price 30 #N/A N/A 19 22 #N/A N/A 18 22 21 20 25 25 21 38

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

File Dt 09.05.2013 09.05.2013 31.08.2013 27.09.2013 30.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.04.2013 31.08.2013 09.05.2013 31.08.2013 31.08.2013 31.08.2013 30.09.2013 31.08.2013 31.08.2013 31.08.2013

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

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

Date 26.09.2013 23.09.2013 11.09.2013 11.09.2013 10.09.2013 04.09.2013 13.08.2013 12.08.2013 12.08.2013 17.07.2013 12.07.2013 03.07.2013 25.02.2013

02.10.2013

Infosys Ltd Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Price/Volume 3500

16.0 M

3000

14.0 M

2500

12.0 M 10.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFO IN EQUITY YTD Change INFO IN EQUITY YTD % CHANGE

03/2013 06/yy 3'188.00 2'060.55 701'415.00 3015 -5.43% 46.32% 84.66% 574.2 1'731'322.13 0.00 0.0 0.0 235'710.00 1'529'232.09

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

6.0 M

1000

4.0 M

500

2.0 M

0 o-12

.0 M n-12

d-12

j-13

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

j-13

a-13

s-13

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

8.0 M

1500

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

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

31.03.2013 403'520.0 3.51x 115'440.0 12.26x 94'290.0 17.51x

115'440.00 104'450.00 25.88% 31.72% 21.64% 25.60% 25.60% 0.96% 40.1% 29.6% 24.8% 23.4% 4.36 3.78 0.00% 0.00% 5.58 -

Price/ Cash Flow

LTM

FY+1

0.78 442.03 17.60% 31.53% 0.781 71 3.620 1'016'875 1'282'527 1'284'354 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 358'650.0 420'030.0 475'668.1 531'383.2 124'169.2 118'648.6 14.81x 11.82x 3.06x 2.63x 13.94x 14.59x 121'860.0 124'220.0 128'152.9 143'308.9 33'405.4 31'844.8 10.08x 9.87x 11.93x 10.67x 11.51x 11.32x 88'830.0 95'060.0 100'827.5 113'160.1 25'637.7 24'942.7 16.14x 15.02x 16.90x 15.04x 16.61x 16.24x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -1.63 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.96 Net Fixed Asset Turnover 6.83 Accounts receivable turnover-days 65.46 Inventory Days Accounts Payable Turnover Day 1.08 Cash Conversion Cycle Sales/Revenue/Turnover

25.00

450'000.0 400'000.0

20.00

350'000.0 300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00

50'000.0 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

02.10.2013

Infosys Ltd Holdings By:

All

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

Firm Name

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

Analyst

JPMorgan VIJU K GEORGE NVS Brokerage Limited TEAM COVERAGE India Nivesh Ltd AMAR MOURYA Nomura ASHWIN MEHTA CIMB SANDEEP R SHAH JM Financial Institutional Securities P GOVIND AGARWAL Axis Capital Limited PRIYA ROHIRA Credit Suisse ANANTHA NARAYAN Emkay Share & Stock Brokers MANIK TANEJA Standard Chartered PANKAJ KAPOOR Societe Generale MUKUL GARG Morgan Stanley VIPIN KHARE Jefferies VISHAL AGARWAL SBI Capital Markets DIPESH N MEHTA ICICI Securities KULDEEP KOUL Phillip Securities VIBHOR SINGHAL KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Equirus Securities Pvt Ltd BHAVIN SHAH Espirito Santo Investment Bank Research NITIN PADMANABHAN Ambit Capital Pvt Ltd ANKUR RUDRA Kotak Securities KAWALJEET SALUJA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN IIFL SANDEEP MUTHANGI Religare Capital Markets RUMIT DUGAR Barclays BHUVNESH SINGH Quant Broking Pvt Ltd BASUDEB BANERJEE Nirmal Bang Institutional Equities HARIT SHAH Macquarie NITIN MOHTA Batlivala & Karani Securities DEEPAN S KAPADIA Edelweiss Capital SANDIP KUMAR AGARWAL Deutsche Bank ANIRUDDHA BHOSALE HSBC YOGESH AGGARWAL BNP Paribas Equity Research ABHIRAM ELESWARAPU Motilal Oswal Securities Ltd ASHISH CHOPRA Tata Securities Limited ASHISH AGGARWAL UBS DIVIYA NAGARAJAN SPA Securities Ltd AMIT AGGARWAL Spark Capital Advisors SRIVATHSAN RAMACHANDRAN EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs RISHI JHUNJHUNWALA Techno Shares & Stocks DEBASHISH MAZUMDAR Maybank Kim Eng URMIL SHAH India Infoline ANIRUDDHA MEHTA

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

Recommendation overweight buy hold buy outperform buy buy neutral buy in-line hold Overwt/Attractive buy hold buy neutral accumulate buy buy sell add buy add buy overweight reduce sell outperform outperform buy hold neutral hold buy hold buy hold reduce underweight neutral/neutral hold sell market perform

Amt Held 30'668'723 28'751'207 18'951'351 15'148'155 13'519'071 13'497'161 11'760'827 9'804'709 9'253'433 8'345'870 8'106'412 7'949'782 7'914'353 7'501'174 7'314'660 7'064'938 7'047'482 6'995'658 5'512'977 5'230'309

% Out 5.34 5.01 3.3 2.64 2.35 2.35 2.05 1.71 1.61 1.45 1.41 1.38 1.38 1.31 1.27 1.23 1.23 1.22 0.96 0.91

Weighting

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

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

Latest Chg (2'604'469) (6'790) 702'687 (197'344) 50'543 (577'000) (1'153'629) (1'819'086)

Target Price 3'150 3'075 3'280 3'530 3'450 3'150 3'859 3'300 3'650 3'100 2'615 3'695 3'675 3'340 3'417 2'800 3'290 3'550 3'600 2'581 3'400 3'700 3'426 3'700 3'310 2'786 2'860 3'550 3'300 3'228 3'200 3'200 2'450 3'318 3'329 3'550 2'914 2'700 #N/A N/A 2'750 2'850 2'300 2'730

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

File Dt 30.08.2013 25.09.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 19.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 31.12.2012 31.05.2013

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

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

Date 01.10.2013 01.10.2013 01.10.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 17.09.2013 17.09.2013 16.09.2013 14.09.2013 10.09.2013 10.09.2013 06.09.2013 04.09.2013 03.09.2013 31.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 26.08.2013 19.08.2013 19.08.2013 13.08.2013 26.07.2013 25.07.2013 19.07.2013 17.07.2013 16.07.2013 15.07.2013 15.07.2013

02.10.2013

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VALE3 BZ EQUITY YTD Change VALE3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 44.76 27.89 4'059'600.00 34.5 -22.92% 23.70% 39.18% 3'256.7 179'536.34 61'855.85 0.0 3'245.0 11'918.22 235'808.41

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'760.5 1.77x 33'998.1 3.58x 24'284.6 4.64x

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

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

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

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

Price/ Cash Flow

LTM

FY+1

0.93 1'262.28 0.96% -16.23% 0.926 8 5.000 3'657'060 4'310'694 4'720'181 FY+2

FQ+1

FQ+2

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

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 95'187.7 103'410.3 109'580.8 27'324.0 27'347.8 9.88x 2.35x 2.23x 9.68x 9.88x 35'920.6 47'119.8 47'029.5 11'969.4 11'577.4 5.74x 5.00x 5.01x 5.11x 5.14x 4'732.3 25'001.2 25'171.2 6'683.7 6'150.2 32.14x 7.30x 7.25x 6.93x 7.13x S&P Issuer Ratings Long-Term Rating Date 23.11.2011 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.11 (EBITDA-Capex)/Interest Exp. 0.97 Net Debt/EBITDA 1.48 Total Debt/EBITDA 1.84 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.4% Asset Turnover 0.36 Net Fixed Asset Turnover 0.54 Accounts receivable turnover-days 47.79 Inventory Days 72.54 Accounts Payable Turnover Day 59.92 Cash Conversion Cycle 66.06 Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Vale SA Holdings By:

All

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

Firm Name

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

Analyst

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

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

Recommendation outperform overweight outperform buy buy outperform buy market outperform outperform hold

Amt Held 1'716'293'740 205'173'635 71'647'936 51'375'968 41'806'738 33'599'958 26'637'583 26'269'292 19'389'507 15'506'554 11'649'300 10'827'167 6'379'501 6'031'270 5'474'500 5'124'046 4'430'900 4'073'024 3'617'758 3'235'721

% Out 52.7 6.3 2.2 1.58 1.28 1.03 0.82 0.81 0.6 0.48 0.36 0.33 0.2 0.19 0.17 0.16 0.14 0.13 0.11 0.1

Weighting

Change 5 5 5 5 5 5 5 4 5 3

Latest Chg (761'300) 2'229'787 (1'202'020) (130'856) (695'100) 3'008'914 (600'361) 100 (361'841) 4'640'674 (651'000) (49'700) (376'900) 2'423'598 (192'232) (268'500)

Target Price

M M M M M M M M M M

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

46 45 47 45 45 46 59 73 68 55

File Dt 28.06.2013 28.06.2013 28.06.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 31.08.2013 30.06.2013 31.08.2013 27.09.2013 31.08.2013 30.08.2013 31.12.2012 31.08.2013 31.08.2013 31.08.2013 30.08.2013 31.08.2013 30.04.2013

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

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

Date 01.10.2013 30.09.2013 26.09.2013 16.09.2013 16.08.2013 07.08.2013 29.04.2013 31.08.2012 17.10.2011 20.10.2009

02.10.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2628 HK EQUITY YTD Change 2628 HK EQUITY YTD % CHANGE

12/2012 06/yy 27.35 17.00 22'396'214.00 20.05 -26.69% 17.94% 29.95% 7'441.2 513'479.22 136'480.00 0.0 2'016.0 69'452.00 -

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

1.20

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

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

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

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

LTM

FY+1

0.88 1.36 7'441.18 -9.67% -20.03% 1.362 34 3.676 24'744'240 30'304'180 30'591'770 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 376'887.0 421'555.0 421'510.1 456'713.3 0.00x 0.00x 0.89x 0.79x 0.0 0.0 0.00x 0.00x 15'002.0 17'624.0 27'640.6 33'971.2 0.00x 23.35x 16.17x 13.27x 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 |

02.10.2013

China Life Insurance Co Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN VANGUARD GROUP INC HANG SENG INVESTMENT STATE STREET CORP FIL LIMITED COMGEST S A SCHRODER INVESTMENT FRANKLIN RESOURCES NORGES BANK MONTGOMERY ASSET MAN DEUTSCHE BANK AG INVESCO ASSET MANAGE HARVEST FUND MANAGEM INVESCO LTD SHINHAN BNP PARIBAS CAPITAL GROUP COMPAN CHINA ASSET MANAGEME ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV

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

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

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

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

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

Amt Held 507'161'721 343'590'809 219'473'363 100'382'292 75'034'362 62'586'775 55'575'630 35'743'680 32'566'000 24'938'321 24'305'290 23'425'000 22'689'000 21'841'000 18'533'431 17'126'342 17'047'800 16'689'000 16'089'500 10'798'770

% Out 6.82 4.62 2.95 1.35 1.01 0.84 0.75 0.48 0.44 0.34 0.33 0.31 0.3 0.29 0.25 0.23 0.23 0.22 0.22 0.15

Weighting

Change

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

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

Latest Chg 5'093'000 2'632'302 668'299 14'531'000 2'140'000 (1'200'000) 844'000 175'000 5'469'134 (4'896'000) (4'037'000) 16'689'000 (2'218'000) 2'883'116

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

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

File Dt 27.09.2013 03.09.2013 30.06.2013 31.07.2013 27.09.2013 30.04.2013 30.08.2013 30.06.2013 28.06.2013 31.12.2012 31.07.2013 30.08.2013 30.11.2012 30.06.2013 30.09.2013 31.03.2013 31.07.2013 30.06.2013 31.08.2013 30.04.2013

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

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

Date 30.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 11.09.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 16.07.2013 09.07.2013 06.06.2013 16.05.2013 15.05.2013 18.04.2013 28.03.2013 14.12.2012 06.12.2012 29.10.2012 18.10.2011 10.07.2009

02.10.2013

Fomento Economico Mexicano SAB de CV Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through its subsidiaries produces, distributes and markets non-alcoholic beverages throughout Latin America as part of the Coca-Cola system. The Company owns and operates convenience stores in Mexico and Colombia and holds a stake in Heineken.

Price/Volume 40.0 M

120

35.0 M 30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.04.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FEMSAUBDMM EQUITY YTD Change FEMSAUBDMM EQUITY YTD % CHANGE

12/2012 06/yy 153.21 115.40 2'239'493.00 131.76 -14.00% 14.18% 43.27% 2'161.2 446'300.28 37'357.53 0.0 54'901.5 38'116.06 514'898.64

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

45.0 M

140 100

Valuation Analysis

31.12.2008 168'021.7 1.25x 29'819.0 7.07x 6'707.6 22.07x

160

31.12.2009 31.12.2010 158'503.0 169'702.0 1.71x 1.66x 26'319.0 28'031.0 10.32x 10.06x 9'908.0 40'251.0 33.84x 19.20x Profitability

LTM-4Q 31.12.2011 201'540.1 1.97x 30'646.7 12.97x 15'331.7 22.64x

31.12.2012 238'309.0 2.17x 37'116.9 13.92x 20'706.8 22.35x 37'116.93 29'227.39 12.26% 15.11% 6.98% 13.89% 12.22% 0.82% 42.5% 15.7% 12.2% 8.7% 1.56 0.93 12.62% 24.06% 39.59 9.21

Price/ Cash Flow

LTM

FY+1

0.84 13.12% 2.62% 0.837 16 3.750 3'471'043 4'533'919 3'399'162 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 220'616.9 241'360.1 255'029.5 284'184.9 64'840.7 69'282.0 7.51x 8.68x 1.98x 1.73x 7.89x 7.33x 32'311.8 37'964.1 40'889.4 46'688.5 10'334.0 13'098.0 14.80x 14.47x 12.59x 11.03x 12.01x 11.63x 16'320.2 20'564.1 19'185.7 22'365.2 4'615.0 8'604.0 26.10x 23.37x 24.49x 20.88x 24.06x 22.28x S&P Issuer Ratings Long-Term Rating Date 24.04.2013 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.81 (EBITDA-Capex)/Interest Exp. 8.89 Net Debt/EBITDA 0.28 Total Debt/EBITDA 1.51 Reference Total Debt/Equity 24.1% Total Debt/Capital 15.1% Asset Turnover 0.82 Net Fixed Asset Turnover 4.05 Accounts receivable turnover-days 9.22 Inventory Days 39.63 Accounts Payable Turnover Day 58.07 Cash Conversion Cycle -8.13 Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00 14.00

200'000.0

12.00

150'000.0

10.00 8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Fomento Economico Mexicano SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK OPPENHEIMERFUNDS INC GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV JP MORGAN EMERGING GLOBAL SHAR CAISSE DE DEPOT ET P INVESCO LTD GRUPO FINANCIERO SCO FMR LLC ACTINVER SA DE CV/ME DIMENSIONAL FUND ADV GESTION SANTANDER ME IMPULSORA DEL FONDO EATON VANCE MANAGEME CREDIT SUISSE AG PICTET FUNDS

Firm Name BBVA Actinver SA Banorte-IXE Banco BTG Pactual SA Scotia Capital Goldman Sachs Invex Casa de Bolsa SA de CV GBM Vector Servicios Financieros Credit Suisse Itau BBA Securities UBS EVA Dimensions Punto Casa de Bolsa Grupo Santander

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

Analyst FERNANDO OLVERA GUSTAVO TERAN MARISOL HUERTA MONDRAGON RAFAEL SHIN RODRIGO ECHAGARAY LUCA CIPICCIA MONTSERRAT ANTON HONORATO KARLA MIRANDA MARCO MONTANEZ TORRES ANTONIO GONZALEZ THIAGO CAPUCCI MACRUZ GUSTAVO PIRAS OLIVEIRA CRAIG STERLING CRISTINA MORALES LUIS MIRANDA

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

Recommendation outperform hold buy buy sector outperform Buy/Neutral buy market perform hold underperform market perform neutral hold buy hold

Amt Held 83'861'479 63'018'851 58'332'156 42'945'174 26'147'519 18'757'011 11'616'912 7'026'090 6'901'358 5'220'040 4'619'573 4'532'326 4'450'463 3'914'704 3'740'329 3'215'491 2'900'000 2'835'174 2'400'400 2'040'800

% Out 3.88 2.92 2.7 1.99 1.21 0.87 0.54 0.33 0.32 0.24 0.21 0.21 0.21 0.18 0.17 0.15 0.13 0.13 0.11 0.09

Weighting

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

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

Latest Chg (105'810) 2'804'504 7'705 3'613'565 (403'604) 6'990'421 3'900 (244'681) (72'899) 125'800 (49'400) (189'000) 88'100 (8'500) (79'600)

Target Price 150 137 155 139 144 149 144 141 144 130 142 140 #N/A N/A 189 141

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

File Dt 27.09.2013 30.06.2013 27.09.2013 31.07.2013 30.08.2013 31.12.2012 25.09.2013 31.07.2013 27.09.2013 31.12.2012 30.09.2013 30.08.2013 31.08.2013 30.08.2013 30.04.2013 30.08.2013 31.08.2013 31.07.2013 31.05.2013 31.05.2013

Date Not Provided 12 month 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

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

Date 24.09.2013 24.09.2013 23.09.2013 23.09.2013 23.09.2013 17.09.2013 04.09.2013 21.08.2013 26.07.2013 25.07.2013 25.07.2013 08.07.2013 06.06.2013 08.05.2013 25.04.2013

02.10.2013

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

Price/Volume

600.0 M 500.0 M

400.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 386 HK EQUITY YTD Change 386 HK EQUITY YTD % CHANGE

12/2012 06/yy 7.36 5.02 79'373'317.00 6.14 -16.59% 22.31% 44.84% 25'513.4 668'762.63 284'546.00 0.0 37'122.0 10'864.00 872'355.88

300.0 M

3 2

200.0 M

100.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

700.0 M

7 6

Valuation Analysis

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

LTM

FY+1

5.03 0.84 23'926.92 16.21% -4.17% 0.844 31 4.452 96'475'430 98'334'640 91'818'860 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'733'618.0 ######### ######### ######### ######### 725'259.0 ######### 0.33x 1.35x 1.32x 0.30x 0.30x 169'557.0 0.0 0.0 185'662.1 205'058.4 - 97'344.0 5.39x 0.00x 0.00x 4.70x 4.25x 63'879.0 55'155.0 69'216.0 70'013.2 76'985.0 19'174.0 29'998.0 9.60x 8.86x 7.12x 8.13x 7.46x S&P Issuer Ratings 169'557.00 Long-Term Rating Date 16.12.2010 99'101.00 Long-Term Rating A+ 3.63% Long-Term Outlook STABLE 3.32% Short-Term Rating Date 5.67% Short-Term Rating 13.60% Credit Ratios 9.34% EBITDA/Interest Exp. 14.05 2.28% (EBITDA-Capex)/Interest Exp. 1.98 Net Debt/EBITDA 1.68 - Total Debt/EBITDA 1.74 6.5% Reference 3.8% Total Debt/Equity 55.7% 2.3% Total Debt/Capital 34.2% Asset Turnover 2.28 0.71 Net Fixed Asset Turnover 3.68 0.22 Accounts receivable turnover-days 13.42 22.46% Inventory Days 55.69% Accounts Payable Turnover Day 27.19 Cash Conversion Cycle -

Price/ Cash Flow

Sales/Revenue/Turnover

5.00

3'000'000.0

4.50

2'500'000.0

4.00 3.50

2'000'000.0

3.00

1'500'000.0

2.50 2.00

1'000'000.0

1.50 1.00

500'000.0

0.50 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

China Petroleum & Chemical Corp Holdings By:

All

Holder Name JP MORGAN BLACKROCK FRANKLIN RESOURCES GIC PRIVATE LIMITED CITIGROUP INCORPORAT VANGUARD GROUP INC CREDIT SUISSE AG CHINA PETROLEUM SHEN SCHRODER INVESTMENT HANG SENG INVESTMENT STATE STREET CORP NORGES BANK DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE FIL LIMITED ROBECO MAPS INVESTMENT MANA SHINHAN BNP PARIBAS BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

Standard Chartered DUKE SUTTIKULPANICH Nomura GORDON KWAN Macquarie JAMES HUBBARD Mizuho Securities ANDREW S F CHAN CIMB JIMMY WONG Credit Suisse THOMAS WONG BNP Paribas Equity Research POR YONG LIANG Sanford C. Bernstein & Co NEIL BEVERIDGE VTB Capital COLIN SMITH Deutsche Bank DAVID HURD China Merchants Securities MICHAEL YUK Masterlink Securities LI XIN Capital Securities Corp TEAM COVERAGE Bank of China International LAWRENCE LAU BOCOM International Holdings WU FEI JPMorgan SCOTT DARLING Jefferies LABAN YU HSBC THOMAS C HILBOLDT Daiwa Securities Co. Ltd. ADRIAN LOH S&P Capital IQ AHMAD HALIM UOB Kay Hian YAN SHI Morgan Stanley ANDY MENG UBS PETER GASTREICH Guotai Junan GRACE LIU Goldman Sachs ARTHUR YAN EVA Dimensions DOUG WALTERS ICBC International Securities ANNA YU SWS Research Co Ltd ALBERT MIAO Yuanta Securities Investment ConsultingTEAM COVERAGE AMTD Financial Planning Limited KENNY TANG SING HING Citic Securities Co., Ltd YIN XIAODONG China International Capital Corp BIN GUAN

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

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

Amt Held 2'464'649'664 1'900'092'631 1'493'857'513 1'032'397'800 788'219'226 757'038'152 565'493'078 553'150'000 403'112'034 294'584'790 283'892'046 251'263'472 218'818'118 202'513'495 166'493'625 153'836'295 112'183'705 111'532'645 110'198'420 102'821'356

% Out 9.66 7.45 5.86 4.05 3.09 2.97 2.22 2.17 1.58 1.15 1.11 0.98 0.86 0.79 0.65 0.6 0.44 0.44 0.43 0.4

Weighting

Change

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

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

Latest Chg (834'000) (27'367'600) 18'120'200 27'559'213 37'981 36'182'933 6'630'000 89'337'800 (68'466'554) 9'347'952 31'158'123 24'200'801 -

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

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

File Dt 04.09.2013 27.09.2013 30.08.2013 15.01.2013 04.06.2013 30.06.2013 31.05.2013 09.01.2012 30.08.2013 31.07.2013 27.09.2013 31.12.2012 30.04.2013 31.08.2013 30.04.2013 30.04.2013 31.03.2013 31.03.2013 27.09.2013 31.05.2013

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

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

Date 30.09.2013 30.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 17.09.2013 10.09.2013 01.09.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 30.07.2013 25.06.2013 13.06.2013 06.06.2013 12.04.2013 06.03.2013 15.06.2012 08.02.2012 11.01.2012 29.08.2011

02.10.2013

POSCO POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005490 KS EQUITY YTD Change 005490 KS EQUITY YTD % CHANGE

12/2012 06/yy 374'500.00 286'000.00 190'538.00 313000 -16.42% 9.44% 29.94% 87.2 27'289'480.00 9'611'108.00 0.0 0.0 2'668'637.88 33'626'224.31

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

4.0 M

350000

3.5 M

300000

3.0 M

250000

2.5 M

200000

2.0 M

150000

1.5 M

100000

1.0 M

50000

.5 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 30'642'410.0 1.00x 8'448'098.8 3.61x 4'446'933.0 6.45x

400000

31.12.2009 31.12.2010 26'953'944.9 32'582'037.0 1.74x 1.34x 5'207'546.3 7'503'502.7 9.02x 5.82x 3'172'263.5 3'784'361.1 14.93x 9.91x Profitability

LTM-4Q 31.12.2011 39'171'703.0 0.99x 6'103'603.2 6.36x 3'188'844.8 9.21x

LTM

FY+1

1.92 1.00 69.39 -12.30% -9.71% 0.997 46 4.478 256'737 313'274 227'004 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 35'664'933.0 ######### ######### ######### ######### ######### 0.95x 3.95x 4.07x 1.11x 1.06x 4.39x 4'670'790.1 ######### ######### ######### ######### 980'487.7 7.26x 6.94x 6.65x 7.54x 6.70x 7.19x 2'499'522.2 ######### ######### ######### ######### 503'191.3 10.79x 12.43x 11.41x 13.24x 10.51x 10.68x S&P Issuer Ratings 4'670'790.05 Long-Term Rating Date 2'789'597.11 Long-Term Rating 7.82% Long-Term Outlook 8.75% Short-Term Rating Date 4.76% Short-Term Rating 6.51% Credit Ratios 5.74% EBITDA/Interest Exp. 0.68% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 13.0% Total Debt/EBITDA 13.1% Reference 7.8% Total Debt/Equity 7.0% Total Debt/Capital Asset Turnover 2.78 Net Fixed Asset Turnover 1.49 Accounts receivable turnover-days 18.37% Inventory Days 24.54% Accounts Payable Turnover Day 8.59 Cash Conversion Cycle 4.95

Price/ Cash Flow

.0 M o-13

FQ+2 12/13 Q4 ######### 4.26x ######### 6.93x 530'495.0 10.00x 22.10.2012 BBB+ NEG 10.20 4.75 1.48 2.06 24.5% 19.7% 0.68 1.63 42.63 73.98 14.83 101.77

Sales/Revenue/Turnover

12.00

45'000'000.0 40'000'000.0

10.00

35'000'000.0 30'000'000.0

8.00

25'000'000.0 6.00

20'000'000.0 15'000'000.0

4.00

10'000'000.0 2.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

POSCO Holdings By:

All

Holder Name BANK OF NEW YORK POSCO NATIONAL PENSION SER FRANKLIN RESOURCES EMPLOYEE STOCK OWNER BLACKROCK CAPITAL GROUP COMPAN MITSUBISHI CORP NORGES BANK DIMENSIONAL FUND ADV MACKENZIE FINANCIAL VANGUARD GROUP INC SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT JP MORGAN KYOBO AXA INVESTMENT WADDELL & REED FINAN MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU KB ASSET MANAGEMENT

Firm Name

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

Analyst

Shinyoung Securities Co., Ltd. KANG-UN CHO Tong Yang Investment Bank KEE-HYUN PARK KB Investment & Securities Co., Ltd KIM HYUN-TAE HMC Investment Securities Co Ltd PARK HYUN-WOOK KTB Securities SHIM HYE-SUN Korea Investment & Securities MOON SUN CHOI Credit Suisse SINN MIN-SEOK Woori Investment & Securities WILL BYUN DBS Vickers LEE EUN YOUNG HI Investment Securities BANG MINJIN Hanwha Securities Co., Ltd KIM KANG-OH Kyobo Securities UM JIN-SEOK Samsung Securities TEAM COVERAGE Sanford C. Bernstein & Co VANESSA LAU E*Trade Securities Korea KANG TAE-HYUN KIWOOM Securities Co Ltd CHANG-HO KIM Daewoo Securities JEON SEUNG-HUN Deutsche Bank CHANWOOK PARK Morgan Stanley YOUNG SUK SHIN EVA Dimensions TIMOTHY STANISH BNP Paribas Equity Research TOSHIYUKI JOHNO Nomura CINDY PARK Standard Chartered JAMES KP HONG VTB Capital WIKTOR BIELSKI Barclays EPHREM RAVI Hyundai Securities KIM JI-HWAN Shinhan Investment Corp JINJOO HONG SK Securities Co Ltd LEE WON JAE UBS SON YONG-SUK S&P Capital IQ NG SU PENG LIG Investment Securities YOON-SANG KIM BS Securities Co Ltd YOON KWAN-CHUL JPMorgan AKIRA KISHIMOTO HSBC BRIAN CHO Taurus Investment Securities Co Ltd JI-WOONG YOO IBK Securities Co Ltd PARK BYUNGCHIL Mirae Asset Securities KWON HAE-SOON Daishin Securities Co., Ltd. KAY NOH Dongbu Securities Co Ltd LEE JAE-HOON Daiwa Securities Co. Ltd. CHUNG SUNG-YOP Goldman Sachs SEUNG SHIN Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM Ji Asia SAMUEL THAWLEY

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

Recommendation buy buy buy buy buy buy neutral buy buy buy buy buy buy outperform buy buy buy buy Equalwt/In-Line hold hold buy outperform buy overweight buy buy neutral buy buy buy buy neutral overweight buy buy buy buy hold hold neutral/neutral buy buy

Amt Held 13'823'736 9'942'391 5'225'654 1'902'586 1'671'466 1'665'363 1'007'400 880'587 777'233 766'799 753'623 688'498 649'534 341'556 285'302 262'454 260'870 247'477 232'515 176'091

% Out 15.86 11.4 5.99 2.18 1.92 1.91 1.16 1.01 0.89 0.88 0.86 0.79 0.74 0.39 0.33 0.3 0.3 0.28 0.27 0.2

Weighting

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

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

Latest Chg 873'985 (19'199) (24'500) 3'406 187'500 (479'769) (132'695) (101'327) 2'011 241'150 30'631 1'195 (19'769)

Target Price 380'000 395'000 360'000 410'000 400'000 420'000 350'000 400'000 380'000 380'000 390'000 390'000 380'000 400'000 430'000 373'000 430'000 362'000 340'000 #N/A N/A 330'000 460'000 400'000 422'000 375'000 430'000 410'000 300'000 410'000 370'000 380'000 440'000 350'000 400'000 380'000 400'000 400'000 390'000 370'000 320'000 350'000 450'000 470'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.08.2013 31.12.2012 27.09.2013 30.06.2013 31.03.2013 31.12.2012 30.04.2013 30.06.2013 30.06.2013 31.03.2013 31.05.2013 31.08.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 26.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 16.09.2013 13.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 03.09.2013 26.08.2013 22.08.2013 21.08.2013 09.08.2013 08.08.2013 05.08.2013 01.08.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 10.07.2013 26.06.2013 07.06.2013 28.05.2013 22.04.2013 08.04.2013 03.03.2013 30.01.2013 07.01.2013

02.10.2013

Hyundai Mobis Hyundai Mobis manufactures and markets automotive parts and equipment, such as automotive service components, modules, and systems. The Company also contracts environmental projects, including sewage treatment plant and industrial waste water treatment plant construction.

Price/Volume 350000

1.2 M

300000

1.0 M

250000

.8 M

200000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (29.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 012330 KS EQUITY YTD Change 012330 KS EQUITY YTD % CHANGE

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

.4 M

100000

.2 M

50000 0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 9'373'390.0 0.49x 1'325'678.0 3.45x 1'089'995.0 4.96x

.6 M

150000

12/2012 06/yy 318'500.00 245'000.00 247'343.00 281000 -11.77% 14.69% 59.18% 97.3 27'353'626.00 1'158'773.00 127.0 0.0 3'576'949.00 24'542'717.50

31.12.2009 31.12.2010 10'633'020.0 13'695'717.0 1.50x 1.92x 1'652'601.0 2'160'724.0 9.62x 12.15x 1'615'220.0 1'628'807.0 9.60x 16.66x Profitability

LTM-4Q 31.12.2011 15'886'201.0 1.72x 2'316'807.0 11.79x 1'742'742.0 15.99x

LTM

31.12.2012 06/yy 06/yy 16'865'694.0 ######### ######### 1.49x 6.70x 6.05x 2'505'963.0 ######### ######### 10.01x 10.49x 9.69x 2'251'252.0 ######### ######### 12.23x 13.16x 12.25x 2'505'963.00 2'312'302.00 13.71% 16.82% 12.95% 18.23% 16.42% 0.97% 20.4% 14.9% 13.7% 13.3% 2.07 1.82 6.35% 8.64% 4.35 16.93

Price/ Cash Flow

0.68 0.89 59.81 -7.88% -2.43% 0.891 43 4.860 183'654 227'904 258'979

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

- ######### 7.73x 7.10x S&P Issuer Ratings

.0 M o-13

20.03.2012 BBB+ STABLE 92.28 79.57 -0.98 0.46 8.6% 8.0% 0.97 8.79 84.05 21.62 53.61 52.06

Sales/Revenue/Turnover

25.00

18'000'000.0 16'000'000.0

20.00

14'000'000.0 12'000'000.0

15.00

10'000'000.0 8'000'000.0

10.00

6'000'000.0 4'000'000.0

5.00

2'000'000.0 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Hyundai Mobis Holdings By:

All

Holder Name KIA MOTORS CORP NATIONAL PENSION SER MONG-KOO CHUNG HYUNDAI STEEL CO CAPITAL GROUP COMPAN HYUNDAI MOBIS BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC LAZARD ASSET MANAGEM INVESCO LTD JP MORGAN SAMSUNG INVESTMENT T NORGES BANK KOREA INVESTMENT TRU SCHRODER INVESTMENT MATTHEWS INTERNATION ROBECO UBS HANA ASSET MANAG MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy buy buy buy buy buy buy buy buy Overwt/Attractive buy buy buy buy buy buy buy buy buy neutral outperform buy buy buy outperform outperform buy overweight neutral/neutral outperform hold buy buy overweight buy buy buy buy buy

Amt Held 16'427'074 6'983'490 6'778'966 5'504'846 4'630'383 1'806'616 1'644'478 1'358'943 1'310'399 1'310'353 1'070'184 844'135 636'231 621'635 558'994 439'381 331'762 321'983 302'329 287'419

% Out 16.88 7.17 6.96 5.66 4.76 1.86 1.69 1.4 1.35 1.35 1.1 0.87 0.65 0.64 0.57 0.45 0.34 0.33 0.31 0.3

Weighting

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

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

Latest Chg (573'768) 665 (42'868) (523'967) (22'581) 48'946 (137'584) (43'591) 68'438 (16'260) 3'510 (360) 36'315 84'039

Target Price 310'000 360'000 380'000 330'000 360'000 320'000 365'000 350'000 360'000 380'000 350'000 360'000 410'000 322'000 325'000 380'000 310'000 360'000 320'000 370'000 340'000 350'000 370'000 270'000 333'000 325'000 310'000 295'000 374'000 300'000 360'000 325'000 290'000 340'000 270'000 350'000 320'000 320'000 #N/A N/A 370'000 370'000 370'000 450'000

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

File Dt 19.04.2013 31.12.2012 19.04.2013 19.04.2013 09.09.2013 31.12.2012 27.09.2013 30.06.2013 30.06.2013 31.08.2013 30.09.2013 31.07.2013 31.03.2013 31.12.2012 31.03.2013 30.08.2013 28.06.2013 30.04.2013 31.03.2013 31.03.2013

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

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

Date 01.10.2013 27.09.2013 27.09.2013 26.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 26.08.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 10.07.2013 28.06.2013 28.06.2013 29.04.2013 26.04.2013 24.04.2013 14.03.2013 12.02.2013 02.05.2012 30.01.2012 31.10.2011

02.10.2013

Housing Development Finance Corp Housing Development Finance Corporation Ltd. HDFC provides housing finance in India. The Company provides long-term housing loans to low and middle income individuals, as well as to corporations. HDFC also provides construction finance to real estate developers, besides providing lease financing facilities to companies and development authorities for infrastructure and other assets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFC IN EQUITY YTD Change HDFC IN EQUITY YTD % CHANGE

03/2013 06/yy 931.40 631.25 1'948'653.00 785.9 -15.62% 24.50% 51.52% 1'558.2 1'224'549.88 1'636'626.90 0.0 10'714.7 15'168.60 2'856'722.82

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

31.03.2010 31.03.2011 123'566.6 257'695.6 14.26x 8.57x 113'182.5 132'096.2 15.57x 16.71x 32'409.8 45'284.1 23.91x 22.56x Profitability

LTM-4Q 31.03.2012 302'853.4 7.97x 178'473.4 13.52x 54'625.1 18.14x

31.03.2013 359'789.7 8.09x 218'561.7 13.31x 66'397.2 18.91x

218'561.70 35.19% 24.97% 2.86% 23.60% 3.83% 0.15% 60.7% 18.5% 64.96% 510.48% -

Price/ Cash Flow

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

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

j-13

a-13

s-13

LTM

FY+1

1.59 0.99 1'465.08 3.73% -3.77% 0.992 49 3.755 3'069'692 5'734'549 4'913'776 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 72'765.1 401'271.8 260'660.5 312'002.5 0.00x 12.87x 0.0 118'874.3 0.00x 0.00x 12'758.6 70'709.5 70'360.5 86'104.5 0.00x 19.10x 21.86x 18.28x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.42 7.49 510.5% 83.2% 0.15 57.03 -

Sales/Revenue/Turnover

160.00

400'000.0

140.00

350'000.0

120.00

300'000.0

100.00

250'000.0

80.00

200'000.0

60.00

150'000.0

40.00

100'000.0

20.00

50'000.0

0.00 04.04.2010

90.0 M

Fiscal Year Ended 31.03.2009 117'064.2 10.70x 105'974.0 11.82x 23'105.0 17.38x

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

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

02.10.2013

Housing Development Finance Corp Holdings By:

All

Holder Name ABERDEEN CAPITAL GROUP COMPAN JP MORGAN OPPENHEIMERFUNDS INC VANGUARD GROUP INC LIFE INSURANCE CORP ICICI PRUDENTIAL LIF VIRTUS EMERGING MARK HARRIS TRUST & SAVIN BLACKROCK T ROWE PRICE ASSOCIA CARMIGNAC GESTION GIC PRIVATE LIMITED VONTOBEL ASSET MANAG ABU DHABI INVESTMENT FMR LLC MATTHEWS INTERNATION CARNEGIE FUND MANAGE HDFC ASSET MANAGEMEN SBI LIFE INSURANCE C

Firm Name

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

Analyst

Axis Capital Limited PRAVEEN AGRAWAL Macquarie SURESH GANAPATHY ICICI Securities SANTANU CHAKRABARTI Nomura ABHISHEK BHATTACHARYA Ambit Capital Pvt Ltd PANKAJ AGARWAL CIMB JATINDER AGARWAL JM Financial Institutional Securities P PUNEET GULATI IIFL SAMPATH S K KUMAR Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA Antique Stock Broking Limited ALOK KAPADIA JPMorgan SESHADRI K SEN Goldman Sachs RAHUL JAIN BNP Paribas Equity Research AVNEESH SUKHIJA Espirito Santo Investment Bank Research SANTOSH SINGH Motilal Oswal Securities Ltd ALPESH MEHTA Barclays ANISH TAWAKLEY Jefferies NILANJAN KARFA Kotak Securities NISCHINT CHAWATHE IDFC Securities Ltd MANISH CHOWDHARY Standard Chartered MAHRUKH ADAJANIA ICICIdirect.com KAJAL GANDHI Avendus Capital Private Ltd JAYNEE SHAH UBS VISHAL GOYAL Deutsche Bank MANISH SHUKLA Morgan Stanley ANIL AGARWAL EVA Dimensions DOUG WALTERS Batlivala & Karani Securities VISHAL SHETH Spark Capital Advisors JYOTHI KUMAR VARMA SBI Capital Markets RAVIKANT BHAT Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL Quant Broking Pvt Ltd NITIN KUMAR Tata Securities Limited BIJOY SHAH Religare Capital Markets SIDDHARTH TELI Credit Suisse ASHISH GUPTA HSBC SACHIN SHETH Phillip Securities MANISH AGARWALLA Emkay Share & Stock Brokers KASHYAP JHAVERI Angel Broking Limited VAIBHAV AGRAWAL Edelweiss Capital KUNAL SHAH Sharekhan Ltd TEAM COVERAGE Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Almondz Global Securities Ltd SHIVRAJ GUPTA

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

Recommendation buy underperform add neutral sell neutral buy add accumulate hold overweight Sell/Neutral buy buy buy overweight hold add neutral in-line hold buy buy buy Overwt/Cautious underweight outperform sell hold buy buy accumulate hold buy outperform overweight neutral reduce accumulate hold hold buy hold

Amt Held 103'595'509 80'569'086 54'367'799 47'397'757 42'813'648 32'479'221 29'206'831 25'829'164 25'829'164 25'461'239 24'065'643 23'989'660 23'673'678 20'440'461 18'754'783 18'649'167 13'681'787 9'230'860 8'161'968 8'148'436

% Out 6.65 5.17 3.49 3.04 2.75 2.08 1.87 1.66 1.66 1.63 1.54 1.54 1.52 1.31 1.2 1.2 0.88 0.59 0.52 0.52

Weighting

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

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

Latest Chg 311'536 (7'822'000) (2'441'050) 2'807'656 (391'731) 922'600 36'751 5'809'780 220'200 (6'295'117) (278) -

Target Price 840 730 900 860 621 827 1'000 950 800 840 890 630 823 865 889 876 850 800 865 820 750 925 950 950 910 #N/A N/A 925 707 890 873 959 950 871 1'000 1'045 1'007 825 760 867 917 865 924 904

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

File Dt 31.07.2013 30.06.2013 31.08.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 27.09.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013 30.06.2013 31.08.2013 28.06.2013 30.08.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 24.09.2013 24.09.2013 20.09.2013 19.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 09.09.2013 05.09.2013 03.09.2013 30.08.2013 29.08.2013 29.08.2013 27.08.2013 27.08.2013 22.08.2013 21.08.2013 21.08.2013 12.08.2013 09.08.2013 08.08.2013 07.08.2013 29.07.2013 26.07.2013 26.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 20.07.2013 20.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 08.06.2013 13.05.2013

02.10.2013

Shinhan Financial Group Co Ltd Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services. The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 055550 KS EQUITY YTD Change 055550 KS EQUITY YTD % CHANGE

12/2012 06/yy 45'100.00 33'350.00 400'466.00 43800 -2.88% 31.33% 91.91% 474.2 20'769'942.00 7'206'951.00 274'055.0 0.0 212'783.00 27'992'331.91

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

2.5 M 2.0 M 1.5 M 1.0 M .5 M

n-12

d-12

j-13

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

j-13

a-13

s-13

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

50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 o-12

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

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

LTM

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

Price/ Cash Flow

1.60 1.23 450.86 16.43% 12.74% 1.225 40 4.550 675'699 910'859 873'399

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M o-13

7.52 7.74 37.2% 26.8% 0.03 755.52 -

Sales/Revenue/Turnover

3'500.00

3'000'000.0

3'000.00

2'500'000.0

2'500.00

2'000'000.0

2'000.00

1'500'000.0 1'500.00

1'000'000.0 1'000.00

500'000.0

500.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Shinhan Financial Group Co Ltd Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 34'506'886 30'106'276 18'787'067 12'328'905 10'453'642 6'655'176 6'267'476 5'956'830 5'626'182 4'936'958 4'420'386 3'823'902 3'043'256 2'663'140 2'394'931 2'185'360 1'783'409 1'769'546 1'672'077 1'501'854

% Out 7.28 6.35 3.96 2.6 2.2 1.4 1.32 1.26 1.19 1.04 0.93 0.81 0.64 0.56 0.51 0.46 0.38 0.37 0.35 0.32

Weighting

Change

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

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

Latest Chg (15'184) (6'500) 126'540 (2'644'622) (116'653) 571'802 52'220 85'420 (1'282'050) 27'427 531'820 16'180

Target Price 53'000 52'000 54'000 52'000 54'000 49'000 #N/A N/A 46'000 47'000 #N/A N/A 48'400 47'200 54'000 50'000 47'000 43'000 49'000 47'000 51'000 40'000 47'500 50'500 51'000 46'000 50'300 41'000 38'400 45'000 52'000 44'000 47'900 39'000 41'100 #N/A N/A 41'000 54'000 50'000 50'900 54'000

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

File Dt 31.12.2012 31.12.2012 31.12.2012 31.08.2013 27.09.2013 30.04.2013 30.06.2013 31.03.2013 31.12.2011 31.12.2012 31.03.2013 30.04.2013 28.03.2013 31.05.2013 31.03.2013 31.07.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013

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

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

Date 02.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 27.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 11.09.2013 05.09.2013 29.08.2013 26.08.2013 26.08.2013 21.08.2013 09.08.2013 08.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 25.06.2013 14.06.2013 08.06.2013 06.06.2013 20.05.2013 17.04.2013 15.04.2013 01.11.2012 12.03.2012

02.10.2013

Reliance Industries Ltd Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIL IN EQUITY YTD Change RIL IN EQUITY YTD % CHANGE

03/2013 01/yy 955.00 682.35 2'354'902.00 821.45 -13.98% 20.39% 51.02% 3'230.6 2'653'812.75 1'072'190.00 0.0 9'490.0 661'360.00 3'074'132.83

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

31.03.2010 31.03.2011 2'037'397.2 2'658'106.0 1.78x 1.35x 303'332.8 380'722.6 11.96x 9.40x 245'031.4 192'936.8 13.05x 16.20x Profitability

31.03.2012 3'585'010.0 0.69x 351'080.0 7.09x 197'240.0 11.35x

31.03.2013 3'970'620.0 0.68x 333'830.0 8.06x 208'790.0 10.91x

333'830.00 221'510.00 5.58% 6.60% 6.06% 11.88% 8.30% 1.15% 8.4% 5.6% 5.3% 1.48 0.79 29.59% 58.89% 29.75 -

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

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

j-13

a-13

s-13

FY+1 -

1.10 1.13 1'519.34 -0.35% -1.07% 1.133 56 3.893 3'795'422 4'103'398 3'878'437 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 ######### ######### 0.75x 0.73x 357'359.2 412'960.6 8.60x 7.44x 224'997.2 253'973.1 11.43x 10.18x S&P Issuer Ratings

29.05.2013 BBB+ NEG 12.97 1.03 1.23 3.21 58.9% 36.9% 1.15 3.25 12.27 -

Sales/Revenue/Turnover

18.00

4'500'000.0

16.00

4'000'000.0

14.00

3'500'000.0

12.00

3'000'000.0

10.00

2'500'000.0

8.00

2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 04.04.2010

14.0 M

Fiscal Year Ended 31.03.2009 1'512'240.1 1.99x 242'169.1 12.44x 149'687.2 14.09x

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

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

02.10.2013

Reliance Industries Ltd Holdings By:

All

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

Firm Name Sharekhan Ltd Nomura Axis Capital Limited IIFL Ambit Capital Pvt Ltd Quant Broking Pvt Ltd Motilal Oswal Securities Ltd Sanford C. Bernstein & Co Tata Securities Limited IDFC Securities Ltd Morgan Stanley Credit Suisse JPMorgan Antique Stock Broking Limited India Nivesh Ltd Deutsche Bank Goldman Sachs Equirus Securities Pvt Ltd Jefferies BNP Paribas Equity Research ICICI Securities Kotak Securities Barclays Ajcon Global Services Ltd. Brics Securities Firstcall India Equity Advisors Pvt Ltd Batlivala & Karani Securities Standard Chartered Emkay Share & Stock Brokers Karvy Stock Broking Ltd Sunidhi Consultancy Services KR Choksey Shares & Sec Pvt Ltd Macquarie Daiwa Securities Co. Ltd. JM Financial Institutional Securities P HDFC Securities LKP Shares and Securities Ltd India Infoline NVS Brokerage Limited BOB Capital Markets IDBI Capital Market Services Ltd Religare Capital Markets Angel Broking Limited

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

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

Analyst TEAM COVERAGE ANIL SHARMA AMIT MISHRA BHASKAR CHAKRABORTY DAYANAND MITTAL GAGAN DIXIT HARSHAD BORAWAKE NEIL BEVERIDGE SWARNENDU BHUSHAN PRAKASH JOSHI VINAY JAISING SANJAY MOOKIM SAMUEL SW LEE AMIT RUSTAGI ABHISHEK JAIN HARSHAD KATKAR NILESH BANERJEE MAULIK PATEL ARYA SEN AMIT SHAH ROHIT AHUJA SANJEEV PRASAD SOMSHANKAR SINHA AKASH AJAY JAIN NILESH RAMESH GHUGE TEAM COVERAGE BHAVIN GANDHI RAHUL SINGH DHAVAL JOSHI VINAY V NAIR ROHIT NAGRAJ NISHA SHARMA ABHISHEK AGARWAL NIRMAL RAGHAVAN MEHUL THANAWALA AISHWARYA DEEPAK CHIRAG DHAIFULE PRAYESH JAIN TEAM COVERAGE NEELABH SHARMA SUDEEP ANAND NITIN TIWARI BHAVESH CHAUHAN

Recommendation buy buy buy reduce sell buy neutral outperform hold outperform Overwt/Attractive outperform neutral buy buy buy Buy/Neutral neutral hold hold buy buy equalweight buy reduce buy outperform in-line accumulate hold hold accumulate outperform hold buy neutral neutral market perform buy hold accumulate hold neutral

Amt Held 271'114'032 148'490'952 134'616'811 127'041'799 127'041'799 124'514'168 124'513'168 120'471'003 118'978'113 106'373'069 104'900'070 81'099'093 62'239'998 61'194'924 60'409'418 56'069'320 51'122'841 35'673'400 28'542'670 24'926'757

% Out 8.39 4.6 4.17 3.93 3.93 3.85 3.85 3.73 3.68 3.29 3.25 2.51 1.93 1.89 1.87 1.74 1.58 1.1 0.88 0.77

Weighting

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

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

Latest Chg (902'436) 2'610'243 (2'650'149) 451'800

Target Price 1'010 1'075 1'160 840 856 1'117 943 960 868 1'013 1'156 1'031 800 974 1'053 1'040 1'140 872 890 847 1'122 980 900 1'110 914 944 996 908 982 861 974 990 1'100 945 943 960 939 950 945 1'012 1'000 910 #N/A N/A

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

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.04.2013

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

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

Date 01.10.2013 30.09.2013 27.09.2013 24.09.2013 19.09.2013 19.09.2013 12.09.2013 11.09.2013 11.09.2013 10.09.2013 05.09.2013 03.09.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 26.08.2013 26.08.2013 23.08.2013 23.08.2013 16.08.2013 01.08.2013 27.07.2013 26.07.2013 24.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 20.07.2013 20.07.2013 19.07.2013

02.10.2013

Price/Volume 1200000 1000000 800000 600000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 005935 KS EQUITY YTD Change 005935 KS EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2009 -

200000 0 o-12

n-12

d-12

j-13

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

j-13

a-13

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

27'701'730.00 18'510'436.00 13.11% 14.69% 14.37% 16.93% 17.76% 1.14% 29.6% 20.3% 14.2% 12.3% 1.77 1.38 2.34% 2.94% 7.88 17.71

s-13

Market Data

Fiscal Year Ended 31.12.2008

400000

12/2012 06/yy 1'000'000.00 730'000.00 28'418.00 901000 -9.90% 23.42% 50.74% 22.8 20'572'918.00 3'111'874.00 119'467.0 0.0 16'911'345.00 1'588'189.73

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M o-13

LTM

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

FY+1

1.09 22.83 14.85% 5.81% 1.091 3 5.000 33'129 31'074 27'362 FY+2

FQ+1

FQ+2

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 0.0 ######### ######### ######### ######### #DIV/0! 0.0 ######### ######### 0.00x 0.03x 0.03x 0.0 ######### ######### ######### ######### 0.00x 5.10x 4.84x S&P Issuer Ratings Long-Term Rating Date 08.08.2013 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 25.01.2006 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 205.30 (EBITDA-Capex)/Interest Exp. 100.84 Net Debt/EBITDA -0.62 Total Debt/EBITDA 0.08 Reference Total Debt/Equity 2.9% Total Debt/Capital 2.9% Asset Turnover 1.14 Net Fixed Asset Turnover 3.87 Accounts receivable turnover-days 46.31 Inventory Days 20.60 Accounts Payable Turnover Day 23.12 Cash Conversion Cycle 38.44 Sales/Revenue/Turnover

1.20

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

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

02.10.2013

Samsung Electronics Co Ltd Holdings By:

All

Holder Name ABERDEEN SKAGEN AS BLACKROCK ORBIS HOLDINGS LIMIT COMMONWEALTH BANK OF KOREA INVESTMENT TRU DANSKE INVEST A/S ROBECO CAPITAL GROUP COMPAN FIL LIMITED NORDEA INVESTMENT FU JYSKE INVEST ARTISAN PARTNERS HOL DANSKE INVEST MANAGE BANKINVEST ASSET MAN EDINBURGH FUND MANAG FIRST STATE INVESTME CAISSE DE DEPOT ET P FMR LLC ARTIO GLOBAL MANAGEM

Firm Name Sanford C. Bernstein & Co Maybank Kim Eng Morgan Stanley

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

Analyst MARK C NEWMAN WARREN LAU SHAWN KIM

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

Recommendation outperform buy Overwt/Attractive

Amt Held 2'890'679 1'063'496 403'289 360'000 240'645 160'380 150'822 136'589 102'000 82'174 81'607 79'130 74'062 71'000 68'595 64'060 55'800 55'151 54'631 54'600

% Out 12.66 4.66 1.77 1.58 1.05 0.7 0.66 0.6 0.45 0.36 0.36 0.35 0.32 0.31 0.3 0.28 0.24 0.24 0.24 0.24

Weighting

Change 5 5 5

M M N

Latest Chg 35'307 11'700 4'497 (12'883) (3'776) (110) (80'756) (2'483) 20'103 (5'039) 1'311 (3'000) 310 -

Target Price 1'680'000 1'350'000 1'024'000

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

File Dt 31.08.2013 30.08.2013 27.09.2013 31.12.2012 31.05.2013 31.03.2013 31.05.2013 30.04.2013 30.06.2013 30.04.2013 31.07.2013 31.07.2013 31.03.2013 28.06.2013 03.09.2013 31.07.2013 30.08.2013 31.12.2012 31.08.2013 30.08.2013

Date 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank 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

Date 30.09.2013 22.08.2013 16.10.2012

02.10.2013

BRF SA BRF SA is a food processor in Latin America. The Company operates in the segments of poultry meats, pork and beef, industrialized meats, margarines, pastas, pizzas and frozen vegetables as well as being one of the leading milk collectors and dairy product processers in Brazil.

Price/Volume 70

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS3 BZ EQUITY YTD Change BRFS3 BZ EQUITY YTD % CHANGE

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

4.0 M

2.0 M

10 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'393.0 0.84x 1'079.9 8.83x 54.4 112.97x

6.0 M

12/2012 06/yy 59.32 35.50 1'946'400.00 55.1 -7.11% 55.21% 82.28% 872.5 48'073.27 9'518.32 0.0 37.5 2'627.06 55'274.18

31.12.2009 31.12.2010 15'905.8 22'681.3 2.74x 1.21x 619.4 2'320.6 70.41x 11.85x 123.0 804.1 222.84x 29.61x Profitability

LTM-4Q 31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 23.19x

31.12.2012 28'517.4 1.53x 2'333.1 18.70x 813.2 45.11x 2'333.14 1'366.48 4.79% 2.87% 3.88% 8.55% 7.60% 0.96% 22.6% 9.9% 6.2% 2.9% 1.55 0.76 30.93% 65.47% 10.16 7.45

Price/ Cash Flow

LTM

06/yy 26'570.6 5.26x 2'411.8 13.75x 645.6 40.94x

06/yy 30'072.5 5.87x 2'963.6 16.67x 1'220.6 34.53x

FY+1

0.69 700.85 56.56% 32.48% 0.691 19 4.053 2'395'260 2'158'847 2'175'509 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 31'907.1 35'629.5 8'011.7 9'022.3 1.73x 1.53x 6.89x 6.09x 3'884.2 4'776.5 929.5 1'199.8 14.23x 11.57x 12.32x 1'740.3 2'351.4 432.0 644.8 28.05x 20.32x 21.52x S&P Issuer Ratings

04.04.2012 BBBSTABLE 3.98 0.76 2.42 3.30 65.5% 39.5% 0.96 2.90 35.92 49.00 47.16 18.19

Sales/Revenue/Turnover

40.00

30'000.0

35.00

25'000.0

30.00

20'000.0

25.00 20.00

15'000.0

15.00

10'000.0

10.00

5'000.0 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

BRF SA Holdings By:

All

Holder Name CAIXA DE PREVIDENCIA FUNDACAO PETROBRAS D TARPON INVESTIMENTOS BLACKROCK BTG PACTUAL GLOBAL A WEG PARTICIPACOES E GOVERNANCA & GESTAO FUND VALE DO RIO DOC VANGUARD GROUP INC ONTARIO TEACHERS PEN FUND SISTEL DE SEGUR GUEPARDO INVESTIMENT NORGES BANK FURLAN LUIZ FERNANDO COMGEST S A REAL GRANDEZA FUNDAC MORGAN STANLEY JP MORGAN T ROWE PRICE ASSOCIA SCHRODER INVESTMENT

Firm Name

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

Analyst

Agora CTVM SA JOSE FERREIRA Votorantim CTVM Research LUIZ CARLOS CESTA Credit Suisse ALEXANDRE FUENTES VAN AMSON Planner Corretora de Valores RICARDO TADEU MARTINS Goldman Sachs LUCA CIPICCIA Morgan Stanley JAVIER MARTINEZ UBS GUSTAVO PIRAS OLIVEIRA Bradesco Corretora GABRIEL VAZ DE LIMA Banco BTG Pactual SA THIAGO DUARTE HSBC LAUREN E TORRES JPMorgan ALAN ALANIS SLW Corretora de Valores e Cambio LTDPEDRO GALDI Magliano SA CCVM HENRIQUE KLEINE Banco do Brasil SA NATANIEL CEZIMBRA Banco Safra de Investimento ALAN DE SOUZA CARDOSO Coinvalores SANDRA PERES Itau BBA Securities GIOVANA ARAUJO EVA Dimensions CRAIG STERLING Nau Securities Ltd JOHN NELSON FERREIRA Grupo Santander LUIS MIRANDA Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation buy market perform outperform Under Review Buy/Neutral Equalwt/In-Line buy outperform buy neutral neutral hold buy outperform Under Review buy outperform underweight sell buy Under Review

Amt Held 106'441'731 105'569'258 69'972'351 44'757'875 31'909'519 26'346'620 25'792'334 25'039'981 18'326'636 13'400'000 10'295'184 8'576'900 6'678'985 5'944'216 5'355'000 4'798'314 4'624'702 4'426'971 4'325'673 4'107'166

% Out 12.2 12.1 8.02 5.13 3.66 3.02 2.96 2.87 2.1 1.54 1.18 0.98 0.77 0.68 0.61 0.55 0.53 0.51 0.5 0.47

Weighting

Change

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

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

Latest Chg 494'205 226'800 2'756'720 56'200 242'600 (405'700) (266'530) (106'900) 2'504'215

Target Price 65 66 55 #N/A N/A 63 56 70 65 66 61 54 52 56 56 #N/A N/A 59 53 #N/A N/A 45 47 #N/A N/A

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

File Dt Inst Type 29.05.2013 Government 29.05.2013 Other 29.05.2013 Investment Advisor 27.09.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 Other 31.08.2013 Investment Advisor 29.05.2013 Other 30.06.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 29.05.2013 Pension Fund (ERISA) 31.05.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 31.12.2012 Unclassified 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor

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

Date 01.10.2013 25.09.2013 13.09.2013 13.09.2013 09.09.2013 06.09.2013 03.09.2013 02.09.2013 02.09.2013 22.08.2013 12.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 06.06.2013 30.04.2013 29.04.2013 08.08.2011

02.10.2013

Kia Motors Corp Kia Motors Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology.

Price/Volume 80000

6.0 M

70000

5.0 M

60000 4.0 M

50000 40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (28.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000270 KS EQUITY YTD Change 000270 KS EQUITY YTD % CHANGE

12/2012 06/yy 73'000.00 47'850.00 3'431'298.00 62800 -13.97% 31.24% 71.37% 405.4 25'456'818.00 3'018'853.00 0.0 0.0 3'141'286.00 23'952'900.19

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

2.0 M

20000 1.0 M

10000 0 o-12

31.12.2009 31.12.2010 18'415'739.0 23'222'969.0 0.57x 0.95x 1'827'909.0 2'402'792.0 5.70x 9.21x 1'450'260.0 1'420'636.0 5.08x 13.96x Profitability

LTM-4Q 31.12.2011 27'742'277.0 1.01x 2'597'837.0 10.77x 1'804'842.0 14.72x

d-12

j-13

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

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.04 0.97 234.96 -11.54% 11.15% 0.968 46 4.783 1'345'096 1'272'992 1'278'177 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 28'007'913.0 ######### ######### ######### ######### ######### ######### 0.81x 4.07x 3.49x 2'382'062.0 ######### ######### 9.55x 11.08x 10.08x 2'136'797.0 ######### ######### ######### - 983'000.0 ######### 10.70x 13.84x 10.86x 6.41x 6.06x S&P Issuer Ratings 2'382'062.00 Long-Term Rating Date 20.03.2012 1'645'332.00 Long-Term Rating BBB+ 5.87% Long-Term Outlook STABLE 9.32% Short-Term Rating Date 8.93% Short-Term Rating 15.27% Credit Ratios 12.76% EBITDA/Interest Exp. 22.92 1.17% (EBITDA-Capex)/Interest Exp. 12.18 Net Debt/EBITDA -0.05 20.9% Total Debt/EBITDA 1.27 8.5% Reference 5.9% Total Debt/Equity 20.2% 7.6% Total Debt/Capital 16.8% Asset Turnover 1.17 1.04 Net Fixed Asset Turnover 3.98 0.77 Accounts receivable turnover-days 28.43 12.33% Inventory Days 19.72 20.22% Accounts Payable Turnover Day 55.14 12.87 Cash Conversion Cycle -6.99 18.56

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

30'000'000.0

10.00

25'000'000.0

8.00

20'000'000.0

6.00

15'000'000.0

4.00

10'000'000.0

2.00

5'000'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 16'382'231.0 0.43x 1'023'733.0 6.85x 113'784.0 19.97x

3.0 M

30000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Kia Motors Corp Holdings By:

All

Holder Name HYUNDAI MOTOR CO NATIONAL PENSION SER EUI-SUN CHUNG CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC JP MORGAN FIL LIMITED NORGES BANK GRANTHAM MAYO VAN OT SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ALLIANCE BERNSTEIN SUN LIFE FINANCIAL I ALLIANZ ASSET MANAGE EMPLOYEE STOCK OWNER KYOBO AXA INVESTMENT ARTISAN PARTNERS HOL PRINCIPAL FINANCIAL FMR LLC

Firm Name

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

Analyst

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

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

Recommendation buy buy buy buy buy buy buy buy buy market perform buy neutral buy outperform buy buy buy buy Overwt/Attractive buy overweight buy buy outperform buy buy buy buy buy neutral neutral outperform buy buy outperform outperform overweight buy neutral/neutral buy buy buy buy

Amt Held 137'318'251 24'374'709 7'061'331 6'548'717 6'347'967 3'243'372 2'980'989 2'624'488 2'499'466 2'360'914 2'246'981 1'408'663 1'378'228 1'337'090 1'287'850 1'090'595 1'071'148 924'485 868'703 843'226

% Out 33.88 6.01 1.74 1.62 1.57 0.8 0.74 0.65 0.62 0.58 0.55 0.35 0.34 0.33 0.32 0.27 0.26 0.23 0.21 0.21

Weighting

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

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

Latest Chg (6'622'170) 73'149 (1'983'298) 443'741 (1'251'705) (400'714) 96'869 140'793 730'160 19'484 77'803 687'998 316'964 360'410

Target Price 87'000 80'000 81'000 73'000 74'000 71'000 75'000 71'000 75'000 70'000 100'000 66'000 82'000 78'000 70'000 74'000 81'000 78'000 79'000 79'000 #N/A N/A 70'000 72'000 74'000 74'000 77'000 72'000 85'000 83'000 67'000 64'000 77'000 75'000 70'000 73'000 75'000 72'000 77'000 55'000 68'000 72'000 69'000 70'000

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

File Dt 24.05.2013 31.12.2012 24.05.2013 30.06.2013 27.09.2013 30.06.2013 31.07.2013 30.04.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 30.06.2013 31.07.2013 31.08.2013 31.12.2012 31.03.2013 31.03.2013 31.08.2013 31.08.2013

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

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

Date 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 02.10.2013 01.10.2013 01.10.2013 27.09.2013 26.09.2013 25.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 08.09.2013 05.09.2013 03.09.2013 29.08.2013 22.08.2013 12.08.2013 06.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 28.07.2013 28.07.2013 28.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 23.07.2013 10.07.2013 29.04.2013 06.03.2013 29.01.2013 07.01.2013

02.10.2013

Magnit OJSC Magnit retails food. The Company operates a chain of discount supermarkets.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGNT LI EQUITY YTD Change MGNT LI EQUITY YTD % CHANGE

12/2012 06/yy 64.60 33.16 110'645.00 62.1 -3.87% 87.27% 92.84% 472.8 29'361.30 2'085.96 0.0 0.0 438.86 -

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

1.20 1.00

1.5 M

1.0 M

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 5'347.8 0.30x 398.0 4.09x 187.6 -

2.0 M

31.12.2009 31.12.2010 5'354.5 7'777.4 1.20x 1.63x 497.0 613.4 12.95x 20.65x 275.2 333.7 Profitability

LTM-4Q 31.12.2011 11'423.3 0.82x 896.2 10.44x 418.7 -

31.12.2012 14'429.7 1.15x 1'488.3 11.19x 807.8 1'488.27 1'125.82 7.80% 7.20% 12.71% 28.30% 19.32% 2.27% 26.5% 10.3% 7.8% 5.6% 0.75 0.17 28.73% 63.84% 9.40

LTM

06/yy 12'722.2 0.00x 0.0 0.00x 613.7 0.00x

06/yy 16'430.4 0.00x 0.0 0.00x 1'259.8 0.00x

FY+1

.0 M o-13

1.17 81.43% 56.01% 1.175 21 4.143 942'335 1'025'125 867'988 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'432.1 23'002.4 1.71x 1.38x 1'926.1 2'327.4 1'001.0 1'196.6 29.50x 24.23x S&P Issuer Ratings

08.04.2013 BB STABLE 11.41 -0.26 1.11 1.40 63.8% 39.0% 2.27 3.19 38.94 40.21 -

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 0.0

0.00

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

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

02.10.2013

Magnit OJSC Holdings By:

All

Holder Name GALITSKIY SERGEY LAVRENO LTD LABINI INVESTMENTS L GORDEYCHUK VLADIMIR VANGUARD GROUP INC CAPITAL GROUP COMPAN BLACKROCK T ROWE PRICE ASSOCIA JP MORGAN COMGEST S A SCHRODER INVESTMENT ABERDEEN FISHER INVESTMENTS I BARING INTERNATIONAL OYSTER ASSET MANAGEM VAN ECK ASSOCIATES C EMERGING GLOBAL SHAR ARUTYUNYAN ANDREY NI DEKABANK DEUTSCHE GI UBS AG

Firm Name Gazprombank Uralsib Morgan Stanley UBS JPMorgan Renaissance Capital VTB Capital Otkritie Capital Credit Suisse HSBC Deutsche Bank Goldman Sachs UFS-Finance Investment Company Barclays Sberbank CIB IFC Metropol Raiffeisenbank AG Alfa-Bank RMG Securities Wood & Company

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a FISHER INVESTMENTS Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst VITALY BAIKIN MARAT IBRAGIMOV NICHOLAS ASHWORTH ULYANA LENVALSKAYA ELENA V JOURONOVA DAVID FERGUSON MARIA KOLBINA MIKHAIL TERENTIEV VICTORIA PETROVA RAJ SINHA NATALIA SMIRNOVA ANTON FARLENKOV ILYA BALAKIREV BORIS VILIDNITSKY MIKHAIL KRASNOPEROV EVGENY GOLOSNOY NATALIA KOLUPAEVA ANDREI NIKITIN MIKHAIL LOSHININ PATRICK SHIELDS

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

Recommendation neutral hold Overwt/In-Line buy overweight buy hold hold outperform overweight buy neutral/neutral hold overweight buy buy hold equalweight Under Review hold

Amt Held 180'352'486 22'466'208 16'148'977 12'990'362 9'253'423 8'416'891 5'413'209 4'672'576 4'441'959 2'950'000 2'348'128 2'191'861 2'060'001 1'718'707 1'351'100 1'092'506 1'049'214 956'927 895'750 886'250

% Out 38.15 4.75 3.42 2.75 1.96 1.78 1.14 0.99 0.94 0.62 0.5 0.46 0.44 0.36 0.29 0.23 0.22 0.2 0.19 0.19

Weighting

Change

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

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

Latest Chg 1'451'585 (501'957) (255'641) 210'335 142'342 392'954 242'000 (122'325) 111'594 8'000 (399'250) 155'813

Target Price 44 61 65 76 66 74 73 66 70 68 69 62 61 73 64 70 58 53 #N/A N/A 34

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

File Dt 31.12.2009 25.10.2010 31.12.2009 31.12.2009 30.06.2013 31.07.2013 27.09.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 30.08.2013 30.06.2013 30.06.2013 28.02.2013 27.09.2013 27.09.2013 11.01.2011 28.03.2013 30.06.2013

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

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

Date 30.09.2013 25.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 23.09.2013 16.09.2013 02.09.2013 29.08.2013 22.08.2013 24.07.2013 23.07.2013 19.07.2013 16.07.2013 31.05.2013 23.05.2013 14.01.2013 05.11.2012

02.10.2013

Grupo Televisa SAB Grupo Televisa S.A.B., operates media and entertainment businesses in the Spanish speaking world. The Company has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature films and Internet portals.

Price/Volume 80

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLEVICPOMM EQUITY YTD Change TLEVICPOMM EQUITY YTD % CHANGE

12/2012 06/yy 75.64 58.50 2'822'123.00 74.84 -1.06% 27.93% 95.33% 2'868.5 214'678.53 57'962.57 0.0 7'890.6 24'380.62 256'471.73

10.0 M

30 20

5.0 M

10 0 o-12

31.12.2009 31.12.2010 52'352.5 57'856.8 2.75x 3.48x 20'086.5 22'161.9 7.16x 9.09x 6'007.1 7'683.4 21.89x 23.11x Profitability

LTM-4Q 31.12.2011 62'581.5 2.90x 23'635.2 7.68x 6'665.9 20.90x

31.12.2012 69'290.4 2.96x 26'613.8 7.70x 8'760.6 18.66x 26'613.79 18'139.55 26.18% 20.38% 5.48% 15.01% 10.45% 0.44% 46.9% 39.6% 26.6% 12.6% 1.51 1.20 35.11% 95.58% 5.44 24.14

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 66'396.6 11.68x 25'358.7 7.99x 7'125.9 21.70x

06/yy 70'734.6 12.36x 27'985.6 8.13x 8'753.7 19.82x

a-13 m-13

j-13

a-13

s-13

FY+1

0.92 23.80% 10.25% 0.917 14 2.714 3'882'959 4'456'267 3'704'231 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 73'633.3 78'542.9 18'566.4 21'180.3 3.45x 3.15x 13.83x 12.11x 28'947.8 30'514.3 7'440.0 8'041.3 8.86x 8.40x 8.80x 8.76x 8'025.9 9'048.2 2'398.3 2'549.0 26.55x 23.54x 24.21x 24.31x S&P Issuer Ratings

02.10.2007 BBB+ STABLE 6.09 3.48 1.19 2.33 95.6% 45.8% 0.44 1.58 67.10 15.12 88.46 33.77

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M n-12

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

20.0 M

Valuation Analysis

31.12.2008 47'972.3 2.08x 19'438.9 5.12x 7'803.7 12.32x

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 |

02.10.2013

Grupo Televisa SAB Holdings By:

All

Holder Name AZCARRAGA TRUST NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK GRUPO FIN BANAMEX SA NORGES BANK GRUPO FINANCIERO BBV EMERGING GLOBAL SHAR CAISSE DE DEPOT ET P FMR LLC GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME CREDIT SUISSE AG EATON VANCE MANAGEME IMPULSORA DEL FONDO SWEDBANK ROBUR FONDE GESTION SANTANDER ME DIMENSIONAL FUND ADV PICTET FUNDS ING INVESTMENT MANAG

Firm Name

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

Analyst

Goldman Sachs VERA ROSSI BBVA ALEJANDRO GALLOSTRA Itau BBA Securities GREGORIO TOMASSI UBS MARIA TEREZA AZEVEDO GBM ANDRES MEDINA-MORA Actinver SA MARTIN LARA Banco Monex S.A. Institucion de Banca VALERIA ROMO MARTINEZ Banorte-IXE MANUEL JIMENEZ ZALDIVAR Punto Casa de Bolsa HOMERO RUIZ LOPEZ Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO Vector Servicios Financieros JULIO ZETINA Scotia Capital ANDRES COELLO HSBC RICHARD DINEEN EVA Dimensions CRAIG STERLING Grupo Santander VALDER NOGUEIRA

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

Recommendation neutral/cautious underperform underperform neutral market perform sell sell hold hold buy buy sector perform overweight underweight hold

Amt Held 455'345'419 94'870'230 76'523'810 74'668'775 37'107'739 25'056'735 10'448'064 7'874'356 6'907'667 5'286'657 5'177'363 4'200'711 3'519'400 3'216'060 3'042'000 3'038'851 2'975'639 2'888'009 2'697'500 2'043'671

% Out 15.87 3.31 2.67 2.6 1.29 0.87 0.36 0.27 0.24 0.18 0.18 0.15 0.12 0.11 0.11 0.11 0.1 0.1 0.09 0.07

Weighting

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

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

Latest Chg (119'700) 2'539'079 (873'865) 2'366'188 (3'392'384) (23'100) (530'700) (558'500) (16'500) 390'595 (259'650) 445'069 (99'000) (121'100)

Target Price 79 65 75 76 66 64 70 76 70 71 73 65 85 #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 28.02.2013 27.09.2013 30.06.2013 27.09.2013 30.08.2013 31.12.2012 25.09.2013 27.09.2013 31.12.2012 31.08.2013 30.08.2013 30.08.2013 31.05.2013 31.07.2013 31.08.2013 31.03.2013 30.08.2013 30.04.2013 31.05.2013 30.08.2013

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

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

Date 17.09.2013 13.09.2013 11.09.2013 06.09.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 10.07.2013 08.05.2013 11.04.2013 22.03.2013 01.02.2013 17.01.2013 10.04.2012

02.10.2013

Grupo Financiero Banorte SAB de CV Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico. The Company offers banking services, premium banking, wholesale banking, leasing and factoring, warehousing, insurance, pensions and retirement savings.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GFNORTEOMM EQUITY YTD Change GFNORTEOMM EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 101.07 68.98 7'800'139.00 84.4 -16.49% 22.35% 48.05% 2'773.7 234'102.78 299'427.00 0.0 6'628.0 68'976.00 519'872.78

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

120.0 M

100

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

.0 M n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 59'991.0 4.13x 44'075.0 5.62x 7'014.0 7.15x

120

31.12.2009 31.12.2010 55'966.0 54'141.0 4.74x 5.23x 38'740.0 36'083.0 6.85x 7.85x 5'854.0 6'705.0 16.48x 17.72x Profitability

LTM-4Q 31.12.2011 83'713.0 4.14x 37'875.0 9.14x 8'517.0 11.56x

31.12.2012 97'448.0 4.43x 46'107.0 9.35x 10'888.0 17.83x 46'107.00 21.49% 16.63% 1.31% 15.27% 3.30% 0.11% 45.5% 11.2% 32.67% 365.68% -

Price/ Cash Flow

LTM

06/yy 06/yy 93'893.0 106'289.0 15.36x 17.17x 42'715.3 48'314.0 9.38x 9.61x 9'753.0 12'149.8 16.49x 14.69x

FY+1

0.99 12.07% 1.77% 0.989 24 4.125 7'526'660 8'692'582 11'571'130 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 54'182.2 61'684.3 12'962.7 13'591.7 3.98x 17'231.0 22'713.0 30.17x 22.89x 13'605.8 17'056.7 3'453.3 3'808.0 15.48x 13.07x 14.85x 14.03x S&P Issuer Ratings

5.83 6.97 365.7% 77.2% 0.11 8.96 -

Sales/Revenue/Turnover

70.00

120'000.0

60.00

100'000.0

50.00

80'000.0

40.00

60'000.0 30.00

40'000.0 20.00

20'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Grupo Financiero Banorte SAB de CV Holdings By:

All

Holder Name ABERDEEN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV GRUPO FIN BANAMEX SA JP MORGAN GRUPO FINANCIERO BBV WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA FIL LIMITED FMR LLC OPPENHEIMERFUNDS INC DANSKE INVEST A/S SCHRODER INVESTMENT UMB BANK N A GRUPO FINANCIERO SCO MONTGOMERY ASSET MAN ACTINVER SA DE CV/ME FRANKLIN RESOURCES

Firm Name Banco BTG Pactual SA Goldman Sachs BX+ Actinver SA Credit Suisse JPMorgan Brasil Plural Interacciones Casa de Bolsa Nau Securities Ltd BBVA Itau BBA Securities UBS Deutsche Bank Morgan Stanley Vector Servicios Financieros GBM Scotia Capital Invex Casa de Bolsa SA de CV Grupo Santander Nomura Barclays EVA Dimensions HSBC

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

Analyst EDUARDO ROSMAN CARLOS G MACEDO ANDRES AUDIFFRED MARTIN LARA MARCELO TELLES SAUL MARTINEZ EDUARDO NISHIO ENRIQUE MENDOZA INIGO VEGA ERNESTO GABILONDO MARQUEZ REGINA SANCHEZ PHILIP FINCH MARIO PIERRY JORGE KURI RAFAEL ESCOBAR LILIAN OCHOA CLAUDIA A BENAVENTE MARTIN GONZALEZ BADILLO BORIS MOLINA DARAGH QUINN CRISTINA MARZEA DOUG WALTERS MARIEL SANTIAGO

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

Recommendation buy Buy/Neutral strong buy hold neutral neutral overweight hold neutral outperform outperform buy hold Overwt/No Rating buy market outperform sector outperform buy buy buy suspended coverage hold neutral

Amt Held 145'615'388 96'867'498 78'073'569 77'509'171 54'095'672 33'953'112 26'113'955 19'534'899 17'146'531 15'571'177 12'569'578 12'018'483 11'786'280 9'521'700 9'123'041 8'830'432 7'571'890 7'511'984 7'020'809 6'934'768

% Out 5.25 3.49 2.81 2.79 1.95 1.22 0.94 0.7 0.62 0.56 0.45 0.43 0.42 0.34 0.33 0.32 0.27 0.27 0.25 0.25

Weighting

Change

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

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

Latest Chg (999'688) (122'220) 5'121'402 (507'973) (2'992'913) 1'637'766 (855'264) 3'386'483 1'277'000 893'900 273'766 518'005 11'786'280 (1'653'000) 1'267'539 (181'247) 657'958 (359'200) -

Target Price 100 99 115 86 91 87 103 82 86 92 106 101 89 105 99 97 100 86 90 115 #N/A N/A #N/A N/A 83

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

File Dt 31.08.2013 27.09.2013 30.06.2013 27.09.2013 31.07.2013 30.08.2013 31.07.2013 25.09.2013 30.06.2013 30.06.2013 30.04.2013 31.08.2013 31.07.2013 31.05.2013 30.08.2013 31.07.2013 30.08.2013 31.07.2013 30.08.2013 31.03.2013

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

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

Date 01.10.2013 26.09.2013 25.09.2013 11.09.2013 10.09.2013 10.09.2013 05.09.2013 02.09.2013 02.09.2013 30.08.2013 29.08.2013 22.08.2013 21.08.2013 20.08.2013 13.08.2013 30.07.2013 26.07.2013 25.07.2013 08.07.2013 14.06.2013 11.06.2013 06.06.2013 22.02.2013

02.10.2013

HDFC Bank Ltd HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HDFCB IN EQUITY YTD Change HDFCB IN EQUITY YTD % CHANGE

03/2013 01/yy 727.30 505.05 3'440'480.00 611.65 -15.90% 21.11% 47.96% 2'391.2 1'462'607.00 474'417.82 0.0 2'213.4 276'228.64 -

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

16.0 M

700

14.0 M

600

12.0 M

500

10.0 M

400

8.0 M

300

6.0 M

200

4.0 M

100

2.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.03.2009 197'464.0 22'489.9 18.38x

800

31.03.2010 31.03.2011 204'385.1 246'291.8 30'036.5 39'924.9 28.09x 27.13x Profitability

31.03.2012 341'844.8 52'740.2 23.03x

31.03.2013 429'950.2 68'696.4 21.49x

42.94% 42.95% 1.83% 20.55% 9.28% 0.11% 29.5% 11.64% 129.47% -

Price/ Cash Flow

0.90 1.02 1'815.37 -0.97% -9.11% 1.025 66 4.015 4'815'323 5'994'395 4'828'258

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

03/14 Y

03/15 Y

09/13 Q2

12/13 Q3

84'520.0 106'000.0 17.18x 13.67x S&P Issuer Ratings

17.01.2008 BBBNEG 17.01.2008 A-3 129.5% 56.3% 0.11 16.69 -

Sales/Revenue/Turnover

30.00

500'000.0 450'000.0

25.00

400'000.0 350'000.0

20.00

300'000.0

15.00

250'000.0 200'000.0

10.00

150'000.0 100'000.0

5.00 0.00 04.04.2010

50'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

02.10.2013

HDFC Bank Ltd Holdings By:

All

Holder Name HOUSING DEVELOPMENT HDFC INVESTMENTS LTD LIFE INSURANCE CORP CAPITAL GROUP COMPAN ABU DHABI INVESTMENT ICICI PRUDENTIAL LIF GIC PRIVATE LIMITED DB INTERNATIONAL ASI BLACKROCK JP MORGAN VANGUARD GROUP INC HARRIS TRUST & SAVIN VONTOBEL ASSET MANAG FMR LLC UTI ASSET MANAGEMENT SCHRODER INVESTMENT ABERDEEN RELIANCE CAPITAL TRU SBI FUNDS MANAGEMENT PRUDENTIAL ICICI ASS

Firm Name Axis Capital Limited Standard Chartered India Infoline Phillip Securities Religare Capital Markets Nomura Anand Rathi Securities Pvt. Ltd. Jefferies Macquarie Prabhudas Lilladher Pvt Ltd JM Financial Institutional Securities P Avendus Capital Private Ltd EVA Dimensions JPMorgan Goldman Sachs Batlivala & Karani Securities Emkay Share & Stock Brokers BNP Paribas Equity Research CIMB Barclays Almondz Global Securities Ltd IIFL Fortune Equity Brokers (India) Ltd Sunidhi Consultancy Services IDBI Capital Market Services Ltd Dolat Capital Market Ltd. IDFC Securities Ltd Kotak Securities Ambit Capital Pvt Ltd ICICIdirect.com Nirmal Bang Institutional Equities Motilal Oswal Securities Ltd UBS Morgan Stanley Sharekhan Ltd Karvy Stock Broking Ltd Spark Capital Advisors MSFL - Institutional Business Group Firstcall India Equity Advisors Pvt Ltd Aditya Birla Money Limited Khambatta Securities Ltd Ajcon Global Services Ltd. HSBC

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

Analyst PRAVEEN AGRAWAL MAHRUKH ADAJANIA RAJIV MEHTA MANISH AGARWALLA SIDDHARTH TELI ABHISHEK BHATTACHARYA CLYTON FERNANDES NILANJAN KARFA SURESH GANAPATHY ADARSH PARASRAMPURIA PUNEET GULATI CHANDANA JHA DOUG WALTERS SESHADRI K SEN TABASSUM INAMDAR ANAND DAMA KASHYAP JHAVERI ABHIJIT MAJUMDER JATINDER AGARWAL ANISH TAWAKLEY SHIVRAJ GUPTA SAMPATH S K KUMAR VIJAY NARA AMIT JAIN JIGNESH SHIAL RAJIV PATHAK MANISH CHOWDHARY MB MAHESH A SV KRISHNAN KAJAL GANDHI HEMINDRA HAZARI ALPESH MEHTA VISHAL GOYAL ANIL AGARWAL TEAM COVERAGE HATIM K BROACHWALA JYOTHI KUMAR VARMA LAXMI AHUJA TEAM COVERAGE SUMIT JATIA RAJ KUMAR JHA TEAM COVERAGE SACHIN SHETH

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

Recommendation buy outperform buy neutral buy buy hold buy outperform buy buy add sell overweight Sell/Neutral outperform hold hold outperform overweight buy add buy underperform hold accumulate outperform reduce sell hold hold neutral buy Overwt/Cautious hold hold buy accumulate buy accumulate market perform buy overweight

Amt Held 393'211'100 150'000'000 106'873'198 69'752'797 48'208'892 46'278'212 30'987'727 30'375'784 27'883'431 27'104'780 25'513'949 17'695'279 17'057'317 15'936'391 15'882'689 15'425'914 14'831'295 12'343'001 11'815'312 11'773'110

% Out 16.44 6.27 4.47 2.92 2.02 1.94 1.3 1.27 1.17 1.13 1.07 0.74 0.71 0.67 0.66 0.65 0.62 0.52 0.49 0.49

Weighting

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

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

Latest Chg 1'664'675 (74'421) (1'920'559) 694'511 887'400 58'907 153'839 671'143 (4'894) 1'695'763 495'128 437'878

Target Price 710 740 730 654 760 780 725 785 750 725 825 761 #N/A N/A 750 470 700 760 595 700 712 697 670 740 615 644 685 745 625 555 570 760 754 770 725 712 745 790 738 762 758 723 740 836

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

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 31.07.2013 30.06.2013 28.06.2013 30.04.2013 31.08.2013 31.08.2013 30.08.2013 31.07.2013 31.08.2013 31.08.2013 31.08.2013

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

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

Date 27.09.2013 26.09.2013 26.09.2013 25.09.2013 23.09.2013 20.09.2013 19.09.2013 18.09.2013 16.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 05.09.2013 05.09.2013 04.09.2013 29.08.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 23.08.2013 23.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 19.08.2013 09.08.2013 07.08.2013 02.08.2013 25.07.2013 22.07.2013 22.07.2013 20.07.2013 19.07.2013 19.07.2013 18.07.2013 18.07.2013

02.10.2013

Standard Bank Group Ltd Standard Bank Group Limited is the holding company for a group of companies offering financial services. The Group provides services in personal, corporate, merchant and commercial banking, including insurance broking, mutual fund management, property fund management, as well as other services. Standard Bank is also the holding company of Liberty Life Group Limited.

Price/Volume 14000

16.0 M

12000

14.0 M

10000

12.0 M 10.0 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBK SJ EQUITY YTD Change SBK SJ EQUITY YTD % CHANGE

12/2012 01/yy 12'343.00 10'085.00 783'430.00 11895 -3.63% 17.95% 84.19% 1'618.3 192'499.81 155'823.00 5'503.0 14'300.0 170'181.00 -

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

6.0 M

4000

4.0 M

2000

2.0 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 31.12.2008 145'080.0 14'461.0 8.28x

8.0 M

6000

31.12.2009 31.12.2010 159'993.0 105'806.0 11'585.0 11'161.0 13.23x 14.63x Profitability

31.12.2011 107'845.0 13'571.0 11.13x

31.12.2012 125'473.0 16'498.0 12.34x 30.83% 28.49% 1.12% 15.93% 13.67% 0.08% 18.2% 10.09% 141.18% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.00 0.76 1'044.70 17.06% 4.37% 0.765 18 3.000 4'004'937 4'482'259 4'118'911 FY+2

12/13 Y 12/14 Y 75'870.3 83'329.3 16'889.6 19'182.6 11.42x 10.10x S&P Issuer Ratings

FQ+1

FQ+2

141.2% 54.5% 0.08 8.26 -

Sales/Revenue/Turnover

30.00

180'000.0 160'000.0

25.00

140'000.0 120'000.0

20.00

100'000.0 15.00

80'000.0 60'000.0

10.00

40'000.0 5.00 0.00 01.01.2010

20'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Standard Bank Group Ltd Holdings By:

All

Holder Name INDUSTRIAL & COMM BA GOVERNMENT EMP PENSI STATE STREET CUSTODI JP MORGAN CUSTODIAN ALLAN GRAY UNIT TRUS VANGUARD GROUP INC DODGE & COX STATE STREET CORP BLACKROCK CITIBANK NEW YORK BANK OF NY CUSTODIAN OLD MUTUAL CORONATION ASSET MAN COMMONWEALTH BANK OF BANK OF NEW YORK DIMENSIONAL FUND ADV NORTHERN TR AVFC GOV CITIBANK LONDON NORTHERN TRUST COMPA OPPENHEIMERFUNDS INC

Firm Name Macquarie Renaissance Capital Arqaam Capital Limited Goldman Sachs SBG Securities Barclays JPMorgan UBS Nedgroup Securities Deutsche Bank Morgan Stanley BNP Paribas Cadiz Securities NOAH Capital Markets EVA Dimensions Avior Research HSBC Legae Securities

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

Analyst CHARLES RUSSELL ILAN STERMER JAAP MEIJER WALEED MOHSIN VOYT KRZYCHYLKIEWICZ CHANTELLE BAPTISTE NANA FRANCOIS STEPHAN POTGIETER DAVID S DANILOWITZ STEFAN SWANEPOEL GREG SAFFY DEBBIE TREDOUX LISA HAAKMAN DOUG WALTERS HARRY BOTHA JAN ROST PETER MUSHANGWE

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

Recommendation neutral sell hold Sell/Neutral hold underweight overweight neutral sell buy Underwt/In-Line hold buy overweight outperform neutral hold

Amt Held 324'963'464 169'262'210 145'471'258 41'435'684 36'292'574 36'116'338 28'198'309 27'972'828 24'433'737 23'465'758 22'009'073 20'764'080 20'332'268 19'386'896 18'460'582 17'804'729 17'324'047 15'464'836 13'571'520 12'644'862

% Out 20.08 10.46 8.99 2.56 2.24 2.23 1.74 1.73 1.51 1.45 1.36 1.28 1.26 1.2 1.14 1.1 1.07 0.96 0.84 0.78

Weighting

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

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

Latest Chg (2'800'000) 1'025'049 (1'637'335) 7'741'470 (628'324) 566'014 3'678'230 (217'610) 431'253 1'195'983 (2'413'376) 2'299'058 375'131 (951'274) (2'071'406) 2'043'192 (736) 191'410 -

Target Price 12'200 11'500 11'650 10'600 12'500 11'338 12'500 12'100 10'390 13'300 11'200 10'941 12'436 #N/A N/A 13'007 11'800 12'560

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

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 27.09.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013

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

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

Date 25.09.2013 23.09.2013 21.09.2013 09.09.2013 27.08.2013 23.08.2013 19.08.2013 16.08.2013 16.08.2013 15.08.2013 15.08.2013 15.07.2013 04.07.2013 06.06.2013 29.04.2013 26.03.2013 09.07.2012

02.10.2013

NAVER Corp Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development. The Company also offers marketing service through text and banner advertisement.

Price/Volume 600000

2.5 M

500000

2.0 M

400000

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (20.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 035420 KS EQUITY YTD Change 035420 KS EQUITY YTD % CHANGE

12/2012 06/yy 564'000.00 336'967.40 184'021.00 554000 -1.77% 64.41% 96.92% 33.0 18'261'324.00 294'540.66 0.0 0.0 887'169.74 17'977'542.50

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

31.12.2009 31.12.2010 1'237'110.9 1'311'639.3 6.75x 7.39x 556'584.1 630'228.8 15.00x 15.37x 421'693.9 473'658.4 20.63x 21.48x Profitability

.5 M

100000 0 o-12

LTM-4Q 31.12.2011 1'435'148.2 6.08x 673'960.3 12.95x 471'703.0 19.86x

n-12

d-12

j-13

LTM

31.12.2012 06/yy 06/yy 1'511'390.5 ######### ######### 6.15x 26.83x 30.64x 705'090.8 695'886.0 702'301.0 13.17x 15.12x 17.60x 536'116.2 492'014.7 546'394.9 18.61x 22.44x 23.28x 705'090.76 684'887.05 45.32% 47.21% 23.18% 29.95% 27.21% 0.65% 46.7% 45.3% 35.5% 3.19 2.95 11.15% 14.84% 8.33 -

Price/ Cash Flow

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

j-13

a-13

s-13

.0 M o-13

0.16 0.60 23.97 26.81% 55.72% 0.602 40 4.600 187'074 263'029 185'902

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

89.74 75.80 -0.84 0.42 14.8% 12.9% 0.65 4.83 43.92 -

Sales/Revenue/Turnover

45.00

1'600'000.0

40.00

1'400'000.0

35.00

1'200'000.0

30.00

1'000'000.0

25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 02.01.2010

1.0 M

200000

Fiscal Year Ended 31.12.2008 1'208'126.6 4.67x 531'258.8 10.62x 363'096.2 16.33x

1.5 M

300000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

NAVER Corp Holdings By:

All

Holder Name NHN CORP NATIONAL PENSION SER OPPENHEIMERFUNDS INC BAILLIE GIFFORD OVER NORGES BANK HAE-JIN LEE LAZARD ASSET MANAGEM FID DIVERSIFIED INTR JOON-HO LEE BLACKROCK VANGUARD GROUP INC FMR LLC MATTHEWS INTERNATION COMMONWEALTH BANK OF MIRAE ASSET GLOBAL I INVESCO LTD COMGEST S A MAPS INVESTMENT MANA SAMSUNG INVESTMENT T ALLIANZ GLOBAL INVES

Firm Name

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

Analyst

KB Investment & Securities Co., Ltd HOON CHOI Credit Suisse TAEWON KIM BNP Paribas Equity Research JUSTIN LEE Nomura ERIC CHA Deutsche Bank HANJOON KIM Korea Investment & Securities HONG JONG-GIL Barclays SEYON PARK Morgan Stanley SAM MIN KTB Securities CHOI CHAN-SEOK JPMorgan SCOTT YH SEO HMC Investment Securities Co Ltd HAN-WOO PARK Shinhan Investment Corp JOSHUA KONG Daewoo Securities CHANG KWEAN KIM Tong Yang Investment Bank LEE CHANG-YOUNG Samsung Securities JAY PARK UBS JI CHUNG Ji Asia JUSTIN WEISS HSBC HONGSIK JO Hana Daetoo Securities HWANG SEUNG-TAEK E*Trade Securities Korea SUNG JONG-HWA Daiwa Securities Co. Ltd. THOMAS Y KWON EVA Dimensions ANDREW S ZAMFOTIS NH Investment & Securities KIM JIN-GU Eugene Investment & Securities Co., LtdKIM DENNY Shinyoung Securities Co., Ltd. CHOI YUN-MEE Goldman Sachs MICHAEL BANG Macquarie EUGENE JUNG LIG Investment Securities JEONG DAE-HO CIMB HOWON RIM KIWOOM Securities Co Ltd AHN JAE-MIN Woori Investment & Securities JOSEPH CHUNG Hyundai Securities KIM MIN IBK Securities Co Ltd ANNE SEONAE LEE Heungkuk Securities Co., Ltd. LEE SEUNG-HOON SK Securities Co Ltd CHOI GWAN-SOON Dongbu Securities Co Ltd DAE-UP PARK Riedel Research Group Inc DAVID R RIEDEL YuHwa Securities Ltd SEUNG-JOON YOO Meritz Securities Co., Ltd DONG HEE KIM Leading Investment & Securities JINA KIM Mirae Asset Securities JEONG WOO-CHEOL Hanwha Securities Co., Ltd RAH TAEYEARL Taurus Investment Securities Co Ltd SOO-JI LEE

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

Recommendation buy outperform buy buy buy buy underweight Overwt/Attractive suspended coverage restricted buy buy buy buy buy suspended coverage buy overweight buy buy buy hold buy buy buy neutral/neutral outperform buy outperform buy buy buy buy buy buy buy sell buy buy buy buy buy buy

Amt Held 3'148'242 2'924'746 1'827'423 1'728'606 1'595'181 1'530'945 1'416'978 1'330'476 1'232'820 738'060 624'413 595'673 418'248 410'053 409'137 376'920 359'572 326'410 293'523 231'017

% Out 9.55 8.87 5.54 5.24 4.84 4.64 4.3 4.04 3.74 2.24 1.89 1.81 1.27 1.24 1.24 1.14 1.09 0.99 0.89 0.7

Weighting

Change

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

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

Latest Chg (431'646) (471) (351'686) 137 (231'304) 28'263 16'678 (56'982) (146'703) (201'096) (184'643) 28'889 169'742

Target Price 670'000 700'000 630'000 660'000 693'000 640'000 440'000 450'000 #N/A N/A #N/A N/A 680'000 660'000 670'000 700'000 605'000 #N/A N/A 660'000 580'000 550'000 540'000 560'000 #N/A N/A 570'000 450'000 500'000 430'720 579'897 430'000 532'879 736'626 500'000 532'879 556'388 579'897 548'552 642'589 385'553 517'206 548'552 492'913 564'224 470'187 532'879

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

File Dt 31.12.2012 31.12.2012 31.12.2012 29.08.2013 07.12.2010 31.12.2012 30.06.2013 17.01.2011 31.12.2012 27.09.2013 30.06.2013 31.08.2013 28.06.2013 31.05.2013 30.08.2013 30.09.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013

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

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

Date 01.10.2013 30.09.2013 30.09.2013 29.09.2013 27.09.2013 26.09.2013 26.09.2013 24.09.2013 24.09.2013 19.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 11.09.2013 09.09.2013 07.09.2013 03.09.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 27.08.2013 09.08.2013 09.08.2013 15.07.2013 10.07.2013 29.04.2013 22.04.2013 15.04.2013 11.04.2013 19.03.2013 11.03.2013 10.08.2012 10.08.2012

02.10.2013

Wal-Mart de Mexico SAB de CV Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise under a variety of store formats. The Company operates Wal-Mart Supercenters, Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets, Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.

Price/Volume 45

350.0 M

300.0 M

250.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.12.2012) 52-Week Low (05.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WALMEXV MM EQUITY YTD Change WALMEXV MM EQUITY YTD % CHANGE

12/2012 06/yy 42.89 31.29 16'229'039.00 34.61 -19.31% 10.61% 28.62% 17'655.4 611'052.56 13'246.23 0.0 135.7 28'163.23 603'300.92

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

200.0 M

150.0 M

100.0 M

50.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 244'917.0 1.24x 23'887.1 12.75x 14'672.8 21.36x

31.12.2009 31.12.2010 269'396.8 335'857.4 1.76x 1.85x 26'914.7 33'236.6 17.59x 18.65x 16'806.1 19'550.4 29.05x 32.35x Profitability

LTM-4Q 31.12.2011 380'906.6 1.75x 37'414.9 17.80x 22'253.8 30.49x

31.12.2012 418'051.0 1.76x 40'792.1 18.03x 23'275.2 32.23x 40'792.14 32'399.04 7.75% 7.85% 11.35% 18.30% 16.46% 2.03% 22.6% 9.8% 7.8% 5.6% 1.27 0.56 5.96% 9.48% 84.77 9.50

Price/ Cash Flow

LTM

FY+1

0.86 -2.36% -16.66% 0.855 22 3.500 21'562'790 29'532'050 22'669'310 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 401'941.6 424'986.6 442'315.1 484'313.6 105'956.0 130'255.3 6.54x 6.38x 1.33x 1.21x 5.55x 4.51x 38'940.2 41'685.6 44'004.4 49'062.7 10'091.3 15'589.0 16.25x 15.30x 13.71x 12.30x 12.93x 12.52x 22'604.2 23'745.7 25'214.7 28'429.1 5'615.5 9'555.0 28.05x 27.25x 24.39x 21.42x 23.12x 22.31x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

41.59 21.19 -0.19 0.32 9.5% 8.7% 2.03 3.68 4.31 38.43 45.03 -4.27

Sales/Revenue/Turnover

30.00

450'000.0 400'000.0

25.00

350'000.0 300'000.0

20.00

250'000.0 15.00

200'000.0 150'000.0

10.00

100'000.0 5.00 0.00 01.01.2010

50'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Wal-Mart de Mexico SAB de CV Holdings By:

All

Holder Name INTERSALT S DE RL DE NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC GRUPO FIN BANAMEX SA THORNBURG INVESTMENT HARRIS TRUST & SAVIN CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN VONTOBEL ASSET MANAG COMGEST S A GRUPO FINANCIERO BBV FIL LIMITED FRANKLIN RESOURCES FMR LLC MORGAN STANLEY EMERGING GLOBAL SHAR CI INVESTMENTS INC MARKETFIELD ASSET MA

Firm Name Banorte-IXE JPMorgan Grupo Santander BBVA Actinver SA Scotia Capital Banco BTG Pactual SA Itau BBA Securities GBM BX+ Credit Suisse Invex Casa de Bolsa SA de CV Goldman Sachs HSBC Deutsche Bank Barclays Interacciones Casa de Bolsa Punto Casa de Bolsa EVA Dimensions UBS Vector Servicios Financieros

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

Analyst MARISOL HUERTA MONDRAGON ANDREA FARIA TEIXEIRA REINALDO SANTANA MIGUEL ULLOA SUAREZ GUSTAVO TERAN RODRIGO ECHAGARAY RAFAEL SHIN JOAQUIN LEY LUIS R WILLARD JUAN ELIZALDE ANTONIO GONZALEZ ANA HERNANDEZ VELAZQUEZ IRMA SGARZ FRANCISCO J CHEVEZ JOSE J YORDAN BENJAMIN M THEURER FRANCISCO GUZMAN CRISTINA MORALES CRAIG STERLING GUSTAVO PIRAS OLIVEIRA GASPAR QUIJANO

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

Recommendation hold neutral hold outperform buy sector perform neutral underperform market outperform overweight underperform hold neutral/neutral overweight hold equalweight buy buy overweight neutral Under Review

Amt Held 12'306'000'000 205'575'942 177'304'567 166'519'362 137'994'344 128'565'000 103'960'130 99'783'420 98'375'279 65'030'171 59'663'490 55'000'000 36'809'855 27'590'646 26'327'700 22'180'034 19'973'865 19'945'627 19'307'395 18'878'191

% Out 69.7 1.16 1 0.94 0.78 0.73 0.59 0.57 0.56 0.37 0.34 0.31 0.21 0.16 0.15 0.13 0.11 0.11 0.11 0.11

Weighting

Change

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

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

Latest Chg (259'380) (733'368) 5'982'971 5'376'180 (2'999'100) 10'460'300 8'352'100 (8'996'293) (7'000) (4'556'816) 12'017'067 1'182'800 (161'984) (9'548'437) 186'600 18'878'191

Target Price 38 38 40 42 37 39 43 37 41 38 37 35 35 45 35 40 44 44 #N/A N/A 40 #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 27.09.2013 27.09.2013 30.06.2013 30.08.2013 31.07.2013 28.06.2013 30.06.2013 30.06.2013 31.07.2013 30.04.2013 31.12.2012 25.09.2013 30.04.2013 28.06.2013 31.08.2013 31.07.2013 27.09.2013 28.06.2013 31.12.2012

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

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

Date 30.09.2013 30.09.2013 25.09.2013 24.09.2013 13.09.2013 12.09.2013 11.09.2013 10.09.2013 05.09.2013 04.09.2013 04.09.2013 02.09.2013 28.08.2013 15.08.2013 06.08.2013 02.08.2013 29.07.2013 26.07.2013 11.07.2013 08.07.2013 29.01.2013

02.10.2013

MediaTek Inc MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Price/Volume 400

30.0 M

350

25.0 M

300 20.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2013) 52-Week Low (07.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2454 TT EQUITY YTD Change 2454 TT EQUITY YTD % CHANGE

12/2012 12/yy 382.00 287.99 5'267'635.00 368 -3.66% 27.78% 82.45% 1'349.4 496'568.16 2'179.15 0.0 0.0 30'934.56 467'812.75

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

10.0 M

100 5.0 M

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'015.5 2.89x 19'806.1 9.91x 19'190.0 12.24x

15.0 M

150

31.12.2009 31.12.2010 77'310.8 71'988.4 7.04x 5.70x 23'857.8 19'364.5 22.81x 21.20x 36'705.6 30'961.4 16.35x 14.68x Profitability

LTM-4Q 31.12.2011 53'842.4 5.31x 6'633.9 43.13x 13'623.1 22.47x

31.12.2012 63'474.0 6.38x 8'221.2 49.29x 15'687.5 25.08x 8'221.23 5'850.32 9.22% 25.93% 9.34% 10.74% 10.67% 0.38% 35.8% 13.0% 9.2% 24.7% 2.38 1.64 1.10% 1.24% 20.35 4.83

Price/ Cash Flow

LTM

FY+1

.0 M o-13

1.26 1'121.59 96.73 17.23% 16.69% 1.261 31 4.258 5'920'100 5'939'353 6'431'034 FY+2

FQ+1

FQ+2

12/yy 53'842.4 23.11x 6'633.9 43.13x 13'623.1 22.31x

12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 63'474.0 128'304.0 157'716.5 37'069.5 34'786.0 21.50x 8'221.2 23'531.0 32'096.0 7'442.0 6'213.0 49.29x 19.88x 14.58x 16.80x 15.57x 15'687.5 25'309.4 33'401.6 7'963.9 6'955.2 25.35x 19.80x 15.62x 17.21x 16.23x 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

4741.19 4492.53 -3.50 0.27 1.2% 1.2% 0.38 9.93 17.99 75.71 54.73 38.97

Sales/Revenue/Turnover

140.00

90'000.0

120.00

80'000.0 70'000.0

100.00

60'000.0

80.00

50'000.0

60.00

40'000.0 30'000.0

40.00

20'000.0

20.00 0.00 02.01.2010

10'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

MediaTek Inc Holdings By:

All

Holder Name LI TSUI-HSIN MING-CHIEH TSAI VANGUARD GROUP INC BLACKROCK GIC PRIVATE LIMITED CHIH-CHE CHO CATHAY LIFE INSURANC LIU TING-JEN CIVIL SERVANTS PENSI SCOTLAND FS PACIFIC BUREAU OF LABOR INSU COMMONWEALTH BANK OF SCHRODER INVESTMENT FRANKLIN RESOURCES LAZARD ASSET MANAGEM NORGES BANK POLARIS SEC INVESTME FIL LIMITED FMR LLC HSIANG FA INVESTMENT

Firm Name

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

Analyst

SinoPac SHERMAN SHANG Credit Agricole Securities Taiwan Co. L CK CHENG Sanford C. Bernstein & Co MARK LI Nomura AARON JENG Wedge Partners JUN ZHANG Jih Sun Securities WENWEN WANG IBT Securities Co Ltd JESSICA CHIU Daiwa Securities Co. Ltd. ERIC CHEN BNP Paribas Equity Research LAURA CHEN Berenberg Bank ADNAAN AHMAD Macquarie JEFFREY SU Credit Suisse RANDY ABRAMS HSBC YOLANDA WANG Yuanta Securities Investment ConsultingGEORGE CHANG Maybank Kim Eng WARREN LAU Deutsche Bank JESSICA CHANG CIMB JACK LU Morgan Stanley BILL LU JPMorgan ALVIN KWOCK KGI Securities MICHAEL LIU President Capital Management PITERSON YANG Barclays ANDREW LU Mizuho Securities CHRIS YIM Capital Securities Corp TEAM COVERAGE Mega Securities HUNG CHIH-TING Masterlink Securities CHELSEY SU Fubon Securities CARLOS PENG UBS JONAH CHENG EVA Dimensions ANDREW S ZAMFOTIS E Sun Securities LIU KUAN-MING Goldman Sachs DONALD LU

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

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

Amt Held 48'206'145 41'006'187 36'430'556 34'385'424 34'211'226 30'325'222 22'399'741 20'941'763 20'256'391 19'910'000 18'746'038 15'338'000 15'177'479 14'582'633 13'549'109 13'003'188 11'038'363 9'168'305 8'115'765 7'794'085

% Out 3.57 3.04 2.7 2.55 2.54 2.25 1.66 1.55 1.5 1.48 1.39 1.14 1.12 1.08 1 0.96 0.82 0.68 0.6 0.58

Weighting

Change

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

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

Latest Chg 1'445'000 (1'217'400) (6'422'000) 3'068'930 150'000 (113'000) 1'088'104 (687'754) 80'791 -

Target Price 448 465 470 460 #N/A N/A 390 #N/A N/A 430 440 210 305 440 435 435 500 479 450 430 450 438 460 410 460 #N/A N/A 415 430 410 376 #N/A N/A #N/A N/A #N/A N/A

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

File Dt 23.04.2013 31.08.2013 30.06.2013 27.09.2013 23.04.2013 31.08.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 31.05.2013 30.08.2013 31.05.2013 31.08.2013 31.12.2012 31.08.2013 30.04.2013 31.08.2013 31.08.2013

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

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

Date 02.10.2013 01.10.2013 30.09.2013 30.09.2013 25.09.2013 18.09.2013 13.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 09.09.2013 06.09.2013 06.09.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 23.08.2013 07.08.2013 06.08.2013 05.08.2013 05.08.2013 24.06.2013 24.06.2013 07.05.2013 27.06.2012

02.10.2013

Tata Consultancy Services Ltd Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

Price/Volume

2000

5.0 M 4.0 M 3.0 M

1000

03/2013 06/yy 2'078.80 1'055.00 833'900.00 1949.05 -6.24% 84.74% 87.33% 1'957.2 3'814'721.50 2'322.70 1'000.0 6'953.1 76'806.60 3'687'355.89

2.0 M

500

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

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

6.0 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.09.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCS IN EQUITY YTD Change TCS IN EQUITY YTD % CHANGE

31.03.2009 278'128.8 1.77x 71'698.0 6.88x 52'564.2 10.04x

2500

31.03.2010 31.03.2011 300'289.2 373'245.1 4.87x 6.08x 86'945.5 111'790.7 16.81x 20.31x 70'006.4 90'570.4 21.88x 25.58x Profitability

LTM-4Q 31.03.2012 488'938.3 4.56x 144'564.9 15.42x 104'134.9 22.01x

31.03.2013 629'894.8 4.79x 180'399.1 16.73x 139'173.1 22.19x

180'399.10 169'599.90 26.93% 28.72% 27.88% 38.86% 38.51% 1.27% 28.6% 26.9% 22.1% 2.67 1.84 0.44% 0.60% 4.54 -

Price/ Cash Flow

LTM

FY+1

0.72 455.43 51.94% 57.28% 0.718 70 3.857 1'538'930 1'774'268 1'558'381 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 529'655.2 661'078.4 791'909.5 909'405.0 202'518.5 199'669.0 16.54x 16.06x 4.68x 3.99x 18.87x 19.14x 43'327.7 189'076.4 233'871.9 266'825.4 60'820.7 58'101.8 0.00x 15.04x 15.77x 13.82x 15.42x 15.18x 115'384.6 144'570.0 174'045.7 200'490.8 43'726.2 44'225.8 21.67x 20.55x 21.91x 19.01x 21.08x 20.32x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 372.03 (EBITDA-Capex)/Interest Exp. 317.63 Net Debt/EBITDA -0.71 Total Debt/EBITDA 0.02 Reference Total Debt/Equity 0.6% Total Debt/Capital 0.6% Asset Turnover 1.27 Net Fixed Asset Turnover 8.56 Accounts receivable turnover-days 80.46 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

40.00

700'000.0

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0

15.00

200'000.0

10.00

100'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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

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

02.10.2013

Tata Consultancy Services Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP FRANKLIN RESOURCES ABERDEEN VANGUARD GROUP INC JP MORGAN COMMONWEALTH BANK OF OPPENHEIMERFUNDS INC LAZARD ASSET MANAGEM BLACKROCK HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT WILLIAM BLAIR & COMP NORGES BANK SCHRODER INVESTMENT BLACKSTONE ASIA ADVI VONTOBEL ASSET MANAG SBI LIFE INSURANCE C SBI FUNDS MANAGEMENT TATA AIG LIFE INS CO

Firm Name

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

Analyst

Sharekhan Ltd TEAM COVERAGE Credit Suisse ANANTHA NARAYAN CIMB SANDEEP R SHAH JM Financial Institutional Securities P GOVIND AGARWAL Axis Capital Limited PRIYA ROHIRA Standard Chartered PANKAJ KAPOOR Societe Generale MUKUL GARG Morgan Stanley VIPIN KHARE SBI Capital Markets DIPESH N MEHTA Nomura ASHWIN MEHTA Phillip Securities VIBHOR SINGHAL Emkay Share & Stock Brokers MANIK TANEJA Batlivala & Karani Securities DEEPAN S KAPADIA ICICI Securities KULDEEP KOUL Espirito Santo Investment Bank Research NITIN PADMANABHAN IDBI Capital Market Services Ltd PRATIK GANDHI HDFC Securities MADHU BABU Angel Broking Limited ANKITA SOMANI Antique Stock Broking Limited PRATISH KRISHNAN Ambit Capital Pvt Ltd ANKUR RUDRA ICICIdirect.com ABHISHEK SHINDADKAR Equirus Securities Pvt Ltd BHAVIN SHAH Nirmal Bang Institutional Equities HARIT SHAH Jefferies VISHAL AGARWAL Deutsche Bank ANIRUDDHA BHOSALE Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Kotak Securities KAWALJEET SALUJA IDFC Securities Ltd HITESH SHAH Religare Capital Markets RUMIT DUGAR Edelweiss Capital SANDIP KUMAR AGARWAL JPMorgan VIJU K GEORGE Barclays BHUVNESH SINGH Quant Broking Pvt Ltd BASUDEB BANERJEE Macquarie NITIN MOHTA EVA Dimensions ANDREW S ZAMFOTIS HSBC YOGESH AGGARWAL BNP Paribas Equity Research ABHIRAM ELESWARAPU IIFL SANDEEP MUTHANGI Motilal Oswal Securities Ltd ASHISH CHOPRA UBS DIVIYA NAGARAJAN SPA Securities Ltd AMIT AGGARWAL Spark Capital Advisors SRIVATHSAN RAMACHANDRAN

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

Recommendation buy outperform neutral buy hold outperform sell Overwt/Attractive hold neutral buy hold outperform add neutral hold neutral neutral buy buy buy buy sell buy buy accumulate accumulate add outperform buy hold neutral equalweight accumulate outperform hold overweight hold reduce neutral buy hold add

Amt Held 1'443'451'698 55'568'386 42'352'621 14'701'924 13'963'462 11'339'199 11'305'539 11'139'798 10'474'394 8'047'387 6'424'218 5'587'530 5'089'069 3'625'866 3'137'774 2'770'000 2'527'878 2'382'478 2'287'234 2'090'735

% Out 73.75 2.84 2.16 0.75 0.71 0.58 0.58 0.57 0.54 0.41 0.33 0.29 0.26 0.19 0.16 0.14 0.13 0.12 0.12 0.11

Weighting

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

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

Latest Chg (1'322'172) (1'006'278) 421'233 (909'097) 3'206'477 (11'486) (120'724) (269'869) 103'577 (2'098'694) (586'517) (100'000) (16'200) (115'389) -

Target Price 2'160 2'250 1'985 1'900 2'166 2'200 1'390 2'285 2'090 1'970 2'223 2'060 2'100 2'114 2'175 1'918 1'994 2'065 2'200 1'986 2'200 2'270 1'770 2'215 2'150 2'300 2'082 2'100 2'230 2'200 1'697 1'800 1'965 2'061 2'200 #N/A N/A 2'120 1'600 1'578 1'929 2'100 1'652 1'890

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

File Dt 30.06.2013 30.06.2013 30.06.2013 31.07.2013 30.06.2013 31.08.2013 31.05.2013 31.07.2013 31.08.2013 27.09.2013 31.08.2013 31.08.2013 30.06.2013 31.12.2012 30.08.2013 28.06.2013 30.04.2013 31.08.2013 31.08.2013 29.03.2012

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

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

Date 01.10.2013 27.09.2013 27.09.2013 27.09.2013 27.09.2013 23.09.2013 23.09.2013 23.09.2013 23.09.2013 17.09.2013 17.09.2013 17.09.2013 13.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 10.09.2013 09.09.2013 08.09.2013 07.09.2013 07.09.2013 06.09.2013 06.09.2013 06.09.2013 06.09.2013 02.09.2013 30.08.2013 30.08.2013 29.08.2013 29.08.2013 28.08.2013 26.08.2013 22.08.2013 19.08.2013 29.07.2013 25.07.2013 25.07.2013

02.10.2013

SK Hynix Inc SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price/Volume 35000

25.0 M

30000

20.0 M

25000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (15.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000660 KS EQUITY YTD Change 000660 KS EQUITY YTD % CHANGE

12/2012 06/yy 32'950.00 22'100.00 7'062'431.00 31150 -5.46% 40.95% 72.35% 710.2 22'122'758.00 5'744'740.00 0.0 0.0 1'517'747.00 25'489'147.75

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

15.0 M

15000

10.0 M

10000 5.0 M

5000 0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'495'367.1 1.20x (300'341.2) (4'719'632.9) -

20000

31.12.2009 31.12.2010 7'521'457.8 11'973'426.0 2.32x 1.44x 1'722'031.7 4'979'793.0 10.13x 3.47x (347'785.3) 2'785'945.0 5.08x Profitability

LTM-4Q 31.12.2011 10'188'162.0 1.69x 2'347'248.0 7.35x 129'142.0 100.69x

LTM

FY+1

.0 M o-13

1.01 472.32 38.44% 20.97% 1.005 46 4.630 3'942'566 5'317'305 6'045'539 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'001'783.0 ######### ######### ######### ######### 2.22x 7.89x 7.90x 1.62x 1.39x 1'630'975.0 ######### ######### ######### ######### 13.61x 15.01x 7.48x 3.63x 3.44x (489'990.0) ######### 904'187.0 ######### ######### 0.00x 23.87x 6.73x 6.77x S&P Issuer Ratings 1'630'975.00 Long-Term Rating Date 22.02.2013 -616'285.00 Long-Term Rating BB -6.16% Long-Term Outlook STABLE -5.77% Short-Term Rating Date 4.71% Short-Term Rating 8.55% Credit Ratios - EBITDA/Interest Exp. 5.54 0.61% (EBITDA-Capex)/Interest Exp. -4.66 Net Debt/EBITDA 0.99 10.5% Total Debt/EBITDA 1.64 28.9% Reference 9.0% Total Debt/Equity 57.7% -4.9% Total Debt/Capital 36.6% Asset Turnover 0.61 1.11 Net Fixed Asset Turnover 1.29 0.74 Accounts receivable turnover-days 61.16 31.56% Inventory Days 44.08 57.68% Accounts Payable Turnover Day 35.30 5.97 Cash Conversion Cycle 67.85 8.28

Price/ Cash Flow

Sales/Revenue/Turnover

40.00

14'000'000.0

35.00

12'000'000.0

30.00

10'000'000.0

25.00

8'000'000.0

20.00

6'000'000.0

15.00

4'000'000.0

10.00

2'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

SK Hynix Inc Holdings By:

All

Holder Name SK TELECOM CO LTD NATIONAL PENSION SER KOREA FINANCE CORPOR BLACKROCK VANGUARD GROUP INC MIRAE ASSET GLOBAL I NORGES BANK KOREA INVESTMENT TRU SAMSUNG INVESTMENT T MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT FIL LIMITED KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS PUTNAM INVESTMENT MA ALLIANCE BERNSTEIN T ROWE PRICE ASSOCIA FMR LLC CAISSE DE DEPOT ET P

Firm Name

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

Analyst

KTB Securities JIN SUNG-HAE KB Investment & Securities Co., Ltd BYUN HAN-JOON Samsung Securities MINSEONG HWANG Credit Suisse KEON HAN Nomura CHANG-WON CHUNG Kyobo Securities CHOI DO-YEON Eugene Investment & Securities Co., LtdLEE JEONG Woori Investment & Securities PETER LEE Mirae Asset Securities DOH HYUN-WOO Susquehanna Financial Group MEHDI HOSSEINI Deutsche Bank SEUNGHOON HAN JPMorgan JJ Park Sanford C. Bernstein & Co MARK C NEWMAN Morgan Stanley LEE KA KEUN Shinhan Investment Corp KIM YOUNG-CHAN HSBC RICKY JUIL SEO Shinyoung Securities Co., Ltd. LIM DORI KIWOOM Securities Co Ltd KIM SUNG-IN Goldman Sachs MARCUS SHIN Korea Investment & Securities SEO WON-SEOK UBS NICOLAS GAUDOIS BNP Paribas Equity Research PETER YU Hanwha Securities Co., Ltd AHN SEONG-HO Daewoo Securities JAMES SONG Tong Yang Investment Bank HYUN PARK Barclays BAE SEUNG-CHUL Standard Chartered SUN CHUNG Hyundai Securities YOUNG PARK HI Investment Securities SONG MYUNG-SUP Hana Daetoo Securities DAE-JONG NAM Wedge Partners JUN ZHANG EVA Dimensions ANDREW S ZAMFOTIS Macquarie DANIEL KIM E*Trade Securities Korea JI-WOONG KIM NH Investment & Securities LEE SUN-TAE HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH Capital Securities Corp LIYAN CHEN IBK Securities Co Ltd SEUNG-WOO LEE Mizuho Securities CHARLES PARK Daiwa Securities Co. Ltd. JAE H LEE Daishin Securities Co., Ltd. KANG JEONG-WON JEFF CIMB DO-HOON LEE Leading Investment & Securities SANG-WOO OH

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

Recommendation buy buy buy outperform buy buy buy buy buy Positive buy overweight outperform Underwt/Cautious buy overweight buy buy neutral/attractive buy buy buy buy buy buy overweight outperform buy buy buy no rating system underweight outperform neutral buy buy neutral buy buy buy buy neutral buy

Amt Held 146'100'000 66'862'226 24'772'435 13'710'380 6'084'135 5'592'093 4'831'677 4'790'622 4'704'705 4'188'224 3'314'700 3'214'764 3'134'277 1'996'980 1'758'533 1'723'730 1'615'470 1'559'140 1'507'427 1'397'128

% Out 20.57 9.41 3.49 1.93 0.86 0.79 0.68 0.67 0.66 0.59 0.47 0.45 0.44 0.28 0.25 0.24 0.23 0.22 0.21 0.2

Weighting

Change

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

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

Latest Chg (7'640'500) 445'070 (4'002'780) 799'456 1'122'841 (518'190) 942'560 517'160 905'609 (5'216'739) 93'630 404'200 (453'040) 84'500 1'365'570 250'834 -

Target Price 41'000 39'000 44'000 47'000 40'000 38'000 38'000 37'000 39'000 36'500 43'000 39'000 45'000 28'000 40'000 43'000 35'000 42'000 30'000 39'000 41'000 46'000 42'000 38'000 34'000 39'000 36'000 35'000 38'000 40'000 #N/A N/A #N/A N/A 43'000 29'000 37'000 40'000 #N/A N/A 40'000 38'000 40'000 35'000 30'000 33'000

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

File Dt 03.05.2013 31.12.2012 14.02.2012 27.09.2013 30.06.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012

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

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

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 29.09.2013 27.09.2013 27.09.2013 26.09.2013 25.09.2013 24.09.2013 24.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 16.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 11.09.2013 09.09.2013 08.09.2013 08.09.2013 05.09.2013 21.08.2013 30.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 02.07.2013 17.06.2013 15.04.2013

02.10.2013

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

Price/Volume 80

1200.0 M

1000.0 M

60 800.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (08.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2318 HK EQUITY YTD Change 2318 HK EQUITY YTD % CHANGE

12/2012 06/yy 72.70 47.85 8'610'411.00 57.85 -20.43% 20.90% 39.44% 3'129.7 397'511.06 1'601'021.00 0.0 50'032.0 169'047.00 742'977.36

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

400.0 M

20 200.0 M

10 0 o-12

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

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

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

Price/ Cash Flow

d-12

j-13

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

j-13

a-13

s-13

LTM

FY+1

1.45 1'564.20 -0.24% -9.92% 1.450 35 4.400 11'244'020 13'643'200 14'172'100 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 306'171.0 366'721.0 366'961.1 424'608.0 13.05x 14.91x 1.66x 1.43x 0.0 0.0 0.00x 0.00x 20'677.0 24'001.0 27'903.7 32'600.8 19.34x 13.62x 12.90x 11.05x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1003.0% 88.4% 0.13 -

Sales/Revenue/Turnover

16.00

400'000.0

14.00

350'000.0

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00 01.01.2010

.0 M n-12

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

600.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Ping An Insurance Group Co of China Ltd Holdings By:

All

Holder Name CHAROEN POKPHAND GRO DIAMOND EPOCH LTD JP MORGAN BLACKROCK UBS AG JINJUN CO LTD VANGUARD GROUP INC FIL LIMITED WADDELL & REED FINAN CITIGROUP INCORPORAT MATTHEWS INTERNATION HANG SENG INVESTMENT T ROWE PRICE ASSOCIA STATE STREET CORP MAPS INVESTMENT MANA COMGEST S A BARING INTERNATIONAL GAM INTERNATIONAL MA UNIVERSAL INVEST LUX NORGES BANK

Firm Name

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

Analyst

EVA Dimensions DOUG WALTERS Sanford C. Bernstein & Co LINDA SUN-MATTISON BNP Paribas Equity Research LING TANG Yuanta Securities Investment ConsultingNICE WANG Deutsche Bank ESTHER CHWEI CIMB MARK KELLOCK Daiwa Securities Co. Ltd. JERRY YANG BOCOM International Holdings LI WENBING Barclays NOEL CHAN UOB Kay Hian EDMOND LAW Standard Chartered JENNIFER LAW Credit Suisse ARJAN VAN VEEN JPMorgan MW KIM Jefferies BARON NIE HSBC JAMES GARNER Morgan Stanley BEN LIN Nomura JESSE WANG S&P Capital IQ PALLAVI DESHPANDE UBS BOB LEUNG Capital Securities Corp XIE JIYONG Macquarie SCOTT G RUSSELL Core Pacific OLIVE XIA CCB International Securities Ltd KENNETH YUE Phillip Securities CHEN XINGYU Religare Capital Markets STEVEN LAM Goldman Sachs MANCY SUN Haitong International Securities FANNY CHEN Bank of China International SUN PENG ICBC International Securities PIUS CHENG JF Apex Securities Bhd TEAM COVERAGE SWS Research Co Ltd ROBERT HU Guotai Junan FELIX LUO AMTD Financial Planning Limited KENNY TANG SING HING China International Capital Corp TANG SHENGBO Mirae Asset Securities IVAN CHEUNG China Merchants Securities LUO JINMING

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

Recommendation underweight underperform buy buy buy outperform buy buy overweight buy outperform outperform overweight buy neutral Overwt/In-Line neutral strong buy buy buy neutral Under Review outperform buy buy Buy/Neutral buy hold buy hold neutral accumulate buy restricted hold buy

Amt Held % Out 1'232'815'614 39.39 256'694'218 8.2 241'456'877 7.71 155'511'321 4.97 (122'411'902) -3.91 76'000'000 2.43 56'096'326 1.79 40'643'639 1.3 37'613'500 1.2 36'354'483 1.16 33'481'500 1.07 27'574'582 0.88 23'379'300 0.75 20'316'808 0.65 18'229'820 0.58 16'918'821 0.54 10'542'500 0.34 10'266'000 0.33 9'630'000 0.31 9'440'860 0.3

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

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

Latest Chg 1 (120'000'000) 1'471'000 (614'672) (9'642'500) 2'162'500 (1'834'500) 736'573 150'512 16'231'649 (161'000) 4'305'000 -

Target Price #N/A N/A 51 80 72 79 63 78 75 73 84 82 75 78 83 64 73 61 71 73 70 59 #N/A N/A 60 72 74 81 #N/A N/A 65 75 74 62 73 64 77 58 60

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

File Dt 06.02.2013 01.02.2013 06.09.2013 27.09.2013 23.09.2013 24.08.2011 30.06.2013 30.04.2013 30.06.2013 21.05.2013 28.06.2013 31.07.2013 30.06.2013 27.09.2013 31.03.2013 31.07.2013 30.06.2013 31.05.2013 28.03.2013 31.12.2012

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

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

Date 01.10.2013 30.09.2013 25.09.2013 23.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 13.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 02.09.2013 02.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 06.08.2013 19.07.2013 16.07.2013 16.05.2013 03.05.2013 15.03.2013 15.03.2013 05.02.2013 11.01.2013 31.10.2012 16.10.2012 27.10.2011 18.10.2011 12.02.2009

02.10.2013

KB Financial Group Inc KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price/Volume 45000

25.0 M

40000 20.0 M

35000 30000

15.0 M

25000 20000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (10.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 105560 KS EQUITY YTD Change 105560 KS EQUITY YTD % CHANGE

12/2012 06/yy 40'950.00 31'100.00 831'422.00 38200 -6.72% 22.83% 70.05% 386.4 14'758'635.00 0.00 0.0 0.0 14'790'297.67

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

10000

31.12.2009 31.12.2010 696'562.0 131'459.0 34.26x 599'907.0 95'109.0 39.78x 539'818.0 41'575.0 35.99x 495.87x Profitability

0 o-12

LTM-4Q 31.12.2011 26'999.0 (19'210.0) (63'678.0) -

31.12.2012 693'943.0 21.10x 649'703.0 22.54x 646'235.0 22.65x 649'703.00 93.38% 92.93% 3.50% 3.61% 3.59% 0.04% 93.6% 93.1% 0.00% 0.00% -

Price/ Cash Flow

n-12

d-12

j-13

LTM

09/yy 06/yy 698'234.0 285'085.0 21.97x 147.31x 651'903.0 249'602.0 23.53x 0.00x 638'524.0 237'190.0 24.06x 0.00x

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

j-13

a-13

.0 M o-13

s-13

1.57 1.15 349.96 -1.12% 0.79% 1.147 40 4.500 1'178'035 1'153'260 1'154'430

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

0.00 0.00 0.0% 0.0% 0.04 1250.35 -

Sales/Revenue/Turnover

800.00

800'000.0

700.00

700'000.0

600.00

600'000.0

500.00

500'000.0

400.00

400'000.0

300.00

300'000.0

200.00

200'000.0

100.00

100'000.0

0.00 02.01.2010

5.0 M

5000

Fiscal Year Ended 31.12.2008 635'268.0 20.05x 616'576.0 20.66x 611'927.0 15.79x

10.0 M

15000

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

KB Financial Group Inc Holdings By:

All

Holder Name THE BANK OF NEW YORK NATIONAL PENSION SER FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC JP MORGAN EMPLOYEE STOCK OWNER SAMSUNG INVESTMENT T ORBIS HOLDINGS LIMIT PLATINUM INVESTMENT FMR LLC FIL LIMITED KOREA INVESTMENT TRU KB ASSET MANAGEMENT ING GROEP NV GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I

Firm Name

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

Analyst

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

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

Recommendation outperform hold buy buy buy buy buy buy overweight outperform buy hold buy neutral buy market perform hold buy buy market perform buy buy outperform buy market perform Equalwt/In-Line overweight outperform buy outperform buy hold hold buy buy buy buy buy

Amt Held 35'026'464 33'158'257 28'273'169 8'640'606 8'302'410 4'483'846 3'991'771 3'728'019 3'408'262 3'179'794 3'124'997 3'093'312 3'044'495 2'963'681 2'299'109 2'114'981 2'048'742 2'002'062 1'920'521 1'711'755

% Out 9.07 8.58 7.32 2.24 2.15 1.16 1.03 0.96 0.88 0.82 0.81 0.8 0.79 0.77 0.6 0.55 0.53 0.52 0.5 0.44

Weighting

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

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

Latest Chg 3'960'786 (11'490) (275'869) (2'298'636) 700'910 (881'480) (10'787) 281'956 1'753'260 (337'568) (95'797) 623'118

Target Price 50'000 42'000 46'500 48'000 47'000 45'000 44'000 43'000 44'500 44'600 46'500 41'000 48'000 37'000 45'000 #N/A N/A 37'000 50'700 43'000 36'900 47'000 43'000 42'000 47'800 39'000 39'000 44'000 44'000 40'000 40'000 45'000 39'300 38'500 #N/A N/A 42'000 51'000 52'000 57'500

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

File Dt Inst Type 31.12.2012 Bank 31.12.2012 Government 22.08.2013 Investment Advisor 27.09.2013 Investment Advisor 31.08.2013 Unclassified 31.12.2012 Government 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 31.08.2013 Investment Advisor 31.12.2012 n/a 31.03.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 01.10.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 27.09.2013 24.09.2013 17.09.2013 16.09.2013 12.09.2013 12.09.2013 05.09.2013 29.08.2013 29.08.2013 23.08.2013 20.08.2013 09.08.2013 08.08.2013 08.08.2013 05.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 28.07.2013 26.07.2013 26.07.2013 26.07.2013 17.07.2013 16.07.2013 25.06.2013 07.06.2013 06.06.2013 20.05.2013 18.04.2013 29.10.2012 02.04.2012

02.10.2013

LG Chem Ltd LG Chem Ltd. is a chemical manufacturer. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials.

Price/Volume 400000

.9 M

350000

.8 M

300000

.7 M .6 M

250000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 051910 KS EQUITY YTD Change 051910 KS EQUITY YTD % CHANGE

12/2012 06/yy 345'000.00 230'000.00 223'769.00 303500 -12.03% 31.96% 63.91% 66.3 20'113'278.00 1'922'549.00 38'144.0 0.0 1'080'967.00 20'488'288.85

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

.4 M

150000

.3 M

100000

.2 M

50000

.1 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 12'645'000.0 0.49x 1'728'420.0 3.61x 1'002'585.0 6.26x

.5 M

200000

31.12.2009 31.12.2010 13'694'516.0 16'850'454.0 1.16x 1.54x 2'390'188.0 3'019'236.0 6.67x 8.60x 1'384'472.0 1'970'993.0 12.28x 14.59x Profitability

LTM-4Q 31.12.2011 19'809'874.0 1.08x 3'095'214.0 6.89x 2'028'321.0 11.51x

LTM

31.12.2012 06/yy 06/yy 20'442'790.0 ######### ######### 1.11x 4.31x 3.94x 2'412'043.0 ######### ######### 9.38x 7.80x 6.84x 1'440'317.0 ######### ######### 16.85x 13.64x 13.14x 2'412'043.00 1'726'960.00 8.45% 8.74% 9.48% 13.33% 12.00% 1.36% 14.5% 12.2% 8.4% 7.0% 1.85 1.12 13.00% 18.92% 6.79 8.39

Price/ Cash Flow

1.40 38.57 -8.57% -8.03% 1.400 40 4.800 226'623 239'023 225'592

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M o-13

24.11.2010 ASTABLE 43.63 13.58 0.14 0.83 18.9% 15.9% 1.36 2.92 53.72 43.49 29.39 66.98

Sales/Revenue/Turnover

18.00

25'000'000.0

16.00

20'000'000.0

14.00 12.00

15'000'000.0

10.00 8.00

10'000'000.0

6.00

5'000'000.0

4.00 2.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

LG Chem Ltd Holdings By:

All

Holder Name LG CORP NATIONAL PENSION SER BLACKROCK SCHRODER INVESTMENT VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T LG CHEM LTD CAPITAL GROUP COMPAN JP MORGAN FIL LIMITED UBS AG UBS HANA ASSET MANAG KB ASSET MANAGEMENT FMR LLC KOREA INVESTMENT TRU MIRAE ASSET GLOBAL I WADDELL & REED FINAN ROBECO CAISSE DE DEPOT ET P

Firm Name

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

Analyst

Meritz Securities Co., Ltd HWANG YOU SIK Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daishin Securities Co., Ltd. JAE-SUNG YOON NH Investment & Securities CHOI JI-HWAN Woori Investment & Securities KIM SUN-WOO KTB Securities YOO YOUNG KOOK KB Investment & Securities Co., Ltd PARK JAE-CHUL Hana Daetoo Securities WON YONG-JIN Mirae Asset Securities YOUNG-BAE KWON E*Trade Securities Korea SEUNG-JAE HAN Hyundai Securities BAEK YOUNG-CHAN Tong Yang Investment Bank HWANG KYU-WON Credit Suisse CHO A-HYUNG HI Investment Securities LEE HEE-CHEOL Shinhan Investment Corp LEE EUNG-JU Taurus Investment Securities Co Ltd JAESUNG YOON Daewoo Securities PARK YEON-JU BNP Paribas Equity Research POR YONG LIANG Samsung Securities SEUNGWOO KIM HMC Investment Securities Co Ltd HYUNG-WOOK KIM Kyobo Securities YOUNG-JOO SON Nomura CINDY PARK Hanwha Securities Co., Ltd LEE DA-SOL LIG Investment Securities PARK YOUNG-HOON KIWOOM Securities Co Ltd KYUNG-HYUK MIN BS Securities Co Ltd SEUK-WON CHOI Deutsche Bank SHAWN PARK Morgan Stanley KYLE KIM UBS JOHN CHUNG JPMorgan SAMUEL SW LEE CIMB PETER K LEE Daiwa Securities Co. Ltd. JUNYONG BANG HSBC BRIAN SOHN IBK Securities Co Ltd CHOONG-JAE LEE Standard Chartered DANIEL DO YEON LEE EVA Dimensions TIMOTHY STANISH Shinyoung Securities Co., Ltd. OH JUNG-IL Korea Investment & Securities PARK KIYONG

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

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

Amt Held 22'219'326 5'093'540 1'129'587 633'015 526'712 430'892 425'232 359'790 353'800 345'767 322'935 294'292 286'350 283'895 227'246 224'785 202'631 160'500 141'400 124'498

% Out 33.53 7.69 1.7 0.96 0.79 0.65 0.64 0.54 0.53 0.52 0.49 0.44 0.43 0.43 0.34 0.34 0.31 0.24 0.21 0.19

Weighting

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

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

Latest Chg 584'755 (439) 66'629 (355'513) (171'533) (109'950) (198'469) (5'206) (47'642) 2'071 21'172 (54'452) (143'566) (38'180) (16'000) -

Target Price 360'000 384'000 380'000 380'000 380'000 370'000 370'000 410'000 400'000 350'000 370'000 380'000 365'000 380'000 380'000 360'000 380'000 280'000 320'000 330'000 328'000 330'000 350'000 367'000 350'000 330'000 320'000 330'000 320'000 300'000 328'000 300'000 345'000 320'000 288'000 #N/A N/A 310'000 310'000

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

File Dt 31.12.2012 03.06.2013 27.09.2013 31.08.2013 30.06.2013 31.12.2012 31.03.2013 31.12.2012 30.06.2013 31.07.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013 31.08.2013 31.03.2013 31.03.2013 30.06.2013 30.04.2013 31.12.2012

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

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

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 29.09.2013 27.09.2013 26.09.2013 24.09.2013 24.09.2013 24.09.2013 24.09.2013 12.09.2013 10.09.2013 05.09.2013 03.09.2013 02.09.2013 28.08.2013 28.08.2013 26.08.2013 06.08.2013 31.07.2013 23.07.2013 23.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 01.07.2013 17.06.2013 06.06.2013 20.05.2013 22.04.2013

02.10.2013

China Overseas Land & Investment Ltd China Overseas Land & Investment Limited, through its subsidiaries, develops and invests in properties, constructs buildings, invests in treasury securities, and infrastructure projects. The Company also provides civil engineering, foundation engineering, and real estate agency and management services.

Price/Volume 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 688 HK EQUITY YTD Change 688 HK EQUITY YTD % CHANGE

12/2012 03/yy 25.60 17.70 16'189'686.00 22.85 -10.74% 29.10% 65.19% 8'172.6 186'744.28 59'613.84 0.0 312.8 40'880.41 203'884.15

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

30.0 M

20.0 M

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 18'892.4 5.45x 6'867.9 14.98x 5'048.6 16.64x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 37'321.6 44'313.0 3.60x 3.03x 10'532.8 16'214.3 12.76x 8.29x 7'468.9 12'373.2 17.90x 9.52x Profitability

LTM-4Q 31.12.2011 51'332.3 2.53x 19'021.7 6.83x 15'464.1 6.87x

31.12.2012 64'580.7 3.22x 23'113.1 8.99x 18'722.2 10.09x 23'113.08 23'060.58 35.71% 45.56% 9.11% 24.29% 14.54% 0.30% 41.8% 33.7% 33.6% 29.0% 2.15 0.51 25.94% 68.33% 31.71 0.35

Price/ Cash Flow

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

LTM 03/yy 53'988.6 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.84 1.48 3'805.44 17.99% 0.73% 1.483 38 4.395 15'491'620 16'655'190 19'432'000 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 81'977.3 100'095.3 2.50x 1.97x 28'922.9 35'255.2 7.05x 5.78x 19'408.6 23'266.4 9.55x 8.07x S&P Issuer Ratings

22.04.2013 BBB+ STABLE 12.82 11.87 0.70 2.84 68.3% 40.5% 0.30 2.89 11.51 1044.50 54.92 918.39

Sales/Revenue/Turnover

80.00

70'000.0

70.00

60'000.0

60.00

50'000.0

50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

China Overseas Land & Investment Ltd Holdings By:

All

Holder Name CHINA OVERSEAS HOLDI SILVER LOT DEVELOPME JP MORGAN BLACKROCK VANGUARD GROUP INC CARMIGNAC GESTION DEUTSCHE BANK AG FIL LIMITED CAPITAL GROUP COMPAN WILLIAM BLAIR & COMP SCHRODER INVESTMENT EII CAPITAL MANAGEME STATE STREET CORP ROBECO BARING INTERNATIONAL MAPS INVESTMENT MANA SHINHAN BNP PARIBAS GAM INTERNATIONAL MA SCHRODER KOREA LTD HANG SENG INVESTMENT

Firm Name

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

Analyst

Standard Chartered RAYMOND CHENG Orient Finance Holdings Hong Kong Ltd JACK GONG Jefferies VENANT CHIANG Sanford C. Bernstein & Co KENNETH TSANG DBS Vickers CAROL WU AMTD Financial Planning Limited KENNY TANG SING HING Deutsche Bank TONY TSANG UBS EVA LEE BNP Paribas Equity Research LEE WEE LIAT China Merchants Securities DUAN FEIQIN EVA Dimensions DOUG WALTERS Guotai Junan DONALD YU Morgan Stanley BRIAN LEUNG JPMorgan RYAN LI Yuanta Securities Investment ConsultingNICE WANG Macquarie DAVID NG CIMB JOHNSON HU Mizuho Securities ALAN JIN China International Capital Corp ERIC YU ZHANG Citic Securities Co., Ltd ADRIAN NGAN SWS Research Co Ltd KRIS LI Emperor Securities Limited FRANKIE CHAN S&P Capital IQ TAM CHING WAH UOB Kay Hian SYLVIA WONG JF Apex Securities Bhd TEAM COVERAGE First Shanghai Securities Ltd MICHAEL KE ABC International KENNETH TUNG Goldman Sachs WANG YI Credit Suisse JINSONG DU HSBC MICHELLE KWOK CCB International Securities Ltd EDISON BIAN Daiwa Securities Co. Ltd. JONAS KAN Ji Asia WU GONGLIANG KGI Securities ALICE JI Bank of China International CHRISTINA NGAI Capital Securities Corp LANTIS LI Everbright Securities Co., Ltd TIMOTHY YEUNG GuoSen Securities Co Ltd HUI CAO Masterlink Securities TEAM COVERAGE

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

Recommendation in-line buy buy market perform buy buy buy buy buy buy overweight accumulate Equalwt/Attractive neutral hold outperform outperform buy buy hold outperform buy hold buy hold buy buy neutral/neutral neutral overweight outperform buy buy outperform hold strong buy not rated buy hold

Amt Held 3'837'380'380 509'136'928 509'006'808 175'170'320 154'491'812 148'531'969 146'164'628 126'450'546 87'840'000 72'157'000 69'716'356 55'715'230 41'703'150 38'638'562 32'314'080 28'025'101 27'843'652 23'144'000 21'386'000 20'063'182

% Out 46.95 6.23 6.23 2.14 1.89 1.82 1.79 1.55 1.07 0.88 0.85 0.68 0.51 0.47 0.4 0.34 0.34 0.28 0.26 0.25

Weighting

Change

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

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

Latest Chg (502'000) 13'054'000 (26'334'303) 87'840'000 10'409'000 (8'950'000) 1'999'000 1'510'821 (1'303'820) 5'608'000 7'004'147 888'000 1'748'000 (158'592)

Target Price 24 25 28 21 26 25 30 27 31 19 #N/A N/A 26 22 22 26 27 27 29 26 24 25 27 25 26 #N/A N/A 29 26 22 23 32 28 28 25 24 20 25 #N/A N/A 18 18

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

File Dt 31.12.2012 31.12.2012 31.07.2013 27.09.2013 30.06.2013 28.06.2013 17.05.2012 31.07.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 30.04.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013 31.03.2013 31.07.2013

Date 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 13 month Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month

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

Date 30.09.2013 30.09.2013 16.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 20.08.2013 09.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 05.08.2013 03.05.2013 11.04.2013 19.03.2013 18.03.2013 27.06.2012 31.05.2012 26.04.2012 23.05.2011

02.10.2013

Cemex SAB de CV Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEMEXCPOMM EQUITY YTD Change CEMEXCPOMM EQUITY YTD % CHANGE

12/2012 06/yy 16.16 10.42 24'001'564.00 15.08 -6.68% 44.68% 81.17% 11'354.8 171'231.06 218'026.00 0.0 14'488.0 12'478.00 389'167.60

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

450.0 M

400.0 M

350.0 M

300.0 M

250.0 M

200.0 M

150.0 M

100.0 M

50.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 225'665.0 1.75x 45'787.0 8.63x 2'278.0 518.42x

31.12.2009 31.12.2010 197'801.0 177'641.0 1.98x 2.05x 36'153.0 29'844.0 10.85x 12.23x 1'409.0 (13'482.0) 22.87x Profitability

LTM-4Q 31.12.2011 189'887.0 1.74x 29'600.0 11.18x (24'788.0) -

31.12.2012 197'036.0 1.82x 34'384.0 10.44x (11'881.0) 34'384.00 17'200.00 8.73% -2.60% -2.93% -9.98% 0.39% 29.6% 13.8% 5.7% -6.0% 1.18 0.67 45.54% 154.51% 6.70 7.95

Price/ Cash Flow

LTM

FY+1

1.71 42.83% 23.49% 1.709 12 4.417 37'789'930 47'264'480 37'380'160 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 198'553.4 191'820.8 201'520.7 215'084.0 52'915.6 50'320.6 6.47x 7.52x 1.91x 1.74x 7.21x 7.42x 31'606.2 26'528.3 36'382.3 41'283.3 10'611.5 8'910.0 10.38x 14.12x 10.70x 9.43x 10.10x 9.75x (14'148.1) (14'465.3) (5'135.1) 2'144.2 367.5 (847.8) 0.00x 0.00x 119.68x 603.20x S&P Issuer Ratings Long-Term Rating Date 26.09.2013 Long-Term Rating B+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 1.88 (EBITDA-Capex)/Interest Exp. 1.57 Net Debt/EBITDA 7.68 Total Debt/EBITDA 8.05 Reference Total Debt/Equity 154.5% Total Debt/Capital 58.4% Asset Turnover 0.39 Net Fixed Asset Turnover 0.90 Accounts receivable turnover-days 54.44 Inventory Days 45.90 Accounts Payable Turnover Day 57.49 Cash Conversion Cycle 37.26 Sales/Revenue/Turnover

80.00

250'000.0

70.00

200'000.0

60.00 50.00

150'000.0

40.00

100'000.0

30.00 20.00

50'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Cemex SAB de CV Holdings By:

All

Holder Name BLACKROCK SOUTHEASTERN ASSET M NACIONAL FINANCIERA VANGUARD GROUP INC GRUPO FIN BANAMEX SA CITIGROUP INCORPORAT GRUPO FINANCIERO BBV GRUPO FINANCIERO SCO ACTINVER SA DE CV/ME CAISSE DE DEPOT ET P IMPULSORA DEL FONDO EATON VANCE MANAGEME ONTARIO TEACHERS PEN SWEDBANK ROBUR FONDE GESTION SANTANDER ME OPERADORA GBM SA DE CREDIT SUISSE AG PICTET FUNDS AMUNDI LUXEMBOURG SA DIMENSIONAL FUND ADV

Firm Name

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

Analyst

Actinver SA RAMON ORTIZ Banco Monex S.A. Institucion de Banca FERNANDO E BOLANOS HSBC JONATHAN BRANDT Banorte-IXE CARLOS HERMOSILLO Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO EVA Dimensions TIMOTHY STANISH BBVA FRANCISCO CHAVEZ MARTINEZ UBS MARIMAR TORREBLANCA Itau BBA Securities VIVIAN SALOMON Vector Servicios Financieros JORGE PLACIDO Scotia Capital MARCOS DURAN Y CASAHONDA Grupo Santander ANA GABRIELA REYNAL

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

Recommendation buy buy neutral buy buy hold market perform buy outperform speculative buy sector outperform buy

Amt Held 1'155'662'641 495'104'075 437'948'563 326'046'917 138'480'768 133'166'657 79'567'219 37'622'906 36'711'556 29'580'277 26'020'800 23'307'946 22'880'000 20'982'013 19'082'792 18'152'500 14'499'928 11'590'906 11'176'732 10'162'758

% Out 10.18 4.36 3.86 2.87 1.22 1.17 0.7 0.33 0.32 0.26 0.23 0.21 0.2 0.18 0.17 0.16 0.13 0.1 0.1 0.09

Weighting

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

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

Latest Chg 301'112'814 (552'570) 10'475'398 20'052'855 15'572'292 1'640'800 1'149'544 (1) 1'354'201 (1'388'760) (611'884) 19'800 (407'100) 1'348'108 (163'793)

Target Price 17 18 16 17 18 #N/A N/A 10 18 16 16 16 15

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

File Dt Inst Type 27.09.2013 Investment Advisor 30.04.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Bank 31.12.2012 Investment Advisor 25.09.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.12.2012 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.03.2013 Investment Advisor 30.08.2013 Investment Advisor 30.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor

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

Date 25.09.2013 20.09.2013 13.09.2013 10.09.2013 27.08.2013 02.08.2013 26.07.2013 25.07.2013 17.06.2013 11.04.2013 24.01.2013 07.01.2013

02.10.2013

Chunghwa Telecom Co Ltd Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.06.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2412 TT EQUITY YTD Change 2412 TT EQUITY YTD % CHANGE

12/2012 03/yy 101.23 89.91 5'978'897.00 93.5 -7.63% 3.99% 36.11% 7'757.4 725'321.31 0.00 0.0 0.0 54'759.65 670'561.65

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

30.0 M

100

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 184'040.3 186'410.9 2.67x 3.38x 91'113.9 89'400.1 5.39x 7.06x 43'757.4 47'608.9 13.19x 15.09x Profitability

LTM-4Q 31.12.2011 192'462.1 3.70x 83'154.6 8.55x 47'068.4 16.56x

31.12.2012 190'950.8 3.55x 78'195.6 8.67x 39'904.0 18.39x 78'195.56 46'100.37 24.14% 24.81% 42.8% 20.9% 1.68 1.46 0.00% 0.00% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.49 4'611.74 12.15 5.61% 4.49% 0.491 25 2.240 7'556'166 5'920'143 8'071'441 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 192'622.2 143'206.5 227'440.0 195'668.0 57'042.0 58'143.0 14.41x 14.13x 80'072.3 59'757.0 79'205.0 80'241.0 7.98x 0.00x 8.47x 8.36x 44'723.0 30'414.5 38'759.8 38'934.2 10'178.3 9'809.4 15.77x 0.00x 18.71x 18.58x 18.31x 18.28x S&P Issuer Ratings Long-Term Rating Date 10.04.2008 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 339980.68 (EBITDA-Capex)/Interest Exp. 199221.33 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 10.55 Sales/Revenue/Turnover

12.00

195'000.0

10.00

190'000.0

8.00

185'000.0

6.00

180'000.0

4.00

175'000.0

2.00

170'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 186'780.7 2.28x 95'133.8 4.49x 45'010.3 11.53x

120

165'000.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

02.10.2013

Chunghwa Telecom Co Ltd Holdings By:

All

Holder Name MINISTRY OF TRANS & FUBON LIFE INSURANCE CATHAY LIFE INSURANC CHUNGHWA TELECOM CO CHINA LIFE INSURANCE NAN SHAN LIFE INSURA CHUNGHWA POST CO LTD SHIN KONG LIFE INSUR BLACKROCK BUREAU OF LABOR INSU VANGUARD GROUP INC NORGES BANK POLARIS SEC INVESTME BANK OF NEW YORK MEL GRANTHAM MAYO VAN OT PICTET FUNDS INVESCO LTD CAISSE DE DEPOT ET P DWS INVESTMENTS ROBECO

Firm Name

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

Analyst

Credit Agricole Securities Taiwan Co. L FRANK LIN Capital Securities Corp LIU YIHO Nomura JIN YOON Mizuho Securities MARVIN LO KGI Securities VINCENT LIAO S&P Capital IQ JANICE CHONG Morgan Stanley GARY YU Credit Suisse CHATE BENCHAVITVILAI JPMorgan LUCY LIU Yuanta Securities Investment ConsultingBONNIE CHANG BNP Paribas Equity Research ALEN LIN HSBC NEALE ANDERSON UBS WANG JINJIN Macquarie JOSEPH QUINN Barclays ANAND RAMACHANDRAN Deutsche Bank JOELIAN TSENG Standard Chartered STEVEN LIU Fubon Securities LEWIS LIU New Street Research ALASTAIR JONES Goldman Sachs PIYUSH MUBAYI Mega Securities LU CALVIN EVA Dimensions ANDREW S ZAMFOTIS President Capital Management CHARLIE YEH SinoPac JERRY LU Masterlink Securities STEVEN SU Jih Sun Securities CHEN CHUN-CHUNG

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

Recommendation underperform neutral neutral neutral neutral sell Equalwt/In-Line underperform neutral hold hold underweight neutral underperform underweight not rated in-line neutral reduce Sell/Neutral neutral hold neutral neutral hold buy

Amt Held 2'740'000'000 467'321'087 308'856'727 168'111'274 152'542'779 138'311'174 137'373'719 128'397'184 107'640'673 97'715'644 52'883'735 36'659'651 35'694'916 23'267'912 19'720'449 17'409'544 11'618'012 8'676'635 6'656'980 6'382'000

% Out 35.32 6.02 3.98 2.17 1.97 1.78 1.77 1.66 1.39 1.26 0.68 0.47 0.46 0.3 0.25 0.22 0.15 0.11 0.09 0.08

Weighting

Change

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

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

Latest Chg (930'149) 5'791'000 3'786'905 (557'000) (105'000) 5'884'080 718'000

Target Price 94 #N/A N/A 93 91 87 90 90 82 102 90 88 76 95 76 84 #N/A N/A 90 100 84 84 101 #N/A N/A 92 93 91 121

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

File Dt 31.08.2013 19.07.2012 19.07.2012 31.03.2013 19.07.2012 19.07.2012 31.03.2013 19.07.2012 27.09.2013 19.07.2012 30.06.2013 31.12.2012 31.08.2013 27.09.2013 31.05.2013 31.05.2013 30.09.2013 31.12.2012 28.06.2013 30.04.2013

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

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

Date 10.09.2013 03.09.2013 02.09.2013 29.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 11.08.2013 25.07.2013 23.07.2013 11.07.2013 02.07.2013 19.06.2013 30.05.2013 14.05.2013 12.05.2013 03.05.2013 15.01.2013 29.10.2012 29.10.2012 04.05.2012 30.12.2011

02.10.2013

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

Price/Volume 160

6.0 M

140

5.0 M

120 4.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVTK LI EQUITY YTD Change NVTK LI EQUITY YTD % CHANGE

12/2012 06/yy 138.60 98.00 439'616.00 129.3 -6.85% 31.94% 83.25% 303.6 39'259.44 132'487.00 0.0 1'251.0 18'420.00 -

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

2.0 M

40 1.0 M

20 0 o-12

31.12.2009 31.12.2010 89'954.0 117'024.0 6.26x 9.42x 39'344.0 56'200.0 14.30x 19.61x 26'043.0 40'533.0 Profitability

LTM-4Q 31.12.2011 176'064.0 7.20x 88'917.0 14.27x 119'655.0 -

31.12.2012 210'973.0 5.53x 97'218.0 11.99x 69'458.0 97'218.00 85'719.00 40.63% 40.87% 16.70% 25.42% 19.65% 0.57% 42.4% 37.4% 32.9% 1.06 0.59 28.61% 45.68% -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.16 3.88% 9.95% 1.158 20 4.400 281'825 437'185 372'614 FY+2

FQ+1

FQ+2

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

d-12

06/yy 06/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 190'145.0 250'050.0 304'754.7 356'247.1 58'718.2 75'396.0 25.00x 18.15x 4.49x 3.78x 18.22x 90'757.0 105'949.0 125'865.2 138'331.5 21'090.6 31'137.0 11.80x 11.18x 117'289.0 72'863.0 88'033.0 100'338.7 11'286.4 21'149.0 0.00x 0.00x 14.28x 12.59x S&P Issuer Ratings Long-Term Rating Date 19.11.2010 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.57 (EBITDA-Capex)/Interest Exp. 7.12 Net Debt/EBITDA 1.20 Total Debt/EBITDA 1.27 Reference Total Debt/Equity 45.7% Total Debt/Capital 31.3% Asset Turnover 0.57 Net Fixed Asset Turnover 1.24 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle -

1.20

0.80

n-12

Fiscal Year Ended 31.12.2008 79'272.0 2.06x 36'798.0 4.43x 22'899.0 -

3.0 M

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

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

02.10.2013

NovaTek OAO Holdings By:

All

Holder Name OPPENHEIMERFUNDS INC BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN BARING INTERNATIONAL BNP PARIBAS VAN ECK ASSOCIATES C ALLIANZ ASSET MANAGE SWEDBANK ROBUR FONDE SCHRODER INVESTMENT EAST CAPITAL ASSET M CARNEGIE FONDER AB/S PICTET FUNDS UBS AG DWS INVESTMENTS ROBECO NORDEA INVESTMENT FU LAZARD ASSET MANAGEM CAISSE DE DEPOT ET P

Firm Name Gazprombank Uralsib Alfa-Bank Renaissance Capital Sanford C. Bernstein & Co HSBC Deutsche Bank Morgan Stanley UBS BCS UFS-Finance Investment Company Goldman Sachs Societe Generale VTB Capital JPMorgan Aton LLC Barclays Raiffeisenbank AG Sberbank CIB RMG Securities

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

Analyst ALEXANDER NAZAROV ALEXEI KOKIN ALEXANDER KORNILOV ILDAR DAVLETSHIN OSWALD CLINT ILDAR KHAZIEV PAVEL KUSHNIR PAVEL SOROKIN MAXIM MOSHKOV TIMUR SALIKHOV ILYA BALAKIREV GEYDAR MAMEDOV EVGENY SOLOVYOV DMITRY LOUKASHOV ARTEM KONCHIN ELENA SAVCHIK MATTHEW THOMAS ANDREY POLISCHUK OLEG MAXIMOV MIKHAIL LOSHININ

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

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

Amt Held 6'482'178 2'164'822 1'921'216 1'459'342 1'340'955 1'005'008 962'373 540'483 534'483 514'390 478'128 440'361 410'000 393'375 382'396 340'600 323'900 302'824 269'594 244'459

% Out 2.13 0.71 0.63 0.48 0.44 0.33 0.32 0.18 0.18 0.17 0.16 0.15 0.14 0.13 0.13 0.11 0.11 0.1 0.09 0.08

Weighting

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

Latest Chg (61'289) (171'606) 153'317 (64'298) (57'294) (112'983) (13'424) (174'199) (77'498) (209'642) (34'186) 1'485 35'000 (2'000) (21'765) -

Target Price

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

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

185 125 148 130 137 150 125 153 155 145 126 151 109 142 153 163 140 140 175 135

File Dt 31.07.2013 27.09.2013 30.06.2013 30.06.2013 31.08.2013 30.06.2013 31.05.2013 27.09.2013 31.08.2013 31.03.2013 30.06.2013 31.03.2013 28.06.2013 31.05.2013 28.06.2013 28.06.2013 30.04.2013 31.07.2013 31.08.2013 31.12.2012

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

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

Date 27.09.2013 26.09.2013 23.09.2013 20.09.2013 11.09.2013 09.09.2013 06.09.2013 06.09.2013 03.09.2013 14.08.2013 14.08.2013 13.08.2013 12.08.2013 04.07.2013 15.05.2013 22.11.2012 12.11.2012 18.10.2012 21.09.2012 12.07.2012

02.10.2013

Bank Central Asia Tbk PT PT Bank Central Asia Tbk provides banking and related services. The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions. Through its subsidiaries, the Bank also provides leasing and consumer financing services.

Price/Volume 12000

70.0 M

10000

60.0 M 50.0 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (19.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBCA IJ EQUITY YTD Change BBCA IJ EQUITY YTD % CHANGE

12/2012 06/yy 12'500.00 7'850.00 3'744'500.00 10150 -18.80% 29.30% 46.24% 24'655.0 250'248'352.00 4'980'190.00 0.0 71'167.0 ########### -

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

30.0 M

4000

20.0 M

2000

10.0 M

0 o-12

n-12

d-12

j-13

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

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 23'163'363.0 5'776'139.0 13.77x

40.0 M

6000

Valuation Analysis

31.12.2009 31.12.2010 27'242'770.0 28'070'381.0 6'807'242.0 8'479'273.0 17.38x 18.39x Profitability

LTM-4Q 31.12.2011 31'780'230.0 10'819'309.0 18.02x

LTM

FY+1

1.11 12'533.10 29.95% 12.26% 1.112 36 3.194 10'010'400 15'081'220 12'417'980 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 35'188'157.0 ######### ######### ######### ######### ######### ######### 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'721'717.0 ######### ######### ######### ######### ######### ######### 18.96x 15.70x 19.21x 18.63x 15.91x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 51.76% Long-Term Outlook 53.32% Short-Term Rating Date 2.94% Short-Term Rating 24.73% Credit Ratios 21.98% EBITDA/Interest Exp. 0.09% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 42.6% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 1.12% Inventory Days 9.61% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

.0 M o-13

NR 9.6% 8.8% 0.09 6.26 -

Sales/Revenue/Turnover

25.00

40'000'000.0 35'000'000.0

20.00

30'000'000.0 25'000'000.0

15.00

20'000'000.0 10.00

15'000'000.0 10'000'000.0

5.00

0.00 01.01.2010

5'000'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Bank Central Asia Tbk PT Holdings By:

All

Holder Name FARINDO INVESTMENTS FRANKLIN RESOURCES SALIM ANTHONI VANGUARD GROUP INC BLACKROCK JP MORGAN FIL LIMITED MATTHEWS INTERNATION HARRIS TRUST & SAVIN AIA FINANCIAL PT FORTIS INVESTMENTS P VONTOBEL ASSET MANAG FMR LLC PT ASURANSI ALLIANZ INVESCO LTD CAISSE DE DEPOT ET P GOLDMAN SACHS GROUP DIMENSIONAL FUND ADV NORGES BANK EASTSPRING INVESTMEN

Firm Name Indo Premier Securities BNP Paribas Equity Research Deutsche Bank Maybank Kim Eng UOB Kay Hian Danareksa Bahana Securities Credit Suisse Samuel Sekuritas Indonesia AmCapital Indonesia Morgan Stanley MNC Securities Mandiri Sekuritas PT/Indonesia HSBC Sanford C. Bernstein & Co DBS Vickers Standard Chartered Panin Sekuritas Ciptadana Sekuritas Andalan Artha Advisindo Sekuritas PT Nomura PT Valbury Asia Securities UBS JPMorgan Trimegah Securities Tbk PT Sucorinvest Central Gani Goldman Sachs CIMB Barclays EVA Dimensions RHB Research Institute Sdn Bhd Macquarie PT Batavia Prosperindo Sekuritas

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

Analyst STEPHAN HASJIM IGOR NYOMAN RAYMOND KOSASIH RAHMI SARI MARINA RUFINA TAM EKA SAVITRI TEGUH P. HARTANTO TEDDY OETOMO JOSEPH PANGARIBUAN YAP SWIE CU MULYA CHANDRA MARTHA CHRISTINA PUSPITASARI TJANDRA LIENANDJAJA LOO KAR WENG KEVIN KWEK SUE LIN LIM JAJ SINGH RAYMOND BUDIMAN SYAIFUL ADRIAN A INDRAJATRI WILIANTO IE BUDI RUSTANTO JOSHUA TANJA HARSH WARDHAN MODI ROBBY HAFIL ISFHAN HELMY BENJAMIN KOO ERWAN TEGUH TEH ANISH TAWAKLEY DOUG WALTERS ROCKY INDRAWAN NICOLAOS OENTUNG ANDY FERDINAND

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

Recommendation hold buy buy buy hold hold hold neutral hold hold Overwt/Attractive buy on weakness neutral overweight market perform hold underperform buy hold hold reduce buy sell neutral hold buy Sell/Neutral underperform overweight underweight neutral neutral hold

Amt Held 11'625'990'000 629'109'053 434'079'976 361'961'564 304'671'058 167'601'277 167'474'276 115'688'500 82'807'746 67'138'520 52'708'005 40'380'500 38'189'319 35'857'777 35'559'500 32'753'098 31'323'500 28'279'000 27'910'895 26'457'200

% Out 47.15 2.55 1.76 1.47 1.24 0.68 0.68 0.47 0.34 0.27 0.21 0.16 0.15 0.15 0.14 0.13 0.13 0.11 0.11 0.11

Weighting

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

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

Latest Chg (10'175'500) 10'411'000 473'000 (12'101'723) (20'727'243) 20'011'246 (3'326'156) (36'192'895) (654'602) 5'550'506 3'807'000 1'863'500 (12'107'000)

Target Price 10'500 10'800 12'500 12'300 11'000 10'150 10'700 10'000 9'700 10'800 10'966 10'400 10'300 11'500 10'700 9'800 8'330 12'000 10'100 10'800 8'600 12'000 9'350 9'500 10'500 11'400 9'240 9'600 10'500 #N/A N/A 12'000 10'300 10'500

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

File Dt 31.03.2013 30.06.2013 31.03.2013 30.06.2013 27.09.2013 31.07.2013 30.04.2013 28.06.2013 28.06.2013 31.07.2013 30.04.2013 30.04.2013 31.08.2013 31.07.2013 30.09.2013 31.12.2012 30.06.2013 30.04.2013 31.12.2012 28.06.2013

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

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

Date 30.09.2013 27.09.2013 24.09.2013 24.09.2013 19.09.2013 19.09.2013 18.09.2013 16.09.2013 13.09.2013 12.09.2013 09.09.2013 05.09.2013 30.08.2013 28.08.2013 21.08.2013 21.08.2013 16.08.2013 14.08.2013 12.08.2013 02.08.2013 01.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 14.06.2013 06.06.2013 28.05.2013 11.04.2013 15.02.2013

02.10.2013

Grupo Mexico SAB de CV Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold, molybdenum, lead, and zinc. The Company holds concessions to operate the Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMEXICOBMM EQUITY YTD Change GMEXICOBMM EQUITY YTD % CHANGE

12/2012 06/yy 51.99 34.60 14'007'767.00 40.35 -22.39% 16.62% 33.06% 7'785.0 314'124.75 5'552.65 0.0 1'833.3 3'700.19 27'436.57

30.0 M

20.0 M

10.0 M

0 o-12

31.12.2009 31.12.2010 4'868.9 8'139.5 4.26x 4.12x 2'133.8 4'008.9 9.73x 8.37x 867.9 1'659.4 19.75x 18.80x Profitability

31.12.2011 10'465.0 2.46x 5'204.9 4.94x 2'456.9 9.33x

31.12.2012 10'182.9 3.13x 4'708.6 6.76x 2'364.0 11.91x 4'708.65 4'082.16 40.09% 41.89% 10.81% 22.26% 17.04% 0.54% 45.8% 43.0% 36.0% 23.2% 4.39 3.00 29.56% 66.86% 10.32 4.90

Price/ Cash Flow

d-12

j-13

LTM-4Q

LTM

06/yy 10'492.1 9.16x 5'328.6 4.80x 2'571.4 8.96x

06/yy 9'585.1 12.73x 4'120.4 6.32x 1'917.2 11.69x

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1

1.22 -3.43% -12.38% 1.216 19 3.895 13'460'100 15'052'320 13'365'380 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'736.9 10'619.7 2'298.0 2'346.3 2.91x 2.67x 11.60x 11.23x 4'409.8 4'862.1 1'095.0 1'118.5 6.22x 5.64x 6.13x 6.06x 1'928.4 2'105.6 475.0 479.5 12.48x 11.76x 13.96x 12.69x S&P Issuer Ratings

26.01.2012 STABLE 17.23 9.47 0.42 1.35 66.9% 35.4% 0.54 0.99 35.28 74.35 28.45 64.30

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

.0 M n-12

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

70.0 M

50 40

Valuation Analysis

31.12.2008 5'946.0 0.97x 2'860.1 2.02x 1'071.0 4.53x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

02.10.2013

Grupo Mexico SAB de CV Holdings By:

All

Holder Name EMPRESARIOS IND DE M MOTA-VELASCO GERMAN NACIONAL FINANCIERA VANGUARD GROUP INC BLACKROCK NORGES BANK GRUPO FIN BANAMEX SA LAZARD ASSET MANAGEM DIMENSIONAL FUND ADV FIL LIMITED GRUPO FINANCIERO BBV FMR LLC SCHRODER INVESTMENT OPERADORA GBM SA DE WILLIAM BLAIR & COMP OPERADORA INBURSA SA GRUPO FINANCIERO SCO SEB ACTINVER SA DE CV/ME CAISSE DE DEPOT ET P

Firm Name Banco BTG Pactual SA BBVA GBM Banorte-IXE Itau BBA Securities Credit Suisse Invex Casa de Bolsa SA de CV Vector Servicios Financieros Goldman Sachs Morgan Stanley Deutsche Bank Punto Casa de Bolsa Grupo Santander HSBC JPMorgan UBS EVA Dimensions

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

Analyst EDMO CHAGAS JEAN-BAPTISTE BRUNY RODRIGO C GARCILAZO MARISSA GARZA OSTOS MARCOS ASSUMPCAO SANTIAGO PEREZ TEUFFER OCTAVIO DIAZ ESCAMILLA JULIO ZETINA MARCELO AGUIAR CARLOS DE ALBA LEANDRO CAPPA JULIO CESAR MARTINEZ WALTER CHIARVESIO LEONARDO ANDRADE CORREA RODOLFO R DE ANGELE ANDREAS BOKKENHEUSER TIMOTHY STANISH

Source Co File Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral underperform market outperform buy outperform outperform buy hold neutral/attractive Overwt/No Rating hold buy hold neutral overweight neutral hold

Amt Held 2'811'209'084 1'213'830'907 151'031'504 114'703'317 103'687'714 62'932'377 49'403'407 43'149'653 39'911'696 34'364'115 28'084'390 27'844'460 20'807'140 19'646'415 18'882'067 13'641'831 13'200'235 11'806'646 11'307'092 10'263'783

% Out 36.11 15.59 1.94 1.47 1.33 0.81 0.63 0.55 0.51 0.44 0.36 0.36 0.27 0.25 0.24 0.18 0.17 0.15 0.15 0.13

Weighting

Change 3 1 4 5 5 5 5 3 3 5 3 5 3 3 5 3 3

M M M M U M M M M M M M M M U D M

Latest Chg (190'560) 3'431'256 (1'337'000) (2'960'474) (2'594'204) 82'188 17'112'052 6'363'083 9'448'167 8'185'786 48'583 (49'764'399) 1'477'070 (1'467'900) (581'900) -

Target Price 50 45 48 48 48 52 47 46 42 43 58 53 43 40 51 40 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.04.2011 29.04.2011 27.09.2013 30.06.2013 27.09.2013 31.12.2012 30.08.2013 31.08.2013 30.04.2013 30.04.2013 25.09.2013 31.08.2013 30.06.2013 30.08.2013 30.06.2013 30.08.2013 30.08.2013 31.03.2013 30.08.2013 31.12.2012

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 15 month 12 month Not Provided

Inst Type Other n/a Investment Advisor Investment Advisor Investment Advisor Government Bank Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 16.09.2013 10.09.2013 09.09.2013 09.09.2013 06.09.2013 05.09.2013 03.09.2013 13.08.2013 07.08.2013 29.07.2013 24.07.2013 23.07.2013 17.07.2013 16.07.2013 10.07.2013 01.07.2013 06.06.2013

02.10.2013

Malayan Banking Bhd Malayan Banking Berhad provides commercial and Islamic banking services in Malaysia, Singapore, and other locations. Through its subsidiaries, the Company provides services such as general and life insurance, stock and futures broking, and leasing and factoring. Maybank also has operation in discount house, unit management, property investment, and venture capital.

Price/Volume

60.0 M 50.0 M 40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (22.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAY MK EQUITY YTD Change MAY MK EQUITY YTD % CHANGE

12/2012 06/yy 10.80 8.70 5'402'300.00 9.81 -9.17% 12.76% 52.38% 8'726.1 85'602.80 68'124.52 0.0 1'725.5 65'064.33 -

30.0 M

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

10 8

Valuation Analysis

30.06.2009 16'111.6 691.9 49.17x

30.06.2010 30.06.2011 16'440.1 18'297.8 3'818.2 4'450.3 14.03x 14.56x Profitability

LTM-4Q 31.12.2011 18'297.8 4'450.3 14.56x

31.12.2012 22'854.3 5'744.7 12.65x 46.62% 47.73% 1.17% 14.87% 5.19% 0.05% 34.8% 13.77% 161.32% -

Price/ Cash Flow

LTM

06/yy 21'025.4 0.00x 0.0 0.00x 5'081.7 12.90x

06/yy 24'004.6 0.00x 0.0 0.00x 6'034.2 14.34x

FY+1

.0 M o-13

0.95 3'825.85 13.79% 12.80% 0.946 26 3.577 12'089'280 14'131'630 11'935'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 18'262.9 19'887.9 4'696.0 5'084.7 6'262.9 6'838.3 1'574.0 1'747.0 13.48x 12.64x 12.91x 12.58x S&P Issuer Ratings

11.07.2005 ASTABLE 26.03.2003 A-2 161.3% 60.8% 0.05 9.69 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 03.07.2009

0.0 03.01.2010 03.07.2010

03.01.2011 03.07.2011

03.01.2012 03.07.2012

03.01.2013 03.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Malayan Banking Bhd Holdings By:

All

Holder Name SKIM AMANAH SAHAM BU EMPLOYEES PROVIDENT YAYASAN PELABURAN BU VANGUARD GROUP INC BLACKROCK NORGES BANK HARRIS TRUST & SAVIN FIL LIMITED VONTOBEL ASSET MANAG PICTET FUNDS JP MORGAN BANK OF NEW YORK MEL DIMENSIONAL FUND ADV SEB CAISSE DE DEPOT ET P CIMB-PRINCIPAL ASSET PRINCIPAL FINANCIAL STATE STREET CORP DJE INVESTMENT SA ROBECO

Firm Name RHB Research Institute Sdn Bhd AmResearch Sdn Bhd Affin Securities Sdn Bhd TA Securities Holdings Berhad Hong Leong Investment Bank Bhd DBS Vickers Alliance Research Sdn Bhd Morgan Stanley Kenanga Investment Bank Bhd KAF Seagroatt & Campbell Credit Suisse S&P Capital IQ UOB Kay Hian Goldman Sachs CIMB Nomura Standard Chartered JPMorgan Macquarie HSBC Deutsche Bank EVA Dimensions UBS ECM Libra

Portfolio Name n/a #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst DAVID CHONG RACHEL HUANG EILEEN TAN TEAM COVERAGE LOW YEE HUAP SUE LIN LIM KING YOONG CHEAH NICK LORD TEAM COVERAGE CHEHAN PERERA DANNY GOH SITI RUDZIAH SALIKIN ONG BOON LEONG BENJAMIN KOO WINSON NG JULIAN CHUA DIKSHA GERA HARSH WARDHAN MODI MATTHEW SMITH LOO KAR WENG TRACY YU DOUG WALTERS KHAIRUL RIFAIE TEAM COVERAGE

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation neutral hold add buy buy buy buy Underwt/Cautious outperform hold neutral hold buy neutral/neutral outperform buy in-line neutral neutral underweight not rated underweight buy hold

Amt Held 3'389'775'835 1'065'830'939 444'004'267 130'658'238 112'648'663 70'279'923 57'779'046 43'830'380 41'890'195 36'982'871 35'690'449 30'076'146 12'436'600 11'348'600 11'300'247 11'019'886 10'410'400 8'875'311 8'219'000 7'562'985

% Out 38.85 12.21 5.09 1.5 1.29 0.81 0.66 0.5 0.48 0.42 0.41 0.34 0.14 0.13 0.13 0.13 0.12 0.1 0.09 0.09

Weighting

Change

3 3 4 5 5 5 5 1 5 3 3 3 5 3 5 5 3 3 3 1 #N/A N/A 1 5 3

M M M M M M U D M M M M M M M M D M M M M M M M

Latest Chg (7'250'000) (638'700) 4'006'800 1'902'589 2'206'101 (10'487'964) (567'500) (1'028'241) (2'842'380) 2'031'896 4'763'600 (120'572) 384'900 (498'600) (32'609)

Target Price 11 10 11 12 11 12 12 9 11 10 10 11 11 11 12 12 11 11 10 7 #N/A N/A #N/A N/A 12 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.09.2013 24.09.2013 24.07.2013 30.06.2013 27.09.2013 31.12.2012 28.06.2013 30.04.2013 30.04.2013 31.05.2013 31.07.2013 27.09.2013 30.04.2013 31.03.2013 31.12.2012 31.08.2013 31.08.2013 27.09.2013 28.06.2013 30.04.2013

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Other Government Other Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 19.09.2013 08.09.2013 03.09.2013 02.09.2013 22.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 19.08.2013 26.07.2013 24.06.2013 13.06.2013 10.06.2013 06.06.2013 23.05.2013 12.11.2012

02.10.2013

Ecopetrol SA Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECOPETL CB EQUITY YTD Change ECOPETL CB EQUITY YTD % CHANGE

12/2012 06/yy 5'747.76 3'845.00 5'260'552.00 4375 -23.88% 13.78% 27.85% 41'116.7 179'885'552.00 15'977'669.00 0.0 2'602'167.0 9'312'249.00 189'700'852.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

5000

25.0 M

4000

20.0 M

3000

15.0 M

2000

10.0 M

1000

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 33'896'669.0 2.24x 14'155'420.0 5.36x 11'629'677.0 6.98x

6000

31.12.2009 31.12.2010 30'404'390.0 41'968'311.0 3.41x 4.08x 11'265'800.0 17'103'936.0 9.20x 10.01x 5'132'054.0 8'146'471.0 19.60x 20.37x Profitability

LTM-4Q 31.12.2011 65'967'514.0 2.71x 30'720'740.0 5.83x 15'452'334.0 11.08x

LTM

FY+1

0.89 4'731.91 -12.91% -14.82% 0.895 15 3.000 3'683'914 5'150'741 6'010'758 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 68'852'002.0 ######### ######### ######### ######### ######### 3.40x 11.09x 12.41x 2.84x 2.85x 11.12x 29'521'039.0 ######### ######### ######### ######### ######### 7.92x 6.39x 6.32x 6.35x 6.17x 14'778'947.0 ######### ######### ######### ######### ######### 15.19x 12.31x 12.27x 12.57x 12.62x 12.51x S&P Issuer Ratings 29'521'039.00 Long-Term Rating Date 24'206'290.00 Long-Term Rating 35.16% Long-Term Outlook 32.43% Short-Term Rating Date 12.94% Short-Term Rating 24.83% Credit Ratios 21.38% EBITDA/Interest Exp. 0.65% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 41.1% Total Debt/EBITDA 40.9% Reference 32.8% Total Debt/Equity 21.5% Total Debt/Capital Asset Turnover 0.99 Net Fixed Asset Turnover 0.63 Accounts receivable turnover-days 14.03% Inventory Days 24.68% Accounts Payable Turnover Day 13.13 Cash Conversion Cycle 12.12

Price/ Cash Flow

FQ+2 12/13 Q4 ######### 10.80x ######### ######### 12.52x 24.04.2013 BBB STABLE 50.76 33.82 0.24 0.54 24.7% 19.2% 0.65 1.90 27.80 30.11 153.64 -18.85

Sales/Revenue/Turnover

14.00

80'000'000.0

12.00

70'000'000.0 60'000'000.0

10.00

50'000'000.0 8.00

40'000'000.0 6.00

30'000'000.0

4.00

20'000'000.0

2.00

10'000'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Ecopetrol SA Holdings By:

All

Holder Name REPUBLIC OF COLOMBIA BLACKROCK VANGUARD GROUP INC NORGES BANK HARRIS TRUST & SAVIN WILLIAM BLAIR & COMP FMR LLC CAISSE DE DEPOT ET P EATON VANCE MANAGEME SEB PICTET FUNDS NORTHERN TRUST CORPO DEUTSCHE BANK AG HIRTLE CALLAGHAN & C EATON VANCE ADVISORS JOHN HANCOCK ADVISER UBS AG TIAA CREF INVESTMENT SEI INVESTMENT MANAG AVIVA PLC

Firm Name Ultrabursatiles Larrain Vial Corredores de Bolsa Correval SA VTB Capital Helm Comisionista de Bolsa EVA Dimensions Asesores en Valores SA Davivalores SA Grupo Santander Goldman Sachs Serfinco Corredores Asociados JPMorgan Acciones y Valores Alianza Valores Valores Bancolombia

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

DIEGO USME ROMERO JOHANNA CASTRO CASTRO VALERIA MARCONI OVALLE COLIN SMITH ANDRES SANCHEZ FRANCO DOUG WALTERS OMAR ESCORCIA MARTINEZ EDGAR ROMERO GARCIA CHRISTIAN AUDI FELIPE MATTAR MARIA ADELAIDA VELASQUEZ MEJIA SEBASTIAN GALLEGO CAIO M CARVALHAL JORGE EDUARDO BELLO JUAN DAVID BALLEN RAMIREZ SAMUEL DAVID GARCIA

hold hold hold sell hold buy hold no rating system hold neutral/neutral neutral hold neutral buy hold no rating system

Amt Held 36'384'788'817 218'937'402 48'094'825 46'706'218 21'754'940 20'971'936 13'780'607 13'241'550 6'165'590 5'906'541 5'601'978 3'177'058 2'173'000 2'065'911 1'769'717 1'746'168 1'561'497 1'049'654 969'310 819'230

% Out 88.49 0.53 0.12 0.11 0.05 0.05 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0

Weighting

Change

3 3 3 1 3 5 3 #N/A N/A 3 3 3 3 3 5 3 #N/A N/A

M M M M M U D M M M M M U M U M

Latest Chg 85'371 3'901'058 (9'579'352) (465'562) (56'813) 562'200 311'636 (7'698'565) 63'250 85'786 120'282 (52'807) -

Target Price 4'411 4'432 4'810 3'700 4'420 #N/A N/A 4'620 4'629 4'800 5'000 5'070 4'650 4'470 5'460 4'900 5'140

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 27.09.2013 30.06.2013 31.12.2012 28.06.2013 30.06.2013 31.08.2013 31.12.2012 31.07.2013 31.03.2013 31.07.2013 30.06.2013 30.08.2013 28.03.2013 31.07.2013 31.08.2013 30.06.2013 31.07.2013 30.04.2013 28.06.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 15 month Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2013 11.09.2013 11.09.2013 10.09.2013 06.09.2013 06.08.2013 05.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 23.07.2013 11.06.2013 03.05.2013 11.04.2013 01.02.2013

02.10.2013

ITC Ltd ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITC IN EQUITY YTD Change ITC IN EQUITY YTD % CHANGE

03/2013 01/yy 380.00 220.25 4'580'900.00 343 -9.74% 55.73% 76.84% 7'920.0 2'716'552.75 1'023.80 0.0 1'798.9 88'084.70 2'631'290.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

350

35.0 M

300

30.0 M

250

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 o-12

31.03.2010 31.03.2011 191'358.7 222'791.1 4.97x 6.05x 63'787.9 77'161.0 14.91x 17.46x 41'681.8 50'179.3 23.89x 27.87x Profitability

31.03.2012 261'795.2 6.51x 92'983.7 18.33x 62'581.4 28.18x

31.03.2013 313'234.5 7.53x 111'661.9 21.13x 76'080.7 31.94x

111'661.90 103'070.80 32.91% 35.49% 23.25% 35.70% 35.90% 0.96% 35.6% 32.9% 24.3% 1.80 0.97 0.29% 0.44% 24.13 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.53 0.84 4'826.26 27.47% 21.44% 0.836 49 4.306 6'615'109 9'784'950 8'689'896 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 362'621.8 424'518.7 7.31x 6.21x 131'058.6 155'726.4 20.08x 16.90x 89'489.1 106'580.2 30.42x 25.64x S&P Issuer Ratings

167.51 127.84 -0.78 0.01 0.4% 0.4% 0.96 2.44 15.12 -

Sales/Revenue/Turnover

45.00

350'000.0

40.00

300'000.0

35.00

250'000.0

30.00 25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 04.04.2010

.0 M n-12

Fiscal Year Ended 31.03.2009 165'561.4 4.03x 51'170.1 13.05x 33'245.9 20.96x

400

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

ITC Ltd Holdings By:

All

Holder Name TOBACCO MANUFACTURER LIFE INSURANCE CORP UNIT TRUST OF INDIA MYDDLETON INVEST COY NEW INDIA ASSURANCE GENERAL INSURANCE CO ORIENTAL INSURANCE C NATIONAL INSURANCE C ABERDEEN ROTHMANS INTL ENTERP ICICI PRUDENTIAL LIF HARRIS TRUST & SAVIN CAPITAL GROUP COMPAN JP MORGAN VANGUARD GROUP INC VONTOBEL ASSET MANAG BLACKROCK HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT FMR LLC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

Standard Chartered SANJAY SINGH CIMB VARUN LOHCHAB BNP Paribas Equity Research VIJAY CHUGH Nomura MANISH JAIN IIFL PERCY PANTHAKI EVA Dimensions CRAIG STERLING Kotak Securities ROHIT CHORDIA ICICI Securities ANAND MOUR Goldman Sachs PUNEET JAIN Sharekhan Ltd TEAM COVERAGE Credit Suisse ARNAB MITRA Prabhudas Lilladher Pvt Ltd AMNISH AGGARWAL Antique Stock Broking Limited ABHIJEET KUNDU JPMorgan LATIKA CHOPRA Dolat Capital Market Ltd. AMIT PUROHIT Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY Motilal Oswal Securities Ltd GAUTAM DUGGAD HSBC AMIT SACHDEVA Deutsche Bank MANOJ MENON Batlivala & Karani Securities ASHIT DESAI Shah Investor's Home Limited AMEYA HARDAS Morgan Stanley NILLAI SHAH Angel Broking Limited SRINIVASAN VISWANATHAN Edelweiss Capital ABNEESH ROY Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Macquarie AMIT MISHRA SBI Capital Markets SAGARIKA MUKHERJEE Anand Rathi Securities Pvt. Ltd. ANIRUDDHA JOSHI Espirito Santo Investment Bank Research NITIN MATHUR Phillip Securities NAVEEN KULKARNI HDFC Securities HARSH MEHTA India Infoline VANMALA NAGWEKAR KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL ICICIdirect.com SANJAY MANYAL Jefferies RAJASA KAKULAVARAPU IDFC Securities Ltd NIKHIL K VORA Tata Securities Limited SAMEER DESHMUKH Religare Capital Markets GAURANG KAKKAD VCK Share & Stock Broking Services TEAM COVERAGE Elara Securities India Pvt Ltd AASHISH UPGANLAWAR Ventura Securities Ltd TEAM COVERAGE Nirmal Bang Securities Private Ltd RUCHITA MAHESHWARI UBS SUNITA SACHDEV

Source Co File Co File Co File Co File Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation outperform neutral buy buy buy hold add add Buy/Neutral buy outperform buy buy overweight accumulate buy neutral overweight buy outperform hold Overwt/In-Line neutral buy buy outperform buy buy neutral sell buy buy accumulate hold buy underperform buy hold accumulate accumulate hold hold buy

Amt Held 1'985'564'880 997'795'083 896'724'540 324'207'960 159'074'568 143'750'540 128'050'513 119'307'220 108'142'092 103'303'260 80'430'119 74'735'253 72'346'350 60'624'162 57'052'937 56'685'405 45'134'180 40'633'313 36'652'159 35'681'070

% Out 25.07 12.6 11.32 4.09 2.01 1.82 1.62 1.51 1.37 1.3 1.02 0.94 0.91 0.77 0.72 0.72 0.57 0.51 0.46 0.45

Weighting

Change 5 3 5 5 5 3 4 4 5 5 5 5 5 5 4 5 3 5 5 5 3 5 3 5 5 5 5 5 3 1 5 5 4 3 5 1 5 3 4 4 3 3 5

M M M M M D M M M U M M U M M U M U M M D M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 2'760'257 1'699'600 (1'680'960) (687'826) 396'408 685'802 (377'063) 1'329'090 166'975 1'746'861

Target Price 354 360 380 392 370 #N/A N/A 375 372 357 379 385 366 356 390 318 371 385 400 385 355 382 425 #N/A N/A 388 396 421 400 380 325 300 382 398 400 328 413 346 394 350 396 399 #N/A N/A 370 400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013 30.06.2013 28.06.2013 30.06.2013 31.07.2013 30.06.2013 30.04.2013 27.09.2013 31.08.2013 31.08.2013 31.08.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Unclassified Government Investment Advisor Holding Company Government Government Insurance Company Insurance Company Investment Advisor Private Equity Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.09.2013 27.09.2013 27.09.2013 27.09.2013 26.09.2013 18.09.2013 17.09.2013 13.09.2013 11.09.2013 05.09.2013 29.08.2013 28.08.2013 27.08.2013 26.08.2013 23.08.2013 21.08.2013 19.08.2013 09.08.2013 07.08.2013 05.08.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 22.05.2013 21.05.2013 17.05.2013

02.10.2013

Astra International Tbk PT PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts. Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Price/Volume 9000

140.0 M

8000

120.0 M

7000

100.0 M

6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASII IJ EQUITY YTD Change ASII IJ EQUITY YTD % CHANGE

12/2012 06/yy 8'300.00 5'100.00 21'543'000.00 6350 -23.49% 24.51% 39.06% 40'483.6 257'070'560.00 56'757'000.00 0.0 18'613'000.0 11'227'000.00 322'606'562.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

4000

60.0 M

3000

40.0 M

2000

20.0 M

1000 0 o-12

n-12

LTM-4Q

31.12.2009 31.12.2010 31.12.2011 31.12.2012 98'526'000.0 129'038'000.0 162'564'000.0 188'053'000.0 1.65x 1.98x 2.13x 1.98x 16'473'000.0 19'286'000.0 23'217'000.0 26'583'000.0 9.87x 13.22x 14.94x 13.99x 10'040'000.0 14'366'000.0 17'785'000.0 19'421'000.0 13.99x 15.37x 16.85x 15.83x Profitability 26'583'000.00 19'870'000.00 10.57% 14.84% 10.07% 26.68% 15.48% 1.01% 19.2% 13.3% 9.5% 10.3% 1.40 0.51 31.14% 79.71% 10.27 10.70

Price/ Cash Flow

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.20 20'180.66 -11.67% -14.69% 1.200 31 3.516 37'997'800 37'343'120 31'432'400 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 ######### ######### ######### ######### ######### ######### 7.30x 7.83x 1.62x 1.47x ######### ######### ######### ######### 13.10x 14.02x 13.16x 11.61x ######### ######### ######### ######### ######### ######### 14.70x 15.29x 13.85x 12.27x S&P Issuer Ratings Long-Term Rating Date 11.05.2011 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 26.04 (EBITDA-Capex)/Interest Exp. 15.88 Net Debt/EBITDA 1.81 Total Debt/EBITDA 2.40 Reference Total Debt/Equity 79.7% Total Debt/Capital 38.7% Asset Turnover 1.01 Net Fixed Asset Turnover 3.76 Accounts receivable turnover-days 35.53 Inventory Days 34.11 Accounts Payable Turnover Day 38.77 Cash Conversion Cycle 29.71 Sales/Revenue/Turnover

45.00

200'000'000.0

40.00

180'000'000.0

35.00

160'000'000.0 140'000'000.0

30.00

120'000'000.0

25.00 20.00

100'000'000.0 80'000'000.0

15.00

60'000'000.0

10.00

40'000'000.0

5.00

20'000'000.0

0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 97'064'000.0 0.67x 14'790'000.0 4.39x 9'191'000.0 4.65x

5000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Astra International Tbk PT Holdings By:

All

Holder Name JARDINE CYCLE & CARR FRANKLIN RESOURCES ABERDEEN OPPENHEIMERFUNDS INC CARMIGNAC GESTION VANGUARD GROUP INC JP MORGAN BLACKROCK CAPITAL GROUP COMPAN GRANTHAM MAYO VAN OT MATTHEWS INTERNATION FIL LIMITED LAZARD ASSET MANAGEM NORGES BANK T ROWE PRICE ASSOCIA INVESCO LTD AIA FINANCIAL PT DANSKE INVEST A/S UBS AG EMERGING GLOBAL SHAR

Firm Name Bahana Securities Nomura Mandiri Sekuritas PT/Indonesia Credit Suisse CIMB DBS Vickers Deutsche Bank PT Valbury Asia Securities Morgan Stanley Goldman Sachs Trimegah Securities Tbk PT Danareksa UOB Kay Hian Maybank Kim Eng JPMorgan Sucorinvest Central Gani BNP Paribas Equity Research Indo Premier Securities RHB Research Institute Sdn Bhd Macquarie UBS HSBC PT ONIX Capital Tbk BNI Securities AmCapital Indonesia EVA Dimensions Ciptadana Sekuritas PT Batavia Prosperindo Sekuritas

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst LEONARDO HENRY GAVAZA WILIANTO IE ADRIAN JOEZER TEDDY OETOMO PETER PAULUS SUTEDJA JAY KIM RACHMAN KOESWANTO BUDI RUSTANTO HOZEFA TOPIWALLA MIANG CHUEN KOH FREDERICK DANIEL TANGGELA HELMY KRISTANTO STEFANUS DARMAGIRI PANDU ANUGRAH ADITYA SRINATH ARIEF BUDIMAN ELVIRA TJANDRAWINATA AGUS PRAMONO ANDREY WIJAYA LYALL TAYLOR BONNY BUDI SETIAWAN MARK CARMERON ROSS WEBB BAGUS HANANTO THENDRA CRISNANDA AKHMAD NURCAHYADI CRAIG STERLING MITCHEL JAUWANTO WISNU KARTO

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold buy sell outperform underperform hold buy buy Underwt/No Rating neutral/neutral buy buy buy buy overweight hold hold hold buy neutral neutral overweight buy buy buy sell hold hold

Amt Held 20'288'255'040 1'696'804'340 1'377'543'204 674'026'020 641'096'730 593'550'928 462'174'758 408'146'330 357'532'000 266'537'500 229'488'800 211'252'309 191'334'500 179'008'673 174'523'000 126'082'890 124'481'612 100'539'500 87'914'730 81'884'907

% Out 50.11 4.19 3.4 1.66 1.58 1.47 1.14 1.01 0.88 0.66 0.57 0.52 0.47 0.44 0.43 0.31 0.31 0.25 0.22 0.2

Weighting

Change 3 5 1 5 1 3 5 5 1 3 5 5 5 5 5 3 3 3 5 3 3 5 5 5 5 1 3 3

M M M M M M M M M M M M M M M M M M U U M U M M M D M D

Latest Chg (12'713'500) (43'770'150) 23'970'992 22'091'699 16'603'500 (119'586'982) 4'995'500 (14'091'000) 31'500'000 (1'074'069) 6'058'500 (8'214'500) 3'292'000 (6'888'942) 5'126'500 (9'015'000) (157'355)

Target Price 6'300 8'800 5'500 8'370 6'000 #N/A N/A 8'700 8'000 5'100 6'300 8'000 7'750 7'900 8'000 7'700 7'200 7'120 6'650 7'600 6'200 7'000 7'400 8'200 8'600 8'900 #N/A N/A 7'500 7'450

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 30.06.2013 31.08.2013 31.07.2013 28.06.2013 30.06.2013 31.07.2013 27.09.2013 31.07.2013 31.05.2013 28.06.2013 30.04.2013 31.08.2013 31.12.2012 30.06.2013 30.09.2013 31.07.2013 31.05.2013 30.06.2013 27.09.2013

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 9 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 01.10.2013 01.10.2013 01.10.2013 24.09.2013 24.09.2013 20.09.2013 17.09.2013 17.09.2013 16.09.2013 16.09.2013 16.09.2013 12.09.2013 11.09.2013 23.08.2013 21.08.2013 14.08.2013 12.08.2013 02.08.2013 01.08.2013 31.07.2013 18.07.2013 16.07.2013 16.07.2013 01.05.2013 26.04.2013 21.03.2013 09.01.2013 17.12.2012

02.10.2013

Itausa - Investimentos Itau SA Itausa - Investimentos Itau S.A. is a holding company. The Company operates in the finance, insurance, construction materials, electronics, chemicals, real estate, and telecommunications industries. Itausa has operations in Portugal, the United States, Luxembourg, Argentina, Germany, and Belgium.

Price/Volume 12

35.0 M

30.0 M 25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITSA4 BZ EQUITY YTD Change ITSA4 BZ EQUITY YTD % CHANGE

12/2012 06/yy 9.78 7.50 11'141'300.00 9.09 -7.05% 21.20% 69.76% 3'364.4 52'656.02 0.0 2'682.0 191'495.00 56'565.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 15'734.7 9'342.0 2'699.7 11.52x

20.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'299.0 5'240.0 (12'926.0) (13'154.0) 4'362.0 4'417.0 5.74x 6.53x Profitability

LTM-4Q 31.12.2011 5'094.0 (3'530.0) 4'837.0 10.25x

31.12.2012 5'653.0 (11'434.0) 4'539.0 10.35x -11'434.00 -12'904.00 -228.27% 117.34% 2.60% 14.98% 0.03% 28.6% -152.2% -170.1% 80.3% 1.20 1.08 0.00% 0.00% 0.16 2.08

Price/ Cash Flow

LTM

06/yy 4'796.0 0.00x (6'941.0) 0.00x 4'754.0 9.09x

06/yy 5'593.0 18.63x (8'512.0) 0.00x 4'644.0 9.50x

FY+1

0.96 2'754.80 15.77% 6.66% 0.956 8 4.750 11'546'140 13'080'070 14'806'970 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'728.0 6'845.5 1'457.0 1'520.0 5'629.5 6'738.5 9.14x 7.70x 7.97x S&P Issuer Ratings

-0.64 -0.72 -0.30 0.0% 0.03 1.25 2311.94 175.82 -

Sales/Revenue/Turnover

30.00

18'000.0 16'000.0

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Itausa - Investimentos Itau SA Holdings By:

All

Holder Name BLACKROCK BARRETTO VI ANA LUCI ARRUDA VILL ALFREDO RUDRIC ITH SA FRANKLIN RESOURCES VANGUARD GROUP INC DYNAMO INTERNACIONAL INVESTIDOR PROFISSIO SETUBAL MARIA ALICE MARINO RODOLFO VILLE MARINO RICARDO VILLE SETUBAL ROBERTO EGYD SETUBAL NETO PAULO BTG PACTUAL GLOBAL A CSHG ASSET MGMT SA QUATRO A ADMIN DE RE SETUBAL RICARDO EGYD SETUBAL JR OLAVO EGY SETUBAL ALFREDO EGYD ITAU UNIBANCO SA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Credit Suisse MARCELO TELLES Goldman Sachs CARLOS G MACEDO EVA Dimensions DOUG WALTERS UBS PHILIP FINCH Nau Securities Ltd PEDRO BAPTISTA Agora CTVM SA ALOISIO VILLETH LEMOS Grupo Santander BORIS MOLINA SLW Corretora de Valores e Cambio LTDPEDRO GALDI Sociedade Corretora Paulista MARCELO VAREJAO

Source ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG

Recommendation outperform Buy/Neutral overweight buy buy hold buy buy Under Review

Amt Held 245'257'949 147'026'057 147'026'057 105'979'881 89'090'936 82'861'417 44'535'725 30'252'651 27'251'969 26'915'525 26'915'525 22'541'753 22'541'753 22'129'264 21'819'924 21'490'068 20'186'644 20'186'644 19'513'756 18'978'253

% Out 7.29 4.37 4.37 3.15 2.65 2.46 1.32 0.9 0.81 0.8 0.8 0.67 0.67 0.66 0.65 0.64 0.6 0.6 0.58 0.56

Weighting

Change

5 5 5 5 5 3 5 5 #N/A N/A

M M U M U M M M M

Latest Chg (310'742) 750'641 3'676'831 (1'697'976) (13'041) (1'132'783) (80'748) (3) 68'547

Target Price 11 12 #N/A N/A 10 11 11 12 #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 27.09.2013 29.05.2013 29.05.2013 29.05.2013 30.06.2013 30.06.2013 31.08.2013 31.08.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 29.05.2013 31.08.2013 31.08.2013 31.08.2013 29.05.2013 29.05.2013 29.05.2013 31.08.2013

Date Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor n/a n/a Other Investment Advisor Investment Advisor Investment Advisor Other n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor

Date 01.10.2013 26.09.2013 20.08.2013 06.08.2013 22.05.2013 07.05.2013 07.01.2013 31.10.2012 11.08.2011

02.10.2013

FirstRand Ltd FirstRand Limited is a financial services group providing banking and insurance products and services to retail, commercial, corporate and public sector customers through its portfolio of separately branded franchises. In addition to South Africa, the Group operates in African territories.

Price/Volume 4000

60.0 M

3500

50.0 M

3000 40.0 M

2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FSR SJ EQUITY YTD Change FSR SJ EQUITY YTD % CHANGE

06/2013 01/yy 3'470.00 2'545.00 736'849.00 3405 -1.90% 33.79% 96.32% 5'637.9 191'971.91 0.00 4'519.0 2'924.0 49'620.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

1000 10.0 M

500 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

Fiscal Year Ended 30.06.2009 72'074.0 6'965.0 10.55x

30.0 M

1500

30.06.2010 30.06.2011 65'620.0 67'752.0 9'788.0 20'366.0 10.03x 10.84x Profitability

30.06.2012 70'829.0 13'471.0 11.40x

30.06.2013 56'329.0 14'836.0 10.46x 36.33% 37.02% 1.81% 22.03% 19.93% 0.07% 26.3% 0.00% 0.00% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.99 0.73 2'742.05 26.47% 11.73% 0.728 19 3.632 11'659'210 10'831'030 9'438'156 FY+2

06/14 Y 06/15 Y 61'373.9 68'271.3 17'161.3 19'218.8 11.13x 9.90x S&P Issuer Ratings

FQ+1

FQ+2

16.10.2012 BBBNEG 16.10.2012 A-3 0.0% 0.0% 0.07 4.32 -

Sales/Revenue/Turnover

35.00

120'000.0

30.00

100'000.0

25.00

80'000.0

20.00

60'000.0 15.00

40'000.0 10.00

20'000.0

5.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

FirstRand Ltd Holdings By:

All

Holder Name RMB HOLDINGS LTD GOVERNMENT EMP PENSI FIRST RAND EMPOWERME STATE STREET CUSTODI JP MORGAN CUSTODIAN JP MORGAN EQUITIES L NORTHERN TR AVFC GOV VANGUARD GROUP INC LIBERTY LIFE ASSURAN JP MORGAN BLACKROCK OLD MUTUAL BANK OF NEW YORK WILLIAM BLAIR & COMP CITIBANK NEW YORK STATE STREET CORP BANK OF NY CUSTODIAN CITIBANK LONDON UMB BANK N A MOMENTUM

Firm Name Macquarie Arqaam Capital Limited Renaissance Capital Barclays Deutsche Bank UBS JPMorgan Nedgroup Securities SBG Securities Morgan Stanley Goldman Sachs BNP Paribas Cadiz Securities NOAH Capital Markets EVA Dimensions Avior Research Afrifocus Securities HSBC Legae Securities Imara

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CHARLES RUSSELL JAAP MEIJER ILAN STERMER CHANTELLE BAPTISTE STEFAN SWANEPOEL STEPHAN POTGIETER NANA FRANCOIS DAVID S DANILOWITZ VOYT KRZYCHYLKIEWICZ GREG SAFFY WALEED MOHSIN DEBBIE TREDOUX LISA HAAKMAN DOUG WALTERS HARRY BOTHA JOHANN SCHOLTZ JAN ROST PETER MUSHANGWE TEAM COVERAGE

Source SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG ULT-AGG SJ-REG ULT-AGG ULT-AGG ULT-AGG SJ-REG 13F SJ-REG ULT-AGG SJ-REG SJ-REG MF-AGG MF-AGG

Recommendation outperform hold hold equalweight hold neutral neutral buy buy Overwt/In-Line Buy/Neutral hold buy underweight neutral hold neutral hold add

Amt Held 1'912'687'952 465'081'340 285'953'846 254'616'025 211'865'030 105'219'793 94'701'575 86'854'268 71'035'035 68'868'734 58'758'482 56'823'196 46'552'695 44'059'975 42'255'534 37'829'983 33'903'444 33'070'925 27'736'487 26'892'176

% Out 33.93 8.25 5.07 4.52 3.76 1.87 1.68 1.54 1.26 1.22 1.04 1.01 0.83 0.78 0.75 0.67 0.6 0.59 0.49 0.48

Weighting

Change 5 3 3 3 3 3 3 5 5 5 5 3 5 1 3 3 3 3 4

M N M M M M M M M M U M M M M M M M M

Latest Chg (63'000'000) 5'315'497 4'920'234 (773'151) 4'620'766 1'615'256 (8'103'208) 10'353'205 (174'501) 946'668 4'824'209 (13'607'922) 614'595 378'054 (6'251'678) 171'269 16'093'432

Target Price 3'700 3'810 3'400 3'601 3'300 3'400 3'300 3'675 3'600 3'500 3'590 2'907 5'638 #N/A N/A 2'961 3'302 3'300 2'880 2'501

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 31.07.2013 27.09.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.07.2013 30.06.2013

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Government Other Other Investment Advisor Investment Advisor Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 25.09.2013 21.09.2013 12.09.2013 12.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 15.07.2013 04.07.2013 06.06.2013 29.04.2013 16.04.2013 26.03.2013 09.07.2012 23.02.2012

02.10.2013

Formosa Plastics Corp Formosa Plastics Corporation manufactures and markets plastics materials and chemical fiber products. The Company's products include PVC (Polyvinyl Chloride) resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.

Price/Volume 90

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1301 TT EQUITY YTD Change 1301 TT EQUITY YTD % CHANGE

12/2012 12/yy 80.87 64.71 8'412'272.00 77.6 -4.04% 19.92% 76.07% 6'365.7 493'981.47 85'471.27 0.0 0.0 60'235.18 519'217.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

15.0 M

10.0 M

5.0 M

10 0 o-12

31.12.2009 31.12.2010 156'969.6 194'446.0 2.59x 2.90x 21'577.5 36'835.0 18.87x 15.30x 27'533.4 45'546.4 14.96x 13.10x Profitability

LTM-4Q 31.12.2011 187'603.3 2.65x 32'857.5 15.15x 35'724.5 13.84x

31.12.2012 173'034.8 2.93x 13'543.3 37.39x 14'662.5 32.75x 13'543.31 5'744.26 3.32% 9.48% 4.30% 6.27% 5.05% 0.51% 8.5% 7.8% 3.3% 8.5% 2.53 1.51 24.85% 37.72% 15.20 9.02

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.92 3'961.28 17.88 -2.33% 4.26% 0.921 22 3.136 5'026'252 6'233'914 7'514'420 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 187'603.3 173'034.8 192'001.1 207'307.8 44'676.7 40'151.3 11.68x 11.85x 2.87x 2.66x 32'857.5 13'543.3 18'491.8 23'164.4 15.15x 37.39x 28.08x 22.41x 35'724.5 14'662.5 21'899.5 27'092.6 7'408.4 5'114.0 13.85x 32.83x 22.17x 18.44x 20.69x 19.45x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 11.53 (EBITDA-Capex)/Interest Exp. 6.63 Net Debt/EBITDA 1.86 Total Debt/EBITDA 6.31 Reference Total Debt/Equity 37.7% Total Debt/Capital 27.4% Asset Turnover 0.51 Net Fixed Asset Turnover 3.26 Accounts receivable turnover-days 24.07 Inventory Days 40.57 Accounts Payable Turnover Day 28.92 Cash Conversion Cycle 35.73 Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 182'042.2 1.56x 17'430.5 16.28x 19'709.5 12.64x

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Formosa Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA CHEMICALS & MERRILL LYNCH SEC TA NAN YA PLASTICS CORP YUNG-TSAI WANG CHIN'S INTL INVESTME WAN SHUN INTL INVEST VANGUARD GROUP INC FORMOSA PETROCHEMICA BLACKROCK MING CHI UNIV OF TEC NORGES BANK POLARIS SEC INVESTME CAPITAL GROUP COMPAN MIN-TING HO EASTSPRING INVESTMEN BANK OF NEW YORK MEL WEN-CHAO WANG DIMENSIONAL FUND ADV SWEDBANK ROBUR FONDE

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Capital Securities Corp ZHAN MINGFENG Nomura JESSE WANG Jih Sun Securities STEPHEN WAN KGI Securities AARON LIU BNP Paribas Equity Research POR YONG LIANG SinoPac MATT TSAI CIMB ANDRE CHANG Mega Securities YOU JIANHENG Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN Yuanta Securities Investment ConsultingYVONNE TSAI Macquarie CORINNE JIAN UBS JOHN CHUNG HSBC DENNIS HYUNCHUL YOO Deutsche Bank SHAWN PARK EVA Dimensions TIMOTHY STANISH Fubon Securities KERRY WU E Sun Securities HONG CLIFF President Capital Management TOM HUNG Barclays SIDNEY YEH JPMorgan SAMUEL SW LEE

Source EXCH EXCH Co File EXCH Co File Co File Co File ULT-AGG EXCH ULT-AGG Co File MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG EXCH ULT-AGG MF-AGG

Recommendation neutral buy neutral neutral reduce neutral outperform neutral Overwt/Attractive outperform hold outperform neutral neutral not rated sell neutral neutral neutral equalweight Rating Suspended

Amt Held 601'000'000 487'000'000 398'731'554 295'000'000 281'748'388 264'692'768 194'241'528 142'601'777 131'000'000 107'648'613 90'155'577 61'472'133 42'594'006 39'665'600 27'824'363 20'352'800 15'375'886 11'967'727 10'370'785 9'903'902

% Out 9.44 7.65 6.26 4.63 4.43 4.16 3.05 2.24 2.06 1.69 1.42 0.97 0.67 0.62 0.44 0.32 0.24 0.19 0.16 0.16

Weighting

Change

3 5 3 3 2 3 5 3 5 5 3 5 3 3 #N/A N/A 1 3 3 3 3 #N/A N/A

M M M M M M M M M M M M M U M M D M D N M

Latest Chg (11'035) 110'870 206'895 8'574'802 (460'365) (1'103'440) 39'972'784 (1'678'560)

Target Price #N/A N/A 90 #N/A N/A 77 60 78 82 82 88 86 71 92 70 78 #N/A N/A #N/A N/A 74 #N/A N/A 78 70 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.08.2013 16.04.2013 31.08.2013 16.04.2013 16.04.2013 16.04.2013 30.06.2013 31.08.2013 27.09.2013 16.04.2013 31.12.2012 31.08.2013 30.06.2013 31.08.2013 15.04.2013 27.09.2013 31.08.2013 30.04.2013 31.03.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 6 month Not Provided Not Provided

Inst Type Other Corporation Corporation Corporation n/a Other Other Investment Advisor Corporation Investment Advisor Other Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 09.09.2013 06.09.2013 03.09.2013 26.08.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 12.08.2013 06.08.2013 22.07.2013 21.07.2013 02.07.2013 06.06.2013 06.05.2013 06.02.2013 15.01.2013 11.10.2012 10.05.2012

02.10.2013

Mobile Telesystems OJSC Mobile TeleSystems OJSC ("MTS") is a telecommunications group, offering mobile and fixed voice, broadband and pay TV services. Including its subsidiaries, the Group services over 100 million mobile subscribers in Russia, Ukraine, Turkmenistan, Armenia and Belarus.

Price/Volume 25

6.0 M

5.0 M 4.0 M

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MBT US EQUITY YTD Change MBT US EQUITY YTD % CHANGE

12/2012 06/yy 23.00 16.21 1'784'837.00 22.94 -0.26% 41.52% 99.12% 1'033.2 23'701.76 7'641.90 0.0 183.3 857.63 28'847.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'900.9 1.12x 5'849.7 2.27x 2'000.1 3.64x

2.0 M

31.12.2009 31.12.2010 9'823.5 11'293.2 2.18x 2.06x 4'462.2 4'862.9 4.80x 4.79x 1'004.5 1'380.6 13.86x 11.80x Profitability

LTM-4Q 31.12.2011 12'318.7 1.49x 5'163.1 3.55x 1'443.9 7.80x

31.12.2012 12'435.7 1.86x 4'898.3 4.71x 1'007.3 16.00x 4'898.35 2'623.48 21.10% 13.03% 16.13% 79.73% 27.03% 0.79% 71.6% 44.2% 26.0% 8.1% 0.81 0.52 51.01% 209.63% 10.64 13.38

Price/ Cash Flow

LTM

06/yy 12'392.4 6.35x 5'359.3 3.80x 585.3 24.59x

06/yy 12'432.6 7.25x 5'497.3 4.10x 2'521.6 6.83x

FY+1

0.91 4.16 36.08% 28.64% 0.907 24 4.500 1'849'521 1'819'876 1'655'172 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'570.7 13'193.7 2'977.4 2.39x 2.25x 5'374.3 5'588.9 1'288.7 5.37x 5.16x 1'968.2 2'037.8 454.2 402.0 10.94x 10.52x 13.00x 13.57x S&P Issuer Ratings

25.07.2013 BB+ STABLE 7.30 3.36 0.96 1.43 209.6% 66.6% 0.79 1.53 34.30 27.29 96.63 -21.55

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Mobile Telesystems OJSC Holdings By:

All

Holder Name LAZARD ASSET MANAGEM CAPITAL GROUP COMPAN JP MORGAN BLACKROCK UBS AG VANGUARD GROUP INC SCHRODER INVESTMENT BARING INTERNATIONAL WELLS FARGO & COMPAN COMGEST S A SUN LIFE FINANCIAL I STATE STREET CORP FIL LIMITED NORGES BANK CREDIT SUISSE AG BANK OF NEW YORK MEL DEUTSCHE BANK AG MACQUARIE GROUP GOLDMAN SACHS GROUP LSV ASSET MANAGEMENT

Firm Name Gazprombank Infina Investment Company Uralsib JPMorgan Deutsche Bank EVA Dimensions Alfa-Bank HSBC UFS-Finance Investment Company Barclays Otkritie Capital VTB Capital Morgan Stanley New Street Research Raiffeisenbank AG Sberbank CIB Credit Suisse Goldman Sachs UBS Renaissance Capital IFC Metropol RMG Securities Riedel Research Group Inc

Portfolio Name n/a n/a n/a n/a n/a n/a SCHRODER INVESTMENT BARING INTERNATIONAL n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a BANK OF NEW YORK MEL n/a n/a n/a LSV ASSET MANAGEMENT

Analyst SERGEY VASIN MARIA SHIPOVSKIKH KONSTANTIN B CHERNYSHEV ALEXEI GOGOLEV IGOR SEMENOV ANDREW S ZAMFOTIS ELINA KULIEVA HERVE DROUET ANNA MILOSTNOVA JOHN-PAUL DAVIDS ALEXANDER VENGRANOVICH IVAN KIM CESAR TIRON CHRIS HOARE SERGEY LIBIN ANNA LEPETUKHINA OLGA BYSTROVA ALEXANDER BALAKHNIN ALEXANDER WRIGHT ALEXANDER KAZBEGI EVGENY GOLOSNOY KSENIA ARUTYUNOVA DAVID R RIEDEL

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F

Recommendation overweight hold buy overweight hold overweight equalweight overweight hold equalweight hold buy Overwt/In-Line buy buy buy outperform Buy/Neutral buy buy buy buy buy

Amt Held 49'953'014 47'620'896 22'424'960 21'927'908 20'186'224 16'180'263 13'184'355 11'452'307 8'958'375 7'908'000 7'525'695 6'866'784 5'533'411 5'316'728 4'857'015 4'737'824 4'404'956 4'309'224 4'175'126 4'071'149

% Out 4.83 4.61 2.17 2.12 1.95 1.57 1.28 1.11 0.87 0.77 0.73 0.66 0.54 0.51 0.47 0.46 0.43 0.42 0.4 0.39

Weighting

Change 5 3 5 5 3 5 3 5 3 3 3 5 5 5 5 5 5 5 5 5 5 5 5

M M M M M U M M M M M M M M U M M M M M M M N

Latest Chg 1'424'742 2'249'700 (1'211'771) (1'264'051) (1'388'113) 492'165 (1'037'456) (122'984) 1'030'907 335'750 (70'823) 217'685 90'608 (801'884) 2'190'412 399'519 533'342 4'100

Target Price 27 22 24 27 21 #N/A N/A 25 25 21 21 22 23 21 23 24 24 25 25 25 23 25 24 23

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 30.06.2013 31.08.2013 27.09.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013 31.12.2012 30.06.2013 27.09.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 30.08.2013 31.07.2013 31.07.2013 30.06.2013

Date 12 month Not Provided 12 month 15 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.10.2013 01.10.2013 26.09.2013 12.09.2013 11.09.2013 05.09.2013 03.09.2013 28.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 20.08.2013 20.08.2013 17.07.2013 28.06.2013 07.06.2013 05.06.2013 16.05.2013 16.05.2013 21.03.2013 13.12.2012 10.07.2012

02.10.2013

China Steel Corp China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Price/Volume 30

70.0 M

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2002 TT EQUITY YTD Change 2002 TT EQUITY YTD % CHANGE

12/2012 12/yy 28.12 22.77 9'401'224.00 25.65 -8.78% 12.64% 54.76% 15'425.2 395'656.50 103'228.06 382.7 0.0 3'345.91 495'921.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

20.0 M

10.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 256'358.0 1.33x 44'728.8 7.64x 24'030.4 11.38x

40.0 M

Valuation Analysis

31.12.2009 31.12.2010 165'408.9 239'186.9 2.61x 2.14x 21'270.7 50'776.6 20.29x 10.07x 19'602.5 37'586.8 21.43x 11.84x Profitability

LTM-4Q 31.12.2011 240'376.0 2.11x 30'706.0 16.50x 19'493.7 21.18x

31.12.2012 207'193.1 2.46x 20'440.7 24.93x 5'811.5 71.97x 20'440.71 2'689.57 1.30% 2.96% 1.37% 2.03% 1.88% 0.49% 4.3% 9.9% 1.3% 2.8% 1.05 0.12 24.16% 37.14% 45.08 3.45

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.68 10'607.91 526.40 -0.70% -3.79% 0.684 26 2.769 13'268'760 14'689'790 15'914'280 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 240'376.0 207'193.1 208'006.0 215'373.0 50'643.5 51'953.0 8.71x 9.94x 2.38x 2.34x 30'706.0 20'440.7 28'676.2 31'082.8 7'109.0 4'112.0 16.50x 24.93x 17.29x 15.95x 19'493.7 5'811.5 14'640.4 16'983.2 2'684.5 3'888.4 20.64x 92.49x 26.92x 22.52x 25.02x 22.30x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.29 0.21 4.89 5.05 37.1% 27.1% 0.49 1.08 8.12 106.01 9.77 104.35

Sales/Revenue/Turnover

50.00

300'000.0

45.00

250'000.0

40.00 35.00

200'000.0

30.00

150'000.0

25.00 20.00

100'000.0

15.00 10.00

50'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

China Steel Corp Holdings By:

All

Holder Name MINISTRY OF ECONOMIC CHINA STEEL ESOT VANGUARD GROUP INC BLACKROCK YUN HUNG INVESTMENT CHUNGHWA POST CO LTD YUN YING INVESTMENT MARUICHI STEEL TUBE GIC PRIVATE LIMITED CIVIL SERVANTS PENSI NORGES BANK POLARIS SEC INVESTME HKSSTEEL TECH CORP DIMENSIONAL FUND ADV ROBECO BANK OF NEW YORK MEL CREDIT SUISSE AG EATON VANCE MANAGEME PICTET FUNDS YODOGAWA STEEL WORKS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Capital Securities Corp IVY LIU Ji Asia SAMUEL THAWLEY Deutsche Bank JAMES KAN E Sun Securities KUN HSIEN LEE Sanford C. Bernstein & Co VANESSA LAU Barclays EPHREM RAVI Yuanta Securities Investment ConsultingYVONNE TSAI Jih Sun Securities ERIC CHANG IBT Securities Co Ltd PETER TZENG Credit Suisse JEREMY CHEN KGI Securities MARC WANG S&P Capital IQ NG SU PENG UBS SON YONG-SUK Fubon Securities KEVIN LIN President Capital Management WEICHUN TSENG BNP Paribas Equity Research JENNY TSAI VTB Capital WIKTOR BIELSKI Masterlink Securities CHARLES KO EVA Dimensions TIMOTHY STANISH SinoPac CHEN YILI JPMorgan DANIEL KANG HSBC SIMON FRANCIS Macquarie CORINNE JIAN

Source EXCH Co File ULT-AGG ULT-AGG Co File Co File Co File Co File ULT-AGG Co File MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Co File

Recommendation neutral sell hold buy on weakness market perform underweight buy neutral neutral underperform outperform hold neutral add neutral reduce hold hold sell neutral neutral underweight neutral

Amt Held 3'090'000'000 583'303'861 356'568'639 323'886'575 242'966'011 229'406'067 155'781'705 150'766'445 145'840'190 127'385'606 110'417'537 92'553'370 68'925'082 36'366'524 21'826'784 20'001'877 14'694'083 13'904'432 12'561'715 8'613'785

% Out 20.03 3.78 2.31 2.1 1.58 1.49 1.01 0.98 0.95 0.83 0.72 0.6 0.45 0.24 0.14 0.13 0.1 0.09 0.08 0.06

Weighting

Change 3 1 3 5 3 1 5 3 3 1 5 3 3 4 3 2 3 3 1 3 3 1 3

M M M M M M N M M M M M U M M M M M M M M D U

Latest Chg 15'518'651 (11'919) (6'026'269) 1'928'394 2'487'029 (274'720) 365'619 (474'700) -

Target Price #N/A N/A 22 25 #N/A N/A 25 21 29 28 #N/A N/A 22 30 27 26 30 27 22 26 28 #N/A N/A #N/A N/A 28 25 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.12.2012 30.06.2013 27.09.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 30.06.2013 31.08.2013 30.04.2013 30.04.2013 27.09.2013 31.05.2013 31.07.2013 31.05.2013 31.03.2013

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month 12 month 12 month 3 month Not Provided Not Provided 3 month Not Provided 12 month

Inst Type n/a n/a Investment Advisor Investment Advisor Other Government Other Corporation Government Other Government Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation

Date 01.10.2013 27.09.2013 18.09.2013 16.09.2013 13.09.2013 11.09.2013 10.09.2013 03.09.2013 02.09.2013 30.08.2013 30.08.2013 27.08.2013 23.08.2013 19.08.2013 16.08.2013 13.08.2013 05.08.2013 11.06.2013 06.06.2013 26.04.2013 26.03.2013 21.02.2013 16.11.2012

02.10.2013

Nan Ya Plastics Corp Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber products. The Company's products include polyester filament yarns, flexible PVC (Polyvinyl Chloride) film products, plastic leather products, and rigid film products. Nan Ya also manufactures printed circuit boards.

Price/Volume 70

45.0 M

40.0 M 35.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1303 TT EQUITY YTD Change 1303 TT EQUITY YTD % CHANGE

12/2012 12/yy 66.34 45.54 6'428'127.00 63.9 -3.67% 40.30% 81.55% 7'930.8 506'779.50 109'413.72 0.0 0.0 37'950.86 578'242.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 o-12

31.12.2009 31.12.2010 160'964.4 212'248.6 3.20x 2.82x 17'312.1 35'054.5 29.75x 17.09x 16'403.8 40'973.8 27.89x 13.93x Profitability

LTM-4Q 31.12.2011 194'021.8 2.76x 29'311.3 18.28x 23'143.0 20.37x

31.12.2012 183'042.9 2.79x 16'278.4 31.40x 4'216.0 103.70x 16'278.38 8'466.51 4.63% 2.48% 1.05% 1.65% 1.64% 0.46% 10.7% 8.9% 4.6% 2.3% 3.03 1.42 27.78% 44.37% 9.45 6.74

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.07 4'440.49 7.79 11.43% 15.81% 1.072 24 3.667 5'773'625 7'922'104 8'079'428 FY+2

FQ+1

FQ+2

12/yy 12/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 194'021.8 183'042.9 191'323.4 193'085.4 45'634.0 47'811.7 12.68x 11.75x 3.10x 3.08x 29'311.3 16'278.4 20'532.1 22'829.3 18.28x 31.40x 28.16x 25.33x 23'143.0 4'216.0 24'020.9 26'655.0 7'505.0 4'352.6 20.42x 104.16x 21.23x 19.36x 22.49x 22.15x S&P Issuer Ratings Long-Term Rating Date 06.05.2009 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 8.38 (EBITDA-Capex)/Interest Exp. 5.58 Net Debt/EBITDA 4.39 Total Debt/EBITDA 6.72 Reference Total Debt/Equity 44.4% Total Debt/Capital 30.7% Asset Turnover 0.46 Net Fixed Asset Turnover 2.78 Accounts receivable turnover-days 38.73 Inventory Days 54.33 Accounts Payable Turnover Day 25.76 Cash Conversion Cycle 67.30 Sales/Revenue/Turnover

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 208'718.6 1.65x 19'881.2 17.37x 9'386.4 28.70x

30.0 M

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Nan Ya Plastics Corp Holdings By:

All

Holder Name CHANG GUNG MEDICAL F FORMOSA PLASTICS COR YUNG-TSAI WANG FORMOSA CHEMICALS & CHANG GUNG UNIVERSIT WAN SHUN INTL INVEST FORMOSA PETROCHEMICA VANGUARD GROUP INC CHIN'S INTL INVESTME BLACKROCK FAN CHIA TE CATHAY LIFE INSURANC NORGES BANK POLARIS SEC INVESTME JUI-YU WANG BANK OF NEW YORK MEL DIMENSIONAL FUND ADV KUI-YUN WANG CAISSE DE DEPOT ET P FIL LIMITED

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst

Capital Securities Corp ZHAN MINGFENG Nomura JESSE WANG E Sun Securities HONG CLIFF Jih Sun Securities STEPHEN WAN KGI Securities AARON LIU BNP Paribas Equity Research POR YONG LIANG IBT Securities Co Ltd FILOLI TSAI Mega Securities YOU JIANHENG Morgan Stanley TIMOTHY HSIAO Credit Suisse JEREMY CHEN Yuanta Securities Investment ConsultingYVONNE TSAI CIMB ANDRE CHANG Macquarie CORINNE JIAN HSBC DENNIS HYUNCHUL YOO SinoPac MATT TSAI Deutsche Bank SHAWN PARK EVA Dimensions TIMOTHY STANISH Masterlink Securities FRANK FU Fubon Securities KERRY WU Barclays SIDNEY YEH President Capital Management TOM HUNG UBS JOHN CHUNG JPMorgan SAMUEL SW LEE

Source EXCH EXCH Co File EXCH Co File Co File EXCH ULT-AGG Co File ULT-AGG Co File Co File MF-AGG MF-AGG EXCH MF-AGG ULT-AGG EXCH MF-AGG ULT-AGG

Recommendation neutral neutral buy buy outperform reduce neutral buy on weakness Overwt/Attractive neutral buy neutral outperform underweight buy not rated sell buy add overweight buy sell Rating Suspended

Amt Held 877'000'000 783'000'000 428'697'324 413'000'000 317'469'186 189'777'620 179'000'000 165'986'247 147'556'933 119'798'569 116'988'743 110'607'120 75'646'811 44'197'230 19'052'421 15'819'476 13'625'972 11'613'271 8'226'225 7'736'492

% Out 11.06 9.87 5.41 5.21 4 2.39 2.26 2.09 1.86 1.51 1.48 1.39 0.95 0.56 0.24 0.2 0.17 0.15 0.1 0.1

Weighting

Change

3 3 5 5 5 2 3 5 5 3 5 3 5 1 5 #N/A N/A 1 5 4 5 5 1 #N/A N/A

M M N M M M M U M M M M M M U M M M M M U D M

Latest Chg (260'376) (327'751) (214'423) 10'367'651 (171'750) 270'185 (1) 1'645'290 (1) 4'471'433

Target Price #N/A N/A 63 #N/A N/A 69 71 50 69 68 68 61 75 62 67 57 71 #N/A N/A #N/A N/A 74 71 68 64 50 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.08.2013 26.04.2013 31.08.2013 26.04.2013 26.04.2013 31.08.2013 30.06.2013 26.04.2013 27.09.2013 26.04.2013 26.04.2013 31.12.2012 31.08.2013 31.08.2013 27.09.2013 30.04.2013 31.08.2013 31.12.2012 31.10.2012

Date Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 6 month Not Provided 6 month 12 month Not Provided

Inst Type n/a Corporation n/a Corporation Other Other Corporation Investment Advisor Other Investment Advisor n/a Insurance Company Government Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 17.09.2013 16.09.2013 06.09.2013 03.09.2013 28.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 06.08.2013 21.07.2013 10.07.2013 02.07.2013 06.06.2013 22.05.2013 06.05.2013 02.05.2013 24.04.2013 28.02.2013 10.05.2012

02.10.2013

CIMB Group Holdings Bhd CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Price/Volume 9

80.0 M

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (20.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIMB MK EQUITY YTD Change CIMB MK EQUITY YTD % CHANGE

12/2012 06/yy 8.70 6.90 10'131'800.00 7.5 -14.02% 8.70% 33.33% 7'615.8 57'118.85 51'717.46 200.0 774.8 42'522.14 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

3 2

20.0 M

10.0 M

0 o-12

31.12.2009 31.12.2010 14'797.0 15'955.1 2'806.8 3'500.8 16.15x 17.45x Profitability

LTM-4Q 31.12.2011 17'421.8 4'030.8 13.73x

31.12.2012 19'031.8 4'344.8 13.07x 38.05% 44.06% 1.37% 16.26% 5.71% 0.06% 33.7% 15.34% 182.25% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 18'482.6 0.00x 0.0 0.00x 4'264.6 13.21x

06/yy 19'520.9 0.00x 0.0 0.00x 4'664.9 13.21x

a-13

m-13

j-13

a-13

s-13

FY+1

.0 M o-13

1.46 4'149.05 2.92% 2.38% 1.461 28 3.393 12'672'780 17'365'420 14'994'750 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 14'450.9 15'919.8 3'640.5 3'768.5 4'434.8 5'056.6 1'054.0 1'220.0 12.44x 11.16x S&P Issuer Ratings

10.09.2008 BBBSTABLE 17.11.2006 A-3 182.3% 63.8% 0.06 12.77 -

Sales/Revenue/Turnover

90.00

20'000.0

80.00

18'000.0

70.00

16'000.0 14'000.0

60.00

12'000.0

50.00 40.00

10'000.0 8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 12'932.1 1'952.0 10.12x

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

CIMB Group Holdings Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT MITSUB UFJ FINANCIAL ABERDEEN VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA FIL LIMITED ABDUL RAZAK MOHAMED NORGES BANK WILLIAM BLAIR & COMP JP MORGAN CAPITAL GROUP COMPAN FMR LLC DANSKE INVEST A/S CARMIGNAC GESTION DIMENSIONAL FUND ADV MORGAN STANLEY SCHRODER INVESTMENT CAISSE DE DEPOT ET P

Firm Name RHB Research Institute Sdn Bhd AmResearch Sdn Bhd Affin Securities Sdn Bhd TA Securities Holdings Berhad Hong Leong Investment Bank Bhd Nomura KAF Seagroatt & Campbell Alliance Research Sdn Bhd Morgan Stanley Macquarie Maybank Kim Eng DBS Vickers Kenanga Investment Bank Bhd Credit Suisse UBS JPMorgan Public Investment Bank Berhad S&P Capital IQ UOB Kay Hian Goldman Sachs Sanford C. Bernstein & Co Standard Chartered HSBC Deutsche Bank EVA Dimensions ECM Libra

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst DAVID CHONG RACHEL HUANG EILEEN TAN TEAM COVERAGE LOW YEE HUAP JULIAN CHUA CHEHAN PERERA KING YOONG CHEAH EDWARD GOH MATTHEW SMITH DESMOND CHNG SUE LIN LIM TEAM COVERAGE DANNY GOH KHAIRUL RIFAIE HARSH WARDHAN MODI WENG JIN CHING SITI RUDZIAH SALIKIN ONG BOON LEONG BENJAMIN KOO KEVIN KWEK DIKSHA GERA LOO KAR WENG TRACY YU DOUG WALTERS LEONG HON SZE

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG 13F ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy hold add buy hold buy buy trading buy Underwt/Cautious underperform hold hold market perform neutral neutral overweight outperform hold hold neutral/neutral market perform outperform overweight not rated underweight hold

Amt Held 2'287'306'267 1'126'594'732 781'982'170 211'956'695 143'070'390 104'310'217 100'737'356 70'429'580 52'165'481 51'383'990 39'181'387 30'109'700 20'768'269 17'220'041 17'162'500 16'801'145 15'258'390 14'937'892 14'052'900 13'208'642

% Out 30.03 14.79 10.27 2.78 1.88 1.37 1.32 0.92 0.68 0.67 0.51 0.4 0.27 0.23 0.23 0.22 0.2 0.2 0.18 0.17

Weighting

Change

5 3 4 5 3 5 5 5 1 1 3 3 3 3 3 5 5 3 3 3 3 5 5 #N/A N/A 1 3

M M M M M M M U M M M M M D M M M D M M M M M M M U

Latest Chg 64'839'500 (3'633'300) (762'000) (1'720'334) 4'926'700 68'020 (5'149'200) 7'789'005 381'200 15'701'800 (14'234'166) (6'016'355) (637'001) (84'300) 16'801'145 750'800 275'000 11'198'100 -

Target Price 10 8 8 9 8 9 10 8 7 7 8 9 8 8 8 9 9 9 8 8 9 9 9 #N/A N/A #N/A N/A 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.05.2013 24.09.2013 23.09.2013 31.08.2013 30.06.2013 27.09.2013 30.06.2013 30.04.2013 08.05.2013 31.12.2012 30.06.2013 31.05.2013 31.07.2013 31.08.2013 31.05.2013 28.06.2013 30.04.2013 30.06.2013 30.06.2013 31.12.2012

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 3 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Government Government Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 29.09.2013 20.09.2013 19.09.2013 08.09.2013 06.09.2013 06.09.2013 04.09.2013 03.09.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 24.06.2013 13.06.2013 10.06.2013 06.06.2013 21.11.2012

02.10.2013

China Shenhua Energy Co Ltd China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Price/Volume 40

60.0 M

50.0 M

30 40.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1088 HK EQUITY YTD Change 1088 HK EQUITY YTD % CHANGE

12/2012 06/yy 35.45 18.10 22'070'314.00 23.4 -33.99% 29.28% 31.70% 3'398.6 427'764.09 87'184.00 0.0 49'968.0 55'599.00 403'858.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10 10.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 104'416.0 3.62x 50'621.0 7.47x 25'959.0 11.07x

30.0 M

31.12.2009 31.12.2010 117'526.0 157'662.0 6.12x 3.31x 58'355.0 72'181.0 12.32x 7.22x 30'276.0 38'834.0 21.98x 14.16x Profitability

LTM-4Q 31.12.2011 209'225.0 2.69x 84'836.0 6.64x 45'846.0 11.86x

31.12.2012 250'260.0 2.37x 88'014.0 6.73x 48'858.0 11.12x 88'014.00 69'864.00 27.92% 27.18% 10.48% 18.94% 16.33% 0.57% 33.0% 34.3% 27.2% 19.5% 1.05 0.72 19.06% 33.98% 11.38 9.73

Price/ Cash Flow

LTM

FY+1

5.20 1.14 3'388.20 -17.59% -26.93% 1.135 32 4.406 21'785'180 19'562'870 21'276'020 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 225'853.0 252'577.0 249'008.2 260'923.9 65'985.0 66'570.0 9.29x 7.97x 1.63x 1.54x 0.0 0.0 85'866.7 89'505.3 0.00x 0.00x 4.70x 4.51x 48'327.0 46'787.0 44'646.2 44'468.8 11'908.0 12'442.0 9.12x 6.66x 8.20x 8.21x 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

23.62 9.30 0.20 0.70 34.0% 22.1% 0.57 0.85 32.07 37.52 59.10 -3.13

Sales/Revenue/Turnover

14.00

300'000.0

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0 6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

China Shenhua Energy Co Ltd Holdings By:

All

Holder Name JP MORGAN BLACKROCK WALTER SCOTT & PARTN VANGUARD GROUP INC FRANKLIN RESOURCES BANK OF NEW YORK MEL MATTHEWS INTERNATION HANG SENG INVESTMENT STATE STREET CORP INVESCO LTD INVESTEC PLC EASTSPRING INVESTMEN NORGES BANK ALLIANZ ASSET MANAGE EASTSPRING INVESTMEN MANULIFE FUNDS DIREC MITSUBISHI CORP SHINHAN BNP PARIBAS CAPITAL GROUP COMPAN FIL LIMITED

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Bank of China International LAWRENCE LAU Maybank Kim Eng ALEXANDER LATZER Jefferies LABAN YU UOB Kay Hian HELEN LAU UBS GHEE PEH Sanford C. Bernstein & Co MICHAEL W PARKER Barclays EPHREM RAVI Macquarie MATTY ZHAO Guotai Junan LEO WU Deutsche Bank JAMES KAN Ji Asia SAMUEL THAWLEY Capital Securities Corp ZHENG CHUNMING Masterlink Securities LI XIN ABC International MARK YIBIAO CHEN Morgan Stanley SARA CHAN Credit Suisse TRINA CHEN Yuanta Securities Investment ConsultingNICE WANG Haitong International Securities CHO FOOK TAT DBS Vickers JUNE NG China International Capital Corp CAI HONGYU S&P Capital IQ HOOI TOW CHEW Goldman Sachs JULIAN ZHU JPMorgan DANIEL KANG HSBC SIMON FRANCIS Nomura JOSEPH C LAM Standard Chartered CHEN YAN BOCOM International Holdings WANG RONGJUAN EVA Dimensions DOUG WALTERS ICBC International Securities ANNA YU Citic Securities Co., Ltd ZU GUOPENG Religare Capital Markets TRACY HUANG KGI Securities FLANNERY HUEI-CHEN AMTD Financial Planning Limited KENNY TANG SING HING SWS Research Co Ltd HUANG ZHE Cinda Securities Ltd CASTOR PANG

Source ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation buy buy underperform buy restricted underperform overweight neutral buy buy buy buy buy buy Overwt/In-Line outperform buy buy buy accumulate buy Buy/Neutral overweight overweight neutral in-line buy buy buy buy buy neutral buy neutral buy

Amt Held 394'953'475 271'245'191 176'584'372 112'401'692 56'505'630 49'557'900 48'920'500 45'787'215 34'906'037 26'841'764 25'976'500 18'776'500 14'382'108 14'354'500 12'090'000 12'043'500 10'378'500 9'815'630 9'243'687 8'753'721

% Out 11.62 7.98 5.2 3.31 1.66 1.46 1.44 1.35 1.03 0.79 0.76 0.55 0.42 0.42 0.36 0.35 0.31 0.29 0.27 0.26

Weighting

Change

5 5 1 5 #N/A N/A 1 5 3 5 5 5 5 5 5 5 5 5 5 5 4 5 5 5 5 3 3 5 5 5 5 5 3 5 3 5

M N M M M M M M M M U M M M M M M M M M M M M M M D M M M M M M M M N

Latest Chg 2'549'500 2'326'500 6'242'000 7'174'000 1'240'393 (1'089'473) (120'000) 691'000 125'000 (6'269'500) 30'500 (9'945'570)

Target Price 33 29 21 38 #N/A N/A 15 35 28 41 26 29 18 33 30 31 32 29 29 28 28 28 26 28 31 30 25 29 #N/A N/A 32 35 36 36 30 35 35

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.09.2013 27.09.2013 23.07.2013 30.06.2013 31.08.2013 27.09.2013 28.06.2013 28.03.2013 27.09.2013 30.09.2013 31.05.2013 15.04.2013 31.12.2012 31.08.2013 28.06.2013 30.06.2012 31.03.2012 31.03.2013 31.07.2013 30.04.2013

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 3 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Corporation Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 25.09.2013 24.09.2013 19.09.2013 17.09.2013 17.09.2013 12.09.2013 09.09.2013 02.09.2013 30.08.2013 29.08.2013 28.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 25.08.2013 25.08.2013 25.08.2013 02.08.2013 01.08.2013 25.07.2013 06.06.2013 23.05.2013 05.11.2012 29.10.2012 13.08.2012 16.07.2012 13.04.2012 07.07.2010

02.10.2013

BM&FBovespa SA BM&FBOVESPA SA combines activities of BOVESPA, the Brazilian Stock Exchange, and BM&F, the futures and commodities exchange. The Company operates as a regional exchange and provides integrated business model, including clearing and settlement activities, financial products for trading in equity and commodity derivatives, as well as full service Central Security Depository.

Price/Volume 16 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVMF3 BZ EQUITY YTD Change BVMF3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 14.63 11.13 6'168'200.00 12.79 -12.58% 14.91% 47.43% 1'980.0 25'324.20 1'279.12 0.0 16.0 3'850.64 22'795.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6 4 2 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 1'602.0 913.5 645.6 18.75x

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

31.12.2009 31.12.2010 1'502.5 1'889.8 14.21x 12.61x 975.1 1'311.1 21.90x 18.17x 881.1 1'144.6 28.42x 22.95x Profitability

LTM-4Q 31.12.2011 1'904.7 8.56x 1'163.2 14.01x 1'048.0 18.22x

31.12.2012 2'064.8 11.86x 1'395.4 17.55x 1'074.3 25.16x 1'395.41 1'301.67 63.04% 80.39% 4.54% 5.73% 5.63% 0.09% 68.4% 63.6% 52.0% 2.13 2.01 5.30% 6.59% 37.34 -

Price/ Cash Flow

06/yy 2'227.1 31.26x 1'304.1 12.99x 1'063.6 18.67x

LTM 06/yy 2'141.6 42.00x 1'465.0 14.44x 1'111.6 21.45x

FY+1

1.01 1'733.94 9.03% -5.31% 1.008 19 4.053 9'395'820 11'130'830 11'434'090 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'242.4 2'416.5 555.8 548.8 10.28x 9.35x 41.36x 41.74x 1'632.8 1'787.6 393.5 375.7 13.96x 12.75x 14.78x 14.52x 1'550.8 1'710.3 444.5 405.0 16.17x 14.74x 16.96x 16.15x S&P Issuer Ratings

21.06.2010 BBB+ NEG 21.06.2010 A-2 17.40 16.56 -1.74 0.95 6.6% 6.2% 0.09 6.10 9.78 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

BM&FBovespa SA Holdings By:

All

Holder Name VONTOBEL ASSET MANAG BLACKROCK OPPENHEIMERFUNDS INC CMEG BRASIL I PARTIC LONE PINE CAPITAL LL VANGUARD GROUP INC BM&F BOVESPA HARRIS TRUST & SAVIN DIMENSIONAL FUND ADV INVESCO LTD T ROWE PRICE ASSOCIA VONTOBEL ASSET MANAG FMR LLC FIL LIMITED ITAU UNIBANCO SA JP MORGAN SUN LIFE FINANCIAL I PICTET FUNDS BB GESTAO DE RECURSO BRAM BRADESCO ASSET

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Agora CTVM SA ALOISIO VILLETH LEMOS Goldman Sachs CARLOS G MACEDO Credit Suisse VICTOR SCHABBEL Banco Safra de Investimento FRANCISCO KOPS Votorantim CTVM Research RENATO SCHUETZ Deutsche Bank MARIO PIERRY Morgan Stanley JORGE KURI Bradesco Corretora CARLOS W FIRETTI Banco BTG Pactual SA EDUARDO ROSMAN Itau BBA Securities ALEXANDRE SPADA UBS FREDERIC ROZEIRA DE MARIZ EVA Dimensions DOUG WALTERS SLW Corretora de Valores e Cambio LTDPEDRO GALDI HSBC MARIEL SANTIAGO Coinvalores MARCO AURELIO BARBOSA Riedel Research Group Inc DAVID R RIEDEL JPMorgan KENNETH B WORTHINGTON Grupo Santander HENRIQUE NAVARRO

Source EXCH ULT-AGG EXCH EXCH Research ULT-AGG EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy neutral/neutral outperform outperform outperform hold Equalwt/No Rating outperform buy market perform buy hold hold overweight hold buy overweight underperform

Amt Held 129'888'000 104'742'000 102'960'000 101'178'000 98'159'351 80'055'431 46'728'000 43'226'861 40'324'002 31'994'695 31'695'881 28'147'745 27'277'741 18'847'324 17'799'628 16'994'472 14'971'840 14'351'970 12'808'058 12'582'241

% Out 6.56 5.29 5.2 5.11 4.96 4.04 2.36 2.18 2.04 1.62 1.6 1.42 1.38 0.95 0.9 0.86 0.76 0.72 0.65 0.64

Weighting

Change 5 3 5 5 5 3 3 5 5 3 5 3 3 5 3 5 5 1

M M M M M M M M M M M D M M D N M M

Latest Chg (2'424'649) 1'838'507 552'156 28'114'440 (518'500) (5'141'032) 1'722'816 1'869'770 (673'172) (105'500) 851'961 81'000 (1'029'939)

Target Price 16 14 15 14 15 12 14 16 15 14 15 #N/A N/A 15 16 #N/A N/A 18 16 12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 21.06.2013 Investment Advisor 27.09.2013 Investment Advisor 21.06.2013 Investment Advisor 21.06.2013 Other 22.02.2012 Hedge Fund Manager 30.06.2013 Investment Advisor 21.06.2013 Corporation 28.06.2013 Unclassified 30.04.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 30.04.2013 Investment Advisor 31.08.2013 Investment Advisor 31.07.2013 Investment Advisor 31.07.2013 Investment Advisor 30.08.2013 Investment Advisor 31.08.2013 Investment Advisor 31.08.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 3 month Not Provided

Date 01.10.2013 26.09.2013 24.09.2013 20.09.2013 06.09.2013 05.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 20.08.2013 19.08.2013 12.08.2013 01.07.2013 27.06.2013 17.06.2013 21.05.2013 07.01.2013

02.10.2013

Powszechna Kasa Oszczednosci Bank Polski SA Powszechna Kasa Oszczednosci Bank Polski S.A. attracts deposits and offers commercial banking services. The Bank offers all types of banking services present on the Polish banking market, money market and capital market for institutional and individual clients.

Price/Volume 40

25.0 M

20.0 M

30 25

Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (24.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PKO PW EQUITY YTD Change PKO PW EQUITY YTD % CHANGE

12/2012 06/yy 39.60 32.15 698'309.00 37.25 -5.86% 15.86% 67.79% 1'250.0 46'562.50 16'490.53 0.0 (0.3) 13'532.65 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

15 10

5.0 M

5 0 o-12

31.12.2009 31.12.2010 13'824.8 14'751.9 2'305.5 3'216.9 18.49x 16.84x Profitability

LTM-4Q 31.12.2011 16'283.2 3'807.2 10.55x

31.12.2012 17'737.9 3'748.6 12.30x 38.17% 36.78% 1.71% 14.27% 8.30% 0.09% 29.7% 8.52% 66.74% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 17'206.4 0.00x 0.0 0.00x 3'922.2 11.03x

06/yy 16'936.8 0.00x 0.0 0.00x 3'329.5 13.37x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.93 857.58 7.14% 5.95% 0.928 28 3.714 3'424'406 3'826'764 3'249'002 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'431.9 11'538.4 2'651.0 2'723.0 3'096.6 3'635.3 891.0 15.19x 12.86x S&P Issuer Ratings

20.09.2013 ANEG 08.05.2012 A-2 66.7% 40.0% 0.09 6.57 -

Sales/Revenue/Turnover

50.00

20'000.0

45.00

18'000.0

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00 20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 13'199.2 3'120.7 11.38x

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 |

02.10.2013

Powszechna Kasa Oszczednosci Bank Polski SA Holdings By:

All

Holder Name POLAND STATE TREASUR ING OFE AVIVA OFE OFE PZU ZLOTA JESIEN BLACKROCK VANGUARD GROUP INC METLIFE AMPLICO AXA OFE AVIVA INVESTORS POLA AEGON OFE NORDEA OFE ASSICURAZIONI GENERA JP MORGAN ING INVESTMENT MANAG PIONEER NORGES BANK BZ WBK TOWARZYSTWO F LEGG MASON TFI SA ALLIANZ SCHRODER INVESTMENT

Firm Name

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Dom Inwestycyjny BRE Banku IZA ROKICKA Raiffeisenbank AG JOVAN SIKIMIC Deutsche Bank MARCIN JABLCZYNSKI EVA Dimensions DOUG WALTERS HSBC ANDRZEJ NOWACZEK Keefe, Bruyette & Woods RONNY REHN Societe Generale ALAN WEBBORN Barclays IVAN BOKHMAT Dom Maklerski BZ WBK DARIUSZ GORSKI ING Bank PIOTR PALENIK Credit Suisse HUGO SWANN Morgan Stanley DANIEL E COWAN Wood & Company MARK MACRAE Espirito Santo Investment Bank Research KAMIL STOLARSKI Goldman Sachs PAWEL DZIEDZIC UBS DMITRY VINOGRADOV Renaissance Capital ARMEN GASPARYAN JPMorgan PAUL FORMANKO Dom Maklerski IDM SA MICHAL SOBOLEWSKI Mediobanca SpA RICCARDO ROVERE UniCredit Research PAWEL KOZUB Concorde Securities Rt ATTILA GYURCSIK KBC Securities MARTA CZAJKOWSKA-BALDYGA Millennium Dom Maklerski MARCIN MATERNA Ipopema Securities SA TOMASZ BURSA Erste Group GUENTER HOHBERGER

Source EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy hold underweight underperform buy equalweight buy buy underperform Equalwt/In-Line sell buy neutral/neutral neutral hold overweight buy neutral buy underweight buy accumulate buy accumulate

Amt Held 392'406'277 67'239'229 55'745'770 37'164'265 25'574'245 25'399'793 21'340'121 14'546'854 13'835'974 11'434'924 11'134'944 10'738'690 9'707'756 8'562'794 8'516'178 7'859'636 7'745'781 7'684'157 6'872'533 6'600'990

% Out 31.39 5.38 4.46 2.97 2.05 2.03 1.71 1.16 1.11 0.91 0.89 0.86 0.78 0.69 0.68 0.63 0.62 0.61 0.55 0.53

Weighting

Change 5 5 5 3 1 1 5 3 5 5 1 3 1 5 3 3 3 5 5 3 5 1 5 4 5 4

M M M D M M U M M M D M M M M M M M M M M D M M M M

Latest Chg 335'885 507'679 158'054 80'264 (2'394) (343'243) 65'730 3'254'021 226'374

Target Price 40 42 49 #N/A N/A 31 33 43 40 43 41 30 35 35 42 40 35 34 43 38 38 40 33 41 41 45 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.10.2013 31.12.2012 31.12.2012 31.12.2012 27.09.2013 30.06.2013 31.12.2012 31.12.2012 28.06.2013 31.12.2012 31.12.2012 31.12.2012 31.07.2013 31.07.2013 30.04.2013 31.12.2012 30.06.2013 30.06.2013 31.12.2012 30.08.2013

Date 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Government Pension Fund (ERISA) Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Insurance Company Investment Advisor Investment Advisor Unclassified Government Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor

Date 25.09.2013 24.09.2013 20.09.2013 10.09.2013 06.09.2013 04.09.2013 30.08.2013 30.08.2013 23.07.2013 18.07.2013 09.07.2013 17.06.2013 14.06.2013 14.06.2013 07.06.2013 20.05.2013 17.05.2013 08.05.2013 23.04.2013 25.03.2013 14.03.2013 05.03.2013 13.02.2013 18.01.2013 09.01.2013 04.11.2012

02.10.2013

Cathay Financial Holding Co Ltd Cathay Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2013) 52-Week Low (21.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2882 TT EQUITY YTD Change 2882 TT EQUITY YTD % CHANGE

12/2012 03/yy 44.63 28.41 9'362'898.00 42.3 -5.22% 48.89% 86.25% 11'218.4 474'537.69 23'774.56 0.0 0.0 17'798.89 480'513.35

2'196.0 158.70x

160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009

31.12.2010

11'050.0 52.37x Profitability

LTM-4Q 31.12.2011

31.12.2012 -

98.76% 96.81% 16.24% 18.81% 16.69% 0.17% 96.6% 11.87% 13.56% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 7'490.6 0.00x

LTM 03/yy 0.0 #DIV/0! 0.0 0.00x 7'856.7 0.00x

1.10 6'658.69 113.94 35.85% 37.15% 1.100 29 4.069 12'310'830 15'463'250 21'222'200

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

29'290.0 30'319.6 6'679.0 16.60x 16.19x 16.17x S&P Issuer Ratings

6'132.1 15.57x 29.04.2009 BBB+ STABLE 13.05.2002 A-2 13.6% 11.9% 0.17 -

Sales/Revenue/Turnover

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 06.01.2007 06.07.2007 06.01.2008 06.07.2008 06.01.2009 06.07.2009 06.01.2010 06.07.2010 06.01.2011 06.07.2011 06.01.2012 06.07.2012 06.01.2013 06.07.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Cathay Financial Holding Co Ltd Holdings By:

All

Holder Name WAN PAO DEVELOPMENT LIN YUAN INVESTMENT VANGUARD GROUP INC BLACKROCK FANCHIAO TE NEW LABOR PENSION FU GIC PRIVATE LIMITED CIVIL SERVANTS PENSI PO HAN INVESTMENT CO NORGES BANK POLARIS SEC INVESTME CHENG-DA TSAI CATHAY REAL ESTATE HONG-TU TSAI CHIA I INVESTMENT CATHAY LIFE EMPLOYEE CHEN-CHIU TSAI FIL LIMITED CHEN SHENG CORP SCHRODER INVESTMENT

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst

Yuanta Securities Investment ConsultingPEGGY SHIH Jih Sun Securities ERIC CHANG Morgan Stanley BEN LIN EVA Dimensions DOUG WALTERS CIMB NORA HOU KGI Securities WEN-YEN FANG Capital Securities Corp TEAM COVERAGE Masterlink Securities TOM LIANG S&P Capital IQ PALLAVI DESHPANDE UBS KELVIN CHU Mega Securities CHUANG PIYEN IBT Securities Co Ltd WU YUCONG President Capital Management TINA YENG PING CHEN SinoPac LILY HSIAO Credit Agricole Securities Taiwan Co. L PETER SUTTON Deutsche Bank PANDORA LEE Credit Suisse CHUNG HSU JPMorgan JEMMY S HUANG HSBC BRUCE B WARDEN BNP Paribas Equity Research LING TANG Nomura JESSE WANG Barclays NOEL CHAN Macquarie DEXTER HSU Goldman Sachs VINCENT CHANG Daiwa Securities Co. Ltd. JERRY YANG Fubon Securities LIN CHIU-SIANG E Sun Securities HONG CLIFF

Source EXCH EXCH ULT-AGG ULT-AGG Co File Co File ULT-AGG Co File Co File MF-AGG MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH MF-AGG

Recommendation buy buy Overwt/Attractive sell neutral outperform buy buy buy buy buy on weakness buy buy neutral underperform buy neutral overweight underweight hold neutral overweight outperform neutral/neutral buy add buy

Amt Held 1'960'000'000 1'690'000'000 200'963'958 170'490'348 141'026'280 140'260'781 120'265'008 92'283'387 91'466'691 80'803'175 63'369'059 55'413'530 46'485'333 45'595'229 43'549'362 30'852'893 30'259'767 24'429'232 24'256'606 23'109'856

% Out 17.47 15.06 1.79 1.52 1.26 1.25 1.07 0.82 0.82 0.72 0.56 0.49 0.41 0.41 0.39 0.28 0.27 0.22 0.22 0.21

Weighting

Change 5 5 5 1 3 5 5 5 5 5 5 5 5 3 1 5 3 5 1 3 3 5 5 3 5 4 5

M M M D M M M M M M M M M M M M M M M M M M U M M M U

Latest Chg 3'732'000 (800'241) (6'991'900) 16'601'083 6'417'729

Target Price 52 49 48 #N/A N/A 47 47 47 49 47 52 47 #N/A N/A 50 45 44 46 45 48 26 41 45 51 50 48 58 45 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.08.2013 Other 31.08.2013 Corporation 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 03.05.2013 n/a 03.05.2013 Pension Fund (ERISA) 03.05.2013 Government 03.05.2013 Other 03.05.2013 Corporation 31.12.2012 Government 31.08.2013 Investment Advisor 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 n/a 31.08.2013 Other 31.08.2013 n/a 30.04.2013 Investment Advisor 31.08.2013 Corporation 30.08.2013 Investment Advisor

Date Not Provided 6 month 12 month Not Provided 12 month 12 month 3 month Not Provided 12 month 12 month 6 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided 3 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month Not Provided

Date 30.09.2013 30.09.2013 16.09.2013 16.09.2013 12.09.2013 10.09.2013 04.09.2013 03.09.2013 03.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 30.08.2013 29.08.2013 27.08.2013 30.07.2013 29.07.2013 06.05.2013 16.04.2013

02.10.2013

Hyundai Heavy Industries Co Ltd Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military purposes. The Company manufactures oil tankers, cargo and passenger vessels, and warships. Hyundai Heavy Industries also produces heavy industrial machineries, wind turbines, solar panels, electrical components for engines and power trains, and industrial vehicles, such as cranes and bulldozers.

Price/Volume 300000

.6 M .5 M

150000

Latest Fiscal Year: LTM as of: 52-Week High (27.09.2013) 52-Week Low (26.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 009540 KS EQUITY YTD Change 009540 KS EQUITY YTD % CHANGE

12/2012 06/yy 271'500.00 172'000.00 219'943.00 264000 -2.76% 53.49% 88.44% 76.0 20'064'000.00 6'542'331.00 0.0 0.0 662'942.85 25'521'741.57

.4 M .3 M

100000

.2 M 50000

.1 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

200000

Valuation Analysis

31.12.2008 19'957'080.9 0.48x 2'596'964.1 3.66x 2'256'664.8 5.34x

.8 M

250000

31.12.2009 31.12.2010 21'142'196.7 22'408'120.0 0.50x 1.34x 2'666'205.3 4'031'444.7 4.00x 7.43x 2'146'488.8 2'835'399.0 4.86x 9.51x Profitability

LTM-4Q 31.12.2011 25'019'604.0 0.76x 3'116'212.7 6.12x 1'945'941.6 8.09x

LTM

31.12.2012 06/yy 06/yy 25'055'014.3 ######### ######### 0.83x 3.38x 3.02x 1'807'708.9 ######### ######### 11.46x 8.79x 11.58x 1'105'092.3 ######### 955'847.7 13.42x 14.00x 11.77x 1'807'708.90 1'284'649.90 5.13% 5.70% 3.65% 7.39% 6.07% 0.83% 11.2% 7.2% 5.1% 4.4% 1.08 0.61 21.35% 43.07% 4.04 7.78

Price/ Cash Flow

0.95 1.30 39.66 6.28% 9.09% 1.300 40 4.250 276'227 287'012 272'662

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

.0 M o-13

11.43 7.81 3.25 3.62 43.1% 30.1% 0.83 3.08 90.63 47.07 110.58 27.11

Sales/Revenue/Turnover

50.00

30'000'000.0

45.00

25'000'000.0

40.00 35.00

20'000'000.0

30.00

15'000'000.0

25.00 20.00

10'000'000.0

15.00 10.00

5'000'000.0

5.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Hyundai Heavy Industries Co Ltd Holdings By:

All

Holder Name HYUNDAI HEAVY INDUST MONG-JOON CHUNG HYUNDAI MIPO DOCKYAR NATIONAL PENSION SER KCC CORP EMPLOYEE STOCK OWNER BLACKROCK VANGUARD GROUP INC NORGES BANK SAMSUNG INVESTMENT T JP MORGAN DIMENSIONAL FUND ADV KB ASSET MANAGEMENT FMR LLC ROBECO KYOBO AXA INVESTMENT SCHRODER INVESTMENT MIRAE ASSET GLOBAL I KOREA INVESTMENT TRU CHINA INTERNATIONAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Daishin Securities Co., Ltd. JEON JAE-CHEON Samsung Securities YOUNGSOO HAN BNP Paribas Equity Research JAMES HIE SUK YOON Dongbu Securities Co Ltd KIM HONG-GYUN Shinyoung Securities Co., Ltd. UM KYUNG-A Hana Daetoo Securities SANG-WOO LEE SK Securities Co Ltd LEE JI-HOON Mirae Asset Securities CHUNG WOO CHANG KTB Securities LEE KANG-ROK Nomura ANGELA HONG Shinhan Investment Corp KIM HYUN Daiwa Securities Co. Ltd. CHUNG SUNG-YOP KIWOOM Securities Co Ltd CHOI WON-KYUNG Hanwha Securities Co., Ltd DONG-IK JEONG S&P Capital IQ AHMAD HALIM Tong Yang Investment Bank LEE JAE-WON Korea Investment & Securities SUH SUNGMOON JPMorgan LEE SOKJE Deutsche Bank SANJEEV RANA Daewoo Securities SUNG KI-JONG Credit Suisse HENRY KWON E*Trade Securities Korea PARK MOO-HYUN EVA Dimensions TIMOTHY STANISH LIG Investment Securities CHOI GWANG-SHIK CIMB KJ HWANG Macquarie LEE JUWON KB Investment & Securities Co., Ltd LEE SANG-WON BS Securities Co Ltd KWAK MIN-JUNG Morgan Stanley PARK SANG-KYOO HSBC PAUL CHOI IBK Securities Co Ltd SHIM WON-SUP Kyobo Securities OH SEAN NH Investment & Securities LEE YOONSANG HMC Investment Securities Co Ltd DONG-EUN YEOM Meritz Securities Co., Ltd KIM SEUNG CHURL Hyundai Securities LEE SANG-HWA Eugene Investment & Securities Co., LtdMOON-SOO JANG UBS SON YONG-SUK Ji Asia TONY MOYER

Source Co File EXCH EXCH Co File EXCH Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy neutral buy buy buy buy outperform buy buy buy buy hold neutral buy buy outperform buy sell buy outperform neutral buy hold Overwt/Attractive underweight buy buy buy buy buy market perform hold restricted sell

Amt Held 14'711'560 7'717'769 6'063'000 4'273'118 2'369'393 1'176'066 994'772 505'274 439'295 438'799 310'115 230'755 198'116 186'623 174'198 172'218 170'666 157'591 151'899 147'384

% Out 19.36 10.15 7.98 5.62 3.12 1.55 1.31 0.66 0.58 0.58 0.41 0.3 0.26 0.25 0.23 0.23 0.22 0.21 0.2 0.19

Weighting

Change

5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 1 5 5 3 5 3 5 1 5 5 5 5 5 3 3 #N/A N/A 1

M M M M M M D M M U M U M M M M M M U M U M D M M M M M M M M M M M M D N M M

Latest Chg (2'739'670) 979 (352'785) (130'401) (201'038) 8'245 8'553 14'553 (223) (3'038) 121'256 26'915 (36'352) 45'800

Target Price 300'000 310'000 325'000 320'000 340'000 286'000 270'000 328'000 320'000 320'000 330'000 300'000 300'000 270'000 299'000 260'000 #N/A N/A 250'000 295'000 260'000 290'000 270'000 #N/A N/A 370'000 264'000 190'000 270'000 220'000 281'000 160'000 260'000 285'000 250'000 270'000 265'000 220'000 251'000 #N/A N/A 209'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 29.03.2013 29.03.2013 31.12.2012 13.01.2012 31.12.2012 27.09.2013 30.06.2013 31.12.2012 31.03.2013 31.05.2013 30.04.2013 31.03.2013 31.08.2013 30.04.2013 31.03.2013 28.03.2013 31.03.2013 31.03.2013 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month Not Provided 6 month 6 month 12 month 12 month Not Provided 15 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided 6 month 6 month 6 month 6 month Not Provided 12 month Not Provided 12 month

Inst Type Corporation n/a Corporation Government Corporation n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 25.09.2013 24.09.2013 23.09.2013 23.09.2013 16.09.2013 12.09.2013 12.09.2013 09.09.2013 04.09.2013 04.09.2013 02.09.2013 27.08.2013 19.08.2013 19.08.2013 13.08.2013 06.08.2013 01.08.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 24.06.2013 06.05.2013 11.04.2013 08.02.2013 08.02.2013 31.01.2013 09.01.2013 29.10.2012 10.10.2012 29.11.2011

02.10.2013

Tatneft OAO Tatneft explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe.

Price/Volume 250

.0 M .0 M

200

.0 M .0 M

150

.0 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATNS RU EQUITY YTD Change TATNS RU EQUITY YTD % CHANGE

12/2008 06/yy 234.00 169.21 1'004.00 212.01 -9.40% 25.29% 66.06% 2'178.7 461'904.22 70'087.00 746.0 16'279.0 28'014.00 489'688.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M

0 o-12

31.12.2009 31.12.2010 380'648.0 468'032.0 0.95x 0.89x 81'910.0 76'235.0 4.42x 5.48x 54'372.0 46'673.0 5.48x 6.74x Profitability

LTM-4Q 31.12.2011 615'867.0 0.71x 103'005.0 4.23x 61'428.0 5.56x

31.12.2012 444'099.0 1.18x 121'442.0 4.30x 73'473.0 6.39x 121'442.00 103'672.00 23.34% 22.93% 16.5% 1.83 1.02 11.11% 16.33% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

0.91 1'462.11 6.68% 1.13% 0.905 19 2.526 4'218 1'847 842 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 616'121.0 388'510.0 545'721.0 535'588.8 118'842.0 146'881.0 2.80x 3.71x 0.96x 0.94x 4.35x 3.47x 102'533.0 94'118.0 115'345.7 115'155.6 34'667.0 31'721.0 4.31x 0.00x 4.25x 4.25x 54'836.0 59'699.0 71'470.6 69'539.7 21'795.0 18'664.5 6.98x 6.97x 6.69x 6.87x 19.83x 43.00x S&P Issuer Ratings Long-Term Rating Date 25.08.2006 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.83 (EBITDA-Capex)/Interest Exp. 8.63 Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 16.3% Total Debt/Capital 13.6% Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

7.00

700'000.0

6.00

600'000.0

5.00

500'000.0

4.00

400'000.0

3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended 31.12.2008 444'332.0 0.33x 46'026.0 3.20x 8'413.0 14.78x

.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Tatneft OAO Holdings By:

All

Holder Name SVYAZINVESTNEFTEKHIM BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT RAIFFEISEN KAPITALAN JP MORGAN TAKHAUTDINOV SHAFAGA HANDELSBANKEN FONDER DEKABANK DEUTSCHE GI UNION INVESTMENT LUX PICTET FUNDS MUSLIMOV RENAT KHALI ERSTE SPARINVEST KAG LAVUSHCHENK VLADIMIR SHCHELKOV FEDOR LAZA KBM INFOND MANAGEMEN RAKHMANOV RIFKAT MAZ IBRAGIMOV NAIL GABDU KHISAMOV RAIS SALIKH SWEDBANK ROBUR FONDE

Firm Name Otkritie Capital AK Bars Finance UFS-Finance Investment Company Investcafe LLC Alfa-Bank Deutsche Bank HSBC Gazprombank Goldman Sachs BCS Uralsib EVA Dimensions Veles Capital Energocapital Brokerage VTB Capital Raiffeisenbank AG Aton LLC UBS RMG Securities Sberbank CIB

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst ALEXANDER BURGANSKY ALEXANDER SIDOROV ILYA BALAKIREV BIRG SEMEN ALEXANDER KORNILOV TATIANA KAPUSTINA ILDAR KHAZIEV ALEXANDER NAZAROV GEYDAR MAMEDOV TIMUR SALIKHOV ALEXEI KOKIN DOUG WALTERS VASILIY TANURKOV Vasiliy Koposov DMITRY LOUKASHOV ANDREY POLISCHUK ELENA SAVCHIK CONSTANTINE CHEREPANOV MIKHAIL LOSHININ OLEG MAXIMOV

Source Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG Co File Co File MF-AGG Co File Co File Co File MF-AGG

Recommendation hold hold hold hold equalweight hold underweight neutral Sell/Neutral sell hold buy hold sell sell reduce buy suspended coverage hold hold

Amt Held 708'292'338 24'767'712 14'853'822 6'202'052 4'961'432 2'791'372 2'699'616 1'789'094 1'782'500 1'750'604 1'524'716 1'516'804 1'258'067 1'049'911 686'723 573'466 472'340 450'335 430'291 400'000

% Out 32.51 1.14 0.68 0.28 0.23 0.13 0.12 0.08 0.08 0.08 0.07 0.07 0.06 0.05 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change

3 3 3 3 3 3 1 3 1 1 3 5 3 1 1 2 5 #N/A N/A 3 3

M D M M M M M M M M M M U N M D M M D D

Latest Chg 3'462'156 (96'250) 348'847 (197'500) 88'240 (59'608) 48'981 -

Target Price 213 218 210 202 220 200 187 198 176 215 197 #N/A N/A 183 215 187 198 218 #N/A N/A 225 199

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.05.2012 27.09.2013 30.06.2013 31.07.2013 28.06.2013 30.06.2013 31.12.2012 30.08.2013 28.03.2013 31.08.2013 31.05.2013 31.12.2012 28.03.2013 31.12.2012 31.12.2012 31.07.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Bank Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a Investment Advisor n/a n/a n/a Investment Advisor

Date 20.09.2013 13.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 09.09.2013 09.09.2013 13.08.2013 01.08.2013 20.06.2013 06.06.2013 28.05.2013 08.04.2013 14.03.2013 13.03.2013 22.11.2012 14.09.2012 10.09.2012 12.04.2012

02.10.2013

Price/Volume

60.0 M 50.0 M

40.0 M

Latest Fiscal Year: LTM as of: 52-Week High (18.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBDC3 BZ EQUITY YTD Change BBDC3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 36.58 23.10 936'400.00 35 -4.32% 51.52% 88.28% 2'103.6 138'545.55 307'230.10 0.0 208.7 84'145.54 -

30.0 M

15 10

20.0 M

10.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

35 30

Valuation Analysis

31.12.2008 76'701.0 7'018.0 4.93x

31.12.2009 31.12.2010 85'241.0 78'055.6 9'216.0 9'939.6 8.25x 12.36x Profitability

LTM-4Q 31.12.2011 98'694.6 10'958.1 10.71x

31.12.2012 100'442.6 11'291.6 11.89x 24.06% 25.50% 1.35% 17.89% 3.42% 0.19% 18.6% 38.35% 431.88% -

Price/ Cash Flow

LTM

06/yy 06/yy 159'024.7 161'966.1 0.00x 0.00x 0.0 0.0 0.00x 0.00x 11'166.3 11'623.6 10.24x 10.41x

FY+1

0.84 547.37 46.36% 14.99% 0.843 0 1'417'800 1'745'887 1'752'724 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 65'532.1 70'965.8 16'934.0 17'496.0 12'314.3 13'750.5 3'119.0 3'065.0 11.71x 10.45x 11.66x 11.39x S&P Issuer Ratings

30.04.2008 BBB NEG 11.07.2012 A-2 431.9% 81.2% 0.19 36.04 -

Sales/Revenue/Turnover

10.00

120'000.0

9.00

100'000.0

8.00 7.00

80'000.0

6.00

60'000.0

5.00 4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Banco Bradesco SA Holdings By:

All

Holder Name CIDADE DEUS CIA CIAL FUNDACAO BRADESCO NCF PARTICIPACOES SA MITSUB UFJ FINANCIAL VANGUARD GROUP INC ABERDEEN BLACKROCK CSHG ASSET MGMT SA COMMONWEALTH BANK OF ITAU UNIBANCO SA BANCO BRADESCO SA ABERDEEN ASSET MGMT CREDIT SUISSE AG FUNDACAO CESP REAL GRANDEZA FUNDAC SCHRODER INVESTMENT CAISSE DE DEPOT ET P QUATRO A ADMIN DE RE HSBC GESTAO DE RECUR BB GESTAO DE RECURSO

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 1'022'367'683 358'459'780 172'498'251 52'446'992 21'046'803 19'589'040 16'494'445 8'450'196 5'573'001 3'267'676 2'945'092 1'602'970 1'587'394 1'266'445 1'170'600 1'146'245 1'106'380 1'004'118 942'538 893'848

% Out 48.6 17.04 8.2 2.49 1 0.93 0.78 0.4 0.26 0.16 0.14 0.08 0.08 0.06 0.06 0.05 0.05 0.05 0.04 0.04

Weighting

Change

Latest Chg 2'526'026 539'049 (128'559) 27'030 33'410 929'260 717'500 91'600 11'100 (429'767) (26'121) (2'900) 68'900

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.06.2013 12.06.2013 12.06.2013 28.01.2013 30.06.2013 31.08.2013 27.09.2013 31.08.2013 31.05.2013 31.08.2013 12.06.2013 30.06.2013 30.08.2013 31.05.2013 31.08.2013 31.07.2013 31.12.2012 30.06.2013 31.08.2013 31.08.2013

Date

Inst Type Holding Company Other Venture Capital Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

02.10.2013

Agricultural Bank of China Ltd Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price/Volume 5

500.0 M 450.0 M 400.0 M 350.0 M 300.0 M 250.0 M 200.0 M 150.0 M 100.0 M 50.0 M .0 M

4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1288 HK EQUITY YTD Change 1288 HK EQUITY YTD % CHANGE

12/2012 06/yy 4.44 2.94 94'211'857.00 3.57 -19.59% 21.43% 42.00% 30'738.8 1'040'975.38 1'293'154.00 0.0 1'539.0 3'098'724.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 1 0 o-12

n-12

31.12.2009 31.12.2010 339'235.0 409'295.0 64'992.0 94'873.0 10.02x Profitability

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 547'924.0 121'927.0 7.13x

31.12.2012 652'516.0 145'094.0 6.85x 43.79% 43.87% 1.16% 21.19% 7.25% 0.05% 33.9% 9.76% 172.46% -

Price/ Cash Flow

LTM

FY+1

1.42 30'738.82 25.79% -0.82% 1.416 38 4.211 ######### ######### ######### FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 612'975.0 683'573.0 471'010.4 523'167.8 119'776.0 119'782.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 135'759.0 156'947.0 162'643.8 174'406.4 45'230.0 28'574.0 6.03x 5.31x 5.60x 5.25x S&P Issuer Ratings Long-Term Rating Date 17.12.2012 Long-Term Rating A Long-Term Outlook STABLE Short-Term Rating Date 17.12.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 172.5% Total Debt/Capital 63.3% Asset Turnover 0.05 Net Fixed Asset Turnover 4.34 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

18.00

700'000.0

16.00

600'000.0

14.00

500'000.0

12.00 10.00

400'000.0

8.00

300'000.0

6.00

200'000.0

4.00

100'000.0

2.00 0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 335'717.0 51'474.0 -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Agricultural Bank of China Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN CITIGROUP INCORPORAT BLACKROCK JP MORGAN STANDARD CHARTERED B VANGUARD GROUP INC DIMENSIONAL FUND ADV HANG SENG INVESTMENT FIL LIMITED SEB HARVEST FUND MANAGEM ALLIANZ ASSET MANAGE SHINHAN BNP PARIBAS PICTET FUNDS LAZARD ASSET MANAGEM BANK OF NEW YORK MEL CHINA INTERNATIONAL GRANTHAM MAYO VAN OT GOLDMAN SACHS GROUP MATTHEWS INTERNATION

Firm Name Sanford C. Bernstein & Co Jefferies BNP Paribas Equity Research Mizuho Securities JPMorgan AMTD Financial Planning Limited Credit Suisse HSBC Nomura ICBC International Securities DBS Vickers China International Capital Corp Phillip Securities S&P Capital IQ UOB Kay Hian Religare Capital Markets CCB International Securities Ltd BOCOM International Holdings ABC International Deutsche Bank Morgan Stanley UBS Macquarie CIMB Standard Chartered Barclays Masterlink Securities SWS Research Co Ltd EVA Dimensions Daiwa Securities Co. Ltd. Guotai Junan Capital Securities Corp Goldman Sachs Bank of China International CMB International Capital Corp Ltd Citic Securities Co., Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MICHAEL WERNER TAN MING JUDY ZHANG JIM ANTOS KATHERINE LEI KENNY TANG SING HING SANJAY JAIN TODD DUNIVANT LUCY FENG IVAN LIN ALEXANDER LEE MAO JUNHUA CHEN XINGYU PALLAVI DESHPANDE EDMOND LAW SOPHIE JIANG WILSON LI LI SHANSHAN JOHANNES AU TRACY YU RICHARD XU IRENE HUANG ISMAEL PILI TREVOR KALCIC DORRIS CHEN MAY YAN RAINY YUAN XUE HUIRU DOUG WALTERS GRACE WU WILSON LI TEAM COVERAGE NING MA YUAN LIN TEAM COVERAGE ZHU YAN

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation market perform buy buy neutral neutral buy neutral neutral neutral buy buy buy accumulate hold hold sell outperform long-term buy buy buy Overwt/In-Line neutral outperform outperform in-line equalweight buy outperform buy hold accumulate buy Buy/Neutral buy buy overweight

Amt Held 2'142'992'000 2'013'023'778 1'839'551'204 1'355'826'770 1'217'281'000 686'306'703 281'785'000 199'342'531 174'418'955 151'087'000 108'920'000 101'381'000 81'227'000 80'102'294 79'419'500 77'466'000 74'013'000 72'144'000 69'041'000 58'704'000

% Out 6.97 6.55 5.98 4.41 3.96 2.23 0.92 0.65 0.57 0.49 0.35 0.33 0.26 0.26 0.26 0.25 0.24 0.23 0.22 0.19

Weighting

Change 3 5 5 3 3 5 3 3 3 5 5 5 4 3 3 1 5 5 5 5 5 3 5 5 3 3 5 5 5 3 4 5 5 5 5 5

M M N M M M M M M M M M M M D M M M M M M U M M M M M U M D N M M M M M

Latest Chg 23'599'000 3'109'000 10'878'486 1'395'000 41'977'000 7'183'000 (2'458'000) (30'617'716) (4'391'000) 44'434'000 (134'000) (21'084'000)

Target Price 4 5 4 4 4 4 4 4 4 4 5 4 4 4 4 2 4 4 5 4 4 3 4 4 4 4 4 4 #N/A N/A 4 4 #N/A N/A 5 4 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 13.09.2013 27.09.2013 31.07.2013 31.12.2012 30.06.2013 30.04.2013 30.06.2012 30.04.2013 31.03.2013 30.06.2013 31.08.2013 31.03.2013 30.08.2013 31.08.2013 27.09.2013 31.12.2012 31.05.2013 30.06.2013 28.06.2013

Date 12 month 12 month 12 month 12 month 3 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.10.2013 23.09.2013 23.09.2013 17.09.2013 11.09.2013 10.09.2013 05.09.2013 03.09.2013 02.09.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 16.07.2013 15.07.2013 28.06.2013 19.06.2013 06.06.2013 03.06.2013 09.04.2013 27.03.2013 25.02.2013 29.01.2013 22.11.2012 29.06.2012

02.10.2013

Rosneft OAO Rosneft Oil Company produces and markets petroleum products. The Company explores, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia.

Price/Volume 300

1.6 M 1.4 M

250

1.2 M 200

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROSNS RU EQUITY YTD Change ROSNS RU EQUITY YTD % CHANGE

12/2009 06/yy 276.19 204.70 45.00 263.3 -4.67% 28.63% 79.45% 10'598.2 2'790'500.00 31'874.34 0.0 1'178.1 9'555.76 146'946.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .6 M

100

.4 M 50

.2 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 68'991.0 0.84x 16'988.0 3.40x 11'120.0 3.24x

1.0 M

150

Valuation Analysis

31.12.2009 31.12.2010 46'549.1 63'088.0 2.10x 1.42x 13'439.8 19'173.5 7.29x 4.68x 4'901.6 9'652.6 15.60x 7.16x Profitability

LTM-4Q 31.12.2011 92'124.1 0.99x 22'025.2 4.15x 10'773.9 6.49x

31.12.2012 98'224.1 1.05x 18'632.6 5.56x 10'992.6 7.46x 18'632.60 11'314.95 11.52% 14.34% 7.15% 15.77% 9.80% 0.69% 19.4% 11.9% 11.2% 2.15 1.16 25.25% 43.68% 13.93 -

Price/ Cash Flow

LTM

FY+1

.0 M o-13

0.65 1'254.08 29.45% 0.99% 0.653 19 3.947 880 6'516 5'326 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 97'061.6 113'986.2 131'430.2 141'646.5 41'453.0 39'745.8 3.28x 4.09x 1.07x 0.96x 3.78x 3.88x 18'802.1 22'122.0 26'267.2 28'090.9 8'477.4 8'173.4 4.61x 6.34x 5.59x 5.23x 9'621.6 11'769.6 12'313.4 12'354.3 4'013.2 3'577.2 6.75x 5.77x 6.91x 6.72x S&P Issuer Ratings Long-Term Rating Date 16.04.2013 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 14.82 (EBITDA-Capex)/Interest Exp. 2.87 Net Debt/EBITDA 2.68 Total Debt/EBITDA 3.44 Reference Total Debt/Equity 43.7% Total Debt/Capital 30.1% Asset Turnover 0.69 Net Fixed Asset Turnover 1.01 Accounts receivable turnover-days 26.20 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

9.00

120'000.0

8.00

100'000.0

7.00

80'000.0

6.00 5.00

60'000.0

4.00

40'000.0

3.00 2.00

20'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Rosneft OAO Holdings By:

All

Holder Name RUSSIAN FEDERATION BP PLC BLACKROCK VANGUARD GROUP INC SECHIN IGOR IVANOVIC KHUDAINATOV EDUARD Y SWEDBANK ROBUR FONDE CAISSE DE DEPOT ET P DEKABANK DEUTSCHE GI PICTET FUNDS KALANDA LARISA FRANK RUSSELL TRUST RUDLOFF HANS-JOERG NOMURA KAPITAL ASSET MANAGE HANDELSBANKEN FONDER AVDEEV DMITRY VIKTOR VTB ASSET MANAGEMENT ARCA SGR SPA PRUDENTIAL FINANCIAL

Firm Name Infina Investment Company Uralsib Deutsche Bank Gazprombank UFS-Finance Investment Company Investcafe LLC Otkritie Capital AK Bars Finance Alfa-Bank EVA Dimensions BCS RMG Securities Raiffeisenbank AG Energocapital Brokerage Veles Capital Aton LLC VTB Capital HSBC Sberbank CIB

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst ALEXANDER IVANISCHEV ALEXEI KOKIN PAVEL KUSHNIR IVAN KHROMUSHIN ILYA BALAKIREV GRIGORY BIRG ALEXANDER BURGANSKY ALEXANDER SIDOROV ALEXANDER KORNILOV DOUG WALTERS TIMUR SALIKHOV MIKHAIL LOSHININ ANDREY POLISCHUK Vasiliy Koposov VASILIY TANURKOV ELENA SAVCHIK DMITRY LOUKASHOV ILDAR KHAZIEV OLEG MAXIMOV

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Research Co File MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG Co File ULT-AGG Research MF-AGG Co File MF-AGG MF-AGG ULT-AGG

Recommendation buy hold sell neutral hold hold buy hold equalweight overweight hold buy hold buy buy buy buy underweight hold

Amt Held 7'365'816'383 1'960'449'797 19'464'233 10'820'346 8'997'853 6'411'898 5'610'000 3'413'124 1'799'999 1'376'091 1'250'585 724'658 508'713 429'411 405'530 394'296 392'133 308'000 272'272 269'380

% Out 69.5 18.5 0.18 0.1 0.08 0.06 0.05 0.03 0.02 0.01 0.01 0.01 0 0 0 0 0 0 0 0

Weighting

Change 5 3 1 3 3 3 5 3 3 5 3 5 3 5 5 5 5 1 3

M M M N M M M D D U N U M N M M M D D

Latest Chg 770 2'734'015 (335'001) (36'996) 80'012 157'880 -

Target Price 320 236 170 282 280 288 286 257 274 #N/A N/A 275 281 246 290 405 259 288 171 253

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.04.2013 01.04.2013 27.09.2013 30.06.2013 29.08.2013 31.03.2013 31.03.2013 31.12.2012 28.03.2013 31.05.2013 31.03.2013 30.06.2013 31.03.2013 30.08.2013 25.04.2012 30.08.2013 31.03.2013 31.08.2013 28.06.2013 30.08.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Government Corporation Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Bank Investment Advisor n/a Investment Advisor n/a Unclassified Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 01.10.2013 30.09.2013 27.09.2013 25.09.2013 25.09.2013 25.09.2013 20.09.2013 13.09.2013 10.09.2013 05.08.2013 01.08.2013 08.04.2013 13.03.2013 14.02.2013 25.12.2012 22.11.2012 31.10.2012 29.08.2012 07.02.2012

02.10.2013

Sanlam Ltd Sanlam Limited is a financial services group in South Africa. Through its subsidiaries, Sanlam is a provider of life insurance, retirement annuities, unit trusts, health insurance, and employee benefits. In addition, the Group provides investment and risk products to group funds. Sanlam has investments in companies involved in securities trading, short-term insurance, and commercial banking.

Price/Volume

30.0 M 25.0 M 20.0 M

3000

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLM SJ EQUITY YTD Change SLM SJ EQUITY YTD % CHANGE

12/2012 01/yy 5'024.00 3'521.80 482'914.00 4715 -6.11% 33.88% 81.16% 2'100.0 99'015.00 5'463.00 0.0 2'970.0 14'952.00 90'830.00

15.0 M

2000

10.0 M

1000

5.0 M

0 o-12

31.12.2009 31.12.2010 60'880.0 67'501.0 0.70x 0.77x 4'388.0 5'523.0 10.15x 10.74x Profitability

31.12.2011 54'481.0 0.93x 5'166.0 11.13x

31.12.2012 88'765.0 0.90x 5'655.0 14.98x 11.50% 11.36% 1.49% 19.35% 18.08% 0.20% 6.4% 1.23% 14.80% -

Price/ Cash Flow

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13 a-13 m-13

j-13

a-13

.0 M o-13

s-13

FY+1 -

3.50 0.90 1'381.88 30.09% 10.39% 0.898 9 3.000 4'955'909 4'305'376 3'943'338 FY+2

12/13 Y 12/14 Y 37'963.0 41'373.0 6'306.8 6'999.6 14.75x 13.59x S&P Issuer Ratings

FQ+1

FQ+2

14.8% 12.0% 0.20 -

Sales/Revenue/Turnover

16.00

100'000.0

14.00

90'000.0 80'000.0

12.00

70'000.0

10.00

60'000.0

8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

5000 4000

Valuation Analysis

31.12.2008 19'944.0 1.64x 2'494.0 12.56x

6000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Sanlam Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI UBUNTU-BOTHO INVEST STATE STREET CUSTODI SANLAM LIFE INSURANC JP MORGAN CUSTODIAN ALLAN GRAY UNIT TRUS VANGUARD GROUP INC STATE STREET CORP NORTHERN TR AVFC GOV DIMENSIONAL FUND ADV CITIBANK NEW YORK CAPITAL GROUP COMPAN BLACKROCK LAZARD ASSET MANAGEM SANLAM LTD SHARE INC OLD MUTUAL GEPF SIM PTY LTD FIN LIBERTY LIFE ASSURAN CITIBANK LONDON BANK OF NY CUSTODIAN

Firm Name Barclays SBG Securities Investec UBS Nedgroup Securities EVA Dimensions JPMorgan Avior Research Credit Suisse

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst LARISSA VAN-DEVENTER RISTO KETOLA MARK SALMON MICHAEL CHRISTELIS DAVID S DANILOWITZ DOUG WALTERS FRANCOIS DU TOIT HARRY BOTHA BRIAN MUSHONGA

Source SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG MF-AGG ULT-AGG ULT-AGG SJ-REG ULT-AGG SJ-REG ULT-AGG ULT-AGG ULT-AGG SJ-REG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG

Recommendation overweight sell sell neutral hold hold overweight underperform outperform

Amt Held 271'515'581 226'000'000 133'301'259 124'995'285 71'993'754 57'223'372 55'417'169 52'857'795 51'922'297 38'134'703 37'402'666 36'491'900 34'285'918 32'217'356 32'126'209 24'508'891 23'239'208 22'200'272 21'181'243 19'119'824

% Out 12.93 10.76 6.35 5.95 3.43 2.72 2.64 2.52 2.47 1.82 1.78 1.74 1.63 1.53 1.53 1.17 1.11 1.06 1.01 0.91

Weighting

Change 5 1 1 3 3 3 5 1 5

M M M M M D U M U

Latest Chg (4'637'403) 32'271 (17'561'681) (6'880'787) 1'880'773 480'840 2'826'065 (410'718) 937'230 (45'796'900) 93'735 (45'320) (45'396) 333'891 166'967 187'704 6'590

Target Price 5'400 4'600 4'549 4'850 4'400 #N/A N/A 5'100 4'907 5'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 30.06.2013 27.09.2013 31.05.2013 30.04.2013 31.05.2013 30.06.2013 27.09.2013 31.08.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 9 month Not Provided Not Provided

Inst Type Government n/a Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified n/a Unclassified n/a Insurance Company Bank Investment Advisor

Date 17.09.2013 09.09.2013 06.09.2013 06.09.2013 06.09.2013 16.08.2013 24.06.2013 13.06.2013 14.05.2013

02.10.2013

Cielo SA Cielo SA is an electronic payment solutions company based in Brazil and Latin America. The Company is responsible for accreditation of commercial establishments, capture, transmission, processing and settlement of transactions made with credit cards and debit cards as well as network management services.

Price/Volume 70

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

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CIEL3 BZ EQUITY YTD Change CIEL3 BZ EQUITY YTD % CHANGE

12/2012 06/yy 61.20 37.13 1'272'000.00 61.1 -0.16% 64.54% 99.58% 786.1 48'031.65 2'114.14 0.0 8.9 431.16 49'925.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 2'747.8 2'126.0 1'342.1 -

31.12.2009 31.12.2010 3'309.5 3'992.5 6.16x 2'274.5 2'564.0 8.97x 1'533.8 1'829.3 13.65x 10.00x Profitability

LTM-4Q 31.12.2011 4'208.7 6.21x 2'388.5 10.94x 1'810.3 14.49x

31.12.2012 5'427.4 7.18x 3'082.6 12.65x 2'314.6 16.09x 3'082.59 2'765.27 50.95% 64.70% 28.35% 106.56% 69.30% 0.70% 65.9% 54.8% 48.9% 42.6% 1.37 1.36 21.06% 92.84% 1.12 -

Price/ Cash Flow

06/yy 4'710.0 25.68x 2'711.9 14.23x 2'077.5 20.54x

LTM 06/yy 6'096.6 26.11x 3'342.9 13.68x 2'463.4 18.49x

FY+1

0.47 334.10 52.70% 33.97% 0.469 25 3.360 1'836'540 2'125'767 1'779'099 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'003.0 7'676.6 1'851.8 1'976.0 7.01x 6.35x 27.06x 25.06x 3'977.8 4'340.1 1'145.7 1'230.7 12.55x 11.50x 10.28x 10.01x 2'623.1 2'916.7 661.3 716.3 17.80x 15.85x 17.11x 16.54x S&P Issuer Ratings

81.88 79.48 0.56 0.69 92.8% 48.0% 0.70 12.31 324.93 537.53 -

Sales/Revenue/Turnover

45.00

6'000.0

40.00

5'000.0

35.00

4'000.0

30.00 25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Cielo SA Holdings By:

All

Holder Name BB BCO DE INVESTIMEN COLUMBUS HOLDINGS SA LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC BTG PACTUAL GLOBAL A NORGES BANK JP MORGAN INVESCO LTD GRANTHAM MAYO VAN OT BB GESTAO DE RECURSO HARRIS TRUST & SAVIN BTG PACTUAL WM GESTA MODAL ADMIN DE RECUR BRAM BRADESCO ASSET SQUADRA INV GESTAO D DYNAMO INTERNACIONAL VONTOBEL ASSET MANAG BNY MELLON ARX INV L ITAU UNIBANCO SA

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Agora CTVM SA ALOISIO VILLETH LEMOS Itau BBA Securities ALEXANDRE SPADA Bradesco Corretora CARLOS W FIRETTI Credit Suisse VICTOR SCHABBEL Goldman Sachs CARLOS G MACEDO GBM BIANCA FAIWICHOW Planner Corretora de Valores LUIZ FRANCISCO CAETANO Brasil Plural EDUARDO NISHIO Votorantim CTVM Research RENATO SCHUETZ Banco do Brasil SA NATANIEL CEZIMBRA Morgan Stanley JORGE KURI EVA Dimensions ANDREW S ZAMFOTIS Deutsche Bank MARIO PIERRY SLW Corretora de Valores e Cambio LTDPEDRO GALDI Barclays GERARDUS VOS JPMorgan DOMINGOS FALAVINA Banco Safra de Investimento FRANCISCO KOPS Banco BTG Pactual SA EDUARDO ROSMAN UBS FREDERIC ROZEIRA DE MARIZ Coinvalores SANDRA PERES Grupo Santander HENRIQUE NAVARRO HSBC MARIEL SANTIAGO

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold market perform market perform outperform neutral/neutral market underperform neutral overweight market perform market perform Overwt/No Rating hold hold hold equalweight neutral outperform neutral neutral buy underperform neutral

Amt Held 225'222'085 225'222'085 80'237'810 15'239'012 11'988'349 10'301'709 7'066'963 6'594'423 6'409'046 5'594'532 5'481'596 5'477'967 5'237'088 3'722'774 3'285'058 3'106'016 2'989'497 2'654'319 2'440'796 2'289'663

% Out 28.65 28.65 10.21 1.94 1.53 1.31 0.9 0.84 0.82 0.71 0.7 0.7 0.67 0.47 0.42 0.4 0.38 0.34 0.31 0.29

Weighting

Change 3 3 3 5 3 2 3 5 3 3 5 3 3 3 3 3 5 3 3 5 1 3

M M M M M N M M M M M U M M M M M M U M M D

Latest Chg (347'601) (17'497) 227'730 320'793 (1'790'101) 25'281 (211'020) 1'868'867 685'560 100'100 (332'804) (605'005) (613'073) 344'243 125'413 (103'180)

Target Price 66 67 66 67 64 57 60 67 58 63 66 #N/A N/A 49 59 60 58 52 60 57 73 52 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.05.2013 29.05.2013 31.08.2013 27.09.2013 30.06.2013 31.08.2013 31.12.2012 31.07.2013 30.09.2013 31.05.2013 31.08.2013 28.06.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 31.08.2013 30.04.2013 31.08.2013 31.08.2013

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 15 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Bank Other Unclassified Investment Advisor Investment Advisor Investment Advisor 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

Date 01.10.2013 29.09.2013 27.09.2013 27.09.2013 26.09.2013 13.09.2013 13.09.2013 12.09.2013 02.09.2013 22.08.2013 21.08.2013 15.08.2013 08.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 06.08.2013 03.07.2013 27.06.2013 06.05.2013 04.03.2013

02.10.2013

Want Want China Holdings Ltd Want Want China Holdings Limited manufactures and trades rice crackers, snack food, beverages, and packing materials. The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods. Most of the company's production facilities are located in China and Taiwan.

Price/Volume 14

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 151 HK EQUITY YTD Change 151 HK EQUITY YTD % CHANGE

12/2012 06/yy 12.52 9.63 12'374'410.00 11.88 -5.11% 23.36% 74.39% 13'223.7 157'098.03 1'003.00 0.0 8.1 1'499.21 19'774.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'710.9 2'244.1 5.22x 5.04x 398.6 500.1 22.39x 22.63x 312.6 358.4 29.60x 32.33x Profitability

20.0 M

10.0 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 2'946.5 4.34x 594.0 21.52x 419.5 31.48x

31.12.2012 3'358.7 5.28x 809.2 21.92x 553.8 32.89x 809.16 721.33 21.48% 22.30% 18.50% 41.17% 23.09% 1.05% 39.5% 25.2% 22.6% 16.5% 1.92 1.41 28.98% 62.87% 41.22 5.49

Price/ Cash Flow

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 510.7 0.00x 110.1 0.00x 73.6 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

2.07 0.67 5'604.17 22.59% 13.52% 0.672 35 3.600 13'902'320 19'239'570 15'654'280 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 3'973.1 4'692.2 4.95x 4.16x 952.6 1'105.7 20.76x 17.88x 668.4 772.6 30.04x 25.97x S&P Issuer Ratings

58.74 41.07 -0.54 1.31 62.9% 38.5% 1.05 3.07 8.86 66.43 27.66 57.33

Sales/Revenue/Turnover

40.00

4'000.0

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

30.0 M

Fiscal Year Ended 31.12.2008 1'553.9 3.45x 333.9 16.04x 262.7 20.71x

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Want Want China Holdings Ltd Holdings By:

All

Holder Name ENG-MENG TSAI IWATSUKA CONFECTIONE MR BIG LTD OPPENHEIMERFUNDS INC COMMONWEALTH BANK OF WEN-HSIEN CHENG BLACKROCK T ROWE PRICE ASSOCIA TSAI WANG-CHIA SHAO-CHUNG TSAI JP MORGAN VANGUARD GROUP INC STATE STREET CORP FIL LIMITED CARMIGNAC GESTION NORGES BANK WILLIAM BLAIR & COMP HANG SENG INVESTMENT FMR LLC EMERGING GLOBAL SHAR

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios n/a Multiple Portfolios

Analyst

KGI Securities ANSON CHAN AMTD Financial Planning Limited KENNY TANG SING HING Standard Chartered CHARLES YAN Sanford C. Bernstein & Co JEAN CHAN BNP Paribas Equity Research CHARLIE Y CHEN SWS Research Co Ltd SEAN ZHANG Credit Suisse KEVIN YIN Macquarie LINDA HUANG DBS Vickers TITUS WU Maybank Kim Eng JACQUELINE KO China International Capital Corp DAN WANG Citic Securities Co., Ltd MOHAN SINGH UOB Kay Hian RENEE TAI Religare Capital Markets KA LEONG LO China Merchants Securities HUA LING Barclays VINEET SHARMA Morgan Stanley LILLIAN LOU JPMorgan KURUMLU EBRU SENER Yuanta Securities Investment ConsultingNICE WANG CIMB Yang Lei Nomura EMMA LIU Oriental Patron Securities Ltd TRACY SUN CCB International Securities Ltd FORREST CHAN HSBC CHRISTOPHER K LEUNG Jefferies JESSIE GUO BOCOM International Holdings SUMMER WANG Goldman Sachs LISA DENG EVA Dimensions CRAIG STERLING First Shanghai Securities Ltd PATRICK WONG UBS CHRISTINE PENG Bank of China International LI YAN Haitong International Securities GLORIA WANG Capital Securities Corp TEAM COVERAGE Everbright Securities Co., Ltd DONGLIANG CHANG Phillip Securities BING WANG

Source EXCH Co File Co File MF-AGG ULT-AGG Co File ULT-AGG MF-AGG Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG ULT-AGG MF-AGG

Recommendation outperform buy in-line underperform reduce outperform neutral outperform hold sell hold overweight hold buy neutral overweight Equalwt/In-Line neutral hold outperform neutral hold outperform overweight underperform long-term buy Buy/Neutral overweight hold sell hold buy hold hold hold

Amt Held 6'343'843'100 616'434'480 299'490'000 239'496'992 208'168'000 158'568'040 157'597'117 117'473'000 100'042'000 100'000'000 81'137'000 75'403'127 72'934'588 65'271'221 55'310'033 50'450'767 40'783'217 36'185'291 35'096'019 29'559'656

% Out 47.97 4.66 2.26 1.81 1.57 1.2 1.19 0.89 0.76 0.76 0.61 0.57 0.55 0.49 0.42 0.38 0.31 0.27 0.27 0.22

Weighting

Change 5 5 3 1 2 5 3 5 3 1 3 5 3 5 3 5 3 3 3 5 3 3 5 5 1 5 5 5 3 1 3 5 3 3 3

M M M N M M M M U M M U M U M U M M M M M M M M M M M M M D M M M N D

Latest Chg 44'848'000 1'789'000 151'000 11'674'000 20'752'000 2'068'229 6'614'010 (3'950'000) 19'502'000 (130'324) (16'780'858) -

Target Price 13 13 12 9 8 12 12 14 12 9 12 13 13 13 12 13 12 10 12 13 12 12 13 12 9 12 13 #N/A N/A 13 10 12 11 10 7 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 31.03.2013 31.12.2012 31.07.2013 31.05.2013 31.12.2012 27.09.2013 30.06.2013 31.12.2012 31.12.2012 31.07.2013 30.06.2013 27.09.2013 30.04.2013 28.06.2013 31.12.2012 30.06.2013 31.07.2013 31.08.2013 27.09.2013

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month

Inst Type n/a Corporation Other Investment Advisor Bank n/a 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

Date 30.09.2013 24.09.2013 20.09.2013 18.09.2013 04.09.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 28.07.2013 11.07.2013 28.06.2013 27.06.2013 06.06.2013 11.03.2013 06.03.2013 06.03.2013 29.10.2012 05.09.2012 21.07.2011 17.03.2011

02.10.2013

Hana Financial Group Inc Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

Price/Volume 45000

4.0 M

40000

3.5 M

35000

3.0 M

30000

2.5 M

25000

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 086790 KS EQUITY YTD Change 086790 KS EQUITY YTD % CHANGE

12/2012 06/yy 41'550.00 30'100.00 474'411.00 37450 -9.87% 24.42% 61.57% 289.9 10'856'533.00 3'465'063.00 0.0 0.0 60'230.00 14'414'504.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

15000 10000

1.0 M

5000

.5 M

0 o-12

31.12.2009 31.12.2010 479'301.0 2'110'865.0 18.34x 435'457.0 2'082'194.0 20.19x 306'290.0 1'926'300.0 22.44x 4.71x Profitability

LTM-4Q 31.12.2011 421'026.0 381'205.0 184'468.0 50.00x

d-12

j-13

LTM

31.12.2012 06/yy 06/yy 27'778.0 114'114.0 157'424.0 423.67x 428.89x 313.86x (26'689.0) 59'779.0 112'254.0 199.53x 117.56x (181'130.0) (104'152.0) (60'866.0) 0.00x 0.00x -26'689.00 -653.63% -1.10% -1.41% -1.12% 0.00% -96.1% -652.1% 21.42% 27.42% -

Price/ Cash Flow

f-13 m-13 a-13 m-13

j-13

a-13

s-13

.0 M o-13

1.20 1.33 263.00 11.11% 8.41% 1.325 41 4.659 666'898 895'013 913'143

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-129.83 27.4% 21.5% 0.00 8.17 -

Sales/Revenue/Turnover

25.00

2'500'000.0

20.00

2'000'000.0

15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

0.00 02.01.2010

n-12

Fiscal Year Ended 31.12.2008 533'134.0 10.48x 494'083.0 11.31x 483'446.0 8.47x

2.0 M

20000

Valuation Analysis

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Hana Financial Group Inc Holdings By:

All

Holder Name NATIONAL PENSION SER CAPITAL GROUP COMPAN GS DEJAKOO LLC WELLINGTON MANAGEMEN ALLIANCE BERNSTEIN L FRANKLIN RESOURCES BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC GRANTHAM MAYO VAN OT NORGES BANK FMR LLC SAMSUNG INVESTMENT T KOREA INVESTMENT TRU ROBECO HANA FINANCIAL GROUP KB ASSET MANAGEMENT EMPLOYEE STOCK OWNER UBS HANA ASSET MANAG FIL LIMITED

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Meritz Securities Co., Ltd PARK SUN-HO KB Investment & Securities Co., Ltd SHIM HYUN-SOO Eugene Investment & Securities Co., LtdKIM IN Macquarie CHAN HWANG Shinyoung Securities Co., Ltd. IM IL-SUNG Hanwha Securities Co., Ltd KYU-SUN SHIM Nomura MICHAEL NA Korea Investment & Securities LEE JOANNE Samsung Securities JAEWOO KIM Credit Suisse GIL HYUNG KIM KTB Securities OH JIN-WON Barclays MICHELLE CHO Woori Investment & Securities JASON CHOI Standard Chartered JINSANG KIM Hyundai Securities KOO KYUNG-HWE HMC Investment Securities Co Ltd LEE CHANG-WOOK EVA Dimensions DOUG WALTERS Daishin Securities Co., Ltd. CHOI JUNG-WOOK HSBC SINYOUNG PARK NH Investment & Securities KIM EUN-GAB Deutsche Bank JEE HOON PARK Mirae Asset Securities HEATHER KANG Leading Investment & Securities BAE JUNG-HYUN IBK Securities Co Ltd PARK JIN-HYOENG E*Trade Securities Korea HA HAKSOO Daewoo Securities TAYE SHIM Shinhan Investment Corp KIM SOO-HYUN SEAN Tong Yang Investment Bank SUNG BYUNG-SOO Morgan Stanley JOON SEOK CIMB DAEHYUN KIM JPMorgan SCOTT YH SEO LIG Investment Securities SOHN JOON-BEOM HI Investment Securities YOO SANG-HO KIWOOM Securities Co Ltd SEO YOUNG-SOO Dongbu Securities Co Ltd LEE BYUNG-GUN BNP Paribas Equity Research TEAM COVERAGE UBS SCOTT LEE Daiwa Securities Co. Ltd. CHANG-HEE LEE Kyobo Securities HWANG SEOK-KYU

Source Co File ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG Co File MF-AGG ULT-AGG

Recommendation buy buy hold outperform buy buy buy buy buy outperform buy overweight buy outperform buy buy buy buy overweight market perform buy buy buy buy market perform buy buy buy Overwt/In-Line outperform overweight buy buy market perform buy buy buy buy buy

Amt Held 22'732'503 14'740'320 10'844'689 9'774'707 7'229'434 6'407'199 6'391'278 4'673'002 4'088'266 2'854'978 2'528'441 2'517'543 2'507'043 2'349'671 2'170'456 2'020'000 1'700'528 1'697'504 1'483'154 1'337'546

% Out 7.84 5.08 3.74 3.37 2.49 2.21 2.2 1.61 1.41 0.98 0.87 0.87 0.86 0.81 0.75 0.7 0.59 0.59 0.51 0.46

Weighting

Change 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5

M M M M M M M M M M M N M M M M U M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (452'960) (7'500'000) (2'663'766) (5'793'825) 1'631'077 3'970 280'144 (1'408'755) 169'915 118'032 553'527 24'304 (579'673) (218'840) 1'324'067

Target Price 49'000 55'000 42'000 46'000 49'500 49'500 55'000 45'000 47'000 47'000 49'000 50'700 45'000 45'200 45'000 52'000 #N/A N/A 49'000 45'000 #N/A N/A 43'000 49'500 51'000 47'000 37'400 52'000 45'000 44'000 43'000 44'000 42'000 53'000 47'000 35'000 47'800 44'700 53'000 50'000 48'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2011 17.09.2013 21.04.2011 12.12.2011 31.08.2011 30.06.2013 27.09.2013 30.04.2013 30.06.2013 31.05.2013 31.12.2012 31.08.2013 31.03.2013 31.03.2013 30.04.2013 31.12.2011 31.03.2013 31.12.2011 31.03.2013 30.04.2013

Date 6 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 6 month 6 month 12 month 12 month 12 month Not Provided 6 month

Inst Type Government Investment Advisor n/a Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation Investment Advisor n/a Investment Advisor Investment Advisor

Date 02.10.2013 02.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 29.09.2013 27.09.2013 27.09.2013 25.09.2013 24.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 12.09.2013 10.09.2013 03.09.2013 29.08.2013 20.08.2013 09.08.2013 08.08.2013 05.08.2013 26.07.2013 24.07.2013 22.07.2013 22.07.2013 22.07.2013 21.07.2013 21.07.2013 19.07.2013 17.07.2013 16.07.2013 11.07.2013 25.06.2013 07.06.2013 26.04.2013 12.04.2013 02.12.2011

02.10.2013

Alfa SAB de CV Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing, automotive and telecommunication businesses. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel.

Price/Volume 45

35.0 M

30.0 M

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.09.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFAA MM EQUITY YTD Change ALFAA MM EQUITY YTD % CHANGE

12/2012 06/yy 39.79 22.84 6'240'965.00 36.84 -7.41% 61.30% 82.60% 5'142.5 189'449.70 51'773.00 0.0 8'735.0 13'661.00 237'441.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

15.0 M

10.0 M

5.0 M

5 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 116'190.0 0.51x 10'478.0 5.71x (9'513.0) -

31.12.2009 31.12.2010 115'632.0 136'395.0 0.74x 0.78x 14'280.0 15'952.0 5.95x 6.63x 2'021.0 4'927.0 23.09x 13.65x Profitability

LTM-4Q 31.12.2011 182'967.0 0.74x 19'587.0 6.88x 4'748.0 17.07x

31.12.2012 200'167.0 0.95x 24'267.0 7.80x 8'994.0 15.74x 24'267.00 16'305.00 8.15% 6.78% 4.37% 13.80% 8.37% 1.25% 17.8% 11.1% 7.0% 4.5% 1.75 1.06 33.65% 99.48% 9.80 7.47

Price/ Cash Flow

LTM

FY+1

1.07 57.81% 35.79% 1.069 15 2.800 8'749'390 7'477'068 7'246'697 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 197'656.5 199'687.9 199'061.3 208'791.6 51'646.0 48'180.5 2.91x 3.90x 1.16x 1.07x 4.64x 4.88x 22'120.4 22'092.9 23'897.3 26'859.1 6'505.0 6'254.0 7.45x 9.44x 9.94x 8.84x 8.50x 8.34x 5'143.4 6'970.9 7'963.7 10'749.9 1'680.0 1'884.0 21.53x 23.12x 24.49x 18.87x 24.56x 24.89x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5.84 4.08 1.76 2.29 99.5% 46.0% 1.25 2.70 37.24 48.86 47.55 27.47

Sales/Revenue/Turnover

12.00

250'000.0

10.00

200'000.0

8.00

150'000.0

6.00

100'000.0 4.00

50'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Alfa SAB de CV Holdings By:

All

Holder Name NACIONAL FINANCIERA BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV GRUPO FIN BANAMEX SA FIL LIMITED NORGES BANK GRUPO FINANCIERO BBV MORGAN STANLEY SCHRODER INVESTMENT JP MORGAN PRINCIPAL FINANCIAL EATON VANCE MANAGEME AMERIPRISE FINANCIAL IMPULSORA DEL FONDO THREADNEEDLE PRUDENTIAL FINANCIAL ACTINVER SA DE CV/ME BNP PARIBAS CAISSE DE DEPOT ET P

Firm Name

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Source MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

Credit Suisse VANESSA QUIROGA outperform Vector Servicios Financieros RAFAEL ESCOBAR hold Invex Casa de Bolsa SA de CV ANA EUGENIA SEPULVEDA DEL VILLAR hold Banorte-IXE CARLOS HERMOSILLO sell Morgan Stanley NIKOLAJ LIPPMANN Equalwt/No Rating JPMorgan CASSIO LUCIN neutral EVA Dimensions TIMOTHY STANISH sell HSBC JUAN CARLOS MATEOS overweight Banco Monex S.A. Institucion de Banca FERNANDO E BOLANOS sell GBM LILIAN OCHOA market underperform BBVA PABLO ABRAHAM PEREGRINA underperform UBS MARIMAR TORREBLANCA buy Grupo Santander LUIS MIRANDA underperform

Amt Held 149'652'438 130'672'955 83'959'818 70'751'000 40'900'760 35'091'586 23'336'429 21'576'452 19'483'030 18'428'095 18'347'912 13'180'916 11'699'120 10'648'570 10'500'000 10'474'800 10'242'459 9'782'651 8'122'610 7'616'450

% Out 2.91 2.54 1.63 1.38 0.8 0.68 0.45 0.42 0.38 0.36 0.36 0.26 0.23 0.21 0.2 0.2 0.2 0.19 0.16 0.15

Weighting

Change 5 3 3 1 3 3 1 5 1 2 1 5 1

M M U M M D D M M M M U M

Latest Chg (188'820) (4'009'100) 2'544'278 (116'470) 2'954'993 6'064'809 (1'349'573) 2'441'600 12'388'114 (58'600) 6'261'946 1'061'000 201'500 4'957'800 8'229'559 (643'411) 85'773 -

Target Price 44 37 38 31 31 33 #N/A N/A 35 30 25 30 39 30

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 27.09.2013 30.06.2013 30.04.2013 30.08.2013 30.04.2013 31.12.2012 25.09.2013 30.06.2013 30.06.2013 31.07.2013 31.08.2013 31.07.2013 31.07.2013 31.08.2013 31.07.2013 30.08.2013 30.08.2013 31.05.2013 31.12.2012

Date Not Provided Not Provided 12 month Not Provided 12 month 15 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 11.09.2013 13.08.2013 12.08.2013 31.07.2013 29.07.2013 24.07.2013 22.07.2013 19.07.2013 17.07.2013 16.07.2013 16.07.2013 15.07.2013 22.04.2013

02.10.2013

China Pacific Insurance Group Co Ltd China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Price/Volume 35

250.0 M

200.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2601 HK EQUITY YTD Change 2601 HK EQUITY YTD % CHANGE

12/2012 06/yy 32.50 22.45 6'537'665.00 28.05 -13.69% 24.94% 53.23% 2'775.3 217'769.22 65'722.00 0.0 1'392.0 23'875.00 76'044.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

150.0 M

100.0 M

10 50.0 M

5 0 o-12

31.12.2009 31.12.2010 104'175.0 141'127.0 1.92x 1.45x 7'356.0 8'557.0 26.97x 22.90x Profitability

LTM-4Q 31.12.2011 155'446.0 1.21x 8'313.0 19.80x

31.12.2012 167'146.0 1.49x 5'077.0 38.14x 5.01% 3.66% 0.81% 5.87% 5.01% 0.27% 3.0% 9.64% 68.33% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

LTM

FY+1

1.58 1.39 2'033.96 21.67% -0.42% 1.386 35 4.400 7'788'380 8'152'990 9'880'705 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'384.0 184'010.0 187'338.2 211'037.2 2.15x 1.59x 0.93x 0.83x 0.0 0.0 0.00x 0.00x 5'135.0 7'903.0 9'909.3 11'733.7 37.15x 18.05x 20.24x 17.11x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

68.3% 40.2% 0.27 -

Sales/Revenue/Turnover

5.00

180'000.0

4.50

160'000.0

4.00

140'000.0

3.50

120'000.0

3.00

100'000.0

2.50

80'000.0

2.00

60'000.0

1.50

40'000.0

1.00

20'000.0

0.50 0.00 01.01.2010

.0 M n-12

Fiscal Year Ended 31.12.2008 76'135.0 1.03x 2'569.0 33.70x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

China Pacific Insurance Group Co Ltd Holdings By:

All

Holder Name JP MORGAN GIC PRIVATE LIMITED NORGES BANK AZ EURO INVESTMENTS BLACKROCK CAPITAL GROUP COMPAN TEMASEK HOLDINGS PRI MORGAN STANLEY SCHRODER INVESTMENT ABU DHABI INVESTMENT SCHRODER INVESTMENT VANGUARD GROUP INC FMR LLC ALLIANZ FINANCE II L FRANKLIN RESOURCES BARING INTERNATIONAL FIL LIMITED SCHRODER INVESTMENT SCHRODER KOREA LTD SHINHAN BNP PARIBAS

Firm Name Sanford C. Bernstein & Co Jefferies Deutsche Bank Core Pacific Morgan Stanley Daiwa Securities Co. Ltd. BOCOM International Holdings Credit Suisse Barclays JPMorgan Capital Securities Corp Haitong International Securities China International Capital Corp UOB Kay Hian Standard Chartered HSBC Macquarie CIMB BNP Paribas Equity Research Nomura CCB International Securities Ltd AMTD Financial Planning Limited Religare Capital Markets UBS Guotai Junan EVA Dimensions Goldman Sachs Guoyuan Securities (HK) Ltd SWS Research Co Ltd ICBC International Securities Bank of China International Phillip Securities Masterlink Securities Mirae Asset Securities RBS

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst LINDA SUN-MATTISON BARON NIE ESTHER CHWEI OLIVE XIA BEN LIN JERRY YANG LI WENBING ARJAN VAN VEEN NOEL CHAN MW KIM TEAM COVERAGE FANNY CHEN TANG SHENGBO EDMOND LAW JENNIFER LAW JAMES GARNER SCOTT G RUSSELL MARK KELLOCK LING TANG JESSE WANG KENNETH YUE KENNY TANG SING HING STEVEN LAM BOB LEUNG DAYTON WANG DOUG WALTERS MANCY SUN TEAM COVERAGE ROBERT HU PIUS CHENG SUN PENG CHEN XINGYU LI YAN IVAN CHEUNG YANAN WANG

Source ULT-AGG ULT-AGG EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH Research EXCH ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG

Recommendation outperform buy buy hold Overwt/In-Line buy long-term buy outperform equalweight overweight buy buy hold buy outperform overweight outperform outperform buy neutral outperform buy buy buy accumulate sell neutral/neutral buy outperform buy hold buy buy buy buy

Amt Held 359'278'138 293'830'400 231'734'200 191'940'303 191'932'066 143'163'600 139'592'200 96'842'838 95'155'400 76'187'483 72'828'618 67'425'128 48'377'843 41'517'800 33'823'140 25'926'103 25'816'939 22'035'600 21'271'000 20'281'000

% Out 12.95 10.59 8.35 6.92 6.92 5.16 5.03 3.49 3.43 2.75 2.62 2.43 1.74 1.5 1.22 0.93 0.93 0.79 0.77 0.73

Weighting

Change 5 5 5 3 5 5 5 5 3 5 5 5 3 5 5 5 5 5 5 3 5 5 5 5 4 1 3 5 5 5 3 5 5 5 5

M M M D M M D M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 55'160'000 302'660 1'963'833 27'827'879 (486'800) 3'710'770 (263'400) 1'241'800

Target Price 32 33 32 32 38 39 32 38 32 32 32 38 24 35 37 34 32 31 33 28 32 28 32 33 31 #N/A N/A 32 36 30 32 25 28 28 32 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.07.2013 15.11.2012 14.11.2012 14.11.2012 27.09.2013 02.08.2013 11.07.2013 30.06.2013 04.09.2013 14.11.2012 04.09.2013 30.06.2013 31.08.2013 14.11.2012 30.06.2013 30.06.2013 30.04.2013 04.09.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Government Government Other Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 26.09.2013 18.09.2013 18.09.2013 17.09.2013 17.09.2013 17.09.2013 16.09.2013 13.09.2013 11.09.2013 30.08.2013 27.08.2013 27.08.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 13.08.2013 16.07.2013 10.07.2013 17.06.2013 06.06.2013 16.05.2013 31.01.2013 14.01.2013 14.12.2012 06.12.2012 16.11.2012 07.06.2012 18.10.2011 01.08.2011

02.10.2013

Turkiye Garanti Bankasi AS Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial banking services. The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services. Turkiye Garanti Bankasi operates in Turkey, the Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.

Price/Volume 12

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (22.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GARAN TI EQUITY YTD Change GARAN TI EQUITY YTD % CHANGE

12/2012 06/yy 11.35 6.58 39'721'133.00 8.04 -29.16% 22.19% 35.22% 4'200.0 33'768.00 45'583.99 0.0 140.5 26'337.81 -

80.0 M 60.0 M

40.0 M 2

20.0 M

0 o-12

31.12.2009 31.12.2010 14'640.5 13'694.0 3'085.7 3'381.1 8.64x 9.71x Profitability

LTM-4Q 31.12.2011 15'453.2 3'326.3 7.45x

31.12.2012 17'675.4 3'334.1 11.66x 41.98% 41.98% 2.03% 18.19% 5.78% 0.10% 32.5% 25.36% 211.86% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 16'704.9 0.00x 0.0 0.00x 3'170.9 9.40x

06/yy 18'231.1 0.00x 0.0 0.00x 3'740.0 9.45x

a-13 m-13

j-13

a-13

s-13

.0 M o-13

FY+1

1.18 4.74% -12.00% 1.178 31 3.516 73'740'260 69'247'020 61'657'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 10'986.0 12'047.0 3'751.8 3'992.9 9.07x 8.30x S&P Issuer Ratings

05.04.2013 BB+ STABLE 211.9% 67.8% 0.10 4.23 -

Sales/Revenue/Turnover

160.00

20'000.0

140.00

18'000.0 16'000.0

120.00

14'000.0

100.00

12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

140.0 M

Valuation Analysis

31.12.2008 12'829.6 1'879.4 5.81x

160.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Turkiye Garanti Bankasi AS Holdings By:

All

Holder Name BANCO BILBAO VIZCAYA DOGUS HOLDING AS ABERDEEN VANGUARD GROUP INC BLACKROCK JP MORGAN T ROWE PRICE ASSOCIA FMR LLC CAPITAL GROUP COMPAN SCHRODER INVESTMENT NORGES BANK UMB BANK N A MORGAN STANLEY THAMES RIVER CAPITAL JP MORGAN CHASE BANK EAST CAPITAL ASSET M GOLDMAN SACHS GROUP BNP PARIBAS DANSKE INVEST A/S BARING INTERNATIONAL

Firm Name Eczacibasi Securities HSBC Seker Securities IS Investment & Securities Ekspres Invest FinansInvest Burgan Securities Goldman Sachs BNP Paribas Equity Research ATA Invest BGC Partners VTB Capital Oyak Securities UBS Ak Investment Renaissance Capital Barclays Societe Generale Deutsche Bank Morgan Stanley Credit Suisse Keefe, Bruyette & Woods EVA Dimensions Global Menkul Degerler JPMorgan Yatirim Finansman Securities Tera Stock Brokers IBG Research (ESN) Yapi Kredi Yatirim ve Menkul Degerler

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst SERCAN SOYLU TAMER SENGUN NESLIHAN KARAGOZ BULENT SENGONUL CIHAN SARAOGLU MUGE DAGISTAN DUYGUN KUTUCU DMITRY TREMBOVOLSKY SADRETTIN BAGCI DERYA GUZEL CAGDAS DOGAN AKIN TUZUN METIN ESENDAL SERHAN GOK HAKAN AYGUN YAVUZ UZAY CRISTINA MARZEA ALAN WEBBORN KAZIM ANDAC MAGDALENA STOKLOSA ATES BULDUR RONNY REHN DOUG WALTERS SEVGI ONUR PAUL FORMANKO ZUMRUT CAN HASAN DEMIR KONSTANTINOS MANOLOPOULOS MURAT BOREKCI

Source Research Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation market perform neutral outperform market perform sell neutral hold neutral/neutral hold market outperform hold hold market perform buy market perform hold equalweight buy buy Equalwt/In-Line neutral market perform buy buy neutral market perform neutral accumulate hold

Amt Held 1'050'420'000 1'017'476'545 131'156'189 105'780'113 88'665'649 79'358'168 41'130'919 31'138'164 30'723'505 22'446'646 21'914'217 20'221'825 14'755'799 12'405'000 12'316'491 8'785'103 7'996'524 7'807'547 7'529'000 7'318'184

% Out 25.01 24.23 3.12 2.52 2.11 1.89 0.98 0.74 0.73 0.53 0.52 0.48 0.35 0.3 0.29 0.21 0.19 0.19 0.18 0.17

Weighting

Change 3 3 5 3 1 3 3 3 3 4 3 3 3 5 3 3 3 5 5 3 3 3 5 5 3 3 3 4 3

M D M D D M M M M M M M M M M M M M M M M M U M D M M M U

Latest Chg 19'817'000 935'929 87'634 (47'412) 1'461'163 (8'215'942) (2'018'765) 3'225'962 (1'193'380) (612'200) 1'726'787 (797'487) (245'000) (2'882'478)

Target Price 9 9 11 9 9 9 8 9 9 9 8 8 8 9 8 8 9 9 10 10 9 9 #N/A N/A 10 10 11 8 11 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 27.09.2013 31.08.2013 30.06.2013 27.09.2013 31.07.2013 30.06.2013 31.08.2013 30.06.2013 30.06.2013 31.12.2012 31.07.2013 31.07.2013 30.09.2012 31.05.2013 31.03.2013 30.06.2013 31.07.2013 31.05.2013 30.06.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 3 month Not Provided Not Provided 12 month 12 month

Inst Type Bank Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 27.09.2013 25.09.2013 25.09.2013 23.09.2013 23.09.2013 19.09.2013 19.09.2013 17.09.2013 12.09.2013 11.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 04.09.2013 30.08.2013 23.08.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 22.07.2013 28.06.2013 24.06.2013 30.04.2013 26.04.2013 23.04.2013 11.02.2013

02.10.2013

Telekomunikasi Indonesia Persero Tbk PT PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services. The Company also offers electronic mail, mobile communication, and cellular phone services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (03.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TLKM IJ EQUITY YTD Change TLKM IJ EQUITY YTD % CHANGE

12/2012 06/yy 2'566.04 1'720.64 78'815'000.00 2200 -14.26% 27.86% 50.79% 100'800.0 221'760'000.00 19'275'000.00 0.0 15'437'000.0 17'456'000.00 242'652'992.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600.0 M

2500

500.0 M

2000

400.0 M

1500

300.0 M

1000

200.0 M

500

100.0 M

0 o-12

n-12

31.12.2009 67'677'518.0 3.12x 36'762'440.0 5.75x 11'398'826.0 16.31x Profitability

31.12.2010 68'629'181.0 2.64x 37'102'578.0 4.88x 11'536'999.0 13.55x

LTM-4Q 31.12.2011 71'253'000.0 2.22x 36'558'000.0 4.32x 10'965'000.0 12.60x

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

.0 M o-13

LTM

FY+1

0.94 49'197.61 20.05% 26.02% 0.937 29 4.448 ######### ######### ######### FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 77'143'000.0 ######### ######### ######### ######### ######### 2.47x 8.97x 10.58x 2.81x 2.59x 39'757'000.0 ######### ######### ######### ######### ######### 4.79x 4.70x 5.79x 5.64x 5.27x 5.48x 12'850'000.0 ######### ######### ######### ######### ######### 13.52x 13.79x 15.91x 14.63x 13.41x 13.83x S&P Issuer Ratings 39'757'000.00 Long-Term Rating Date 25'301'000.00 Long-Term Rating 32.80% Long-Term Outlook 31.41% Short-Term Rating Date 12.72% Short-Term Rating 27.97% Credit Ratios 26.35% EBITDA/Interest Exp. 0.76% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 50.8% Reference 32.9% Total Debt/Equity 16.7% Total Debt/Capital Asset Turnover 1.10 Net Fixed Asset Turnover 0.94 Accounts receivable turnover-days 17.31% Inventory Days 37.40% Accounts Payable Turnover Day 13.24 Cash Conversion Cycle -

Price/ Cash Flow

FQ+2 12/13 Q4 ######### ######### 5.41x ######### 13.68x 15.10.2008 NR 19.35 15.35 0.19 0.49 37.4% 22.3% 0.76 1.04 27.56 -

Sales/Revenue/Turnover

10.00

90'000'000.0

9.00

80'000'000.0

8.00

70'000'000.0

7.00

60'000'000.0

6.00

50'000'000.0

5.00

40'000'000.0

4.00

30'000'000.0

3.00

20'000'000.0

2.00

10'000'000.0

1.00 0.00 01.01.2010

d-12

Fiscal Year Ended 31.12.2008 60'689'784.0 2.61x 34'620'691.0 4.58x 10'619'470.0 12.83x

3000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Telekomunikasi Indonesia Persero Tbk PT Holdings By:

All

Holder Name REPUBLIC OF INDONESI BANK OF NEW YORK MEL VANGUARD GROUP INC BLACKROCK JP MORGAN INVESCO LTD NORGES BANK WILLIAM BLAIR & COMP FIL LIMITED MATTHEWS INTERNATION GRANTHAM MAYO VAN OT PICTET FUNDS UBS AG SCHRODER INVESTMENT GOLDMAN SACHS GROUP EASTSPRING INVESTMEN DAIWA SECURITIES GRO PRINCIPAL FINANCIAL SEB CAISSE DE DEPOT ET P

Firm Name Morgan Stanley Credit Suisse RHB Research Institute Sdn Bhd BNP Paribas Equity Research HSBC UBS Barclays Macquarie Nomura Deutsche Bank Goldman Sachs EVA Dimensions JPMorgan PT Batavia Prosperindo Sekuritas New Street Research AmCapital Indonesia Daiwa Securities Co. Ltd. Samuel Sekuritas Indonesia Sucorinvest Central Gani Ciptadana Sekuritas DBS Vickers UOB Kay Hian Danareksa CIMB Trimegah Securities Tbk PT Bahana Securities

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst NAVIN KILLA COLIN MCCALLUM JEFFREY TAN FOONG CHOONG CHEN LUIS HILADO SURESH A MAHADEVAN ANAND RAMACHANDRAN RIAZ HYDER SACHIN GUPTA RAYMOND KOSASIH SACHIN SALGAONKAR ANDREW S ZAMFOTIS PRINCY SINGH ARANDI NUGRAHA CHRIS HOARE AKHMAD NURCAHYADI RAMAKRISHNA MARUVADA ADRIANUS BIAS PRASURYO ARIEF BUDIMAN TRIWIRA JUNIARTA TJANDRA SACHIN MITTAL JONATHAN KOH CHANDRA S PASARIBU KELVIN GOH ROBBY HAFIL HARRY SU

Source Co File Co File ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation Overwt/Attractive outperform buy hold neutral buy overweight outperform neutral buy Buy/Neutral buy overweight buy buy buy outperform hold buy hold hold buy buy outperform hold buy

Amt Held 51'602'353'555 9'694'120'580 1'479'136'800 1'343'777'335 730'105'000 633'967'500 568'543'955 559'710'000 538'011'783 447'485'000 352'705'000 314'187'489 265'525'100 254'394'995 147'980'000 140'677'500 136'880'000 136'698'500 136'516'345 135'258'305

% Out 51.19 9.62 1.47 1.33 0.72 0.63 0.56 0.56 0.53 0.44 0.35 0.31 0.26 0.25 0.15 0.14 0.14 0.14 0.14 0.13

Weighting

Change 5 5 5 3 3 5 5 5 3 5 5 5 5 5 5 5 5 3 5 3 3 5 5 5 3 5

M M M M M M M M M M M U M M M M M M U M M M M M M M

Latest Chg 33'960'000 (8'362'000) (95'360'000) 44'422'500 (141'135'000) (536'373'617) (51'949'999) (62'242'060) 17'637'500 39'977'500 (50'547'800) (58'661'000) (348'500) -

Target Price 2'500 2'400 2'500 2'150 2'300 2'600 2'500 2'500 2'100 2'700 2'840 #N/A N/A 2'770 2'415 2'540 2'580 2'675 2'300 2'740 2'400 2'000 2'610 2'650 2'900 2'080 2'900

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 30.06.2013 30.06.2013 27.09.2013 31.07.2013 30.09.2013 31.12.2012 30.06.2013 30.04.2013 28.06.2013 31.05.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 28.06.2013 24.05.2013 31.08.2013 31.03.2013 31.12.2012

Date 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Unclassified Investment Advisor

Date 27.09.2013 24.09.2013 24.09.2013 20.09.2013 16.09.2013 11.09.2013 04.09.2013 03.09.2013 03.09.2013 29.08.2013 29.08.2013 29.08.2013 28.08.2013 23.08.2013 20.08.2013 16.08.2013 30.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 22.07.2013 22.07.2013 20.07.2013 19.07.2013 31.05.2013

02.10.2013

Delta Electronics Inc Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors. Delta also manufactures magnetic and networking components.

Price/Volume 160

100

15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2308 TT EQUITY YTD Change 2308 TT EQUITY YTD % CHANGE

12/2012 12/yy 150.00 96.60 2'890'747.00 143.5 -4.33% 48.55% 90.64% 2'427.4 348'326.81 16'315.00 0.0 0.0 6'321.28 358'320.52

10.0 M

60 40

5.0 M

20 0 o-12

31.12.2009 31.12.2010 29'550.8 34'051.6 7.84x 10.22x 2'023.7 2'197.4 114.43x 158.34x 11'657.5 15'754.2 19.23x 21.29x Profitability

LTM-4Q 31.12.2011 32'701.5 5.70x 2'399.8 77.64x 10'991.0 15.72x

31.12.2012 36'287.6 7.38x 2'596.6 103.15x 16'109.5 14.96x 2'596.58 1'830.23 5.04% 49.87% 13.49% 19.95% 16.23% 0.30% 10.7% 7.2% 5.0% 44.4% 1.23 0.94 13.70% 19.50% 6.06 38.25

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M o-13

s-13

LTM

12/yy 32'701.5 27.85x 2'399.8 77.64x 10'991.0 15.71x

12/yy 36'287.6 27.83x 2'596.6 103.15x 16'109.5 14.96x

0.82 1'768.24 4.69 32.24% 39.69% 0.821 26 4.192 4'802'714 5'346'543 5'135'732

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

19.25 0.03 3.85 6.28 19.5% 16.3% 0.30 4.45 60.38 9.57 79.01 -9.06

Sales/Revenue/Turnover

90.00

70'000.0

80.00

60'000.0

70.00

50'000.0

60.00 50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 02.01.2010

n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

120

Valuation Analysis

31.12.2008 37'906.4 3.67x 1'476.8 94.20x 10'250.9 13.54x

25.0 M

140

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Delta Electronics Inc Holdings By:

All

Holder Name HSIANG TA INTERNATIO YING TA HOLDING CO L CAPITAL GROUP COMPAN CHUNG-HUA CHENG COMMONWEALTH BANK OF CAPITAL INCOME DEVLP JP MORGAN VANGUARD GROUP INC CAPITAL WORLD GROWTH BLACKROCK MATTHEWS INTERNATION SAUDI ARABIAN MONETA HSIEH YING-I NORGES BANK POLARIS SEC INVESTME EASTSPRING INVESTMEN JP MORGAN CHASE BANK PICTET FUNDS ROBECO PING CHENG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst

Credit Agricole Securities Taiwan Co. L CHITRA GOPAL BNP Paribas Equity Research CHARLES HSU Jih Sun Securities WENWEN WANG Morgan Stanley GRACE CHEN Goldman Sachs ROBERT YEN Daiwa Securities Co. Ltd. CHRISTINE WANG UBS ARTHUR HSIEH JPMorgan GOKUL HARIHARAN HSBC JENNY LAI Macquarie TAMMY LAI Credit Suisse PAULINE CHEN Capital Securities Corp TEAM COVERAGE Masterlink Securities JUSTINA HSIAO Mega Securities LU CALVIN Yuanta Securities Investment ConsultingDENNIS CHAN Fubon Securities KEVIN CHANG President Capital Management YING-CHANG KUO SinoPac BAMBOO LIN Barclays KIRK YANG KGI Securities JENNIFER LIANG CIMB FELIX PAN Nomura ANNE LEE Deutsche Bank JOELIAN TSENG E Sun Securities LIU KUAN-MING EVA Dimensions ANDREW S ZAMFOTIS

Source EXCH Co File ULT-AGG EXCH ULT-AGG Co File ULT-AGG ULT-AGG Co File ULT-AGG Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG EXCH

Recommendation outperform buy neutral Equalwt/In-Line Buy/Neutral outperform buy overweight overweight neutral neutral neutral buy neutral buy add buy buy overweight neutral outperform neutral not rated buy on weakness hold

Amt Held 254'000'000 207'324'184 195'704'692 140'000'000 116'424'811 84'649'233 72'860'141 60'586'967 59'003'873 54'586'949 51'792'000 45'911'802 45'677'948 23'448'270 15'839'000 13'783'424 13'496'000 12'356'554 11'299'115 8'304'645

% Out 10.46 8.54 8.06 5.77 4.8 3.49 3 2.5 2.43 2.25 2.13 1.89 1.88 0.97 0.65 0.57 0.56 0.51 0.47 0.34

Weighting

Change

5 5 3 3 5 5 5 5 5 3 3 3 5 3 5 4 5 5 5 3 5 3 #N/A N/A 5 3

M M M D M M M M M D D M M M M M M M M M M M M M U

Latest Chg (1'034'000) 27'760'000 593'682 2'309'000 111'000 (4'749'692) 841'000 (970'126) -

Target Price 158 155 #N/A N/A 142 160 155 160 150 146 120 149 #N/A N/A 166 145 146 160 149 164 160 149 166 146 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 09.04.2013 31.07.2013 31.08.2013 31.05.2013 09.04.2013 31.07.2013 30.06.2013 09.04.2013 27.09.2013 09.04.2013 09.04.2013 09.04.2013 31.12.2012 30.06.2013 15.04.2013 31.05.2013 31.05.2013 30.04.2013 31.08.2013

Date 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 6 month 6 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Other Investment Advisor n/a Bank n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Government n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified n/a

Date 29.09.2013 17.09.2013 06.09.2013 29.08.2013 28.08.2013 28.08.2013 21.08.2013 20.08.2013 20.08.2013 20.08.2013 16.08.2013 02.08.2013 01.08.2013 01.08.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 02.07.2013 17.06.2013 30.05.2013

02.10.2013

Fubon Financial Holding Co Ltd Fubon Financial Holding Co., Ltd. is a financial holding company, formed through the merger of Fubon Insurance, Fubon Securities, Fubon Commercial Bank, and Fubon Life Assurance.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (01.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2881 TT EQUITY YTD Change 2881 TT EQUITY YTD % CHANGE

12/2012 06/yy 44.20 29.40 10'403'281.00 40.7 -7.92% 38.44% 77.70% 10'233.6 416'506.13 19'092.70 0.0 0.0 1'305.68 434'293.13

10'810.0 17.07x

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

Fiscal Year Ended 31.12.2008

50 45 40 35 30 25 20 15 10 5 0 o-12

31.12.2009

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

15'665.50 93.48% 8.44% 9.90% 8.55% 0.09% 98.0% 93.9% 10.67% 12.18% -

Price/ Cash Flow

LTM

09/yy 3'314.1 81.97x 3'191.1 0.00x 5'710.4 0.00x

06/yy 0.0 #DIV/0! 0.0 0.00x 15'523.3 0.00x

FY+1

1.17 6'035.03 24.30 31.62% 18.87% 1.175 26 4.077 11'046'490 14'291'060 26'014'240 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 03/13 Q1 06/13 Q2 - 36'172.0 33'713.8 35'190.3 8'568.0 6'391.0 12.00x 11.60x 12.83x 12.89x S&P Issuer Ratings

16.12.2008 BBB+ STABLE 06.09.2005 A-2 1.14 1.22 12.2% 10.9% 0.09 2476.05 -

Sales/Revenue/Turnover

10.00

18'000.0

9.00

16'000.0

8.00

14'000.0

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00 0.00 31.12.2005 30.06.2006 31.12.2006 30.06.2007 31.12.2007 30.06.2008 31.12.2008 30.06.2009 31.12.2009 30.06.2010 31.12.2010 30.06.2011 31.12.2011 30.06.2012 31.12.2012 30.06.2013

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Fubon Financial Holding Co Ltd Holdings By:

All

Holder Name CITY OF TAIPEI TAIWA MING TUNG INDUSTRIAL TAO YING INDUSTRIAL MING-HSING TSAI MING-CHUNG TSAI HUNG FU INVESTMENT C VANGUARD GROUP INC BLACKROCK CHUNG HSING DEVELOPM BUREAU OF LABOR INSU TSAI WAN-TSAI DIMENSIONAL FUND ADV NORGES BANK POLARIS SEC INVESTME INVESTEC PLC ROBECO CAISSE DE DEPOT ET P PRINCIPAL FINANCIAL ACADIAN ASSET MANAGE FMR LLC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst

Jih Sun Securities ERIC CHANG Nomura JESSE WANG E Sun Securities HONG CLIFF KGI Securities WEN-YEN FANG Capital Securities Corp BAIJUN HUANG Credit Agricole Securities Taiwan Co. L PETER SUTTON Mega Securities CHUANG PIYEN Barclays NOEL CHAN Macquarie DEXTER HSU Masterlink Securities TOM LIANG President Capital Management TINA YENG PING CHEN SinoPac LILY HSIAO Deutsche Bank PANDORA LEE Goldman Sachs VINCENT CHANG Credit Suisse CHUNG HSU UBS KELVIN CHU HSBC BRUCE B WARDEN Yuanta Securities Investment ConsultingPEGGY SHIH CIMB NORA HOU Daiwa Securities Co. Ltd. JERRY YANG BNP Paribas Equity Research LING TANG EVA Dimensions DOUG WALTERS Morgan Stanley LILY CHOI JPMorgan JEMMY S HUANG IBT Securities Co Ltd WU YUCONG

Source EXCH EXCH Co File EXCH EXCH Co File ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy buy on weakness outperform buy buy buy on weakness overweight underperform buy buy neutral hold Buy/Neutral neutral neutral underweight buy outperform buy buy sell Overwt/In-Line restricted buy

Amt Held 1'340'000'000 860'000'000 756'595'000 284'000'000 266'000'000 260'858'000 210'312'047 151'626'315 144'573'000 142'225'000 130'046'000 100'523'405 70'258'048 61'613'936 31'417'942 17'264'035 15'256'607 15'231'248 15'057'520 14'579'876

% Out 13.09 8.4 7.39 2.78 2.6 2.55 2.06 1.48 1.41 1.39 1.27 0.98 0.69 0.6 0.31 0.17 0.15 0.15 0.15 0.14

Weighting

Change

5 5 5 5 5 5 5 5 1 5 5 3 3 5 3 3 1 5 5 5 5 1 5 #N/A N/A 5

M M D M M U M M D M M D M M M M M M M M M D U M N

Latest Chg 11'681'000 23'000 3'666'999 635'696 739'000 10'127'010 42'000

Target Price 44 52 #N/A N/A 47 47 49 47 48 32 51 47 43 43 48 43 44 35 51 49 49 47 #N/A N/A 45 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 31.08.2013 16.04.2013 31.08.2013 31.08.2013 16.04.2013 30.06.2013 27.09.2013 16.04.2013 16.04.2013 16.04.2013 30.04.2013 31.12.2012 31.08.2013 31.05.2013 30.04.2013 31.12.2012 31.08.2013 31.07.2013 31.08.2013

Date 6 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided 12 month 3 month 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Government Other Investment Advisor n/a n/a Other Investment Advisor Investment Advisor Other Government n/a Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 29.09.2013 25.09.2013 10.09.2013 03.09.2013 03.09.2013 02.09.2013 29.08.2013 26.08.2013 19.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 22.07.2013 15.07.2013 03.07.2013 18.03.2013

02.10.2013

Advanced Info Service PCL Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services. The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

Price/Volume 350 300 250 200

Valuation Analysis

150

Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (08.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADVANC-R TB EQUITY YTD Change ADVANC-R TB EQUITY YTD % CHANGE

12/2012 06/yy 311.00 184.00 3'034'500.00 259 -16.72% 40.76% 57.48% 2'973.1 770'031.69 20'349.76 0.0 188.7 21'173.27 -

31.12.2009 -

50 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008

100

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

61'460.32 45'830.45 32.37% 32.22% 35.52% 79.19% 54.72% 1.42% 40.7% 43.0% 32.2% 24.6% 1.05 0.81 20.15% 46.94% 18.48 63.19

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M o-13

LTM

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

0.98 27.68% 29.52% 0.976 0 2'903'570 2'631'830 2'558'465 FY+2

FQ+1

FQ+2

06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 0.0 150'094.0 161'389.2 35'275.3 39'341.5 #DIV/0! 5.20x 4.88x 19.72x 0.0 65'988.8 77'175.3 15'799.3 16'690.0 0.00x 0.0 38'645.4 45'678.3 9'154.3 9'665.0 0.00x 19.88x 16.79x 18.87x 17.78x S&P Issuer Ratings Long-Term Rating Date 03.11.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 56.24 (EBITDA-Capex)/Interest Exp. 47.46 Net Debt/EBITDA -0.11 Total Debt/EBITDA 0.32 Reference Total Debt/Equity 46.9% Total Debt/Capital 31.9% Asset Turnover 1.42 Net Fixed Asset Turnover 3.36 Accounts receivable turnover-days 19.75 Inventory Days 5.78 Accounts Payable Turnover Day 23.63 Cash Conversion Cycle 1.43 Sales/Revenue/Turnover

1.20

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Advanced Info Service PCL Holdings By:

All

Holder Name BLACKROCK UBS AG ROBECO MORGAN STANLEY NOMURA ACADIAN ASSET MANAGE NORDEA INV MANAGEMEN PICTET FUNDS SUMITOMO MITSUI TRUS CHARLES SCHWAB INVES ARTISAN PARTNERS HOL JF ASSET MANAGEMENT RAIFFEISEN KAPITALAN CIMB-PRINCIPAL ASSET VANGUARD GROUP INC JP MORGAN SCHRODER INVESTMENT SCHAFER CULLEN CAPIT NORTHERN TRUST CORPO ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios SCHAFER CULLEN CAPIT Multiple Portfolios n/a

Analyst

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG ULT-AGG

Recommendation

Amt Held 26'331'737 4'635'000 4'255'948 2'686'300 2'064'802 1'874'300 1'297'600 1'114'700 841'600 767'049 695'300 619'200 576'000 561'326 491'700 461'200 430'500 422'350 395'299 362'000

% Out 0.89 0.16 0.14 0.09 0.07 0.06 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg (49'500) (74'800) (193'398) 2'686'300 136'300 926'300 (164'200) (92'600) (162'000) 3'050 (29'900) (28'600) 21'460 (70'200) (228'700)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 28.06.2013 30.04.2013 30.06.2013 28.06.2013 31.07.2013 30.06.2013 31.05.2013 21.01.2013 27.09.2013 31.03.2013 10.09.2012 28.06.2013 31.07.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.06.2013 31.07.2013

Date

Inst Type Investment Advisor Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

02.10.2013

Tenaga Nasional Bhd Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (17.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNB MK EQUITY YTD Change TNB MK EQUITY YTD % CHANGE

08/2012 05/yy 9.41 6.74 2'722'600.00 9.07 -4.25% 34.57% 85.02% 5'643.6 51'187.55 24'465.70 0.0 261.0 8'635.40 66'668.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.08.2008 24'755.3 2.09x 7'363.8 7.02x 2'594.0 13.20x

10 9 8 7 6 5 4 3 2 1 0 o-12

31.08.2009 31.08.2010 28'785.6 30'317.4 1.78x 1.70x 7'188.5 8'241.7 7.13x 6.24x 917.9 3'200.8 37.87x 15.04x Profitability

LTM-4Q 31.08.2011 32'241.2 1.41x 5'723.4 7.92x 965.4 29.64x

31.08.2012 35'848.4 1.50x 10'443.3 5.14x 4'197.6 8.90x

10'443.30 6'175.20 17.23% 15.45% 6.02% 15.25% 10.12% 0.41% 28.7% 16.9% 11.7% 2.00 1.54 27.65% 67.70% 4.67 -

Price/ Cash Flow

LTM

05/yy 35'633.8 5.43x 0.0 0.00x 2'895.6 12.57x

05/yy 36'963.3 6.10x 10'605.2 5.88x 5'402.7 8.52x

FY+1

.0 M o-13

0.93 2'394.84 36.95% 32.27% 0.934 25 4.680 7'963'460 11'494'090 13'106'470 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 37'112.5 38'918.9 9'648.0 9'727.0 1.77x 1.68x 10'539.9 10'952.5 6.33x 6.09x 4'098.2 4'251.2 642.1 1'005.0 12.29x 11.73x 11.78x 12.42x S&P Issuer Ratings

10.12.2009 BBB+ STABLE 12.69 4.18 1.43 2.29 67.7% 40.2% 0.41 0.57 78.08 -

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0 30'000.0

10.00

25'000.0 8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

04.09.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Tenaga Nasional Bhd Holdings By:

All

Holder Name KHAZANAH NASIONAL BH EMPLOYEES PROVIDENT SKIM AMANAH SAHAM BU KUMPULAN WANG PERSAR BLACKROCK CIMB-PRINCIPAL ASSET VANGUARD GROUP INC T ROWE PRICE ASSOCIA PRINCIPAL FINANCIAL NORGES BANK FIL LIMITED INVESTEC PLC SEB JP MORGAN STATE STREET CORP ACADIAN ASSET MANAGE ROBECO AMERIPRISE FINANCIAL CAISSE DE DEPOT ET P DIMENSIONAL FUND ADV

Firm Name TA Securities Holdings Berhad Hong Leong Investment Bank Bhd RHB Research Institute Sdn Bhd Public Investment Bank Berhad JPMorgan Maybank Kim Eng Deutsche Bank DBS Vickers Morgan Stanley Affin Securities Sdn Bhd Kenanga Investment Bank Bhd BIMB Securities Sdn Bhd KAF Seagroatt & Campbell HSBC Credit Suisse AmResearch Sdn Bhd Nomura Alliance Research Sdn Bhd CIMB UBS Macquarie EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst JAMES RATNAM DANIEL WONG KONG HENG SIONG SIEW JIN LING AJAY NARAYAN MIRCHANDANI TAN CHI WEI CHIA AUN-LING JUNE NG MAYANK MAHESHWARI CHONG LEE LEN TEH KIAN YEONG CHIONG TONG CHAI CHUE KWOK YAN ARUN KUMAR SINGH ANNUAR AZIZ ALEX GOH DANIEL RAATS JEREMY GOH YEOH YUNG-JUEN EDWIN SIOW PREM JEARAJASINGAM DOUG WALTERS

Source EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy outperform overweight hold buy buy Overwt/Attractive buy outperform neutral buy neutral outperform buy buy trading buy outperform neutral outperform buy

Amt Held 1'829'655'861 712'045'219 433'080'100 273'901'075 77'988'245 49'598'579 45'792'682 33'578'100 24'467'700 20'464'715 18'589'906 17'209'857 13'113'100 12'479'200 8'390'150 8'138'300 8'058'418 7'931'600 7'361'428 6'318'374

% Out 32.42 12.62 7.67 4.85 1.38 0.88 0.81 0.59 0.43 0.36 0.33 0.3 0.23 0.22 0.15 0.14 0.14 0.14 0.13 0.11

Weighting

Change 5 5 5 5 5 3 5 5 5 5 5 3 5 3 5 5 5 5 5 3 5 5

M M M M M M M M M M M M M D M M M M M U M M

Latest Chg (50'000'000) (810'500) (2'000'000) (302'800) 3'552'800 (4'038'158) (4'532'400) 4'174'900 7'983'700 (1'344'961) 263'100 11'982'500 8'078'200 515'600 (31'532) 6'825'500 407'400

Target Price 11 10 10 10 11 9 10 11 10 11 10 9 12 10 11 10 10 10 11 9 10 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.06.2013 23.09.2013 20.09.2013 04.07.2012 27.09.2013 31.07.2013 30.06.2013 30.06.2013 31.08.2013 31.12.2012 31.10.2012 31.05.2013 31.03.2013 31.07.2013 27.09.2013 31.07.2013 30.04.2013 31.07.2013 31.12.2012 30.04.2013

Date Not Provided 12 month 12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 3 month 12 month 12 month 12 month Not Provided

Inst Type Government Government Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 27.09.2013 27.09.2013 26.09.2013 18.09.2013 04.09.2013 30.08.2013 21.08.2013 13.08.2013 07.08.2013 07.08.2013 26.07.2013 23.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 11.07.2013 17.06.2013 06.06.2013

02.10.2013

Uni-President Enterprises Corp Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts. The Company also operates vending machines and food distribution centers in Taiwan.

Price/Volume 70

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.07.2013) 52-Week Low (22.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1216 TT EQUITY YTD Change 1216 TT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 49'444.8 2.76x 2'875.9 47.50x 3'600.8 30.10x

15.0 M

12/2012 12/yy 64.43 46.51 8'879'656.00 54.7 -15.11% 17.61% 45.69% 5'154.2 281'936.00 26'627.21 0.0 0.0 776.56 307'786.66

31.12.2009 31.12.2010 44'784.1 48'962.4 4.00x 4.28x 2'934.8 2'758.5 61.05x 75.94x 7'860.8 10'929.0 19.53x 16.96x Profitability

LTM-4Q 31.12.2011 51'829.5 4.41x 2'780.6 82.25x 9'447.7 21.27x

31.12.2012 46'851.6 6.08x 2'873.7 99.18x 12'407.3 20.90x 2'873.74 1'994.20 4.26% 26.85% 10.74% 15.91% 12.11% 0.41% 28.0% 6.1% 4.3% 26.5% 1.06 0.69 22.16% 32.24% 8.06 11.10

Price/ Cash Flow

LTM

12/yy 51'829.5 16.16x 2'780.6 82.25x 9'447.7 21.09x

12/yy 46'851.6 21.78x 2'873.7 99.18x 12'407.3 20.66x

FY+1

.0 M o-13

0.58 4'065.84 3.70 15.88% 11.32% 0.580 20 3.300 10'386'170 9'304'920 11'963'850 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 48'506.3 51'309.2 13'525.0 12'114.8 6.30x 5.95x 3'413.4 3'433.0 90.17x 89.66x 13'219.8 14'382.5 4'033.1 2'848.4 21.22x 19.24x 20.30x 19.55x S&P Issuer Ratings

8.35 5.31 9.00 9.27 32.2% 24.4% 0.41 2.83 45.43 32.96 21.40 56.99

Sales/Revenue/Turnover

80.00

60'000.0

70.00

50'000.0

60.00

40'000.0

50.00 40.00

30'000.0

30.00

20'000.0

20.00

10'000.0 10.00 0.00 02.01.2010

0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Uni-President Enterprises Corp Holdings By:

All

Holder Name COMMONWEALTH BANK OF KAO CHUAN INVESTMENT PO-MING HOU VANGUARD GROUP INC SAUDI ARABIAN MONETA BNP PARIBAS/SINGAPOR PO-YU HOU BLACKROCK GOV OF SINGAPORE FUN T ROWE PRICE ASSOCIA HSIU-LING KAO VANGUARD EMS INDEX F HSIU-JEN LIU RBS FS GLOBAL EMERGI FIL LIMITED NORGES BANK TSANG-SHENG LIN PING-CHIH WU JP MORGAN POLARIS SEC INVESTME

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst

Capital Securities Corp IVY LIU KGI Securities DAVE CHIOU UBS ALLY CHEN CIMB JACK LIN Deutsche Bank JOELIAN TSENG Fubon Securities CHLOE WU Credit Agricole Securities Taiwan Co. L KEN SHIH Credit Suisse JEREMY CHEN JPMorgan CAREN HUANG Yuanta Securities Investment ConsultingBONNIE CHANG Daiwa Securities Co. Ltd. CHRISTINE WANG BNP Paribas Equity Research MICHELLE CHENG Barclays SIDNEY YEH HSBC ABEL LEE Mega Securities YOU JIANHENG EVA Dimensions CRAIG STERLING E Sun Securities AMBROSE WU Macquarie LINDA HUANG SinoPac JERRY LU Jih Sun Securities REGINA LEE Primasia Securities VICTOR FANG

Source ULT-AGG EXCH EXCH ULT-AGG Co File Co File EXCH ULT-AGG Co File MF-AGG EXCH Co File EXCH Co File ULT-AGG MF-AGG EXCH EXCH ULT-AGG MF-AGG

Recommendation neutral outperform neutral neutral hold neutral underperform neutral neutral hold hold buy equalweight overweight buy on weakness sell buy on weakness neutral neutral buy suspended coverage

Amt Held 273'268'610 225'000'000 134'000'000 128'877'040 128'379'483 122'469'945 117'000'000 114'118'468 99'118'819 92'477'259 84'527'321 83'359'392 80'023'773 72'164'815 53'366'216 48'308'630 45'402'447 40'101'173 35'021'273 34'341'418

% Out 5.3 4.37 2.6 2.5 2.49 2.38 2.27 2.21 1.92 1.79 1.64 1.62 1.55 1.4 1.04 0.94 0.88 0.78 0.68 0.67

Weighting

Change

3 5 3 3 3 3 1 3 3 3 3 5 3 5 5 1 5 3 3 5 #N/A N/A

M M U M M M M M M M D M M M M D M M M M M

Latest Chg 248'132 (27'047) 4'488'040 57'815 87'818 6'205'240 (1) (22'976'752) (1) (1) (8'769'897) (9'359'337)

Target Price #N/A N/A 64 55 56 65 58 56 53 53 59 57 64 57 63 68 #N/A N/A #N/A N/A 50 44 47 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.08.2013 31.08.2013 30.06.2013 31.12.2012 31.12.2012 31.08.2013 27.09.2013 31.12.2012 30.06.2013 31.08.2013 31.12.2012 31.08.2013 31.12.2012 30.04.2013 31.12.2012 31.08.2013 31.08.2013 31.07.2013 31.08.2013

Date Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Inst Type Bank Corporation n/a Investment Advisor Government Bank n/a Investment Advisor n/a Investment Advisor n/a n/a n/a n/a Investment Advisor Government n/a n/a Investment Advisor Investment Advisor

Date 23.09.2013 10.09.2013 09.09.2013 08.09.2013 04.09.2013 02.09.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 12.08.2013 08.08.2013 26.07.2013 17.07.2013 24.10.2012 15.06.2012 09.05.2012 04.05.2010

02.10.2013

PTT PCL PTT PCL is a state-controlled fully integrated gas and oil company. The company explores for, produces, transports, and sells natural gas and crude oil. It also produces, transports and markets refined petroleum products.

Price/Volume 400 350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (18.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT-R TB EQUITY YTD Change PTT-R TB EQUITY YTD % CHANGE

12/2012 06/yy 368.00 305.00 1'338'300.00 318 -13.59% 4.26% 23.81% 2'856.3 908'303.25 455'221.09 0.0 125'880.2 143'322.88 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100 50 0 o-12

n-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

31.12.2009 31.12.2010 1'586'174.5 1'898'682.2 0.64x 0.64x 129'141.0 166'568.6 7.86x 7.31x 59'547.6 83'992.1 Profitability

LTM-4Q 31.12.2011 2'428'126.1 0.53x 203'702.5 6.27x 106'260.3 -

LTM

FY+1

0.80 1.04% -0.48% 0.795 0 2'006'712 1'528'080 1'372'955 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'793'833.1 ######### ######### ######### ######### 712'903.0 772'405.0 0.50x 1.97x 2.00x 0.46x 0.42x 212'079.8 203'012.9 216'042.4 234'927.9 255'264.2 64'448.0 6.54x 6.64x 6.58x 104'665.8 85'163.7 107'150.0 110'011.2 119'136.9 30'742.3 30'552.0 0.00x 0.00x 8.28x 7.60x 7.52x 7.58x S&P Issuer Ratings 212'079.83 Long-Term Rating Date 01.11.2006 143'897.02 Long-Term Rating BBB+ 5.15% Long-Term Outlook STABLE 6.16% Short-Term Rating Date 6.80% Short-Term Rating 17.56% Credit Ratios 12.38% EBITDA/Interest Exp. 10.73 1.77% (EBITDA-Capex)/Interest Exp. 4.92 Net Debt/EBITDA 1.56 7.4% Total Debt/EBITDA 2.10 7.7% Reference 5.2% Total Debt/Equity 75.1% 3.7% Total Debt/Capital 38.4% Asset Turnover 1.77 1.24 Net Fixed Asset Turnover 4.04 1.02 Accounts receivable turnover-days 31.86 27.91% Inventory Days 6.52 75.15% Accounts Payable Turnover Day 33.54 11.46 Cash Conversion Cycle 1.09 55.95 Sales/Revenue/Turnover

1.20

3'000'000.0

1.00

2'500'000.0

0.80

2'000'000.0

0.60

d-12

Fiscal Year Ended 31.12.2008 2'000'815.8 0.35x 148'987.3 4.69x 51'704.8 -

150

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M o-13

1'500'000.0 1'000'000.0

0.40

500'000.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

PTT PCL Holdings By:

All

Holder Name BLACKROCK BANK OF NEW YORK MEL ROBECO ACADIAN ASSET MANAGE PICTET FUNDS ALLIANZ ASSET MANAGE AGF INVESTMENTS INC NORTHERN TRUST CORPO RAIFFEISEN KAPITALAN CREDIT SUISSE AG AXA INVESTMENT MANAG MIRABAUD ASSET MANAG FIDEURAM GESTIONS SA ACADIAN ASSET MANAGE CIMB-PRINCIPAL ASSET SUMITOMO MITSUI TRUS NOMURA BSI SA SCHRODER INVESTMENT AXA ROSENBERG INTL

Firm Name

Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios 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

Analyst

Source ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 19'206'877 6'131'094 3'551'067 959'900 884'200 877'400 824'200 801'200 766'900 727'000 720'437 541'700 427'200 391'500 390'400 323'100 322'802 315'000 301'100 260'759

% Out 0.67 0.21 0.12 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 243'100 72'147 41'300 (33'100) 4'900 (59'000) 33'600 21'000 57'800 101'300 36'649

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 27.09.2013 30.04.2013 31.07.2013 31.05.2013 31.08.2013 28.03.2013 30.06.2013 28.06.2013 31.05.2013 30.08.2013 30.06.2013 30.08.2013 28.06.2013 31.12.2012 21.01.2013 10.05.2013 28.06.2013 30.06.2013 30.08.2013

Date

Inst Type 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 Bank Unclassified Investment Advisor Investment Advisor Investment Advisor

Date

02.10.2013

Credicorp Ltd Credicorp Limited is a holding company for Banco de Credito del Peru, El Pacifico-Peruano Suiza Insurance Company and Atlantic Security Holding Corporation, among others. Credicorp provides a full range of financial services including commercial banking, corporate finance, brokerage services, asset management, trust and insurance.

Price/Volume 180

1.2 M

160

1.0 M

140 120

.8 M

100

12/2012 06/yy 167.63 111.05 373'879.00 128.47 -23.36% 15.69% 30.79% 79.8 10'246.96 7'469.65 0.0 197.4 9'049.32 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.4 M

.2 M

20 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'027.4 357.8 10.03x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (19.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAP US EQUITY YTD Change BAP US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 2'171.8 2'756.5 469.8 571.3 12.88x 16.52x Profitability

LTM-4Q 31.12.2011 3'249.8 709.3 12.30x

31.12.2012 4'135.7 788.8 14.80x 28.61% 30.79% 1.77% 17.56% 5.92% 0.12% 22.9% 18.31% 179.22% -

06/yy 3'612.2 0.00x 0.0 0.00x 721.1 13.93x

LTM 06/yy 4'340.8 0.00x 0.0 0.00x 663.7 15.38x

FY+1

3.81 0.91 48.51 1.02 3.07% -10.87% 0.911 16 4.000 314'781 287'129 438'153 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'082.7 3'533.0 822.0 862.5 639.4 911.8 230.0 260.0 16.20x 11.25x 11.69x 11.38x S&P Issuer Ratings

179.2% 63.1% 0.12 7.88 -

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Credicorp Ltd Holdings By:

All

Holder Name ATLANTIC SECURITY HO AFP INTEGRA SA URIGELER INTERNACION BAILLIE GIFFORD AND BLACKROCK MONDRIAN INVESTMENT BIRMINGHAM MERCHANT PROFUTURO CARTADM MORGAN STANLEY SUN LIFE FINANCIAL I FRANKLIN RESOURCES CARMIGNAC GESTION STATE STREET CORP BANCO DE CHILE E INV THE BANK OF NOVA SCO VANGUARD GROUP INC JP MORGAN LA RONCADORA SA CREDIT AGRICOLE SA HELGUERO ROMERO ROSA

Firm Name Deutsche Bank Goldman Sachs Inteligo SAB Itau BBA Securities Morgan Stanley UBS EVA Dimensions Kallpa Securities SAB JPMorgan Grupo Santander Banco BTG Pactual SA Larrain Vial Corredores de Bolsa HSBC Seminarios SAB

Portfolio Name n/a n/a n/a BAILLIE GIFFORD & CO n/a MONDRIAN INVESTMENT n/a n/a n/a n/a n/a CARMIGNAC GESTION n/a n/a THE BANK OF NOVA SCO n/a n/a n/a CREDIT AGRICOLE SA n/a

Analyst TITO LABARTA CARLOS G MACEDO LUIS ORDONEZ REGINA SANCHEZ JORGE KURI PHILIP FINCH AUSTIN BURKETT MARCO CONTRERAS SAUL MARTINEZ BORIS MOLINA ALONSO ARAMBURU JAVIER PIZARRO MARIEL SANTIAGO HUMBERTO AGURTO

Source 20F EXCH 13G 13F ULT-AGG 13F 13G EXCH ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 20F 13F ULT-AGG ULT-AGG 13G 13F 13G

Recommendation buy neutral/neutral buy outperform Equalwt/No Rating buy underweight overweight overweight buy neutral buy underweight hold

Amt Held 14'620'846 6'380'918 5'285'672 4'073'658 3'920'282 2'790'508 2'693'868 2'392'844 2'275'485 2'145'211 2'131'780 1'985'202 1'812'692 1'710'000 1'648'071 1'229'904 1'114'196 1'064'356 879'583 875'647

% Out 18.33 8 6.63 5.11 4.92 3.5 3.38 3 2.85 2.69 2.67 2.49 2.27 2.14 2.07 1.54 1.4 1.33 1.1 1.1

Weighting

Change 5 3 5 5 3 5 1 5 5 5 3 5 1 3

M M M M M M D M U M M M M M

Latest Chg (339'265) 127'200 30'945 31'331 (545'800) (244'562) 173'366 366 (60'139) 133'197 (391'847) -

Target Price 160 144 149 174 #N/A N/A 153 #N/A N/A 155 157 150 134 135 133 155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.02.2012 Holding Company 27.05.2013 Pension Fund (ERISA) 19.07.2013 Unclassified 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 19.07.2013 Unclassified 27.05.2013 Other 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 13.02.2012 Bank 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 19.07.2013 Corporation 30.06.2013 Investment Advisor 19.07.2013 n/a

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 15 month Not Provided 12 month 12 month Not Provided Not Provided

Date 27.09.2013 26.09.2013 23.09.2013 18.09.2013 21.08.2013 20.08.2013 17.08.2013 16.08.2013 13.08.2013 12.08.2013 08.08.2013 08.08.2013 04.07.2013 26.04.2013

02.10.2013

Hengan International Group Co Ltd Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China. The Company's products are sold under the Anerle brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (14.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1044 HK EQUITY YTD Change 1044 HK EQUITY YTD % CHANGE

12/2012 01/yy 94.50 67.00 3'107'411.00 89.6 -5.19% 33.73% 86.18% 1'231.4 110'332.07 11'227.80 0.0 330.0 9'544.38 110'140.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 10'833.8 13'431.7 6.39x 6.08x 2'897.5 3'203.6 23.88x 25.51x 2'117.5 2'438.3 32.54x 33.59x Profitability

31.12.2011 17'050.6 5.20x 3'559.6 24.90x 2'648.8 33.63x

31.12.2012 18'524.2 4.75x 5'079.3 17.32x 3'518.7 24.43x 5'079.28 4'518.53 24.39% 24.50% 11.54% 26.44% 13.67% 0.61% 44.9% 27.8% 24.5% 19.0% 1.50 1.05 38.45% 79.75% 11.30 2.99

Price/ Cash Flow

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

FY+1 -

2.01 0.59 724.92 24.76% 30.74% 0.590 33 3.848 1'777'591 1'875'748 1'845'470 FY+2

12/13 Y 12/14 Y 21'866.3 26'263.6 5.06x 4.21x 5'764.3 6'896.6 19.11x 15.97x 3'945.7 4'729.7 27.93x 23.32x S&P Issuer Ratings

FQ+1

FQ+2

22.61 11.62 -0.10 3.58 79.8% 43.8% 0.61 1.99 32.31 122.10 57.70 97.72

Sales/Revenue/Turnover

40.00

20'000.0

35.00

18'000.0 16'000.0

30.00

14'000.0

25.00

12'000.0

20.00

10'000.0 8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

14.0 M

Fiscal Year Ended 31.12.2008 8'001.5 3.63x 1'767.3 16.46x 1'340.9 21.25x

100 90 80 70 60 50 40 30 20 10 0 o-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Hengan International Group Co Ltd Holdings By:

All

Holder Name TIN LEE INVESTMENTS AN PING INVESTMENTS JP MORGAN VANGUARD GROUP INC FIL LIMITED SKYFUL HOLDINGS LTD BLACKROCK CHUN MAN XU CAPITAL GROUP COMPAN COMMONWEALTH BANK OF MATTHEWS INTERNATION SCHRODER INVESTMENT GO-AHEAD GROUP LTD FMR LLC STATE STREET CORP NORGES BANK WAN LI CO LTD CAISSE DE DEPOT ET P SHINHAN BNP PARIBAS UBS AG

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

GF Securities Co. Ltd. LI YINLIN Nomura EMMA LIU Sanford C. Bernstein & Co JEAN CHAN Barclays VINEET SHARMA SWS Research Co Ltd SEAN ZHANG EVA Dimensions CRAIG STERLING Sun Hung Kai Securities STUWART CHEN Deutsche Bank WINNIE MAK Credit Suisse KEVIN YIN Macquarie JAMIE ZHOU Bank of China International TIFFANY FENG DBS Vickers PATRICIA YEUNG China International Capital Corp YANG CHEN UOB Kay Hian RENEE TAI First Shanghai Securities Ltd PATRICK WONG Religare Capital Markets KA LEONG LO BOCOM International Holdings SUMMER WANG UBS SPENCER LEUNG JPMorgan KURUMLU EBRU SENER HSBC WALDEN SHING CIMB Yang Lei BNP Paribas Equity Research CHARLIE Y CHEN CCB International Securities Ltd FORREST CHAN Maybank Kim Eng JACQUELINE KO Guotai Junan SUNNY KWOK Goldman Sachs LISA DENG Standard Chartered JUNTUNG WU Ji Asia WU GONGLIANG JF Apex Securities Bhd TEAM COVERAGE Capital Securities Corp LANTIS LI Yuanta Securities Investment ConsultingTEAM COVERAGE Citic Securities Co., Ltd ERIC NG Industrial Securities LUO YAMEI

Source EXCH EXCH ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG

Recommendation buy buy market perform overweight outperform hold buy buy neutral neutral hold buy hold buy hold buy buy neutral neutral neutral outperform buy outperform hold neutral Sell/Neutral in-line sell hold hold Under Review sell buy

Amt Held 228'228'999 224'669'751 59'261'046 21'558'815 17'294'056 17'270'000 16'611'000 15'867'445 15'572'500 13'468'000 12'626'500 10'641'691 10'000'000 8'870'396 7'737'941 7'363'081 7'000'000 5'916'190 5'873'021 5'601'600

% Out 18.53 18.25 4.81 1.75 1.4 1.4 1.35 1.29 1.26 1.09 1.03 0.86 0.81 0.72 0.63 0.6 0.57 0.48 0.48 0.45

Weighting

Change

5 5 3 5 5 3 5 5 3 3 3 5 3 5 3 5 5 3 3 3 5 5 5 3 3 1 3 1 3 3 #N/A N/A 1 5

M M N M U U M M M M M M N M M M M D M M M M M D D M M M M D M D N

Latest Chg 493'500 (3'103'630) (191'500) (8'681'500) (1'512'000) 1'621'500 3'826'691 (407'933) 57'198 (28'500) 458'400

Target Price #N/A N/A 106 97 97 97 #N/A N/A 95 93 92 84 82 94 86 97 96 96 95 88 82 93 95 92 93 86 85 78 75 66 #N/A N/A 84 #N/A N/A 54 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.07.2012 27.07.2012 05.08.2013 30.06.2013 30.04.2013 31.12.2011 27.09.2013 09.05.2013 31.07.2013 31.05.2013 28.06.2013 31.08.2013 21.07.2011 31.08.2013 27.09.2013 31.12.2012 27.07.2012 31.12.2012 31.03.2013 30.06.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor n/a Investment Advisor Bank Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Government Holding Company Investment Advisor Investment Advisor Unclassified

Date 27.09.2013 20.09.2013 18.09.2013 03.09.2013 30.08.2013 30.08.2013 29.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 28.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 29.07.2013 29.07.2013 28.07.2013 07.05.2013 23.04.2013 27.03.2013 22.03.2013 05.09.2011 31.08.2011 03.08.2010

02.10.2013

China Merchants Bank Co Ltd China Merchants Bank Co., Ltd. provides a wide range of commercial banking services including deposit, loan, bill discount, government bonds underwriting and trading, interbank lending, letter of credit, bank guarantee, and other related services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.10.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3968 HK EQUITY YTD Change 3968 HK EQUITY YTD % CHANGE

12/2012 06/yy 18.59 11.69 27'379'341.00 14.16 -23.82% 21.15% 34.96% 4'590.9 350'366.00 610'425.00 0.0 73.0 962'670.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 82'401.0 21'077.0 8.50x

20 18 16 14 12 10 8 6 4 2 0 o-12

31.12.2009 31.12.2010 78'480.0 100'188.0 18'235.0 25'769.0 19.00x 10.41x Profitability

LTM-4Q 31.12.2011 142'837.0 36'129.0 7.11x

31.12.2012 176'909.0 45'273.0 6.55x 51.66% 51.71% 1.35% 24.47% 5.54% 0.05% 39.3% 17.91% 304.55% -

Price/ Cash Flow

LTM

FY+1

5.51 1.55 4'590.90 16.95% -10.68% 1.553 37 3.946 21'314'480 28'002'520 24'576'580 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 164'362.0 186'464.0 129'952.0 148'279.9 32'303.0 33'705.5 0.00x 0.00x 0.0 0.0 0.00x 0.00x 40'903.0 48'167.0 48'983.0 54'742.2 13'123.5 11'678.5 5.77x 5.20x 5.33x 5.05x 4.56x 4.38x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 15.04.2010 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 304.6% Total Debt/Capital 75.3% Asset Turnover 0.05 Net Fixed Asset Turnover 9.32 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

250.00

200'000.0 180'000.0 160'000.0

200.00

140'000.0 150.00

120'000.0

100.00

100'000.0 80'000.0 60'000.0 40'000.0

50.00

20'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

China Merchants Bank Co Ltd Holdings By:

All

Holder Name FRANKLIN RESOURCES BLACKROCK JP MORGAN COMMONWEALTH BANK OF VANGUARD GROUP INC EASTSPRING INVESTMEN WILLIAM BLAIR & COMP HANG SENG INVESTMENT FUBON SECURITIES INV DEUTSCHE BANK AG FIL LIMITED ROBECO EASTSPRING INVESTMEN GAM INTERNATIONAL MA MATTHEWS INTERNATION FMR LLC JP MORGAN CHASE BANK BNP PARIBAS MAPS INVESTMENT MANA BANK OF NEW YORK MEL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Sanford C. Bernstein & Co MICHAEL WERNER Daiwa Securities Co. Ltd. LEON QI Goldman Sachs NING MA Morgan Stanley RICHARD XU Jefferies TAN MING BNP Paribas Equity Research JUDY ZHANG UOB Kay Hian EDMOND LAW Mizuho Securities JIM ANTOS JPMorgan KATHERINE LEI Barclays MAY YAN EVA Dimensions DOUG WALTERS DBS Vickers ALEXANDER LEE Credit Suisse SANJAY JAIN HSBC TODD DUNIVANT Capital Securities Corp TEAM COVERAGE CIMB TREVOR KALCIC Nomura LUCY FENG Masterlink Securities RAINY YUAN SWS Research Co Ltd XUE HUIRU Deutsche Bank TRACY YU Yuanta Securities Investment ConsultingNICE WANG Macquarie ISMAEL PILI Bank of China International YUAN LIN Phillip Securities CHEN XINGYU S&P Capital IQ PALLAVI DESHPANDE Religare Capital Markets SOPHIE JIANG CCB International Securities Ltd WILSON LI BOCOM International Holdings LI SHANSHAN ABC International JOHANNES AU Standard Chartered DORRIS CHEN Guotai Junan WILSON LI AMTD Financial Planning Limited KENNY TANG SING HING ICBC International Securities IVAN LIN CMB International Capital Corp Ltd TEAM COVERAGE Citic Securities Co., Ltd ZHU YAN China International Capital Corp MAO JUNHUA

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform outperform Buy/Neutral Equalwt/In-Line buy hold hold buy neutral overweight overweight buy neutral overweight buy neutral buy hold neutral buy buy outperform buy buy hold sell neutral long-term buy buy in-line accumulate buy hold buy buy restricted

Amt Held 501'767'481 388'412'296 349'099'709 125'610'266 114'520'221 45'729'000 38'599'500 35'163'498 33'125'161 30'039'902 28'254'524 21'376'599 20'551'000 18'812'000 17'937'614 16'937'358 14'152'054 13'507'107 12'720'554 11'572'421

% Out 10.93 8.46 7.6 2.74 2.49 1 0.84 0.77 0.72 0.65 0.62 0.47 0.45 0.41 0.39 0.37 0.31 0.29 0.28 0.25

Weighting

Change

1 5 5 3 5 3 3 5 3 5 5 5 3 5 5 3 5 3 3 5 5 5 5 5 3 1 3 5 5 3 4 5 3 5 5 #N/A N/A

M M M M M N M M M U D M M U M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 1'429'000 408'000 2'420'500 (19'707'000) (4'788'228) 2'676'190 4'211'000 (700'000) (27'676'850) 4'977'000 (1'463'516) (9'422'959) -

Target Price 11 17 20 15 18 16 15 19 17 18 #N/A N/A 18 18 18 18 13 20 16 14 19 17 17 21 17 16 10 16 16 17 16 17 17 18 16 #N/A N/A 26

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.09.2013 27.09.2013 23.09.2013 31.05.2013 30.06.2013 15.04.2013 30.06.2013 28.03.2013 30.06.2013 24.02.2012 30.04.2013 30.04.2013 28.06.2013 31.05.2013 28.06.2013 31.08.2013 31.05.2013 31.05.2013 31.03.2013 27.09.2013

Date 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 3 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 02.10.2013 01.10.2013 27.09.2013 24.09.2013 23.09.2013 23.09.2013 18.09.2013 17.09.2013 11.09.2013 10.09.2013 10.09.2013 09.09.2013 05.09.2013 04.09.2013 23.08.2013 23.08.2013 22.08.2013 20.08.2013 20.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 19.08.2013 16.07.2013 24.04.2013 04.03.2013 20.02.2013 22.11.2012 29.06.2012 19.07.2011

02.10.2013

Sime Darby Bhd Sime Darby Berhad is an investment holding company. The Group's principal activities include plantations, property development, heavy equipment and motor vehicle distribution, and energy and utilities.

Price/Volume 12

40.0 M 35.0 M

30.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (06.05.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIME MK EQUITY YTD Change SIME MK EQUITY YTD % CHANGE

06/2013 06/yy 9.95 8.93 3'726'500.00 9.51 -4.42% 6.49% 55.88% 6'009.5 57'150.00 10'249.90 0.0 884.8 4'093.50 64'191.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 15.0 M

10.0 M 2

5.0 M

0 o-12

30.06.2010 30.06.2011 32'506.2 41'858.8 1.60x 1.40x 4'150.7 6'500.2 12.49x 8.99x 726.8 3'664.5 26.93x 15.14x Profitability

LTM-4Q 30.06.2012 47'602.3 1.38x 6'677.7 9.82x 4'150.2 14.10x

30.06.2013 46'770.5 1.38x 5'889.7 10.97x 3'700.6 17.19x 5'889.70 4'571.90 9.78% 9.54% 7.66% 13.93% 11.16% 0.97% 12.6% 9.8% 7.9% 2.08 0.91 21.15% 37.82% 7.23 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 47'517.3 5.18x 7'056.1 9.29x 4'150.2 14.10x

06/yy 46'955.2 5.52x 5'896.3 10.96x 3'700.6 17.16x

a-13 m-13

j-13

a-13

s-13

FY+1

.0 M o-13

0.80 2'397.37 1.10% 0.64% 0.802 28 3.750 5'775'000 8'143'560 6'486'880 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 49'552.3 52'411.0 1.28x 1.21x 6'390.0 6'867.8 10.05x 9.35x 3'498.0 3'780.6 16.31x 14.93x S&P Issuer Ratings

11.01.2013 A STABLE 13.17 7.94 1.04 1.74 37.8% 26.8% 0.97 2.94 50.48 -

Sales/Revenue/Turnover

40.00

50'000.0

35.00

45'000.0 40'000.0

30.00

35'000.0

25.00

30'000.0

20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.07.2010

n-12

Fiscal Year Ended 30.06.2009 31'013.9 1.44x 3'966.7 11.26x 2'280.1 18.32x

25.0 M

Valuation Analysis

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Sime Darby Bhd Holdings By:

All

Holder Name SKIM AMANAH SAHAM BU EMPLOYEES PROVIDENT YAYASAN PELABURAN BU HARBOR CAPITAL ADVIS VANGUARD GROUP INC BLACKROCK NORGES BANK CIMB-PRINCIPAL ASSET JP MORGAN SCHRODER INVESTMENT FIL LIMITED CAISSE DE DEPOT ET P EATON VANCE MANAGEME UNIGESTION ASSET MAN DIMENSIONAL FUND ADV TD ASSET MANAGEMENT PACIFIC MUTUAL FUND MONTGOMERY ASSET MAN PICTET FUNDS MALAYSIAN ASSURANCE

Firm Name UOB Kay Hian DBS Vickers Hong Leong Investment Bank Bhd Maybank Kim Eng Standard Chartered BNP Paribas Equity Research Morgan Stanley KAF Seagroatt & Campbell Kenanga Investment Bank Bhd RHB Research Institute Sdn Bhd Public Investment Bank Berhad Alliance Research Sdn Bhd Nomura Goldman Sachs EVA Dimensions Credit Suisse AmResearch Sdn Bhd Affin Securities Sdn Bhd TA Securities Holdings Berhad Deutsche Bank CIMB JPMorgan UBS Macquarie ECM Libra

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst TEAM COVERAGE BEN SANTOSO CHYE WEN FEI ONG CHEE TING ADRIAN FOULGER MICHAEL GREENALL CHARLES C SPENCER VINCE NG LIM SEONG CHUN HOE LEE LENG HOE LEONG CHONG ARHNUE TAN MUZHAFAR MUKHTAR NIKHIL BHANDARI TIMOTHY STANISH TAN TING MIN THOMAS SOON ONG KENG WEE JAMES RATNAM MICHELLE FOONG IVY NG YING-JIAN CHAN ANUBHAV GUPTA SUNAINA DHANUKA TEAM COVERAGE

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold hold hold hold in-line buy Equalwt/Cautious buy market perform buy neutral neutral neutral Sell/Neutral hold outperform buy add buy hold neutral overweight buy neutral hold

Amt Held 2'108'268'004 842'725'655 661'098'609 125'299'947 91'012'546 63'272'253 39'739'342 19'844'164 15'925'390 12'936'700 9'241'315 7'858'779 6'710'248 6'692'854 6'670'122 6'312'900 5'704'870 5'465'937 4'042'220 4'018'878

% Out 35.08 14.02 11 2.09 1.51 1.05 0.66 0.33 0.27 0.22 0.15 0.13 0.11 0.11 0.11 0.11 0.09 0.09 0.07 0.07

Weighting

Change 3 3 3 3 3 5 3 5 3 5 3 3 3 1 3 5 5 4 5 3 3 5 5 3 3

M M M M M M M M M M M M M M U M M M U M M M M M M

Latest Chg (2'500'000) 210'500 (7'666'000) 10'100 (5'413'845) (8'174'600) 1'923'700 (1'536'562) 189'300 2'052'200 (77'800) (132'000) 1'728'828

Target Price 9 10 9 10 10 11 9 11 10 11 9 9 10 8 #N/A N/A 11 11 10 11 8 10 11 11 10 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.09.2013 24.09.2013 19.09.2013 30.06.2013 30.06.2013 27.09.2013 31.12.2012 31.07.2013 31.05.2013 30.06.2013 31.10.2012 31.12.2012 31.07.2013 30.08.2013 30.04.2013 30.08.2013 31.05.2013 31.07.2013 31.05.2013 31.07.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month

Inst Type Other Government Other Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 27.09.2013 27.09.2013 26.09.2013 20.09.2013 18.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 11.09.2013 10.09.2013 09.09.2013 08.09.2013 04.09.2013 02.09.2013 02.09.2013 02.09.2013 02.09.2013 01.09.2013 01.09.2013 30.08.2013 20.08.2013 26.03.2013 28.11.2012

02.10.2013

Samsung Fire & Marine Insurance Co Ltd Samsung Fire & Marine Insurance Co., Ltd. offers non-life insurance services such as auto, fire, marine, casualty, health, leisure, and retirement. The Company offers services to the domestic and overseas clients through a network of branches and outlets.

Price/Volume 300000

.4 M .4 M

250000

.3 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (04.09.2013) 52-Week Low (09.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000810 KS EQUITY YTD Change 000810 KS EQUITY YTD % CHANGE

03/2013 06/yy 257'000.00 204'500.00 65'827.00 251500 -2.14% 22.98% 82.86% 47.4 11'914'772.00 0.00 1'671.0 0.0 924'759.96 11'332'787.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .2 M

100000

.1 M 50000

.1 M

0 o-12

31.03.2010 31.03.2011 11'864'682.6 7'325'197.4 0.66x 1.40x 524'510.2 676'406.0 15.35x 15.91x Profitability

LTM-4Q 31.03.2012 7'686'272.0 784'528.7 12.10x

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

LTM

FY+1

.0 M o-13

1.49 0.63 37.51 9.80% 17.36% 0.627 35 4.600 76'701 91'475 83'921 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 14'004'635.8 ######### ######### ######### ######### ######### ######### 0.59x 2.35x 2.15x 0.0 0.0 0.00x 0.00x 760'483.6 763'212.3 698'108.6 726'984.3 914'463.4 193'900.1 193'825.1 12.46x 13.09x 14.41x 14.97x 12.24x 13.76x 13.22x S&P Issuer Ratings - Long-Term Rating Date - Long-Term Rating 6.75% Long-Term Outlook 7.04% Short-Term Rating Date 1.80% Short-Term Rating 9.03% Credit Ratios - EBITDA/Interest Exp. 0.33% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA - Reference - Total Debt/Equity 5.4% Total Debt/Capital Asset Turnover - Net Fixed Asset Turnover - Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day - Cash Conversion Cycle -

Price/ Cash Flow

AASTABLE 0.0% 0.0% 0.33 -

Sales/Revenue/Turnover

4.50

16'000'000.0

4.00

14'000'000.0

3.50

12'000'000.0

3.00

10'000'000.0

2.50

8'000'000.0

2.00

6'000'000.0

1.50

4'000'000.0

1.00

2'000'000.0

0.50 0.00 03.04.2010

n-12

Fiscal Year Ended 31.03.2009 10'359'007.8 0.67x 598'707.9 11.82x

.3 M

150000

Valuation Analysis

0.0 03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Samsung Fire & Marine Insurance Co Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF SAMSUNG FIRE & MARIN SAMSUNG LIFE INSURAN NATIONAL PENSION SER GENESIS ASSET MANAGE KOREA INVESTMENT TRU TOKIO MARINE & NICHI SAMSUNG INVESTMENT T BLACKROCK VANGUARD GROUP INC ORBIS HOLDINGS LIMIT NORGES BANK JP MORGAN MIRAE ASSET GLOBAL I ST JAMES' PLACE UNIT FIL LIMITED UBS HANA ASSET MANAG SCHRODER INVESTMENT KB ASSET MANAGEMENT DIMENSIONAL FUND ADV

Firm Name

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Daewoo Securities JEONG GIL-WON NH Investment & Securities KIM TAE-HYUN Meritz Securities Co., Ltd JAE-MIN YOON Samsung Securities SEAN CHANG Tong Yang Investment Bank WON JAE-WOONG Hana Daetoo Securities SHIN SEUNG-HYUN Daishin Securities Co., Ltd. KANG SEUNG-GUN Nomura MICHAEL NA KB Investment & Securities Co., Ltd YOO SEUNG-CHANG HSBC SINYOUNG PARK Eugene Investment & Securities Co., LtdSEO BO-ICK Woori Investment & Securities STEPHANIE HAN Hanwha Securities Co., Ltd YOON TAE-HO Deutsche Bank JEE HOON PARK Credit Suisse GIL HYUNG KIM Korea Investment & Securities LEE CHUL-HO Dongbu Securities Co Ltd LEE BYUNG-GUN KTB Securities CHO SOUNG KYUNG Shinhan Investment Corp SONG IN-CHAN EVA Dimensions DOUG WALTERS Macquarie CJ YUN UBS SCOTT LEE Morgan Stanley SARA LEE JPMorgan MW KIM BS Securities Co Ltd SUNG YOUNG-HOON Hyundai Securities RHEE TAE-KYUNG Daiwa Securities Co. Ltd. CHANG-HEE LEE Standard Chartered JUSTIN KIM E*Trade Securities Korea LEE CHI-YOUNG Sanford C. Bernstein & Co LINDA SUN-MATTISON KIWOOM Securities Co Ltd KYUNG-HEE CHA Kyobo Securities KIM JI-YOUNG Shinyoung Securities Co., Ltd. PARK EUN-JOON IBK Securities Co Ltd HAN-SANG LEE

Source ULT-AGG Co File Co File Co File EXCH MF-AGG Co File MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy buy buy buy neutral buy neutral buy buy buy buy neutral buy buy buy buy hold outperform buy Equalwt/Attractive overweight hold buy buy outperform buy market perform buy buy buy buy

Amt Held 7'262'750 4'992'467 4'905'718 3'348'727 2'935'515 1'578'095 1'488'150 1'013'086 915'041 451'394 423'695 360'750 212'383 194'615 166'621 159'761 151'044 148'841 144'735 136'932

% Out 15.33 10.54 10.36 7.07 6.2 3.33 3.14 2.14 1.93 0.95 0.89 0.76 0.45 0.41 0.35 0.34 0.32 0.31 0.31 0.29

Weighting

Change 5 5 5 5 5 5 5 3 5 3 5 5 5 5 3 5 5 5 5 3 5 5 3 5 3 5 5 5 5 3 5 5 5 5

M M M M M M M M M M M M M M M M M M M D M M M M M M M M M N M M M M

Latest Chg 563'064 79'756 44'371 1'310 (287'427) 8'476 28'838 (3'083) 27'986 11'469 (29'100) (25'279) 12'946

Target Price 303'000 280'000 303'000 260'000 300'000 277'000 290'000 241'000 290'000 270'000 280'000 262'000 300'000 290'000 250'000 280'000 287'000 300'000 293'000 #N/A N/A 324'000 302'000 233'000 330'000 245'000 260'000 278'000 280'000 268'000 230'000 289'000 280'000 300'000 270'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.12.2012 31.12.2012 31.12.2012 14.02.2013 31.03.2013 31.03.2013 31.03.2013 27.09.2013 30.06.2013 31.08.2013 31.12.2012 31.07.2013 31.03.2013 30.08.2013 30.04.2013 31.03.2013 28.03.2013 31.03.2013 30.04.2013

Date 12 month 6 month 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 6 month 6 month 12 month 12 month

Inst Type Bank Insurance Company Insurance Company Government Investment Advisor Investment Advisor Insurance Company 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 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 23.09.2013 22.09.2013 13.09.2013 13.09.2013 13.09.2013 12.09.2013 12.09.2013 03.09.2013 28.08.2013 27.08.2013 05.08.2013 05.08.2013 03.08.2013 01.08.2013 31.07.2013 31.07.2013 22.07.2013 17.07.2013 20.06.2013 06.06.2013 27.05.2013 07.05.2013 04.03.2013 15.02.2013 29.06.2012 30.04.2012

02.10.2013

SK Innovation Co Ltd SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.01.2013) 52-Week Low (21.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 096770 KS EQUITY YTD Change 096770 KS EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 183'500.00 127'000.00 193'863.00 144500 -21.25% 13.78% 32.74% 92.5 13'361'274.00 1'253'140.01 0.0 834'365.71 13'247'167.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

31.12.2009 31.12.2010 35'827'543.8 43'863'585.0 0.46x 0.57x 1'521'006.6 2'231'677.0 10.74x 11.24x 679'761.8 881'923.6 16.07x 20.46x Profitability

LTM-4Q 31.12.2011 1'526'207.0 8.48x 623'643.0 20.76x 1'703'394.4 7.77x

LTM

31.12.2012 06/yy 06/yy 2'349'805.0 ######### ######### 6.99x 23.38x 38.36x 1'384'305.0 ######### 556'783.0 11.86x 9.22x 22.17x 953'729.5 ######### 268'286.8 17.00x 5.58x 47.08x 1'384'305.00 1'217'522.00 51.81% 50.66% 6.32% 7.29% 6.95% 0.16% 66.3% 58.9% 51.8% 40.6% 3.11 1.49 8.19% 9.46% 15.78 16.59

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M o-13

Market Data

Fiscal Year Ended 31.12.2008 45'737'325.8 0.29x 2'434'368.4 5.37x 888'084.9 7.80x

200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 o-12

2.21 1.27 52.08 -12.14% -16.95% 1.275 39 4.795 302'075 398'111 328'335

FY+1

FY+2

12/13 Y

12/14 Y

FQ+1

FQ+2

09/13 Q3 12/13 Q4 - 337'400.0 305'600.0 11.40x 7.90x S&P Issuer Ratings

12.03.2008 BBB STABLE 21.14 15.48 0.30 0.91 9.5% 8.6% 0.16 1.74 23.19 22.06 2.48 42.77

Sales/Revenue/Turnover

140.00

50'000'000.0 45'000'000.0

120.00

40'000'000.0

100.00

35'000'000.0 30'000'000.0

80.00

25'000'000.0 20'000'000.0

60.00

15'000'000.0

40.00

10'000'000.0 20.00 0.00 02.01.2010

5'000'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

SK Innovation Co Ltd Holdings By:

All

Holder Name SK HOLDINGS CO LTD FRANKLIN RESOURCES NATIONAL PENSION SER BLACKROCK JX HOLDINGS INC VANGUARD GROUP INC NORGES BANK DIMENSIONAL FUND ADV KOREA INVESTMENT TRU SAMSUNG INVESTMENT T GRANTHAM MAYO VAN OT MIRAE ASSET GLOBAL I SK ENERGY CO LTD MAPS INVESTMENT MANA UBS HANA ASSET MANAG KB ASSET MANAGEMENT SCHRODER INVESTMENT KYOBO AXA INVESTMENT SHINHAN BNP PARIBAS JP MORGAN

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Eugene Investment & Securities Co., LtdKWAK JIN-HEE Daishin Securities Co., Ltd. JAE-SUNG YOON NH Investment & Securities CHOI JI-HWAN KTB Securities YOO YOUNG KOOK KB Investment & Securities Co., Ltd PARK JAE-CHUL Tong Yang Investment Bank HWANG KYU-WON Macquarie BRANDON I LEE Daewoo Securities PARK YEON-JU E*Trade Securities Korea SEUNG-JAE HAN Credit Suisse CHO A-HYUNG Hyundai Securities BAEK YOUNG-CHAN Samsung Securities SEUNGWOO KIM Shinyoung Securities Co., Ltd. OH JUNG-IL CIMB PETER K LEE Hana Daetoo Securities WON YONG-JIN Shinhan Investment Corp LEE EUNG-JU Standard Chartered DUKE SUTTIKULPANICH Morgan Stanley KYLE KIM UBS JOHN CHUNG BNP Paribas Equity Research POR YONG LIANG Deutsche Bank SHAWN PARK JPMorgan SAMUEL SW LEE HMC Investment Securities Co Ltd HYUNG-WOOK KIM EVA Dimensions DOUG WALTERS Woori Investment & Securities KIM SUN-WOO Hanwha Securities Co., Ltd LEE DA-SOL HI Investment Securities LEE HEE-CHEOL Kyobo Securities YOUNG-JOO SON KIWOOM Securities Co Ltd KYUNG-HYUK MIN Mirae Asset Securities YOUNG-BAE KWON Mizuho Securities ANDREW S F CHAN Nomura CINDY PARK IBK Securities Co Ltd CHOONG-JAE LEE BS Securities Co Ltd SEOG-WON CHOI Korea Investment & Securities PARK KIYONG LIG Investment Securities PARK YOUNG-HOON HSBC DENNIS HYUNCHUL YOO Taurus Investment Securities Co Ltd JAESUNG YOON

Source EXCH ULT-AGG Co File ULT-AGG Co File ULT-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 ULT-AGG

Recommendation buy buy buy buy buy buy restricted buy buy outperform buy buy buy outperform buy buy in-line Overwt/Cautious buy buy buy overweight buy buy buy buy buy strong buy buy buy neutral buy buy buy buy buy underweight buy

Amt Held 30'883'788 10'523'584 7'946'224 1'457'306 913'642 809'603 727'500 727'477 683'679 651'172 579'416 521'638 521'165 494'347 445'649 385'666 360'468 278'133 242'990 188'687

% Out 33.4 11.38 8.59 1.58 0.99 0.88 0.79 0.79 0.74 0.7 0.63 0.56 0.56 0.53 0.48 0.42 0.39 0.3 0.26 0.2

Weighting

Change

5 5 5 5 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 1 5

M M M M M M M M M M M M M M M M M U M M M M M U M M M M M M M M M M M M M M

Latest Chg (1'015'822) 2'123 (479'257) 23'764 (16'967) (56'886) 212'280 259'575 (30'992) 43'831 (73'069) 1'724 (6'265) 88'683

Target Price 170'000 210'000 180'000 210'000 195'000 220'000 #N/A N/A 220'000 200'000 206'000 200'000 180'000 210'000 194'000 215'000 200'000 121'000 170'000 175'000 185'000 190'000 180'000 190'000 #N/A N/A 180'000 210'000 190'000 184'000 200'000 180'000 159'000 220'000 165'000 230'000 180'000 170'000 140'000 220'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2013 16.09.2013 31.12.2012 27.09.2013 31.03.2013 30.06.2013 31.12.2012 30.04.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 31.07.2013

Date 12 month 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 6 month 6 month 6 month 6 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided 6 month

Inst Type Corporation Investment Advisor Government Investment Advisor Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.10.2013 01.10.2013 01.10.2013 01.10.2013 01.10.2013 30.09.2013 30.09.2013 25.09.2013 25.09.2013 24.09.2013 23.09.2013 16.09.2013 13.09.2013 12.09.2013 12.09.2013 05.09.2013 04.09.2013 03.09.2013 03.09.2013 03.09.2013 28.08.2013 28.08.2013 23.08.2013 20.08.2013 02.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 01.07.2013 10.06.2013 29.04.2013 29.04.2013 26.04.2013 25.03.2013

02.10.2013

Remgro Ltd Remgro Ltd is an investment holding company that invests in banking and financial services, packaging, glass products, medical services, mining, petroleum, wine and spirits, food and home and personal care products. It holds investments, amongst others, in FirstRand Bank, RMB Holdings, Rainbow Chicken, Medi-Clinic Corp., Unilever South Africa, Tsb Sugar and Total South Africa.

Price/Volume 25000 20000 15000

Valuation Analysis

10000

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REM SJ EQUITY YTD Change REM SJ EQUITY YTD % CHANGE

06/2013 01/yy 20'390.00 14'200.00 107'452.00 19522 -4.36% 37.48% 88.95% 481.1 100'853.14 6'135.00 0.0 1'955.0 5'361.00 103'582.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 30.06.2009 11'455.0 2.29x 855.0 30.67x 45'330.0 6.83x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M o-13

30.06.2010 30.06.2011 11'849.0 12'222.0 3.86x 4.23x 1'141.0 966.0 40.10x 53.51x 3'060.0 9'715.0 14.20x 13.71x Profitability

30.06.2012 13'532.0 4.46x 1'129.0 53.40x 9'284.0 13.22x

30.06.2013 16'446.0 6.09x 593.0 168.98x 4'438.0 22.23x

593.00 169.00 1.03% 28.43% 6.79% 7.89% 7.54% 0.25% 3.6% 1.0% 27.0% 3.16 1.34 8.43% 10.38% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.77 0.87 371.72 38.96% 23.67% 0.866 7 1.857 947'070 872'901 886'975 FY+2

06/14 Y 06/15 Y 21'048.5 22'877.5 4.80x 4.36x 1'378.0 1'397.0 75.17x 74.15x 6'963.2 8'032.8 14.47x 12.58x S&P Issuer Ratings

FQ+1

FQ+2

3.43 15.48 1.31 10.35 10.4% 9.1% 0.25 3.72 -

Sales/Revenue/Turnover

35.00

18'000.0

30.00

16'000.0 14'000.0

25.00

12'000.0

20.00

10'000.0

15.00

8'000.0 6'000.0

10.00

4'000.0

5.00 0.00 02.04.2010

2'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Remgro Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI ALLAN GRAY UNIT TRUS JP MORGAN CUSTODIAN STATE STREET CUSTODI VANGUARD GROUP INC BANK OF NEW YORK OLD MUTUAL BLACKROCK HARRIS TRUST & SAVIN FRANKLIN RESOURCES NORTHERN TR AVFC GOV GEPF CORONATION FM GEPF SIM PTY LTD IND RBC INVESTOR SERVICE LIBERTY LIFE ASSURAN NORTHERN TRUST COMPA CITIBANK LONDON VONTOBEL ASSET MANAG SIMLEND MAIN ACCOUNT GLOBAL BALANCED PORT

Firm Name EVA Dimensions Deutsche Bank UBS Renaissance Capital Investec JPMorgan Avior Research

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst TIMOTHY STANISH WARREN GOLDBLUM DHERSAN CHETTY REY WIUM THANE DUFF NECESSITY NGORIMA RICHARD TESSENDORF

Source SJ-REG MF-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG ULT-AGG ULT-AGG MF-AGG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG

Recommendation sell sell neutral sell hold neutral underperform

Amt Held 65'355'668 23'444'601 22'789'915 22'663'849 14'229'926 10'842'625 9'044'046 8'501'234 7'474'348 7'393'425 7'192'020 6'859'272 6'024'426 5'344'375 5'222'752 4'472'897 4'181'000 4'048'438 4'038'101 3'895'596

% Out 13.58 4.87 4.74 4.71 2.96 2.25 1.88 1.77 1.55 1.54 1.49 1.43 1.25 1.11 1.09 0.93 0.87 0.84 0.84 0.81

Weighting

Change 1 1 3 1 3 3 1

D M M M M M M

Latest Chg 1'650'000 (3'716'637) 823'877 183'675 676'994 890'348 (119'276) 19'666 1'283'068 1'421'994 1'235'057 837'300 (18'711) 287'158 (15'394) 213'176 (97'772) (265'264)

Target Price #N/A N/A 18'500 21'070 18'600 20'225 19'567 19'825

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 30.06.2013 27.09.2013 28.06.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013

Date Not Provided 12 month 12 month Not Provided Not Provided 9 month Not Provided

Inst Type Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Other Other Other Investment Advisor Insurance Company Investment Advisor Bank Investment Advisor Other Other

Date 24.09.2013 20.09.2013 20.09.2013 17.09.2013 29.08.2013 07.08.2013 13.06.2013

02.10.2013

Siam Commercial Bank PCL Siam Commercial Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.

Price/Volume 250

12.0 M

200

10.0 M 8.0 M

150

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCB-R TB EQUITY YTD Change SCB-R TB EQUITY YTD % CHANGE

100

12/2012 06/yy 199.50 134.00 5'808'000.00 151 -24.31% 12.69% 30.53% 3'393.9 512'485.09 249'243.05 75.9 1'554.2 194'077.45 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

2.0 M

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 87'779.9 21'413.7 -

4.0 M

31.12.2009 31.12.2010 81'015.4 85'342.9 20'758.1 24'206.0 Profitability

LTM-4Q 31.12.2011 144'348.7 36'272.7 -

31.12.2012 148'648.1 40'219.9 47.68% 47.68% 2.04% 21.35% 10.21% 0.08% 37.5% 10.98% 114.58% -

LTM

FY+1

.0 M o-13

1.26 -8.10% -14.18% 1.256 0 3'292'250 3'033'605 2'760'610 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 148'449.6 182'951.8 119'820.9 133'856.3 30'725.5 31'136.8 0.00x 0.00x 0.0 0.0 0.00x 0.00x 34'951.2 45'563.5 48'869.9 54'984.1 12'449.3 12'482.7 0.00x 0.00x 10.49x 9.27x 9.93x 9.69x S&P Issuer Ratings Long-Term Rating Date 23.12.2010 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 28.09.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 114.6% Total Debt/Capital 53.2% Asset Turnover 0.08 Net Fixed Asset Turnover 5.26 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

160'000.0 140'000.0 120'000.0

0.80 0.60

100'000.0 80'000.0 60'000.0

0.40 0.20

40'000.0 20'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Siam Commercial Bank PCL Holdings By:

All

Holder Name BLACKROCK ROBECO PICTET FUNDS FIDEURAM GESTIONS SA MIRABAUD ASSET MANAG BNP PARIBAS CI INVESTMENTS INC NORTHERN TRUST CORPO CIMB-PRINCIPAL ASSET NOMURA BAILLIE GIFFORD AND CHARLES SCHWAB INVES ABERDEEN ASSET MGMT UNION INVESTMENT LUX JUPITER ASSET MANAGE INTERFUND ADVISORY C BSI SA ARTEMIS FUND MANAGER BELGRAVE CAPITAL MAN FORWARD MANAGEMENT L

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 40'688'300 7'034'546 1'843'600 1'490'600 1'204'200 1'125'600 1'044'366 767'476 733'400 613'002 517'600 515'100 511'700 450'000 387'500 385'000 252'000 219'547 197'600 183'600

% Out 1.2 0.21 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Weighting

Change

Latest Chg 41'900 (8'324) (65'400) 255'000 (295'300) (69'000) 20'500 124'900 (50'000) 387'500 55'447 24'700 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 27.09.2013 30.04.2013 31.05.2013 30.08.2013 30.06.2013 30.04.2013 28.06.2013 30.06.2013 31.12.2012 10.05.2013 28.06.2013 27.09.2013 31.05.2013 28.03.2013 31.05.2013 30.08.2013 28.06.2013 31.12.2012 30.06.2013 30.06.2013

Date

Inst Type Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

02.10.2013

Bidvest Group Ltd Bidvest Group Limited is the holding company for a group of companies operating in a range of sectors. Subsidiaries manufacture and distribute food and allied products to the catering industry, as well as packaging, stapling, fastening and adhesive tapes, office products, cosmetics, toiletries and skin care products. Bidvest supplies cleansing products and provides laundering services.

Price/Volume 30000

3.0 M

06/2013 01/yy 26'640.00 19'666.00 120'071.00 25405 -4.65% 29.18% 80.79% 327.7 83'261.06 15'173.00 0.0 1'177.1 8'728.73 90'882.45

2.0 M 1.5 M

10000

1.0 M 5000

.5 M

0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2010 30.06.2011 109'789.2 118'482.7 0.39x 0.45x 7'372.7 7'858.0 5.84x 6.82x 3'345.2 3'538.7 11.39x 13.00x Profitability

30.06.2012 133'533.6 0.43x 8'803.7 6.52x 4'442.9 12.35x

30.06.2013 153'404.5 0.55x 9'652.8 8.75x 4'772.4 15.70x 9'652.84 7'555.58 4.93% 4.46% 7.79% 19.88% 15.97% 2.50% 19.8% 6.3% 4.9% 3.1% 1.25 0.29 22.76% 57.53% 11.14

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

.0 M o-13

2.83 0.94 246.17 27.49% 21.36% 0.938 10 3.200 868'362 814'522 720'183 FY+2

06/14 Y 06/15 Y 166'854.0 178'075.0 0.52x 0.48x 10'651.6 11'552.8 8.53x 7.87x 5'468.7 6'110.0 14.62x 13.20x S&P Issuer Ratings

FQ+1

FQ+2

11.48 8.52 0.67 1.57 57.5% 35.5% 2.50 11.66 32.76 20.58

Sales/Revenue/Turnover

18.00

180'000.0

16.00

160'000.0

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 02.07.2010

2.5 M

15000

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BVT SJ EQUITY YTD Change BVT SJ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

20000

Valuation Analysis

30.06.2009 112'427.8 0.30x 6'482.5 5.23x 2'802.4 10.40x

4.0 M

25000

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

02.10.2013

Bidvest Group Ltd Holdings By:

All

Holder Name STATE STREET CUSTODI GOVERNMENT EMP PENSI JP MORGAN CUSTODIAN STATE STREET CORP BB INV CO (PTY) LTD LAZARD ASSET MANAGEM JP MORGAN VANGUARD GROUP INC NORTHERN TR AVFC GOV BANK OF NY CUSTODIAN WILLIAM BLAIR & COMP BANK OF NEW YORK BLACKROCK OLD MUTUAL NORTHERN TRUST COMPA GEPF SIM PTY LTD IND SANLAM LIFE INSURANC CITIBANK LONDON NORTHERN TRUST CUSTO SKAGEN AS

Firm Name Renaissance Capital Avior Research Macquarie Investec JPMorgan EVA Dimensions UBS Barclays BPI

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst ROY MUTOONI MARK HODGSON PETER STEYN ANTHONY GEARD NECESSITY NGORIMA TIMOTHY STANISH KWAME ANTWI KANYISA NTONTELA BRENT MADEL

Source ULT-AGG SJ-REG SJ-REG ULT-AGG SJ-REG ULT-AGG ULT-AGG ULT-AGG SJ-REG SJ-REG 13F SJ-REG ULT-AGG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG

Recommendation sell underperform neutral buy overweight hold buy overweight sell

Amt Held 39'710'663 39'634'349 23'754'670 15'160'884 13'434'678 10'359'558 9'668'101 8'079'275 7'644'993 7'440'259 6'735'500 5'877'023 5'834'704 5'495'182 4'845'055 4'181'629 4'149'684 3'871'960 3'740'320 2'878'881

% Out 12.12 12.09 7.25 4.63 4.1 3.16 2.95 2.47 2.33 2.27 2.06 1.79 1.78 1.68 1.48 1.28 1.27 1.18 1.14 0.88

Weighting

Change 1 1 3 5 5 3 5 5 1

M M M U M M M M D

Latest Chg 452'186 (1'050'000) 209'257 (82'555) (359'080) (14'572) 641'268 178'375 667'638 183'192 2'618'254 931'893 6'854 48'830 212'848 (550'721) 25'588 30'307 26'181 -

Target Price 23'000 26'502 26'100 27'500 27'912 #N/A N/A 28'500 25'000 22'320

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.08.2013 30.08.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 27.09.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.08.2013

Date Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided

Inst Type Other Government Investment Advisor Investment Advisor Other Unclassified Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Other Insurance Company Bank Other Investment Advisor

Date 04.09.2013 04.09.2013 28.08.2013 27.08.2013 07.08.2013 06.06.2013 22.05.2013 05.04.2013 02.04.2013

02.10.2013

CTBC Financial Holding Co Ltd CTBC Financial Holding Company Ltd. is a holding company. Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2891 TT EQUITY YTD Change 2891 TT EQUITY YTD % CHANGE

12/2012 06/yy 19.90 14.24 17'716'769.00 19.55 -1.76% 37.25% 91.16% 14'713.0 287'638.34 -

1.20 1.00

14'706.8 9.21x

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M o-13

31.12.2009

31.12.2010

Profitability

LTM-4Q 31.12.2011

31.12.2012 -

06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

1.16 13'438.21 17.42 25.35% 28.27% 1.158 28 4.536 33'841'050 34'595'440 44'034'720

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

25'055.5 24'804.6 5'137.3 11.67x 11.51x 12.11x S&P Issuer Ratings

6'676.3 11.57x 06.12.2011 BBB+ STABLE 06.12.2011 A-2

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

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 |

02.10.2013

CTBC Financial Holding Co Ltd Holdings By:

All

Holder Name NAN SHAN LIFE INSURA KU LIEN-SUNG MORGAN STANLEY FORMO YI KAO INVEST CO LTD VANGUARD GROUP INC BLACKROCK CATHAY LIFE INSURANC CHUAN WEI INVESTMENT CHINA LIFE INSURANCE GIC PRIVATE LIMITED CHINA FINANCIAL HLDG DIMENSIONAL FUND ADV NORGES BANK POLARIS SEC INVESTME ROBECO WEN-LUNG YEN INVESCO LTD SCHRODER INVESTMENT FIL LIMITED AMERIPRISE FINANCIAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst

Macquarie DEXTER HSU Jih Sun Securities ERIC CHANG Morgan Stanley LILY CHOI Deutsche Bank PANDORA LEE KGI Securities WEN-YEN FANG Goldman Sachs VINCENT CHANG Capital Securities Corp BAIJUN HUANG EVA Dimensions DOUG WALTERS Credit Agricole Securities Taiwan Co. L PETER SUTTON UBS KELVIN CHU HSBC BRUCE B WARDEN Mega Securities CHUANG PIYEN IBT Securities Co Ltd WU YUCONG Fubon Securities LIN CHIU-SIANG Nomura JESSE WANG President Capital Management TINA YENG PING CHEN SinoPac LILY HSIAO Barclays NOEL CHAN Credit Suisse CHUNG HSU JPMorgan JEMMY S HUANG Yuanta Securities Investment ConsultingPEGGY SHIH CIMB NORA HOU Daiwa Securities Co. Ltd. JERRY YANG BNP Paribas Equity Research LING TANG Masterlink Securities TOM LIANG E Sun Securities HONG CLIFF

Source Co File Co File Co File EXCH ULT-AGG ULT-AGG Co File Co File Co File ULT-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation outperform buy Overwt/In-Line buy neutral Buy/Neutral buy hold buy neutral overweight buy on weakness buy add buy buy neutral overweight outperform overweight buy outperform hold buy buy buy on weakness

Amt Held 719'769'624 577'222'571 476'887'344 462'000'000 381'334'082 302'829'309 289'751'767 259'223'985 238'602'207 237'523'545 211'094'043 140'983'111 130'796'804 115'539'065 87'957'210 75'345'082 53'590'019 46'323'070 46'035'902 42'345'952

% Out 4.89 3.92 3.24 3.14 2.59 2.06 1.97 1.76 1.62 1.61 1.43 0.96 0.89 0.79 0.6 0.51 0.36 0.31 0.31 0.29

Weighting

Change 5 5 5 5 3 5 5 3 5 3 5 5 5 4 5 5 3 5 5 5 5 5 3 5 5 5

M M M U M M M U M M M M N M M M M M M M M M M U M M

Latest Chg (240'000) 14'495'192 609'900 6'482'467 3'221'003 (4'960'152) (1) 50'310'134 (76'783'449) (36'552'407) 23'189'040

Target Price 22 22 21 23 19 23 23 #N/A N/A 22 19 22 22 #N/A N/A 21 22 20 18 21 20 22 21 20 19 21 20 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.04.2013 26.04.2013 26.04.2013 31.08.2013 30.06.2013 27.09.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 30.04.2013 31.12.2012 30.08.2013 30.04.2013 31.08.2013 30.09.2013 30.08.2013 30.04.2013 31.07.2013

Date 12 month 6 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 6 month Not Provided 6 month Not Provided Not Provided Not Provided 15 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Inst Type Insurance Company n/a Other Other Investment Advisor Investment Advisor Insurance Company Corporation Government Government n/a Investment Advisor Government Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013 30.09.2013 24.09.2013 23.09.2013 10.09.2013 04.09.2013 03.09.2013 28.08.2013 26.08.2013 21.08.2013 19.08.2013 16.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 21.05.2013 14.12.2012